Final terms of the 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

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

FINAL TERMS (SUBJECT TO THE GRANTING OF THE VISA BY THE AUTORITÉ DES MARCHÉS FINANCIERS)

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") priced 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 a nominal amount of approximately €500 million.

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 nominal value per Bond has been set at 288.06 euros, representing a premium of 37.5% over
Unibail-Rodamco's reference share price⁽¹⁾ on Euronext. The issue size is €499,999,856.94, consisting of 1,735,749 Bonds.

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 French Autorité des marchés financiers (the "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.

The Company also has the option to deliver new and/or existing shares of Unibail-Rodamco only.

The Bonds will be offered to the public in France from June 18, 2014 to June 20, 2014, 17.00 (Paris time), subject to the granting of the visa by the AMF on the prospectus relating to this transaction. The issue and settlement date of the Bonds is expected to occur on June 25, 2014.