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2019 INVESTOR DAYS 4 the Westfield Acquisition Rationale

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2019 INVESTOR DAYS 4 the Westfield Acquisition Rationale INVESTOR DAYS LONDON - JUNE 13-14, 2019 THE KEY ISSUES WE WANT TO ADDRESS DURING THESE TWO DAYS 1 2 3 THE WFD ACQUISITION OUR BALANCE SHEET, OUR STRATEGY & THE FUTURE DISPOSALS & IN THE US AND UK OF RETAIL DIVIDEND SUSTAINABILITY 4 5 IS OUR EUROPEAN WILL THE UR WAY GROWTH WORK IN THE SUSTAINABLE? FORMER WFD BUSINESS? THE WESTFIELD ACQUISITION The Westfield acquisition fits our strategy perfectly Concentration Differentiation Innovation 88% of ex-WFD GMV in Unique platform of assets Complementary expertise Flagship malls in key global in design, development, markets marketing, digital and commercial partnerships A unique opportunity to create a premier global operator 2019 INVESTOR DAYS 4 The Westfield acquisition rationale 1. Design the future of retail 2. Build the strongest portfolio to deliver consistent growth 3. Largest development pipeline to drive growth with flagship projects 4. Capitalize on best in class management teams 5. Synergies will deliver additional earnings and cash flows 6. Transaction to: Unlock NAV and REPS accretion €3.0 Bn of disposals to preserve strong balance sheet 7. Efficient structure for shareholders 8. Common strategy - clear action plan – best in class governance Westfield World Trade Center 2019 INVESTOR DAYS 5 The Westfield acquisition: what is different 1. Transaction diverted WFD senior management from US operations → delays in leasing and projects; no ex-UR input pending closing 2. Deterioration of retail environment in US and UK more severe than anticipated 3. Occupancy in recent developments 4. Some major projects need to be reviewed (size, returns) Westfield London 2019 INVESTOR DAYS 6 THE FUTURE OF RETAIL The future of retail THIS? 2019 INVESTOR DAYS 8 The future of retail OR THIS? 2019 INVESTOR DAYS 9 The future of retail Online efficiency Proximity Destination convenience experience 2019 INVESTOR DAYS 10 WHAT HAS CHANGED SINCE 2016? Online sales penetration has continued to increase… 611 600 35.0% 551 30.0% 500 489 433 25.0% 400 336 20.0% 300 290 254 15.0% 207 12.1% 10.9% 200 180 9.8% 8.8% 10.0% 149 7.8% 127 134 7.0% 110 6.1% 5.3% 100 88 4.7% 70 3.6% 4.1% 2.9% 3.4% 5.0% 2.4% 2.0% - 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Online market (€ Bn) Online sales as % of total sales (1) Euromonitor internet retailing data for France, United States, UK, Italy, Czech Republic, Poland, Slovak Republic, Germany, Spain, Sweden, Denmark, Finland, Austria, Netherlands 2019 INVESTOR DAYS 12 … but varies from country to country 17.0% 14.7% 13.7% 13.7% 11.7% 11.0% 9.5% 8.8% 6.8% 6.7% 6.7% 5.2% 4.6% UK Denmark NL US Czech Rep Germany Sweden France Slovakia Poland Austria Italy Spain 2019 INVESTOR DAYS 13 Amazon still represents ~50% of US online retail market… Top 10 US Companies, Ranked by Retail Ecommerce sales share, 2018(1) 49.1% 6.6% 3.9% 3.7% 1.5% 1.3% 1.2% 1.2% 1.2% 1.1% (1) According to eMarketer report – Top 10 US companies ranked by retail Ecommerce sales share, 2018. 2019 INVESTOR DAYS 14 … and no other major pure-player has emerged Net Sales (€ Bn)(1) 166.2 (2) 128.8 117.3 91.3 69.7 5.4 2.6 (2) 2.2 2014 2015 2016 2017 2018 (1) With EUR/USD and EUR/GBP rates as at the end of each year (2) Including Online stores, Third-Party Seller Services (fees), Subscription services and Other 2019 INVESTOR DAYS 15 Online profitability remains very low Operating Margin (%) 10 8 6 5 North America(1) 4 4 4 3 3 4 3 2 1 2 2016 2018 -0 2014 2015 2017 -2 -1 -2 -2 -2 -3 -3 -3 International -6 (1) Including Whole Foods, Third-Party Seller Services, and Subscription services 2019 INVESTOR DAYS 16 Why? Customer Cost Cost acquisition Low margins of delivery of returns costs 2019 INVESTOR DAYS 17 Customers are not free on the internet! Cost per click Conversion Customer on Google rate(2): acquisition or Facebook(1): cost: $1-2 ~1.6% >$60 Marketing costs as % of sales 2.9% 2.2% 1.8% 1.4% 2015 2016 2017 2018 (1) AdEspresso; WordStream. (2) Wolfgang Digital; WordStream; ECN. Reflects median level conversion. 2019 INVESTOR DAYS 18 Distribution costs are rising… Distribution costs as % of sales in UK 12.5% 12.1% 11.7% 11.1% 10.6% 10.3% 9.5% 2012 2013 2014 2015 2016 2017 2018 2019 INVESTOR DAYS 19 … as are costs of returns % of items returned(1) 20% 8% Bricks and mortar Ecommerce 50% 14% of millennials of UK consumers admit ordering say they have been items they intend “penalised” to return(2) for their returns(2) (1) eMarketer (2) Barclaycard survey 2019 2019 INVESTOR DAYS 20 Margins are low for commodity products 9 kg €0.83 EST. MARGIN €418 2019 INVESTOR DAYS 21 Stores have value Customer Brand Differentiation Profitability experience awareness 2019 INVESTOR DAYS 22 Stores offer enhanced customer experience… Westfield Century City, Nordstrom Champs Elysées, Louis Vuitton Carré Sénart, Galeries Lafayette London, Harrods 2019 INVESTOR DAYS 23 … and their value increases with the “halo effect” +37% +12% “When we close a store, we fire a customer. Uplift in web traffic Average increase in online When we close a store we see in catchment sales when a store opens when a store opens(1) in the same catchment(2) our online sales in that particular market decrease. So we have to expand £68 86% the productivity metric of a store to include online sales.” Additional spend per Of digital spend still Paula Price, CFO of Macy's household from a click touches a store(2) and collect customer(2) (1) ICSC – “The halo effect: How Bricks Impact Clicks” report (2) Revo studies 2019 INVESTOR DAYS 24 Retail is now 100% connected: offline goes online… Westfield Stratford City, Zara Gropius Passagen, H&M 2019 INVESTOR DAYS 25 … and online goes offline Westfield UTC, Warby Parker Shopping City Süd, Daniel Wellington 2019 INVESTOR DAYS 26 2019 INVESTOR DAYS 27 How high will online penetration grow? (1) ~20% ? 30%? 40%? 50%? (1) 2023 weighted forecast for countries where URW has presence: 18.6% - Euromonitor Stats 2019 INVESTOR DAYS 28 WHATEVER THE PENETRATION OF ONLINE SALES… PHYSICAL RETAIL WILL STILL BE ESSENTIAL! 2019 INVESTOR DAYS 29 Retailers need to strategically allocate capital to: Selectively expand their network Walmart Intelligent Retail Lab, Levittown, NY Allocation of Capex (in $ Bn) Upgrade and transform stores 3.3 4.0 4.2 4.5 5.2 3.2 4.1 2.2 Invest in IT, supply chain and innovation 0.9 0.3 2.0 2.2 1.4 1.6 0.8 2015 2016 2017 2018 2019e IT, supply chain and innovation New stores and clubs Remodels 2019 INVESTOR DAYS 30 FOR URW, WHATEVER THE PENETRATION OF ONLINE SALES, OUR CHALLENGE IS: TO GROW MARKET SHARE 2019 INVESTOR DAYS 31 This is what we have done so far… URW tenant sales consistently outperform the EU market +30.4% +5.7% 100 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 URW Average National Sales Indices Rebased to 100 in 2006 – cumulative growth 2019 INVESTOR DAYS 32 Retail apocalypse: myth or reality? 2019 INVESTOR DAYS 33 Not all retail is gloomy! 2019 INVESTOR DAYS 34 Even Amazon is opening stores… # of Amazon physical retail locations 527 Amazon Books, Westfield UTC 492 1 35 2010 2015 2019 Amazon stores Wholefoods 2019 INVESTOR DAYS 35 … and not just Amazon US DNVBs(1) Brand # Stores Brand # Stores Warby Parker 74 MinimI by Moe’s 11 Bonobos 53 Chubbies 11 Untuckit 37 Reformation 11 Peloton 34 Sundance 11 Sierra Trading Post 33 B8ta 8 Sugarfina 33 Gorjana 8 Westfield Topanga, Peloton Westfield UTC, Gorjana Shinola 30 Outdoor Voices 8 Fabletics 25 Stance 8 Nespresso 25 Knot Standard 7 Indochino 21 Ministry of Supply 7 ELF 20 Rye 51 7 Casper 17 Blue Nile 6 Ballard Designs 13 Monica + Andy 6 Morphe Brushes 13 The Black Tux 6 Westfield Century City, Warby Parker Westfield Garden State Plaza, UNTUCKit (1) Green Street Advisors Data 2019 INVESTOR DAYS 36 Where do they open? Flagship destinations! 43% of DNVB US stores are in "A" malls(1) Other Mixed-Use 6% 4% Power Centers 2% Lifestyle/ Community Ctrs A+ 7% 28% 610 Malls A++ 44% 49% High Street stores 37% A 17% A- B+ or lower 4% 2% (1) Green Street Advisors Data 2019 INVESTOR DAYS 37 Successful retailers are upsizing Les Quatre Temps, Sephora Westfield London, Zara Westfield Valley Fair, new Apple 2019 INVESTOR DAYS 38 New categories are emerging Automotive Parly 2, Mercedes-Benz Vélizy 2, Nissan Food markets Westfield London, Ichiba Westfield Mall of the Netherlands, Fresh! Leisure & Entertainment Westfield Century City, Dreamscape Westfield World Trade Center, Gloveworx 2019 INVESTOR DAYS 39 And people actually love to shop! 78% 95% >1.2 Bn of consumers of generation Z visits every year prefer to shop and 75% of Millennials in store(1) visited a Mall in Q1(2) (1) ICSC Report - https://www.icsc.org/uploads/t07-subpage/ICSC-America-Marketplace.pdf (2) ICSC Report - Gen Z Shopping Behaviors Support Retail Real Estate – September 2018 2019 INVESTOR DAYS 40 We have the best assets and the right strategy Concentration Differentiation Innovation 2019 INVESTOR DAYS 41 We have the best assets and the right strategy Concentration Differentiation Innovation Flagships Re-designing URW Lab Re-tenanting URW Link Re-marketing Digital Strategy 2019 INVESTOR DAYS 42 What makes Flagships unique? Large and dynamic destination Unique position and service offering >100,000 sqm +17% Iconic Entertainment Average GLA PP vs National Average(1) architecture & dining 16 Mn 4.8 Mn Connectivity Social experience Average Footfall Average Catchment Population(1) & events Westfield Century City La Maquinista Vélizy 2 Forum des Halles Westfield Stratford City Les Quatre Temps Westfield World Trade Center Westfield London (1) CACI Retail Market 2019
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