2012 Full-year results: Presentation - Unibail-Rodamco

•The financial ratios of the Group stand at healthy levels:• Loan to Value (1) (LTV) ratio stands at 37% (in line with the LTV ratio as at December 31, 2011);• Interest Coverage Ratio (2) (ICR) stands at 3.5x (vs 3.6x in 2011).•The average cost of debt decreased and stands at 3.4% for 2012 (vs 3.6% for 2011).•Unibail-Rodamco’s consolidated net financial debt as at December 31, 2012 increased to €10,969 Mn (€9,667 Mn as at December 31, 2011).The increase in debt is due primarily to the August 2012 acquisition of a portfolio of assets in Germany and development pipeline capitalexpenditures, which saw a number of projects successfully delivered in 2012.•As at December 31, 2012, the total amount of undrawn credit lines (3) came to €4,013 Mn and the cash on-hand came to €65 Mn as the Groupuses a European cash pooling system optimising the use of liquidity across the Group.•The Group’s debt remains well diversified with a predominant and increasing proportion of bond financing, in which the Group has a long trackrecord. Funded bank debt decreased and currently represents 23% of Unibail-Rodamco’s total debt (vs 38% as at December 31, 2011).•Unibail-Rodamco is rated by the rating agencies Standard & Poor’s and Fitch Ratings:• Standard & Poor’s confirmed its long-term rating “A” and its short-term rating “A1” on June 28, 2012 and maintained its stable outlook;• On March 23, 2012, Fitch confirmed the “A” long term rating to the Group with a stable outlook. Fitch also rates the short-term issuances of the Groupas “F1”.•The Group’s debt was hedged at 98% against an increase in variable rates, based on debt outstanding as at December 31, 2012through both debt kept at fixed rate and hedging in place as part of Unibail-Rodamco’s macro hedging policy.(1) Loan-to-Value (LTV) = Net financial debt / Total portfolio valuation including transfer taxes. Total Portfolio valuation includes consolidated portfolio valuation(€29,292 Mn as at December 31, 2012 versus €25,924 Mn as at December 31, 2011) + the valuation of Unibail-Rodamco’s 7.25% stake in Société FoncièreLyonnaise (€120 Mn as at December 31, 2012 vs €113 Mn as at December 31, 2011) + a €60 Mn bond issued by the owner of a shopping centre in France(2) Interest Cover Ratio (ICR) = Recurring Ebitda / Recurring Net Financial Expenses (including capitalised interest). Recurring Ebitda is calculated as total recurringoperating results and other income less general expenses, excluding depreciation and amortisation(3) Subsequently to this date, the Group cancelled €350 Mn of undrawn credit line due to its cost