September 2008

European shopping centres

Year End Results 2007/2008 Presentation

2

Year end results: June 2008 / June 2007

Adjusted net asset value: +2.2% to € 39.83 per depositary receipt

Direct investment result: +5.8% to € 62.4 million

Dividend: +4.8% to € 1.75

Net rental income: +14.8% to € 110.0 million

3

Property and country balance

95%

5%

Retail

Office

By sector

22%

38%

36%

4%

FranceItalySwedenNetherlands

By country

Note: figures are after the sale of the warehouses

4

Funding ratios at 30 June 2008

40%

75%

95%

Borrowings Total assets

Borrowings Shareholders’ equity

Long-term borrowingsTotal borrowings

Fixed interest rate borrowingsTotal borrowings

90%

Current hedged interest rate 4.7%

Interest coverage ratio 2.6x

Average term of loans > 9 years

5

Rent to turnover and occupancy cost ratios at June 2008

5.5%

5.1%

5.7%5.6%

7.2%6.7%7.0%

7.6%

0.0%

2.0%

4.0%

6.0%

8.0%

Rent to turnover ratioOccupancy cost ratio

France Italy Sweden Overall

6

Retail rental growth per annum

5.0%

6.0%

4.0%

5.7%

0.0%

2.0%

4.0%

6.0%

France Italy Sweden Overall

7

Retail turnover growth 2008/2007 by sector

* excluding Carugate

-0.5%-2.2%4.0%1.4%0.3%0.6%ECP Total

-4.5%0.9%11.0%1.0%3.0%3.7%ECP Sweden

-5.6%-0.9%2.2%-3.1%0.3%0.0%ECP Italy*

15.4%-3.3%3.8%4.1%-1.8%-0.3%ECP France

Home goodsElectricalHealth and

beautyGifts and jewellery

Fashion and shoes

All sectors (excl.

hypers)Country

8

Property valuations

1.5%

2.4%

3.4%

1.6%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

Retail Office Warehouse Overall

2.1%

0.3%

2.9%

0.4%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

France Italy Sweden Netherlands

6.3%6.9%

10.8%

6.4%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Retail Office Warehouse Overall

6.5%7.0%

5.3%

7.2%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

France Italy Sweden Netherlands

4.9%

6.4%7.1%

5.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

Retail Office Warehouse Overall

4.9% 5.0% 4.9%

7.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

France Italy Sweden Netherlands

Value growth 2007/2008

Total return 2007/2008

Yields 2008

9

European economic and retail statistics

1,20016%177%16,7040.1%26,715UK

65010%89%16,0900.9%25,077France

3007%140%13,5761.4%27,721Sweden

5007%69%16,0360.4%27,643N. Italy

50010%210%13,8061.2%29,374Netherlands

Rent €/m2

Retail Rent Occupancy

Costs

Debt / Disposable

Income

Disposable Income per

Capita€

GDP Growth Forecast

2009

GDP per Capita

€Country

Sources: Eurostat, OECD, MJ Economics, ECP

10

1. Amiens (Somme), Amiens Glisy2. Bourges (Cher), St. Doulchard3. Cormeilles, Les Allées de Cormeilles4. Grenoble (Isère), Les Trois Dauphins5. Hyères (Var), Centr’Azur6. Chasse-sur-Rhône (Isère), Chasse

Sud7. Paris, Passage du Havre8. Paris, Passy Plaza9. Paris, 74 Rue de Rivoli 10. Pas-de-Calais, Noyelles Godault11. Taverny (Val d’Oise), Les Portes de

Taverny12. Tours (Indre et Loire), Les Atlantes13. Yvelines, Buchelay

FRANCE

11

Les Allées de Cormeilles Retail Park (Paris Region)Opened in June 2008

11,000m2 Castorama– 9 year fixed lease at a

rent of €108/m2

– Photovoltaic roof panels (HQE qualification)

11 further tenants including Kiabi, Besson, Bata, Aubert and Casa

– Average rents of €130/m2

Early feedback on sales very positive

12

1. Bergamo (Lombardia), Curno2. Bologna (Emilia Romagna), Centro

Lame3. Carugate, Milano (Lombardia),

Carosello4. Ferrara (Emilia Romagna), Il Castello5. Firenze (Toscana), I Gigli6. Imola (Emilia Romagna), Centro

Leonardo7. Mantova (Lombardia), La Favorita8. Sarzana (Liguria), Centroluna

ITALY

13

12,000m2 extension to the gallery and total refurbishment– New foodcourt– Grass roof– New logo / marketing plan– 95% of extension pre-committed, including H&M and Saturn– Extension scheduled for completion November 2008; foodcourt May 2009

Estimated project cost of €82 million with a forecast return of 7.0%

Carosello, Carugate, MilanoExtension and refurbishment underway

14

1. Göteborg (Västergötland), 4212. Karlskrona (Blekinge), Kronan3. Karlstad (Värmland), Bergvik

Köpcenter4. Laholm (Halland), Mellby Center5. Malmö (Skåne), Burlöv Center6. Norrköping (Östergötland),

MaxiHuset7. Skövde (Västergötland), Elins

Esplanad8. Södertälje (Södermanland),

Moraberg9. Västerås (Västmanland), Hälla

Shopping10. Växjö (Småland), Samarkand

SWEDEN

15

Elins Esplanad, Skövde

16

ICA MaxiH&M

Siba

Kapp

Ahl

Lind

ex

MQKi

cks

Spor

tex

El Giganten

CubusElins Esplanad, Skövde: extension and refurbishment

10,000m2 extension– Fully let to major tenants including H&M, Clas Ohlson, Cubus,

Gina Tricot, Apoteket2,500m2 addition to the ICA Maxi hypermarket with new 15 year leaseIncrease from 13 to 27 shopsGallery excluding hypermarket will be 17,750m2 of which 35% fashion€30 million project to be fully completed in early 2009although refurbished mallwill open in time forChristmas 2008

17

MaxiHuset, Norrköping

MaxiHuset

Bronsen Retail Park

18

8,700m2 extension

– 90% pre-let to major tenants including Stadium, Intersport, MQ, Hemtex, Duka

New 15 year lease signed with ICA Maxi hypermarket

Increase from 17 to 46 shops

Gallery excluding hypermarket will be 14,800m2 of which 50% fashion and 20% sport

€30 million project to becompleted in early 2009

MaxiHuset, Norrköping: extension and refurbishment

Stadium Intersport

ICA MaxiKappAhlLindexH&MCubus

DukaHemtexMQ

19

Next project?: Samarkand, Växjö

20

Where now? Market commentary and investment plans

Focus on existing prime markets of France, Italy and Sweden

Concentrate on extension, refurbishment and good management of existing centres