Successful placement of a €500 Mn ORNANE and visa granted by the AMF - Seite 3

For more information, please visit our website: www.unibail-rodamco.com

For further information, please contact:

Investor Relations
Pierre-Marie Battesti                                                                     
[phone]                                                                         

Media Relations
Camille Delomez
[phone]

This press release does not constitute a subscription offer, and the offering of the Bonds does not constitute a public offering in any country other than France, under the following conditions:

In France,

- the Bonds have first been offered by way of a private placement to qualified investors in accordance with Article L.411-2-II of the Code monétaire et financier; and

- following this private placement, a prospectus has been filed to obtain a visa from the AMF to allow subscription by the public in France for a period of three trading days. No subscription has been accepted from the public prior to the AMF granting its visa on the prospectus, nor prior to the opening of the subscription period.

DISCLAIMER

This press release may not be distributed directly or indirectly in the United States of America, in Australia, in Canada or Japan.

The information included in this press release does not constitute an offer of securities in the United States of America, in Australia, in Canada or Japan.

No communication or information relating to the issuance by Unibail-Rodamco of net share settled bonds convertible into new shares and/or exchangeable for existing shares (the "Bonds") may be transmitted to the public in a country where there is a registration obligation or where an approval is required. No action has been or will be taken outside of France, in any country in which such action would be required. The issuance or the subscription of the Bonds may be subject to legal and regulatory restrictions in certain jurisdictions and Unibail-Rodamco assumes no liability in connection with the breach by any person of such restrictions.

This press release is an advertisement and not a prospectus within the meaning of the Prospectus Directive (as defined hereinafter).

This press release is not an offer to the public, an offer to subscribe or designed to solicit interest for purposes of an offer to the public.

France

The sale and purchase of the Bonds, in France, has first been made by way of private placement to qualified investors in accordance with Article L.411-2-II of the Code monétaire et financier. The offer will be opened to the public in France from 18 June to 20 June 2014, 17.00 (Paris time).