2012 Full-year results: Presentation - Unibail-Rodamco

•On a like-for-like basis (3) , the value of the shopping centre portfolio, including transfer taxes and transaction costs and net of investments,increased by €982 Mn (or +6.0%) over the year. The main driver is the increase in rents (+4.9%) while the positive yield impact (+1.2%) reflectsthe yield hardening on high quality asset in some regions where the Group operates.•Based on an asset value excluding estimated transfer taxes and transaction costs, the shopping centre division’s net initial yield (4)as at December 31, 2012, came to 5.3% vs 5.5% as at December 31, 2011.•As a result of disposals completed by the Group since 2007, the proportion of large malls (1) in the Group’s shopping centre gross market value hasincreased from 65% in December 2007 to 89% as of December 2012. Large malls (1) saw their values grow faster than smaller schemesin the last year.(1) Assets with more than 6 Mn visits p.a.(2) In terms of gross market values of the shopping centre division as of December 31, 2012(3) Like-for-like revaluations net of investments, currency exchange rate differences and assets delivered(4) 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