Paris, Amsterdam, February 13, 2019 Press release UNIBAIL-RODAMCO-WESTFIELD, THE PREMIER DEVELOPER AND OPERATOR OF FLAGSHIP SHOPPING DESTINATIONS, REPORTS STRONG RESULTS FOR 2018 Completion of the Westfield Transaction. Total proportionate portfolio value of €65.2 Bn Adjusted Recurring Earnings per Stapled Share (“AREPS”) of €12.92 • AREPS of €12.92 exceeds guidance of €12.75 – €12.90 and is up by +7.2% from €12.05 in 2017 • Net Rental Income (NRI) like-for-like (Lfl) growth in Shopping Centres in Continental Europe: +4.0%, +260 bps above indexation; +3.4% in the UK; US comparable Net Operating Income (NOI) -1.6% and -0.3% for Flagships • Average cost of debt: 1.6%, with an average debt maturity of 7.5 years • Cost synergies: annual run rate of €75 Mn achieved • EPRA NAV: €221.80 / stapled share, up by +5.1% • Development pipeline: €11.9 Bn • Disposals: Closed on €2.0 Bn • LTV: Declines to 37.0% • Dividend: €10.80 / stapled share • Deleveraging a strategic objective: Target LTV range lowered to 30-40% • Disposal target raised to a total of €6 Bn • Outlook reflects the acceleration of the disposal programme in line with the Group’s asset rotation discipline: o 2019 AREPS: €11.80 – €12.00, with strong underlying operational growth of between +4% and +5% o Rebased for the disposals, 2019-2023 AREPS CAGR of between +5% and +7% “2018 was a historic year, marked by the creation on June 7 of Unibail-Rodamco-Westfield, the premier global developer and operator of Flagship shopping destinations. I warmly thank our talented teams for the extraordinary work they have performed in 2018. In addition to closing the transaction and embarking on the integration of the two platforms, URW delivered excellent results against a challenging industry backdrop. Adjusted recurring earnings per stapled share grew +7.2%, exceeding guidance. Continental Europe achieved strong Lfl retail and office NRI(1) growth of +4.0% and +4.5%, respectively. Occupancy in the US was up by +130 bps since June. The Group successfully sold €2.0 Bn of assets, mostly in Continental Europe, well ahead of schedule and above book value. Going forward, URW has set itself the near-term objectives of reducing leverage and integrating the business, while building on solid underlying growth as revenue synergies are realised. Consistent with these objectives, the Group plans to dispose of €4 Bn of assets in the next several years, bringing its total disposal target to €6 Bn. While dilutive in the short-term, this will set the stage for a renewed earnings growth phase as URW’s portfolio is well positioned to thrive in a rapidly changing retail environment.” Christophe Cuvillier, Group Chief Executive Officer i Like-for-like 2018 2017 Growth growth Net Rental Income (in € Mn) 2,161 1,637 +32.0% +4.0% Shopping Centres 1,916 1,400 +36.9% +4.0% France 651 618 +5.3% +4.5% Central Europe 212 174 +21.7% +5.5% Spain 155 161 -3.6% +2.8% Nordics 141 146 -2.9% +4.9% Austria 108 103 +4.3% +4.9% Germany 140 136 +2.7% +2.7% The Netherlands 59 62 -4.4% -3.5% United States 351 United Kingdom 99 Offices & others 143 141 +1.3% +4.5% Convention & Exhibition 102 96 +6.2% +4.0% Recurring net result (in € Mn) 1,610 1,202 +33.9% Recurring EPS (in €) 13.15 12.05 +9.1% Adjusted Recurring EPS (in €) 12.92 12.05 +7.2% Like-for-like Dec 31, 2018 Dec. 31, 2017 Growth growth Consolidated portfolio valuation (in € Mn) 62,693 43,057 +45.6% +0.8% Proportionate portfolio valuation (in € Mn) 65,201 43,497 +49.9% +0.8% Going Concern Net Asset Value (in € per stapled share) 233.90 219.20 +6.7% EPRA Triple Net Asset Value (in € per stapled share) 210.80 200.50 +5.1% EPRA Net Asset Value (in € per stapled share) 221.80 211.00 +5.1% Figures may not add up due to rounding 2018 AREPS OF €12.92, UP BY +7.2% REPS grew by +9.1% from 2017 to €13.15. AREPS, adjusted for the coupon on the deeply subordinated perpetual hybrid securities, was €12.92 (+7.2% from 2017). SOLID OPERATING PERFORMANCE IN A CHALLENGING MARKET Shopping Centres Continental Europe Tenants sales through November increased(2) by +3.0% for the Group and by +3.8% for Flagship centres(3), outperforming national sales indices(4) by +205 and +283 bps, respectively. France (+3.4%, outperforming the IFLS index by +380 bps and the CNCC index by +520 bps), and Central Europe (+8.2%, outperforming the weighted average regional sales indices by +544 bps) did especially well. Lfl NRI grew by +4.0%, +260 bps above indexation, while that of the Flagship centres increased by +5.0%. The Group signed 1,319 leases with a Minimum Guaranteed Rent (MGR) uplift of +11.7%, and +14.4% for Flagships, in line with its objective. The rotation rate amounted to 11.5% and EPRA vacancy decreased by -20 bps to 2.4%. Shopping Centres United States and United Kingdom In the US, speciality sales productivity per square foot (psf)(5) through December 31, 2018, increased by +10.9% (+12.0% for Flagships). Luxury sales were strong, up by +15.2% psf. Average letting spreads were +7.5% (+11.5% in Flagships) and average rent for stores under 10k sq. ft was $87 psf(6), up +3.9%. As at December 31, 2018, occupancy stood at 95.6% (96.2% in Flagships), stable compared to December 2017 but up by +130 bps from June 30, 2018. NOI increased by +3.1%, mainly due to the deliveries of Westfield Century City and Westfield UTC. Comparable NOI(7) declined -1.6% or -0.3% for Flagships, improving from -3.0% and -2.6%, respectively, for the 6-month period ended on June 30, 2018. ii Footfall in the UK was up by +6.1% in 2018, driven by the opening of Westfield London Phase 2, outperforming the UK shopping centre index by +930 bps. Total tenant sales in the UK centres were up by +2.8%. Average MGR uplift was strong at +19.8%. Occupancy stood at 95.2%, down from 97.7% as at June 30, 2018, due to the re-location of tenants from Westfield London Phase 1 to the Phase 2 extension. Lfl NRI increased by +3.4% compared to 2017. Offices Available supply in the Paris region dropped to 2.9 Mn sqm, the lowest since 2008, while take-up remained high at 2.5 Mn sqm. Vacancy in the Paris region decreased to 5.5%, from 6.5% in 2017. The Group let 74,600 wsqm, including the entire Shift building (43,300 sqm) to Nestlé more than one year before its delivery. Lfl NRI increased by +4.5% due to good leasing performance, while total NRI decreased by -4.6% mainly due to disposals in 2017 and 2018. Convention & Exhibition Recurring NOI in 2018 benefited from the tri-annual Intermat show, partly offset by the closure for refurbishment of the Pullman Montparnasse hotel in Paris. Excluding the impact of these, recurring NOI increased by +13.3% compared to 2017 and by +0.6% compared to 2016, the last comparable period. AT THE FOREFRONT OF THE RETAIL TRANSFORMATION The Group provides a unique transatlantic platform, connecting the best brands with over 1.2 billion customers each year in the wealthiest catchment areas. The URW portfolio is at the forefront of the changes of a rapidly evolving retail environment. Exposure to fashion is being reduced and replaced by exciting new formats of growing retail segments: • Entertainment: the Group signed or opened Virtual Reality spaces, such as Dreamscape at Westfield Century City and The Void at Westfield San Francisco Centre, new cinemas, including the Showplace Icon Theatre at Westfield Valley Fair and the new Pathé IMAX theatre at Carré Sénart, and leisure concepts PuttShack and AllStar Lanes at Westfield London; • Dining: building on the successes of Eataly and Javier’s, URW opened the famous Din Tai Fung restaurant and Del Frisco’s Double Eagle Steakhouse at Westfield Century City. Ichiba, a Japanese food hall, opened at Westfield London, and the Group signed a long term lease with “The Food Society” for Les Ateliers Gaité development project, which, with close to 4,800 sqm dedicated to dining, will be the largest food hall in Europe; • Health and Wellness: URW opened the Natura Bissé spa (voted world’s best spa brand) at the Village at Westfield London; and • Digital Native Vertical Brands (DNVBs): in 2018, the Group signed 36 leases with DNVBs, bringing the total number in its portfolio to 100. A DNVB-dedicated precinct will be set up at Westfield Valley Fair, with ready-to- operate units and specific services. A FLEXIBLE PIPELINE TO REINVENT CITIES The URW Expected Cost(8) of the development pipeline amounted to €11.9 Bn, down from €13.0 Bn as at year-end 2017. The Group retains significant flexibility, with committed projects of only €2.9 Bn, of which €1.4 Bn already invested. The retail pipeline is split between greenfield/brownfield projects (53%), which are all in Europe, and extensions and renovations (47%) on both continents. Significant progress has been made on the construction of Trinity and Shift, scheduled to be delivered in H2-2019, as well as on the extension of Westfield Valley Fair (H2-2019) and Westfield Mall of the Netherlands (H1-2020). As part of its annual portfolio review, the Group made the strategic decision to significantly increase the densification of its retail portfolio by adding office, residential, hotel and other “mixed-use” projects where relevant.