2012 Full-year results: Presentation - Unibail-Rodamco

(1) Annualised contracted rent (including latest indexation) net of expenses, divided by the value of the portfolio net of estimated transfer taxes and transaction costs.Assets under development not included in the calculation(2) 5-year average annual French OAT interest rate(3) The Going Concern NAV per share corresponds to the amount of equity needed to replicate the Group’s portfolio with its current financial structure - on the basisof 98,449,794 fully diluted number of shares as of December 31, 2012 including outstanding ORAs, ORNANE (net share settled bonds convertible into new and/orexisting shares) and stock options in the money as of December 31, 2012 (vs 95,296,018 as of December 31, 2011)(4) Yield effect calculated on the like-for-like portfolio revaluation