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Investor Presentaiton

Alignment of Interests: Anti-Takeover Provisions Green Street Advisors ADVISORY & CONSULTING GROUP Anti-takeover provisions are often overlooked as they don't impact day-to-day business. However, these provisions have been used to destroy significant shareholder value when entrenched management teams have employed them to fend off attractive takeover offers. $100 $84 $80 $60 $40 $71 Macerich Destroying Value for Shareholders Discount to NAV Premium to NAV Price NAV Macerich was offered $95.50/sh. by Simon Property Group. MAC declined the offering and in the following 3 years their stock has declined by ~50% $43 $20 1/15 6/15 11/15 4/16 9/16 2/17 7/17 12/17 5/18 10/18 3/19 This is not a Research report. 13 www.GreenStreetAdvisors.com ©2019, Green Street Advisors, LLC Use of this report is subject to the Terms of Use listed at the end of the report
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