Launch by Unibail-Rodamco of net share settled bonds convertible into new shares and/or exchangeable for existing shares (ORNANE) due July 1, 2021

NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA OR JAPAN.

THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFERING OF SECURITIES IN THE UNITED STATES OF AMERICA. THE BONDS (AND THE UNDERLYING SHARES) MAY NOT BE OFFERED, SOLD OR DELIVERED IN THE UNITED STATES OF AMERICA ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION REQUIREMENTS PURSUANT TO THE U.S. SECURITIES ACT OF 1933, AS AMENDED. UNIBAIL-RODAMCO DOES NOT INTEND TO REGISTER THE PROPOSED OFFERING IN WHOLE OR IN PART IN THE UNITED STATES OF AMERICA OR TO CONDUCT A PUBLIC OFFERING IN THE UNITED STATES OF AMERICA.

Paris, Amsterdam, June 17, 2014

Press Release

LAUNCH BY UNIBAIL-RODAMCO OF NET SHARE SETTLED BONDS CONVERTIBLE INTO NEW SHARES AND/OR EXCHANGEABLE FOR EXISTING SHARES (ORNANE) DUE JULY 1, 2021

LAUNCH ANNOUNCEMENT

Investors are advised to consult the risk factors that appear in the prospectus that will be submitted to the AMF for its visa

Unibail-Rodamco (the "Company" or "Unibail-Rodamco") launches today an offering of net share settled bonds convertible into new shares and/or exchangeable for existing shares (ORNANE) due July 1, 2021 (the "Bonds"), for an initial nominal amount of approximately €435 million which may be increased up to a maximum nominal amount of approximately €500 million in the event of the exercise by Unibail-Rodamco in full of its option to increase the issue.

The proceeds of the issue are a part of the Unibail-Rodamco group's (the "Group") diversification policy of its financing sources. They will, with the other fundings, enable the Group to address its general financing needs, including its existing and future development and acquisition projects.

The Bonds will be issued at par, representing a premium between 32.5% and 42.5% over Unibail-Rodamco's reference share price⁽¹⁾ on Euronext.

The Bonds will not bear interest.

The Bonds will be redeemed at par on July 1, 2021 (or on the first following business day if such date is not a business day). They may be redeemed prior to the maturity date at the option of Unibail-Rodamco as well as at the option of the bondholders on July 1, 2019 pursuant to the terms described in the prospectus relating to this transaction submitted to the Autorité des marchés financiers ("AMF") for its visa.

In the case of the exercise of their right to convert or exchange their Bonds, bondholders will receive an amount in cash and, as the case may be, an amount payable in new and/or existing shares of Unibail-Rodamco.