Year End Results 2008/2009August 2009

2

€2.1 billion of retail property in France, Northern Italy and Sweden

22%

41%

37%4%

23%

73%Italy

France

Sweden

Suburbanshopping centres

City centre galleries & shops

Retail parks

European shopping centres

3European shopping centres

Year end results 2008 / 200930 June 2009 compared with 30 June 2008

• Direct investment result: +4.3% to €65.1 million

• Like for like rental growth: +4.7%

• Sales turnover for the 12 months to 30 June 2009: -1.1%

• Net property income: +4.0% to €114.4 million

• Property revaluations: -8.8%

• Adjusted net asset value: -17.1% to €33.02 per depositary receipt

• Dividend: proposed €1.78 per depositary receipt (€1.75 in 2007/2008)

4

Retail rental growth per annum*

June 2009

4.7%

5.7%

4.0%

4.9%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

France Italy Sweden Overall

* excluding extensions at Carosello, Carugate, Milano; Elins Esplanad, Skövde and Ingelsta Shopping, Norrköping

European shopping centres

5

Retail turnover growth 2008/2009 by country and sector

* excluding galleries under construction

+1.1%Restaurants

+1.1%Hyper/supermarkets

-6.9%Electricals

-2.0%Home goods

-1.1%Overall

+2.1%Health and beauty

+3.9%Gifts and jewellery

-0.8%Fashion

Retail sales turnover*SECTOR

European shopping centres

-1.1%Overall

+0.1%Sweden

-0.8%Italy

-2.6%France

Retail sales turnover*COUNTRY

6

Occupancy cost ratios*

June 2009

7.9%7.6%7.6% 8.2%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

France Italy Sweden Overall

*rent plus marketing contributions, service charges and property taxes as a proportion of turnover including VAT

European shopping centres

7

Vacancies and rental arrears

< 0.5%

< 1.0%

At 30/06/08At 30/06/09

Vacancies < 1.0%

Rental arrears (> 90 days) 1.16%

European shopping centres

8

Valuation changes: 12 months to 30 June 2009

-8.8%

-6.3%

-8.8%-10.0%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

-6.3%

-8.4%-8.8%-9.2%-10.0%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%Retail Warehouse Overall France Italy Sweden Netherlands

European shopping centres

9

Net valuation yields* at 30 June 2009

8.8%

5.6% 5.6%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%8.8%

5.5%5.6%5.7%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

*net rent as a percentage of gross value including purchase costs

Retail Warehouse Overall France Italy Sweden Netherlands

European shopping centres

10

Funding summary at 30 June 2009*

Total debt of which < 1 yearof which > 1 year

Shareholders’ equity

Debt to equity ratio

Loan to property value ratio

€913 million €56 million€857 million

€1,184 million

77%

43%

* ECP’s loan covenants provide for a maximum debt to adjusted net equity ratio of 100%. The figures above take this definition into account.

European shopping centres

Theoretical unused loan capacity €270 million

11

Average overall interest rate (incl. margin)

4.6%

Average loan term Almost 9 years

Average margin 48 bps

Interest cover

Funding summary at 30 June 2009

2.6x

European shopping centres

Average hedge term Almost 6 years

Amount of loan book hedged 92%

12

Operational highlights• Sale of the last remaining office building – Het Boek– in Amsterdam for

€86.5 million

• Sale of 5 retail warehouses and 1 retail property in France and the Netherlands for a total of €48 million

• Rue de Rivoli receives planning permission for restructuring into 2 retail units, both let to major international retailers

• Extension of Carosello in Milan opened on time, on budget and fully let

– Foodcourt currently under construction; scheduled to open in October 2009

– Net return on cost will be in excess of 7%

– First Apple store in Northern Italy to open in the centre in September 2009

• Extensions at Elins Esplanad and Ingelsta Shopping in Sweden opened

– Delivered combined net return on cost of 7%

European shopping centres

13

FRANCE: 12 months to 30 June 2009• Valuations down 9.2% since June 2008 (-5.5% since December 2008)

• Net initial yield 5.7% compared with 4.8% in June 2008 and 5.1% in December 2008

• Rental growth: 4.0%

– Indexation: ICC (8.85%) and ILC (3.85%)

– Turnover rent down 38% year on year

• 56% of retail leases by rental income are now on ILC index

• 31 relettings and renewals resulted in 18% uplift in base rent

• Turnover growth of -2.6%

– Small shops +0.9%, larger shops -4.8%

• Provisional planning permission (Permis de Construire) received at Rue de Rivoli

European shopping centres

14

ITALY: 12 months to 30 June 2009

• Valuations down 8.8% since June 2008 (-4.8% since December 2008)

• Net initial yield 5.6% compared with 5.0% in June 2008 and 5.4% in December 2008

• Rental growth: 4.9%

– Indexation: 1.8%

– Turnover rent down 14% year on year

• 93 relettings and renewals (excluding Carosello extension) resulted in 29% uplift in base rent

– 127 leases (14% of income) to be renewed in the next two years

• Turnover growth of -0.8%

European shopping centres

15

ITALY: Carosello, Carugate, MilanoExtension and refurbishment completed

• 12,600m2 extension and refurbishment completed on time, fully let and on budget

• New total lettable area of 52,500m2

• Net return on cost in excess of 7.0%

• Fully let to tenants including Carrefour, Apple, H&M, Zara, Oviesse and Saturn

• Food court currently under construction; scheduled to open in October 2009

European shopping centres

16

SWEDEN: 12 months to 30 June 2009

• Valuations down 8.4% since June 2008 (-3.0% since December 2008)

• Net initial yield 5.5% compared with 4.9% in June 2008 and 5.3% in December 2008

• Rental growth: 5.7%

– Indexation: almost 4%

• 21 relettings and renewals resulted in 16% uplift in base rent

• Turnover growth of 0.1%

– Hypermarkets 3.3%

• Two extensions and refurbishments completed during the period

European shopping centres

17

SWEDEN: Elins Esplanad, Skövde• 10,000m2 extension opened at the

end of November 2008

• Since opening footfall is up 100% and turnover is up 180%

• Fully let to major tenants including H&M, Clas Ohlson, Cubus, Gina Tricot, Apoteket – total of 14 new shops

• ICA added 2,500m2 to provide standard 10,000m2 store on 15 year lease

• Total lettable area increased to 27,500m2

• Net return on cost of 7%

European shopping centres

18

SWEDEN: Ingelsta Shopping, Norrköping

• 9,000m2 extension opened in May 2009

• Almost fully let to major tenants including Stadium, Intersport, MQ, Hemtex, Duka – total of 34 new shops

• Total lettable area increased to 25,300m2

• New 15 year lease to ICA hypermarket

• Net return on cost of 7%

European shopping centres