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Welcome by Jean-Marie Tritant, CEO, and
Léon Bressler, Chairman of the Supervisory Board

Jean-Marie Tritant, CEO and Léon Bressler, Chairman of the Supervisory Board

Dear Reader,

We are pleased to share our latest Online Report, covering URW’s 2021 financial performance, stories from across our business, and our vision for the future.

Our Management Board presented that vision and our path to 2024 and beyond at URW’s Investor Day in March 2022, outlining the recovery of European Net Rental Income and EBITDA to pre-COVID levels by 2024. The event also showcased our plans to grow new revenues by turning our massive footfall into qualified audiences that are attractive to retailers, brands and advertisers. We will deliver €2 Bn of our committed development pipeline by 2024, while adding €1 Bn of new development opportunities to our controlled pipeline to unlock untapped value in our portfolio. We also highlighted how our ESG leadership makes URW a trusted partner to major cities for urban regeneration and environmental transition projects.

Our Investor Day provided an opportunity to welcome guests to our latest Flagship destination, Westfield Mall of the Netherlands, which opened in early 2021. It’s a perfect demonstration of our development capabilities, the strength of our portfolio and the attractiveness of our assets. In its first 12 months of operations, the centre has welcomed 13 million visits and is 94% let, despite several months of COVID-related restrictions.

Across our business, pandemic-related operating constraints put pressure on our 2021 performance, and challenged both our teams and our partners. The recovery gathered momentum in the second half, with tenant sales approaching pre-pandemic levels and footfall improving despite some lingering COVID restrictions.

In this context, our results are a remarkable demonstration of the resilience of our business and the commitment of our people. We are delighted by how URW rose to these challenges while being responsive and agile to take advantage of emerging opportunities.

During 2021, we achieved excellent progress in our office portfolio with Trinity in La Defense now let at strong rent levels. Our Convention and Exhibition division also enjoyed a strong recovery in the second half of the year and started 2022 with more than 400 pre-bookings.

Finally, we made further progress on our comprehensive deleveraging plan. We will secure the remaining €1.5 Bn of our €4 Bn disposal programme in Europe by the end of 2022, and are on track to achieve a radical reduction of our financial exposure to the US over the course of 2022 and 2023, establishing URW as a leading European pure play.

We also continue to contribute the communities we serve and are on track to achieve all of the targets in our Better Places 2030 strategy. In 2021, more than 1.5 million COVID vaccinations were delivered at URW assets, and we have partnered with governments and municipalities on a wide range of local projects.

You can read about many of these sustainability and community initiatives, along with other activities throughout our portfolio, in this Online Report.

URW has an exciting future in the heart of dynamic and prosperous cities. We have a clear vision and strategy to drive sustainable growth by focusing on our strengths, maximising the value of our portfolio, and generating new revenue streams.

Kind regards,

Léon Bressler, Chairman of the Supervisory Board

Jean-Marie Tritant, Chief Executive Officer

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