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Expert Corporate Governance Service (ECGS)
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Unibail-Rodamco - AGM 17 May 2019

ITEMS 8 and 9: For 2019, the LTI IFRS value will increase from 150% to 180% of the fixed remuneration. This will
increase the portion of LTI in total variable remuneration (from 43% to 47% for the
Chairman), which we appreciate. However, the company should have compensated this
increase by decreasing the maximum bonus to avoid any inflationary impact. As it did
not, the total maximum remuneration of the Chairman of the Management Board will
increase from €5.6 M to €6 M (+6.7%). This is excessive and we do not support amounts at stake for 2019.

Underlying
WFD Unibail-Rodamco

Unibail-Rodamco is a commercial property operator, investor and developer. Co. is operationally organized in six geographical regions: France, Spain, Central Europe, Austria, the Nordics and The Netherlands. Its activities are divided into three business lines or segments: Shopping Centres, Offices and Convention & Exhibition. Co.'s Shopping Centres segment focuses primarily on the retail sector; the Offices segment takes care of office assets that are mainly located in the Parisian Central Business District; and the Convention-Exhibitions segment consists of a real estate venues and operations organization, and trade show organization.

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Proxinvest
Proxinvest

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