SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549

SCHEDULE 13E-3

RULE 13E-3 TRANSACTION STATEMENT
UNDER SECTION 13(E) OF
THE SECURITIES EXCHANGE ACT OF 1934
AMENDMENT NO. 3

TAUBMAN CENTERS, INC.
(Name of the Issuer)

Taubman Centers, Inc.
The Taubman Realty Group Limited Partnership
Mr. Robert S. Taubman
Mr. William S. Taubman
Taubman Ventures Group LLC
Simon Property Group, Inc.
Simon Property Group, L.P.
Silver Merger Sub 1, LLC
Silver Merger Sub 2, LLC
(Names of Persons Filing Statement)

Common Stock, $0.01 par value
(Title of Class of Securities)
876664103
(CUSIP Number of Class of Securities)

Taubman Centers, Inc.
200 East Long Lake Road
Suite 300
Bloomfield Hills, Michigan 48304
Phone:  (248) 258-6000
Attn:  Chris B. Heaphy	Simon Property Group, Inc.
225 Washington Street
Indianapolis, Indiana 46204
Phone:  (317) 636-1600
Attn:  Steven E. Fivel

(Name, Address, and Telephone Numbers of Person Authorized to Receive Notices
and Communications on Behalf of the Persons Filing Statement)

With copies to

 	Kirkland & Ellis LLP
601 Lexington Avenue
New York, New York 10022
(212) 446-4800	Wachtell, Lipton, Rosen & Katz
51 West 52nd Street
New York, New York 10019
(212) 403-1000	Latham & Watkins LLP
330 North Wabash Avenue, Suite 2800
Chicago, Illinois 60611
(312) 876-7700	
 	Attn:  Eric Schiele, P.C.
Michael P. Brueck, P.C.
Marshall P. Shaffer	Attn:  Adam O. Emmerich
Robin Panovka
Viktor Sapezhnikov	Attn:  Mark D. Gerstein
Julian T. Kleindorfer
Jason Morelli	
 	 	 	 	
 	Honigman LLP
39400 Woodward Avenue
Suite 101
Bloomfield Hills, Michigan 48304
(248) 566-8300	 	Paul, Weiss, Rifkind, Wharton & Garrison LLP
1285 Avenue of the Americas
New York, New York 10019-6064
(212) 373-3000
Attn:  Robert B. Schumer
Michael Vogel	
 	Attn:  Joseph Aviv
Michael S. Ben	 		

This statement is filed in connection with (check the appropriate box):

a. ☒	The filing of solicitation materials or an information statement subject to Regulation 14A, Regulation 14C or Rule 13e-3(c) under the Securities Exchange Act of 1934.	

b. ☐	The filing of a registration statement under the Securities Act of 1933.	

c. ☐	A tender offer.	

d. ☐	None of the above.	

Check the following box if the soliciting materials or information statement referred to in checking box (a) are preliminary copies:  ☐

Check the following box if the filing is a final amendment reporting the results of the transaction:  ☐

Calculation of Filing Fee

Transaction Valuation*	$3,818,511,430.52	Amount of filing fee**	$416,599.60	

*	Calculated solely for purposes of determining the filing fee.  Solely for the purpose of calculating the filing fee, the underlying value of the transaction was calculated based on the sum of (a) the product of (i) 88,800,735.8 shares of common stock (including 188,048 shares of Taubman common stock subject to issuance upon the settlement of outstanding equity awards pursuant to Company equity plans and 26,887,337.8 shares of common stock issuable upon conversion of 26,887,337.8 outstanding units of partnership interest in The Taubman Realty Group Limited Partnership), and (ii) the common stock merger consideration of $43.00 and (b) the product of (A) 25,979,064 shares of Series B preferred stock and (B) the Series B preferred stock merger consideration of $43.00 divided by 14,000.	
**	In accordance with Exchange Act Rule 0-11(c), the filing fee was determined by multiplying 0.0001091 by the aggregate transaction valuation.	
☒	Check the box if any part of the fee is offset as provided by Exchange Act Rule 0‑11(a)(2) and identify the filing with which the offsetting fee was previously paid.  Identify the previous filing by registration statement number, or the Form or Schedule, and the date of its filing.	

Amount Previously Paid:	$607,998.51	Filing Party:	Taubman Centers, Inc.	
Form or Registration No.:	Schedule 14A	Date Filed:	April 28, 2020	

Introduction

This Amendment No. 3 to the Transaction Statement on Schedule 13E-3 (this “Amended Transaction Statement”) is being filed with the U.S. Securities and Exchange Commission (the “SEC”) pursuant to Section 13(e) of the Securities Exchange Act of 1934, as amended (together with the rules and regulations promulgated thereunder, the “Exchange Act”), by (i) Taubman Centers, Inc., a Michigan corporation (“TCO” or the “Company”); (ii) The Taubman Realty Group Limited Partnership, a Delaware limited partnership (the “Taubman operating partnership”); (iii) Mr. Robert S. Taubman, an individual and Chairman, President and Chief Executive Officer of the Company (“R. Taubman”); (iv) Mr. William S. Taubman, an individual and Chief Operating Officer of the Company (“W. Taubman”); (v) Taubman Ventures Group LLC, a Michigan limited liability company; (vi) Simon Property Group, Inc., a Delaware corporation (“Simon”); (vii) Simon Property Group, L.P., a Delaware limited partnership (the “Simon operating partnership”); (viii) Silver Merger Sub 1, LLC, a Delaware limited liability company (“Merger Sub 1”); and (ix) Silver Merger Sub 2, LLC, a Delaware limited liability company (“Merger Sub 2”) (each of (i) through (ix) a “Filing Person,” and collectively, “Filing Persons”).  The Filing Persons have incorporated herein by reference certain information because they are required to provide such information by Rule 13E-3.

This Amended Transaction Statement relates to the Amended and Restated Agreement and Plan of Merger, dated as of November 14, 2020 (as it may be amended from time to time, the “merger agreement”), by and among Simon, the Simon operating partnership, Merger Sub 1, Merger Sub 2, the Company and the Taubman operating partnership.  The merger agreement amends and restates the Agreement and Plan of Merger, dated as of February 9, 2020 (the “original merger agreement”), by and among Simon, the Simon operating partnership, Merger Sub 1, Merger Sub 2, the Company and the Taubman operating partnership.  Pursuant to the merger agreement, subject to the satisfaction or waiver of certain conditions, Merger Sub 2 will be merged with and into the Taubman operating partnership (the “Partnership Merger”) and the Company will be merged with and into Merger Sub 1 (the “REIT Merger” and, together with the Partnership Merger, the “Mergers”).  Upon completion of the Partnership Merger, the Taubman operating partnership will survive (the “Surviving Taubman Operating Partnership”) and the separate existence of Merger Sub 2 will cease.  Upon completion of the REIT Merger, Merger Sub 1 will survive (“Surviving TCO”) and the separate existence of the Company will cease.  Immediately following the Partnership Merger, the Surviving Taubman Operating Partnership will be converted (the “LLC Conversion”) into a Delaware limited liability company (the “Joint Venture”).

If the REIT Merger is completed, holders of the Company’s common stock, par value $0.01 per share (“Taubman common stock”) will be entitled to receive $43.00 in cash for each share of Taubman common stock held (the “common stock merger consideration”) and holders of the Company’s Series B Non-Participating Convertible Preferred Stock, par value $0.001 per share (“Taubman Series B preferred stock”), will be entitled to receive an amount in cash equal to the common stock merger consideration, divided by 14,000 (the “Series B preferred stock merger consideration”).  If the Partnership Merger is completed, holders of units of partnership interest in the Taubman operating partnership (each, a “Taubman OP unit”) other than R. Taubman, W. Taubman and certain entities and trusts controlled by R. Taubman, W. Taubman and their immediate family (the “Taubman family members”) will be entitled to receive, at their election, the common stock merger consideration or 0.5703 limited partnership units in the Simon operating partnership (each, a “Simon OP unit”), certain Taubman OP units held by the Taubman family members will remain outstanding as units of partnership interest in the Surviving Taubman operating partnership and all other Taubman OP units held by the Taubman family members will be converted into the right to receive the common stock merger consideration.  Following the Mergers and the LLC Conversion, the Simon operating partnership will own 100% of Surviving TCO, Surviving TCO will own 80% of limited liability company interests of the Joint Venture and the Taubman family members will own the remaining 20% of the limited liability company interests of the Joint Venture.

Concurrently with the filing of this Amended Transaction Statement, the Company is filing with the SEC a proxy statement (the “Proxy Statement”) under Regulation 14A of the Exchange Act, pursuant to which TCO’s board of directors is soliciting proxies from holders of Taubman common stock and Taubman Series B preferred stock in connection with the Mergers and the other transactions contemplated by the merger agreement (the “Transactions”).  The Proxy Statement is attached hereto as Exhibit (a)(1) and is incorporated herein by reference.  A copy of the merger agreement is attached to the Proxy Statement as Annex A and is incorporated herein by reference.  As of the date hereof, the Proxy Statement is in preliminary form and is subject to completion.  Terms used but not defined in this Amended Transaction Statement, have the meanings assigned to them in the Proxy Statement.

The special committee of the board of directors of TCO (the “Special Committee”), consisting solely of independent and disinterested directors of TCO, evaluated the Transactions, including the Mergers, and other alternatives available to the Company.  The Special Committee unanimously determined that the merger agreement and the Transactions, including the Mergers, are advisable and fair to, and in the best interests of, the Company and its common shareholders and unanimously recommended that the board of directors of the Company, among other things, adopt and approve the merger agreement and the Transactions.

Pursuant to General Instruction F to Schedule 13E-3, the information in the Proxy Statement, including all annexes thereto, is expressly incorporated in its entirety by reference herein, and responses to each item herein are qualified in their entirety by the information contained in the Proxy Statement.  The cross-references below are being supplied pursuant to General Instruction G to Schedule 13E-3 and show the location in the Proxy Statement of the information required to be included in response to the items of Schedule 13E-3.

While each of the Filing Persons acknowledges that the Transactions constitute a “going private transaction” for purposes of Rule 13E-3 under the Exchange Act, the filing of this Amended Transaction Statement shall not be construed as an admission by any Filing Person, or by any affiliate of a Filing Person, that TCO is “controlled” by any of the Filing Persons or by their respective affiliates.

All information contained in, or incorporated by reference into, this Amended Transaction Statement concerning each Filing Person has been supplied by such Filing Person.

Item 1.          Summary Term Sheet

Regulation M-A Item 1001

The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers”

Item 2.          Subject Company Information

Regulation M-A Item 1002

(a) Name and address.  TCO’s name, and the address and telephone number of its principal executive offices, are:

Taubman Centers, Inc.

200 East Long Lake Road

Suite 300

Bloomfield Hills, Michigan 48304-2324

Phone: (248) 258-6000

(b) Securities.  The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet—Record Date and Quorum”

“Questions and Answers—What is a quorum?”

“The Special Meeting—Record Date and Quorum”

“Agreements Involving Taubman Common Stock—The Voting Agreement”

“Important Information Regarding Taubman Centers, Inc.—Security Ownership of Management and Certain Beneficial Owners”

(c) Trading market and price.  The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

“Important Information Regarding Taubman Centers, Inc.—Market Price of the Company Common Stock and Dividend Information”

(d) Dividends.  The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Important Information Regarding Taubman Centers, Inc.—Market Price of the Company Common Stock and Dividend Information”

“The Merger Agreement—Conduct of Business Pending the Transactions—Conduct of Business of Taubman”

(e) Prior public offerings.  The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

“Important Information Regarding Taubman Centers, Inc.—Prior Public Offerings”

(f) Prior stock purchases.  None.

Item 3.          Identity and Background of Filing Person

Regulation M-A Item 1003

(a) – (b) Name and Address of Each Filing Person; Business and Background of Entities.

The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet—The Parties to the Mergers”

“The Parties to the Mergers”

“Important Information Regarding Taubman Centers, Inc.—Company Background”

“Other Information Regarding the Simon Parties and the Taubman Filing Persons—The Simon Parties”

“Other Information Regarding the Simon Parties and the Taubman Filing Persons—The Taubman Filing Persons”

(c) Business and Background of Natural Persons.

The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Important Information Regarding Taubman Centers, Inc.—Company Background”

“Important Information Regarding Taubman Centers, Inc.—Directors and Executive Officers”

“Other Information Regarding the Simon Parties and the Taubman Filing Persons—The Simon Parties”

“Other Information Regarding the Simon Parties and the Taubman Filing Persons—The Taubman Filing Persons”

Item 4.          Terms of the Transaction

Regulation M-A Item 1004

(a) Material terms.

(1) Tender offers.  Not Applicable

(2) Mergers or Similar Transactions.  The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers”

“Special Factors—Background of the Transactions”

“Special Factors—Reasons for the Transactions and Recommendation of the Special Committee and the Taubman Board”

“Special Factors—The Simon Parties’ Purposes and Reasons for the Transactions”

“Special Factors—The Taubman Filing Persons’ Purposes and Reasons for the Transactions”

“Special Factors—Position of the Simon Parties as to the Fairness of the REIT Merger”

“Special Factors—Position of the Taubman Filing Persons as to the Fairness of the REIT Merger”

“Special Factors—Material U.S. Federal Income Tax Consequences of the REIT Merger”

“Special Factors—Anticipated Accounting Treatment of the REIT Merger”

“Special Factors—Certain Effects of the Transactions”

“The Special Meeting—Required Vote”

“The Merger Agreement Proposal”

“The Merger Agreement”

(c) Different terms.  The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers”

“Special Factors—Certain Effects of the Transactions”

“The Merger Agreement—REIT Merger—Treatment of Outstanding Equity Awards”

“The JV Agreement”

“Agreements Involving Taubman Common Stock”

(d) Appraisal rights.  The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Questions and Answers—If I do not favor the approval and adoption of the merger agreement, what are my appraisal rights under Michigan law?”

“No Appraisal or Dissenter Rights”

(e) Provisions for unaffiliated security holders.  The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

“Provisions for Unaffiliated Shareholders”

(f) Eligibility for listing or trading.  The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Delisting and Deregistration of Taubman Common Stock and of Taubman Series J and Series K Preferred Stock”

Item 5.          Past Contacts, Transactions, Negotiations and Agreements

Regulation M-A Item 1005

(a)(1) – (2) Transactions.  The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Special Factors—Background of the Transactions”

“Special Factors—Certain Effects of the Transactions”

“Special Factors—Interests of Taubman’s Directors and Executive Officers in the Transactions”

“The Merger Agreement”

“The Merger Agreement—Merger Litigation and Settlement Agreement”

“Agreements Involving Taubman Common Stock”

“The JV Agreement”

“Important Information Regarding Taubman Centers, Inc.—Certain Transactions in the Shares”

“Other Information Regarding the Simon Parties and the Taubman Filing Persons—Significant Past Transactions and Contracts”

(b) – (c) Significant corporate events; Negotiations or contacts.  The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Special Factors—Background of the Transactions”

“Special Factors—Reasons for the Transactions and Recommendation of the Special Committee and the Taubman Board”

“Special Factors—The Simon Parties’ Purposes and Reasons for the Transactions”

“Special Factors—The Taubman Filing Persons’ Purposes and Reasons for the Transactions”

“Special Factors—Position of the Simon Parties as to the Fairness of the REIT Merger”

“Special Factors—Position of the Taubman Filing Persons as to the Fairness of the REIT Merger”

“Special Factors—Interests of Taubman’s Directors and Executive Officers in the Transactions”

“The Merger Agreement”

“The JV Agreement”

“Agreements Involving Taubman Common Stock”

“Important Information Regarding Taubman Centers, Inc.—Security Ownership of Management and Certain Beneficial Owners”

 “Other Information Regarding the Simon Parties and the Taubman Filing Persons—Significant Past Transactions and Contracts”

Annex A—Merger Agreement

Annex C—Voting Agreement

(e) Agreements involving the subject company’s securities.  The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers”

“Special Factors—Background of the Transactions”

“Special Factors—Certain Effects of the Transactions”

“Special Factors—Interests of Taubman’s Directors and Executive Officers in the Transactions”

“The Special Meeting—Required Vote”

“The Merger Agreement”

“The JV Agreement”

“Agreements Involving Taubman Common Stock”

“Important Information Regarding Taubman Centers, Inc.—Certain Transactions in the Shares”

“Other Information Regarding the Simon Parties and the Taubman Filing Persons—Significant Past Transactions and Contracts”

Annex A—Merger Agreement

Annex C—Voting Agreement

Item 6.          Purposes of the Transaction, and Plans or Proposals.

Regulation M-A Item 1006

(b) Use of securities acquired.  The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers”

“Special Factors—Plans for the Company After the Mergers”

“Special Factors—Certain Effects of the Transactions”

“Special Factors—Interests of Taubman’s Directors and Executive Officers in the Transactions”

“The Merger Agreement Proposal”

“The Merger Agreement—REIT Merger—Treatment of Taubman Common Stock and Taubman Series B Preferred Stock”

“The Merger Agreement—REIT Merger—Treatment of Taubman Series J Preferred Stock and Taubman Series K Preferred Stock”

“The Merger Agreement—REIT Merger—Treatment of Outstanding Equity Awards”

“The Merger Agreement—Conduct of Business Pending the Transaction”

“The JV Agreement”

“The JV Agreement—Series B Funding Request”

“Important Information Regarding Taubman Centers, Inc.—Market Price of the Company Common Stock and Dividend Information”

“Delisting and Deregistration of Taubman Common Stock and of Taubman Series J and Series K Preferred Stock”

Annex A—Merger Agreement

(c)(1) – (8) Plans.  The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers”

“Special Factors—Background of the Transactions”

“Special Factors—Reasons for the Transactions and Recommendations of the Special Committee and the Taubman Board”

“Special Factors—The Simon Parties’ Purposes and Reasons for the Transactions”

“Special Factors—The Taubman Filing Persons’ Purposes and Reasons for the Transactions”

“Special Factors—Position of the Simon Parties as to the Fairness of the REIT Merger”

“Special Factors—Position of the Taubman Filing Persons as to the Fairness of the REIT Merger”

“Special Factors—Plans for the Company After the Mergers”

“Special Factors—Certain Effects of the Transactions”

“The Merger Agreement”

“The Voting Agreement”

“The JV Agreement”

“Agreements Involving Taubman Common Stock”

“Important Information Regarding Taubman Centers, Inc.—Market Price of the Company Common Stock and Dividend Information”

“Delisting and Deregistration of Taubman Common Stock and of Taubman Series J and Series K Preferred Stock”

Annex A—Merger Agreement

Annex C—Voting Agreement

Item 7.          Purposes, Alternatives, Reasons and Effects

Regulation M-A Item 1013

(a) Purposes.  The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers”

“Special Factors—Background of the Transactions”

“Special Factors—Reasons for the Transactions and Recommendations of the Special Committee and the Taubman Board”

“Special Factors—The Simon Parties’ Purposes and Reasons for the Transactions”

“Special Factors—The Taubman Filing Persons’ Purposes and Reasons for the Transactions”

“Special Factors—Plans for the Company After the Mergers”

“Special Factors—Certain Effects of the Transactions”

“Delisting and Deregistration of Taubman Common Stock and of Taubman Series J and Series K Preferred Stock”

(b) Alternatives.  The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Special Factors—Background of the Transactions”

“Special Factors—Reasons for the Transactions and Recommendations of the Special Committee and the Taubman Board”

“Special Factors—Opinion of Financial Advisor to the Special Committee”

“Special Factors—The Taubman Filing Persons’ Purposes and Reasons for the Transactions”

“Special Factors—Position of the Taubman Filing Persons as to the Fairness of the REIT Merger”

(c) Reasons.  The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Special Factors—Background of the Transactions”

“Special Factors—Reasons for the Transactions and Recommendations of the Special Committee and the Taubman Board”

“Special Factors—Opinion of Financial Advisor to the Special Committee”

“Special Factors—The Simon Parties’ Purposes and Reasons for the Transactions”

“Special Factors—The Taubman Filing Persons’ Purposes and Reasons for the Transactions”

“Special Factors—Position of the Simon Parties as to the Fairness of the REIT Merger”

“Special Factors—Position of the Taubman Filing Persons as to the Fairness of the REIT Merger”

“Special Factors—Plans for the Company After the Mergers”

“Special Factors—Certain Effects of the Transactions”

(d) Effects.  The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers”

“Special Factors—Background of the Transactions”

“Special Factors—Reasons for the Transactions and Recommendation of the Special Committee and the Taubman Board”

“Special Factors—The Simon Parties’ Purposes and Reasons for the Transactions”

“Special Factors—The Taubman Filing Persons’ Purposes and Reasons for the Transactions”

“Special Factors—Position of the Simon Parties as to the Fairness of the REIT Merger”

“Special Factors—Position of the Taubman Filing Persons as to the Fairness of the REIT Merger”

“Special Factors—Plans for the Company After the Mergers”

“Special Factors—Certain Effects of the Transactions”

“The Merger Agreement—Transaction Structure”

“The Merger Agreement—Partnership Merger”

“The Merger Agreement—REIT Merger”

“The Merger Agreement—REIT Merger—Treatment of Taubman Common Stock and Taubman Series B Preferred Stock”

“The Merger Agreement—REIT Merger—Treatment of Taubman Series J Preferred Stock and Taubman Series K Preferred Stock”

“The Merger Agreement—REIT Merger—Treatment of Outstanding Equity Awards”

“The JV Agreement”

“Important Information Regarding Taubman Centers, Inc.—Market Price of the Company Common Stock and Dividend Information”

“Delisting and Deregistration of Taubman Common Stock and of Taubman Series J and Series K Preferred Stock”

Annex A—Merger Agreement

Item 8.          Fairness of the Transaction

Regulation M-A Item 1014

(a) – (b) Fairness; Factors considered in determining fairness.  The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers”

“Special Factors—Certain Effects of the Transactions”

“Special Factors—Background of the Transactions”

“Special Factors—Reasons for the Transactions and Recommendation of the Special Committee and the Taubman Board”

“Special Factors—Opinion of Financial Advisor to the Special Committee”

“Special Factors—The Simon Parties’ Purposes and Reasons for the Transactions”

“Special Factors—The Taubman Filing Persons’ Purposes and Reasons for the Transactions”

“Special Factors—Position of the Simon Parties as to the Fairness of the REIT Merger”

“Special Factors—Position of the Taubman Filing Persons as to the Fairness of the REIT Merger”

“Special Factors—Benefits of the Transactions for Taubman’s Unaffiliated Shareholders”

“Special Factors—Detriments of the Transactions for Taubman’s Unaffiliated Shareholders”

“Special Factors—Interests of Taubman’s Directors and Executive Officers in the Transactions”

Annex B—Opinion of Lazard

The presentation materials dated November 21, 2019, December 5, 2019, January 10, 2020, January 12, 2020, January 22, 2020, January 26, 2020, February 6, 2020, February 9, 2020, November 11, 2020 and November 13, 2020 prepared by Lazard Freres & Co. and reviewed by the Special Committee, are attached hereto as Exhibits (c)(3), (c)(4), (c)(5), (c)(6), (c)(7), (c)(8), (c)(9), (c)(10), (c)(11) and (c)(12) and are incorporated by reference herein.

(c) Approval of security holders.  The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers”

“The Special Meeting—Purpose of the Special Meeting”

“The Special Meeting—Required Vote”

“The Merger Agreement Proposal—Required Vote”

“The Merger Agreement—Conditions to the Completion of the Transactions”

Annex A—Merger Agreement

(d) Unaffiliated representative.  The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers”

“Special Factors—Background of the Transactions”

“Special Factors—Reasons for the Transactions and Recommendation of the Special Committee and the Taubman Board”

“Special Factors—Opinion of Financial Advisor to the Special Committee”

“Special Factors—Position of the Taubman Filing Persons as to the Fairness of the REIT Merger”

“Provisions for Unaffiliated Shareholders”

“Special Factors—Benefits of the Transactions for Taubman’s Unaffiliated Shareholders”

“Special Factors—Detriments of the Transactions for Taubman’s Unaffiliated Shareholders

(e) Approval of directors.  The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Questions and Answers”

“Special Factors—Background of the Transactions”

“Special Factors—Reasons for the Transactions and Recommendation of the Special Committee and the Taubman Board”

“Special Factors—Position of the Taubman Filing Persons as to the Fairness of the REIT Merger”

“The Merger Agreement Proposal”

(f) Other offers.  Not applicable.

Item 9.          Reports, Opinions, Appraisals and Certain Negotiations

Regulation M-A Item 1015

(a) – (c) Report, opinion or appraisal; Preparer and summary of the report, opinion or appraisal; Availability of documents.  The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers”

“Special Factors—Background of the Transactions”

“Special Factors—Reasons for the Transactions and Recommendation of the Special Committee and the Taubman Board”

“Special Factors—Opinion of Financial Advisor to the Special Committee”

“Where You Can Find Additional Information”

Annex B—Opinion of Lazard

The opinion delivered by Lazard Freres & Co. to the Special Committee on February 9, 2020 is attached hereto as Exhibit (c)(2) and is incorporated by reference herein.

The presentation materials dated November 21, 2019, December 5, 2019, January 10, 2020, January 12, 2020, January 22, 2020, January 26, 2020, February 6, 2020, February 9, 2020, November 11, 2020 and November 13, 2020 prepared by Lazard Freres & Co. and reviewed by the Special Committee, are attached hereto as Exhibits (c)(3), (c)(4), (c)(5), (c)(6), (c)(7), (c)(8), (c)(9), (c)(10), (c)(11) and (c)(12) and are incorporated by reference herein.

The reports, opinions or appraisals referenced in this Item 9 will be made available for inspection and copying at the principal executive offices of the Company during its regular business hours by any interested equity security holder of the Company or representative who has been so designated in writing.

Item 10.          Source and Amounts of Funds or Other Consideration

Regulation M-A Item 1007

(a) – (b) Source of funds; Conditions.  The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

“Summary Term Sheet”

“Special Factors—Reasons for the Transactions and Recommendation of the Special Committee and the Taubman Board”

“The Merger Agreement—Financing Covenant; Taubman Cooperation”

(c) Expenses.  The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Special Factors—Fees and Expenses”

“The Merger Agreement—Termination Fees”

“The Merger Agreement—Fees and Expenses”

(d) Borrowed funds.  The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Special Factors—Financing”

Item 11.          Interest in Securities of the Subject Company

Regulation M-A Item 1008

(a) Securities ownership.  The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers”

“Special Factors—Interests of Taubman’s Directors and Executive Officers in the Transactions”

“Special Factors—The Taubman Family Members’ Obligation to Simon to Vote in Favor of the Merger Agreement Proposal”

“The Special Meeting—Voting by Company’s Directors and Executive Officers”

“Important Information Regarding Taubman Centers, Inc.—Security Ownership of Management and Certain Beneficial Owners”

“Other Information Regarding the Simon Parties and the Taubman Filing Persons—The Simon Parties”

“Other Information Regarding the Simon Parties and the Taubman Filing Persons—The Taubman Filing Persons”

(b) Securities transactions.  The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Important Information Regarding Taubman Centers, Inc.—Certain Transactions in the Shares”

Item 12.          The Solicitation or Recommendation

Regulation M-A Item 1012

(d) Intent to tender or vote in a going-private transaction.  The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers”

“Special Factors—Reasons for the Transactions and Recommendation of the Special Committee and the Taubman Board”

“Special Factors—The Taubman Filing Persons’ Purposes and Reasons for the Transactions”

“Special Factors—Position of the Taubman Filing Persons as to the Fairness of the REIT Merger”

“Special Factors—Intent to Vote in Favor of the Mergers”

“Special Factors—The Taubman Family Members’ Obligation to Simon to Vote in Favor of the Merger Agreement Proposal”

“The Special Meeting—Voting by Company’s Directors and Executive Officers”

“The Voting Agreement”

“Agreements Involving Taubman Common Stock”

Annex C—Voting Agreement

(e) Recommendation of others.  The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers”

“Special Factors—Background of the Transactions”

“Special Factors—Reasons for the Transactions and Recommendation of the Special Committee and the Taubman Board”

“Special Factors—Position of the Taubman Filing Persons as to the Fairness of the REIT Merger”

“Special Factors—The Taubman Filing Persons’ Purposes and Reasons for the Transactions”

“The Special Meeting—Recommendation of the Taubman Board”

“The Merger Agreement Proposal”

Item 13.          Financial Information

Regulation M-A Item 1010

(a) Financial statements.  The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Special Factors—Certain Unaudited Prospective Financial Information”

“Important Information Regarding Taubman Centers, Inc.—Historical Selected Financial Information”

“Important Information Regarding Taubman Centers, Inc.—Book Value Per Share”

“Where You Can Find Additional Information”

The audited financial statements set forth in Item 8 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 are incorporated herein by reference.

(b) Pro forma information.  Not applicable.

Item 14.          Persons/Assets, Retained, Employed, Compensated or Used

Regulation M-A Item 1009

(a) – (b) Solicitations or recommendations; Employees and corporate assets.  The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Questions and Answers”

“Special Factors—Background of the Transactions”

“Special Factors—Reasons for the Transactions and Recommendation of the Special Committee and the Taubman Board”

“Special Factors—Interests of Taubman’s Directors and Executive Officers in the Transactions”

“Special Factors—Fees and Expenses”

“The Special Meeting—Solicitation of Proxies”

Item 15.          Additional Information

Regulation M-A Item 1011

(b) Golden Parachute Compensation.  The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers”

“Special Factors—Certain Effects of the Transactions—Equity Awards”

“Special Factors—Interests of Taubman’s Directors and Executive Officers in the Transactions”

“The Merger Agreement—REIT Merger—Treatment of Outstanding Equity Awards”

“The Advisory Compensation Proposal”

(c) Other material information.  The information set forth in the Proxy Statement, including all annexes thereto, is incorporated herein by reference.

Item 16.          Exhibits

Regulation M-A Item 1016

(a)(1)	Preliminary Proxy Statement of Taubman Centers, Inc. (the ”Proxy Statement”) (incorporated herein by reference to the Schedule 14A filed concurrently with the SEC).	
 	 	
(a)(2)	Form of Proxy Card (incorporated herein by reference to the Proxy Statement).	
 	 	
(a)(3)	Letter to Taubman Centers, Inc. Shareholders (incorporated herein by reference to the Proxy Statement).	
 	 	
(a)(4)	Notice of Special Meeting of Shareholders (incorporated herein by reference to the Proxy Statement).	
 	 	
(a)(5)	Press Release, dated November 15, 2020 (filed as Exhibit 99.2 to Taubman Centers, Inc.’s Current Report on Form 8-K, filed November 16, 2020 and incorporated herein by reference).	
 	 	
(a)(6)	Press Release, dated February 10, 2020 (filed as Exhibit 99.1 to Taubman Centers, Inc.’s Current Report on Form 8-K, filed February 10, 2020 and incorporated herein by reference).	
 	 	
(a)(7)	Investor Presentation, dated February 10, 2020 (filed as Exhibit 99.2 to Taubman Centers, Inc.’s Current Report on Form 8-K, filed February 10, 2020 and incorporated herein by reference).	
 	 	
(a)(8)	Email to Employees, transmitted on February 10, 2020 (filed as Exhibit 99.3 to Taubman Centers, Inc.’s Current Report on Form 8-K, filed February 10, 2020 and incorporated herein by reference).	
 	 	
(a)(9)	Email to Business Partners, transmitted on February 10, 2020 (filed as Exhibit 99.4 to Taubman Centers, Inc.’s Current Report on Form 8-K, filed February 10, 2020 and incorporated herein by reference).	
 	 	
(c)(1)	Opinion of Lazard Freres & Co. LLC, dated November 14, 2020 (incorporated herein by reference to Annex B of the Proxy Statement).	
 	 	
(c)(2)	Opinion of Lazard Freres & Co. LLC, dated February 9, 2020.	
 	 	
(c)(3)	Presentation Materials of Lazard Freres & Co. LLC, dated November 21, 2019.	
 	 	
(c)(4)	Presentation Materials of Lazard Freres & Co. LLC, dated December 5, 2019.	
 	 	
(c)(5)	Presentation Materials of Lazard Freres & Co. LLC, dated January 10, 2020.	
 	 	
(c)(6)	Presentation Materials of Lazard Freres & Co. LLC, dated January 12, 2020.	
 	 	
(c)(7)	Presentation Materials of Lazard Freres & Co. LLC, dated January 22, 2020.	
 	 	
(c)(8)	Presentation Materials of Lazard Freres & Co. LLC, dated January 26, 2020.	
 	 	
(c)(9)	Presentation Materials of Lazard Freres & Co. LLC, dated February 6, 2020.	
 	 	
(c)(10)	Presentation Materials of Lazard Freres & Co. LLC, dated February 9, 2020.	
 	 	
(c)(11)	Presentation Materials of Lazard Freres & Co. LLC, dated November 11, 2020.	
 	 	
(c)(12)	Presentation Materials of Lazard Freres & Co. LLC, dated November 13, 2020.	
 	 	
(d)(1)	Amended and Restated Agreement and Plan of Merger, dated as of November 14, 2020, by and among Simon Property Group, Inc., Simon Property Group, L.P., Silver Merger Sub 1, LLC, Silver Merger Sub 2, LLC, Taubman Centers, Inc. and The Taubman Realty Group Limited Partnership (incorporated herein by reference to Annex A of the Proxy Statement).	
 	 	
(d)(2)	Amended and Restated Voting Agreement, dated as of November 14, 2020, by and among Simon Property Group, Inc. and each of the persons listed on Exhibit A thereto (incorporated herein by reference to Annex C of the Proxy Statement).	
 	 	
(f)	None.	
 	 	
(g)	None.	

SIGNATURE

After due inquiry and to the best of each of the undersigned’s knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated as of November 25, 2020.

 	TAUBMAN CENTERS, INC., a Michigan corporation	
 	 	 	 	
 	By:	/s/ Robert S. Taubman 	
 	 	Robert S. Taubman, Chairman of the Board, Chief Executive Officer and President	
 	 	 	 	
 	THE TAUBMAN REALTY GROUP LIMITED PARTNERSHIP, a Delaware limited partnership	
 	 	 	 	
 		By:	TAUBMAN CENTERS, INC., a Michigan corporation, its Managing General Partner	
 	 	 	 	
 		By:	/s/ Robert S. Taubman	
 	 		Robert S. Taubman, Chairman of the Board, Chief Executive Officer and President	
 	 	 	 	
 	ROBERT S. TAUBMAN	
 	 	 	 	
 	By:	/s/ Robert S. Taubman 	
 	 	 	 	
 	WILLIAM S. TAUBMAN	
 	 	 	 	
 	By:	/s/ William S. Taubman 	

[Signature Page to Schedule 13E-3]

 	TAUBMAN VENTURES GROUP LLC, a Michigan limited liability company	
 	 	 	 	
 	By:  All of the Voting Common Members:	
 	 	 	 	
 	 	ESTATE OF A. ALFRED TAUBMAN	
 	 	 	 	
 	 	By:	/s/ Gayle Taubman Kalisman	
 	 	 	Gayle Taubman Kalisman, Personal Representative	
 	 	 	 	
 	 	 	/s/ Robert S. Taubman	
 	 	 	Robert S. Taubman, Personal Representative	
 	 	 	 	
 	 	 	/s/ William S. Taubman	
 	 	 	William S. Taubman, Personal Representative	
 	 	 	 	
 	 	RST SUB-TRAP, LLC, a Delaware
limited liability company	
 	 	 	 	
 	 	By:	/s/ Robert S. Taubman	
 	 	 	Robert S. Taubman, Managing Member	
 	 	 	 	
 	 	WST SUB-TRAP, LLC, a Delaware
limited liability company	
 	 	 	 	
 	 	By:	/s/ William S. Taubman	
 	 	 	William S. Taubman, Managing Member	
 	 	 	 	
 	 	GTK SUB-TRAP, LLC, a Delaware
limited liability company	
 	 	 	 	
 	 	By:	/s/ Gayle Taubman Kalisman	
 	 	 	Gayle Taubman Kalisman, Managing Member	

[Signature Page to Schedule 13E-3]

 	SIMON PROPERTY GROUP, INC.,
a Delaware Corporation	
 	 	 	 	
 	By:	/s/ Steven E. Fivel  	
 	Name:	Steven E. Fivel   	
 	Title:	Secretary and General Counsel  	
 	 	 	 	
 	SIMON PROPERTY GROUP, L.P.,
a Delaware limited partnership	
 	 	 	 	
 		By:	SIMON PROPERTY GROUP, INC.,
a Delaware Corporation, its General Partner	
 	 	 	 	
 	 	By:	/s/ Steven E. Fivel  	
 	 	Name:	Steven E. Fivel  	
 	 	Title:	Secretary and General Counsel 	
 	 	 	 	
 	SILVER MERGER SUB 1, LLC,
a Delaware limited liability company	
 	 	 	 	
 	By:	/s/ Steven E. Fivel 	
 	Name:	Steven E. Fivel 	
 	Title:	Secretary and General Counsel 	
 	 	 	 	
 	SILVER MERGER SUB 2, LLC,
a Delaware limited liability company	
 	 	 	 	
 	By:	/s/ Steven E. Fivel	
 	Name:	Steven E. Fivel	
 	Title:	Secretary and General Counsel	

[Signature Page to Schedule 13E-3]

Exhibit 99(c)(1)

November 14, 2020
 
Special Committee of the Board of Directors
Taubman Centers, Inc.
200 East Long Lake Road, Suite 300
Bloomfield Hills, MI 48304-2324
 
Dear Members of the Special Committee of the Board of Directors:
 
We understand that Taubman Centers, Inc., a Michigan corporation (“Company”), Simon Property Group, Inc, a Delaware corporation (“Buyer”), Simon Property Group, L.P., a Delaware limited partnership (“Simon OP”), Simon Merger Sub 1, a Delaware corporation and a direct wholly owned subsidiary of Simon OP (“Simon Merger Sub 1”), Simon Merger Sub 2, a Delaware corporation and a direct wholly owned subsidiary of Simon Merger Sub 1 (“Simon Merger Sub 2”), and The Taubman Realty Group Limited Partnership, a Delaware limited partnership (“Taubman OP”), propose to enter into an Amended and Restated Agreement and Plan of Merger, dated as of November 14, 2020 (the “Agreement”). Pursuant to the Agreement, Company will be merged with and into Simon Merger Sub 1 (the “Transaction”) and (i) each outstanding share of the common stock, par value $0.01 per share, of Company (“Common Stock”), other than shares of Common Stock held by Company as treasury stock, by any direct or indirect wholly owned subsidiary of Company or by any of Buyer, Simon OP, Simon Merger Sub 1 and Simon Merger Sub 2 or by any direct or indirect wholly owned subsidiary of any of the foregoing, in each case, immediately prior to the Effective Time (such holders, together with the members of the Taubman Family collectively, “Excluded Holders”), will be converted into the right to receive $43.00 in cash (the “Consideration”) and (ii) each outstanding share of the series B preferred stock, par value $0.001 per share, of Company will be converted into the right to receive an amount of cash equal to the Consideration divided by 14,000 (the “Preferred Consideration”). The terms and conditions of the Transaction are more fully set forth in the Agreement.

You have requested our opinion as of the date hereof as to the fairness, from a financial point of view, to holders of Common Stock (other than Excluded Holders) of the Consideration to be paid to such holders in the Transaction.

In connection with this opinion, we have:

	(i)	Reviewed the financial terms and conditions of the Agreement;	

	(ii)	Reviewed certain publicly available historical business and financial information relating to Company;	

	(iii)	Reviewed various financial forecasts and other data provided to us by Company relating to the business of Company;	

	(iv)	Held discussions with members of the senior management of Company with respect to the business and prospects of Company;	

	(v)	Reviewed public information with respect to certain other companies in lines of business we believe to be generally relevant in evaluating the business of Company;	

The Special Committee of the Board of Directors
Taubman Centers, Inc.
November 14, 2020
Page 2

	(vi)	Reviewed the financial terms of certain business combinations involving companies in lines of business we believe to be generally relevant in evaluating the business of Company;	

	(vii)	Reviewed historical stock prices and trading volumes of Common Stock; and	

	(viii)	Conducted such other financial studies, analyses and investigations as we deemed appropriate.	

We have assumed and relied upon the accuracy and completeness of the foregoing information, without independent verification of such information. We have not conducted any independent valuation or appraisal of any of the assets or liabilities (contingent or otherwise) of Company or concerning the solvency or fair value of Company, and we have not been furnished with any such valuation or appraisal. With respect to the financial forecasts utilized in our analyses, we have assumed, with the consent of Company, that they have been reasonably prepared on bases reflecting the best currently available estimates and judgments as to the future financial performance of Company. We assume no responsibility for and express no view as to any such forecasts or the assumptions on which they are based.

Further, our opinion is necessarily based on economic, monetary, market and other conditions as in effect on, and the information made available to us as of, the date hereof. We assume no responsibility for updating or revising our opinion based on circumstances or events occurring after the date hereof. We do not express any opinion as to the price at which shares of Common Stock may trade at any time subsequent to the announcement of the Transaction. In addition, our opinion does not address the relative merits of the Transaction as compared to any other transaction or business strategy in which Company might engage (including that certain Agreement and Plan of Merger by and among the Company and Buyer, dated as of February 9, 2020, or the pursuit of litigation in respect thereof) or the merits of the underlying decision by Company to engage in the Transaction.

In rendering our opinion, we have assumed, with the consent of Company, that the Transaction will be consummated on the terms described in the Agreement, without any waiver or modification of any material terms or conditions. Representatives of the Company have advised us, and we have assumed, that the Amendment, when executed, will conform to the draft reviewed by us in all material respects and the Agreement will not be further amended. We also have assumed, with the consent of Company, that obtaining the necessary governmental, regulatory or third party approvals and consents for the Transaction will not have an adverse effect on Company or the Transaction. We do not express any opinion as to any tax or other consequences that might result from the Transaction, nor does our opinion address any legal, tax, regulatory or accounting matters, as to which we understand that Company obtained such advice as it deemed necessary from qualified professionals. We express no view or opinion as to any terms or other aspects (other than the Consideration to the extent expressly specified herein) of the Transaction, including, without limitation, the form or structure of the Transaction; the Preferred Consideration; the voting agreement to be entered into by certain holders of Common Stock, Preferred Stock and units in Taubman OP; the merger of Simon Merger Sub 2 and Taubman OP (including the option of holders of units of Taubman OP to elect to receive the Consideration or units of Silver OP); the conversion of the surviving entity of the Simon Merger Sub 2 and Taubman OP merger, or any other agreements or arrangements entered into in connection with, or contemplated by, the Transaction. In addition, we express no view or opinion as to the fairness of the amount or nature of, or any other aspects relating to, the compensation to any officers, directors or employees of any parties to the Transaction, or class of such persons, relative to the Consideration or otherwise.

The Special Committee of the Board of Directors
Taubman Centers, Inc.
November 14, 2020
Page 3

Lazard Frères & Co. LLC (“Lazard”) is acting as financial advisor to the Special Committee of the Board of Directors of Company in connection with the Transaction and will receive a fee for such services, a portion of which is payable upon the rendering of this opinion and a substantial portion of which is contingent upon the closing of the Transaction. In addition, in the ordinary course, Lazard and its affiliates and employees may trade securities of Company, Buyer and certain of their respective affiliates for their own accounts and for the accounts of their customers, may at any time hold a long or short position in such securities, and may also trade and hold securities on behalf of Company, Buyer and certain of their respective affiliates. The issuance of this opinion was approved by the Opinion Committee of Lazard.

The opinion expressed herein is for the benefit of the Special Committee of the Board of Directors of Company (in its capacity as such) and Company’s other independent directors (in their capacities as such) in connection with their evaluation of the Transaction. Our opinion is not intended to and does not constitute a recommendation to any stockholder as to how such stockholder should vote or act with respect to the Transaction or any matter relating thereto.

Based on and subject to the foregoing, we are of the opinion that, as of the date hereof, the Consideration to be paid to holders of Common Stock (other than Excluded Holders) in the Transaction is fair, from a financial point of view, to such holders.
 
 	Very truly yours,	
 	 	 	
 	LAZARD FRERES & CO. LLC	
 	 	 	
 	 By	  	
 	 	 Matthew J. Lustig	
 	 	 Managing Director	

Exhibit 99(c)(2)

 	Lazard Frères & Co. LLC
30 Rockefeller Plaza
New York, NY 10112	

February 9, 2020
Special Committee of the Board of Directors
Taubman Centers, Inc.
200 East Long Lake Road, Suite 300
Bloomfield Hills, MI 48304-2324
Dear Members of the Special Committee of the Board of Directors:
We understand that Taubman Centers, Inc., a Michigan corporation (“Company”), Simon Property Group, Inc, a Delaware corporation (“Buyer”), Simon Property Group, L.P., a Delaware limited partnership (“Simon OP”), Simon Merger Sub 1, a Delaware corporation and a direct wholly owned subsidiary of Simon OP (“Simon Merger Sub 1”), Simon Merger Sub 2, a Delaware corporation and a direct wholly owned subsidiary of Simon Merger Sub 1 (“Simon Merger Sub 2”), and The Taubman Realty Group Limited Partnership, a Delaware limited partnership (“Taubman OP”), propose to enter into an Agreement and Plan of Merger, dated as of February 9, 2020 (the “Agreement”). Pursuant to the Agreement, Company will be merged with and into Simon Merger Sub 1 (the “Transaction”) and (i) each outstanding share of the common stock, par value $0.01 per share, of Company (“Common Stock”), other than shares of Common Stock held by Company as treasury stock, by any direct or indirect wholly owned subsidiary of Company or by any of Buyer, Simon OP, Simon Merger Sub 1 and Simon Merger Sub 2 or by any direct or indirect wholly owned subsidiary of any of the foregoing, in each case, immediately prior to the Effective Time (such holders, together with the members of the Taubman Family collectively, “Excluded Holders”), will be converted into the right to receive $52.50 in cash (the “Consideration”) and (ii) each outstanding share of the series B preferred stock, par value $0.001 per share, of Company will be converted into the right to receive an amount of cash equal to the Consideration divided by 14,000 (the “Preferred Consideration”). The terms and conditions of the Transaction are more fully set forth in the Agreement.
You have requested our opinion as of the date hereof as to the fairness, from a financial point of view, to holders of Common Stock (other than Excluded Holders) of the Consideration to be paid to such holders in the Transaction.
In connection with this opinion, we have:
(i)	Reviewed the financial terms and conditions of the Agreement;	
(ii)	Reviewed certain publicly available historical business and financial information relating to Company;	
(iii)	Reviewed various financial forecasts and other data provided to us by Company relating to the business of Company;	
(iv)	Held discussions with members of the senior management of Company with respect to the business and prospects of Company;	
(v)	Reviewed public information with respect to certain other companies in lines of business we believe to be generally relevant in evaluating the business of Company;	
1

The Special Committee of the Board of Directors
Taubman Centers, Inc.
February 9, 2020
Page 2
(vi)	Reviewed the financial terms of certain business combinations involving companies in lines of business we believe to be generally relevant in evaluating the business of Company;	
(vii)	Reviewed historical stock prices and trading volumes of Common Stock; and	
(viii)	Conducted such other financial studies, analyses and investigations as we deemed appropriate.	
We have assumed and relied upon the accuracy and completeness of the foregoing information, without independent verification of such information. We have not conducted any independent valuation or appraisal of any of the assets or liabilities (contingent or otherwise) of Company or concerning the solvency or fair value of Company, and we have not been furnished with any such valuation or appraisal. With respect to the financial forecasts utilized in our analyses, we have assumed, with the consent of Company, that they have been reasonably prepared on bases reflecting the best currently available estimates and judgments as to the future financial performance of Company. We assume no responsibility for and express no view as to any such forecasts or the assumptions on which they are based.
Further, our opinion is necessarily based on economic, monetary, market and other conditions as in effect on, and the information made available to us as of, the date hereof. We assume no responsibility for updating or revising our opinion based on circumstances or events occurring after the date hereof. We do not express any opinion as to the price at which shares of Common Stock may trade at any time subsequent to the announcement of the Transaction. While Lazard notes that the Agreement contains a go-shop provision pursuant to which potential third parties will be contacted following the announcement of the Transaction, we were not in connection with this engagement directed to, and we did not, solicit indications of interest from third parties regarding a potential transaction with Company. In addition, our opinion does not address the relative merits of the Transaction as compared to any other transaction or business strategy in which Company might engage or the merits of the underlying decision by Company to engage in the Transaction.
In rendering our opinion, we have assumed, with the consent of Company, that the Transaction will be consummated on the terms described in the Agreement, without any waiver or modification of any material terms or conditions. We also have assumed, with the consent of Company, that obtaining the necessary governmental, regulatory or third party approvals and consents for the Transaction will not have an adverse effect on Company or the Transaction. We do not express any opinion as to any tax or other consequences that might result from the Transaction, nor does our opinion address any legal, tax, regulatory or accounting matters, as to which we understand that Company obtained such advice as it deemed necessary from qualified professionals. We express no view or opinion as to any terms or other aspects (other than the Consideration to the extent expressly specified herein) of the Transaction, including, without limitation, the form or structure of the Transaction; the Preferred Consideration; the voting agreement to be entered into by certain holders of Common Stock, Preferred Stock and units in Taubman OP; the merger of Simon Merger Sub 2 and Taubman OP (including the option of holders of units of Taubman OP to elect to receive the Consideration or units of Silver OP); the conversion of the surviving entity of the Simon Merger Sub 2 and
2

The Special Committee of the Board of Directors
Taubman Centers, Inc.
February 9, 2020
Page 3
Taubman OP merger, or any other agreements or arrangements entered into in connection with, or contemplated by, the Transaction. In addition, we express no view or opinion as to the fairness of the amount or nature of, or any other aspects relating to, the compensation to any officers, directors or employees of any parties to the Transaction, or class of such persons, relative to the Consideration or otherwise.
Lazard Frères & Co. LLC (“Lazard”) is acting as financial advisor to the Special Committee of the Board of Directors of Company in connection with the Transaction and will receive a fee for such services, a portion of which is payable upon the rendering of this opinion and a substantial portion of which is contingent upon the closing of the Transaction. In addition, in the ordinary course, Lazard and its affiliates and employees may trade securities of Company, Buyer and certain of their respective affiliates for their own accounts and for the accounts of their customers, may at any time hold a long or short position in such securities, and may also trade and hold securities on behalf of Company, Buyer and certain of their respective affiliates. The issuance of this opinion was approved by the Opinion Committee of Lazard.
The opinion expressed herein is for the benefit of the Special Committee of the Board of Directors of Company (in its capacity as such) and Company's other independent directors (in their capacities as such) in connection with their evaluation of the Transaction. Our opinion is not intended to and does not constitute a recommendation to any stockholder as to how such stockholder should vote or act with respect to the Transaction or any matter relating thereto.
Based on and subject to the foregoing, we are of the opinion that, as of the date hereof, the Consideration to be paid to holders of Common Stock (other than Excluded Holders) in the Transaction is fair, from a financial point of view, to such holders.
 	​	​	Very truly yours,	
 	​	​	LAZARD FRERES & CO. LLC	
 	​	​	 	​	​	 	
 	​	​	By:	​	​	/s/ Matthew J. Lustig	
 	​	​	 	​	​	Matthew J. Lustig
Managing Director	
3

Exhibit 99 (c)(3)

 Preliminary Draft Materials – Highly Confidential              Project Metal  D I S C U S S I O N M AT E R I A L S  2 1 N O V E M B E R 2 0 1 9  C O N F I D E N T I A L 

   Preliminary Draft Materials – Highly Confidential              DisclaimerThe information herein has been prepared by Lazard based upon information supplied by Titanium or Silver, or publicly available information, and portions of the information herein may be based upon publicly available statements, estimates and forecasts with respect to the anticipated future performance of Titanium and Silver and/or certain statements, estimates and forecasts provided by Titanium and/or Silver with respect to the anticipated future performance of Titanium and Silver. We have relied upon the accuracy and completeness of the foregoing information, and have not assumed any responsibility for any independent verification of such information or any independent valuation or appraisal of any of the assets or liabilities of Titanium, Silver or any other entity, or concerning solvency or fair value of Titanium, Silver or any other entity. With respect to financial forecasts, we have assumed that they have been reasonably prepared in good faith on bases reflecting the best currently available estimates and judgments as to the future financial performance of Titanium and Silver, as the case may be. We assume no responsibility for and express no view as to such forecasts or the assumptions on which they are based. The information set forth herein is based upon economic, monetary, market and other conditions as in effect on, and the information made available to us as of, the date hereof, unless indicated otherwise. These materials and the information contained herein are confidential and may not be disclosed publicly or made available to third parties without the prior written consent of Lazard; provided, however, that you may disclose to any and all persons the U.S. federal income tax treatment and tax structure of the transaction described herein and the portions of these materials that relate to such tax treatment or structure. Lazard is acting as investment banker to the Special Committee of Titanium, and will not be responsible for and will not provide any tax, accounting, actuarial, legal or other specialist advice. These materials do not constitute tax, accounting, actuarial, legal or other specialist advice, and Lazard shall have no duties or obligations in respect of these materials or other advice provided, except to the extent specifically set forth in an engagement or other written agreement, if any, that is entered into by Lazard and the Special Committee.  P R O J E C T M E T A L  C O N F I D E N T I A L 

   Preliminary Draft Materials – Highly Confidential              Table of Contents  P R O J E C T M E T A L  C O N F I D E N T I A L  I INTRODUCTION & RELATIVE TRADING ANALYSIS  1  II PRELIMINARY & ILLUSTRATIVE COMBINATION ANALYSIS  10  APPENDIX   

   Preliminary Draft Materials – Highly Confidential              C O N F I D E N T I A L  I Introduction & Relative Trading Analysis  P R O J E C T M E T A L 

 Preliminary Draft Materials – Highly Confidential              Overview of Key Assumptions  I I N T R O D U C T I O N & R E L A T I V E T R A D I N G A N A L Y S I S  P R O J E C T M E T A L  TRANSACTION OVERVIEW  Acquisition by Silver of (i) the outstanding common stock of Titanium and (ii) ~33% of Titanium family OP unitsAssumes that Titanium will retain 20% interest in TBD OP structure (“NewCo”)  CONSIDERATION MIX  Assumes $53 value per share of aggregate considerationCombination of 75% cash and 25% Silver common stockTitanium family to retain ~20% after ~33% of OP units soldAssumes existing Titanium debt and Series J / K preferred equity are able to be refinanced on similar economic terms  NEWCO  Titanium organization expected to have management responsibility for existing portfolioContemplated that NewCo would maintain existing dividend levelNewCo anticipated to remain an unconsolidated entity of Silver  1 

 Preliminary Draft Materials – Highly Confidential                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          -  $80$70$60$50$40$30$20$10  Nov-16  Feb-17  Feb-18  May-19  Aug-19  Nov-19  I I N T R O D U C T I O N & R E L A T I V E T R A D I N G A N A L Y S I S  P R O J E C T M E T A L  Titanium Common Share Price PerformanceTitanium is trading at a 3-year low, and is down ~28% YTD and ~19% since the Forever 21 bankruptcy announcement  Source: Company filings, FactSet and Bloomberg as of 11/20/2019.(a) Elliott Management entered position at a weighted average price of $49.03 and exited position at a weighted average price of $55.07 per Bloomberg.    TITANIUM COMMON SHARE PRICE SINCE 2016  Titanium Share Price  Volume (MM)  7.06.05.04.03.0$32.912.01.0                                            A 2/9/2017: Reports solid 16YE Earnings but gives 17YE Guidance less than consensus  H 3/19/2018: Claire’s files for bankruptcy  O 10/30/2018: Q3 Earnings beat, but guides down Q4 numbers below consensus  B 3/2/2017: L&B nominates 2 directors to the board  I 3/27/2018: GGP agrees to be acquired after Brookfield raises its offer  P 11/2/2018:Announced $500MM redesign of Beverly Center  C 6/8/2017: L&B calls for special meeting to de-stagger board, and replace directors  J 5/16/2018: Elliot Management reported to have sold its stake(a)  Q 2/14/2019: Announced agreement to sell 50% of interest in 3 Asia-backed shopping centers  D 8/7/2017: L&B issues open letter calling for new management  K 5/18/2018: ISS voices support for L&B Plan  R 4/30/2019: Lowered FFO outlook and disclosed acquisition of interest in The Gardens Mall  E 11/13/2017: Bloomberg reports that Elliot Management is building a stake(a)  L 5/31/2018: Jonathan Litt elected to Board  S 6/11/2019: L&B issues open letter calling for the sale of productive assets  F 11/13/2017: Brookfield Property proposes an acquisition of GGP for $23.00/share  M 7/30/2018: Titanium forms JV to construct a shopping mall in South Korea  T 9/19/2019: Announced completion of sale of 50% interest in Starfield Hanam to Blackstone  G 12/12/2017: Unibail-Rodamco agrees to acquire Westfield Corp.  N 10/15/2018: Sears files for bankruptcy  U 9/30/2019: Forever 21 files for bankruptcy    Nov-18 Feb-19Shareholder Activism  May-18 Aug-18Transactions News    Industry News    May-17 Aug-17 Nov-17Operations / Capital Allocation    9.8%    Short Interest % Over Time      A      B    C    D    E    F      I    J    K    L    M      H    N    G              O      P    Q    R    S      T      U              2 

 Preliminary Draft Materials – Highly Confidential                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      -  2.0  4.0  6.0  8.0  10.0  $80  $100  $120  $140  $160  $180  $200  Nov-16  Feb-17  Feb-18  May-19  Aug-19  Nov-19  I I N T R O D U C T I O N & R E L A T I V E T R A D I N G A N A L Y S I S  P R O J E C T M E T A L  Silver Common Share Price PerformanceSilver has traded between a band of ~$140-190 over the last 3 years and is down ~12% YTD and ~5.8% since the Forever 21 Bankruptcy  Source: Company filings, FactSet as of 11/20/2019.  SILVER COMMON SHARE PRICE SINCE 2016  Silver Share Price  Volume (MM)  $148.23                                          A 2/14/2017: Announces 2 year extension of stock buy-back program  H 3/27/2018: GGP agrees to be acquired after Brookfield raises its offer  O 12/14/2018: Reports of a possible Silver / Macerich deal  B 4/27/2017: Misses consensus earnings but producedsolid operating results  I 4/9/2018: Announces plan to redevelop formerSears sites  P 1/23/2019:COO Richard Sokolov to assume positionof Vice Chairman  C 11/13/2017: Brookfield Property proposes an acquisition of GGP for $23.00/share  J 4/27/2018: Beats consensus earnings and raises guidance  Q 2/12/2019: Announces new $2Bn stock repurchase program  D 11/14/2017: Announces mixed use development atPhipps Plaza  K 5/17/2018: Announces mixed use partnership withMarriott  R 5/8/2019: Urges shareholders to reject mini tendermade by Peer & Peri  E 12/12/2017: Unibail-Rodamco agrees to acquire Westfield Corp.  L 6/21/2018: Announces Brian McDade as new CFO  S 9/17/2019: Reports a possible Silver buy a stake in Forever 21  F 3/19/2018: Claire’s files for bankruptcy  M 9/11/2018: Announces JV with Macerich to developoutlets in LA  T 9/30/2019: Forever 21 files for bankruptcy  G 3/20/2018: Announces retirement of CFO Andrew Juster  N 10/15/2018: Sears files for bankruptcy      Nov-18 Feb-19Management Change  May-18 Aug-18Transactions News    Industry News    May-17 Aug-17 Nov-17Operations / Capital Allocation    3.5%    Short Interest % Over Time    A    B      C      D      E      F      G      H      I      J      K    L    M    N    O      P      Q    R    S      T                    3 

 Preliminary Draft Materials – Highly Confidential              I I N T R O D U C T I O N & R E L A T I V E T R A D I N G A N A L Y S I S  P R O J E C T M E T A L  Analysis at Various Prices: Titanium & Silver  Source:(a)(b)  (c)(d)(e)  Company filings, Green Street Advisors, FactSet as of 11/20/2019.Debt, cash and other balance sheet items presented at share. Titanium debt reflects year-end 2019 projections adjusted for the Blackstone Asia JV transaction per Management.LTM EBITDA of Titanium adjusted for non-recurring items (insurance proceeds, gain on sale, re-measurement, profit participation, etc.). LTM EBITDA for Silver reflects LTM NOI at share adjusted for LTM G&A and Home & Regional Office expense.Other investments for Silver reflects investment in Klepierre. Based on consensus mean estimates per FactSet.NTM pro rata cash NOI per Green Street Advisors.  Price per Share    $32.91  $53.00  $71.15    $148.23  $182.16  Diluted Shares/Units Outstanding    88.9  88.9  88.9    353.6  353.6  Implied Market Capitalization    $2,926  $4,712  $6,326    $52,419  $64,418  + Net Debt    $4,666  $4,666  $4,666    $29,698  $29,698  + Preferred Equity    363  363  363    65  65  Total Enterprise Value (a)    $7,955  $9,741  $11,355    $82,182  $94,181  Net Debt / TEV    59%  48%  41%    36%  32%  Net Debt / LTM EBITDA (b)    9.0x  9.0x  9.0x    5.4x  5.4x  Net Debt & Pref. / LTM EBITDA (b)    9.7x  9.7x  9.7x    5.4x  5.4x  Construction in Progress (GSA)    ($481)  ($481)  ($481)    ($742)  ($742)  Net Other (Assets) / Liabilities (GSA)    373  373  373    1,734  1,734  Value of Operating Real Estate (a)    $7,847  $9,634  $11,247    $83,174  $95,173  Implied P / (D) to:   Metric          Metric       Current Share Price  $32.91  -  61.0%  116.2%  $148.23  -  22.9%  30-Day VWAP  32.61  0.9%  62.5%  118.2%  145.97  1.6%  24.8%  90-Day VWAP  37.84  (13.0%)  40.1%  88.0%  151.31  (2.0%)  20.4%  52-Week High  54.30  (39.4%)  (2.4%)  31.0%  190.59  (22.2%)  (4.4%)  52-Week Low  32.91  -  61.0%  116.2%  145.47  1.9%  25.2%  Consensus Analyst NAV (d)  71.15  (53.7%)  (25.5%)  -  182.16  (18.6%)  -  Implied Price to (d):                2019E FFO  $3.61  9.1x  14.7x  19.7x  $12.05  12.3x  15.1x  2020E FFO  3.76  8.7x  14.1x  18.9x  12.70  11.7x  14.3x  2021E FFO  3.93  8.4x  13.5x  18.1x  13.22  11.2x  13.8x  2019E AFFO  2.33  14.1x  22.7x  30.5x  10.96  13.5x  16.6x  2020E AFFO  2.51  13.1x  21.1x  28.3x  11.39  13.0x  16.0x  2021E AFFO  2.82  11.7x  18.8x  25.3x  11.93  12.4x  15.3x  Implied Cap Rate (e):NTM Cash NOI (GSA)  $569  7.3%  5.9%  5.1%  $5,296  6.4%  5.6%  ($MM, unless noted)  Current Initial Expression Consensus Share Price of Interest NAV   Current Consensus Share Price NAV   TITANIUM  SILVER  4 

 Preliminary Draft Materials – Highly Confidential              Summary of Consensus Estimates  I I N T R O D U C T I O N & R E L A T I V E T R A D I N G A N A L Y S I S  P R O J E C T M E T A L  Source: Company filings, FactSet as of 11/20/2019.  Note: (a)  (b)  Titanium and Silver Consensus FFO and AFFO figures per FactSet.Titanium 2021E FFO and AFFO per share growth rates on a comparable basis (i.e., equivalent analyst estimates) are 5.9% and 7.5%, respectively. Silver 2021E FFO and AFFO per share comparable growth rates are 3.9% and 4.4%, respectively.Weighted average fully diluted shares outstanding as of 3Q 2019 per company calculations.  TITANIUM  ($ and shares in MMs, expect per share data)                                                                           2019E 2020E 2021E          2019E 2020E 2021E       FFO per Share Consensus  $3.61  $3.76  $3.93  $12.05  $12.70  $13.22  % Growth (a)    4.3%  4.5%    5.4%  4.1%  Fully Diluted Shares Outstanding (b)  89  89  89  354  354  354  Standalone FFO  $320  $334  $349  $4,265  $4,496  $4,681  Titanium At Proposed 80% Share  $256  $267  $279        # of Analyst Estimates  15  15  6  14  20  11                AFFO per Share Consensus  $2.33  $2.51  $2.82  $10.96  $11.39  $11.93  % Growth (a)    7.6%  12.1%    3.9%  4.8%  Fully Diluted Shares Outstanding (b)  89  89  89  354  354  354  Standalone AFFO  $207  $223  $250  $3,881  $4,031  $4,224  Titanium At Proposed 80% Share  $166  $178  $200        # of Analyst Estimates  8  8  2  12  12  7       NTM        NTM     Consensus NAV per Share    $71.15      $182.16    Fully Diluted Shares Outstanding (b)    89      354    Standalone Consensus NAV    $6,309      $64,492    Titanium At Proposed 80% Share    $5,047          # of Analyst Estimates    8      11    SILVER  5 

 Preliminary Draft Materials – Highly Confidential                LESS FAVORABLE  MORE FAVORABLE                                                                          0.200x  0.225x  0.250x  0.275x  0.300x  0.325x  0.350x  0.375x  0.400x  0.425x  0.450x  0.475x  11/20/16  02/20/17  05/20/17  08/20/17  11/20/17  02/20/18  05/20/18  08/20/18  11/20/18  02/20/19  05/20/19  08/20/19  11/20/19  0.222x  0.236x  0.251x                  0.256x                  0.272x  1Y MED90D MED60D MED30D MEDCurrent  0.294x  2Y MED                  Source: Company filings, FactSet as of 11/20/2019.  0.391x  NAV-to-NAV  P R O J E C T M E T A L I I N T R O D U C T I O N & R E L A T I V E T R A D I N G A N A L Y S I SHistorical Titanium / Silver Exchange Ratio: Last Three YearsInitial expression of interest at $53 per share implies an exchange ratio of 0.345x relative to Silver’s 20-day VWAPConsensus NAV-to-NAV exchange ratio of 0.391x implies a price of ~$60 per share using Silver’s 20-day VWAP  0.345x $53 per share0.340x 3Y MED                          2/20/2018: 0.393x~$60 implied pricevs. Silver 20D VWAP  12/30/2016: 0.416x~$64 implied pricevs. Silver 20D VWAP  6 

 Preliminary Draft Materials – Highly Confidential              TITANIUM  SILVER                                                  -  $25  $50  $75  $100  (60.0%)  (50.0%)  (40.0%)  (30.0%)  (20.0%)  (10.0%)  - $125  11/20/16  05/20/17  11/20/17  05/20/19  11/20/19    05/20/18Titanium P / (D) % to NAV  11/20/18 Titanium Cons. NAV $                                                    -  $50  $100  $150  (35.0%)  (30.0%)  (25.0%)  (20.0%)  (15.0%)  (10.0%)  (5.0%)  - $250  11/20/16  05/20/17  11/20/17  05/20/19  11/20/19    05/20/18Silver P / (D) % to NAV  11/20/18 Silver Cons. NAV $            $71.15                          (54%)    $200$182.16                          (19%)  P R O J E C T M E T A L I I N T R O D U C T I O N & R E L A T I V E T R A D I N G A N A L Y S I SPremium / (Discount) to Consensus NAVTitanium’s discount to NAV has widened over the last 3-years while Silver’s has remained relatively steady  Source: Company filings, FactSet as of 11/20/2019.  7 

 Preliminary Draft Materials – Highly Confidential              Historical Titanium / Silver Exchange Ratio: All-Time  I I N T R O D U C T I O N & R E L A T I V E T R A D I N G A N A L Y S I S  P R O J E C T M E T A L                A 11/13/2002: Silver makes public its unsolicited offer to purchase Titanium for $17.50 per share  D 6/8/2017: L&B calls special meeting to de-stagger board, shorten terms, and remove and replace the directors  G 6/11/2019: L&B publishes open letter launching renewed campaign to drive change at the 2020 AGM  B 10/08/2003: Silver withdraws offer following passage of law to amend Michigan Control Share Statute  E 5/31/2018: Jonathan Litt elected to board    C 10/19/2016: Land & Buildings (“L&B”) sends first open letter to Titanium’s independent directors  F 5/30/2019: Jonathan Litt leaves the board after failing to be re-nominated    Source: Company filings, FactSet as of 11/20/2019.    LESS FAVORABLE  MORE FAVORABLE                                                              0.200x  0.250x  0.300x  0.350x  0.400x  0.450x  0.600x0.550x0.500x  0.650x  0.700x  11/20/93  11/20/95  11/20/97  11/20/99  11/20/01  11/20/03  11/20/05  11/20/07  11/20/09  11/20/11  11/20/13  11/20/15  11/20/17  11/20/19        A B        C        D        E        F        G      Undisturbed: 0.467x  0.479x  Interim Average: 0.525x  0.222x  Current  0.474x All-Time Avg.                  0.345x $53 per sharevs. Silver 20D VWAP                  8 

 Preliminary Draft Materials – Highly Confidential              I I N T R O D U C T I O N & R E L A T I V E T R A D I N G A N A L Y S I S  P R O J E C T M E T A L  Historical NTM FFO and AFFO Multiples Analysis  HISTORICAL NTM FFO MULTIPLES OVER LAST FIVE YEARS    Titanium historically traded at an average NTM FFO multiple premium of ~0.8-1.5x relative to SilverTitanium now trades at a ~3.1x relative discount  HISTORICAL NTM AFFO MULTIPLES OVER LAST FIVE YEARS  Historically premium NTM AFFO multiple spread for Titanium has narrowing significantly                                          12.0x8.9x7.4x  10.0x  15.0x  20.0x  25.0x  30.0x        5.0x11/20/14 05/20/15 11/20/15 05/20/16 11/20/16 05/20/17 11/20/17 05/20/18 11/20/18 05/20/19 11/20/19Titanium Silver MAC  Titanium  Silver  NTM FFOM ult. SpreadTi to Silver  Memo: MAC  Current1-Year Avg. 3-Year Avg. 5-Year Avg.  8.9x12.4x14.8x17.2x  12.0x13.5x13.9x15.8x  (3.1x)(1.1x) 0.8x1.5x  7.4x10.3x13.3x15.9x            Titanium  Silver  NTM AFFOM ult. SpreadTi to Silver  Memo: MAC  Current1-Year Avg. 3-Year Avg. 5-Year Avg.  13.9x17.4x19.5x22.5x  13.3x15.0x15.5x17.7x  0.6x2.4x3.9x4.8x  9.0x12.5x16.4x19.6x                                                    13.9x13.3x  9.0x  10.0x  15.0x  20.0x  25.0x  30.0x  5.0x11/20/14 05/20/15 11/20/15 05/20/16 11/20/16 05/20/17 11/20/17 05/20/18 11/20/18 05/20/19 11/20/19    Titanium    Silver    MAC  Source: Company filings, FactSet as of 11/20/2019.  9 

   Preliminary Draft Materials – Highly Confidential              C O N F I D E N T I A L  II Preliminary & Illustrative Combination Analysis  P R O J E C T M E T A L 

 Preliminary Draft Materials – Highly Confidential                                                  # of  Centers  222  24  246  Pro Rata GLA (000s SF)  149,835  16,299  166,134  Q3 Ending Occupancy (a)  94.7%  92.9%  94.5%  TTM Occupancy Costs (b)  12.7%  12.8%  12.7%  Avg. Lease Term (a)  4.8  7.0  5.0  Operating RE Value  $83,174  $7,847  $91,022  Avg. 10-Mile Population (b)  540k  845k  570k  Avg. 10-Mile HHI (b)  $64k  $69k  $65k  TTM Avg. Sales PSF (a)  $680  $868  $698  ABR PSF (a)(c)  $54.55  $56.03  $54.70  Q3 YTD SS NOI Grow th  1.7%  0.3%  1.6%  Macy’s (12.0%)JCP (5.7%)Dillard’s (3.7%)Nordstrom (2.5%)Sears (2.4%)  Macy’s (18.8%)Nordstrom (6.6%)Forever 21 (3.9%)Hudson's Bay (3.9%)H&M (3.7%)  Macy’s (12.7%)JCP (5.5%)Dillard’s (3.6%)Nordstrom (2.9%)Sears (2.3%)  Top 5 Tenants by GLA  Quality of Assets by Value (GSA)  Portfolio Statistics                          A Malls 50%  Outlets 33%  Klepierre 6%Other 3%B Malls 7%                    AMalls53%  Outlets 32%  Other 3%Klepierre 6%B Malls 7%            A Malls 77%  Outlets21%  B Malls 2%  P R O J E C T M E T A L  Titanium / Silver Portfolio Side-by-Side Comparison  I I P R E L I M I N A R Y & I L L U S T R A T I V E C O M B I N A T I O N A N A L Y S I S  Combined  Source:(a)(b)(c)  Company filings, Green Street Advisors as of 11/20/19. Combined metric weighted by Pro Rata GLA. Combined metric weighted by ABR.ABR for Silver reflect performance as of 9/30/19. ABR for Titanium reflects performance for Q3 2019.    TITANIUM    SILVER  10 

 Preliminary Draft Materials – Highly Confidential              I I P R E L I M I N A R Y & I L L U S T R A T I V E C O M B I N A T I O N A N A L Y S I S  P R O J E C T M E T A L  Preliminary & Illustrative Transaction Analysis: Key AssumptionsAnalysis based solely on publicly available information and consensus analyst estimates per FactSetAssumes 75% / 25% mix of cash / stock consideration at $53 per Titanium shareAssumes Silver has sufficient liquidity to execute through $904MM excess cash(a) and $6.1Bn availability on line of creditCash consideration of ~$2.9BnEquity consideration of ~$942MM excluding the Titanium family rollover (~1.8% pro forma ownership in Silver)Titanium line of credit, term loans and preferred equity are assumed to be refinanced on terms consistent with current economicsAssumes $5MM in reduced PublicCo costs at NewCo  Source: Company filings, FactSet as of 11/20/2019.  (a)(b)  (c)  Estimated minimum consolidated cash for Silver of $100MM; assumes ~$1.0Bn outstanding pro forma for post-quarter debt paydown by Silver of ~$2.6Bn.Titanium balance sheet cash is pro forma for ~$315MM of expected net proceeds from the 50% sale of its Asian JVs less the ~$236MM received for Starfield Hanam prior to quarter-end. Excludes estimated ~45% pro rata share of cash from unconsolidated JVs.Assumes illustrative transaction costs at 2.0% of Titanium TEV.  ILLUSTRATIVE TRANSACTION SOURCES & USES – AT TITANIUM 80% SHARE  SOURCES  USES               $ %        $ %         Silver Shares Issued to Titanium (~6.4mm)  $942  10.4%    Silver Shares to Titanium - Public Shareholders  $823  9.0%  Titanium Family Rollover - NewCo JV  942  10.4%    Silver Shares to Titanium - Family  120  1.3%  Titanium Preferred Equity Assumed @ 80.0% Share  290  3.2%    Titanium Family Rollover - NewCo JV  942  10.4%  Titanium Debt Assumed @ 80.0% Share  3,901  42.9%    Cash Paid to Titanium - Public Shareholders  2,468  27.1%  Acquisition Financing  2,004  22.0%    Cash Paid to Titanium - Family  359  3.9%  Excess Cash from Silver Balance Sheet  904  9.9%    Titanium Preferred Equity Assumed @ 80.0% Share  290  3.2%  Cash from Titanium Balance Sheet @ 80.0% Share (b)  113  1.2%    Titanium Debt Assumed @ 80.0% Share  3,901  42.9%          Transaction Fees (c)  195  2.1%  Total Sources  $9,098  100.0%    Total Uses  $9,098  100.0%  11 

 Preliminary Draft Materials – Highly Confidential              Preliminary & Illustrative Transaction Analysis: Pro Forma Earnings Build  I I P R E L I M I N A R Y & I L L U S T R A T I V E C O M B I N A T I O N A N A L Y S I S  P R O J E C T M E T A L  Note: Silver and Titanium FFO figures represent FactSet analyst estimates.  (a)(b)  Assumes opportunity cost on forgone cash of 2.0%. Leverage neutral case assumes ~$1.0Bn in excess cash is used in lieu of debt paydown. Assumes 3.0% discount & underwriting fees on Silver shares as part of ~$4.5Bn equity offering to the public to fund incremental equity.  ILLUSTRATIVE FFO PRO FORMA EARNINGS BUILD (AT 80% TITANIUM SHARE)            ($ and shares in MMs, expect per share data) 2019E 2020E 2021E Standalone Silver FFO $4,265 $4,496 $4,681  2564(73)  2674(73)  2794(73)  Pro Forma Silver FFO  $4,452  $4,695  $4,891  Pro Forma FFO per SharePro Forma FFO per Share Accretion / (Dilution) - $ / %  $12.37$0.32 / 2.7%  $13.04$0.34 / 2.7%  $13.59$0.37 / 2.8%  111  111  111  PF Silver FFO Post-Illustrative Capital Structure Savings  $4,465  $4,707  $4,904  PF FFO per Share - Post-Capital Structure SavingsPF FFO per Share - Post-Cap. Structure Acc. / (Dil.) - $ / %  $12.40$0.36 / 3.0%  $13.08$0.38 / 3.0%  $13.62$0.40 / 3.0%  Leverage Neutral Adjustments Less: Interest Rate Savings on Refinanced Debt @ 80% Share Less: Preferred Savings on Refinancing of Pref @ 80% Share Less: Incremental Interest Expense on New Debt (a)Plus: Incremental Interest Rate Savings on Debt Paydown  (11)(1)5288  (11)(1)5288  (11)(1)5288  Adjusted Pro Forma Silver FFO  $4,592  $4,835  $5,031  31$11.73  31$12.35  31$12.86  Memo: Silver Shares Issued for Leverage Neutral (b)Adjusted Pro Forma FFO per ShareAdjusted Pro Forma FFO per Share Acc. / (Dil.) - $ / %Source: Company filings, FactSet as of 11/20/2019.  ($0.31)/ (2.6%) ($0.35)/ (2.7%) ($0.37)/ (2.8%)                                                                        E      Plus: Titanium FFO @ 80% SharePlus: G&A Synergies @ 80% ShareLess: Incremental Interest Expense on New Debt (a)                  Illustrative Capital Structure Savings C Plus: Interest Rate Savings on Refinanced Debt @ 80% Share D Plus: Preferred Savings on Refinancing of Pref @ 80% Share    A $5MM PublicCo cost savingsB 2.6% cost of debt consistent with recent $3.5Bn Silver issuanceC Titanium’s $1.1Bn outstanding on facilities are refinanced at Silver’s 2.6% cost of debt~123bps spread inside existing Titanium unsecured borrowing costD Titanium preferred refinanced at Silver’s cost of preferred~47bps spread based on Silver’s YTM on its 8.375% Cumulative PreferredE $2.5Bn debt paydown to retain existing Silver leverage ratios3.5% wtd. avg. rate comprised of (i) Titanium facilities, (ii) Silver mortgage debt maturing in 2019 & 2020 and (iii) Silver Commercial Paper  12 

 Preliminary Draft Materials – Highly Confidential              Preliminary & Illustrative Transaction Analysis: 75% Cash / 25% Stock Consideration  I I P R E L I M I N A R Y & I L L U S T R A T I V E C O M B I N A T I O N A N A L Y S I S  P R O J E C T M E T A L              ($ in MMs, except per share)    Current Price    of Interest    Consensus NAV                Implied Purchase Price / Share for 80% Interest in Titanium    $ 32.91  $ 45.00  $ 53.00  $ 65.00  $ 71.15  Premiums Analysis              Premium / (Discount) to Current Titanium Share Price ($32.91)    -  36.7%  61.0%  97.5%  116.2%  Premium / (Discount) to 52-Week Low ($32.91)    -  36.7%  61.0%  97.5%  116.2%  Premium / (Discount) to 30-Day VWAP ($36.13)    (8.9%)  24.6%  46.7%  79.9%  96.9%  Premium / (Discount) to 90-Day VWAP ($38.98)    (15.6%)  15.5%  36.0%  66.8%  82.5%  Premium / (Discount) to 52-Week High ($54.30)    (39.4%)  (17.1%)  (2.4%)  19.7%  31.0%  Premium / (Discount) to Consensus NAV ($71.15)    (53.7%)  (36.8%)  (25.5%)  (8.6%)  -  Pricing & Accretion Analysis              Implied Operating Real Estate Value    $7,847  $8,922  $9,634  $10,701  $11,247  Implied Acquisition Cash Cap Rate (a)    7.3%  6.4%  5.9%  5.3%  5.1%  FFO per Share:2019E Accretion / (Dilution) to Silver ($ / %)    $0.40 / 3.4%  $0.35 / 2.9%  $0.32 / 2.7%  $0.27 / 2.3%  $0.25 / 2.1%  2020E Accretion / (Dilution) to Silver ($ / %)    0.43 / 3.4%  0.38 / 3.0%  0.34 / 2.7%  0.29 / 2.3%  0.26 / 2.1%  2021E Accretion / (Dilution) to Silver ($ / %)    0.46 / 3.5%  0.40 / 3.0%  0.37 / 2.8%  0.31 / 2.4%  0.28 / 2.1%  AFFO per Share:2019E Accretion / (Dilution) to Silver ($ / %)    $0.16 / 1.5%  $0.12 / 1.1%  $0.09 / 0.8%  $0.04 / 0.4%  $0.02 / 0.2%  2020E Accretion / (Dilution) to Silver ($ / %)    0.19 / 1.7%  0.15 / 1.3%  0.12 / 1.0%  0.07 / 0.6%  0.05 / 0.4%  2021E Accretion / (Dilution) to Silver ($ / %)    0.25 / 2.1%  0.20 / 1.7%  0.17 / 1.4%  0.12 / 1.0%  0.09 / 0.8%  Net Asset Value:Consensus NAV Accretion / (Dilution) to Silver ($ / %)    $6.96 / 3.8%  $4.34 / 2.4%  $2.61 / 1.4%  $0.05 / 0.0%  ($1.26)/ (0.7%)  NAV - High-Low Accretion / (Dilution) to Silver ($ / %)    2.63 / 1.3%  (0.08)/ (0.0%)  (1.87)/ (0.9%)  (4.53)/ (2.2%)  (5.89)/ (2.8%)  NAV - Low -High Accretion / (Dilution) to Silver ($ / %)    9.39 / 6.1%  6.88 / 4.5%  5.23 / 3.4%  2.77 / 1.8%  1.51 / 1.0%  Leverage:              Net Debt / Pro Forma LTM Adjusted EBITDA at Share    5.9x  6.0x  6.1x  6.2x  6.3x  Memo: Change vs. In-Place Leverage    0.6x  0.7x  0.8x  0.9x  0.9x      Potential ~$12MM of savings (at 80% share) consistent with Silver’s cost of debt and preferred equity could generate ~$0.03 per share of additional accretion (~27bps improvement)Reduction to Titanium’s 2020E FFO per share of $0.10 would be dilutive by ~$0.02 per share (~16bps)Offer price of ~$94.40 per share results in break-even for Silver on a 2020E FFO basisInitial Expression  Source: Company filings, Green Street Advisors, FactSet as of 11/20/2019.Note: Titanium shareholders receive ~1.8% pro forma ownership in Silver.(a) NTM pro rata cash NOI per Green Street Advisors.  13 

 Preliminary Draft Materials – Highly Confidential              I I P R E L I M I N A R Y & I L L U S T R A T I V E C O M B I N A T I O N A N A L Y S I S  P R O J E C T M E T A L              ($ in MMs, except per share)    Current Price    Initial Expressionof Interest    Consensus NAV                Implied Purchase Price / Share for 80% Interest in Titanium    $ 32.91  $ 45.00  $ 53.00  $ 65.00  $ 71.15  Premiums Analysis              Premium / (Discount) to Current Titanium Share Price ($32.91)    -  36.7%  61.0%  97.5%  116.2%  Premium / (Discount) to 52-Week Low ($32.91)    -  36.7%  61.0%  97.5%  116.2%  Premium / (Discount) to 30-Day VWAP ($36.13)    (8.9%)  24.6%  46.7%  79.9%  96.9%  Premium / (Discount) to 90-Day VWAP ($38.98)    (15.6%)  15.5%  36.0%  66.8%  82.5%  Premium / (Discount) to 52-Week High ($54.30)    (39.4%)  (17.1%)  (2.4%)  19.7%  31.0%  Premium / (Discount) to Consensus NAV ($71.15)    (53.7%)  (36.8%)  (25.5%)  (8.6%)  -  Pricing & Accretion Analysis              Implied Operating Real Estate Value    $7,847  $8,922  $9,634  $10,701  $11,247  Implied Acquisition Cash Cap Rate (a)    7.3%  6.4%  5.9%  5.3%  5.1%  FFO per Share:2019E Accretion / (Dilution) to Silver ($ / %)    $0.19 / 1.6%  $0.00 / 0.0%  ($0.12)/ (1.0%)  ($0.30)/ (2.5%)  ($0.39)/ (3.2%)  2020E Accretion / (Dilution) to Silver ($ / %)    0.19 / 1.5%  (0.01)/ (0.0%)  (0.13)/ (1.1%)  (0.32)/ (2.5%)  (0.42)/ (3.3%)  2021E Accretion / (Dilution) to Silver ($ / %)    0.20 / 1.5%  (0.00)/ (0.0%)  (0.14)/ (1.0%)  (0.33)/ (2.5%)  (0.43)/ (3.3%)  AFFO per Share:2019E Accretion / (Dilution) to Silver ($ / %)    ($0.01)/ (0.1%)  ($0.18)/ (1.6%)  ($0.29)/ (2.6%)  ($0.45)/ (4.1%)  ($0.53)/ (4.8%)  2020E Accretion / (Dilution) to Silver ($ / %)    0.01 / 0.1%  (0.17)/ (1.5%)  (0.28)/ (2.5%)  (0.45)/ (3.9%)  (0.53)/ (4.7%)  2021E Accretion / (Dilution) to Silver ($ / %)    0.04 / 0.4%  (0.14)/ (1.2%)  (0.26)/ (2.2%)  (0.44)/ (3.6%)  (0.52)/ (4.4%)  Net Asset Value:Consensus NAV Accretion / (Dilution) to Silver ($ / %)    $5.65 / 3.1%  $2.68 / 1.5%  $0.77 / 0.4%  ($2.02)/ (1.1%)  ($3.42)/ (1.9%)  NAV - High-Low Accretion / (Dilution) to Silver ($ / %)    0.56 / 0.3%  (2.76)/ (1.3%)  (4.90)/ (2.3%)  (8.03)/ (3.8%)  (9.60)/ (4.6%)  NAV - Low -High Accretion / (Dilution) to Silver ($ / %)    8.94 / 5.9%  6.39 / 4.2%  4.74 / 3.1%  2.33 / 1.5%  1.12 / 0.7%  Leverage:              Net Debt / Pro Forma LTM Adjusted EBITDA at Share    5.6x  5.6x  5.6x  5.6x  5.7x  Memo: Change vs. In-Place Leverage    0.3x  0.3x  0.3x  0.3x  0.3x  Ow nership:              Silver Ow nership    95.7%  94.2%  93.3%  91.9%  91.2%  Titanium Ow nership    4.3%  5.8%  6.7%  8.1%  8.8%      Source: Company filings, Green Street Advisors, FactSet as of 11/20/2019.(a) NTM pro rata cash NOI per Green Street Advisors.  Preliminary & Illustrative Transaction Analysis: All-Stock ConsiderationOffer price of ~$44.70 per share results in break-even for Silver on a 2020E FFO basis  14 

 Preliminary Draft Materials – Highly Confidential              I I P R E L I M I N A R Y & I L L U S T R A T I V E C O M B I N A T I O N A N A L Y S I S  P R O J E C T M E T A L  Preliminary & Illustrative Transaction Analysis: Leverage Neutral Case~$4.5Bn of additional equity issued for Silver to maintain existing net debt / EBITDA multiple of ~5.4x (at share)              ($ in MMs, except per share)    Current Price    Initial Expressionof Interest    Consensus NAV                Implied Purchase Price / Share for 80% Interest in Titanium    $ 32.91  $ 45.00  $ 53.00  $ 65.00  $ 71.15  Premiums Analysis              Premium / (Discount) to Current Titanium Share Price ($32.91)    -  36.7%  61.0%  97.5%  116.2%  Premium / (Discount) to 52-Week Low ($32.91)    -  36.7%  61.0%  97.5%  116.2%  Premium / (Discount) to 30-Day VWAP ($36.13)    (8.9%)  24.6%  46.7%  79.9%  96.9%  Premium / (Discount) to 90-Day VWAP ($38.98)    (15.6%)  15.5%  36.0%  66.8%  82.5%  Premium / (Discount) to 52-Week High ($54.30)    (39.4%)  (17.1%)  (2.4%)  19.7%  31.0%  Premium / (Discount) to Consensus NAV ($71.15)    (53.7%)  (36.8%)  (25.5%)  (8.6%)  -  Pricing & Accretion Analysis              Implied Operating Real Estate Value    $7,847  $8,922  $9,634  $10,701  $11,247  Implied Acquisition Cash Cap Rate (a)    7.3%  6.4%  5.9%  5.3%  5.1%  FFO per Share:2019E Accretion / (Dilution) to Silver ($ / %)    ($0.00)/ (0.0%)  ($0.19)/ (1.6%)  ($0.31)/ (2.6%)  ($0.49)/ (4.1%)  ($0.58)/ (4.8%)  2020E Accretion / (Dilution) to Silver ($ / %)    (0.02)/ (0.2%)  (0.22)/ (1.7%)  (0.35)/ (2.7%)  (0.54)/ (4.2%)  (0.63)/ (5.0%)  2021E Accretion / (Dilution) to Silver ($ / %)    (0.03)/ (0.2%)  (0.23)/ (1.8%)  (0.37)/ (2.8%)  (0.56)/ (4.3%)  (0.66)/ (5.0%)  AFFO per Share:2019E Accretion / (Dilution) to Silver ($ / %)    ($0.16)/ (1.5%)  ($0.33)/ (3.0%)  ($0.44)/ (4.0%)  ($0.60)/ (5.5%)  ($0.68)/ (6.2%)  2020E Accretion / (Dilution) to Silver ($ / %)    (0.16)/ (1.4%)  (0.34)/ (2.9%)  (0.45)/ (3.9%)  (0.62)/ (5.4%)  (0.70)/ (6.1%)  2021E Accretion / (Dilution) to Silver ($ / %)    (0.14)/ (1.2%)  (0.33)/ (2.7%)  (0.45)/ (3.7%)  (0.62)/ (5.2%)  (0.71)/ (5.9%)  Net Asset Value:Consensus NAV Accretion / (Dilution) to Silver ($ / %)    $4.14 / 2.3%  $1.21 / 0.7%  ($0.67)/ (0.4%)  ($3.43)/ (1.9%)  ($4.81)/ (2.6%)  NAV - High-Low Accretion / (Dilution) to Silver ($ / %)    (1.66)/ (0.8%)  (4.94)/ (2.4%)  (7.06)/ (3.4%)  (10.15)/ (4.8%)  (11.69)/ (5.6%)  NAV - Low -High Accretion / (Dilution) to Silver ($ / %)    8.25 / 5.4%  5.72 / 3.7%  4.09 / 2.7%  1.71 / 1.1%  0.52 / 0.3%  Ow nership:              Silver Ow nership    92.8%  91.3%  90.4%  89.0%  88.3%  Titanium Ow nership    1.0%  1.4%  1.6%  2.0%  2.1%  Ow nership Issued to Public    6.2%  7.3%  8.0%  9.1%  9.6%      Source: Company filings, Green Street Advisors, FactSet as of 11/20/2019.(a) NTM pro rata cash NOI per Green Street Advisors.  15 

   Preliminary Draft Materials – Highly Confidential              C O N F I D E N T I A L  Appendix  P R O J E C T M E T A L 

 Preliminary Draft Materials – Highly Confidential                A P P E N D I X  Titanium Analyst Estimates & Guidance  P R O J E C T M E T A L  CONSENSUS MEAN FFO / SHARE ESTIMATES OVER TIME(B)  ANALYST COMMENTARY                                      $3.50  $3.60  $3.70  $3.80  $3.90  $4.00  $4.10  $4.20  $4.30  11/20/2019  3/07/2019        6/03/2019 8/27/20192019E 2020E 2021E  $3.76  $3.61  $3.93  TITANIUM – BROKER ESTIMATES  Analyst sentiment relatively negative following Q3 earnings where focus was on negative SSNOI growth and reduced guidanceAnalysts generally positive however about tenant sales growthUnclear how sales growth translates to Titanium earningsGeneral recognition that shares trades at large discount to NAV“Wait-and-see” approach around Asia JV transaction with Blackstone, but generally viewed transaction positively  Current Share Price: $32.91  ($)  Price  Implied FFO/Share FFO Multiple (a) AFFO/Share AFFO Multiple (a)   Est.  Prem./(Disc.)                      Broker  Date  Rating  Target  Return  2019E  2020E  2021E  2019E  2020E  2021E  2019E  2020E  2021E  2019E  2020E  2021E  NAV  to NAV (a)  KeyBanc Capital Markets  9/23/2019  Buy  $ 69.00  110%  $ 3.53  $ 3.80  n/a  9.3x  8.7x  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  Deutsche Bank Research  9/20/2019  Hold  59.00  79%  3.46  3.78  n/a  9.5x  8.7x  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  BMO Capital Markets  11/15/2019  Hold  50.00  52%  3.71  3.79  n/a  8.9x  8.7x  n/a  2.46  2.52  n/a  13.4x  13.1x  n/a  67.09  (51%)  Evercore ISI  11/18/2019  Hold  46.00  40%  3.54  3.74  n/a  9.3x  8.8x  n/a  2.55  2.59  n/a  12.9x  12.7x  n/a  50.76  (35%)  Mizuho Securities USA  11/15/2019  Hold  43.00  31%  3.56  3.79  n/a  9.2x  8.7x  n/a  2.72  2.82  n/a  12.1x  11.7x  n/a  74.00  (56%)  JP Morgan  10/24/2019  Hold  42.00  28%  3.73  3.84  n/a  8.8x  8.6x  n/a  1.93  2.73  n/a  17.1x  12.1x  n/a  81.93  (60%)  Morgan Stanley  10/4/2019  Hold  41.00  25%  3.72  3.76  4.02  8.8x  8.8x  8.2x  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  Scotiabank GBM  11/13/2019  Hold  39.00  19%  3.67  3.68  3.85  9.0x  8.9x  8.6x  2.48  2.52  2.63  13.3x  13.1x  12.5x  72.60  (55%)  Sandler O'Neill & Partners  10/30/2019  Hold  39.00  19%  3.51  3.72  n/a  9.4x  8.8x  n/a  2.04  2.47  n/a  16.1x  13.3x  n/a  68.90  (52%)  Jefferies  11/13/2019  Hold  36.00  9%  3.73  3.80  4.02  8.8x  8.7x  8.2x  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  Raymond James  8/19/2019  Hold  n/a  n/a  3.54  3.75  3.99  9.3x  8.8x  8.2x  2.56  2.72  3.00  12.9x  12.1x  11.0x  77.06  (57%)  BTIG  11/18/2019  Hold  n/a  n/a  3.71  3.70  n/a  8.9x  8.9x  n/a  1.94  1.73  n/a  17.0x  19.0x  n/a  76.85  (57%)                                        Mean      $ 46.40  41%  $ 3.62  $ 3.76  $ 3.97  9.1x  8.7x  8.3x  $ 2.33  $ 2.51  $ 2.82  14.3x  13.4x  11.7x  $ 71.15  (53%)  Median      42.50  29%  3.62  3.77  4.00  9.1x  8.7x  8.2x  2.47  2.56  2.82  13.3x  12.9x  11.7x  73.30  (55%)  Green Street Advisors  11/20/2019  Hold  n/a  n/a  $3.68  $3.84  $3.89  8.9x  8.6x  8.5x  $2.35  $2.49  $2.53  14.0x  13.2x  13.0x  $68.91  (52%)  Mean (Incl. GSA)      $ 46.40  41%  $3.62  $3.77  $3.95  9.1x  8.7x  8.3x  $2.34  $2.51  $2.72  14.3x  13.4x  12.2x  $ 70.90  (53%)  Median (Incl. GSA)      42.50  29%  3.67  3.78  3.99  9.0x  8.7x  8.2x  2.46  2.52  2.63  13.4x  13.1x  12.5x  72.60  (55%)  FactSet Consensus Mean (b)(c)      44.69  36%  3.61  3.76  3.93  9.1x  8.7x  8.4x  2.33  2.51  2.82  14.1x  13.1x  11.7x  71.15  (54%)      Source: FactSet, Green Street Advisors as of 11/20/2019.  Multiples and NAV Prem./(Disc.) calculated relative to current share price. FactSet Consensus Mean include anonymous sources.  (a)(b)(c)  FactSet Consensus Implied Return, Multiples and NAV Prem./(Disc.) calculated using per share Consensus Mean metrics relative to current share price.  16 

 Preliminary Draft Materials – Highly Confidential                                                      $13.80$13.60$13.40$13.20$13.00$12.80$12.60$12.40$12.20$12.00$11.80  11/20/2019  3/07/2019    2019E    6/03/20192020E    8/27/20192021E  Broker  Date  Rating  Target  Return  2019E  2020E  2021E  2019E  2020E  2021E  2019E  2020E  2021E  2019E  2020E  2021E  NAV  to NAV (a)  BTIG  11/18/2019  Buy  $ 218.00  47%  n/a  $ 12.66  n/a  n/a  11.7x  n/a  $ 11.50  $ 11.80  n/a  12.9x  12.6x  n/a  $ 210.32  (30%)  Barclays  10/17/2019  Buy  218.00  47%  12.07  12.75  13.35  12.3x  11.6x  11.1x  11.22  11.45  11.86  13.2x  12.9x  12.5x  n/a  n/a  Wells Fargo Securities  11/13/2019  Buy  198.00  34%  12.04  12.64  n/a  12.3x  11.7x  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  Deutsche Bank Research  9/19/2019  Hold  190.00  28%  12.08  12.70  n/a  12.3x  11.7x  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  Morningstar Equity Research  10/30/2019  Overweight  189.00  28%  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  Jefferies  11/13/2019  Buy  181.00  22%  12.05  12.70  13.21  12.3x  11.7x  11.2x  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  Sandler O'Neill & Partners  10/30/2019  Buy  180.00  21%  12.03  12.81  n/a  12.3x  11.6x  n/a  10.79  11.60  n/a  13.7x  12.8x  n/a  178.10  (17%)  Raymond James  8/19/2019  Overweight  175.00  18%  n/a  12.78  13.18  n/a  11.6x  11.2x  11.12  11.62  12.00  13.3x  12.8x  12.4x  206.37  (28%)  BMO Capital Markets  11/15/2019  Buy  174.00  17%  n/a  12.63  n/a  n/a  11.7x  n/a  10.68  11.13  n/a  13.9x  13.3x  n/a  177.75  (17%)  Evercore ISI  11/18/2019  Buy  170.00  15%  12.03  12.67  n/a  12.3x  11.7x  n/a  10.78  10.91  n/a  13.8x  13.6x  n/a  152.67  (3%)  JP Morgan  11/15/2019  Buy  170.00  15%  12.04  12.56  13.06  12.3x  11.8x  11.3x  10.84  10.70  11.20  13.7x  13.9x  13.2x  178.57  (17%)  RBC Capital Markets  10/17/2019  Hold  163.00  10%  12.05  12.71  13.25  12.3x  11.7x  11.2x  10.78  11.38  11.90  13.8x  13.0x  12.5x  168.56  (12%)  Mizuho Securities USA  11/15/2019  Hold  162.00  9%  n/a  12.75  n/a  n/a  11.6x  n/a  10.94  11.20  n/a  13.5x  13.2x  n/a  182.00  (19%)  Scotiabank GBM  11/13/2019  Hold  161.00  9%  12.03  12.73  13.33  12.3x  11.6x  11.1x  10.93  11.61  12.18  13.6x  12.8x  12.2x  188.51  (21%)  Stifel Nicolaus  11/13/2019  Hold  160.00  8%  12.04  12.66  13.08  12.3x  11.7x  11.3x  11.01  11.68  12.37  13.5x  12.7x  12.0x  166.25  (11%)  SunTrust Robinson Humphrey  8/21/2019  Hold  160.00  8%  n/a  12.67  13.13  n/a  11.7x  11.3x  10.97  11.56  12.01  13.5x  12.8x  12.3x  194.66  (24%)  Morgan Stanley  11/18/2019  Hold  157.00  6%  12.06  12.55  12.99  12.3x  11.8x  11.4x  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  ($)  Price  Implied   FFO/Share FFO Multiple (a) AFFO/Share AFFO Multiple (a)   Est.  Prem./(Disc.)          Argus Research  8/16/2019  Buy  n/a  n/a  n/a  12.80  n/a  n/a  11.6x  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  Mean  $ 178.00      20%  $ 12.05  $ 12.69  $ 13.18  12.3x  11.7x  11.3x  $ 10.96  $ 11.39  $ 11.93  13.5x  13.0x  12.4x  $ 182.16  (18%)  Median  174.00      17%  12.04  12.70  13.18  12.3x  11.7x  11.2x  10.93  11.51  12.00  13.6x  12.9x  12.4x  178.57  (17%)  Green Street Advisors  11/20/2019  Buy  n/a  n/a  $12.37  $12.76  $13.15  12.0x  11.6x  11.3x  $9.50  $9.79  $10.07  15.6x  15.1x  14.7x  $ 169.58  (13%)  Mean (Incl. GSA)      $ 178.00  20%  $12.07  $12.70  $13.17  12.3x  11.7x  11.3x  $10.85  $11.26  $11.70  13.7x  13.2x  12.7x  $ 181.11  (18%)  Median (Incl. GSA)      174.00  17%  12.04  12.70  13.17  12.3x  11.7x  11.3x  10.93  11.45  11.95  13.6x  12.9x  12.4x  178.34  (17%)  FactSet Consensus Mean (b)(c)      177.63  20%  12.05  12.70  13.22  12.3x  11.7x  11.2x  10.96  11.39  11.93  13.5x  13.0x  12.4x  182.16  (19%)        A P P E N D I X  P R O J E C T M E T A L  Source: FactSet, Green Street Advisors as of 11/20/2019.  Multiples and NAV Prem./(Disc.) calculated relative to current share price. FactSet Consensus Mean include anonymous sources.  (a)(b)(c)  FactSet Consensus Implied Return, Multiples and NAV Prem./(Disc.) calculated using per share Consensus Mean metrics relative to current share price.  CONSENSUS MEAN FFO / SHARE ESTIMATES OVER TIME(B)  ANALYST COMMENTARY  $12.70  $12.05  $13.22  SILVER – BROKER ESTIMATES  Analysts responded positively to Q3 earnings with some FFO/share missesAnalysts note positive SSNOI growth in line with expectations and credit to the company’s balance sheet managementPotential upside in development and the transition to smaller, but higher paying tenantsNot expected to make a meaningful impact over short to medium term earnings  Current Share Price: $148.23  Silver Analyst Estimates & Guidance  17 

 Preliminary Draft Materials – Highly Confidential              A P P E N D I X  P R O J E C T M E T A L  Case Study: The Gardens Mall AcquisitionTitanium announced on 4/30/19 that it had acquired a minority interest in The Gardens Mall in Palm Beach Gardens, FL  TRANSACTION OVERVIEW  VALUATION   The Gardens Mall Analysis Ti Share 100%         Ownership Share  48.5%    100.0%  Net Operating Income  $12.3    $25.4  Mortgage Debt  $94.6    $195.0  Interest Rate    6.8%  6.8%  Purchase Acct. Adjustment    $27.6  $56.9  Adjusted Interest Rate    4.2%  4.2%  OP Units Issued  1,500        Deal  Ti $  Ti $   Value @ Close Current         Illustrative Ti Unit Price  $83.00  $53.00  $33.75  Equity Value  $124.5  $79.5  $50.6  Change in Equity Value    ($45.0)  ($28.9)  Gross Asset ValueImplied Cap Rate  $219.15.61%  $174.17.06%  $145.28.47%  Adj. Gross Asset Value  $246.7  $201.7  $172.8  Adj. Implied Cap Rate  4.98%  6.10%  7.12%  FFO Multiple  15.0x  9.6x  6.1x  Titanium acquired a 48.5% interest in exchange for 1.5MM Titanium OP units and the assumption of $95MM of debt at shareImplied 4.98% cap rate based on a $83 per unit value ascribed at closingImplied cap rate of 6.10% based on a $53 per share market price of Titanium at closingOff market, non-cash transaction with members of the Cohen FamilyForbes family retained its existing ownership stake in the mall  Source: Company filings, press releases.  MALL OVERVIEW  Premier retail asset in Palm Beach marketOriginally constructed in 1988 and refurbished in 2005Only full-price mall in the North Palm Beach County market with moderate to luxury price points1.4MM total GLA / 460K in-line GLAA+ property grade from GSA with $957 in-line sales PSF        18 

Exhibit 99 (c)(4)

   Preliminary Draft Materials – Highly Confidential              Project Metal  D I S C U S S I O N M AT E R I A L S  5 D E C E M B E R 2 0 1 9  C O N F I D E N T I A L 

 Preliminary Draft Materials – Highly Confidential              DisclaimerThe information herein has been prepared by Lazard based upon information supplied by Titanium or Silver, or publicly available information, and portions of the information herein may be based upon publicly available statements, estimates and forecasts with respect to the anticipated future performance of Titanium and Silver and/or certain statements, estimates and forecasts provided by Titanium and/or Silver with respect to the anticipated future performance of Titanium and Silver. We have relied upon the accuracy and completeness of the foregoing information, and have not assumed any responsibility for any independent verification of such information or any independent valuation or appraisal of any of the assets or liabilities of Titanium, Silver or any other entity, or concerning solvency or fair value of Titanium, Silver or any other entity. With respect to financial forecasts, we have assumed that they have been reasonably prepared in good faith on bases reflecting the best currently available estimates and judgments as to the future financial performance of Titanium and Silver, as the case may be. We assume no responsibility for and express no view as to such forecasts or the assumptions on which they are based. The information set forth herein is based upon economic, monetary, market and other conditions as in effect on, and the information made available to us as of, the date hereof, unless indicated otherwise. These materials and the information contained herein are confidential and may not be disclosed publicly or made available to third parties without the prior written consent of Lazard; provided, however, that you may disclose to any and all persons the U.S. federal income tax treatment and tax structure of the transaction described herein and the portions of these materials that relate to such tax treatment or structure. Lazard is acting as investment banker to the Special Committee of Titanium, and will not be responsible for and will not provide any tax, accounting, actuarial, legal or other specialist advice. These materials do not constitute tax, accounting, actuarial, legal or other specialist advice, and Lazard shall have no duties or obligations in respect of these materials or other advice provided, except to the extent specifically set forth in an engagement or other written agreement, if any, that is entered into by Lazard and the Special Committee.  P R O J E C T M E T A L  C O N F I D E N T I A L 

 Preliminary Draft Materials – Highly Confidential              P R O J E C T M E T A L  Preliminary Articulation of Silver Underwriting  Source: Note: (a)(b)  Company-provided feedback, company filings, FactSet as of 12/4/2019.Reflects verbal communication received from Silver on 12/2/2019. Share count based on fully diluted shares outstanding of ~88.9MM.Assumes Silver underwrote annual G&A based on FactSet consensus 2020E estimates. Implies underwritten G&A capitalized at ~14.1x multiple.Interest expense at weighted average cost of ~4.1%, per company-provided 2019E debt and preferred balances and effective interest rates via 3Q 2019 supplement.                                                              TITANIUM EQUITY VALUATION BUILD AT VARIOUS CAP RATES                        ($ in MMs, except per share figures)      Total            Per Share        5.50%    5.25%    5.00%    5.50%    5.25%    5.00%  Total NOI at Share  $596    $596    $596    $6.70    $6.70    $6.70  Less: Lease Termination Income  (15)    (15)    (15)    (0.17)    (0.17)    (0.17)  Underwritten NOI  $581    $581    $581    $6.53    $6.53    $6.53  Applied Cap Rate  5.50%    5.25%    5.00%    5.50%    5.25%    5.00%  Total Gross Asset Value  $10,559    $11,062    $11,615    $118.76    $124.41    $130.63  Less: Total Debt & Preferred  (5,228)    (5,228)    (5,228)    (58.80)    (58.80)    (58.80)  Total Net Asset Value  $5,331    $5,834    $6,387    $59.96    $65.61    $71.83  Less: Capitalized G&A  (533)    (533)    (533)    (6.00)    (6.00)    (6.00)  Total Equity Value  $4,797    $5,300    $5,853    $53.96    $59.61    $65.83  TITANIUM CASH FLOW & MULTIPLE BUILD AT VARIOUS CAP RATES                        ($ in MMs, except per share figures)      Total            Per Share        5.50%    5.25%    5.00%    5.50%    5.25%    5.00%  Underwritten NOI  $581    $581    $581    $6.53    $6.53    $6.53  Less: Annual G&A (a)  (38)    (38)    (38)    (0.42)    (0.42)    (0.42)  Less: Interest Expense & Pref. Dividends (b)  (216)    (216)    (216)    (2.43)    (2.43)    (2.43)  Funds From Operations  $327    $327    $327    $3.67    $3.67    $3.67  Less: Recurring Capital Expenditures  (75)    (75)    (75)    (0.84)    (0.84)    (0.84)  Adj. Funds From Operations  $252    $252    $252    $2.83    $2.83    $2.83  AFFO Yield  5.2%    4.7%    4.3%    5.2%    4.7%    4.3%  FFO Multiple  14.7x    16.2x    17.9x    14.7x    16.2x    17.9x                          AFFO Multiple  19.1x    21.1x    23.3x    19.1x    21.1x    23.3x  1 

 Preliminary Draft Materials – Highly Confidential                    ($ in MMs) 3Q 2019 LTM  Plus: Titanium FFO at 80% Share (b)Less: Titanium Operational CapEx at 80% Share (b) Less: Incremental Silver Interest Expense (c)  261(60)(52)  Pro Forma Silver FAD  $4,135  Less: Dividends & Distributions Paid (d)  (3,020)  Pro Forma Silver Free Cash Flow  $1,114  Years to Pay Down ~$2.0Bn of Acquisition DebtLess: Silver Project CapEx (e)Less: Titanium Project CapEx at 80% Share (e) Plus: Debt Related to Project CapEx at 50% LTV (e)  1.8($753)(167)460  Pro Forma Silver FCF Post-Project CapEx $655                                              ($ in MMs)          Covenant Cushion Required Actual $ (g)    %    Funds From Operations (a)  $4,354    Required  Actual  $ (g)  %  Less: Tenant Allowances  (177)  Total Debt to Total Assets (f)  < 60%  39%  $16,319  54%  Less: Operational Capital Expenditures  (191)  Total Secured Debt to Total Assets (f)  < 50%  18%  25,568  178%  Silver Funds Available for Distribution  $3,986  Fixed Charge Coverage Ratio  >1.5x  5.4x  2,766  260%  Total Debt to Total Assets (f)Total Secured Debt to Total Assets (f)  < 60%< 50%  43%21%  $14,496 25,216  39%143%  ($ in MMs)  Covenant Cushion  125%  Observations on Silver’s Liquidity and Ability to Deleverage  P R O J E C T M E T A L  Silver has ample liquidity to finance a transaction with up to 100% cash consideration as well as address any potential accelerating debt and putable preferred equity on change of controlAt 3Q 2019, Silver had ~$7.1Bn of liquidity that included cash and equivalents of ~$1.0Bn and ~$6.1Bn aggregate borrowing capacityCash and equivalents is pro forma for the ~$2.4Bn note paydown on 10/7/2019 and excludes any share of cash from joint venturesBorrowing capacity is net of outstanding (i) ~$125MM in borrowings, (ii) ~$1.3Bn in Commercial Paper and (iii) ~$11MM letters of creditAssuming 100% cash consideration, Silver would need ~$3.1Bn of debt to fund the acquisition, an additional ~$1.1Bn to backstop Titanium’s lines of credit accelerating upon a change of control and ~$363MM of preferred equity putable upon change of controlDebt covenants remain well below required levels with at least 50% cushion on all covenantsContemplated transaction does not materially shift covenants due to relative sizing  Source: Company-provided feedback, Company filings, FactSet as of 12/4/2019.FFO at share. Excludes non-cash impacts to FFO, including straight-line rent, stock based compensation, amortization of financing fees and other non-cash items (~$31MM for 2018 FYE).Per estimated Silver underwriting. FFO is in line with average of 2019E and 2020E analyst consensus estimates, per FactSet. Excludes impact of any potential synergies.Interest expense related to potential acquisition of 80% interest. Assumes price of $53 per share.Pro forma for Silver’s $8.40 per share annualized dividend on additional ~6.3MM shares.Assumes 50% of project-based capital expenditures are funded through debt and ignores any stabilized income from projects. Silver CapEx includes conversion from accrual to cash basis.Assumed to be pro forma for ~$2.6Bn paydown. Represents covenants for indentures dated post-Jun 7, 2005. Total Debt to Total Assets reflects most restrictive requirement.Cushion represents amount of incremental debt and/or interest expense permitted prior to tripping covenant. Estimated based on Silver disclosures and bond indentures.  SILVER UNSECURED DEBT COVENANT SCHEDULE – 3Q 2019(f)  PRO FORMA FCF (AT SHARE) – 75% CASH / 25% STOCK      Fixed Charge Coverage Ratio  >1.5x  4.9x  2,851  227%  Total Unencumbered Assets to Unsecured Debt  > 125%  263%  21,303  110%  50% / 50% Mix: All Cash Deal:            ~1.0 year ~2.6 years    Total Unencumbered Assets to Unsecured Debt >125% 281% 21,387PRO FORMA SILVER COVENANTS – 75% CASH / 25% STOCK @ $53 / SHARE        2 

 Preliminary Draft Materials – Highly Confidential              Silver Balance Sheet Impact Across Various Levels of Consideration Mix  P R O J E C T M E T A L  Fitch current rating of ‘A’; downgrade trigger of leverage sustained above 5.5x  Fitch leverage estimated to be ~0.4x lower than current calculations via public filingsImplies sustained leverage above ~5.9x on comparable basis may be subject to potential downgrade  Moody’s current rating of ‘A2’; downgrade trigger is “significantly above” 7.0x  Agency also mentions a “highly levered and large acquisition that could present capital structure and operating challenges” would create negative rating pressure, but noted that rating revisions were unlikely for modest / transient weakening of credit metricsTrigger is as of April 2018 and may have been updated since  S&P triggers unclear, but current rating of ‘A’  Source: Company filings, Green Street Advisors, FactSet as of 12/4/2019.  (a)(b)(c)(d)(e)  Pro forma for ~$2.6Bn debt repayment on October 7, 2019.~5.9x represents estimated leverage to remain at Fitch downgrade trigger on a comparable basis.Assumes annual Free Cash Flow and EBITDA growth of 2% and ~$1.1Bn of free cash flow (pre-project CapEx) is utilized solely to pay down debt. Assumes no operational synergies. Assumes 100% of asset sales are used to pay down debt and ignores transaction costs.Calculated using Green Street NAV and adjustments to Other Assets & Liabilities.  CAPITALIZATION BUILD (3Q19 AT SILVER SHARE)  CREDIT RATING AGENCY SUMMARY    ASSET SALES TO REMAIN BELOW ESTIMATED FITCH DOWNGRADE TRIGGER  $53.00    $35,581    $5,883    +0.59x    6.05x    $1,541    1.8%  58.00    35,768    5,883    +0.62x    6.08x    1,830    2.1%  63.00    35,955    5,883    +0.65x    6.11x    2,118    2.4%  Trx. Price  Debt Post- Transaction  Pro Forma EBITDA  Change in Leverage  Pro Forma Leverage  Req. Asset Sales % of Current @ 6.0% Cap Silver GAV (c)  $53.00    $36,524    $5,883    +0.75x    6.21x    $2,998    3.4%  58.00    36,799    5,883    +0.79x    6.26x    3,423    3.9%  63.00    37,075    5,883    +0.84x    6.30x    3,849    4.4%  Trx.  Debt Post-    Pro Forma    Change in    Pro Forma    Req. Asset Sales % of Current        Price  Transaction    EBITDA    Leverage    Leverage    @ 6.0% Cap    Silver GAV (c)    $53.00    $37,466    $5,883    +0.91x    6.37x    $4,454    5.1%  58.00    37,831    5,883    +0.97x    6.43x    5,017    5.7%  63.00    38,195    5,883    +1.03x    6.49x    5,580    6.4%  Trx. Price  Debt Post- Transaction  Pro Forma EBITDA  Change in Leverage  Pro Forma Leverage  Req. Asset Sales % of Current @ 6.0% Cap Silver GAV (c)  50% /50%  75% /25%  100% /0%  Cash /  Stock Mix      TO REMAIN AT ~5.9X(b)(d)          ($ in MMs, except per share data)Share Price as of 12/4/2019 Diluted Shares Outstanding (MMs)  $149.14354  Equity Market Capitalization  $52,741  C onsolidated Secured Debt:FixedVariable  $5,999711  Consolidated Secured DebtUnsecured (a) Other Obligations  $6,71017,24067  Consolidated Debt  $24,017  J V Debt:Fixed & Hedged VariableTMLP Debt  $6,512490158  JV Debt $7,160  3Q 2019 LTM EBITDA at Share  5,451  Net Debt / EBITDA(Net Debt + Pref) / EBITDA  5.5x5.5x  Memo: Total Enterprise Value Memo: Net Debt / TEV  $82,572 36.0%                                                                                  Total Debt (a)  $31,177  Less: Cash & Equivalents (a)  (1,411)  Total Net Debt  $29,765  Plus: Preferred  65  Total Net Debt + Preferred $29,831                ILLUSTRATIVE DELEVERAGING TIMELINES  Years to~5.9x(b)(c)  Cash Mix          50%~0.6 Yrs    75%~1.1 Yrs    100%~1.5 Yrs  3 

 Preliminary Draft Materials – Highly Confidential              P R O J E C T M E T A L  Accretion to Titanium Shareholders at Various Prices and Consideration Mixes  Source: Note: (a)  Company filings, Green Street Advisors, FactSet as of 12/4/2019.Not applicable for 100% cash transaction.Assumes Silver dividend per share remains unchanged at $8.40 per share.      Offer Price    Exchange Ratio    2020E FFO / Share    Consensus NAV    Green Street NAV    Dividend / Share (a)    $53.00  0.355x  $0.82 / 22.1%  ($5.92) / (8.6%)  ($7.15) / (10.5%)  $0.29 / 10.6%  56.00  0.375x  1.07 / 28.7%  (2.62) / (3.8%)  (3.95) / (5.8%)  0.45 / 16.8%  59.00  0.396x  1.31 / 35.2%  0.66 / 1.0%  (0.77) / (1.1%)  0.62 / 23.1%  62.00  0.416x  1.56 / 41.7%  3.91 / 5.7%  2.38 / 3.5%  0.79 / 29.3%  TITANIUM ACCRETION / (DILUTION) PER SHARE BY CONSIDERATION MIX    65.00  0.436x  1.80  / 48.2%  7.13  / 10.4%  5.50 / 8.1%  0.96  / 35.6%  68.00  0.456x  2.04  / 54.6%  10.33  / 15.1%  8.60 / 12.7%  1.13  / 41.9%  71.00  0.476x  2.28  / 61.0%  13.51  / 19.7%  11.68 / 17.2%  1.30  / 48.1%    Exchange                Offer Price Ratio 2020E FFO / Share Consensus NAV Green Street NAV Dividend / Share (a)                  Current Metrics        $53.00  0.355x    $0.88  / 23.6%    ($5.75) / (8.4%)  ($7.01) / (10.3%)    $0.29  / 10.6%          56.00  0.375x    1.13  / 30.3%    (2.43) / (3.6%)  (3.80) / (5.6%)    0.45  / 16.8%    Consensus:  75% Cash    59.00  0.396x    1.38  / 37.0%    0.86 / 1.3%  (0.62) / (0.9%)    0.62  / 23.1%    $58.22      62.00  0.416x    1.63  / 43.7%    4.12 / 6.0%  2.54 / 3.7%    0.79  / 29.3%      25% Stock    65.00  0.436x    1.88  / 50.4%    7.36 / 10.7%  5.68 / 8.4%    0.96  / 35.6%    GSA:      68.00  0.456x    2.13  / 57.0%    10.58 / 15.4%  8.79 / 12.9%    1.13  / 41.9%    $59.58      71.00  0.476x    2.38  / 63.7%    13.77 / 20.1%  11.88 / 17.5%    1.30  / 48.1%      50% Cash  50% Stock  Consensus:$58.40GSA:$59.74  Titanium NAV Break-even      Current Price 2020E FFO / Share Consensus NAV Green Street NAV Dividend / Share $149.14 $12.65 $174.41 $169.13 $8.40  Current Price    2020E FFO / Share    Consensus NAV    Green Street NAV    Dividend / Share    $31.72  $3.73  $68.53  $67.90  $2.70  Silver  Titanium  4 

 Preliminary Draft Materials – Highly Confidential              Considerations of Flowback Process  P R O J E C T M E T A L  Transaction Process  AT ANNOUNCEMENT  AT CLOSING  POST-CLOSING    Institutional holders exit target to capture initial premiumArbitrage funds enter seeking returns from mispricingSpeculative activity linked to likelihood of transaction completion  Selling of target / acquirer stock as forced sellers exit positionsIndex trackers exit target stock on closing date and reweight  Investors with specific mandates continue to exit and reweightArbitrage funds that did not exit sell to new demandDrag on acquirer shares due to selling offset by incremental new demand and flow-forward  Cross-Ownership Observations  Overlapping shareholder base comprises >40% stakes in both Titanium and SilverAssuming 75% cash consideration, the concentration of top 30 Titanium shareholders in Silver would only increase ~1%(a)Non-Silver active investors would only hold ~0.8MM shares on a pro forma basis representing <1 day of trading(b)      Short Interest Impact  In precedent U.S. REIT transactions, acquirer share prices have consistently underperformed post-announcement on both an absolute and relative basisAcquirer short interest post-announcement has on average ranged ~6-7%, an increase of ~200-300bps vs. unaffected      Potential Flowback Mitigants  Market may be receptive to the transaction as Silver has an intimate knowledge of Titanium asset base and strong strategic rationale for operating and capital allocation optimizationBoth Titanium and Silver are U.S. based Mall REITs, which reduces the risk of flowback as there are limited cross- border and cross-industry flowsPotential for flow-forward as value weighted indices may reallocate into acquirer stockSilver has historically supported its share price, averaging ~$340MM of share buybacks per year since approving a buyback program in 2015Silver has repurchased ~$360MM worth of shares year-to-date and approved a new buyback program in March 2019, authorizing up to $2.0Bn in share repurchasesAbility to negotiate fixed price collar may in part mitigate risk to Titanium      Source: Note: (a)(b)  Company Filings, FactSet as of 12/4/2019.Ownership stake based on basic shares outstanding and excludes OP Units.Pro Forma share ownership based on $53 per share offer with consideration mix of 75% cash / 25% stock, resulting in pro forma common share count of ~312MM. Based on last 30-day Average Daily Trading Volume.  5 

     Preliminary Draft Materials – Highly Confidential              Post-Announcement Impact to Acquirer Share Prices – Select U.S. REIT Precedents  P R O J E C T M E T A L  SELECT PRECEDENT STRATEGIC REIT MERGERS ANALYSIS  Source: Company filings, Thomson, FactSet, SNL Financial as of 12/4/2019.  Unaffected Date reflects closing date prior to transaction announcement, or other relevant date as referenced in public filings for the respective transaction. Sourced from acquirer investor presentations or equity research reports discussing respective transactions.  (a)(b)(c)  (d)  Represents acquirer share price Total Shareholder Return (“TSR”) at 3-day, 20-day, and 1-year intervals post-announcement measured from unaffected date. +1Y data for CUZ / TIER, PK / CHSP, and PLD / LPT represents interim period through 12/4/2019.Represents relative acquirer share price TSR vs. index of select peers at 3-day, 20-day, and 1-year intervals post-announcement measured from unaffected date. +1Y data for CUZ / TIER, PK / CHSP, and PLD / LPT represents interim period through 12/4/2019.  Acquirer share prices have consistently declined post-announcement on both an absolute and relative basisShort interest in the acquirer is observed to increase an average of ~275bps during the month post-announcement  Trx. Consid. Target Acquirer Pro Forma Short Int (% of Float) Acquirer Acquirer Relative TSR        Date Ann.  Unaffec. Date (a)  Target  Sector  Acquirer  Value ($Bn)  Mix %Cash Stock    TEV / Acq. TEV  Net Debt / EBITDA (b)    Abs.+30D  ∆ +30Dvs. 0D  Absolute TSR (c)      vs. Select Peers (d)                        Multiple  Mult. ∆      +3D  +20D  +1Y  +3D  +20D  +1Y  10/27/19  10/25/19  Liberty Property Trust  Industrial  Prologis, Inc.  $12.6  -  100%  15%  4.2x  +0.3x  2%  +85bps  (3%)  (0%)  0%  (6%)  0%  (1%)  05/06/19  05/03/19  Chesapeake Lodging Trust  Lodging  Park Hotels & Resorts Inc.  2.7  35%  65%  26%  4.4x  +0.5x  5%  (117bps)  (7%)  (16%)  (26%)  (3%)  (7%)  (16%)  03/25/19  03/22/19  TIER REIT, Inc.  Office  Cousins Properties Incorporated  2.4  -  100%  40%  4.5x  +0.7x  5%  +288bps  (3%)  (6%)  4%  (4%)  (5%)  (1%)  09/06/18  03/27/18  LaSalle Hotel Properties  Lodging  Pebblebrook Hotel Trust  5.2  33%  67%  114%  5.5x  +0.6x  19%  +702bps  12%  9%  (12%)  (1%)  (11%)  (13%)  04/29/18  04/27/18  DCT Industrial Trust Inc.  Industrial  Prologis, Inc.  8.1  -  100%  15%  4.3x  +0.1x  2%  +70bps  (3%)  (3%)  18%  (5%)  (8%)  (8%)  03/26/18  11/06/17  General Growth Properties  Retail  Brookfield Property Partners L.P.  26.4  61%  39%  45%  13.0x  (0.7x)  2%  +143bps  (14%)  (14%)  (5%)  (17%)  (12%)  (19%)  06/09/17  06/08/17  DuPont Fabros Technology  Data Center  Digital Realty Trust, Inc.  7.3  -  100%  25%  5.5x  (0.1x)  8%  +31bps  (0%)  (5%)  (3%)  0%  (3%)  (1%)  05/07/17  05/05/17  Care Capital Properties, Inc.  Healthcare  Sabra Health Care REIT, Inc.  4.0  -  100%  121%  5.0x  (0.2x)  19%  +912bps  (10%)  (11%)  (21%)  (10%)  (16%)  (7%)  04/24/17  04/21/17  FelCor Lodging Trust, Inc.  Lodging  RLJ Lodging Trust  2.8  -  100%  67%  4.5x  +1.5x  7%  +447bps  (3%)  (14%)  (9%)  (6%)  (12%)  (21%)  11/14/16  11/11/16  Equity One, Inc.  Retail  Regency Centers Corp.  5.8  -  100%  57%  4.8x  +0.4x  6%  +347bps  (2%)  1%  (0%)  (3%)  (2%)  8%  08/15/16  08/12/16  Post Properties, Inc.  Apartment  Mid-America Apartment Comm.  4.8  -  100%  36%  5.4x  (0.3x)  6%  +344bps  (7%)  (8%)  6%  (6%)  (5%)  (5%)  02/25/16  01/15/16  Rouse Properties, Inc.  Retail  Brookfield Asset Management  2.5  100%  -  2%  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  11/08/15  11/06/15  Plum Creek Timber Company  Timber  Weyerhaeuser Company  11.8  -  100%  54%  3.8x  +1.4x  4%  +195bps  (2%)  5%  (2%)  (1%)  7%  (16%)  04/22/15  04/20/15  Associated Estates Realty  Apartment  Brookfield Asset Management  2.5  100%  -  1%  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  10/31/14  10/30/14  Aviv REIT, Inc.  Healthcare  Omega Healthcare Investors, Inc.  3.0  -  100%  39%  4.5x  +0.8x  9%  +100bps  (2%)  (2%)  (6%)  (4%)  (6%)  (3%)  09/16/14  09/15/14  Glimcher Realty Trust  Retail  Washington Prime Group, Inc.  4.3  73%  27%  70%  7.7x  +2.3x  11%  n/a  (9%)  (12%)  (32%)  (9%)  (13%)  (42%)  Min          $2.4      1%  3.8x  (0.7x)  2%  (117bps)  (14%)  (16%)  (32%)  (17%)  (16%)  (42%)  25th Percentile          $2.8      22%  4.4x  (0.1x)  4%  +85bps  (7%)  (12%)  (11%)  (6%)  (12%)  (16%)  Mean          $6.6      45%  5.5x  +0.5x  7%  +273bps  (4%)  (5%)  (6%)  (5%)  (7%)  (10%)  Median          $4.6      39%  4.7x  +0.5x  6%  +195bps  (3%)  (5%)  (4%)  (5%)  (7%)  (7%)  75th Percentile          $7.5      59%  5.5x  +0.8x  9%  +347bps  (2%)  (1%)  0%  (3%)  (3%)  (1%)  Max          $26.4      121%  13.0x  +2.3x  19%  +912bps  12%  9%  18%  0%  7%  8%                6 

 Preliminary Draft Materials – Highly Confidential              Key Preliminary Considerations for a Fixed Price Collar  P R O J E C T M E T A L  A fixed price collar provides a specific price when the acquirer’s stock price is within a certain range, allowing the parties to distribute the risk of a potential decline or increase in the acquirer’s stock price  Potential Rationale for a Fixed Price Collar  Long time interval expected between signing and closing exposes both parties to greater market riskHigh levels of volatility exist in the market or acquirer’s stockParties are in different industries and/or are substantially different in size, resulting in greater uncertainty of acquirer share price reaction    When a Collar May Be Unnecessary  Cash represents a significant portion of overall considerationAcquirer and target are in the same industry and of similar sizeExistence of other material deal protections (e.g. shareholder vote, walkaway rights, MAC triggers, etc.)    Structuring Considerations  Width: Generally negotiated with reference to a % spread around acquirer’s share price at announcementSymmetry: Generally symmetric; asymmetric collars can be structured to meet parties’ risk preferencesMeasurement period: Informed by parties’ views of historical acquirer tradingStrength of other deal protections      TITANIUM  SILVER  Benefits  Enhanced certainty around aggregate consideration  Lower dilution risk on the upside facilitates potential openmarket support post-announcementMarket risk transferred to the acquirer within the collar band  Provides certainty to counterparty    Considerations  Pricing risk vis-à-vis historical trading of acquirer stock  Target does not share in downside until collar floor is reachedPotential impact on other deal terms  Willingness to provide in light of relative & historical trading    7 

     Preliminary Draft Materials – Highly Confidential              Illustrative Fixed Price Collar Impact  P R O J E C T M E T A L  Source: FactSet as of 12/4/2019.  (a)(b)  Assumes symmetric collar band of +/- 5% vs. Silver reference closing price of $149.14 and $53.00 initial expression of interest at 75% cash / 25% stock consideration mix. Assumes fixed exchange ratio.  ILLUSTRATIVE 10% FIXED PRICE COLLAR AT 75% CASH / 25% STOCK CONSIDERATION(a)                                            $52.50  $53.00  $53.50  $54.00  $54.50  $128  $132  $136  $140  $156  $160    Value to Titanium ($/Share)    Silver Share Price ($/Share)$164 $168    $144 $148 $152Titanium Consideration Per Share                                                                  Fixed exchange ratio deliveredbelow collar floor    Fixed exchange ratio delivered above collar cap  Fixed value delivered within collar range    10% symmetric collar band    Silver Reference Price$149.14  $53.00                                                  Lower Strike:  $141.68 (-5%)      Upper Strike:  $156.60 (+5%)  $52.00$51.72$51.50  $53.96                                                                                                              Impl. Exch. Ratio: 0.374x                                                                                                                              Impl. Exch. Ratio: 0.338x    Exch. Ratio: 0.355x  FIXED PRICE COLLAR SENSITIVITIES  Silver    75% Cash / 25% Stock                    20% Fixed Price Collar    10% Fixed Price Collar    5% Fixed Price Collar    No Collar (b)    Share Price  Price ∆  Value $  Value ∆  Value $  Value ∆  Value $  Value ∆  Value $  Value ∆  $171.51  15.0%  $53.60  1.1%  $54.26  2.4%  $54.62  3.0%  $54.99  3.7%  164.05  10.0%  53.00  -  53.63  1.2%  53.97  1.8%  54.33  2.5%  160.33  7.5%  53.00  -  53.32  0.6%  53.65  1.2%  53.99  1.9%  156.60  5.0%  53.00  -  53.00  -  53.32  0.6%  53.66  1.3%  152.87  2.5%  53.00  -  53.00  -  53.00  -  53.33  0.6%  $149.14  -  $53.00  -  $53.00  -  $53.00  -  $53.00  -  145.41  (2.5%)  53.00  -  53.00  -  53.00  -  52.67  (0.6%)  141.68  (5.0%)  53.00  -  53.00  -  52.66  (0.6%)  52.34  (1.3%)  137.95  (7.5%)  53.00  -  52.65  (0.7%)  52.32  (1.3%)  52.01  (1.9%)  134.23  (10.0%)  53.00  -  52.30  (1.3%)  51.98  (1.9%)  51.68  (2.5%)  126.77  (15.0%)  52.26  (1.4%)  51.61  (2.6%)  51.30  (3.2%)  51.01  (3.8%)  Titanium Consideration per Share  8 

     Preliminary Draft Materials – Highly Confidential              C O N F I D E N T I A L  Appendix  P R O J E C T M E T A L 

       Preliminary Draft Materials – Highly Confidential              Source: Note: (a)  FactSet as of 12/4/2019.Ownership stake based on basic shares outstanding and excludes OP Units, consolidated across funds.Pro Forma share ownership based on $53 per share offer with consideration mix of 75% cash / 25% stock, resulting in pro forma common share count of ~312MM.  A P P E N D I X  P R O J E C T M E T A L  Titanium vs. Silver Shareholder Overlap Analysis~1% increase in exposure to Silver Pro Forma for Titanium’s top 30 shareholders assuming a 75% cash / 25% stock consideration mix  Denotes Notable Ownership Overlap    TITANIUM TOP SHAREHOLDERS  SILVER TOP SHAREHOLDERS                      Rank    Holder Name    Style              Titanium Silver Silver PF (a)Own % Cum % Ow n % Var % Ow n % Change %    Holder Name    Style          Silver Titanium Ow n % Cum % Ow n % Var %    The Vanguard Group SSgA Funds Management BlackRock Fund Advisors  Index Index Index  13% 13% 14% (1%)7% 20% 5% 2%7% 27% 10% (3%)  Index Index Yield Grow th Index Grow th  14% 14% 13% 1%10% 24% 7% 3%9% 33% 2% 7%6% 39% 1% 4%5% 43% 7% (2%)4% 47% 1% 3%  13%7%2%1%7%1%  0%0%0%0%(0%)0%  Capital Research & Management (World Investors) Capital Research & Management (Global Investors) Wellington Management  Grow th Grow th Grow th  7% 33%3% 37%2% 39%  - 7%- 3%0% 2%  Cohen & Steers Capital Management Yield 2% 41% 9% (7%)  --  0%1%0%  -  APG Asset Management US Geode Capital Management Northern Trust Investments Dimensional Fund AdvisorsCharles Schw ab Investment Management  Yield Index Index ValueGrow th  2% 43%2% 45%2% 47%2% 49%1% 50%  - 2%1% 1%1% 1%2% (0%)2% (0%)  Principal Global Investors Grow th 1% 51% 4% (3%)  Nordea Investment Management AB (Denmark) GARP 1% 52% - 1%  Fidelity Management & Research Grow th 1% 53% 6% (4%)  --  --  The Vanguard GroupBlackRock Fund AdvisorsCohen & Steers Capital ManagementFidelitySSgA Funds ManagementPrincipal Global InvestorsCitigroup Global MarketsMadison InternationalCBRECenterSquare Investment ManagementLaSalle Investment Management SecuritiesLand & BuildingsPrincipal Real Estate InvestorsNorges Bank Investment ManagementCharles Schw ab Investment ManagementDimensional Fund AdvisorsGeode Capital ManagementNorthern Trust InvestmentsDuff & Phelps Investment ManagementMEAG MUNICH ERGO Kapitalanlagegesellschaft mbHHeitman Real Estate SecuritiesMillennium ManagementAMPAEWLegal & General Investment ManagementSecurity Capital Research & ManagementFIAMThe Bank of New York Mellon Corp.Mellon Investments Corp.Columbia Management Investment Advisers  Value Value YieldAggressive Grow th YieldGrow th Yield Grow th Grow th Value Index IndexYield Grow th YieldGrow th Grow th Yield IndexYieldGrow th Grow th Value Grow th  3% 51%3% 54%3% 56%3% 59%2% 61%2% 63%2% 65%2% 67%2% 69%2% 70%1% 72%1% 73%1% 75%1% 76%1% 77%1% 78%1% 79%1% 80%1% 81%1% 82%1% 83%1% 83%1% 84%1% 85%  0%0%1%0%0%0%0%0%  3%3%2%2%2%2%1% 1%1% 1%1% 0%2% 0%2% (1%)2% (1%)0% 1%0% 1%1%1%1%1%0%1%1%0%0%0%  0%0%1%1%0%0%1%1%1%2%2%2%0%0%0%0%0%0%1%0%0%0%0%0%  0%0%0%0%0%0%0%0%0%0%(0%)(0%)0%0%0%0%0%0%0%0%0%0%0%0%  PGGM Vermogensbeheer BVMorgan Stanley Investment Management BlackRock Investment Management (UK) Managed Account AdvisorsNorges Bank Investment Management BlackRock Advisors (UK)Legal & General Investment Management JPMorgan Investment ManagementInvesco AdvisersDaiw a Asset ManagementThe California Public Employees Retirement System Principal Real Estate InvestorsT. Row e Price AssociatesGoldman Sachs & Co.CenterSquare Investment Management  Yield Grow th Grow th Grow th Grow th Index Index Grow th Grow thAggressive Grow th Grow thYield Grow th Grow thAggressive Grow th  1% 55%1% 56%1% 57%1% 58%1% 59%1% 60%1% 60%1% 61%1% 62%1% 63%1% 63%1% 64%1% 65%1% 65%1% 66%  - 1%0% 1%0% 1%0% 1%2% (1%)0% 0%1% (0%)0% 1%1%1%0% 1%2% (1%)0% 0%0% 0%3% (2%)  Subtotal - Top 30 Holders  85%  44% 40%  45% 1% Subtotal - Top 30 Holders 66% 63% 3%                                                              9 

 Preliminary Draft Materials – Highly Confidential              Titanium Top Active Fund-Level Shareholders  A P P E N D I X  P R O J E C T M E T A L  15 Cohen & Steers Institutional Realty Shares Fund  Cohen & Steers  Growth  3.6  1.0%  0.5%  0.1%  0.1%  16 DFA Real Estate Securities Portfolio  Dimensional Holdings  Yield  10.6  0.9%  0.2%  0.9%  0.9%  17 Security Capital Research & Management  Security Capital Research & Management  Yield  2.3  0.8%  0.7%  0.0%  0.0%  18 FIAM  FIAM  Growth  48.4  0.7%  0.0%  0.0%  0.0%  19 The Bank of New York Mellon  The Bank of New York Mellon  Growth  143.1  0.6%  0.0%  0.0%  0.0%  20 Principal Investors - Global Real Estate Securities Fund  Principal Real Estate Investors  Yield  3.4  0.5%  0.3%  0.1%  0.1%  21 DFA Global Real Estate Securities Portfolio  Dimensional Fund Advisors  Yield  7.9  0.4%  0.1%  0.4%  0.4%  22 Fidelity Strategic Dividend & Income Fund  Fidelity  Yield  4.9  0.4%  0.2%  0.0%  0.0%  23 CREF Stock Account  TIAA  Growth  115.8  0.4%  0.0%  0.2%  0.2%  24 Fidelity Financials Central Fund  Fidelity  Value  3.4  0.4%  0.2%  0.0%  0.0%  25 Mitsubishi UFJ Kokusai World REIT Open Mother Fund  Morgan Stanley  Yield  2.7  0.4%  0.3%  0.5%  0.5%  26 CBRE Clarion Global Real Estate Income Fund  CBRE  Yield  1.0  0.4%  0.7%  0.1%  0.1%  27 Nordea 1 - Global Real Estate  Cohen & Steers  Yield  1.0  0.4%  0.7%  0.0%  0.0%  11 Principal Investors - Real Estate Securities Fund  Principal Global Investors  Yield  5.0  1.2%  0.5%  0.4%  0.4%    1  Citigroup Global Markets      Citigroup Global Markets    Value  $16.9  3.3%  0.4%  -  0.1%  2  Madison International  Realty  Holdings  Madison International Realty  Holdings  Value  0.3  2.9%  16.7%  -  0.0%    3 Cohen & Steers Real Estate Securities Fund  Cohen & Steers  Yield  6.6  2.6%  0.8%  0.2%  0.2%  4 Land & Buildings  Land & Buildings  Growth  0.5  2.3%  9.5%  -  0.0%  5 Nikko Asset World REIT Mother Fund  LaSalle Investment Management  Yield  5.2  2.1%  0.8%  0.4%  0.4%  6 Government Pension Fund  Norges Bank  Growth  788.7  1.6%  0.0%  0.9%  0.9%  7 Fidelity Mid Cap Stock Fund  Fidelity  Growth  7.2  1.5%  0.4%  -  0.0%  8  Cohen & Steers Realty  Shares  Cohen & Steers  Growth  4.2  1.4%  0.6%  0.1%  0.1%  9  Fidelity Value Fund    Fidelity  Value  7.0  1.4%  0.4%  -  0.0%  10  MEAG MUNICH ERGO    MEAG MUNICH ERGO  Growth  4.5  1.3%  0.5%  0.1%  0.1%  12  Heitman Real Estate  Heitman Real Estate  Yield  2.5  1.2%  0.9%  -  0.0%  13  Millennium  Millennium  Growth  54.8  1.2%  0.0%  -  0.0%  14  AEW Capital Management  AEW Capital Management  Yield  4.3  1.1%  0.5%  0.0%  0.0%  TITANIUM TOP ACTIVE FUND-LEVEL SHAREHOLDERS                  Rank  Fund  Parent  Fund Style  AUM ($Bn)  % O/STitanium  Titanium as% of Portfolio  % O/SSilver  % O/SSilver PF (b)  28 Virtus Duff & Phelps Real Estate Securities Fund  Duff & Phelps  Yield  0.6  0.3%  1.1%  0.0%  0.0%    29 Salient Select Income Fund  Salient Partners  Yield  0.5  0.3%  1.4%  -  0.0%    30 Brighthouse Funds Trust I  CBRE  Yield  1.3  0.3%  0.5%  0.1%  0.1%    Sub-Total - Top 30 Active Fund Holders        33.0%    4.5%  4.7%    Source: FactSet as of 12/4/2019.                10  Note: (a)(b)  Ownership stake based on basic shares outstanding and excludes OP Units. Based on last 30 day Average Daily Trading Volume.Pro Forma share ownership based on $53 per share offer with consideration mix of 75% cash / 25% stock, resulting in pro forma common share count of ~312MM.  Active Titanium investors hold ~14.6MM Silver shares on a pro forma basis (~$2.2Bn of nominal value) representing ~10 days of trading(a)Non-Silver active investors hold ~0.8MM Silver shares on a pro forma basis (~$113MM of nominal value) representing <1 day of trading(a)~1.8MM new Silver shares issued to Active Titanium investors as a result of transaction (~$268MM of nominal value) representing ~1 day of trading(a) 

       Preliminary Draft Materials – Highly Confidential              Overview of Stock Collars  A P P E N D I X  P R O J E C T M E T A L  STOCK CONSIDERATION  FIXED PRICE OFFER  FIXED EXCHANGE RATIO OFFER        FIXED PRICE COLLAR  FIXED EXCHANGE RATIO COLLAR          Fixed value is delivered to target at closing so long as acquirer’s stock trades within a certain price rangeOutside of this range, shares are delivered at a fixed exchange ratio (lower ratio if acquirer’s stock has appreciated; higher ratio if acquirer’s stock has declined)Limits dilution to acquirer and exposes target to a decline in value received if acquirer’s stock price moves below the low end of the rangeTarget shares in upside value if acquirer’s stock price moves above the high end of the rangeMay be used when acquirer is concerned with dilution and/or target desires certainty of value (within a range of acquirer’s future stock prices)      Number of acquirer shares delivered at closing is fixed at defined exchange ratio so long as acquirer’s stock price trades within a certain price rangeOutside of this range, the number of acquirer shares varies (up or down) so that either a minimum or a maximum fixed value is delivered at closingProvides an absolute value floor to the target, but target retains some upside if acquirer’s stock price increases within the range; value to target is “capped” at the high end of exchange ratio collarAcquirer is fully exposed to share dilution if its stock price drops significantlyMay be used when acquirer is less concerned with dilution or expects limited price depreciation  11 

 Preliminary Draft Materials – Highly Confidential              Illustrative Fixed Exchange Ratio Collar Impact  A P P E N D I X  P R O J E C T M E T A L  ILLUSTRATIVE 10% FIXED EXCHANGE RATIO COLLAR AT 75% CASH / 25% STOCK CONSIDERATION(a)                                                  $52.20  $52.40  $52.60  $52.80  $53.00  $53.20  $53.40  $53.60  $53.80  $128  $132  $136  $140  $156  $160  $164 $168    Value to Titanium ($/Share)  Silver Share Price ($/Share)    $144 $148 $152Titanium Consideration Per Share                                                                  Fixed price delivered below collar floor    Fixed price delivered above collar cap  Fixed exchange ratio delivered within collar range    10% symmetric collar band    Silver Reference Price$149.14  $52.37                                                                                                                                                                            Lower Strike:  $141.68 (-5%)                                                                                                                                    Upper Strike:$156.60 (+5%)  $53.70  $53.00                                                                                     Impl. Exch. Ratio: 0.374x      Impl. Exch. Ratio: 0.338x  Exch. Ratio: 0.355x      FIXED EXCHANGE RATIO COLLAR SENSITIVITIESTitanium Consideration per Share    Silver    20% Fixed Exch. Ratio Collar    75% Cash /10% Fixed Exch. Ratio Collar    25% Stock5% Fixed Exch. Ratio Collar    No Collar (b)    Share Price  Price ∆  Value $  Value ∆  Value $  Value ∆  Value $  Value ∆  Value $  Value ∆  $171.51  15.0%  $54.47  2.8%  $53.70  1.3%  $53.34  0.6%  $54.99  3.7%  164.05  10.0%  54.47  2.8%  53.70  1.3%  53.34  0.6%  54.33  2.5%  160.33  7.5%  53.99  1.9%  53.70  1.3%  53.34  0.6%  53.99  1.9%  156.60  5.0%  53.66  1.3%  53.70  1.3%  53.34  0.6%  53.66  1.3%  152.87  2.5%  53.33  0.6%  53.33  0.6%  53.34  0.6%  53.33  0.6%  $149.14  -  $53.00  -  $53.00  -  $53.00  -  $53.00  -  145.41  (2.5%)  52.67  (0.6%)  52.67  (0.6%)  52.68  (0.6%)  52.67  (0.6%)  141.68  (5.0%)  52.34  (1.3%)  52.37  (1.2%)  52.68  (0.6%)  52.34  (1.3%)  137.95  (7.5%)  52.01  (1.9%)  52.37  (1.2%)  52.68  (0.6%)  52.01  (1.9%)  134.23  (10.0%)  51.80  (2.3%)  52.37  (1.2%)  52.68  (0.6%)  51.68  (2.5%)  126.77  (15.0%)  51.80  (2.3%)  52.37  (1.2%)  52.68  (0.6%)  51.01  (3.8%)  Source: FactSet as of 12/4/2019.  (a)(b)  Assumes symmetric collar band of +/- 5% vs. Silver reference closing price of $149.14 and $53.00 initial expression of interest at 75% cash / 25% stock consideration mix. Assumes fixed exchange ratio.  12 

Exhibit 99 (c)(5)

 PRELIMINARY DRAFT MATERIALS – HIGHLY CONFIDENTIAL FOR INTERNAL USE ONLY              Project Metal  DI S CUS S I ON M AT E RI A L S  1 0 J A N U A R Y 2 0 2 0   C O N F I D E N T I A L  

   PRELIMINARY DRAFT MATERIALS – HIGHLY CONFIDENTIAL FOR INTERNAL USE ONLY              DisclaimerThe information herein has been prepared by Lazard based upon information supplied by Titanium or Silver, or publicly available information, and portions of the information herein may be based upon publicly available statements, estimates and forecasts with respect to the anticipated future performance of Titanium and Silver and/or certain statements, estimates and forecasts provided by Titanium and/or Silver with respect to the anticipated future performance of Titanium and Silver. We have relied upon the accuracy and completeness of the foregoing information, and have not assumed any responsibility for any independent verification of such information or any independent valuation or appraisal of any of the assets or liabilities of Titanium, Silver or any other entity, or concerning solvency or fair value of Titanium, Silver or any other entity. With respect to financial forecasts, we have assumed that they have been reasonably prepared in good faith on bases reflecting the best currently available estimates and judgments as to the future financial performance of Titanium and Silver, as the case may be. We assume no responsibility for and express no view as to such forecasts or the assumptions on which they are based. The information set forth herein is based upon economic, monetary, market and other conditions as in effect on, and the information made available to us as of, the date hereof, unless indicated otherwise. These materials and the information contained herein are confidential and may not be disclosed publicly or made available to third parties without the prior written consent of Lazard; provided, however, that you may disclose to any and all persons the U.S. federal income tax treatment and tax structure of the transaction described herein and the portions of these materials that relate to such tax treatment or structure. Lazard is acting as investment banker to the Special Committee of Titanium, and will not be responsible for and will not provide any tax, accounting, actuarial, legal or other specialist advice. These materials do not constitute tax, accounting, actuarial, legal or other specialist advice, and Lazard shall have no duties or obligations in respect of these materials or other advice provided, except to the extent specifically set forth in an engagement or other written agreement, if any, that is entered into by Lazard and the Special Committee.  P R O J E C T M E T A L   C O N F I D E N T I A L  

     PRELIMINARY DRAFT MATERIALS – HIGHLY CONFIDENTIAL FOR INTERNAL USE ONLY              Preliminary & Illustrative Transaction Analysis: All-Cash Consideration  P R O J E C T M E T A L   Source: Titanium Management projections as presented on [1/6/2020]. All cash flows at Titanium share. Company filings, Green Street Advisors, FactSet as of 1/10/2020.  (a)(b)(c)(d)  Silver Plan for Forever 21 results in a reduction of Forever 21 Rents to Titanium of $3.5MM and 100% flow-through to NOI and FFO. Liquidation Plan for Forever 21 results in a reduction of Forever 21 rents to Titanium of $7MM and 100% flow-through to NOI and FFO. Cap rate based on NTM NOI per GSA.Cap rate based on 2020E Cash NOI per Management projections.        FFO per Share Accretion / (Dilution) to Silver ($ / %):  2020E  0.53 / 4.2%  0.41 / 3.2%  0.40 / 3.2%  0.40 / 3.2%  0.40 / 3.1%  0.39 / 3.1%  0.39 / 3.1%  0.37 / 2.9%  0.57 / 4.3%  0.44 / 3.4%  0.44 / 3.3%  0.43 / 3.3%  0.43 / 3.3%  0.43 / 3.3%  0.43 / 3.2%  0.41 / 3.1%  2021ELeverage    Net Debt / Pro Forma LTM Adjusted EBITDA at ShareChange vs. In-Place Leverage  6.0x0.6x  6.3x0.9x  6.3x0.9x  6.3x0.9x  6.3x0.9x  6.3x0.9x  6.3x0.9x  6.3x0.9x                                                          ($ in MMs, except per share)        Current Price    Revised Expression of Interest            Previous Verbal Offer                            Implied Purchase Price / Share for 70% Interest in Titanium        $ 30.37    $ 57.00  $ 57.50  $ 58.00  $ 58.50  $ 59.00  $ 59.50  $ 60.00  Premiums Analysis - Premium / (Discount) to:                          Current Titanium Share Price ($30.37)        -    87.7%  89.3%  91.0%  92.6%  94.3%  95.9%  97.6%  52-Week Low ($29.59)        2.6%    92.6%  94.3%  96.0%  97.7%  99.4%  101.1%  102.8%  30-Day VWAP ($30.96)        (1.9%)    84.1%  85.7%  87.3%  88.9%  90.6%  92.2%  93.8%  90-Day VWAP ($34.87)        (12.9%)    63.4%  64.9%  66.3%  67.7%  69.2%  70.6%  72.0%  52-Week High ($54.30)        (44.1%)    5.0%  5.9%  6.8%  7.7%  8.7%  9.6%  10.5%  Consensus NAV ($64.15)        (52.7%)    (11.1%)  (10.4%)  (9.6%)  (8.8%)  (8.0%)  (7.2%)  (6.5%)  Green Street NAV ($67.90)        (55.3%)    (16.1%)  (15.3%)  (14.6%)  (13.8%)  (13.1%)  (12.4%)  (11.6%)  Multiples Analysis    M etric                      Implied Price to Consensus Estimates:2020E FFO    $3.68    8.2x    15.5x  15.6x  15.7x  15.9x  16.0x  16.1x  16.3x  2021E FFO    3.88    7.8x    14.7x  14.8x  14.9x  15.1x  15.2x  15.3x  15.5x  Implied Price to M anagement Cases:2020E Management Plan FFO    $3.65    8.3x    15.6x  15.8x  15.9x  16.0x  16.2x  16.3x  16.4x  2020E Management Plan (Silver F21 Plan) FFO (a)    3.61    8.4x    15.8x  15.9x  16.1x  16.2x  16.3x  16.5x  16.6x  2020E Management Plan (F21 Liquidation Plan) FFO (b)    3.57    8.5x    16.0x  16.1x  16.2x  16.4x  16.5x  16.7x  16.8x  2021E Management Plan FFO    $3.73    8.1x    15.3x  15.4x  15.5x  15.7x  15.8x  15.9x  16.1x  2021E Management Plan (Silver F21 Plan) FFO (a)    3.69    8.2x    15.4x  15.6x  15.7x  15.8x  16.0x  16.1x  16.2x  2021E Management Plan (F21 Liquidation Plan) FFO (b)    3.65    8.3x    15.6x  15.7x  15.9x  16.0x  16.1x  16.3x  16.4x  Implied Cap Rates:Implied Acquisition Cash Cap Rate (Management Plan) (d)        7.5%    5.8%  5.7%  5.7%  5.7%  5.7%  5.6%  5.6%  Implied Acquisition Cash Cap Rate (Silver F21 Plan) (a)(d)        7.5%    5.7%  5.7%  5.7%  5.7%  5.6%  5.6%  5.6%  Implied Acquisition Cash Cap Rate (F21 Liquidation Plan) (b)(d)        7.4%    5.7%  5.7%  5.6%  5.6%  5.6%  5.6%  5.5%  Management Case FFO Accretion / (Dilution) to Silver ($ / %):                          2019E:Management Plan        $0.52 / 4.3%    $0.40 / 3.3%  $0.39 / 3.3%  $0.39 / 3.3%  $0.39 / 3.2%  $0.39 / 3.2%  $0.39 / 3.2%  $0.37 / 3.0%  Silver F21 Plan (a)        0.51 / 4.3%    0.39 / 3.2%  0.38 / 3.2%  0.38 / 3.2%  0.38 / 3.2%  0.38 / 3.1%  0.38 / 3.1%  0.36 / 3.0%  F21 Liquidation (b)        0.50 / 4.2%    0.38 / 3.2%  0.37 / 3.1%  0.37 / 3.1%  0.37 / 3.1%  0.37 / 3.1%  0.37 / 3.0%  0.35 / 2.9%  2020E:Management Plan        $0.52 / 4.2%    $0.40 / 3.2%  $0.40 / 3.1%  $0.39 / 3.1%  $0.39 / 3.1%  $0.39 / 3.1%  $0.39 / 3.1%  $0.37 / 2.9%  Silver F21 Plan (a)        0.51 / 4.1%    0.39 / 3.1%  0.39 / 3.1%  0.38 / 3.0%  0.38 / 3.0%  0.38 / 3.0%  0.38 / 3.0%  0.36 / 2.8%  F21 Liquidation (b)        0.50 / 4.0%    0.38 / 3.0%  0.38 / 3.0%  0.37 / 3.0%  0.37 / 2.9%  0.37 / 2.9%  0.37 / 2.9%  0.35 / 2.7%  2021E:Management Plan        $0.54 / 4.1%    $0.42 / 3.2%  $0.41 / 3.1%  $0.41 / 3.1%  $0.41 / 3.1%  $0.40 / 3.1%  $0.40 / 3.1%  $0.38 / 2.9%  Silver F21 Plan (a)        0.53 / 4.0%    0.41 / 3.1%  0.40 / 3.1%  0.40 / 3.0%  0.40 / 3.0%  0.39 / 3.0%  0.39 / 3.0%  0.37 / 2.8%  F 21 Liquidation (b)        0.52 / 4.0%    0.40 / 3.0%  0.39 / 3.0%  0.39 / 3.0%  0.39 / 2.9%  0.38 / 2.9%  0.38 / 2.9%  0.36 / 2.8%  Consensus Accretion / (Dilution)                              1 

Exhibit 99 (c)(6)

 Project Metal  DI S CUS S I ON M AT E RI A L S  1 2 J A N U A R Y 2 0 2 0   C O N F I D E N T I A L  

 Preliminary & Illustrative Transaction Analysis: All-Cash Consideration  P R O J E C T M E T A L   Source: Titanium Management projections as presented on 1/6/2020. All cash flows at Titanium share. Company filings, Green Street Advisors, FactSet as of 1/10/2020.  (a)(b)(c)  Cap rate based on 2020E Cash NOI per Management projections.Silver Forever 21 Sensitivity results in a reduction of Forever 21 Rents to Titanium of $3.5MM and 100% flow-through to NOI and FFO. Liquidation Sensitivity for Forever 21 results in a reduction of Forever 21 rents to Titanium of $7MM and 100% flow-through to NOI and FFO.          Im plied Cap Rate / Multiples Analysis:    Implied Cap Rates:Implied Acquisition Cash Cap Rate (Management Plan) (a)  5.76%  5.74%  5.71%  5.69%  5.66%  5.64%  5.61%  Implied Acquisition Cash Cap Rate (Silver F21 Sensitivity) (a)(b)  5.73%  5.70%  5.68%  5.65%  5.63%  5.60%  5.58%  Implied Acquisition Cash Cap Rate (F21 Liquidation Sensitivity) (a)(c)  5.69%  5.67%  5.64%  5.62%  5.59%  5.57%  5.55%   M etric $3.68  15.5x  15.6x  15.7x  15.9x  16.0x  16.1x  16.3x  Implied Price to Consensus Estimates:2020E FFOImplied Price to M anagement Cases:2020E Management Plan FFO  $3.65  15.6x  15.8x  15.9x  16.0x  16.2x  16.3x  16.4x  2020E Management Plan (Silver F21 Sensitivity) FFO (b)  3.61  15.8x  15.9x  16.1x  16.2x  16.3x  16.5x  16.6x  3.57  16.0x  16.1x  16.2x  16.4x  16.5x  16.7x  16.8x  2020E Management Plan (F21 Liquidation Sensitivity) FFO (c)Leverage:    6.31x0.85x  6.32x0.86x  6.32x0.86x  6.33x0.87x  6.33x0.87x  6.34x0.88x  6.34x0.88x  Transaction Assuming All Cash @ 30% Rollover:Net Debt / Pro Forma LTM Adjusted EBITDA at ShareChange vs. In-Place LeverageTransaction Assuming 75% Cash @ 20% Rollover:Net Debt / Pro Forma LTM Adjusted EBITDA at ShareChange vs. In-Place Leverage  6.25x0.79x  6.25x0.79x  6.26x0.80x  6.26x0.80x  6.27x0.81x  6.27x0.81x  6.28x0.82x                                                          ($ in MMs, except per share)  RevisedExpression of Interest            PreviousVerbal Offer  Implied Purchase Price / Share for Titanium  $ 57.00  $ 57.50  $ 58.00  $ 58.50  $ 59.00  $ 59.50  $ 60.00  Premiums Analysis - Premium / (Discount) to:                Current Titanium Share Price ($30.37)  87.7%  89.3%  91.0%  92.6%  94.3%  95.9%  97.6%  52-Week Low ($29.59)  92.6%  94.3%  96.0%  97.7%  99.4%  101.1%  102.8%  30-Day VWAP ($30.91)  84.4%  86.0%  87.7%  89.3%  90.9%  92.5%  94.1%  90-Day VWAP ($34.85)  63.5%  65.0%  66.4%  67.9%  69.3%  70.7%  72.2%  52-Week High ($54.30)  5.0%  5.9%  6.8%  7.7%  8.7%  9.6%  10.5%  Consensus NAV ($64.15)  (11.1%)  (10.4%)  (9.6%)  (8.8%)  (8.0%)  (7.2%)  (6.5%)  Green Street NAV ($67.90)  (16.1%)  (15.3%)  (14.6%)  (13.8%)  (13.1%)  (12.4%)  (11.6%)      1 

 Illustrative Relative Trading Performance at Various Prices  P R O J E C T M E T A L   Source: Titanium Management projections as presented on 1/6/2020. All cash flows at Titanium share. Company filings, Green Street Advisors, FactSet as of 1/10/2020.  (a)(b)(c)  Assumes Titanium price and estimates at 1/10/2020. Reflect changes in GSA forecasts on 12/3/2019.Cap rates based on reported NTM GSA NOI at the date.        Silver Price Historical Silver Current Price Sensitivity (a)                                          ($ in MMs, except per share)  10/24/2019  12/6/2019  Current              Price / Share for Silver  $ 154.44  $ 148.24  $ 144.79  $ 130.31  $ 137.55  $ 152.03    $ 159.27    P / (D) to Current Price  6.7%  2.4%  -  (10.0%)  (5.0%)  5.0%    10.0%    Trading Metrics:                    Silver:                    20-Day VWAP  $150.21  $150.57  $145.22  $145.22  $145.22  $145.22    $145.22    Spot P / (D) to 20-Day VWAP  2.8%  (1.5%)  (0.3%)  (10.3%)  (5.3%)  4.7%    9.7%    Titanium:                    Price / Share for Titanium  $37.79  $31.72  $30.37  $30.37  $30.37  $30.37    $30.37    20-Day VWAP  37.77  32.89  30.58  -  -    -    -  Spot P / (D) to 20-Day VWAP  0.1%  (3.5%)  (0.7%)  -  -    -    -  Multiples Analysis:                    Silver:                    Consensus 2019E FFO / Multiple  $12.09 / 12.8x  $12.05 / 12.3x  $12.04 / 12.0x  $12.04 / 10.8x  $12.04 / 11.4x  $12.04 / 12.6x    $12.04 / 13.2x    Consensus 2020E FFO / Multiple  12.74 / 12.1x  12.65 / 11.7x  12.64 / 11.5x  12.64 / 10.3x  12.64 / 10.9x  12.64 / 12.0x    12.64 / 12.6x    Implied Cap Rate (GSA) (b)(c)  6.42%  6.55%  6.65%  7.11%  6.87%  6.44%    6.25%    NAV Analysis                    Silver:                    Consensus NAV / Spot P / (D)  $187.43 / (17.6%)  $176.62 / (16.1%)  $175.74 / (17.6%)  $175.74 / (25.9%)  $175.74 / (21.7%)  $175.74 / (13.5%)    $175.74 / (9.4%)    GSA NAV / Spot P / (D)  169.58 / (8.9%)  169.13 / (12.4%)  169.13 / (14.4%)  169.13 / (23.0%)  169.13 / (18.7%)  169.13 / (10.1%)    169.13 / (5.8%)    Im plied Titanium Prices:Titanium @ Silver P / (D) GSA NAV  $61.36  $57.76  $52.85  $47.57  $50.21  $55.49    $58.14    Titanium @ Silver P / (D) Cons. NAV  62.76  59.51  58.13  52.32  55.22  61.03    63.94    2 

 Implied Prices From Brookfield / GGP  P R O J E C T M E T A L   Source: Titanium Management projections as presented on 1/6/2020. All cash flows at Titanium share. Company filings, Green Street Advisors, Wall Street Research and FactSet as of 1/10/2020.  (a)(b)(c)  Assumes a blended price of $21.79 based on a mix of elections by GGP shareholders.NTM FFO and AFFO per GGP standalone projections per 13E-3 filings. Titanium FFO based on 2020E per Management projections. Titanium AFFO based on consensus estimates. Titanium cap rate based on 2020E Cash NOI per Management projections.  /      NTM FFO  P/(D) to  P/(D) to  Implied  Cash / Stock   Multiple (b)    Consensus NAV    GSA NAV    Cap Rate (c)    Consideration   Metric (a)  14.4x  (22.4%)  (15.4%)  5.73%  61% / 39%  Implied Titanium Price  $52.66  $49.81  $57.46  $57.62    Target Sales PSF  $611  On 11/13/2017, Brookfield Property Partners (“BPY”) issued a press release about an unsolicited offer to acquire GGP Inc. (“GGP”)Represents blended offer price of $22.93 (implied cap rate of 5.57%) based on a 50/50 election of cash ($23/share) and 0.9656 BPY Units ($22.87/share)On 3/26/2018, BPY announced that it had agreed to acquire GGPRepresents blended offer price of $21.79 (implied cap rate of 5.73%) based on a 61/39 election of cash ($23.50/share) and 1.0 BPY or BPR Units ($19.20/share)~5% decline in blended offer price over process driven by ~10% decline in value of BPY Unit consideration over the same period offset by increase in cash mix percentage and valueGGP price on previous close to announcement was $19.01 vs. an accepted blended offer of $21.79GGP average Sales PSF were $611 vs. $838 for Titanium  On the unaffected date (11/06/2017):  Titanium Price: $46.30  Silver Price: $154.99  Exchange Ratio: 0.299x  On announcement date (3/26/2018):  Titanium Price: $57.22  Silver Price: $153.32  Exchange Ratio: 0.373x  3 

Exhibit 99 (c)(7)

               HIGHLY CONFIDENTIAL  Project Metal  D I S C U S S I O N M AT E R I A L S  2 2 J A N U A R Y 2 0 2 0  C O N F I D E N T I A L 

                 HIGHLY CONFIDENTIAL  DisclaimerThe information herein has been prepared by Lazard based upon information supplied by Titanium or Silver, or publicly available information, and portions of the information herein may be based upon publicly available statements, estimates and forecasts with respect to the anticipated future performance of Titanium and/or certain statements, estimates and forecasts provided by Titanium with respect to the anticipated future performance of Titanium. We have relied upon the accuracy and completeness of the foregoing information, and have not assumed any responsibility for any independent verification of such information or any independent valuation or appraisal of any of the assets or liabilities of Titanium, Silver or any other entity, or concerning solvency or fair value of Titanium, Silver or any other entity. With respect to financial forecasts, we have assumed that they have been reasonably prepared in good faith on bases reflecting the best currently available estimates and judgments as to the future financial performance of Titanium. We assume no responsibility for and express no view as to such forecasts or the assumptions on which they are based. The information set forth herein is based upon economic, monetary, market and other conditions as in effect on, and the information made available to us as of, the date hereof, unless indicated otherwise. These materials and the information contained herein are confidential and may not be disclosed publicly or made available to third parties without the prior written consent of Lazard; provided, however, that you may disclose to any and all persons the U.S. federal income tax treatment and tax structure of the transaction described herein and the portions of these materials that relate to such tax treatment or structure. Lazard is acting as investment banker to the Special Committee of Titanium, and will not be responsible for and will not provide any tax, accounting, actuarial, legal or other specialist advice. Lazard is not providing an opinion as to the relative merits of a transaction with Silver as compared to any other transaction or business strategy in which Titanium might engage or the merits of the underlying decision by Titanium to engage in a transaction with Silver. These materials do not constitute tax, accounting, actuarial, legal or other specialist advice, and Lazard shall have no duties or obligations in respect of these materials or other advice provided, except to the extent specifically set forth in the engagement agreement that has been entered into by Lazard and the Special Committee.  P R O J E C T M E T A L  C O N F I D E N T I A L 

                 HIGHLY CONFIDENTIAL  Table of Contents  P R O J E C T M E T A L  C O N F I D E N T I A L  I EXECUTIVE SUMMARY & SITUATION OVERVIEW  1  II TITANIUM MANAGEMENT BUSINESS PLAN  5  III TITANIUM FINANCIAL ANALYSIS  7 

                 HIGHLY CONFIDENTIAL  C O N F I D E N T I A L  I Executive Summary & Situation Overview  P R O J E C T M E T A L 

             HIGHLY CONFIDENTIALP R O J E C T M E T A L I E X E C U T I V E S U M M A R Y & S I T U A T I O N O V E R V I E WExecutive Summary: Situation OverviewThe Special Committee of the Board of Titanium is contemplating a transaction whereby entities affiliated with Silver would acquire for $57 per share/unit in cash (i) 100% of Titanium common equity and (ii) a number of OP units owned by the Titanium Family (the “Converting Titanium Family OP Units”) such that the Titanium Family would retain a 20% economic interest in a NewCo JV with Silver post-closing (the “Transaction”); the Titanium organization is expected to remain in place and continue managing the portfolio under a new operating agreementTitanium owns, operates and develops high quality shopping malls across the U.S., Puerto Rico, South Korea and ChinaMarket capitalization of ~$5.1Bn and a TEV of ~$10.3Bn at share based on the indicative $57 per share/unit offer priceTitanium’s Board has been active in considering opportunities for value creation given Titanium’s trading discount and operating and capital markets challengesTitanium share price of $32.43 as of 1/21/2020 represents a ~48% discount to NAV(a)Trading relative to Silver has weakened significantlyCurrent Titanium NTM FFO multiple of 8.8x represents a 3.0x discount to Silver, and compares to a 1.6x discount and 0.4x premium over a 1-year and 3-year historical average, respectively(b)Implied exchange ratio of 0.22x as of 1/21/2020 remains near an all-time lowTransaction represents second attempt at a potential tie up between Titanium and SilverSilver (in partnership with Westfield America) previously made an unsolicited offer for Titanium in late 2002Proposal of $20 represented a ~35% premium to Titanium’s unaffected price as of 11/12/2002Transaction could not be completed as Titanium Family did not support the deal as proposed  Source:  (a)(b)  Titanium Management projections as presented on 1/6/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the draft Agreement and Plan of Merger dated [1/20/2020] and draft Joint Venture Operating Agreement dated [1/20/2020]. Company filings, FactSet, Green Street Advisors and SNL Financial as of 1/21/2020.FactSet Consensus NAV of $62.83 and GSA NAV estimate of $67.90. Per FactSet consensus estimates.  1 

 HIGHLY CONFIDENTIAL              I E X E C U T I V E S U M M A R Y & S I T U A T I O N O V E R V I E W  P R O J E C T M E T A L  Executive Summary: Situation Overview (cont’d)Titanium Family retains substantial control rights vis-à-vis the publicly traded company and subsidiary entitiesAbility to vote ~30% economic interest through Series B preferred sharesConsent right over any sale of (i) the Titanium OP and (ii) the Designated Properties(a)Bargain purchase option with respect to Titanium’s management platformTransaction contemplates Silver’s acquisition of (i) 100% of Titanium common equity and (ii) the Converting Titanium Family OP UnitsTitanium Family will roll its interest such that it will retain 20% of NewCo JV with Silver owning the 80% balanceAll-cash consideration of $57 per share/unit for selling share/unitholdersIncludes Titanium common equity and Series B preferred shares held by Titanium FamilyCertain non-Titanium Family unitholders may elect to receive Silver OP units in lieu of cashTitanium organization to remain in place with Titanium Family retaining significant governance rightsTitanium Family governance rights subject to its retaining >8% ownership of NewCo JVTitanium Family will have right beginning at the 2nd anniversary of closing to sell 20% of its interest annuallySale right cumulative such that up to 40% could be sold after the 3rd anniversary, 60% after the 4th anniversary, etc.Titanium Family also will have a one-time right to sell 100% of its interest between the 2nd and 3rd anniversary of closingValuation would reflect the greater of (i) applying Silver’s LTM FFO multiple to Titanium’s LTM FFO (excluding G&A) and (ii) third-party valuation process (excluding G&A, but including a market-rate management fee)  Source:  (a)  Titanium Management projections as presented on 1/6/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the draft Agreement and Plan of Merger dated [1/20/2020] and draft Joint Venture Operating Agreement dated [1/20/2020]. Company filings, FactSet, Green Street Advisors and SNL Financial as of 1/21/2020.Designated Properties are Beverly Center, Cherry Creek Shopping Center, Twelve Oaks Mall, The Mall at Short Hills and Stamford Town Center.  2 

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         -  $80$70$60$50$40$30$20$10  Apr-17  Jul-17  Apr-18  Jul-19  Oct-19  Jan-20  HIGHLY CONFIDENTIALP R O J E C T M E T A L I E X E C U T I V E S U M M A R Y & S I T U A T I O N O V E R V I E WTitanium Common Share Price PerformanceTitanium is trading near a 3-year low, and is down ~36% in the last 12 months and ~21% since Forever 21’s bankruptcy announcement  Source:(a)  Company filings, FactSet and Bloomberg as of 1/21/2020.Elliott Management entered position at a weighted average price of $49.03 and exited position at a weighted average price of $55.07 per Bloomberg.                                      A  2/9/2017: Reports solid 16YE Earnings but gives 17YE Guidance less than consensus  G  3/26/2018: GGP agrees to be acquired after Brookfield raises its offer  M  11/2/2018: Announced $500MM redesign of Beverly Center  B  3/2/2017: L&B issues letter proposing the nomination of 2 directors to the board  H  5/16/2018: Elliot Management reported to have sold its stake(a)  N  2/14/2019: Announced agreement to sell 50% of interest in 3 Asia-backed shopping centers  C  11/13/2017: Bloomberg reports that Elliot Management is building a stake(a)  I  5/18/2018: ISS voices support for L&B Plan; Litt subsequently elected to Board  O  4/30/2019: Lowered FFO outlook and disclosed acquisition of interest in The Gardens Mall  D  11/13/2017: Brookfield Property proposes an acquisition of GGP for $23.00/share  J  7/30/2018: Titanium forms JV to construct a shopping mall in South Korea  P  5/30/2019: Jonathan Litt steps down from the Board; L&B issues letter following month  E  12/12/2017: Unibail-Rodamco agrees to acquire Westfield Corp.  K  10/15/2018: Sears files for bankruptcy  Q  9/19/2019: Announced completion of sale of 50% interest in Starfield Hanam to Blackstone  F  3/19/2018: Claire’s files for bankruptcy  L  10/30/2018: Q3 Earnings beat, but guides down Q4 numbers below consensus  R  9/30/2019: Forever 21 files for bankruptcy                                                                                                                                                                                                                              TITANIUM COMMON SHARE PRICE SINCE 2017  Titanium Share Price  Volume (MM)  7.06.05.04.03.0$32.432.01.0    Jan-19 Apr-19Shareholder Activism  Jul-18 Oct-18Transactions News    Industry News    Oct-17 Jan-18Operations / Capital Allocation    11.9%    Jan-17Short Interest % Over Time      A      B      C      D      G      H      I    J    F      K    E            L      M    N    O    P      Q      R                $57 Offer Price      3 

 HIGHLY CONFIDENTIAL              Executive Summary: Transaction Overview  I E X E C U T I V E S U M M A R Y & S I T U A T I O N O V E R V I E W  P R O J E C T M E T A L  SUMMARY OVERVIEW  Transaction contemplates Silver’s acquisition of (i) 100% of Titanium common equity and (ii) the Converting Titanium Family OP UnitsAll-cash consideration of $57 per share/unitCertain incentive equity awards not eligible for vesting at closing would be exchanged for similar awards in NewCo$363MM of Titanium Series J/K Preferred Stock to be redeemed for cashExisting Titanium debt to be assumed or refinanced at closingNo financing conditionShareholder vote conditions:2/3 of Titanium common stock and Series B Preferred Stock (voting together)Majority of Titanium common stock and Series B Preferred Stock (voting together) excluding any shares owned the Titanium FamilyMajority of Series B Preferred StockTitanium OP Approval by a majority of partners other than Titanium and any Parity Preferred Partner45-day Go-Shop to commence at signingTitanium Family will have right beginning at the 2nd anniversary of closing to sell 20% of its interest annuallyCumulative sale right such that 100% may be sold after 6-yearsOne-time right to sell 100% between 2- and 3-yearsAll financial analysis reflects Titanium projections at its respective ownership share in its portfolio of real estate and other assets  IMPLIED TITANIUM VALUATION ($MM)  ($ in MMs, presented at share)  Total Consideration per Titanium Share/Unit  $57.00  S hares/Units Outstanding (MM)Common Shares Outstanding  61.2  TRG Units  26.4  Other Dilutive Securities (a)  1.0  Total Shares/Units Outstanding (MM) 88.6  Implied Market Capitalization $5,052  Consolidated Secured Debt at Share Share of Unconsolidated Secured Debt Credit Facilities & Term Loans (b)  $2,220 1,5101,200  Outstanding Debt $4,930  Preferred StockLess: Cash & Equivalents  363(68)  Total Enterprise Value $10,277  Development @ Book Value Peripheral LandOther Tangible (Assets) & Liabilities  (259)(17)112  Value of Operating Real Estate $10,114   SELECT VALUATION & TRADING METRICS Implied Premium / Discount to Titanium Share Price:  75.8%92.6%5.0%  As of 1/21/2020 ($32.43)52-Week Low ($29.59 on 12/17/2019)52-Week High ($54.30 on 4/5/2019)S elect VWAP Observations:  20-Day VWAP ($31.04)30-Day VWAP ($30.91)90-Day VWAP ($33.89)6-Month VWAP ($35.70)1-Year VWAP ($40.45)  83.7%84.4%68.2%59.6%40.9%  (16.1%)(9.3%) Consensus Mgmt.   15.5x22.6xGreen Street    15.6x22.2xMgmt.    Green Street NAV ($67.90) Consensus NAV ($62.83)Implied Multiples on Offer Price (Cons. / Mgmt.):2020E FFO per Share/Unit ($3.68 / $3.65)2020E AFFO per Share/Unit ($2.52 / $2.57)Implied Cap Rate:2020E Cash NOI at Share (c)  5.7%  5.8%      Source:  Note: (a)  (b)(c)  Titanium Management projections as presented on 1/6/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the draft Agreement and Plan of Merger dated [1/20/2020] and draft Joint Venture Operating Agreement dated [1/20/2020]. Company filings, FactSet, Green Street Advisors and SNL Financial as of 1/21/2020.Net debt reflects 2019E projected balances per Management. Development at Book Value, Peripheral Land and Other Tangible Assets / (Liabilities) as of 9/30/2019.Assumes Management-provided share/unit count as of 12/31/2019 which includes RST Phantom Units, Award Profits Units and additional common shares assuming conversion of Series B Preferred Stock.Includes $12MM debt attributed to Titanium’s US office headquarters. Green Street implied cap rate represents NTM NOI as of Q3 2019.  4 

                 HIGHLY CONFIDENTIAL  C O N F I D E N T I A L  II Titanium Management Business Plan  P R O J E C T M E T A L 

             HIGHLY CONFIDENTIALP R O J E C T M E T A L I I T I T A N I U M M A N A G E M E N T B U S I N E S S P L A NTitanium Management Business Plan: Summary Projections  KEY MANAGEMENT ASSUMPTIONS  PROJECTED INCOME STATEMENT @ TITANIUM SHARE   2020E: Reflects Management budget NOI: Reflects Management designation on forward outlook and supported by property-levelExisting property growth at 2.0% for Tier I assets, 0.0% for Tier II assets, (2.0)% for Tier III assets and 4.0% for Asian assetsTiered growth rates are before any impact from center-specific development activity G&A: Budgeted internally for 2020E and grown at 2.0% thereafterIncludes share of Asia G&A initially at$8.2MM in 2020B increasing to $10.5MM by 2024E Capex: Run-rate of ~$60-70MM in maintenance capex starting in 2021E, with variance driven primarily by leasing activity and deferred capexProject capex relates to currently identified opportunities and renovations, and includes~$105MM related to Anseong development Dividend: No dividend growth assumed  Source:(a)(b)  (c)  Company filings and Titanium Management projections as presented on 1/6/2020. All cash flows at Titanium share.Excludes Redevelopment NOI at Beverly Center due to straight-line growth projection.Includes $11MM in EBITDA-related adjustments (shareholder activism, restructuring, transaction expenses, one-time promote fee, FV adjustment of equity securities) and $2MM in income tax-related adjustments (Blackstone transaction and promote fee).FFO per Company definition.                                  ($ in MMs, @ Titanium Share) Management Projections 2019E 2020B 2021E 2022E 2023E 2024E        Titanium Comparable Cash NOIStraight-Line of Rents  $5909  $5827  $5888  $5998  $6108  $6188  GAAP Comparable NOI  $600  $589  $597  $608  $618  $626  -  1010  1.3%$19 90  1.9%$28 70  1.7%$34 60  1.4%$42 50  -  (1.8%)$1 1001  -  --  --  --  --  Comparable NOI Growth Development NOI (a) Lease Cancellation Income Non-Operating IncomeAnseong Property Management Fee Other IncomeU.S. Recurring G&A Asia G&A  4(46)(11)  (41)(8)  (42)(10)  (42)(10)  (43)(10)  (44)(10)  Recurring EBITDA  $565  $552  $573  $591  $605  $619  (2.3%)  3.7%  3.2%  2.4%  2.4%  -  -  -  -  -  (197)(4)(1)(2)(23)  (210)(4)(1)(2)(23)  (217)(4)(1)(2)(23)  (227)(4)(2)(2)(23)  (225)(4)(2)(2)(23)  Recurring EBITDA GrowthNon-Recurring Items - EBITDA (b) Interest ExpenseNon-Real Estate Depreciation Income Tax ExpenseIncome Tax Preferred Dividends Other Cash Items  ($11)(207)(5)(3)(3)(23)(2)  - - - - -  Funds From Operations (c) $312 $324 $332 $343 $346 $363  Non-Recurring Items (b) 13 - - - - -  Adjusted Funds From Operations Adjusted FFO per Share/Unit  $325 $324 $332 $343 $346 $363$3.68 $3.65 $3.73 $3.85 $3.88 $4.06  Adjusted FFO per Share/Unit GrowthStraight-Line of RentsStraight-Line of Ground Leases Capital Expenditures - CAM Capital Expenditures - Leasing  (0.7%)($7) 2(49)(42)  2.3%($8) 2(35)(34)  3.1%($8) 2(32)(40)  0.8%($8) 2(30)(33)  4.6%($8) 2(28)(31)  Funds Available for Distribution FAD per Share/Unit  $228 $256 $264 $276 $297$2.57 $2.88 $2.96 $3.10 $3.32   CAGR '19E-'24E '20B-'24E 0.9% 1.5%0.9% 1.5%1.8% 2.9%2.3% 2.9%2.0% 2.7%6.8%6.6%  12.1%$4 11  2.8%$4 11  4.6%$4 11  7.2%$4 11  -  -  -  --  FAD per Share/Unit Growth Non-Real Estate Depreciation Stock-Based CompensationProceeds from Stamford & X'ian Sales Development & Renovation CapEx Fees Associated w/ Financing Activity Debt AmortizationDebt Draw/(Paydown) - ex. Revolver  $4 1152(238)(0)(32)252  (92)(0)(41)3  (60)(0)(46)103  (43)(3)(46)207  (6)(46)122  Net Change in Cash (Pre-Distributions) $278 $141 $275 $407 $382 Distributions (236) (236) (236) (236) (236) Net Change in Cash (Post-Distributions) $42 ($94) $39 $171 $146                                                                                                                          5 

             HIGHLY CONFIDENTIALP R O J E C T M E T A L I I T I T A N I U M M A N A G E M E N T B U S I N E S S P L A NTitanium Management Business Plan: Summary Projections (cont’d)  KEY MANAGEMENT ASSUMPTIONS  PROJECTED CAPITAL STRUCTURE @ TITANIUM SHARE   2020E: Reflects Management budget; 2019E reflects cash flow bridge between Q3 and Q4 2019 Mortgage Debt: Secured debt assumed to roll at debt yields of ~10-15% depending on property, with interest rates generally assumed at 5.0-5.5%Asian debt balances pro forma assuming Blackstone sale closed at year-end 2019E Corporate Debt: Refinanced at par with same fixed interest rate / spread to LIBORCorporate revolver partially paid down with remaining proceeds from sale of X’ian JV, expected to be received Q1 2020 LIBOR: All floating rate debt not subject to swap agreements utilizes projected 1M forward LIBOR curve plus 25bps of cushion + quoted spread Cash Balance: Assumes minimum cash balance of $50MM starting in 2020E; Asia balance accrues through FCF generation Asset Sales: Assumes Stamford sold at year- end 2020E for $25MM at share; ~$27MM of X’ian proceeds to be received in Q1 2020Stamford sale reflects ~15% cap rate Shares/Units Outstanding: Assumes no equity issuance other than vesting of in-place awards and continuation of stock-based compensation at~$11MM per year  Source:(a)(b)  Company filings and Titanium Management projections as presented on 1/6/2020. All cash flows at Titanium share.Reflects debt attributed to Titanium’s US office headquarters.2024E Net Debt / NTM EBITDA ratio assumes 2024E EBITDA is grown at rate equal to 5-year recurring EBITDA CAGR of ~1.8%.                       Management Projections 2019E 2020B 2021E 2022E 2023E 2024E        ($ in MMs, @ Titanium Share)D ebt Summary:Consolidated Mortgages Unconsolidated Mortgages  $2,220 1,510  $2,323 1,628  $2,273 1,640  $2,248 1,722  $2,423 1,708  $2,403 1,803  Total Mortgage DebtImplied Mortgage Debt YieldUnsecured Term Loans Other Unsecured Debt (a)Unsecured Revolving Credit Facilities  $3,73015.8%$525 12663  $3,95114.7%$525 12676  $3,91315.5%$525 12781  $3,97015.8%$525 12757  $4,13115.6%$525 12614  $4,20715.7%$525 12497  Total Unsecured Debt  $1,200  $1,213  $1,318  $1,294  $1,151  $1,034  Total Debt  $4,930  $5,164 $5,232 $5,264 $5,282 $5,241  Implied Total Debt YieldPreferred Equity  12.0%363  11.3%363  11.6%363  11.9%363  12.2%363  12.6%363  Total Debt & Preferred EquityLess: U.S. Cash Less: Asia Cash  $5,293(63)(5)  $5,527(50)(73)  $5,594(50)(84)  $5,626(50)(99)  $5,645(50)(127)  $5,604(50)(157)  Total Net Debt & Preferred Equity $5,225 $5,403 $5,460 $5,478 $5,467 $5,397  9.4x 9.2x 9.1x 8.8x 8.6x  Net Debt & Pref. / NTM EBITDA (b) 9.5xC hange in Debt: Debt Amortization Debt IssuanceRevolver Draw/(Paydown)  ($32) 25213  ($41) 3105  ($46) 103(25)  ($46) 207(143)  ($46) 122(117)  Change in Debt Balance  $234  $68  $32  $18  ($41)  D ebt & Preferred Service:Interest ExpensePreferred Dividends Debt Amortization  $196 2332  $210 2341  $217 2346  $227 2346  $225 2346  Annual Debt & Preferred Service $250 $274 $286 $297 $294  Basic Shares/Units Outstanding Plus: Dilution Impact  87.31.1  87.61.2  87.61.2  87.61.4  87.61.7  87.61.9  Diluted Shares/Units Outstanding 88.3 88.8 88.9 89.1 89.3 89.5   CAGR '19E-'24E '20B-'24E2.4% 1.6%1.2% 0.4%1.1% 0.3%0.7% (0.0%)3.6%- 9.8%4.1%0.2%                                                                                                  6 

                 HIGHLY CONFIDENTIAL  C O N F I D E N T I A L  III Titanium Financial Analysis  P R O J E C T M E T A L 

 HIGHLY CONFIDENTIAL              I I I T I T A N I U M F I N A N C I A L A N A L Y S I S  P R O J E C T M E T A L                                                                                                        Titanium Valuation RangeMETHODOLOGY IMPLIED $ PRICE PER SHARE/UNIT RANGE  COMMENTS & ASSUMPTIONS  Discounted Cash Flows  WACC range of 5.5-6.5%Exit cap rate range of 5.5-6.5%  Select Comparable Companies Public Trading  Current NTM FFO (x)  7.5-11.5x range applied to Titanium’s NTM FFO per share/unit of $3.65 (2020E FFO)Midpoint reflects current average NTM FFOx of Select Comparable Companies  1-Year NTM FFO (x)  9.2-13.2x range applied to Titanium’s NTM FFO per share/unit of $3.65 (2020E FFO)Midpoint reflects 1-year historical average NTM FFOx of Select Comparable Companies  3-Year NTM FFO (x)  11.1-15.1x range applied to Titanium’s NTM FFO per share/unit of $3.65 (2020E FFO)Midpoint reflects 3-year historical average NTM FFOx of Select Comparable Companies  Transaction Precedents  5.8% cap rate + 50bps based on average of Brookfield / GGP and WPG / Glimcher transactions  Additional Analysis(For Reference Purposes Only)  52-Week High/Low  52-Week High on 4/5/201952-Week Low on 12/17/2019  Analyst Price Target Estimates  Reflects range across ten analyst estimatesMean and median price targets of $35.65 and $33.50 per share, respectively  Comparable Company Trading Premium/ (Discount) to NAV  Reflects applied 14-42% discount range to FactSet consensus NAV estimate of $62.83High / low driven by observed trading at Silver and MACGSA NAV estimates of $67.90 (for reference)    Premiums Paid Analysis  Reflects 13.1-22.4% premium range implied by the 25th and 75th percentiles from 17 U.S. REIT transactions >$1Bn in last 5-years where cash comprised >50% of aggregate considerationApplied to Titanium’s closing price of $32.43 on 1/21/2020  Titanium Stock Price as of 1/21/2020: $32.43 Silver Proposed Offer: $57.00                                    $44.82  $27.54  $33.69  $40.63  $47.49  $29.59  $29.50  $36.58  $36.68  $65.39  $42.14  $48.29  $55.23  $67.28  $54.30  $55.00  $54.00  $39.71  $20.00 $30.00 $40.00 $50.00 $60.00 $70.00 $80.00  Source:  Note:  Titanium Management projections as presented on 1/6/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the draft Agreement and Plan of Merger dated [1/20/2020] and draft Joint Venture Operating Agreement dated [1/20/2020]. Company filings, Green Street Advisors, FactSet and SNL Financial as of 1/21/2020.Analysis at 12/31/2019 and uses mid-year convention. Net debt reflects 2019E projected balances per Management. Assumes Management-provided share/unit count as of 12/31/2019 which includes RST Phantom Units, Award Profits Units and additional common shares assuming conversion of Series B Preferred Stock.  7 

 HIGHLY CONFIDENTIAL              Discounted Cash Flow Analysis  I I I T I T A N I U M F I N A N C I A L A N A L Y S I S  P R O J E C T M E T A L  Source:  Note:  (a)(b)(c)(d)  Titanium Management projections as presented on 1/6/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the draft Agreement and Plan of Merger dated [1/20/2020] and draft Joint Venture Operating Agreement dated [1/20/2020]. Company filings, FactSet, Green Street Advisors and SNL Financial as of 1/21/2020.Analysis at 12/31/2019 and uses mid-year convention. Net debt reflects 2019E projected balances per Management. Assumes Management-provided share/unit count as of 12/31/2019 which includes RST Phantom Units, Award Profits Units and additional common shares assuming conversion of Series B Preferred Stock. Peripheral Land and Net Other Assets / (Liabilities) as of 9/30/2019.Exit cap rate based on 3-year mean implied cap rates of Select Comparable Companies with + 50bps range applied. Excludes Development NOI at Beverly Center due to straight-line growth projection per Management.2019E includes $11MM in EBITDA-related adjustments related to shareholder activism, restructuring, transaction expenses, a one-time promote fee and FV adjustment of equity securities. Assumes 6.0% discount rate.  SUMMARY CASH FLOWS @ TITANIUM SHARE                                            Straight-Line of Rent & Ground Leases  (6)  (7)  (7)  (7)  (7)  Other Non-Cash Items  49  (4)  (4)  (4)  (4)   Capital Costs            Capital Expenditures  (90)  (69)  (72)  (63)  (59)  Development Spend  (238)  (92)  (60)  (43)  -  Unlevered Cash Flow  $267  $402  $448  $488  $549  Terminal Value @ 6.0% Exit Cap Rate  -  -  -  $11,005    Total Unlevered Cash Flow & Terminal Value  $267  $402  $448  $11,493        KEY ASSUMPTIONS          Implied Enterprise Value  $10,033  Consolidated Secured Debt at Share  (2,220)  Share of Unconsolidated Secured Debt  (1,510)  Credit Facilities & Term Loans  (1,200)  Preferred Stock  (363)  Cash & Equivalents @ Share  68  Implied Equity Value  $4,808  Implied Value per Share/Unit  $54.24  Titanium Shares/Units Outstanding  88.6      Valuation Date 12/31/2019Discount Rate (WACC) 6.0%      ($ in MMs @ Titanium Share)  2019E   Management Projections 2020B 2021E 2022E 2023E 2024E            CA'19E-'24E  GR20E-'24E  2024E Total Cash NOI  $660    Titanium Comparable Cash NOI  $590  $582  $588  $599  $610  $618    0.9%  1.5%  Exit Cap Rate (a)  6.0%    Non-Cash Adjustments  9  7  8  8  8  8        Implied Terminal Valuation  $11,005    GAAP Comparable NOI  $600  $589  $597  $608  $618  $626    0.9%  1.5%  Implied 2023E FFO Multiple  16.0x    Comparable NOI Growth    (1.8%)  1.3%  1.9%  1.7%  1.4%        Implied EBITDA Exit Multiple  17.8x    Development NOI (b)  -  1  19  28  34  42        Implied Perpetuity Growth Rate  1.0%    Lease Cancellation Income  10  10  9  7  6  5              Non-Operating Income  13  1  0  0  0  0        IMPLIED VALUATION ANALYSIS      U.S. Recurring Corporate G&A (c)  (46)  (41)  (42)  (42)  (43)  (44)        2020E-2023E Discounted Cash Flows  $1,413    Asia G&A at Share  (11)  (8)  (10)  (10)  (10)  (10)        Terminal Value NPV  8,715    Recurring EBITDA  $565  $552  $573  $591  $605  $619    1.8%  2.9%  Net Other Assets & (Liabilities)  (112)    Recurring EBITDA Growth    (2.3%)  3.7%  3.2%  2.4%  2.4%        Peripheral Land  17     Other Cash Flow Items                    Discount Rate  Implied Perpetuity    6.5%  6.0%  5.5%  Growth (d)  6.5%  $44.82  $46.68  $48.57  0.6%  6.0%  52.25  54.24  56.28  1.0%  5.5%  61.02  63.18  65.39  1.4%  Exit Cap Rate  SENSITIVITY ANALYSIS      8 

 HIGHLY CONFIDENTIAL              Discounted Cash Flow Analysis: Select Sensitivity Analyses  I I I T I T A N I U M F I N A N C I A L A N A L Y S I S  P R O J E C T M E T A L  Source:  Note:  (a)(b)  Titanium Management projections as presented on 1/6/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the draft Agreement and Plan of Merger dated [1/20/2020] and draft Joint Venture Operating Agreement dated [1/20/2020]. Company filings, FactSet, Green Street Advisors and SNL Financial as of 1/21/2020.Analysis at 12/31/2019 and uses mid-year convention. Net debt reflects 2019E projected balances per Management. Assumes Management-provided share/unit count as of 12/31/2019 which includes RST Phantom Units, Award Profits Units and additional common shares assuming conversion of Series B Preferred Stock. Peripheral Land and Net Other Assets / (Liabilities) as of 9/30/2019.NOI growth rate sensitivity applied to same-store NOI and excludes NOI impact driven by redevelopment activity as scheduled by Management. Development Yield sensitivity reflects a change in assumed yield on scheduled projects excluding Beverly Center, Green Hills and Country Club Plaza.  WACC VS. NOI GROWTH ASSUMPTION  NOI Growth Rate (a)  (100bps)  -  100bps  6.5%  $48.64  $52.25  $55.95  6.0%  50.57  54.24  58.01  5.5%  52.55  56.28  60.12  Discount Rate                  IMPLIED METRICS AT VARIOUS EXIT CAP RATES  Implied Exit FFO Multiple  Implied Perpetuity Growth Rate  Implied Value per Share/Unit  6.5%  13.6x  0.6%  $46.68  6.0%  16.0x  1.0%  54.24  5.5%  18.9x  1.4%  63.18  Exit Cap Rate              EXIT CAP RATE VS. NOI GROWTH ASSUMPTION  NOI Growth Rate (a)  (100bps)  -  100bps  6.5%  $43.27  $46.68  $50.18  6.0%  50.57  54.24  58.01  5.5%  59.20  63.18  67.26  Exit Cap Rate                  (200bps)  6.5%  $45.07  6.0%  52.52  5.5%  Development Yield (b)- (100bps)$46.68 $45.8754.24 53.3863.18 62.25  61.32  Exit Cap Rate                  EXIT CAP RATE VS. DEVELOPMENT YIELD ASSUMPTION  Note: Assumes 6.0% discount rate  Note: Assumes 6.0% discount rate  Note: Assumes 6.0% exit cap rate  Note: Assumes 6.0% discount rate  9 

 HIGHLY CONFIDENTIAL                Titanium  Silver  Select ComparableCompanies (b)  PEI  Mean Low Productivity Mall REITs (c)  Implied Cap RateSpread to Select Comparable Companies (bps)  Current  7.2%  6.5%  7.0%  9.4%  9.9%  27  1-Year Avg.  6.5%  6.2%  6.6%  9.5%  10.0%  (8)  3-Year Avg.  5.8%  6.1%  6.1%  9.0%  9.6%  (32)  5-Year Avg.  5.5%  5.7%  5.7%  8.4%  9.0%  (16)                                                  6.5%  7.2%7.0%  5.0%4.5%4.0%  5.5%  6.0%  6.5%  01/21/15  07/21/15  01/21/16  07/21/16 01/21/17  07/21/17  07/21/19  01/21/20    Titanium    Silver    Select Comparable Companies (b)    PEI    01/21/18 07/21/18 01/21/19Mean Low Productivity Mall REITs (c)                9.9%9.4%  6.5%  7.5%7.0%  8.5%  9.5%  10.5%    I I I T I T A N I U M F I N A N C I A L A N A L Y S I S  P R O J E C T M E T A L  Historical Implied Cap Rate Analysis  HISTORICAL IMPLIED CAP RATES OVER LAST FIVE YEARS  Source:  (a)(b)(c)  Titanium Management projections as presented on 1/6/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the draft Agreement and Plan of Merger dated [1/20/2020] and draft Joint Venture Operating Agreement dated [1/20/2020]. Company filings, FactSet, Green Street Advisors and SNL Financial as of 1/21/2020.Management projected 2020E cash NOI of $583MM vs. Green Street NTM NOI of $575MM. Select Comparable Companies are Silver and MAC.Low Productivity Mall REITs are SKT, PEI, WPG and CBL.      5.7% GSA Implied Cap Rate @ $57 Proposal(a)      5.8% Mgmt Implied Cap Rate @ $57 Proposal(a)                      10 

 HIGHLY CONFIDENTIAL              WACC Analysis  I I I T I T A N I U M F I N A N C I A L A N A L Y S I S  P R O J E C T M E T A L  SELECT COMPARABLE COMPANIES UNLEVERED BETA ANALYSIS    TITANIUM PEER-DERIVED WACC  Sources:Note: (a)(b)(c)  Titanium Management projections as presented on 1/6/2020, Bloomberg, MSCI Barra Beta Global Equity Model, Duff & Phelps, FactSet and SNL Financial as of 1/21/2020.Barra predicted local beta data as of 12/31/2019. Mid-point drivers held constant under each range of input assumptions for respective sensitivities. Total net debt includes pro rata portion of debt in unconsolidated joint ventures.Risk-free rate represents yield on U.S. 10-Year Treasury. Equity risk premium per Duff & Phelps (2019 Cost of Capital: Annual U.S. Guidance and Examples). Calculated based on projected January 2020 monthly interest expense, per Management projections.        Share Equity Total Pref TotalPrice Market Pro Rata Equity @ Enterpr.            TEV Weighting      BarraND + Pref ND + Pref Predicted Beta        Select Comparable Companies  (1/21/20)  Capitalization  Net Debt (a)  Liq Pref  Value  Equity  Debt  Pref  / TEV  / Equity  Levered  Unlevered   High Productivity Malls                          Silver  $149.11  $52,730  $29,765  $65  $82,561  63.9%  36.1%  0.1%  36.1%  56.6%  0.696  0.445  Macerich Company  26.16  4,004  7,786  -  11,791  34.0%  66.0%  -  66.0%  194.5%  1.130  0.384                            Mean  $87.64  $28,367  $18,776  $33  $47,176  48.9%  51.0%  0.0%  51.1%  125.5%  0.913  0.414  Median  87.64  28,367  18,776  33  47,176  60.1%  39.8%  0.1%  51.1%  125.5%  0.913  0.414                            Titanium  $32.43  $2,875  $4,862  $363  $8,099  35.5%  60.0%  4.5%  64.5%  181.8%  1.109  0.394    Range of Results    Mid-Point  Range of Input Assumptions  Implied WACC        Pre-Tax Wtd. Avg. Cost  of  Pref  6.4%  Illustrative WACC  6.3%              Drivers  Low  High      Low  High                        Unlevered Beta        0.414  0.380  0.440      6.0%  6.4%  Net Debt / TEV        60.0%  50.5%  60.5%          Pref / TEV        4.5%  4.5%  4.5%          Net Debt + Pref / TEV        64.5%  55.0%  65.0%      5.7%  6.3%  Implied Net  Debt  + Pref /  Equity  181.8%  122.2%  185.7%          Implied Levering Factor        2.818  2.222  2.857          Implied Levered Beta        1.167  0.844  1.257          Marginal Tax Rate        0.0%              Risk-Free Rate of Return (b)        1.8%              U.S. Market Equity Risk Premium (b)        6.9%              Cost of Equity        9.8%              Pre-Tax Wtd. Avg. Cost of Debt (c)        4.2%                                                    Min/Max  5.7%  6.4%                  Selected Range  5.5%  6.5%          11 

 HIGHLY CONFIDENTIAL                                                              11.8x  9.5x8.8x  4.1x3.9x  2.5x  5.0x  7.5x  10.0x  12.5x  15.0x  17.5x  25.0x22.5x20.0x  01/21/15  07/21/15  01/21/16  07/21/16  01/21/18  01/21/20    Titanium    Silver    01/21/17 07/21/17Select Comparable Companies (b)    PEI    07/21/18 01/21/19 07/21/19Mean Low Productivity Mall REITs (c)        Select    Mean Low  NTM FFO M ult.Spread to Select        Comparable    Productivity  Comparable    Titanium  Silver  Companies (b)  PEI  Mall REITs (c)  Companies  Current  8.8x  11.8x  9.5x  4.1x  3.9x  (0.8x)  1-Year Avg.  11.3x  12.9x  11.2x  4.6x  4.3x  0.1x  3-Year Avg.  13.9x  13.5x  13.1x  6.0x  5.6x  0.8x  5-Year Avg.  16.4x  15.3x  15.3x  8.1x  7.2x  1.1x  I I I T I T A N I U M F I N A N C I A L A N A L Y S I S  P R O J E C T M E T A L  Historical NTM FFO Multiples Analysis  HISTORICAL NTM FFO MULTIPLES OVER LAST FIVE YEARS  Titanium has historically traded at a mean NTM FFO multiple premium of ~0.1-1.1x relative to Select Comparable Companies, which compares to a ~0.8x discount currently  Source:  (a)(b)(c)  Titanium Management projections as presented on 1/6/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the draft Agreement and Plan of Merger dated [1/20/2020] and draft Joint Venture Operating Agreement dated [1/20/2020]. Company filings, FactSet, Green Street Advisors and SNL Financial as of 1/21/2020.Management projected 2020E FFO per share/unit of $3.65 vs. analyst consensus 2020E FFO per share/unit of $3.68 per FactSet. Select Comparable Companies are Silver and MAC.Low Productivity Mall REITs are SKT, PEI, WPG and CBL.        Implied 15.5x Analyst 2020E FFO @ $57 Proposal(a)    Implied 15.6x Mgmt 2020E FFO @ $57 Proposal(a)                12 

 HIGHLY CONFIDENTIAL                DateAnnounced  UnaffectedDate (a)  Target  Acquiror  TransactionValue ($Bn)  Consideration  NTMFFO (x) (b)  ImpliedCap Rate  03/26/18  11/06/17  General Growth Properties  Brookfield Property Partners L.P.  $26.4  Cash & Stock  14.4x  5.7%  09/16/14  09/15/14  Glimcher  Realty Trust  Washington  Prime  Group, Inc.  4.3  Cash  & Stock  18.0x  5.8%  Mean  $15.3              16.2x      5.8%  Median  $15.3              16.2x      5.8%  Illustrative Titanium Metrics at $57 Proposal (c) $10.3 15.6x 5.8%  Precedent Transactions Analysis  I I I T I T A N I U M F I N A N C I A L A N A L Y S I S  P R O J E C T M E T A L  Source:  (a)(b)(c)  Titanium Management projections as presented on 1/6/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the draft Agreement and Plan of Merger dated [1/20/2020] and draft Joint Venture Operating Agreement dated [1/20/2020]. Company filings, FactSet, Green Street Advisors and SNL Financial as of 1/21/2020.Unaffected Date / Price reflects closing date prior to transaction announcement, or other relevant date as referenced in public filings for the respective transaction. FFO multiple for GGP / Brookfield transaction based on Management projected NTM FFO per 13E-3 filing.NTM FFO multiple and implied cap rate are based on Management projected 2020E FFO per share/unit of $3.65 and cash NOI of $583MM, respectively.  SELECT PRECEDENT REIT TRANSACTION ANALYSIS  SELECT ADDITIONAL REFERENCE REIT TRANSACTIONS    DateAnnounced  UnaffectedDate (a)  Target  Acquiror  TransactionValue ($Bn)  Consideration  NTMFFO (x)  ImpliedCap Rate  12/12/17  12/11/17  Westfield  Unibail-Rodamco  $22.5  Stock; minimal cash consideration  21.1x  4.5%  13 

 HIGHLY CONFIDENTIAL                I I I T I T A N I U M F I N A N C I A L A N A L Y S I S  Titanium Analyst Estimates & Guidance  P R O J E C T M E T A L  CONSENSUS MEAN FFO PER SHARE ESTIMATES OVER TIME(b)  SELECT ANALYST COMMENTARY                                      $3.59  $3.68  $3.88  $3.50  $3.60  $3.70  $3.80  $3.90  $4.00  $4.10  $4.20  $4.30  1/21/2020  5/03/2019      7/30/20192019E 2020E    10/23/20192021E  $3.68  $3.59  $3.88  TITANIUM SUMMARY BROKER ESTIMATES  Analyst sentiment relatively negative following Q3 earnings with focus on negative SSNOI growth and reduced guidanceAnalysts generally positive however on tenant sales growthUnclear how sales growth translates to Titanium earningsGeneral recognition that shares trade at significant discount“Wait-and-see” approach around Asia JV transaction with Blackstone, but generally viewed transaction positively    Current Titanium Share Price: $32.43  Broker  Date  Rating  Target  Return  2019E  2020E  2021E  2019E  2020E  2021E  2019E  2020E  2021E  2019E  2020E  2021E  NAV  to NAV (a)  KeyBanc Capital Markets  12/13/2019  Buy  $ 55.00  70%  $ 3.57  $ 3.70  $ 3.92  9.1x  8.8x  8.3x  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  Evercore ISI  1/17/2020  Hold  38.00  17%  3.54  3.71  3.83  9.2x  8.7x  8.5x  2.55  2.56  2.64  12.7x  12.7x  12.3x  50.76  (36%)  Deutsche Bank Research  1/6/2020  Hold  36.00  11%  3.45  3.59  n/a  9.4x  9.0x  n/a  2.73  2.86  n/a  11.9x  11.3x  n/a  42.35  (23%)  Mizuho Securities USA  1/14/2020  Hold  34.00  5%  3.35  3.53  n/a  9.7x  9.2x  n/a  2.59  2.55  n/a  12.5x  12.7x  n/a  67.00  (52%)  JP Morgan  12/17/2019  Sell  34.00  5%  3.69  3.72  3.85  8.8x  8.7x  8.4x  1.70  2.71  2.82  19.1x  12.0x  11.5x  76.48  (58%)  Scotiabank GBM  1/17/2020  Hold  33.00  2%  3.67  3.68  3.84  8.8x  8.8x  8.4x  2.63  2.52  2.63  12.4x  12.9x  12.3x  60.75  (47%)  BMO Capital Markets  1/17/2020  Hold  33.00  2%  3.69  3.65  3.77  8.8x  8.9x  8.6x  2.48  2.38  2.41  13.1x  13.6x  13.5x  56.80  (43%)  Piper Sandler Companies  12/9/2019  Hold  33.00  2%  3.53  3.61  3.72  9.2x  9.0x  8.7x  2.33  2.51  2.61  13.9x  12.9x  12.4x  63.60  (49%)  Jefferies  1/14/2020  Hold  31.00  (4%)  3.68  3.70  3.96  8.8x  8.8x  8.2x  2.80  2.93  3.23  11.6x  11.1x  10.0x  n/a  n/a  Morgan Stanley  12/18/2019  Hold  29.50  (9%)  3.69  3.79  4.04  8.8x  8.6x  8.0x  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  Raymond James  12/4/2019  Hold  n/a  n/a  3.52  3.70  3.93  9.2x  8.8x  8.3x  2.31  2.43  2.62  14.0x  13.3x  12.4x  70.89  (54%)  BTIG  1/17/2020  Hold  n/a  n/a  3.67  3.70  n/a  8.8x  8.8x  n/a  1.94  1.73  n/a  16.7x  18.7x  n/a  76.85  (58%)                                        Mean      $ 35.65  10%  $ 3.59  $ 3.67  $ 3.87  9.0x  8.8x  8.4x  $ 2.41  $ 2.52  $ 2.71  13.8x  13.1x  12.1x  $ 62.83  (47%)  Median      33.50  3%  3.62  3.70  3.85  9.0x  8.8x  8.4x  2.52  2.54  2.63  12.9x  12.8x  12.3x  63.60  (49%)  Green Street Advisors  1/21/2020  Hold  n/a  n/a  n/a  $3.72  $3.72  n/a  8.7x  8.7x  n/a  $2.46  $2.45  n/a  13.2x  13.2x  $67.90  (52%)  Mean (Incl. GSA)      $ 35.65  10%  $3.59  $3.68  $3.86  9.0x  8.8x  8.4x  $2.41  $2.51  $2.68  13.8x  13.1x  12.2x  $ 63.34  (47%)  Median (Incl. GSA)      33.50  3%  3.62  3.70  3.85  9.0x  8.8x  8.4x  2.52  2.52  2.62  12.9x  12.9x  12.4x  65.30  (50%)  FactSet Consensus Mean (b)(c)      35.13  8%  3.59  3.68  3.88  9.0x  8.8x  8.4x  2.41  2.52  2.71  13.5x  12.9x  12.0x  62.83  (48%)  ($)  Price  Implied  FFO/Share  FFO Multiple (a)  AFFO/Share  AFFO Multiple (a)  Est.  Prem./(Disc.)                                  Source:(a)(b)(c)  FactSet, Green Street Advisors and SNL Financial as of 1/21/2020.FFO and AFFO multiples, as well as Premium / (Discount) to NAV calculated with reference to Titanium’s current share price. FactSet Consensus Mean includes anonymous estimates.FactSet Consensus Implied Return, Multiples and Premium / (Discount) to NAV calculated using per share consensus mean metrics with reference to Titanium’s current share price.    14 

 HIGHLY CONFIDENTIAL              Premiums Paid Analysis  I I I T I T A N I U M F I N A N C I A L A N A L Y S I S  P R O J E C T M E T A L  Source:  (a)(b)(c)  Titanium Management projections as presented on 1/6/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the draft Agreement and Plan of Merger dated [1/20/2020] and draft Joint Venture Operating Agreement dated [1/20/2020]. Company filings, FactSet, Green Street Advisors and SNL Financial as of 1/21/2020.Unaffected Date / Price reflects closing date prior to transaction announcement, or other relevant date as referenced in public filings for the respective transaction. 1-Day and 30-Day VWAP based on closing price the day prior to transaction announcement.Represents transactions for which cash comprised <50% consideration and are shown for informational purposes.  SELECT PRECEDENT US REIT TRANSACTIONS >$1BN  Date Announced  Unaffected Date (a)  Target  Sector  Acquiror  Value ($Bn)  Consideration  Unaffected Price (a)  1-Day VWAP (b)  30-Day VWAP (b)  10/27/19  10/25/19  (c) Liberty Property Trust  Industrial  Prologis, Inc.  $12.6  Stock  21%  21%  20%  07/31/18  06/15/18  Forest City Realty Trust, Inc.  Diversified  Brookfield Asset Management Inc.  11.4  Cash  27%  10%  11%  07/18/19  06/26/19  Pure Multi-Family REIT  Apartment  Cortland  1.2  Cash  15%  4%  5%  05/06/19  05/03/19  (c) Chesapeake Lodging Trust  Lodging  Park Hotels & Resorts Inc.  2.7  Cash & Stock  6%  6%  9%  03/25/19  03/22/19  (c) TIER REIT, Inc.  Office  Cousins Properties Incorporated  2.4  Stock  16%  14%  20%  09/06/18  03/27/18  (c) LaSalle Hotel Properties  Lodging  Pebblebrook Hotel Trust  5.2  Cash & Stock  46%  3%  4%  06/25/18  06/01/18  Education Realty Trust  Student Housing  Greystar  4.6  Cash  9%  2%  10%  05/07/18  05/04/18  Gramercy Property Trust  Industrial  The Blackstone Group L.P.  7.4  Cash  15%  16%  23%  04/29/18  04/27/18  (c) DCT Industrial Trust Inc.  Industrial  Prologis, Inc.  8.1  Stock  16%  16%  20%  03/26/18  11/06/17  General Growth Properties  Retail  Brookfield Property Partners L.P.  26.4  Cash & Stock  15%  3%  1%  08/10/17  08/09/17  (c) Starwood Waypoint Homes  SFR  Invitation Homes  8.0  Stock  1%  1%  (2%)  07/04/17  07/03/17  Monogram Residential Trust, Inc.  Apartment  Greystar / APG / GIC / Ivanhoe  3.7  Cash  22%  23%  22%  06/30/17  06/29/17  Parkway, Inc.  Office  CPPIB  1.6  Cash  13%  13%  15%  06/28/17  03/24/17  First Potomac Realty Trust  Office  Government Properties Income Trust  1.3  Cash  11%  (2%)  1%  06/09/17  06/08/17  (c) DuPont Fabros Technology, Inc.  Data Center  Digital Realty Trust, Inc.  7.3  Stock  15%  15%  20%  05/07/17  05/05/17  (c) Care Capital Properties, Inc.  Healthcare  Sabra Health Care REIT, Inc.  4.0  Stock  12%  12%  10%  04/24/17  04/21/17  (c) FelCor Lodging Trust, Inc.  Lodging  RLJ Lodging Trust  2.8  Stock  17%  17%  16%  02/27/17  02/24/17  Silver Bay Realty Trust Corp.  SFR  Tricon Capital Group, Inc.  1.4  Cash  19%  20%  24%  11/14/16  11/14/16  (c) Equity One, Inc.  Retail  Regency Centers Corp.  5.8  Stock  11%  13%  8%  08/15/16  08/12/16  (c) Post Properties, Inc.  Apartment  Mid-America Apartment Communities  4.8  Stock  17%  16%  16%  04/29/16  04/28/16  (c) Parkway Properties, Inc.  Office  Cousins Properties Incorporated  3.7  Stock  13%  13%  14%  02/25/16  01/15/16  Rouse Properties, Inc.  Retail  Brookfield Asset Management  2.5  Cash  35%  4%  5%  12/15/15  12/14/15  Inland Real Estate Corporation  Retail  DRA Advisors LLC  1.9  Cash  7%  6%  11%  12/03/15  11/27/15  (c) American Residential Properties, Inc.  SFR  American Homes 4 Rent  1.4  Stock  14%  8%  18%  11/08/15  11/06/15  (c) Plum Creek Timber Company, Inc.  Timber  Weyerhaeuser Company  11.8  Stock  21%  21%  20%  10/16/15  10/16/15  Campus Crest Communities, Inc.  Student Housing  Harrison Street Real Estate Capital  1.7  Cash  24%  25%  37%  10/08/15  09/22/15  BioMed Realty Trust, Inc.  Healthcare  The Blackstone Group L.P.  8.0  Cash  24%  10%  19%  09/08/15  07/23/15  Strategic Hotels & Resorts, Inc.  Lodging  The Blackstone Group L.P.  5.8  Cash  13%  5%  4%  06/22/15  04/24/15  Home Properties, Inc.  Apartment  Lone Star Funds  7.6  Cash  9%  3%  2%  04/22/15  04/20/15  Associated Estates Realty Corporation  Apartment  Brookfield Asset Management Inc.  2.5  Cash  19%  18%  17%  04/10/15  04/09/15  Excel Trust, Inc  Retail  The Blackstone Group L.P.  1.7  Cash  15%  15%  14%  Transaction Transaction Premium to:  All-Cash & >50% Cash Consideration (17 Transactions)  All REIT Transactions (31 Transactions)  Illustrative Titanium Metrics at $57 Proposal $10.3 75.8% 76.2% 84.5%      25th Percentile  $1.7  13.1%  3.9%  5.2%  Mean  $5.3  17.2%  10.2%  13.0%  Median  $2.5  14.9%  10.3%  11.3%  75th Percentile  $7.4  22.4%  15.6%  19.2%  25th Percentile  $2.1  12.4%  4.4%  6.8%  Mean  $5.5  16.6%  11.3%  13.4%  Median  $4.0  14.9%  12.8%  14.1%  75th Percentile  $7.5  20.1%  16.0%  19.7%          15 

Exhibit 99 (c)(8)

HIGHLY CONFIDENTIAL Project Metal D I S C U S S I O N M AT E R I A L S C O N F I D E N T I A L 2 6 J A N U A R Y 2 0 2 0

 HIGHLY CONFIDENTIAL The information herein has been prepared by Lazard based upon information supplied by Titanium or Silver, or publicly available information, and portions of the information herein may be based upon publicly available statements, estimates and forecasts with respect to the anticipated future performance of Titanium and/or certain statements, estimates and forecasts provided by Titanium with respect to the anticipated future performance of Titanium. We have relied upon the accuracy and completeness of the foregoing information, and have not assumed any responsibility for any independent verification of such information or any independent valuation or appraisal of any of the assets or liabilities of Titanium, Silver or any other entity, or concerning solvency or fair value of Titanium, Silver or any other entity. With respect to financial forecasts, we have assumed that they have been reasonably prepared in good faith on bases reflecting the best currently available estimates and judgments as to the future financial performance of Titanium. We assume no responsibility for and express no view as to such forecasts or the assumptions on which they are based. The information set forth herein is based upon economic, monetary, market and other conditions as in effect on, and the information made available to us as of, the date hereof, unless indicated otherwise. These materials and the information contained herein are confidential and may not be disclosed publicly or made available to third parties without the prior written consent of Lazard; provided, however, that you may disclose to any and all persons the U.S. federal income tax treatment and tax structure of the transaction described herein and the portions of these materials that relate to such tax treatment or structure. Lazard is acting as investment banker to the Special Committee of Titanium, and will not be responsible for and will not provide any tax, accounting, actuarial, legal or other specialist advice. Lazard is not providing an opinion as to the relative merits of a transaction with Silver as compared to any other transaction or business strategy in which Titanium might engage or the merits of the underlying decision by Titanium to engage in a transaction with Silver. These materials do not constitute tax, accounting, actuarial, legal or other specialist advice, and Lazard shall have no duties or obligations in respect of these materials or other advice provided, except to the extent specifically set forth in the engagement agreement that has been entered into by Lazard and the Special Committee. Disclaimer C O N F I D E N T I A L P R O J E C T M E T A L

 HIGHLY CONFIDENTIAL Table of Contents C O N F I D E N T I A L P R O J E C T M E T A L I EXECUTIVE SUMMARY & SITUATION OVERVIEW 1 II TITANIUM MANAGEMENT BUSINESS PLAN 5 III TITANIUM FINANCIAL ANALYSIS 7

 HIGHLY CONFIDENTIAL C O N F I D E N T I A L I Executive Summary & Situation Overview P R O J E C T M E T A L

 HIGHLY CONFIDENTIAL Executive Summary: Situation Overview I E X E C U T I V E S U M M A R Y & P R O J E C T M E T A L S I T U A T I O N O V E R V I E W The Special Committee of the Board of Titanium is contemplating a transaction whereby entities affiliated with Silver would acquire for $57 per share/unit in cash (i) 100% of Titanium common equity and (ii) a number of OP units owned by the Titanium Family (the “Converting Titanium Family OP Units”) such that the Titanium Family would retain a 20% economic interest in a NewCo JV with Silver post-closing (the “Transaction”); the Titanium organization is expected to remain in place and continue managing the portfolio under a new operating agreement • Titanium owns, operates and develops high quality shopping malls across the U.S., Puerto Rico, South Korea and China Market capitalization of ~$5.1Bn and a TEV of ~$10.3Bn at share based on the indicative $57 per share/unit offer price • Titanium’s Board has been active in considering opportunities for value creation given Titanium’s trading discount and operating and capital markets challenges Titanium share price of $31.05 as of 1/24/2020 represents a ~51% discount to NAV(a) Trading relative to Silver has weakened significantly • Current Titanium NTM FFO multiple of 8.4x represents a 3.0x discount to Silver, and compares to a 1.6x discount and 0.4x premium over a 1-year and 3-year historical average, respectively(b) • Implied exchange ratio of 0.21x as of 1/24/2020 remains near an all-time low • Transaction represents second attempt at a potential tie up between Titanium and Silver Silver (in partnership with Westfield America) previously made an unsolicited offer for Titanium in late 2002 • Proposal of $20 represented a ~35% premium to Titanium’s unaffected price as of 11/12/2002 • Transaction could not be completed as Titanium Family did not support the deal as proposed Source: Titanium Management projections as presented on 1/6/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the draft Agreement and Plan of Merger dated 1/26/2020 and draft Joint Venture Operating Agreement dated 1/26/2020. Company filings, FactSet, Green Street Advisors and SNL Financial as of 1/24/2020. (a) FactSet Consensus NAV of $62.83 and GSA NAV estimate of $62.25. (b) Per FactSet consensus estimates. 1

 HIGHLY CONFIDENTIAL Executive Summary: Situation Overview (cont’d) I E X E C U T I V E S U M M A R Y & P R O J E C T M E T A L S I T U A T I O N O V E R V I E W • Titanium Family retains substantial control rights vis-à-vis the publicly traded company and subsidiary entities Ability to vote ~30% economic interest through Series B preferred shares Consent right over any sale of (i) the Titanium OP and (ii) the Designated Properties(a) Bargain purchase option with respect to Titanium’s management platform • Transaction contemplates Silver’s acquisition of (i) 100% of Titanium common equity and (ii) the Converting Titanium Family OP Units Titanium Family will roll its interest such that it will retain 20% of NewCo JV with Silver owning the 80% balance All-cash consideration of $57 per share/unit for selling share/unitholders • Includes Titanium common equity and Series B preferred shares held by Titanium Family • Certain non-Titanium Family unitholders may elect to receive Silver OP units in lieu of cash Titanium organization to remain in place with Titanium Family retaining significant governance rights • Titanium Family governance rights subject to its retaining >8% ownership of NewCo JV Titanium Family will have right beginning at the 2nd anniversary of closing to sell 20% of its interest annually • Sale right cumulative such that up to 40% could be sold after the 3rd anniversary, 60% after the 4th anniversary, etc. • Titanium Family also will have a one-time right to sell 100% of its interest between the 2nd and 3rd anniversary of closing • Valuation would reflect the greater of (i) applying Silver’s LTM FFO multiple to Titanium’s LTM FFO (excluding G&A) and (ii) third-party valuation process (excluding G&A, but including a market-rate management fee) Source: Titanium Management projections as presented on 1/6/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the draft Agreement and Plan of Merger dated 1/26/2020 and draft Joint Venture Operating Agreement dated 1/26/2020. Company filings, FactSet, Green Street Advisors and SNL Financial as of 1/24/2020. (a) Designated Properties are Beverly Center, Cherry Creek Shopping Center, Twelve Oaks Mall, The Mall at Short Hills and Stamford Town Center. 2

 HIGHLY CONFIDENTIAL - 1.0 2.0 3.0 4.0 5.0 6.0 7.0 $10 $20 $30 $40 $50 $60 $70 $80 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 2/9/2017: Reports solid 16YE Earnings but gives 17YE Guidance less than consensus 3/26/2018: GGP agrees to be acquired after Brookfield raises its offer 11/2/2018: Announced $500MM redesign of Beverly Center 3/2/2017: L&B issues letter proposing the nomination of 2 directors to the board 5/16/2018: Elliot Management reported to have sold its stake(a) 2/14/2019: Announced agreement to sell 50% of interest in 3 Asia-backed shopping centers 11/13/2017: Bloomberg reports that Elliot Management is building a stake(a) 5/18/2018: ISS voices support for L&B Plan; Litt subsequently elected to Board 4/30/2019: Lowered FFO outlook and disclosed acquisition of interest in The Gardens Mall 11/13/2017: Brookfield Property proposes an acquisition of GGP for $23.00/share 7/30/2018: Titanium forms JV to construct a shopping mall in South Korea 5/30/2019: Jonathan Litt steps down from the Board; L&B issues letter following month 12/12/2017: Unibail-Rodamco agrees to acquire Westfield Corp. 10/15/2018: Sears files for bankruptcy 9/19/2019: Announced completion of sale of 50% interest in Starfield Hanam to Blackstone 3/19/2018: Claire’s files for bankruptcy 10/30/2018: Q3 Earnings beat, but guides down Q4 numbers below consensus 9/30/2019: Forever 21 files for bankruptcy Titanium Common Share Price Performance I E X E C U T I V E S U M M A R Y & P R O J E C T M E T A L S I T U A T I O N O V E R V I E W Titanium is trading near a 3-year low, and is down ~37% in the last 12 months and ~24% since Forever 21’s bankruptcy announcement Source: Company filings, FactSet and Bloomberg as of 1/24/2020. (a) Elliott Management entered position at a weighted average price of $49.03 and exited position at a weighted average price of $55.07 per Bloomberg. A B C H D E G I J P L M N O F K Q R TITANIUM COMMON SHARE PRICE SINCE 2017 Titanium Share Price Volume (MM) $31.05 Operations / Capital Allocation Industry News Transactions News Shareholder Activism 11.9% Short Interest % Over Time A B C D G H I J F K E L M N O P Q R $57 Offer Price 3

 HIGHLY CONFIDENTIAL Executive Summary: Transaction Overview I E X E C U T I V E S U M M A R Y & P R O J E C T M E T A L S I T U A T I O N O V E R V I E W SUMMARY OVERVIEW IMPLIED TITANIUM VALUATION ($MM) SELECT VALUATION & TRADING METRICS ($ in MMs, presented at share) Total Consideration per Titanium Share/Unit $57.00 Shares/Units Outstanding (MM) Common Shares Outstanding 61.3 TRG Units 26.4 Other Dilutive Securities (a) 1.1 Total Shares/Units Outstanding (MM) 88.8 Implied Market Capitalization $5,060 Consolidated Secured Debt at Share $2,220 Share of Unconsolidated Secured Debt 1,510 Credit Facilities & Term Loans (b) 1,200 Outstanding Debt $4,930 Preferred Stock 363 Less: Cash & Equivalents (68) Total Enterprise Value $10,285 Development @ Book Value (259) Peripheral Land (17) Other Tangible (Assets) & Liabilities 112 Value of Operating Real Estate $10,121 Implied Premium / Discount to Titanium Share Price: As of 1/24/2020 ($31.05) 83.6% 52-Week Low ($29.59 on 12/17/2019) 92.6% 52-Week High ($54.30 on 4/5/2019) 5.0% Select VWAP Observations: 20-Day VWAP ($31.22) 82.6% 30-Day VWAP ($30.89) 84.5% 90-Day VWAP ($33.65) 69.4% 6-Month VWAP ($35.54) 60.4% 1-Year VWAP ($40.26) 41.6% Green Street NAV ($62.25) (8.4%) Consensus NAV ($62.83) (9.3%) Implied Multiples on Offer Price (Cons. / Mgmt.): Consensus Mgmt. 2020E FFO per Share/Unit ($3.67 / $3.65) 15.5x 15.6x 2020E AFFO per Share/Unit ($2.51 / $2.57) 22.7x 22.2x Implied Cap Rate: Green Street Mgmt. 2020E Cash NOI at Share (c) 5.7% 5.8% Source: Titanium Management projections as presented on 1/6/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the draft Agreement and Plan of Merger dated 1/26/2020 and draft Joint Venture Operating Agreement dated 1/26/2020. Company filings, FactSet, Green Street Advisors and SNL Financial as of 1/24/2020. Note: Net debt reflects 2019E projected balances per Management. Development at Book Value, Peripheral Land and Other Tangible Assets / (Liabilities) as of 9/30/2019. (a) Includes adjustments to various equity awards to reflect the impact of the Transaction, per Management as of 1/26/2020. (b) Includes $12MM debt attributed to Titanium’s US office headquarters. (c) Green Street implied cap rate represents NTM NOI as of Q3 2019. 4 • Transaction contemplates Silver’s acquisition of (i) 100% of Titanium common equity and (ii) the Converting Titanium Family OP Units All-cash consideration of $57 per share/unit Certain incentive equity awards not eligible for vesting at closing would be exchanged for similar awards in NewCo • $363MM of Titanium Series J/K Preferred Stock to be redeemed for cash • Existing Titanium debt to be assumed or refinanced at closing • No financing condition • Shareholder vote conditions: 2/3 of Titanium common stock and Series B Preferred Stock (voting together) Majority of Titanium common stock and Series B Preferred Stock (voting together) excluding any shares owned the Titanium Family Majority of Series B Preferred Stock Titanium OP Approval by a majority of partners other than Titanium and any Parity Preferred Partner • 45-day Go-Shop to commence at signing • Titanium Family will have right beginning at the 2nd anniversary of closing to sell 20% of its interest annually Cumulative sale right such that 100% may be sold after 6-years One-time right to sell 100% between 2- and 3-years • All financial analysis reflects Titanium projections at its respective ownership share in its portfolio of real estate and other assets

 HIGHLY CONFIDENTIAL C O N F I D E N T I A L II Titanium Management Business Plan P R O J E C T M E T A L

 HIGHLY CONFIDENTIAL Titanium Management Business Plan: Summary Projections I I T I T A N I U M M A N A P R O J E C T M E T A L G E M E N T B U S I N E S S P L A N KEY MANAGEMENT ASSUMPTIONS PROJECTED INCOME STATEMENT @ TITANIUM SHARE • 2020E: Reflects Management budget • NOI: Reflects Management designation on forward outlook and supported by property-level Existing property growth at 2.0% for Tier I assets, 0.0% for Tier II assets, (2.0)% for Tier III assets and 4.0% for Asian assets Tiered growth rates are before any impact from center-specific development activity • G&A: Budgeted internally for 2020E and grown at 2.0% thereafter Includes share of Asia G&A initially at $8.2MM in 2020B increasing to $10.5MM by 2024E • Capex: Run-rate of ~$60-70MM in maintenance capex starting in 2021E, with variance driven primarily by leasing activity and deferred capex Project capex relates to currently identified opportunities and renovations, and includes ~$105MM related to Anseong development • Dividend: No dividend growth assumed Source: Company filings and Titanium Management projections as presented on 1/6/2020. All cash flows at Titanium share. (a) Excludes Redevelopment NOI at Beverly Center due to straight-line growth projection. (b) Includes $11MM in EBITDA-related adjustments (shareholder activism, restructuring, transaction expenses, one-time promote fee, FV adjustment of equity securities) and $2MM in income tax-related adjustments (Blackstone transaction and promote fee). (c) FFO per Company definition. ($ in MMs, @ Titanium Share) Management Projections CAGR 2019E 2020B 2021E 2022E 2023E 2024E '19E-'24E '20B-'24E Titanium Comparable Cash NOI $590 $582 $588 $599 $610 $618 0.9% 1.5% Straight-Line of Rents 9 7 8 8 8 8 GAAP Comparable NOI $600 $589 $597 $608 $618 $626 0.9% 1.5% Comparable NOI Growth (1.8%) 1.3% 1.9% 1.7% 1.4% Development NOI (a) - $1 $19 $28 $34 $42 Lease Cancellation Income 10 10 9 7 6 5 Non-Operating Income 10 0 0 0 0 0 Anseong Property Management Fee - 1 - - - - Other Income 4 - - - - - U.S. Recurring G&A (46) (41) (42) (42) (43) (44) Asia G&A (11) (8) (10) (10) (10) (10) Recurring EBITDA $565 $552 $573 $591 $605 $619 1.8% 2.9% Recurring EBITDA Growth (2.3%) 3.7% 3.2% 2.4% 2.4% Non-Recurring Items - EBITDA (b) ($11) - - - - - Interest Expense (207) (197) (210) (217) (227) (225) Non-Real Estate Depreciation (5) (4) (4) (4) (4) (4) Income Tax Expense (3) (1) (1) (1) (2) (2) Income Tax (3) (2) (2) (2) (2) (2) Preferred Dividends (23) (23) (23) (23) (23) (23) Other Cash Items (2) - - - - - Funds From Operations (c) $312 $324 $332 $343 $346 $363 Non-Recurring Items (b) 13 - - - - - Adjusted Funds From Operations $325 $324 $332 $343 $346 $363 2.3% 2.9% Adjusted FFO per Share/Unit $3.68 $3.65 $3.73 $3.85 $3.88 $4.06 2.0% 2.7% Adjusted FFO per Share/Unit Growth (0.7%) 2.3% 3.1% 0.8% 4.6% Straight-Line of Rents ($7) ($8) ($8) ($8) ($8) Straight-Line of Ground Leases 2 2 2 2 2 Capital Expenditures - CAM (49) (35) (32) (30) (28) Capital Expenditures - Leasing (42) (34) (40) (33) (31) Funds Available for Distribution $228 $256 $264 $276 $297 6.8% FAD per Share/Unit $2.57 $2.88 $2.96 $3.10 $3.32 6.6% FAD per Share/Unit Growth 12.1% 2.8% 4.6% 7.2% Non-Real Estate Depreciation $4 $4 $4 $4 $4 Stock-Based Compensation 11 11 11 11 11 Proceeds from Stamford & X'ian Sales 52 - - - - Development & Renovation CapEx (238) (92) (60) (43) - Fees Associated w/ Financing Activity (0) (0) (0) (3) (6) Debt Amortization (32) (41) (46) (46) (46) Debt Draw/(Paydown) - ex. Revolver 252 3 103 207 122 Net Change in Cash (Pre-Distributions) $278 $141 $275 $407 $382 Distributions (236) (236) (236) (236) (236) Net Change in Cash (Post-Distributions) $42 ($94) $39 $171 $146 5

 HIGHLY CONFIDENTIAL Titanium Management Business Plan: Summary Projections (cont’d) I I T I T A N I U M M A N A P R O J E C T M E T A L G E M E N T B U S I N E S S P L A N KEY MANAGEMENT ASSUMPTIONS PROJECTED CAPITAL STRUCTURE @ TITANIUM SHARE • 2020E: Reflects Management budget; 2019E reflects cash flow bridge between Q3 and Q4 2019 • Mortgage Debt: Secured debt assumed to roll at debt yields of ~10-15% depending on property, with interest rates generally assumed at 5.0-5.5% Asian debt balances pro forma assuming Blackstone sale closed at year-end 2019E • Corporate Debt: Refinanced at par with same fixed interest rate / spread to LIBOR Corporate revolver partially paid down with remaining proceeds from sale of X’ian JV, expected to be received Q1 2020 • LIBOR: All floating rate debt not subject to swap agreements utilizes projected 1M forward LIBOR curve plus 25bps of cushion + quoted spread • Cash Balance: Assumes minimum cash balance of $50MM starting in 2020E; Asia balance accrues through FCF generation • Asset Sales: Assumes Stamford sold at yearend 2020E for $25MM at share; ~$27MM of X’ian proceeds to be received in Q1 2020 Stamford sale reflects ~15% cap rate • Shares/Units Outstanding: Assumes no equity issuance other than vesting of in-place awards and continuation of stock-based compensation at ~$11MM per year Source: Company filings and Titanium Management projections as presented on 1/6/2020. All cash flows at Titanium share. (a) Reflects debt attributed to Titanium’s US office headquarters. (b) 2024E Net Debt / NTM EBITDA ratio assumes 2024E EBITDA is grown at rate equal to 5-year recurring EBITDA CAGR of ~1.8%. ($ in MMs, @ Titanium Share) Management Projections CAGR Debt Summary: 2019E 2020B 2021E 2022E 2023E 2024E '19E-'24E '20B-'24E Consolidated Mortgages $2,220 $2,323 $2,273 $2,248 $2,423 $2,403 Unconsolidated Mortgages 1,510 1,628 1,640 1,722 1,708 1,803 Total Mortgage Debt $3,730 $3,951 $3,913 $3,970 $4,131 $4,207 2.4% 1.6% Implied Mortgage Debt Yield 15.8% 14.7% 15.5% 15.8% 15.6% 15.7% Unsecured Term Loans $525 $525 $525 $525 $525 $525 Other Unsecured Debt (a) 12 12 12 12 12 12 Unsecured Revolving Credit Facilities 663 676 781 757 614 497 Total Unsecured Debt $1,200 $1,213 $1,318 $1,294 $1,151 $1,034 Total Debt $4,930 $5,164 $5,232 $5,264 $5,282 $5,241 1.2% 0.4% Implied Total Debt Yield 12.0% 11.3% 11.6% 11.9% 12.2% 12.6% Preferred Equity 363 363 363 363 363 363 Total Debt & Preferred Equity $5,293 $5,527 $5,594 $5,626 $5,645 $5,604 1.1% 0.3% Less: U.S. Cash (63) (50) (50) (50) (50) (50) Less: Asia Cash (5) (73) (84) (99) (127) (157) Total Net Debt & Preferred Equity $5,225 $5,403 $5,460 $5,478 $5,467 $5,397 0.7% (0.0%) Net Debt & Pref. / NTM EBITDA (b) 9.5x 9.4x 9.2x 9.1x 8.8x 8.6x Change in Debt: Debt Amortization ($32) ($41) ($46) ($46) ($46) Debt Issuance 252 3 103 207 122 Revolver Draw/(Paydown) 13 105 (25) (143) (117) Change in Debt Balance $234 $68 $32 $18 ($41) Debt & Preferred Service: Interest Expense $196 $210 $217 $227 $225 3.6% Preferred Dividends 23 23 23 23 23 - Debt Amortization 32 41 46 46 46 9.8% Annual Debt & Preferred Service $250 $274 $286 $297 $294 4.1% Basic Shares/Units Outstanding 87.3 87.6 87.6 87.6 87.6 87.6 Plus: Dilution Impact 1.1 1.2 1.2 1.4 1.7 1.9 Diluted Shares/Units Outstanding 88.3 88.8 88.9 89.1 89.3 89.5 0.2% 6

 HIGHLY CONFIDENTIAL C O N F I D E N T I A L III Titanium Financial Analysis P R O J E C T M E T A L

 HIGHLY CONFIDENTIAL Titanium Valuation Range I I I T I T A N I U P R O J E C T M E T A L M F I N A N C I A L A N A L Y S I S METHODOLOGY IMPLIED $ PRICE PER SHARE/UNIT RANGE COMMENTS & ASSUMPTIONS Discounted Cash Flows • WACC range of 5.5-6.5% • Exit cap rate range of 5.5-6.5% Select Comparable Companies Public Trading Current NTM FFO (x) • 7.2-11.2x range applied to Titanium’s NTM FFO per share/unit of $3.65 (2020E FFO) • Midpoint reflects current average NTM FFOx of Select Comparable Companies 1-Year NTM FFO (x) • 9.2-13.2x range applied to Titanium’s NTM FFO per share/unit of $3.65 (2020E FFO) • Midpoint reflects 1-year historical average NTM FFOx of Select Comparable Companies 3-Year NTM FFO (x) • 11.1-15.1x range applied to Titanium’s NTM FFO per share/unit of $3.65 (2020E FFO) • Midpoint reflects 3-year historical average NTM FFOx of Select Comparable Companies Transaction Precedents • 5.8% cap rate +50bps based on average of Brookfield / GGP and WPG / Glimcher transactions Additional Analysis (For Reference Purposes Only) 52-Week High/Low • 52-Week High on 4/5/2019 • 52-Week Low on 12/17/2019 Analyst Price Target Estimates • Reflects range across ten analyst estimates • Mean and median price targets of $35.45 and $33.50 per share, respectively Comparable Company Trading Premium/ (Discount) to NAV • Reflects applied 17-44% discount range to FactSet consensus NAV estimate of $62.83 • High / low driven by observed trading at Silver and MAC • GSA NAV estimates of $62.25 (for reference) • Premiums Paid Analysis • Reflects 13.1-22.4% premium range implied by the 25th and 75th percentiles from 17 U.S. REIT transactions >$1Bn in last 5-years where cash comprised >50% of aggregate consideration • Applied to Titanium’s closing price of $31.05 on 1/24/2020 Titanium Stock Price as of 1/24/2020: $31.05 Silver Proposed Offer: $57.00 $44.76 $26.34 $33.53 $40.55 $47.42 $29.59 $29.50 $34.96 $35.12 $65.30 $40.94 $48.13 $55.14 $67.18 $54.30 $55.00 $52.45 $38.02 $20.00 $30.00 $40.00 $50.00 $60.00 $70.00 $80.00 Source: Titanium Management projections as presented on 1/6/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the draft Agreement and Plan of Merger dated 1/26/2020 and draft Joint Venture Operating Agreement dated 1/26/2020. Company filings, Green Street Advisors, FactSet and SNL Financial as of 1/24/2020. Note: Analysis at 12/31/2019 and uses mid-year convention. Net debt reflects 2019E projected balances per Management. Assumes Management-provided share/unit count as of 1/26/2020 which includes adjustments to various equity awards to reflect the impact of the Transaction. 7

 HIGHLY CONFIDENTIAL Discounted Cash Flow Analysis I I I T I T A N I U P R O J E C T M E T A L M F I N A N C I A L A N A L Y S I S Source: Titanium Management projections as presented on 1/6/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the draft Agreement and Plan of Merger dated 1/26/2020 and draft Joint Venture Operating Agreement dated 1/26/2020. Company filings, FactSet, Green Street Advisors and SNL Financial as of 1/24/2020. Note: Analysis at 12/31/2019 and uses mid-year convention. Net debt reflects 2019E projected balances per Management. Assumes Management-provided share/unit count as of 1/26/2020 which includes adjustments to various equity awards to reflect the impact of the Transaction. Peripheral Land and Net Other Assets / (Liabilities) as of 9/30/2019. (a) Exit cap rate based on 3-year mean implied cap rates of Select Comparable Companies with +50bps range applied. (b) Excludes Development NOI at Beverly Center due to straight-line growth projection per Management. (c) 2019E includes $11MM in EBITDA-related adjustments related to shareholder activism, restructuring, transaction expenses, a one-time promote fee and FV adjustment of equity securities. (d) Assumes 6.0% discount rate. Valuation Date 12/31/2019 Discount Rate (WACC) 6.0% 2024E Total Cash NOI $660 Exit Cap Rate (a) 6.0% Implied Terminal Valuation $11,005 Implied 2023E FFO Multiple 16.0x Implied EBITDA Exit Multiple 17.8x Implied Perpetuity Growth Rate 1.0% SUMMARY CASH FLOWS @ TITANIUM SHARE ($ in MMs @ Titanium Share) Management Projections CAGR 2019E 2020B 2021E 2022E 2023E 2024E '19E-'24E 20E-'24E Titanium Comparable Cash NOI $590 $582 $588 $599 $610 $618 0.9% 1.5% Non-Cash Adjustments 9 7 8 8 8 8 GAAP Comparable NOI $600 $589 $597 $608 $618 $626 0.9% 1.5% Comparable NOI Growth (1.8%) 1.3% 1.9% 1.7% 1.4% Development NOI (b) - 1 19 28 34 42 Lease Cancellation Income 10 10 9 7 6 5 Non-Operating Income 13 1 0 0 0 0 U.S. Recurring Corporate G&A (c) (46) (41) (42) (42) (43) (44) Asia G&A at Share (11) (8) (10) (10) (10) (10) Recurring EBITDA $565 $552 $573 $591 $605 $619 1.8% 2.9% Recurring EBITDA Growth (2.3%) 3.7% 3.2% 2.4% 2.4% Other Cash Flow Items Straight-Line of Rent & Ground Leases (6) (7) (7) (7) (7) Other Non-Cash Items 49 (4) (4) (4) (4) Capital Costs Capital Expenditures (90) (69) (72) (63) (59) Development Spend (238) (92) (60) (43) - Unlevered Cash Flow $267 $402 $448 $488 $549 Terminal Value @ 6.0% Exit Cap Rate - - - $11,005 Total Unlevered Cash Flow & Terminal Value $267 $402 $448 $11,493 KEY ASSUMPTIONS 2020E-2023E Discounted Cash Flows $1,413 Terminal Value NPV 8,715 Net Other Assets & (Liabilities) (112) Peripheral Land 17 Implied Enterprise Value $10,033 Consolidated Secured Debt at Share (2,220) Share of Unconsolidated Secured Debt (1,510) Credit Facilities & Term Loans (1,200) Preferred Stock (363) Cash & Equivalents @ Share 68 Implied Equity Value $4,808 Implied Value per Share/Unit $54.16 Titanium Shares/Units Outstanding 88.8 IMPLIED VALUATION ANALYSIS Implied Discount Rate Perpetuity $54.16 6.5% 6.0% 5.5% Growth (d) 6.5% $44.76 $46.61 $48.50 0.6% 6.0% 52.17 54.16 56.20 1.0% 5.5% 60.93 63.09 65.30 1.4% Exit Cap Rate SENSITIVITY ANALYSIS 8

 HIGHLY CONFIDENTIAL Discounted Cash Flow Analysis: Select Sensitivity Analyses I I I T I T A N I U P R O J E C T M E T A L M F I N A N C I A L A N A L Y S I S Source: Titanium Management projections as presented on 1/6/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the draft Agreement and Plan of Merger dated 1/26/2020 and draft Joint Venture Operating Agreement dated 1/26/2020. Company filings, FactSet, Green Street Advisors and SNL Financial as of 1/24/2020. Note: Analysis at 12/31/2019 and uses mid-year convention. Net debt reflects 2019E projected balances per Management. Assumes Management-provided share/unit count as of 1/26/2020 which includes adjustments to various equity awards to reflect the impact of the Transaction. Peripheral Land and Net Other Assets / (Liabilities) as of 9/30/2019. (a) NOI growth rate sensitivity applied to same-store NOI and excludes NOI impact driven by redevelopment activity as scheduled by Management. (b) Development Yield sensitivity reflects a change in assumed yield on scheduled projects excluding Beverly Center, Green Hills and Country Club Plaza. WACC VS. NOI GROWTH ASSUMPTION NOI Growth Rate (a) (100bps) - 100bps 6.5% $48.57 $52.17 $55.86 6.0% 50.50 54.16 57.92 5.5% 52.47 56.20 60.03 Discount Rate IMPLIED METRICS AT VARIOUS EXIT CAP RATES Implied Implied Implied Exit FFO Perpetuity Value per Multiple Growth Rate Share/Unit 6.5% 13.6x 0.6% $46.61 6.0% 16.0x 1.0% 54.16 5.5% 18.9x 1.4% 63.09 Exit Cap Rate EXIT CAP RATE VS. NOI GROWTH ASSUMPTION NOI Growth Rate (a) (100bps) - 100bps 6.5% $43.20 $46.61 $50.11 6.0% 50.50 54.16 57.92 5.5% 59.12 63.09 67.16 Exit Cap Rate Development Yield (b) $54.16 - (100bps) (200bps) 6.5% $46.61 $45.81 $45.00 6.0% 54.16 53.30 52.44 5.5% 63.09 62.16 61.23 Exit Cap Rate EXIT CAP RATE VS. DEVELOPMENT YIELD ASSUMPTION Note: Assumes 6.0% discount rate Note: Assumes 6.0% discount rate Note: Assumes 6.0% exit cap rate Note: Assumes 6.0% discount rate 9

 HIGHLY CONFIDENTIAL Implied Cap Rate Select Mean Low Spread to Select Comparable Productivity Comparable Titanium Silver Companies (b) PEI Mall REITs (c) Companies (bps) Current 7.3% 6.6% 7.1% 9.5% 10.0% 27 1-Year Avg. 6.5% 6.2% 6.6% 9.5% 10.0% (7) 3-Year Avg. 5.8% 6.1% 6.1% 9.0% 9.6% (32) 5-Year Avg. 5.5% 5.7% 5.7% 8.4% 9.0% (16) 7.3% 6.6% 7.1% 4.0% 4.5% 5.0% 5.5% 6.0% 6.5% 7.0% 01/24/15 07/24/15 01/24/16 07/24/16 01/24/17 07/24/17 01/24/18 07/24/18 01/24/19 07/24/19 01/24/20 Titanium Silver Select Comparable Companies (b) PEI Mean Low Productivity Mall REITs (c) 9.5% 10.0% 6.5% 7.5% 8.5% 9.5% 10.5% I I I T I T A N I U P R O J E C T M E T A L M F I N A N C I A L A N A L Y S I S Historical Implied Cap Rate Analysis HISTORICAL IMPLIED CAP RATES OVER LAST FIVE YEARS Source: Titanium Management projections as presented on 1/6/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the draft Agreement and Plan of Merger dated 1/26/2020 and draft Joint Venture Operating Agreement dated 1/26/2020. Company filings, FactSet, Green Street Advisors and SNL Financial as of 1/24/2020. (a) Management projected 2020E cash NOI of $583MM vs. Green Street NTM NOI of $575MM. (b) Select Comparable Companies are Silver and MAC. (c) Low Productivity Mall REITs are SKT, PEI, WPG and CBL. 5.7% GSA Implied Cap Rate @ $57 Proposal(a) 5.8% Mgmt Implied Cap Rate @ $57 Proposal(a) 10

 HIGHLY CONFIDENTIAL WACC Analysis I I I T I T A N I U P R O J E C T M E T A L M F I N A N C I A L A N A L Y S I S SELECT COMPARABLE COMPANIES UNLEVERED BETA ANALYSIS TITANIUM PEER-DERIVED WACC Sources: Titanium Management projections as presented on 1/6/2020, Bloomberg, MSCI Barra Beta Global Equity Model, Duff & Phelps, FactSet and SNL Financial as of 1/24/2020. Note: Barra predicted local beta data as of 12/31/2019. Mid-point drivers held constant under each range of input assumptions for respective sensitivities. (a) Total net debt includes pro rata portion of debt in unconsolidated joint ventures. (b) Risk-free rate represents yield on U.S. 10-Year Treasury. Equity risk premium per Duff & Phelps (2019 Cost of Capital: Annual U.S. Guidance and Examples). (c) Calculated based on projected January 2020 monthly interest expense, per Management projections. Share Equity Total Pref Total Barra Price Market Pro Rata Equity @ Enterpr. TEV Weighting ND + Pref ND + Pref Predicted Beta Select Comparable Companies (1/24/20) Capitalization Net Debt (a) Liq Pref Value Equity Debt Pref / TEV / Equity Levered Unlevered High Productivity Malls Silver $144.82 $51,213 $29,765 $65 $81,044 63.2% 36.7% 0.1% 36.8% 58.2% 0.696 0.440 Macerich Company 25.00 3,827 7,786 - 11,613 33.0% 67.0% - 67.0% 203.5% 1.130 0.372 Mean $84.91 $27,520 $18,776 $33 $46,328 48.1% 51.9% 0.0% 51.9% 130.9% 0.913 0.406 Median 84.91 27,520 18,776 33 46,328 59.4% 40.5% 0.1% 51.9% 130.9% 0.913 0.406 Titanium $31.05 $2,756 $4,862 $363 $7,981 34.5% 60.9% 4.5% 65.5% 189.6% 1.109 0.383 Range of Range of Results Mid-Point Input Assumptions Implied WACC Drivers Low High Low High Unlevered Beta 0.406 0.380 0.440 6.0% 6.4% Net Debt / TEV 61.0% 50.5% 60.5% Pref / TEV 4.5% 4.5% 4.5% Net Debt + Pref / TEV 65.5% 55.0% 65.0% 5.6% 6.2% Implied Net Debt + Pref / Equity 189.8% 122.2% 185.7% Implied Levering Factor 2.898 2.222 2.857 Implied Levered Beta 1.177 0.844 1.257 Marginal Tax Rate 0.0% Risk-Free Rate of Return (b) 1.7% U.S. Market Equity Risk Premium (b) 6.9% Cost of Equity 9.8% Pre-Tax Wtd. Avg. Cost of Debt (c) 4.2% Pre-Tax Wtd. Avg. Cost of Pref 6.4% Illustrative WACC 6.2% Min/Max 5.6% 6.4% Selected Range 5.5% 6.5% 11

 HIGHLY CONFIDENTIAL 8.4x 11.4x 9.2x 3.7x 3.7x 2.5x 5.0x 7.5x 10.0x 12.5x 15.0x 17.5x 20.0x 22.5x 25.0x 01/24/15 07/24/15 01/24/16 07/24/16 01/24/17 07/24/17 01/24/18 07/24/18 01/24/19 07/24/19 01/24/20 Titanium Silver Select Com parable Companies (b) PEI Mean Low Productivity Mall REITs (c) NTM FFO M ul t. Select Mean Low Spread to Sel ect Comparable Productivity Comparable Titanium Silver Com panies (b) PEI Mall REITs (c) Companies Current 8.4x 11.4x 9.2x 3.7x 3.7x (0.8x) 1-Year Avg. 11.3x 12.9x 11.2x 4.6x 4.2x 0.1x 3-Year Avg. 13.9x 13.5x 13.1x 6.0x 5.5x 0.8x 5-Year Avg. 16.4x 15.3x 15.3x 8.1x 7.2x 1.1x I I I T I T A N I U P R O J E C T M E T A L M F I N A N C I A L A N A L Y S I S Historical NTM FFO Multiples Analysis HISTORICAL NTM FFO MULTIPLES OVER LAST FIVE YEARS • Titanium has historically traded at a mean NTM FFO multiple premium of ~0.1-1.1x relative to Select Comparable Companies, which compares to a ~0.8x discount currently Source: Titanium Management projections as presented on 1/6/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the draft Agreement and Plan of Merger dated 1/26/2020 and draft Joint Venture Operating Agreement dated 1/26/2020. Company filings, FactSet, Green Street Advisors and SNL Financial as of 1/24/2020. (a) Management projected 2020E FFO per share/unit of $3.65 vs. analyst consensus 2020E FFO per share/unit of $3.67 per FactSet. (b) Select Comparable Companies are Silver and MAC. (c) Low Productivity Mall REITs are SKT, PEI, WPG and CBL. Implied 15.5x Analyst 2020E FFO @ $57 Proposal(a) Implied 15.6x Mgmt 2020E FFO @ $57 Proposal(a) 12

 HIGHLY CONFIDENTIAL Date Unaffected Transaction NTM Implied Announced Date (a) Target Acquiror Value ($Bn) Consideration (Cash / Stock) FFO (x) (b) Cap Rate 03/26/18 11/06/17 General Growth Properties Brookfield Property Partners L.P. $26.4 66% / 34% 14.4x 5.7% 09/16/14 09/15/14 Glimcher Realty Trust Washington Prime Group, Inc. 4.3 73% / 27% 18.0x 5.8% Mean $15.3 16.2x 5.8% Median $15.3 16.2x 5.8% Illustrative Titanium Metrics at $57 Proposal (c) $10.3 15.6x 5.8% Precedent Transactions Analysis I I I T I T A N I U P R O J E C T M E T A L M F I N A N C I A L A N A L Y S I S Source: Titanium Management projections as presented on 1/6/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the draft Agreement and Plan of Merger dated 1/26/2020 and draft Joint Venture Operating Agreement dated 1/26/2020. Company filings, FactSet, Green Street Advisors and SNL Financial as of 1/24/2020. (a) Unaffected Date / Price reflects closing date prior to transaction announcement, or other relevant date as referenced in public filings for the respective transaction. (b) FFO multiple for GGP / Brookfield transaction based on Management projected NTM FFO per 13E-3 filing. (c) NTM FFO multiple and implied cap rate are based on Management projected 2020E FFO per share/unit of $3.65 and cash NOI of $583MM, respectively. SELECT PRECEDENT REIT TRANSACTION ANALYSIS SELECT ADDITIONAL REFERENCE REIT TRANSACTIONS Date Unaffected Transaction NTM Implied Announced Date (a) Target Acquiror Value ($Bn) Consideration (Cash / Stock) FFO (x) Cap Rate 12/12/17 12/11/17 Westfield Unibail-Rodamco $22.5 35% / 65% 21.1x 4.5% Memo: Included material exposure to European markets. 13

 HIGHLY CONFIDENTIAL I I I T I T A N I U M F I N A N C I A L A N A L Y S I S Titanium Analyst Estimates & Guidance P R O J E C T M E T A L CONSENSUS MEAN FFO PER SHARE ESTIMATES OVER TIME(b) SELECT ANALYST COMMENTARY $3.59 $3.67 $3.87 $3.50 $3.60 $3.70 $3.80 $3.90 $4.00 $4.10 $4.20 $4.30 5/08/2019 8/02/2019 10/28/2019 1/24/2020 2019E 2020E 2021E $3.67 $3.59 $3.87 TITANIUM SUMMARY BROKER ESTIMATES • Analyst sentiment relatively negative following Q3 earnings with focus on negative SSNOI growth and reduced guidance • Analysts generally positive however on tenant sales growth Unclear how sales growth translates to Titanium earnings • General recognition that shares trade at significant discount • “Wait-and-see” approach around Asia JV transaction with Blackstone, but generally viewed transaction positively Current Titanium Share Price: $31.05 ($) Price Implied FFO/Share FFO Multiple (a) AFFO/Share AFFO Multiple (a) Est. Prem./(Disc.) Broker Date Rating Target Return 2019E 2020E 2021E 2019E 2020E 2021E 2019E 2020E 2021E 2019E 2020E 2021E NAV to NAV (a) KeyBanc Capital Markets 12/13/2019 Buy $ 55.00 77% $ 3.57 $ 3.70 $ 3.92 8.7x 8.4x 7.9x n/a n/a n/a n/a n/a n/a n/a n/a Evercore ISI 1/24/2020 Hold 36.00 16% 3.54 3.65 3.78 8.8x 8.5x 8.2x 2.55 2.44 2.49 12.2x 12.7x 12.5x 50.76 (39%) Deutsche Bank Research 1/6/2020 Hold 36.00 16% 3.45 3.59 n/a 9.0x 8.6x n/a 2.73 2.86 n/a 11.4x 10.9x n/a 42.35 (27%) Mizuho Securities USA 1/14/2020 Hold 34.00 10% 3.35 3.53 n/a 9.3x 8.8x n/a 2.59 2.55 n/a 12.0x 12.2x n/a 67.00 (54%) JP Morgan 12/17/2019 Sell 34.00 10% 3.69 3.72 3.85 8.4x 8.3x 8.1x 1.70 2.71 2.82 18.3x 11.5x 11.0x 76.48 (59%) Piper Sandler Companies 12/9/2019 Hold 33.00 6% 3.53 3.61 3.72 8.8x 8.6x 8.3x 2.33 2.51 2.61 13.3x 12.4x 11.9x 63.60 (51%) Scotiabank GBM 1/17/2020 Hold 33.00 6% 3.67 3.68 3.84 8.5x 8.4x 8.1x 2.63 2.52 2.63 11.8x 12.3x 11.8x 60.75 (49%) BMO Capital Markets 1/17/2020 Hold 33.00 6% 3.69 3.65 3.77 8.4x 8.5x 8.2x 2.48 2.38 2.41 12.5x 13.0x 12.9x 56.80 (45%) Jefferies 1/14/2020 Hold 31.00 (0%) 3.68 3.70 3.96 8.4x 8.4x 7.8x 2.80 2.93 3.23 11.1x 10.6x 9.6x n/a n/a Morgan Stanley 12/18/2019 Hold 29.50 (5%) 3.69 3.79 4.04 8.4x 8.2x 7.7x n/a n/a n/a n/a n/a n/a n/a n/a Raymond James 12/4/2019 Hold n/a n/a 3.52 3.70 3.93 8.8x 8.4x 7.9x 2.31 2.43 2.62 13.4x 12.8x 11.9x 70.89 (56%) BTIG 1/17/2020 Hold n/a n/a 3.67 3.70 n/a 8.5x 8.4x n/a 1.94 1.73 n/a 16.0x 17.9x n/a 76.85 (60%) Mean $ 35.45 14% $ 3.59 $ 3.67 $ 3.87 8.7x 8.5x 8.0x $ 2.41 $ 2.51 $ 2.69 13.2x 12.6x 11.6x $ 62.83 (49%) Median 33.50 8% 3.62 3.69 3.85 8.6x 8.4x 8.1x 2.52 2.52 2.62 12.3x 12.3x 11.9x 63.60 (51%) Green Street Advisors 1/24/2020 Hold n/a n/a n/a $3.72 $3.72 n/a 8.3x 8.3x n/a $2.46 $2.45 n/a 12.6x 12.7x $62.25 (50%) Mean (Incl. GSA) $ 35.45 14% $3.59 $3.67 $3.85 8.7x 8.5x 8.1x $2.41 $2.50 $2.66 13.2x 12.6x 11.8x $ 62.77 (49%) Median (Incl. GSA) 33.50 8% 3.62 3.70 3.85 8.6x 8.4x 8.1x 2.52 2.51 2.62 12.3x 12.4x 11.9x 62.93 (51%) FactSet Consensus Mean (b)(c) 34.96 13% 3.59 3.67 3.87 8.7x 8.5x 8.0x 2.41 2.51 2.69 12.9x 12.4x 11.6x 62.83 (51%) Source: FactSet, Green Street Advisors and SNL Financial as of 1/24/2020. (a) FFO and AFFO multiples, as well as Premium / (Discount) to NAV calculated with reference to Titanium’s current share price. (b) FactSet Consensus Mean includes anonymous estimates. (c) FactSet Consensus Implied Return, Multiples and Premium / (Discount) to NAV calculated using per share consensus mean metrics with reference to Titanium’s current share price. 14

 HIGHLY CONFIDENTIAL Premiums Paid Analysis I I I T I T A N I U P R O J E C T M E T A L M F I N A N C I A L A N A L Y S I S Source: Titanium Management projections as presented on 1/6/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the draft Agreement and Plan of Merger dated 1/26/2020 and draft Joint Venture Operating Agreement dated 1/26/2020. Company filings, FactSet, Green Street Advisors and SNL Financial as of 1/24/2020. (a) Unaffected Date / Price reflects closing date prior to transaction announcement, or other relevant date as referenced in public filings for the respective transaction. (b) 1-Day and 30-Day VWAP based on closing price the day prior to transaction announcement. (c) Represents transactions for which cash comprised <50% consideration and are shown for informational purposes. SELECT PRECEDENT US REIT TRANSACTIONS >$1BN Transaction Transaction Premium to: Date Unaffected Value Unaffected 1-Day 30-Day Announced Date (a) Target Sector Acquiror ($Bn) Consideration Price (a) VWAP (b) VWAP (b) 10/27/19 10/25/19 (c) Liberty Property Trust Industrial Prologis, Inc. $12.6 Stock 21% 21% 20% 07/31/18 06/15/18 Forest City Realty Trust, Inc. Diversified Brookfield Asset Management Inc. 11.4 Cash 27% 10% 11% 07/18/19 06/26/19 Pure Multi-Family REIT Apartment Cortland 1.2 Cash 15% 4% 5% 05/06/19 05/03/19 (c) Chesapeake Lodging Trust Lodging Park Hotels & Resorts Inc. 2.7 Cash & Stock 6% 6% 9% 03/25/19 03/22/19 (c) TIER REIT, Inc. Office Cousins Properties Incorporated 2.4 Stock 16% 14% 20% 09/06/18 03/27/18 (c) LaSalle Hotel Properties Lodging Pebblebrook Hotel Trust 5.2 Cash & Stock 46% 3% 4% 06/25/18 06/01/18 Education Realty Trust Student Housing Greystar 4.6 Cash 9% 2% 10% 05/07/18 05/04/18 Gramercy Property Trust Industrial The Blackstone Group L.P. 7.4 Cash 15% 16% 23% 04/29/18 04/27/18 (c) DCT Industrial Trust Inc. Industrial Prologis, Inc. 8.1 Stock 16% 16% 20% 03/26/18 11/06/17 General Growth Properties Retail Brookfield Property Partners L.P. 26.4 Cash & Stock 15% 3% 1% 08/10/17 08/09/17 (c) Starwood Waypoint Homes SFR Invitation Homes 8.0 Stock 1% 1% (2%) 07/04/17 07/03/17 Monogram Residential Trust, Inc. Apartment Greystar / APG / GIC / Ivanhoe 3.7 Cash 22% 23% 22% 06/30/17 06/29/17 Parkway, Inc. Office CPPIB 1.6 Cash 13% 13% 15% 06/28/17 03/24/17 First Potomac Realty Trust Office Government Properties Income Trust 1.3 Cash 11% (2%) 1% 06/09/17 06/08/17 (c) DuPont Fabros Technology, Inc. Data Center Digital Realty Trust, Inc. 7.3 Stock 15% 15% 20% 05/07/17 05/05/17 (c) Care Capital Properties, Inc. Healthcare Sabra Health Care REIT, Inc. 4.0 Stock 12% 12% 10% 04/24/17 04/21/17 (c) FelCor Lodging Trust, Inc. Lodging RLJ Lodging Trust 2.8 Stock 17% 17% 16% 02/27/17 02/24/17 Silver Bay Realty Trust Corp. SFR Tricon Capital Group, Inc. 1.4 Cash 19% 20% 24% 11/14/16 11/14/16 (c) Equity One, Inc. Retail Regency Centers Corp. 5.8 Stock 11% 13% 8% 08/15/16 08/12/16 (c) Post Properties, Inc. Apartment Mid-America Apartment Communities 4.8 Stock 17% 16% 16% 04/29/16 04/28/16 (c) Parkway Properties, Inc. Office Cousins Properties Incorporated 3.7 Stock 13% 13% 14% 02/25/16 01/15/16 Rouse Properties, Inc. Retail Brookfield Asset Management 2.5 Cash 35% 4% 5% 12/15/15 12/14/15 Inland Real Estate Corporation Retail DRA Advisors LLC 1.9 Cash 7% 6% 11% 12/03/15 11/27/15 (c) American Residential Properties, Inc. SFR American Homes 4 Rent 1.4 Stock 14% 8% 18% 11/08/15 11/06/15 (c) Plum Creek Timber Company, Inc. Timber Weyerhaeuser Company 11.8 Stock 21% 21% 20% 10/16/15 10/16/15 Campus Crest Communities, Inc. Student Housing Harrison Street Real Estate Capital 1.7 Cash 24% 25% 37% 10/08/15 09/22/15 BioMed Realty Trust, Inc. Healthcare The Blackstone Group L.P. 8.0 Cash 24% 10% 19% 09/08/15 07/23/15 Strategic Hotels & Resorts, Inc. Lodging The Blackstone Group L.P. 5.8 Cash 13% 5% 4% 06/22/15 04/24/15 Home Properties, Inc. Apartment Lone Star Funds 7.6 Cash 9% 3% 2% 04/22/15 04/20/15 Associated Estates Realty Corporation Apartment Brookfield Asset Management Inc. 2.5 Cash 19% 18% 17% 04/10/15 04/09/15 Excel Trust, Inc Retail The Blackstone Group L.P. 1.7 Cash 15% 15% 14% All-Cash & >50% Cash Consideration (17 Transactions) 25th Percentile $1.7 13.1% 3.9% 5.2% Mean $5.3 17.2% 10.2% 13.0% Median $2.5 14.9% 10.3% 11.3% 75th Percentile $7.4 22.4% 15.6% 19.2% All REIT Transactions (31 Transactions) 25th Percentile $2.1 12.4% 4.4% 6.8% Mean $5.5 16.6% 11.3% 13.4% Median $4.0 14.9% 12.8% 14.1% 75th Percentile $7.5 20.1% 16.0% 19.7% Illustrative Titanium Metrics at $57 Proposal $10.3 83.6% 82.1% 84.5% 15

Exhibit 99 (c)(9)

             HIGHLY CONFIDENTIAL  Project Metal  D I S C U S S I O N M AT E R I A L S  6 F E B R U A R Y 2 0 2 0  C O N F I D E N T I A L 

   HIGHLY CONFIDENTIAL              DisclaimerThe information herein has been prepared by Lazard based upon information supplied by Titanium or Silver, or publicly available information, and portions of the information herein may be based upon publicly available statements, estimates and forecasts with respect to the anticipated future performance of Titanium and/or certain statements, estimates and forecasts provided by Titanium with respect to the anticipated future performance of Titanium. We have relied upon the accuracy and completeness of the foregoing information, and have not assumed any responsibility for any independent verification of such information or any independent valuation or appraisal of any of the assets or liabilities of Titanium, Silver or any other entity, or concerning solvency or fair value of Titanium, Silver or any other entity. With respect to financial forecasts, we have assumed that they have been reasonably prepared in good faith on bases reflecting the best currently available estimates and judgments as to the future financial performance of Titanium. We assume no responsibility for and express no view as to such forecasts or the assumptions on which they are based. The information set forth herein is based upon economic, monetary, market and other conditions as in effect on, and the information made available to us as of, the date hereof, unless indicated otherwise. These materials and the information contained herein are confidential and may not be disclosed publicly or made available to third parties without the prior written consent of Lazard; provided, however, that you may disclose to any and all persons the U.S. federal income tax treatment and tax structure of the transaction described herein and the portions of these materials that relate to such tax treatment or structure. Lazard is acting as investment banker to the Special Committee of Titanium, and will not be responsible for and will not provide any tax, accounting, actuarial, legal or other specialist advice. Lazard is not providing an opinion as to the relative merits of a transaction with Silver as compared to any other transaction or business strategy in which Titanium might engage or the merits of the underlying decision by Titanium to engage in a transaction with Silver. These materials do not constitute tax, accounting, actuarial, legal or other specialist advice, and Lazard shall have no duties or obligations in respect of these materials or other advice provided, except to the extent specifically set forth in the engagement agreement that has been entered into by Lazard and the Special Committee.  P R O J E C T M E T A L  C O N F I D E N T I A L 

   HIGHLY CONFIDENTIAL              Table of Contents  P R O J E C T M E T A L  C O N F I D E N T I A L  I EXECUTIVE SUMMARY & SITUATION OVERVIEW  1  II TITANIUM MANAGEMENT BUSINESS PLAN  5  III TITANIUM FINANCIAL ANALYSIS  7 

   HIGHLY CONFIDENTIAL              C O N F I D E N T I A L  I Executive Summary & Situation Overview  P R O J E C T M E T A L 

 HIGHLY CONFIDENTIAL  P R O J E C T M E T A L I E X E C U T I V E S U M M A R Y & S I T U A T I O N O V E R V I E WExecutive Summary: Situation OverviewThe Special Committee of the Board of Titanium is contemplating a transaction whereby entities affiliated with Silver would acquire for $52.50 per share/unit in cash (i) 100% of Titanium common equity and (ii) a number of OP units owned by the Titanium Family (the “Converting Titanium Family OP Units”) such that the Titanium Family would retain a 20% economic interest in a NewCo JV with Silver post-closing (the “Transaction”); the Titanium organization is expected to remain in place and continue managing the portfolio under a new operating agreementTitanium owns, operates and develops high quality shopping malls across the U.S., Puerto Rico, South Korea and ChinaMarket capitalization of ~$4.7Bn and a TEV of ~$9.9Bn at share based on the indicative $52.50 per share/unit offer priceTitanium’s Board has been active in considering opportunities for value creation given Titanium’s trading discount and operating and capital markets challengesTitanium unaffected(a) share price of $26.42 as of 1/31/2020 represents a ~57% discount to NAV(b)Trading relative to Silver has weakened significantlyUnaffected(a) Titanium NTM FFO multiple of 7.2x represents a 3.3x discount to Silver, and compares to a 1.7x discount and 0.3x premium over a 1-year and 3-year historical average, respectively(c)Implied unaffected(a) exchange ratio of 0.198x as of 1/31/2020 represents all-time lowTransaction represents second attempt at a potential tie up between Titanium and SilverSilver (in partnership with Westfield America) previously made an unsolicited offer for Titanium in late 2002Proposal of $20 represented a ~35% premium to Titanium’s unaffected price as of 11/12/2002Transaction could not be completed as Titanium Family did not support the deal as proposed  Source:  (a)(b)(c)  Titanium Management projections as presented on 1/6/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the draft Agreement and Plan of Merger dated [2/6/2020] and draft Joint Venture Operating Agreement dated [2/6/2020]. Company filings, FactSet, Green Street Advisors and SNL Financial as of 2/5/2020.Reflects Titanium’s share price of $26.42 as of 1/31/2020 prior to rumored merger discussions with Silver. FactSet Consensus NAV of $61.34 and GSA NAV estimate of $62.27.Per FactSet consensus estimates.  1 

 HIGHLY CONFIDENTIAL  I E X E C U T I V E S U M M A R Y & S I T U A T I O N O V E R V I E W  P R O J E C T M E T A L  Source:  (a)  Titanium Management projections as presented on 1/6/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the draft Agreement and Plan of Merger dated [2/6/2020] and draft Joint Venture Operating Agreement dated [2/6/2020]. Company filings, FactSet, Green Street Advisors and SNL Financial as of 2/5/2020.Designated Properties are Beverly Center, Cherry Creek Shopping Center, Twelve Oaks Mall, The Mall at Short Hills and Stamford Town Center.  Executive Summary: Situation Overview (cont’d)Titanium Family retains substantial control rights vis-à-vis the publicly traded company and subsidiary entitiesAbility to vote ~30% economic interest through Series B preferred sharesConsent right over any sale of (i) the Titanium OP and (ii) the Designated Properties(a)Bargain purchase option with respect to Titanium’s management platformTransaction contemplates Silver’s acquisition of (i) 100% of Titanium common equity and (ii) the Converting Titanium Family OP UnitsTitanium Family will roll its interest such that it will retain 20% of NewCo JV with Silver owning the 80% balanceAll-cash consideration of $52.50 per share/unit for selling share/unitholdersIncludes Titanium common equity and Series B preferred shares held by Titanium FamilyCertain non-Titanium Family unitholders may elect to receive Silver OP units in lieu of cashTitanium organization to remain in place with Titanium Family retaining significant governance rightsTitanium Family governance rights subject to its retaining >8% ownership of NewCo JVTitanium Family will have right beginning at the 2nd anniversary of closing to sell 20% of its interest annuallySale right cumulative such that up to 40% could be sold after the 3rd anniversary, 60% after the 4th anniversary, etc.Titanium Family also will have a one-time right to sell 100% of its interest between the 2nd and 3rd anniversary of closingSilver may elect to defer its purchase of 50% for one year from the time of Titanium Family’s exercising its one-time rightValuation would reflect the greater of (i) applying Silver’s LTM FFO multiple to Titanium’s LTM FFO (excluding G&A) and (ii) third-party valuation process (excluding G&A, but including a market-rate management fee)If Silver is prevailing party in two deadlocks with the Titanium Family within a 2-year period, Silver will have the right to call 100% of theTitanium Family’s interest2 

 HIGHLY CONFIDENTIAL                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  -  Feb-17  May-17  May-18  Aug-19  Nov-19  Feb-20  P R O J E C T M E T A L I E X E C U T I V E S U M M A R Y & S I T U A T I O N O V E R V I E WTitanium Common Share Price PerformanceTitanium traded at a 3-year low on 1/31/2020, and is down ~48% in the last 12 months and ~35% since Forever 21’s bankruptcy announcement  Source:(a)  Company filings, FactSet and Bloomberg as of 2/5/2020.Elliott Management entered position at a weighted average price of $49.03 and exited position at a weighted average price of $55.07 per Bloomberg.                                        TITANIUM COMMON SHARE PRICE SINCE 2017  TitaniumShare Price  Volume(MM)  7.06.05.04.03.0$33.792.01.0    Feb-19 May-19Shareholder Activism  Aug-18 Nov-18Transactions News    Industry News    Aug-17 Nov-17 Feb-18Operations / Capital Allocation    12.2%    Short Interest % Over Time    $80 A$70$60$50$40$30$20$10    B    C    D      G    H    I    J    F    K    E            L      M    N    O    P      Q      R              $52.50 Offer Price            A  2/9/2017: Reports solid 16YE Earnings but gives 17YE Guidance less than consensus  H  5/16/2018: Elliot Management reported to have sold its stake(a)  O  4/30/2019: Lowered FFO outlook and disclosed acquisition of interest in The Gardens Mall    B  3/2/2017: L&B issues letter proposing the nomination of 2 directors to the board  I  5/18/2018: ISS voices support for L&B Plan; Litt subsequently elected to Board  P  5/30/2019: Jonathan Litt steps down from the Board; L&B issues letter following month    C  11/13/2017: Bloomberg reports that ElliotManagement is building a stake(a)  J  7/30/2018: Titanium forms JV to construct ashopping mall in South Korea  Q  9/19/2019: Announced completion of sale of50% interest in Starfield Hanam to Blackstone    D  11/13/2017: Brookfield Property proposes an acquisition of GGP for $23.00/share  K  10/15/2018: Sears files for bankruptcy  R  9/30/2019: Forever 21 files for bankruptcy    E  12/12/2017: Unibail-Rodamco agrees to acquire Westfield Corp.  L  10/30/2018: Q3 Earnings beat, but guides down Q4 numbers below consensus  S  1/24/2020: Silver reported to be considering a bid for Forever 21    F  3/19/2018: Claire’s files for bankruptcy  M  11/2/2018: Announced $500MM redesign of Beverly Center  T  2/4/2020: Bloomberg reports that Silver and Titanium held deal talks    G  3/26/2018: GGP agrees to be acquired after Brookfield raises its offer  N  2/14/2019: Announced agreement to sell 50% of interest in 3 Asia-backed shopping centers            S      T    3 

 HIGHLY CONFIDENTIAL  Executive Summary: Transaction Overview  I E X E C U T I V E S U M M A R Y & S I T U A T I O N O V E R V I E W  P R O J E C T M E T A L  SUMMARY OVERVIEW  IMPLIED TITANIUM VALUATION ($MM)  ($ in MMs, presented at share)                                              Total Consideration per Titanium Share/Unit  $52.50  Shares/Units Outstanding (MM)Common Shares Outstanding  61.2  TRG Units  26.4  Other Dilutive Securities (a)  1.1  Total Shares/Units Outstanding (MM)  88.8  Implied Market Capitalization  $4,661  Consolidated Secured Debt at Share  $2,220  Share of Unconsolidated Secured Debt  1,510  Credit Facilities & Term Loans (b)  1,200  Outstanding Debt  $4,930  Preferred Stock  363  Less: Cash & Equivalents  (68)  Total Enterprise Value  $9,886  Development @ Book Value  (259)  Peripheral Land  (17)  Other Tangible (Assets) & Liabilities  112  Value of Operating Real Estate  $9,723       SELECT VALUATION & TRADING METRICS Implied Premium / Discount to Titanium Share Price:  As of 2/5/2020 ($33.79)As of Unaffected Date ($26.42 on 1/31/2020) 52-Week Low ($26.42 on 1/31/2020)52-Week High ($54.30 on 4/5/2019)  55.4%98.7%98.7%(3.3%)  Select VWAP Observations: 20-Day VWAP ($31.22)30-Day VWAP ($30.89)90-Day VWAP ($33.65)6-Month VWAP ($35.54)1-Year VWAP ($40.26)  68.2%69.9%56.0%47.7%30.4%  (15.7%)(14.4%) Consensus Mgmt.   14.4x20.2x  14.4x20.5x  Green Street NAV ($62.27) Consensus NAV ($61.34)Implied Multiples on Offer Price (Cons. / Mgmt.):2020E FFO per Share/Unit ($3.66 / $3.65)2020E AFFO per Share/Unit ($2.59 / $2.57)Implied Cap Rate:2020E Cash NOI at Share (c)  Green Street Mgmt. 5.9% 6.0%      Source:  Note: (a)(b)(c)  Titanium Management projections as presented on 1/6/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the draft Agreement and Plan of Merger dated [2/6/2020] and draft Joint Venture Operating Agreement dated [2/6/2020]. Company filings, FactSet, Green Street Advisors and SNL Financial as of 2/5/2020.Net debt reflects 2019E projected balances per Management. Development at Book Value, Peripheral Land and Other Tangible Assets / (Liabilities) as of 9/30/2019. Includes adjustments to various equity awards to reflect the impact of the Transaction, per Management as of 2/5/2020.Includes $12MM debt attributed to Titanium’s US office headquarters. Green Street implied cap rate represents NTM NOI as of Q3 2019.  Transaction contemplates Silver’s acquisition of (i) 100% of Titanium common equity and (ii) the Converting Titanium Family OP UnitsAll-cash consideration of $52.50 per share/unitCertain incentive equity awards not eligible for vesting at closing would be exchanged for similar awards in NewCo$363MM of Titanium Series J/K Preferred Stock to be redeemed for cashExisting Titanium debt to be assumed or refinanced at closingNo financing conditionShareholder vote conditions:2/3 of Titanium common stock and Series B Preferred Stock (voting together)Majority of Titanium common stock and Series B Preferred Stock (voting together) excluding any shares owned the Titanium FamilyMajority of Series B Preferred StockTitanium OP Approval by a majority of partners other than Titanium and any Parity Preferred Partner45-day Go-Shop to commence at signingTitanium Family will have right beginning at the 2nd anniversary of closing to sell 20% of its interest annuallyCumulative sale right such that 100% may be sold after 6 yearsOne-time right to sell 100% between 2- and 3-yearsAll financial analysis reflects Titanium projections at its respective ownership share in its portfolio of real estate and other assets  4 

   HIGHLY CONFIDENTIAL              C O N F I D E N T I A L  II Titanium Management Business Plan  P R O J E C T M E T A L 

 HIGHLY CONFIDENTIAL  P R O J E C T M E T A L I I T I T A N I U M M A N A G E M E N T B U S I N E S S P L A NTitanium Management Business Plan: Summary Projections  KEY MANAGEMENT ASSUMPTIONS  PROJECTED INCOME STATEMENT @ TITANIUM SHARE  2020E: Reflects Management budgetNOI: Reflects Management designation on forward outlook and supported by property-levelExisting property growth at 2.0% for Tier I assets, 0.0% for Tier II assets, (2.0)% for Tier III assets and 4.0% for Asian assetsTiered growth rates are before any impact from center-specific development activityG&A: Budgeted internally for 2020E and grown at 2.0% thereafterIncludes share of Asia G&A initially at$8.2MM in 2020B increasing to $10.5MM by 2024ECapex: Run-rate of ~$60-70MM in maintenance capex starting in 2021E, with variance driven primarily by leasing activity and deferred capexProject capex relates to currently identifiedopportunities and renovations, and includes~$105MM related to Anseong developmentDividend: No dividend growth assumed  Source:(a)(b)  (c)  Company filings and Titanium Management projections as presented on 1/6/2020. All cash flows at Titanium share.Excludes Redevelopment NOI at Beverly Center due to straight-line growth projection.Includes $11MM in EBITDA-related adjustments (shareholder activism, restructuring, transaction expenses, one-time promote fee, FV adjustment of equity securities) and $2MM in income tax-related adjustments (Blackstone transaction and promote fee).FFO per Company definition.                                  ($ in MMs, @ Titanium Share) Management Projections 2019E 2020B 2021E 2022E 2023E 2024E        Titanium Comparable Cash NOIStraight-Line of Rents  $5909  $5827  $5888  $5998  $6108  $6188  GAAP Comparable NOI  $600  $589  $597  $608  $618  $626  -  1010  1.3%$19 90  1.9%$28 70  1.7%$34 60  1.4%$42 50  -  (1.8%)$1 1001  -  --  --  --  --  Comparable NOI Growth Development NOI (a) Lease Cancellation Income Non-Operating IncomeAnseong Property Management Fee Other IncomeU.S. Recurring G&A Asia G&A  4(46)(11)  (41)(8)  (42)(10)  (42)(10)  (43)(10)  (44)(10)  Recurring EBITDA $565 $552 $573 $591 $605 $619  (2.3%) 3.7% 3.2% 2.4% 2.4%- - - - -  (197)(4)(1)(2)(23)  (210)(4)(1)(2)(23)  (217)(4)(1)(2)(23)  (227)(4)(2)(2)(23)  (225)(4)(2)(2)(23)  Recurring EBITDA GrowthNon-Recurring Items - EBITDA (b) Interest ExpenseNon-Real Estate Depreciation Income Tax ExpenseIncome TaxPreferred Dividends Other Cash Items  ($11)(207)(5)(3)(3)(23)(2)  - - - - -  Funds From Operations (c) $312 $324 $332 $343 $346 $363  Non-Recurring Items (b) 13 - - - - -  Adjusted Funds From Operations Adjusted FFO per Share/Unit  $325 $324 $332 $343 $346 $363$3.68 $3.65 $3.73 $3.85 $3.88 $4.06  Adjusted FFO per Share/Unit GrowthStraight-Line of RentsStraight-Line of Ground Leases Capital Expenditures - CAM Capital Expenditures - Leasing  (0.7%)($7) 2(49)(42)  2.3%($8) 2(35)(34)  3.1%($8) 2(32)(40)  0.8%($8) 2(30)(33)  4.6%($8) 2(28)(31)  Funds Available for Distribution FAD per Share/Unit  $228 $256 $264 $276 $297$2.57 $2.88 $2.96 $3.10 $3.32   CAGR '19E-'24E '20B-'24E 0.9% 1.5%0.9% 1.5%1.8% 2.9%2.3% 2.9%2.0% 2.7%6.8%6.6%  12.1%$4 11  2.8%$4 11  4.6%$4 11  7.2%$4 11  -  -  -  --  FAD per Share/Unit Growth Non-Real Estate Depreciation Stock-Based CompensationProceeds from Stamford & X'ian Sales Development & Renovation CapEx Fees Associated w/ Financing Activity Debt AmortizationDebt Draw/(Paydown) - ex. Revolver  $4 1152(238)(0)(32)252  (92)(0)(41)3  (60)(0)(46)103  (43)(3)(46)207  (6)(46)122  Net Change in Cash (Pre-Distributions) $278 $141 $275 $407 $382 Distributions (236) (236) (236) (236) (236) Net Change in Cash (Post-Distributions) $42 ($94) $39 $171 $146                                                                                                                          5 

 HIGHLY CONFIDENTIAL  P R O J E C T M E T A L I I T I T A N I U M M A N A G E M E N T B U S I N E S S P L A NTitanium Management Business Plan: Summary Projections (cont’d)  KEY MANAGEMENT ASSUMPTIONS  PROJECTED CAPITAL STRUCTURE @ TITANIUM SHARE  2020E: Reflects Management budget; 2019E reflects cash flow bridge between Q3 and Q4 2019Mortgage Debt: Secured debt assumed to roll at debt yields of ~10-15% depending on property, with interest rates generally assumed at 5.0-5.5%Asian debt balances pro forma assuming Blackstone sale closed at year-end 2019ECorporate Debt: Refinanced at par with same fixed interest rate / spread to LIBORCorporate revolver partially paid down with remaining proceeds from sale of X’ian JV, expected to be received Q1 2020LIBOR: All floating rate debt not subject to swap agreements utilizes projected 1M forward LIBOR curve plus 25bps of cushion + quoted spreadCash Balance: Assumes minimum cash balance of $50MM starting in 2020E; Asia balance accrues through FCF generationAsset Sales: Assumes Stamford sold at year- end 2020E for $25MM at share; ~$27MM of X’ian proceeds to be received in Q1 2020Stamford sale reflects ~15% cap rateShares/Units Outstanding: Assumes no equity issuance other than vesting of in-place awards and continuation of stock-based compensation at~$11MM per year  Source:(a)(b)  Company filings and Titanium Management projections as presented on 1/6/2020. All cash flows at Titanium share.Reflects debt attributed to Titanium’s US office headquarters.2024E Net Debt / NTM EBITDA ratio assumes 2024E EBITDA is grown at rate equal to 5-year recurring EBITDA CAGR of ~1.8%.                       Management Projections 2019E 2020B 2021E 2022E 2023E 2024E        ($ in MMs, @ Titanium Share)Debt Summary: Consolidated Mortgages Unconsolidated Mortgages  $2,220 1,510  $2,323 1,628  $2,273 1,640  $2,248 1,722  $2,423 1,708  $2,403 1,803  Total Mortgage DebtImplied Mortgage Debt YieldUnsecured Term Loans Other Unsecured Debt (a)Unsecured Revolving Credit Facilities  $3,73015.8%$525 12663  $3,95114.7%$525 12676  $3,91315.5%$525 12781  $3,97015.8%$525 12757  $4,13115.6%$525 12614  $4,20715.7%$525 12497  Total Unsecured Debt  $1,200  $1,213  $1,318  $1,294  $1,151  $1,034  Total Debt  $4,930  $5,164 $5,232 $5,264 $5,282 $5,241  Implied Total Debt YieldPreferred Equity  12.0%363  11.3%363  11.6%363  11.9%363  12.2%363  12.6%363  Total Debt & Preferred EquityLess: U.S. Cash Less: Asia Cash  $5,293(63)(5)  $5,527(50)(73)  $5,594(50)(84)  $5,626(50)(99)  $5,645(50)(127)  $5,604(50)(157)  Total Net Debt & Preferred Equity $5,225 $5,403 $5,460 $5,478 $5,467 $5,397  9.4x 9.2x 9.1x 8.8x 8.6x  Net Debt & Pref. / NTM EBITDA (b) 9.5xChange in Debt: Debt Amortization Debt IssuanceRevolver Draw/(Paydown)  ($32) 25213  ($41) 3105  ($46) 103(25)  ($46) 207(143)  ($46) 122(117)  Change in Debt Balance $234 $68 $32 $18 ($41)  Debt & Preferred Service:Interest Expense Preferred Dividends Debt Amortization  $196 2332  $210 2341  $217 2346  $227 2346  $225 2346  Annual Debt & Preferred Service $250 $274 $286 $297 $294  Basic Shares/Units Outstanding Plus: Dilution Impact  87.31.1  87.61.2  87.61.2  87.61.4  87.61.7  87.61.9  Diluted Shares/Units Outstanding 88.3 88.8 88.9 89.1 89.3 89.5   CAGR '19E-'24E '20B-'24E2.4% 1.6%1.2% 0.4%1.1% 0.3%0.7% (0.0%)3.6%- 9.8%4.1%0.2%                                                                                                  6 

   HIGHLY CONFIDENTIAL              C O N F I D E N T I A L  III Titanium Financial Analysis  P R O J E C T M E T A L 

 HIGHLY CONFIDENTIAL                    I I I T I T A N I U M F I N A N C I A L A N A L Y S I S  P R O J E C T M E T A L                                                                                                              Titanium Valuation RangeMETHODOLOGY IMPLIED $ PRICE PER SHARE/UNIT RANGE  COMMENTS & ASSUMPTIONS  Discounted Cash Flows  WACC range of 5.50-6.75%Exit cap rate range of 5.50-6.50%WACC range increased 25bps to 6.75% at high end incorporating change in Barra betas since 1/22 (~$0.91 impact at low end); ~143K additional shares/units (~$0.09 impact)  Select ComparableCompanies Public Trading  Current NTM FFO (x)  6.4-10.4x range applied to Titanium’s NTM FFO per share/unit of $3.65 (2020E FFO)Midpoint reflects current average NTM FFOx of Select Comparable Companies as of 1/31/2020(a)1.1x reduction in FFOx range due to market trading since 1/22 (~$4.20 impact)  1-Year NTM FFO (x)  9.0-13.0x range applied to Titanium’s NTM FFO per share/unit of $3.65 (2020E FFO)Midpoint reflects 1-year historical average NTM FFOx of Select Comparable Companies0.2x reduction in FFOx range due to market trading since 1/22 (~$0.68 impact)  3-Year NTM FFO (x)  11.0-15.0x range applied to Titanium’s NTM FFO per share/unit of $3.65 (2020E FFO)Midpoint reflects 3-year historical average NTM FFOx of Select Comparable Companies0.1x reduction in FFOx range due to market trading since 1/22 (~$0.35 impact)  Transaction Precedents  5.8% cap rate +50bps based on average of Brookfield / GGP and WPG / Glimcher transactions~143K additional shares/units (~$0.09 impact)  Additional Analysis(For Reference Purposes Only)  52-Week High/Low  52-Week High on 4/5/201952-Week Low on 1/31/2020  Analyst Price Target Estimates  Reflects range across ten analyst estimatesMean and median price targets of $35.05 and $33.00 per share, respectively  Comparable Company Trading Premium/ (Discount) to NAV  Reflects applied 22-50% discount range to FactSet consensus NAV estimate of $61.34High / low driven by observed trading at Silver and MAC as of unaffected date of 1/31/2020(a)GSA NAV estimates of $62.27 (for reference)    Premiums Paid Analysis  Reflects 13.1-22.4% premium range implied by the 25th and 75th percentiles from 17 U.S. REITtransactions >$1Bn in last 5-years where cash comprised >50% of aggregate considerationApplied to Titanium’s unaffected price of $26.42 as of 1/31/2020(a)  Silver Proposed Offer: $52.50                                    $43.84  $23.34  $33.01  $40.27  $47.41  $26.42  $29.50  $30.93  $29.88  $65.28  $37.94  $47.61  $54.87  $67.17  $54.30  $55.00  $47.74  $32.35  $20.00 $30.00 $40.00 $50.00 $60.00 $70.00 $80.00  Source:  Note:  (a)  Titanium Management projections as presented on 1/6/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the draft Agreement and Plan of Merger dated [2/6/2020] and draft Joint Venture Operating Agreement dated [2/6/2020]. Company filings, Green Street Advisors, FactSet and SNL Financial as of 2/5/2020.Analysis at 12/31/2019 and uses mid-year convention. Net debt reflects 2019E projected balances per Management. Assumes Management-provided share/unit count as of 2/5/2020 which includes adjustments to various equity awards to reflect the impact of the Transaction.Reflects Titanium’s share price of $26.42 as of 1/31/2020 prior to rumored merger discussions with Silver.  Titanium Unaffected Price(a) as of 1/31/2020: $26.42 Titanium Current Price as of 2/5/2020: $33.79  7 

 HIGHLY CONFIDENTIAL  Discounted Cash Flow Analysis  I I I T I T A N I U M F I N A N C I A L A N A L Y S I S  P R O J E C T M E T A L  Source:  Note:  (a)(b)(c)(d)  Titanium Management projections as presented on 1/6/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the draft Agreement and Plan of Merger dated [2/6/2020] and draft Joint Venture Operating Agreement dated [2/6/2020]. Company filings, FactSet, Green Street Advisors and SNL Financial as of 2/5/2020.Analysis at 12/31/2019 and uses mid-year convention. Net debt reflects 2019E projected balances per Management. Assumes Management-provided share/unit count as of 2/5/2020 which includes adjustments to various equity awards to reflect the impact of the Transaction. Peripheral Land and Net Other Assets / (Liabilities) as of 9/30/2019.Exit cap rate based on 3-year mean implied cap rates of Select Comparable Companies with +50bps range applied. Excludes Development NOI at Beverly Center due to straight-line growth projection per Management.2019E includes $11MM in EBITDA-related adjustments related to shareholder activism, restructuring, transaction expenses, a one-time promote fee and FV adjustment of equity securities. Assumes 6.125% discount rate.                    (2.3%)  3.7%  3.2%  2.4%  2.4%  (6)49  (7)(4)  (7)(4)  (7)(4)  (7)(4)  (59)  Recurring EBITDA GrowthOther Cash Flow ItemsStraight-Line of Rent & Ground LeasesOther Non-Cash ItemsCapital CostsCapital ExpendituresDevelopment Spend  (90)(238)  (69)(92)  (72)(60)  (63)(43)  -  Unlevered Cash Flow  $267  $402  $448  $488  $549                  SUMMARY CASH FLOWS @ TITANIUM SHARE      ($ in MMs @ Titanium Share)   Management Projections    CAGR     2019E 2020B 2021E 2022E 2023E 2024E   '19E-'24E 20E-'24E  Titanium Comparable Cash NOI  $590 $582 $588 $599 $610 $618  0.9% 1.5%  Non-Cash Adjustments  9 7 8 8 8 8    GAAP Comparable NOI  $600 $589 $597 $608 $618 $626  0.9% 1.5%  Comparable NOI Growth  (1.8%) 1.3% 1.9% 1.7% 1.4%    Development NOI (b)  - 1 19 28 34 42    Lease Cancellation Income  10 10 9 7 6 5    Non-Operating Income  13 1 0 0 0 0    U.S. Recurring Corporate G&A (c)  (46) (41) (42) (42) (43) (44)    Asia G&A at Share  (11) (8) (10) (10) (10) (10)    Recurring EBITDA  $565 $552 $573 $591 $605 $619  1.8% 2.9%                                              Terminal Value @ 6.0% Exit Cap Rate  -  -  -  $11,005    Total Unlevered Cash Flow & Terminal Value  $267  $402  $448  $11,493        KEY ASSUMPTIONS    Valuation Date  12/31/2019  Discount Rate (WACC)  6.1%  2024E Total Cash NOI  $660  Exit Cap Rate (a)  6.0%  Implied Terminal Valuation  $11,005  Implied 2023E FFO Multiple  16.0x  Implied EBITDA Exit Multiple  17.8x  Implied Perpetuity Growth Rate  1.1%      2020E-2023E Discounted Cash Flows Terminal Value NPVNet Other Assets & (Liabilities) Peripheral Land  $1,409 8,674(112)17  Implied Enterprise Value  $9,988  Consolidated Secured Debt at Share Share of Unconsolidated Secured Debt Credit Facilities & Term Loans Preferred StockCash & Equivalents @ Share  (2,220)(1,510)(1,200)(363)68  Implied Equity ValueImplied Value per Share/Unit  $4,763$53.65  Titanium Shares/Units Outstanding  88.8                                    IMPLIED VALUATION ANALYSIS   Discount Rate   Implied Perpetuity    6.750%  6.125%  5.500%  Growth (d)  6.5%  $43.84  $46.13  $48.50  0.7%  6.0%  51.18  53.65  56.19  1.1%  5.5%  59.86  62.53  65.28  1.5%  Exit Cap Rate  SENSITIVITY ANALYSIS      8 

 HIGHLY CONFIDENTIAL  Discounted Cash Flow Analysis: Select Sensitivity Analyses  I I I T I T A N I U M F I N A N C I A L A N A L Y S I S  P R O J E C T M E T A L  Source:  Note:  (a)(b)  Titanium Management projections as presented on 1/6/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the draft Agreement and Plan of Merger dated [2/6/2020] and draft Joint Venture Operating Agreement dated [2/6/2020]. Company filings, FactSet, Green Street Advisors and SNL Financial as of 2/5/2020.Analysis at 12/31/2019 and uses mid-year convention. Net debt reflects 2019E projected balances per Management. Assumes Management-provided share/unit count as of 2/5/2020 which includes adjustments to various equity awards to reflect the impact of the Transaction. Peripheral Land and Net Other Assets / (Liabilities) as of 9/30/2019.NOI growth rate sensitivity applied to same-store NOI and excludes NOI impact driven by redevelopment activity as scheduled by Management. Development Yield sensitivity reflects a change in assumed yield on scheduled projects excluding Beverly Center, Green Hills and Country Club Plaza.  WACC VS. NOI GROWTH ASSUMPTION  6.8%  6.1%  5.5%  (100bps) - 100bps$47.62 $51.18 $54.8450.00 53.65 57.3952.46 56.19 60.02  Discount Rate              IMPLIED METRICS AT VARIOUS EXIT CAP RATES  Implied Exit FFO Multiple  Implied Perpetuity Growth Rate  Implied Value per Share/Unit  6.5%  13.6x  0.7%  $46.13  6.0%  16.0x  1.1%  53.65  5.5%  18.9x  1.5%  62.53  Exit Cap Rate              EXIT CAP RATE VS. NOI GROWTH ASSUMPTION  6.5%  6.0%  5.5%  (100bps) - 100bps$42.75 $46.13 $49.6150.00 53.65 57.3958.58 62.53 66.59  Exit Cap Rate              6.5%  6.0%  5.5%   Development Yield (b) - (100bps) (200bps)$46.13 $45.33 $44.5453.65 52.79 51.9462.53 61.61 60.68  Exit Cap Rate              EXIT CAP RATE VS. DEVELOPMENT YIELD ASSUMPTION  Note: Assumes 6.125% discount rate NOI Growth Rate (a)   Note: Assumes 6.125% discount rate  Note: Assumes 6.0% exit cap rate NOI Growth Rate (a)   Note: Assumes 6.125% discount rate  9 

 HIGHLY CONFIDENTIAL                  Titanium  Silver  Select Com parable Com panies (c)  PEI  Mean Low Productivity Mall REITs (d)  Implied Cap Rate Spread to Select Comparable Companies (bps)  CurrentUnaffected (b) 1-Year Avg.3-Year Avg. 5-Year Avg.                  10.2%9.7%  6.5%  7.5%  8.5%  9.5%  10.5%                                                  7.2%7.2%6.8%  5.0%4.5%4.0%  5.5%  6.0%  6.5%  7.0%  7.5%  02/05/15  08/05/15  02/05/16  08/05/16 02/05/17  08/05/17  08/05/19  02/05/20    Titanium    Silver    Select Comparable Companies (c)    PEI    02/05/18 08/05/18 02/05/19Mean Low Productivity Mall REITs (d)  I I I T I T A N I U M F I N A N C I A L A N A L Y S I S  P R O J E C T M E T A L  Historical Implied Cap Rate Analysis  HISTORICAL IMPLIED CAP RATES OVER LAST FIVE YEARS  Source:  (a)(b)(c)(d)  Titanium Management projections as presented on 1/6/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the draft Agreement and Plan of Merger dated [2/6/2020] and draft Joint Venture Operating Agreement dated [2/6/2020]. Company filings, FactSet, Green Street Advisors and SNL Financial as of 2/5/2020.Management projected 2020E cash NOI of $583MM vs. Green Street NTM NOI of $576MM.Reflects Titanium’s share price of $26.42 as of 1/31/2020 prior to rumored merger discussions with Silver. Select Comparable Companies are Silver and MAC.Low Productivity Mall REITs are SKT, PEI, WPG and CBL.        5.9% GSA Implied Cap Rate @ $52.50 Proposal(a)      6.0% Mgmt Implied Cap Rate @ $52.50 Proposal(a)            7.2%  6.8%  7.2%  7.0%  9.7%  10.2%  (5)  7.7%  7.0%  7.4%  7.0%  9.7%  10.2%  35  6.6%  6.3%  6.6%  6.6%  9.5%  10.0%  (6)  5.9%5.5%  6.1%5.7%  6.2%5.7%  6.1%5.7%1/22 Prior  9.1%8.4%  9.6%9.0%  (31)(16)        Analysis:        10 

 HIGHLY CONFIDENTIAL        Share Price  Equity Total Pref Total Market Pro Rata Equity @ Enterpr.   TEV Weighting Select Comparable Companies (1/31/20) Capitalization Net Debt (a) Liq Pref Value Equity Debt Pref   BarraND + Pref ND + Pref Predicted Beta / TEV / Equity Levered Unlevered  High Productivity MallsSilver  $133.15  $47,086  $29,765  61.2%  38.7%  0.1%  0.786  0.481  Macerich Company  22.31  3,415  7,786  30.5%  69.5%  38.8% 63.4%- 69.5% 228.0%  1.203  0.367  Mean Median  $77.73 77.73  $25,251 25,251  $18,776 18,776  45.9%57.3%  54.1%42.6%  0.0%0.1%  0.9950.995  0.4240.424  Titanium  $26.42  $2,346  $4,862  $65 $76,917- 11,201$33 $44,05933 44,059$363 $7,571  31.0%  64.2%  4.8%  54.1% 145.7%54.1% 145.7%69.0% 222.7%  1.235 0.383                        WACC Analysis  I I I T I T A N I U M F I N A N C I A L A N A L Y S I S  P R O J E C T M E T A L  SELECT COMPARABLE COMPANIES UNLEVERED BETA ANALYSIS  TITANIUM PEER-DERIVED WACC  Sources:Note: (a)(b)(c)  Titanium Management projections as presented on 1/6/2020, Bloomberg, MSCI Barra Beta Global Equity Model, Duff & Phelps, FactSet and SNL Financial as of 2/5/2020.Barra predicted local beta data as of 1/31/2020. Mid-point drivers held constant under each range of input assumptions for respective sensitivities. Total net debt includes pro rata portion of debt in unconsolidated joint ventures.Risk-free rate represents yield on U.S. 10-Year Treasury. Equity risk premium per Duff & Phelps (2019 Cost of Capital: Annual U.S. Guidance and Examples). Calculated based on projected January 2020 monthly interest expense, per Management projections.                Mid-Point Drivers   Range of Input Assumptions Low High    Range of Results Implied WACC Low High   Unlevered Beta  0.424  6.00% 6.76%  Net Debt / TEV  64.2%  0.370 0.48050.2% 60.2%  5.46%  6.04%  Implied Levering Factor  3.227  2.222  2.857  Implied Levered Beta  1.368  0.822  1.371  Marginal Tax Rate  0.0%  Risk-Free Rate of Return (b)  1.5%  U.S. Market Equity Risk Premium (b)  6.9%  Cost of Equity  11.0%  Pre-Tax Wtd. Avg. Cost of Debt (c)  4.2%  Min/Max  5.46%  6.76%  Selected Range  5.50%  6.75%              Pref / TEV        4.8%  4.8%  4.8%  Net Debt + Pref / TEV        69.0%  55.0%  65.0%  Implied Net  Debt  + Pref /  Equity  222.7%  122.2%  185.7%  Pre-Tax Wtd. Avg. Cost  of  Pref  6.4%  Illustrative WACC  6.4%                      1/22 Prior Analysis:Silver: 0.445Macerich: 0.384Titanium: 0.394          High end of range increased by 25bps to incorporate unlevered beta range at January month-end  1/22 Prior Analysis:Risk-Free Rate: 1.8%    11 

 HIGHLY CONFIDENTIAL  Titanium has historically traded at a mean NTM FFO multiple premium of ~0.1-1.1x relative to Select Comparable Companies, which compares to a ~1.2x unaffected discount(b)    Titanium  Silver  Select Com parableCom panies (c)  PEI  Mean Low Productivity Mall REITs (d)  NTM FFO M ult.Spread to Select ComparableCompanies  CurrentUnaffected (b) 1-Year Avg.3-Year Avg. 5-Year Avg.                                                  11.2x9.2x8.9x  3.4x3.2x  2.5x  5.0x  7.5x  10.0x  12.5x  15.0x  17.5x  25.0x22.5x20.0x  02/05/15  08/05/15  02/05/16  08/05/16  02/05/18  02/05/20    Titanium    Silver    02/05/17 08/05/17Select Comparable Companies (c)    PEI    08/05/18 02/05/19 08/05/19Mean Low Productivity Mall REITs (d)  I I I T I T A N I U M F I N A N C I A L A N A L Y S I S  P R O J E C T M E T A L  Historical NTM FFO Multiples Analysis  HISTORICAL NTM FFO MULTIPLES OVER LAST FIVE YEARS  Source:  (a)(b)(c)(d)  Titanium Management projections as presented on 1/6/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the draft Agreement and Plan of Merger dated [2/6/2020] and draft Joint Venture Operating Agreement dated [2/6/2020]. Company filings, FactSet, Green Street Advisors and SNL Financial as of 2/5/2020.Management projected 2020E FFO per share/unit of $3.65 vs. analyst consensus 2020E FFO per share/unit of $3.66 per FactSet. Reflects Titanium’s share price of $26.42 as of 1/31/2020 prior to rumored merger discussions with Silver.Select Comparable Companies are Silver and MAC.Low Productivity Mall REITs are SKT, PEI, WPG and CBL.        Implied 14.4x Analyst 2020E FFO @ $52.50 Proposal(a)      Implied 14.4x Mgmt 2020E FFO @ $52.50 Proposal(a)              9.2x  11.2x  8.9x  9.5x  3.2x  3.4x  0.2x  7.2x  10.5x  8.4x  9.5x  3.2x  3.4x  (1.2x)  11.1x  12.8x  11.0x  11.2x  4.6x  4.2x  0.1x  13.8x  13.4x  13.0x  13.1x  5.9x  5.5x  0.7x  16.3x  15.2x  15.2x  1/22 Prior  8.0x  7.2x  1.1x        Analysis:        12 

 HIGHLY CONFIDENTIAL  03/26/18  11/06/17  General Growth Properties  Brookfield Property Partners L.P.  $26.4  61% / 39%  14.4x  5.7%  09/16/14  09/15/14  Glimcher Realty Trust  Washington Prime Group, Inc.  4.3  73% / 27%  18.0x  5.8%  Date Unaffected Transaction NTM Implied Announced Date (a) Target Acquiror Value ($Bn) Consideration (Cash / Stock) FFO (x) (b) Cap Rate                       Mean  $15.3  16.2x  5.8%  Median  $15.3  16.2x  5.8%          Illustrative Titanium Metrics at $52.50 Offer Price (c)  $9.9  14.4x  6.0%      Precedent Transactions Analysis  I I I T I T A N I U M F I N A N C I A L A N A L Y S I S  P R O J E C T M E T A L  Source:  (a)(b)(c)  Titanium Management projections as presented on 1/6/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the draft Agreement and Plan of Merger dated [2/6/2020] and draft Joint Venture Operating Agreement dated [2/6/2020]. Company filings, FactSet, Green Street Advisors and SNL Financial as of 2/5/2020.Unaffected Date / Price reflects closing date prior to transaction announcement, or other relevant date as referenced in public filings for the respective transaction. FFO multiple for GGP / Brookfield transaction based on Management projected NTM FFO per 13E-3 filing.NTM FFO multiple and implied cap rate are based on Management projected 2020E FFO per share/unit of $3.65 and cash NOI of $583MM, respectively.  SELECT PRECEDENT REIT TRANSACTION ANALYSIS  SELECT ADDITIONAL REFERENCE REIT TRANSACTIONS    Date Unaffected Transaction NTM Implied Announced Date (a) Target Acquiror Value ($Bn) Consideration (Cash / Stock) FFO (x) Cap Rate 12/12/17 12/11/17 Westfield Unibail-Rodamco $22.5 35% / 65% 21.1x 4.5%Memo: Included material exposure to European markets.  13 

 HIGHLY CONFIDENTIAL    I I I T I T A N I U M F I N A N C I A L A N A L Y S I S  Titanium Analyst Estimates & Guidance  P R O J E C T M E T A L  CONSENSUS MEAN FFO PER SHARE ESTIMATES OVER TIME(b)  SELECT ANALYST COMMENTARY                                      $3.59  $3.66  $3.86  $3.50  $3.60  $3.70  $3.80  $3.90  $4.00  $4.10  $4.20  $4.30  2/05/2020  5/20/2019        8/14/2019 11/07/20192019E 2020E 2021E  $3.66  $3.59  $3.86  TITANIUM SUMMARY BROKER ESTIMATES  Observed industry headwinds have led to sector downgradesAnalyst sentiment relatively negative following Q3 earningswith focus on negative SSNOI growth and reduced guidanceAnalysts generally positive, however, on tenant sales growthUnclear how sales growth translates to Titanium earningsGeneral recognition that shares trade at significant discount“Wait-and-see” approach around Asia JV transaction withBlackstone, but generally viewed transaction positively  Current Titanium Share Price: $33.79  ($)  Price  Implied FFO/Share FFO Multiple (a) AFFO/Share AFFO Multiple (a)   Est.  Prem./(Disc.)                      Broker  Date  Rating  Target  Return (a)  2019E  2020E  2021E  2019E  2020E  2021E  2019E  2020E  2021E  2019E  2020E  2021E  NAV  to NAV (a)  KeyBanc Capital Markets  12/13/2019  Buy  $ 55.00  63%  $ 3.57  $ 3.70  $ 3.92  9.5x  9.1x  8.6x  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  Deutsche Bank Research  1/6/2020  Hold  36.00  7%  3.45  3.59  n/a  9.8x  9.4x  n/a  2.73  2.86  n/a  12.4x  11.8x  n/a  42.35  (20%)  Mizuho Securities USA  1/14/2020  Hold  34.00  1%  3.35  3.53  n/a  10.1x  9.6x  n/a  2.59  2.55  n/a  13.0x  13.3x  n/a  67.00  (50%)  JP Morgan  12/17/2019  Sell  34.00  1%  3.69  3.72  3.85  9.2x  9.1x  8.8x  1.70  2.71  2.82  19.9x  12.5x  12.0x  76.48  (56%)  Piper Sandler Companies  1/31/2020  Hold  33.00  (2%)  3.53  3.61  3.72  9.6x  9.4x  9.1x  2.33  2.51  2.61  14.5x  13.5x  12.9x  63.60  (47%)  BMO Capital Markets  1/31/2020  Hold  33.00  (2%)  3.69  3.65  3.77  9.2x  9.3x  9.0x  2.48  2.38  2.41  13.6x  14.2x  14.0x  56.80  (41%)  Scotiabank GBM  1/27/2020  Hold  33.00  (2%)  3.67  3.68  3.84  9.2x  9.2x  8.8x  2.63  2.52  2.63  12.9x  13.4x  12.9x  60.75  (44%)  Evercore ISI  1/30/2020  Hold  32.00  (5%)  3.54  3.53  3.66  9.5x  9.6x  9.2x  2.55  2.45  2.39  13.3x  13.8x  14.1x  50.76  (33%)  Jefferies  1/14/2020  Hold  31.00  (8%)  3.68  3.70  3.96  9.2x  9.1x  8.5x  2.80  2.93  3.23  12.1x  11.5x  10.5x  n/a  n/a  Morgan Stanley  12/18/2019  Hold  29.50  (13%)  3.69  3.79  4.04  9.2x  8.9x  8.4x  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  Raymond James  12/4/2019  Hold  n/a  n/a  3.52  3.70  3.93  9.6x  9.1x  8.6x  2.31  2.43  2.62  14.6x  13.9x  12.9x  70.89  (52%)  BTIG  1/31/2020  Hold  n/a  n/a  3.67  3.61  n/a  9.2x  9.4x  n/a  n/a  n/a  n/a  n/a  n/a  n/a  63.45  (47%)                                        Mean      $ 35.05  4%  $ 3.59  $ 3.65  $ 3.85  9.4x  9.3x  8.8x  $ 2.46  $ 2.59  $ 2.67  14.0x  13.1x  12.8x  $ 61.34  (43%)  Median      33.00  (2%)  3.62  3.66  3.85  9.3x  9.2x  8.8x  2.55  2.52  2.62  13.3x  13.4x  12.9x  63.45  (47%)  Green Street Advisors  2/5/2020  Hold  n/a  n/a  n/a  $3.72  $3.72  n/a  9.1x  9.1x  n/a  $2.46  $2.45  n/a  13.7x  13.8x  $62.27  (46%)  Mean (Incl. GSA)      $ 35.05  4%  $3.59  $3.66  $3.84  9.4x  9.2x  8.8x  $2.46  $2.58  $2.64  14.0x  13.2x  12.9x  $ 61.44  (44%)  Median (Incl. GSA)      33.00  (2%)  3.62  3.68  3.85  9.3x  9.2x  8.8x  2.55  2.52  2.62  13.3x  13.4x  12.9x  62.86  (46%)  FactSet Consensus Mean (a)(b)      34.21  1%  3.59  3.66  3.86  9.4x  9.2x  8.8x  2.46  2.59  2.67  13.8x  13.0x  12.6x  61.34  (45%)      FactSet, Green Street Advisors and SNL Financial as of 2/5/2020.  Source:(a)(b)(c)  Implied Return, FFO and AFFO multiples, as well as Premium / (Discount) to NAV calculated with reference to Titanium’s current share price. FactSet Consensus Mean includes anonymous estimates.FactSet Consensus Implied Return, FFO and AFFO multiples as well as Premium / (Discount) to NAV calculated with reference to Titanium’s current share price.    14 

 HIGHLY CONFIDENTIAL  Premiums Paid Analysis  I I I T I T A N I U M F I N A N C I A L A N A L Y S I S  P R O J E C T M E T A L  Source:  (a)  (b)(c)  Titanium Management projections as presented on 1/6/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the draft Agreement and Plan of Merger dated [2/6/2020] and draft Joint Venture Operating Agreement dated [2/6/2020]. Company filings, FactSet, Green Street Advisors and SNL Financial as of 2/5/2020.Unaffected Date / Price reflects closing date prior to transaction announcement, or other relevant date as referenced in public filings for the respective transaction. Unaffected price for Titanium reflects share price of $ $26.42 as of 1/31/2020 prior to rumored merger discussions with Silver.1-Day and 30-Day VWAP based on most recent closing price prior to transaction announcement.Represents transactions for which cash comprised <50% consideration and are shown for informational purposes.  SELECT PRECEDENT US REIT TRANSACTIONS >$1BN  10/27/19  10/25/19  (c)  Liberty Property Trust  Industrial  Prologis, Inc.  $12.6  Stock  21%  21%  20%  07/31/18  06/15/18    Forest City Realty Trust, Inc.  Diversified  Brookfield Asset Management Inc.  11.4  Cash  27%  10%  11%  07/18/19  06/26/19    Pure Multi-Family REIT  Apartment  Cortland  1.2  Cash  15%  4%  5%  05/06/19  05/03/19  (c)  Chesapeake Lodging Trust  Lodging  Park Hotels & Resorts Inc.  2.7  Cash & Stock  6%  6%  9%  03/25/19  03/22/19  (c)  TIER REIT, Inc.  Office  Cousins Properties Incorporated  2.4  Stock  16%  14%  20%  09/06/18  03/27/18  (c)  LaSalle Hotel Properties  Lodging  Pebblebrook Hotel Trust  5.2  Cash & Stock  46%  3%  4%  06/25/18  06/01/18    Education Realty Trust  Student Housing  Greystar  4.6  Cash  9%  2%  10%  05/07/18  05/04/18    Gramercy Property Trust  Industrial  The Blackstone Group L.P.  7.4  Cash  15%  16%  23%  04/29/18  04/27/18  (c)  DCT Industrial Trust Inc.  Industrial  Prologis, Inc.  8.1  Stock  16%  16%  20%  03/26/18  11/06/17    General Growth Properties  Retail  Brookfield Property Partners L.P.  26.4  Cash & Stock  15%  3%  1%  08/10/17  08/09/17  (c)  Starwood Waypoint Homes  SFR  Invitation Homes  8.0  Stock  1%  1%  (2%)  07/04/17  07/03/17    Monogram Residential Trust, Inc.  Apartment  Greystar / APG / GIC / Ivanhoe  3.7  Cash  22%  23%  22%  06/30/17  06/29/17    Parkway, Inc.  Office  CPPIB  1.6  Cash  13%  13%  15%  06/28/17  03/24/17    First Potomac Realty Trust  Office  Government Properties Income Trust  1.3  Cash  11%  (2%)  1%  06/09/17  06/08/17  (c)  DuPont Fabros Technology, Inc.  Data Center  Digital Realty Trust, Inc.  7.3  Stock  15%  15%  20%  05/07/17  05/05/17  (c)  Care Capital Properties, Inc.  Healthcare  Sabra Health Care REIT, Inc.  4.0  Stock  12%  12%  10%  04/24/17  04/21/17  (c)  FelCor Lodging Trust, Inc.  Lodging  RLJ Lodging Trust  2.8  Stock  17%  17%  16%  02/27/17  02/24/17    Silver Bay Realty Trust Corp.  SFR  Tricon Capital Group, Inc.  1.4  Cash  19%  20%  24%  11/14/16  11/14/16  (c)  Equity One, Inc.  Retail  Regency Centers Corp.  5.8  Stock  11%  13%  8%  08/15/16  08/12/16  (c)  Post Properties, Inc.  Apartment  Mid-America Apartment Communities  4.8  Stock  17%  16%  16%  04/29/16  04/28/16  (c)  Parkway Properties, Inc.  Office  Cousins Properties Incorporated  3.7  Stock  13%  13%  14%  02/25/16  01/15/16    Rouse Properties, Inc.  Retail  Brookfield Asset Management  2.5  Cash  35%  4%  5%  12/15/15  12/14/15    Inland Real Estate Corporation  Retail  DRA Advisors LLC  1.9  Cash  7%  6%  11%  12/03/15  11/27/15  (c)  American Residential Properties, Inc.  SFR  American Homes 4 Rent  1.4  Stock  14%  8%  18%  11/08/15  11/06/15  (c)  Plum Creek Timber Company, Inc.  Timber  Weyerhaeuser Company  11.8  Stock  21%  21%  20%  10/16/15  10/16/15    Campus Crest Communities, Inc.  Student Housing  Harrison Street Real Estate Capital  1.7  Cash  24%  25%  37%  10/08/15  09/22/15    BioMed Realty Trust, Inc.  Healthcare  The Blackstone Group L.P.  8.0  Cash  24%  10%  19%  09/08/15  07/23/15    Strategic Hotels & Resorts, Inc.  Lodging  The Blackstone Group L.P.  5.8  Cash  13%  5%  4%  06/22/15  04/24/15    Home Properties, Inc.  Apartment  Lone Star Funds  7.6  Cash  9%  3%  2%  04/22/15  04/20/15    Associated Estates Realty Corporation  Apartment  Brookfield Asset Management Inc.  2.5  Cash  19%  18%  17%  04/10/15  04/09/15    Excel Trust, Inc  Retail  The Blackstone Group L.P.  1.7  Cash  15%  15%  14%  Date Unaffected  Transaction Transaction Premium to: Value Unaffected 1-Day 30-Day   Announced Date (a) Target Sector Acquiror ($Bn) Consideration Price (a) VWAP (b) VWAP (b)   All-Cash & >50% Cash Consideration (17 Transactions)  All REIT Transactions (31 Transactions)  01/31/20 Illustrative Titanium Metrics at $52.50 Offer Price $9.9 98.7% 56.3% 69.9%      25th Percentile  $1.7  13.1%  3.9%  5.2%  Mean  $5.3  17.2%  10.2%  13.0%  Median  $2.5  14.9%  10.3%  11.3%  75th Percentile  $7.4  22.4%  15.6%  19.2%  25th Percentile  $2.1  12.4%  4.4%  6.8%  Mean  $5.5  16.6%  11.3%  13.4%  Median  $4.0  14.9%  12.8%  14.1%  75th Percentile  $7.5  20.1%  16.0%  19.7%          Titanium Unaffected Share Price: $26.42  15 

Exhibit 99 (c)(10)

 HIGHLY CONFIDENTIAL              Project Metal  D I S C U S S I O N M AT E R I A L S  9 F E B R U A R Y 2 0 2 0  C O N F I D E N T I A L 

   HIGHLY CONFIDENTIAL              DisclaimerThe information herein has been prepared by Lazard based upon information supplied by Titanium or Silver, or publicly available information, and portions of the information herein may be based upon publicly available statements, estimates and forecasts with respect to the anticipated future performance of Titanium and/or certain statements, estimates and forecasts provided by Titanium with respect to the anticipated future performance of Titanium. We have relied upon the accuracy and completeness of the foregoing information, and have not assumed any responsibility for any independent verification of such information or any independent valuation or appraisal of any of the assets or liabilities of Titanium, Silver or any other entity, or concerning solvency or fair value of Titanium, Silver or any other entity. With respect to financial forecasts, we have assumed that they have been reasonably prepared in good faith on bases reflecting the best currently available estimates and judgments as to the future financial performance of Titanium. We assume no responsibility for and express no view as to such forecasts or the assumptions on which they are based. The information set forth herein is based upon economic, monetary, market and other conditions as in effect on, and the information made available to us as of, the date hereof, unless indicated otherwise. These materials and the information contained herein are confidential and may not be disclosed publicly or made available to third parties without the prior written consent of Lazard; provided, however, that you may disclose to any and all persons the U.S. federal income tax treatment and tax structure of the transaction described herein and the portions of these materials that relate to such tax treatment or structure. Lazard is acting as investment banker to the Special Committee of Titanium, and will not be responsible for and will not provide any tax, accounting, actuarial, legal or other specialist advice. Lazard is not providing an opinion as to the relative merits of a transaction with Silver as compared to any other transaction or business strategy in which Titanium might engage or the merits of the underlying decision by Titanium to engage in a transaction with Silver. These materials do not constitute tax, accounting, actuarial, legal or other specialist advice, and Lazard shall have no duties or obligations in respect of these materials or other advice provided, except to the extent specifically set forth in the engagement agreement that has been entered into by Lazard and the Special Committee.  P R O J E C T M E T A L  C O N F I D E N T I A L 

   HIGHLY CONFIDENTIAL              Table of Contents  P R O J E C T M E T A L  C O N F I D E N T I A L  I EXECUTIVE SUMMARY & SITUATION OVERVIEW  1  II TITANIUM MANAGEMENT BUSINESS PLAN  5  III TITANIUM FINANCIAL ANALYSIS  7 

   HIGHLY CONFIDENTIAL              C O N F I D E N T I A L  I Executive Summary & Situation Overview  P R O J E C T M E T A L 

 HIGHLY CONFIDENTIAL              P R O J E C T M E T A L I E X E C U T I V E S U M M A R Y & S I T U A T I O N O V E R V I E WExecutive Summary: Situation OverviewThe Special Committee of the Board of Titanium is contemplating a transaction whereby entities affiliated with Silver would acquire for $52.50 per share/unit in cash (i) 100% of Titanium common equity and (ii) a number of OP units owned by the Titanium Family (the “Converting Titanium Family OP Units”) such that the Titanium Family would retain a 20% economic interest in a NewCo JV with Silver post-closing (the “Transaction”); the Titanium organization is expected to remain in place and continue managing the portfolio under a new operating agreementTitanium owns, operates and develops high quality shopping malls across the U.S., Puerto Rico, South Korea and ChinaMarket capitalization of ~$4.7Bn and a TEV of ~$9.9Bn at share based on the indicative $52.50 per share/unit offer priceTitanium’s Board has been active in considering opportunities for value creation given Titanium’s trading discount and operating and capital markets challengesTitanium unaffected(a) share price of $26.42 as of 1/31/2020 represents a ~57% discount to NAV(b)Trading relative to Silver has weakened significantlyUnaffected(a) Titanium NTM FFO multiple of 7.2x represents a 3.3x discount to Silver, and compares to a 1.7x discount and 0.3x premium over a 1-year and 3-year historical average, respectively(c)Implied unaffected(a) exchange ratio of 0.198x as of 1/31/2020 represents all-time lowTransaction represents second attempt at a potential tie up between Titanium and SilverSilver (in partnership with Westfield America) previously made an unsolicited offer for Titanium in late 2002Proposal of $20 represented a ~35% premium to Titanium’s unaffected price as of 11/12/2002Transaction could not be completed as Titanium Family did not support the deal as proposed  Source:  (a)(b)(c)  Titanium Management projections as presented on 1/6/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the Agreement and Plan of Merger dated 2/9/2020 and Joint Venture Operating Agreement dated 2/9/2020. Company filings, FactSet, Green Street Advisors and SNL Financial as of 2/7/2020.Reflects Titanium’s share price of $26.42 as of 1/31/2020 prior to rumored merger discussions with Silver. FactSet Consensus NAV of $61.34 and GSA NAV estimate of $62.27.Per FactSet consensus estimates.  1 

 HIGHLY CONFIDENTIAL              I E X E C U T I V E S U M M A R Y & S I T U A T I O N O V E R V I E W  P R O J E C T M E T A L  Source:  (a)  Titanium Management projections as presented on 1/6/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the Agreement and Plan of Merger dated 2/9/2020 and Joint Venture Operating Agreement dated 2/9/2020. Company filings, FactSet, Green Street Advisors and SNL Financial as of 2/7/2020.Designated Properties are Beverly Center, Cherry Creek Shopping Center, Twelve Oaks Mall, The Mall at Short Hills and Stamford Town Center.  Executive Summary: Situation Overview (cont’d)Titanium Family retains substantial control rights vis-à-vis the publicly traded company and subsidiary entitiesAbility to vote ~30% economic interest through Series B preferred sharesConsent right over any sale of (i) the Titanium OP and (ii) the Designated Properties(a)Bargain purchase option with respect to Titanium’s management platformTransaction contemplates Silver’s acquisition of (i) 100% of Titanium common equity and (ii) the Converting Titanium Family OP UnitsTitanium Family will roll its interest such that it will retain 20% of NewCo JV with Silver owning the 80% balanceAll-cash consideration of $52.50 per share/unit for selling share/unitholdersIncludes Titanium common equity and Series B preferred shares held by Titanium FamilyCertain non-Titanium Family unitholders may elect to receive Silver OP units in lieu of cash at a 0.3814x OP Exchange RatioTitanium organization to remain in place with Titanium Family retaining significant governance rightsTitanium Family governance rights subject to its retaining >8% ownership of NewCo JVTitanium Family will have right beginning at the 2nd anniversary of closing to sell 20% of its interest annuallySale right cumulative such that up to 40% could be sold after the 3rd anniversary, 60% after the 4th anniversary, etc.Titanium Family also will have a one-time right to sell 100% of its interest between the 2nd and 3rd anniversary of closingSilver may elect to defer its purchase of 50% for one year from the time of Titanium Family’s exercising its one-time rightValuation would reflect the greater of (i) applying Silver’s LTM FFO multiple to Titanium’s LTM FFO (excluding G&A) and (ii) third-party valuation process (excluding G&A, but including a market-rate management fee)After 1/1/2021, if Silver is the prevailing party in two deadlocks and the Titanium Family has delivered at least one such deadlock notice within 18-months of the prior deadlock, Silver will have the right to call 100% of the Titanium Family’s interest2 

 HIGHLY CONFIDENTIAL                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        -  Feb-17  May-17  May-18  Aug-19  Nov-19  Feb-20    P R O J E C T M E T A L I E X E C U T I V E S U M M A R Y & S I T U A T I O N O V E R V I E WTitanium Common Share Price PerformanceTitanium traded at a 3-year low on 1/31/2020, and is down ~30% in the last 12 months and ~15% since Forever 21’s bankruptcy announcement  Source:(a)  Company filings, FactSet and Bloomberg as of 2/7/2020.Elliott Management entered position at a weighted average price of $49.03 and exited position at a weighted average price of $55.07 per Bloomberg.                                        TITANIUM COMMON SHARE PRICE SINCE 2017  Titanium Share Price  Volume (MM)  7.06.05.04.03.0$34.672.01.0    Feb-19 May-19Shareholder Activism  Aug-18 Nov-18Transactions News    Industry News    Aug-17 Nov-17 Feb-18Operations / Capital Allocation    12.2%    Short Interest % Over Time    $80 A$70$60$50$40$30$20$10    B    C    D      G    H    I    J    F    K    E            L      M    N    O    P      Q      R              $52.50 Offer Price            A 2/9/2017: Reports solid 16YE Earnings but gives 17YE Guidance less than consensus  H 5/16/2018: Elliot Management reported to have sold its stake(a)  O 4/30/2019: Lowered FFO outlook and disclosed acquisition of interest in The Gardens Mall    B 3/2/2017: L&B issues letter proposing the nomination of 2 directors to the board  I 5/18/2018: ISS voices support for L&B Plan; Litt subsequently elected to Board  P 5/30/2019: Jonathan Litt steps down from the Board; L&B issues letter following month    C 11/13/2017: Bloomberg reports that Elliot Management is building a stake(a)  J 7/30/2018: Titanium forms JV to construct a shopping mall in South Korea  Q 9/19/2019: Announced completion of sale of 50% interest in Starfield Hanam to Blackstone    D 11/13/2017: Brookfield Property proposes an acquisition of GGP for $23.00/share  K 10/15/2018: Sears files for bankruptcy  R 9/30/2019: Forever 21 files for bankruptcy    E 12/12/2017: Unibail-Rodamco agrees to acquire Westfield Corp.  L 10/30/2018: Q3 Earnings beat, but guides down Q4 numbers below consensus  S 1/24/2020: Silver reported to be considering a bid for Forever 21    F 3/19/2018: Claire’s files for bankruptcy  M 11/2/2018: Announced $500MM redesign of Beverly Center  T 2/4/2020: Bloomberg reports that Silver and Titanium held deal talks    G 3/26/2018: GGP agrees to be acquired after Brookfield raises its offer  N 2/14/2019: Announced agreement to sell 50% of interest in 3 Asia-backed shopping centers          S      T    3 

 HIGHLY CONFIDENTIAL              Executive Summary: Transaction Overview  I E X E C U T I V E S U M M A R Y & S I T U A T I O N O V E R V I E W  P R O J E C T M E T A L  SUMMARY OVERVIEW  IMPLIED TITANIUM VALUATION ($MM)          ($ in MMs, presented at share)  Shares/Units Outstanding (MM) Common Shares Outstanding TRG Units  61.226.4   Other Dilutive Securities (a) 1.1 Total Shares/Units Outstanding (MM) 88.8  Implied Market Capitalization $4,661  Consolidated Secured Debt at Share Share of Unconsolidated Secured Debt Credit Facilities & Term Loans (b)  $2,220 1,5101,200  Outstanding Debt  $4,930  Preferred StockLess: Cash & Equivalents  363(68)  Total Enterprise Value  $9,886  Development @ Book Value Peripheral LandOther Tangible (Assets) & Liabilities  (259)(17)112                                                              Total Consideration per Titanium Share/Unit  $52.50                                                                              Value of Operating Real Estate $9,723 SELECT VALUATION & TRADING METRICS Implied Premium / Discount to Titanium Share Price:   Consensus Mgmt.   14.4x20.2x  14.4x20.5x  Implied Multiples on Offer Price (Cons. / Mgmt.):2020E FFO per Share/Unit ($3.66 / $3.65)2020E AFFO per Share/Unit ($2.59 / $2.57)Implied Cap Rate:2020E Cash NOI at Share (c)  Green Street Mgmt. 5.9% 6.0%      As of 2/7/2020 ($34.67)  51.4%  As of Unaffected Date ($26.42 on 1/31/2020)  98.7%  52-Week Low ($26.42 on 1/31/2020)  98.7%  52-Week High ($54.30 on 4/5/2019)  (3.3%)  Select VWAP Observations:20-Day VWAP ($31.09)  68.9%  30-Day VWAP ($31.05)  69.1%  90-Day VWAP ($32.45)  61.8%  6-Month VWAP ($34.10)  53.9%  1-Year VWAP ($38.51)  36.3%  Green Street NAV ($62.27)  (15.7%)  Consensus NAV ($61.34)  (14.4%)  Source:  Note: (a)(b)(c)  Titanium Management projections as presented on 1/6/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the Agreement and Plan of Merger dated 2/9/2020 and Joint Venture Operating Agreement dated 2/9/2020. Company filings, FactSet, Green Street Advisors and SNL Financial as of 2/7/2020.Net debt reflects 2019E projected balances per Management. Development at Book Value, Peripheral Land and Other Tangible Assets / (Liabilities) as of 9/30/2019. Includes adjustments to various equity awards to reflect the impact of the Transaction, per Management as of 2/6/2020.Includes $12MM debt attributed to Titanium’s US office headquarters. Green Street implied cap rate represents NTM NOI as of Q3 2019.  Transaction contemplates Silver’s acquisition of (i) 100% of Titanium common equity and (ii) the Converting Titanium Family OP Units  All-cash consideration of $52.50 per share/unitCertain non-Titanium Family unitholders may elect to receive Silver OP units in lieu of cash at a 0.3814x OP Exchange RatioCertain incentive equity awards not eligible for vesting at closing would be exchanged for similar awards in NewCo  $363MM of Titanium Series J/K Preferred Stock to be redeemed for cashExisting Titanium debt to be assumed or refinanced at closingNo financing conditionShareholder vote conditions:  2/3 of Titanium common stock and Series B Preferred Stock (voting together)Majority of Titanium common stock and Series B Preferred Stock (voting together)excluding any shares owned by the Titanium FamilyMajority of Series B Preferred StockTitanium OP Approval by a majority of partners other than Titanium and any Parity Preferred Partner  45-day Go-Shop to commence at signingTitanium Family will have right beginning at the 2nd anniversary of closing to sell 20% of its interest annuallyCumulative sale right such that 100% may be sold after 6 yearsOne-time right to sell 100% between 2- and 3-yearsSilver may defer 50% for 1-year from the time of exercise  After 1/1/2021, if Silver is the prevailing party in two deadlocks and the Titanium Family has delivered at least one such deadlock notice within 18-months of the prior deadlock, Silver will have the right to call 100%All financial analysis reflects Titanium projections at its respective ownership share in its portfolio of real estate and other assets  4 

   HIGHLY CONFIDENTIAL              C O N F I D E N T I A L  II Titanium Management Business Plan  P R O J E C T M E T A L 

 HIGHLY CONFIDENTIAL              P R O J E C T M E T A L I I T I T A N I U M M A N A G E M E N T B U S I N E S S P L A NTitanium Management Business Plan: Summary Projections  KEY MANAGEMENT ASSUMPTIONS  PROJECTED INCOME STATEMENT @ TITANIUM SHARE  2020E: Reflects Management budgetNOI: Reflects Management designation on forward outlook and supported by property-levelExisting property growth at 2.0% for Tier I assets, 0.0% for Tier II assets, (2.0)% for Tier III assets and 4.0% for Asian assetsTiered growth rates are before any impact from center-specific development activityG&A: Budgeted internally for 2020E and grown at 2.0% thereafterIncludes share of Asia G&A initially at$8.2MM in 2020B increasing to $10.5MM by 2024ECapex: Run-rate of ~$60-70MM in maintenance capex starting in 2021E, with variance driven primarily by leasing activity and deferred capexProject capex relates to currently identified opportunities and renovations, and includes~$105MM related to Anseong developmentDividend: No dividend growth assumed  Source:(a)(b)  (c)  Company filings and Titanium Management projections as presented on 1/6/2020. All cash flows at Titanium share.Excludes Redevelopment NOI at Beverly Center due to straight-line growth projection.Includes $11MM in EBITDA-related adjustments (shareholder activism, restructuring, transaction expenses, one-time promote fee, FV adjustment of equity securities) and $2MM in income tax-related adjustments (Blackstone transaction and promote fee).FFO per Company definition.                                  ($ in MMs, @ Titanium Share) Management Projections 2019E 2020B 2021E 2022E 2023E 2024E        Titanium Comparable Cash NOIStraight-Line of Rents  $5909  $5827  $5888  $5998  $6108  $6188  GAAP Comparable NOI  $600  $589  $597  $608  $618  $626  -  1010  1.3%$19 90  1.9%$28 70  1.7%$34 60  1.4%$42 50  -  (1.8%)$1 1001  -  --  --  --  --  Comparable NOI Growth Development NOI (a) Lease Cancellation Income Non-Operating IncomeAnseong Property Management Fee Other IncomeU.S. Recurring G&A Asia G&A  4(46)(11)  (41)(8)  (42)(10)  (42)(10)  (43)(10)  (44)(10)  Recurring EBITDA $565 $552 $573 $591 $605 $619  (2.3%) 3.7% 3.2% 2.4% 2.4%- - - - -  (197)(4)(1)(2)(23)  (210)(4)(1)(2)(23)  (217)(4)(1)(2)(23)  (227)(4)(2)(2)(23)  (225)(4)(2)(2)(23)  Recurring EBITDA GrowthNon-Recurring Items - EBITDA (b) Interest ExpenseNon-Real Estate Depreciation Income Tax ExpenseIncome TaxPreferred Dividends Other Cash Items  ($11)(207)(5)(3)(3)(23)(2)  - - - - -  Funds From Operations (c) $312 $324 $332 $343 $346 $363  Non-Recurring Items (b) 13 - - - - -  Adjusted Funds From Operations Adjusted FFO per Share/Unit  $325 $324 $332 $343 $346 $363$3.68 $3.65 $3.73 $3.85 $3.88 $4.06  Adjusted FFO per Share/Unit GrowthStraight-Line of RentsStraight-Line of Ground Leases Capital Expenditures - CAM Capital Expenditures - Leasing  (0.7%)($7) 2(49)(42)  2.3%($8) 2(35)(34)  3.1%($8) 2(32)(40)  0.8%($8) 2(30)(33)  4.6%($8) 2(28)(31)  Funds Available for Distribution FAD per Share/Unit  $228 $256 $264 $276 $297$2.57 $2.88 $2.96 $3.10 $3.32   CAGR '19E-'24E '20B-'24E 0.9% 1.5%0.9% 1.5%1.8% 2.9%2.3% 2.9%2.0% 2.7%6.8%6.6%  12.1%$4 11  2.8%$4 11  4.6%$4 11  7.2%$4 11  -  -  -  --  FAD per Share/Unit Growth Non-Real Estate Depreciation Stock-Based CompensationProceeds from Stamford & X'ian Sales Development & Renovation CapEx Fees Associated w/ Financing Activity Debt AmortizationDebt Draw/(Paydown) - ex. Revolver  $4 1152(238)(0)(32)252  (92)(0)(41)3  (60)(0)(46)103  (43)(3)(46)207  (6)(46)122  Net Change in Cash (Pre-Distributions) $278 $141 $275 $407 $382 Distributions (236) (236) (236) (236) (236) Net Change in Cash (Post-Distributions) $42 ($94) $39 $171 $146                                                                                                                          5 

 HIGHLY CONFIDENTIAL              P R O J E C T M E T A L I I T I T A N I U M M A N A G E M E N T B U S I N E S S P L A NTitanium Management Business Plan: Summary Projections (cont’d)  KEY MANAGEMENT ASSUMPTIONS  PROJECTED CAPITAL STRUCTURE @ TITANIUM SHARE  2020E: Reflects Management budget; 2019E reflects cash flow bridge between Q3 and Q4 2019Mortgage Debt: Secured debt assumed to roll at debt yields of ~10-15% depending on property, with interest rates generally assumed at 5.0-5.5%Asian debt balances pro forma assuming Blackstone sale closed at year-end 2019ECorporate Debt: Refinanced at par with same fixed interest rate / spread to LIBORCorporate revolver partially paid down with remaining proceeds from sale of X’ian JV, expected to be received Q1 2020LIBOR: All floating rate debt not subject to swap agreements utilizes projected 1M forward LIBOR curve plus 25bps of cushion + quoted spreadCash Balance: Assumes minimum cash balance of $50MM starting in 2020E; Asia balance accrues through FCF generationAsset Sales: Assumes Stamford sold at year- end 2020E for $25MM at share; ~$27MM of X’ian proceeds to be received in Q1 2020Stamford sale reflects ~15% cap rateShares/Units Outstanding: Assumes no equity issuance other than vesting of in-place awards and continuation of stock-based compensation at~$11MM per year  Source:(a)(b)  Company filings and Titanium Management projections as presented on 1/6/2020. All cash flows at Titanium share.Reflects debt attributed to Titanium’s US office headquarters.2024E Net Debt / NTM EBITDA ratio assumes 2024E EBITDA is grown at rate equal to 5-year recurring EBITDA CAGR of ~1.8%.                       Management Projections 2019E 2020B 2021E 2022E 2023E 2024E        ($ in MMs, @ Titanium Share)Debt Summary: Consolidated Mortgages Unconsolidated Mortgages  $2,220 1,510  $2,323 1,628  $2,273 1,640  $2,248 1,722  $2,423 1,708  $2,403 1,803  Total Mortgage DebtImplied Mortgage Debt YieldUnsecured Term Loans Other Unsecured Debt (a)Unsecured Revolving Credit Facilities  $3,73015.8%$525 12663  $3,95114.7%$525 12676  $3,91315.5%$525 12781  $3,97015.8%$525 12757  $4,13115.6%$525 12614  $4,20715.7%$525 12497  Total Unsecured Debt  $1,200  $1,213  $1,318  $1,294  $1,151  $1,034  Total Debt  $4,930  $5,164 $5,232 $5,264 $5,282 $5,241  Implied Total Debt YieldPreferred Equity  12.0%363  11.3%363  11.6%363  11.9%363  12.2%363  12.6%363  Total Debt & Preferred EquityLess: U.S. Cash Less: Asia Cash  $5,293(63)(5)  $5,527(50)(73)  $5,594(50)(84)  $5,626(50)(99)  $5,645(50)(127)  $5,604(50)(157)  Total Net Debt & Preferred Equity $5,225 $5,403 $5,460 $5,478 $5,467 $5,397  9.4x 9.2x 9.1x 8.8x 8.6x  Net Debt & Pref. / NTM EBITDA (b) 9.5xChange in Debt: Debt Amortization Debt IssuanceRevolver Draw/(Paydown)  ($32) 25213  ($41) 3105  ($46) 103(25)  ($46) 207(143)  ($46) 122(117)  Change in Debt Balance $234 $68 $32 $18 ($41)  Debt & Preferred Service:Interest Expense Preferred Dividends Debt Amortization  $196 2332  $210 2341  $217 2346  $227 2346  $225 2346  Annual Debt & Preferred Service $250 $274 $286 $297 $294  Basic Shares/Units Outstanding Plus: Dilution Impact  87.31.1  87.61.2  87.61.2  87.61.4  87.61.7  87.61.9  Diluted Shares/Units Outstanding 88.3 88.8 88.9 89.1 89.3 89.5   CAGR '19E-'24E '20B-'24E2.4% 1.6%1.2% 0.4%1.1% 0.3%0.7% (0.0%)3.6%- 9.8%4.1%0.2%                                                                                                  6 

   HIGHLY CONFIDENTIAL              C O N F I D E N T I A L  III Titanium Financial Analysis  P R O J E C T M E T A L 

 HIGHLY CONFIDENTIAL                                I I I T I T A N I U M F I N A N C I A L A N A L Y S I S  P R O J E C T M E T A L                                                                                                              Titanium Valuation RangeMETHODOLOGY IMPLIED $ PRICE PER SHARE/UNIT RANGE  COMMENTS & ASSUMPTIONS  Discounted Cash Flows  WACC range of 5.50-6.75%Exit cap rate range of 5.50-6.50%WACC range increased 25bps to 6.75% at high end incorporating change in Barra betas since 1/22 (~$0.91 impact at low end); ~143K additional shares/units (~$0.09 impact)  Select Comparable Companies Public Trading  Current NTM FFO (x)  6.4-10.4x range applied to Titanium’s NTM FFO per share/unit of $3.65 (2020E FFO)Midpoint reflects current average NTM FFOx of Select Comparable Companies as of 1/31/2020(a)1.1x reduction in FFOx range due to market trading since 1/22 (~$4.20 impact)  1-Year NTMFFO (x)  9.0-13.0x range applied to Titanium’s NTM FFO per share/unit of $3.65 (2020E FFO)Midpoint reflects 1-year historical average NTM FFOx of Select Comparable Companies0.2x reduction in FFOx range due to market trading since 1/22 (~$0.81 impact)  3-Year NTM FFO (x)  11.0-15.0x range applied to Titanium’s NTM FFO per share/unit of $3.65 (2020E FFO)Midpoint reflects 3-year historical average NTM FFOx of Select Comparable Companies0.1x reduction in FFOx range due to market trading since 1/22 (~$0.42 impact)  Transaction Precedents  5.8% cap rate +50bps based on average of Brookfield / GGP and WPG / Glimcher transactions~143K additional shares/units (~$0.09 impact)  Additional Analysis(For Reference Purposes Only)  52-Week High/Low  52-Week High on 4/5/201952-Week Low on 1/31/2020  Analyst Price Target Estimates  Reflects range across ten analyst estimatesMean and median price targets of $35.05 and $33.00 per share, respectively  Comparable Company Trading Premium/ (Discount) to NAV  Reflects applied 24-50% discount range to FactSet consensus NAV estimate of $61.34High / low driven by observed trading at Silver and MAC as of unaffected date of 1/31/2020(a)GSA NAV estimates of $62.27 (for reference)    Premiums Paid Analysis  Reflects 13.1-22.4% premium range implied by the 25th and 75th percentiles from 17 U.S. REIT transactions >$1Bn in last 5-years where cash comprised >50% of aggregate considerationApplied to Titanium’s unaffected price of $26.42 as of 1/31/2020(a)  Silver Proposed Offer: $52.50                                    $43.84  $23.34  $32.88  $40.21  $47.41  $26.42  $29.50  $30.73  $29.88  $65.28  $37.94  $47.48  $54.81  $67.17  $54.30  $55.00  $46.85  $32.35  $20.00 $30.00 $40.00 $50.00 $60.00 $70.00 $80.00  Source:  Note:  (a)  Titanium Management projections as presented on 1/6/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the Agreement and Plan of Merger dated 2/9/2020 and Joint Venture Operating Agreement dated 2/9/2020. Company filings, Green Street Advisors, FactSet and SNL Financial as of 2/7/2020.Analysis at 12/31/2019 and uses mid-year convention. Net debt reflects 2019E projected balances per Management. Assumes Management-provided share/unit count as of 2/6/2020 which includes adjustments to various equity awards to reflect the impact of the Transaction.Reflects Titanium’s share price of $26.42 as of 1/31/2020 prior to rumored merger discussions with Silver.  Titanium Unaffected Price(a) as of 1/31/2020: $26.42Titanium Current Price as of 2/7/2020: $34.67  7 

 HIGHLY CONFIDENTIAL              Discounted Cash Flow Analysis  I I I T I T A N I U M F I N A N C I A L A N A L Y S I S  P R O J E C T M E T A L  Source:  Note:  (a)(b)(c)(d)  Titanium Management projections as presented on 1/6/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the Agreement and Plan of Merger dated 2/9/2020 and Joint Venture Operating Agreement dated 2/9/2020. Company filings, FactSet, Green Street Advisors and SNL Financial as of 2/7/2020.Analysis at 12/31/2019 and uses mid-year convention. Net debt reflects 2019E projected balances per Management. Assumes Management-provided share/unit count as of 2/6/2020 which includes adjustments to various equity awards to reflect the impact of the Transaction. Peripheral Land and Net Other Assets / (Liabilities) as of 9/30/2019.Exit cap rate based on 3-year mean implied cap rates of Select Comparable Companies with +50bps range applied. Excludes Development NOI at Beverly Center due to straight-line growth projection per Management.2019E includes $11MM in EBITDA-related adjustments related to shareholder activism, restructuring, transaction expenses, a one-time promote fee and FV adjustment of equity securities. Assumes 6.125% discount rate.                    (2.3%)  3.7%  3.2%  2.4%  2.4%  (6)49  (7)(4)  (7)(4)  (7)(4)  (7)(4)  (59)  Recurring EBITDA GrowthOther Cash Flow ItemsStraight-Line of Rent & Ground LeasesOther Non-Cash ItemsCapital CostsCapital ExpendituresDevelopment Spend  (90)(238)  (69)(92)  (72)(60)  (63)(43)  -  Unlevered Cash Flow  $267  $402  $448  $488  $549                  SUMMARY CASH FLOWS @ TITANIUM SHARE      ($ in MMs @ Titanium Share)   Management Projections    CAGR     2019E 2020B 2021E 2022E 2023E 2024E   '19E-'24E 20E-'24E  Titanium Comparable Cash NOI  $590 $582 $588 $599 $610 $618  0.9% 1.5%  Non-Cash Adjustments  9 7 8 8 8 8    GAAP Comparable NOI  $600 $589 $597 $608 $618 $626  0.9% 1.5%  Comparable NOI Growth  (1.8%) 1.3% 1.9% 1.7% 1.4%    Development NOI (b)  - 1 19 28 34 42    Lease Cancellation Income  10 10 9 7 6 5    Non-Operating Income  13 1 0 0 0 0    U.S. Recurring Corporate G&A (c)  (46) (41) (42) (42) (43) (44)    Asia G&A at Share  (11) (8) (10) (10) (10) (10)    Recurring EBITDA  $565 $552 $573 $591 $605 $619  1.8% 2.9%                                              Terminal Value @ 6.0% Exit Cap Rate  -  -  -  $11,005    Total Unlevered Cash Flow & Terminal Value  $267  $402  $448  $11,493        KEY ASSUMPTIONS    Valuation Date  12/31/2019  Discount Rate (WACC)  6.1%  2024E Total Cash NOI  $660  Exit Cap Rate (a)  6.0%  Implied Terminal Valuation  $11,005  Implied 2023E FFO Multiple  16.0x  Implied EBITDA Exit Multiple  17.8x  Implied Perpetuity Growth Rate  1.1%      2020E-2023E Discounted Cash Flows Terminal Value NPVNet Other Assets & (Liabilities) Peripheral Land  $1,409 8,674(112)17  Implied Enterprise Value  $9,988  Consolidated Secured Debt at Share Share of Unconsolidated Secured Debt Credit Facilities & Term Loans Preferred StockCash & Equivalents @ Share  (2,220)(1,510)(1,200)(363)68  Implied Equity ValueImplied Value per Share/Unit  $4,763$53.65  Titanium Shares/Units Outstanding  88.8                                    IMPLIED VALUATION ANALYSIS   Discount Rate   Implied Perpetuity    6.750%  6.125%  5.500%  Growth (d)  6.5%  $43.84  $46.13  $48.50  0.7%  6.0%  51.18  53.65  56.19  1.1%  5.5%  59.86  62.53  65.28  1.5%  Exit Cap Rate  SENSITIVITY ANALYSIS      8 

 HIGHLY CONFIDENTIAL              Discounted Cash Flow Analysis: Select Sensitivity Analyses  I I I T I T A N I U M F I N A N C I A L A N A L Y S I S  P R O J E C T M E T A L  Source:  Note:  (a)(b)  Titanium Management projections as presented on 1/6/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the Agreement and Plan of Merger dated 2/9/2020 and Joint Venture Operating Agreement dated 2/9/2020. Company filings, FactSet, Green Street Advisors and SNL Financial as of 2/7/2020.Analysis at 12/31/2019 and uses mid-year convention. Net debt reflects 2019E projected balances per Management. Assumes Management-provided share/unit count as of 2/6/2020 which includes adjustments to various equity awards to reflect the impact of the Transaction. Peripheral Land and Net Other Assets / (Liabilities) as of 9/30/2019.NOI growth rate sensitivity applied to same-store NOI and excludes NOI impact driven by redevelopment activity as scheduled by Management. Development Yield sensitivity reflects a change in assumed yield on scheduled projects excluding Beverly Center, Green Hills and Country Club Plaza.  WACC VS. NOI GROWTH ASSUMPTION  6.8%  6.1%  5.5%  (100bps) - 100bps$47.62 $51.18 $54.8450.00 53.65 57.3952.46 56.19 60.02  Discount Rate              IMPLIED METRICS AT VARIOUS EXIT CAP RATES  Implied Exit FFO Multiple  Implied Perpetuity Growth Rate  Implied Value per Share/Unit  6.5%  13.6x  0.7%  $46.13  6.0%  16.0x  1.1%  53.65  5.5%  18.9x  1.5%  62.53  Exit Cap Rate              EXIT CAP RATE VS. NOI GROWTH ASSUMPTION  6.5%  6.0%  5.5%  (100bps) - 100bps$42.75 $46.13 $49.6150.00 53.65 57.3958.58 62.53 66.59  Exit Cap Rate              6.5%  6.0%  5.5%   Development Yield (b) - (100bps) (200bps)$46.13 $45.33 $44.5453.65 52.79 51.9462.53 61.61 60.68  Exit Cap Rate              EXIT CAP RATE VS. DEVELOPMENT YIELD ASSUMPTION  Note: Assumes 6.125% discount rate NOI Growth Rate (a)   Note: Assumes 6.125% discount rate  Note: Assumes 6.0% exit cap rate NOI Growth Rate (a)   Note: Assumes 6.125% discount rate  9 

 HIGHLY CONFIDENTIAL                              Titanium  Silver  Select Com parable Com panies (c)  PEI  Mean Low Productivity Mall REITs (d)  Implied Cap Rate Spread to Select Comparable Companies (bps)  CurrentUnaffected (b) 1-Year Avg.3-Year Avg. 5-Year Avg.                  10.3%9.7%  6.5%  7.5%  9.5%  10.5%                                                  7.2%7.1%6.7%  5.0%4.5%4.0%  5.5%  6.0%  6.5%  7.0%  8.5%7.5%  02/07/15  08/07/15  02/07/16  08/07/16 02/07/17  08/07/17  08/07/19  02/07/20    Titanium    Silver    Select Comparable Companies (c)    PEI    02/07/18 08/07/18 02/07/19Mean Low Productivity Mall REITs (d)  I I I T I T A N I U M F I N A N C I A L A N A L Y S I S  P R O J E C T M E T A L  Historical Implied Cap Rate Analysis  HISTORICAL IMPLIED CAP RATES OVER LAST FIVE YEARS  Source:  (a)(b)(c)(d)  Titanium Management projections as presented on 1/6/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the Agreement and Plan of Merger dated 2/9/2020 and Joint Venture Operating Agreement dated 2/9/2020. Company filings, FactSet, Green Street Advisors and SNL Financial as of 2/7/2020.Management projected 2020E cash NOI of $583MM vs. Green Street NTM NOI of $576MM.Reflects Titanium’s share price of $26.42 as of 1/31/2020 prior to rumored merger discussions with Silver. Select Comparable Companies are Silver and MAC.Low Productivity Mall REITs are SKT, PEI, WPG and CBL.        5.9% GSA Implied Cap Rate @ $52.50 Proposal(a)      6.0% Mgmt Implied Cap Rate @ $52.50 Proposal(a)            7.1%  6.7%  7.2%  7.0%  9.7%  10.3%  (13)  7.7%  7.0%  7.4%  7.0%  9.7%  10.2%  35  6.6%  6.3%  6.6%  6.6%  9.5%  10.1%  (6)  5.9%5.5%  6.1%5.7%  6.2%5.7%  6.1%5.7%1/22 Prior  9.1%8.4%  9.6%9.0%  (31)(16)        Analysis:        10 

 HIGHLY CONFIDENTIAL                    Unaffected Share Price  Equity Total Pref Total Market Pro Rata Equity @ Enterpr.   TEV Weighting Select Comparable Companies (1/31/20) Capitalization Net Debt (a) Liq Pref Value Equity Debt Pref   BarraND + Pref ND + Pref Predicted Beta / TEV / Equity Levered Unlevered  High Productivity MallsSilver  $133.15  $47,086  $29,765  61.2% 38.7%  0.1%  0.786  0.481  Macerich Company  22.31  3,415  7,786  $65 $76,917- 11,201  30.5% 69.5%  38.8% 63.4%- 69.5% 228.0%  1.203  0.367  Mean Median  $77.73 77.73  $25,251 25,251  $18,776 18,776  45.9% 54.1%57.3% 42.6%  0.0%0.1%  0.9950.995  0.4240.424  Titanium  $26.42  $2,346  $4,862  $33 $44,05933 44,059$363 $7,571  31.0% 64.2%  4.8%  54.1% 145.7%54.1% 145.7%69.0% 222.7%  1.235 0.383                        WACC Analysis  I I I T I T A N I U M F I N A N C I A L A N A L Y S I S  P R O J E C T M E T A L  SELECT COMPARABLE COMPANIES UNLEVERED BETA ANALYSIS  TITANIUM PEER-DERIVED WACC  Sources:Note: (a)(b)(c)  Titanium Management projections as presented on 1/6/2020, Bloomberg, MSCI Barra Beta Global Equity Model, Duff & Phelps, FactSet and SNL Financial as of 2/7/2020.Barra predicted local beta data as of 1/31/2020. Mid-point drivers held constant under each range of input assumptions for respective sensitivities. Total net debt includes pro rata portion of debt in unconsolidated joint ventures.Risk-free rate represents yield on U.S. 10-Year Treasury. Equity risk premium per Duff & Phelps (2019 Cost of Capital: Annual U.S. Guidance and Examples). Calculated based on projected January 2020 monthly interest expense, per Management projections.                Mid-Point Drivers   Range of Input Assumptions Low High    Range of Results Implied WACC Low High   Unlevered Beta  0.424  6.02% 6.78%  Net Debt / TEV  64.2%  0.370 0.48050.2% 60.2%  5.48%  6.06%  Implied Levering Factor  3.227  2.222  2.857  Implied Levered Beta  1.368  0.822  1.371  Marginal Tax Rate  0.0%  Risk-Free Rate of Return (b)  1.6%  U.S. Market Equity Risk Premium (b)  6.9%  Cost of Equity  11.0%  Pre-Tax Wtd. Avg. Cost of Debt (c)  4.2%  Min/Max  5.48%  6.78%  Selected Range  5.50%  6.75%              Pref / TEV        4.8%  4.8%  4.8%  Net Debt + Pref / TEV        69.0%  55.0%  65.0%  Implied Net  Debt  + Pref /  Equity  222.7%  122.2%  185.7%  Pre-Tax Wtd. Avg. Cost  of  Pref  6.4%  Illustrative WACC  6.4%                      1/22 Prior Analysis: Silver: 0.445Macerich: 0.384Titanium: 0.394          High end of range increased by 25bps to incorporate unlevered beta range at January month-end  1/22 Prior Analysis: Risk-Free Rate: 1.8%    11 

 HIGHLY CONFIDENTIAL              Titanium has historically traded at a mean NTM FFO multiple premium of ~0.1-1.1x relative to Select Comparable Companies, which compares to a ~1.2x unaffected discount(b)    Titanium  Silver  Select Com parableCom panies (c)  PEI  Mean Low Productivity Mall REITs (d)  NTM FFO M ult.Spread to Select ComparableCompanies  CurrentUnaffected (b) 1-Year Avg.3-Year Avg. 5-Year Avg.                                                  11.3x9.4x8.9x  3.2x3.0x  2.5x  7.5x5.0x  10.0x  12.5x  15.0x  17.5x  25.0x22.5x20.0x  02/07/15  08/07/15  02/07/16  08/07/16  02/07/18  02/07/20    Titanium    Silver    02/07/17 08/07/17Select Comparable Companies (c)    PEI    08/07/18 02/07/19 08/07/19Mean Low Productivity Mall REITs (d)  I I I T I T A N I U M F I N A N C I A L A N A L Y S I S  P R O J E C T M E T A L  Historical NTM FFO Multiples Analysis  HISTORICAL NTM FFO MULTIPLES OVER LAST FIVE YEARS  Source:  (a)(b)(c)(d)  Titanium Management projections as presented on 1/6/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the Agreement and Plan of Merger dated 2/9/2020 and Joint Venture Operating Agreement dated 2/9/2020. Company filings, FactSet, Green Street Advisors and SNL Financial as of 2/7/2020.Management projected 2020E FFO per share/unit of $3.65 vs. analyst consensus 2020E FFO per share/unit of $3.66 per FactSet. Reflects Titanium’s share price of $26.42 as of 1/31/2020 prior to rumored merger discussions with Silver.Select Comparable Companies are Silver and MAC.Low Productivity Mall REITs are SKT, PEI, WPG and CBL.        Implied 14.4x Analyst 2020E FFO @ $52.50 Proposal(a)      Implied 14.4x Mgmt 2020E FFO @ $52.50 Proposal(a)              9.4x  11.3x  8.9x  9.5x  3.0x  3.2x  0.5x  7.2x  10.5x  8.4x  9.5x  3.2x  3.4x  (1.2x)  11.1x  12.7x  11.0x  11.2x  4.5x  4.2x  0.1x  13.8x  13.4x  13.0x  13.1x  5.9x  5.5x  0.7x  16.2x  15.2x  15.2x    8.0x  7.1x  1.1x        Analysis:        12 

 HIGHLY CONFIDENTIAL              03/26/18  11/06/17  General Growth Properties  Brookfield Property Partners L.P.  $26.4  61% / 39%  14.4x  5.7%  09/16/14  09/15/14  Glimcher Realty Trust  Washington Prime Group, Inc.  4.3  73% / 27%  18.0x  5.8%  Date Unaffected Transaction NTM Implied Announced Date (a) Target Acquiror Value ($Bn) Consideration (Cash / Stock) FFO (x) (b) Cap Rate                       Mean  $15.3  16.2x  5.8%  Median  $15.3  16.2x  5.8%          Illustrative Titanium Metrics at $52.50 Offer Price (c)  $9.9  14.4x  6.0%      Precedent Transactions Analysis  I I I T I T A N I U M F I N A N C I A L A N A L Y S I S  P R O J E C T M E T A L  Source:  (a)(b)(c)  Titanium Management projections as presented on 1/6/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the Agreement and Plan of Merger dated 2/9/2020 and Joint Venture Operating Agreement dated 2/9/2020. Company filings, FactSet, Green Street Advisors and SNL Financial as of 2/7/2020.Unaffected Date / Price reflects closing date prior to transaction announcement, or other relevant date as referenced in public filings for the respective transaction. FFO multiple for GGP / Brookfield transaction based on Management projected NTM FFO per 13E-3 filing.NTM FFO multiple and implied cap rate are based on Management projected 2020E FFO per share/unit of $3.65 and cash NOI of $583MM, respectively.  SELECT PRECEDENT REIT TRANSACTION ANALYSIS  SELECT ADDITIONAL REFERENCE REIT TRANSACTIONS    Date Unaffected Transaction NTM Implied Announced Date (a) Target Acquiror Value ($Bn) Consideration (Cash / Stock) FFO (x) Cap Rate 12/12/17 12/11/17 Westfield Unibail-Rodamco $22.5 35% / 65% 21.1x 4.5%Memo: Included material exposure to European markets.  13 

 HIGHLY CONFIDENTIAL                I I I T I T A N I U M F I N A N C I A L A N A L Y S I S  Titanium Analyst Estimates & Guidance  P R O J E C T M E T A L  CONSENSUS MEAN FFO PER SHARE ESTIMATES OVER TIME(b)  SELECT ANALYST COMMENTARY                                      $3.59  $3.66  $3.86  $3.50  $3.60  $3.70  $3.80  $3.90  $4.00  $4.10  $4.20  $4.30  2/07/2020  11/11/2019  8/16/2019  5/22/2019    2019E    2020E    2021E  $3.66  $3.59  $3.86  TITANIUM SUMMARY BROKER ESTIMATES  Observed industry headwinds have led to sector downgradesAnalyst sentiment relatively negative following Q3 earnings with focus on negative SSNOI growth and reduced guidanceAnalysts generally positive, however, on tenant sales growthUnclear how sales growth translates to Titanium earningsGeneral recognition that shares trade at significant discount“Wait-and-see” approach around Asia JV transaction with Blackstone, but generally viewed transaction positively  Current Titanium Share Price: $34.67  ($)  Price  Implied FFO/Share FFO Multiple (a) AFFO/Share AFFO Multiple (a)   Est.  Prem./(Disc.)                      Broker  Date  Rating  Target  Return (a)  2019E  2020E  2021E  2019E  2020E  2021E  2019E  2020E  2021E  2019E  2020E  2021E  NAV  to NAV (a)  KeyBanc Capital Markets  12/13/2019  Buy  $ 55.00  59%  $ 3.57  $ 3.70  $ 3.92  9.7x  9.4x  8.8x  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  Deutsche Bank Research  1/6/2020  Hold  36.00  4%  3.45  3.59  n/a  10.0x  9.7x  n/a  2.73  2.86  n/a  12.7x  12.1x  n/a  42.35  (18%)  JP Morgan  2/6/2020  Sell  34.00  (2%)  3.69  3.72  3.85  9.4x  9.3x  9.0x  1.70  2.71  2.82  20.4x  12.8x  12.3x  76.48  (55%)  Mizuho Securities USA  1/14/2020  Hold  34.00  (2%)  3.35  3.53  n/a  10.3x  9.8x  n/a  2.59  2.55  n/a  13.4x  13.6x  n/a  67.00  (48%)  Scotiabank GBM  2/6/2020  Hold  33.00  (5%)  3.67  3.68  3.84  9.4x  9.4x  9.0x  2.63  2.52  2.63  13.2x  13.8x  13.2x  60.75  (43%)  Piper Sandler Companies  1/31/2020  Hold  33.00  (5%)  3.53  3.61  3.72  9.8x  9.6x  9.3x  2.33  2.51  2.61  14.9x  13.8x  13.3x  63.60  (45%)  BMO Capital Markets  1/31/2020  Hold  33.00  (5%)  3.69  3.65  3.77  9.4x  9.5x  9.2x  2.48  2.38  2.41  14.0x  14.6x  14.4x  56.80  (39%)  Evercore ISI  2/7/2020  Hold  32.00  (8%)  3.54  3.53  3.66  9.8x  9.8x  9.5x  2.45  2.39  2.49  14.2x  14.5x  13.9x  50.76  (32%)  Jefferies  1/14/2020  Hold  31.00  (11%)  3.68  3.70  3.96  9.4x  9.4x  8.8x  2.80  2.93  3.23  12.4x  11.8x  10.7x  n/a  n/a  Morgan Stanley  12/18/2019  Hold  29.50  (15%)  3.69  3.79  4.04  9.4x  9.1x  8.6x  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  Raymond James  12/4/2019  Hold  n/a  n/a  3.52  3.70  3.93  9.8x  9.4x  8.8x  2.31  2.43  2.62  15.0x  14.3x  13.2x  70.89  (51%)  BTIG  1/31/2020  Hold  n/a  n/a  3.67  3.61  n/a  9.4x  9.6x  n/a  n/a  n/a  n/a  n/a  n/a  n/a  63.45  (45%)                                        Mean      $ 35.05  1%  $ 3.59  $ 3.65  $ 3.85  9.7x  9.5x  9.0x  $ 2.45  $ 2.59  $ 2.69  14.5x  13.5x  13.0x  $ 61.34  (42%)  Median      33.00  (5%)  3.62  3.66  3.85  9.6x  9.5x  9.0x  2.48  2.52  2.62  14.0x  13.8x  13.2x  63.45  (45%)  Green Street Advisors  2/7/2020  Hold  n/a  n/a  n/a  $3.72  $3.72  n/a  9.3x  9.3x  n/a  $2.46  $2.45  n/a  14.1x  14.2x  $62.27  (44%)  Mean (Incl. GSA)      $ 35.05  1%  $3.59  $3.66  $3.84  9.7x  9.5x  9.0x  $2.45  $2.57  $2.66  14.5x  13.5x  13.1x  $ 61.44  (42%)  Median (Incl. GSA)      33.00  (5%)  3.62  3.68  3.85  9.6x  9.4x  9.0x  2.48  2.52  2.62  14.0x  13.8x  13.3x  62.86  (45%)  FactSet Consensus Mean (a)(b)      34.21  (1%)  3.59  3.66  3.86  9.7x  9.5x  9.0x  2.45  2.59  2.69  14.2x  13.4x  12.9x  61.34  (43%)      FactSet, Green Street Advisors and SNL Financial as of 2/7/2020.  Source:(a)(b)(c)  Implied Return, FFO and AFFO multiples, as well as Premium / (Discount) to NAV calculated with reference to Titanium’s current share price. FactSet Consensus Mean includes anonymous estimates.FactSet Consensus Implied Return, FFO and AFFO multiples as well as Premium / (Discount) to NAV calculated with reference to Titanium’s current share price.    14 

 HIGHLY CONFIDENTIAL              Premiums Paid Analysis  I I I T I T A N I U M F I N A N C I A L A N A L Y S I S  P R O J E C T M E T A L  Source:  (a)  (b)(c)  Titanium Management projections as presented on 1/6/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the Agreement and Plan of Merger dated 2/9/2020 and Joint Venture Operating Agreement dated 2/9/2020. Company filings, FactSet, Green Street Advisors and SNL Financial as of 2/7/2020.Unaffected Date / Price reflects closing date prior to transaction announcement, or other relevant date as referenced in public filings for the respective transaction. Unaffected price for Titanium reflects share price of $ $26.42 as of 1/31/2020 prior to rumored merger discussions with Silver.1-Day and 30-Day VWAP based on most recent closing price prior to transaction announcement.Represents transactions for which cash comprised <50% consideration and are shown for informational purposes.  SELECT PRECEDENT US REIT TRANSACTIONS >$1BN  10/27/19  10/25/19  (c)  Liberty Property Trust  Industrial  Prologis, Inc.  $12.6  Stock  21%  21%  20%  07/31/18  06/15/18    Forest City Realty Trust, Inc.  Diversified  Brookfield Asset Management Inc.  11.4  Cash  27%  10%  11%  07/18/19  06/26/19    Pure Multi-Family REIT  Apartment  Cortland  1.2  Cash  15%  4%  5%  05/06/19  05/03/19  (c)  Chesapeake Lodging Trust  Lodging  Park Hotels & Resorts Inc.  2.7  Cash & Stock  6%  6%  9%  03/25/19  03/22/19  (c)  TIER REIT, Inc.  Office  Cousins Properties Incorporated  2.4  Stock  16%  14%  20%  09/06/18  03/27/18  (c)  LaSalle Hotel Properties  Lodging  Pebblebrook Hotel Trust  5.2  Cash & Stock  46%  3%  4%  06/25/18  06/01/18    Education Realty Trust  Student Housing  Greystar  4.6  Cash  9%  2%  10%  05/07/18  05/04/18    Gramercy Property Trust  Industrial  The Blackstone Group L.P.  7.4  Cash  15%  16%  23%  04/29/18  04/27/18  (c)  DCT Industrial Trust Inc.  Industrial  Prologis, Inc.  8.1  Stock  16%  16%  20%  03/26/18  11/06/17    General Growth Properties  Retail  Brookfield Property Partners L.P.  26.4  Cash & Stock  15%  3%  1%  08/10/17  08/09/17  (c)  Starwood Waypoint Homes  SFR  Invitation Homes  8.0  Stock  1%  1%  (2%)  07/04/17  07/03/17    Monogram Residential Trust, Inc.  Apartment  Greystar / APG / GIC / Ivanhoe  3.7  Cash  22%  23%  22%  06/30/17  06/29/17    Parkway, Inc.  Office  CPPIB  1.6  Cash  13%  13%  15%  06/28/17  03/24/17    First Potomac Realty Trust  Office  Government Properties Income Trust  1.3  Cash  11%  (2%)  1%  06/09/17  06/08/17  (c)  DuPont Fabros Technology, Inc.  Data Center  Digital Realty Trust, Inc.  7.3  Stock  15%  15%  20%  05/07/17  05/05/17  (c)  Care Capital Properties, Inc.  Healthcare  Sabra Health Care REIT, Inc.  4.0  Stock  12%  12%  10%  04/24/17  04/21/17  (c)  FelCor Lodging Trust, Inc.  Lodging  RLJ Lodging Trust  2.8  Stock  17%  17%  16%  02/27/17  02/24/17    Silver Bay Realty Trust Corp.  SFR  Tricon Capital Group, Inc.  1.4  Cash  19%  20%  24%  11/14/16  11/14/16  (c)  Equity One, Inc.  Retail  Regency Centers Corp.  5.8  Stock  11%  13%  8%  08/15/16  08/12/16  (c)  Post Properties, Inc.  Apartment  Mid-America Apartment Communities  4.8  Stock  17%  16%  16%  04/29/16  04/28/16  (c)  Parkway Properties, Inc.  Office  Cousins Properties Incorporated  3.7  Stock  13%  13%  14%  02/25/16  01/15/16    Rouse Properties, Inc.  Retail  Brookfield Asset Management  2.5  Cash  35%  4%  5%  12/15/15  12/14/15    Inland Real Estate Corporation  Retail  DRA Advisors LLC  1.9  Cash  7%  6%  11%  12/03/15  11/27/15  (c)  American Residential Properties, Inc.  SFR  American Homes 4 Rent  1.4  Stock  14%  8%  18%  11/08/15  11/06/15  (c)  Plum Creek Timber Company, Inc.  Timber  Weyerhaeuser Company  11.8  Stock  21%  21%  20%  10/16/15  10/16/15    Campus Crest Communities, Inc.  Student Housing  Harrison Street Real Estate Capital  1.7  Cash  24%  25%  37%  10/08/15  09/22/15    BioMed Realty Trust, Inc.  Healthcare  The Blackstone Group L.P.  8.0  Cash  24%  10%  19%  09/08/15  07/23/15    Strategic Hotels & Resorts, Inc.  Lodging  The Blackstone Group L.P.  5.8  Cash  13%  5%  4%  06/22/15  04/24/15    Home Properties, Inc.  Apartment  Lone Star Funds  7.6  Cash  9%  3%  2%  04/22/15  04/20/15    Associated Estates Realty Corporation  Apartment  Brookfield Asset Management Inc.  2.5  Cash  19%  18%  17%  04/10/15  04/09/15    Excel Trust, Inc  Retail  The Blackstone Group L.P.  1.7  Cash  15%  15%  14%  Date Unaffected  Transaction Transaction Premium to: Value Unaffected 1-Day 30-Day   Announced Date (a) Target Sector Acquiror ($Bn) Consideration Price (a) VWAP (b) VWAP (b)   All-Cash & >50% Cash Consideration (17 Transactions)  All REIT Transactions (31 Transactions)  01/31/20 Illustrative Titanium Metrics at $52.50 Offer Price $9.9 98.7% 51.5% 69.1%      25th Percentile  $1.7  13.1%  3.9%  5.2%  Mean  $5.3  17.2%  10.2%  13.0%  Median  $2.5  14.9%  10.3%  11.3%  75th Percentile  $7.4  22.4%  15.6%  19.2%  25th Percentile  $2.1  12.4%  4.4%  6.8%  Mean  $5.5  16.6%  11.3%  13.4%  Median  $4.0  14.9%  12.8%  14.1%  75th Percentile  $7.5  20.1%  16.0%  19.7%          Titanium Unaffected Share Price: $26.42  15 

Exhibit 99(C)(11)

 Project Metal  Discussion Materials  11 November 2020  CONFIDENTIAL  C:\BoxShare\Box\Real Estate NY\Clients\Taubman Centers\2019.11_Project Metal\04 Presentation\04 Fairness\Nov 2020 - Update\1. Presentation\Project Metal_SC Discussion Materials_11.11.2020.pptx  Time Stamp : 9 March 2017 10:42:26 

 The information herein has been prepared by Lazard based upon information supplied by Titanium or Silver, or publicly available information, and portions of the information herein may be based upon publicly available statements, estimates and forecasts with respect to the anticipated future performance of Titanium and/or certain statements, estimates and forecasts provided by Titanium with respect to the anticipated future performance of Titanium. We have relied upon the accuracy and completeness of the foregoing information, and have not assumed any responsibility for any independent verification of such information or any independent valuation or appraisal of any of the assets or liabilities of Titanium, Silver or any other entity, or concerning solvency or fair value of Titanium, Silver or any other entity. With respect to financial forecasts, we have assumed that they have been reasonably prepared in good faith on bases reflecting the best currently available estimates and judgments as to the future financial performance of Titanium. We assume no responsibility for and express no view as to such forecasts or the assumptions on which they are based. The information set forth herein is based upon economic, monetary, market and other conditions as in effect on, and the information made available to us as of, the date hereof, unless indicated otherwise. These materials and the information contained herein are confidential and may not be disclosed publicly or made available to third parties without the prior written consent of Lazard; provided, however, that you may disclose to any and all persons the U.S. federal income tax treatment and tax structure of the transaction described herein and the portions of these materials that relate to such tax treatment or structure. Lazard is acting as investment banker to the Special Committee of Titanium, and will not be responsible for and will not provide any tax, accounting, actuarial, legal or other specialist advice. Lazard is not providing an opinion as to the relative merits of a transaction with Silver as compared to any other transaction or business strategy in which Titanium might engage or the merits of the underlying decision by Titanium to engage in a transaction with Silver. These materials do not constitute tax, accounting, actuarial, legal or other specialist advice, and Lazard shall have no duties or obligations in respect of these materials or other advice provided, except to the extent specifically set forth in the engagement agreement that has been entered into by Lazard and the Special Committee.  Disclaimer  Project Metal  CONFIDENTIAL 

 Table of Contents   Project Metal  CONFIDENTIAL  I EXECUTIVE SUMMARY  1  II TITANIUM FINANCIAL ANALYSIS  5     

 Confidential  I Executive Summary  Project Metal 

 Executive Summary  I Executive Summary  Project Metal  The Special Committee of the Board of Titanium is contemplating a revised transaction proposal that would contemplate entities affiliated with Silver acquiring for $43.00 per share/unit in cash (i) 100% of Titanium common equity and (ii) a number of OP units owned by the Titanium Family (the “Converting Titanium Family OP Units”) such that the Titanium Family would retain a 20% economic interest in a NewCo JV with Silver post-closing (the “Transaction”)Despite an initially positive market reaction to the announced transaction on 2/10/2020, market conditions subsequently deterioratedWhile Silver traded at $141.02 on the day prior to announcement, it traded to a 52-week low of $44.01 on 4/2/2020 and now trades at $78.84On 6/10/2020, Silver sent a termination notice to Titanium asserting that (i) the COVID pandemic constituted a MAE and (ii) Titanium had breached its obligations related to interim operating covenantsTitanium has consistently traded in the mid-$30s since the termination notice was made publicA legal process around wrongful termination has since ensued in the state of Michigan with a trial date set for 11/16/2020A revised price per share/unit of $43.00 in all cash consideration has been proposed for (i) 100% of Titanium common equity and (ii) the Converting Titanium Family OP UnitsTitanium Family will continue to roll its interest such that it will retain 20% of NewCo JV with Silver owning the 80% balance  Source: Titanium Management projections as presented on 11/9/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the draft Amended and Restated Agreement and Plan of Merger dated [11/11/2020] and draft Amended and Restated Joint Venture Operating Agreement dated [11/11/2020]. Company filings, FactSet, Green Street Advisors and SNL Financial as of 11/10/2020.  5 

   11/13/2017: Brookfield Property proposes an acquisition of GGP for $23.00/share    2/14/2019: Announced agreement to sell 50% of interest in 3 Asia-backed shopping centers    2/28/2020: Announced completion of sale of 50% interest in CityOn.Xi’an to Blackstone     12/12/2017: Unibail-Rodamco agrees to acquire Westfield Corp.    4/30/2019: Lowered FFO outlook and disclosed acquisition of interest in The Gardens Mall    3/19/2020: Announced closure of most US malls in compliance with government mandates    3/19/2018: Claire’s files for bankruptcy    9/19/2019: Announced completion of sale of 50% interest in Starfield Hanam to Blackstone    5/5/2020: Announced Q1 earnings / liquidity measures and reopening update    3/26/2018: GGP agrees to be acquired after Brookfield raises its offer    9/30/2019: Forever 21 files for bankruptcy    6/10/2020: Silver delivered notice to Terminate Merger Agreement with Titanium    10/15/2018: Sears files for bankruptcy    1/24/2020: Silver reported to be considering a bid for Forever 21    6/25/2020: Titanium shareholders approved Merger Agreement with Silver    10/30/2018: Q3 Earnings beat, but guides down Q4 numbers below consensus    2/4/2020: Bloomberg reports that Silver and Titanium held deal talks    10/23/2020: Announced sale of Stamford Town Center to Safavieh    11/2/2018: Announced $500MM redesign of Beverly Center    2/10/2020: Announced agreement with Silver to be acquired at $52.50/share      Titanium Common Share Price Performance  I Executive Summary  Project Metal  A  B  C  H  D  E  G  I  P  J  L  M  N  O  F  K  Q  R  Titanium Common Share Price Since 2017  TitaniumShare Price  Volume(MM)  Transactions News    Industry News    Operations / Capital Allocation    Short Interest % Over Time    T  S  A  B  C  D  E  F  G  H  I  J  K  L  M  N  O  P  Q  R  S  T  $36.82  13.1%  $43.00 Offer Price  Source: Company filings, FactSet and Bloomberg as of 11/10/2020.  Titanium has traded down ~31% since 2/10/2020 when Silver announced it had reached an agreement to acquire Titanium at $52.50 per share  6 

 Revised Transaction Overview  I Executive Summary  Project Metal  Implied Titanium Valuation & Summary Trading Metrics ($MM)  Source: Titanium Management projections as presented on 11/9/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the draft Amended and Restated Agreement and Plan of Merger dated [11/11/2020] and draft Amended and Restated Joint Venture Operating Agreement dated [11/11/2020]. Company filings, FactSet, Green Street Advisors and SNL Financial as of 11/10/2020.Note: Net debt reflects pro forma balance per Management and public filings. Development at Book Value, Peripheral Land and Other Tangible Assets / (Liabilities) as of 9/30/2020.Assumes Management-provided dilutive share/unit count which includes adjustments to various equity awards to reflect the impact of the Transaction.Includes $12MM debt attributed to Titanium’s US office headquarters. NTM represents 2020E and 2021E for Original Transaction and Revised Transaction, respectively. Green Street implied cap rates represent NTM NOI as of 3Q19 and 3Q20, respectively. Revised Transaction 2021E Cash NOI per Management and excludes $5MM of projected NOI at share related to Anseong which is included in Development at Book Value.  7 

 Titanium Management Updated Business Plan: Summary Projections  I Executive Summary  Project Metal  Key Management Assumptions  Projected Cash Flows @ Titanium Share  2020E: Reflects 3Q20 YTD actuals plus most recent Management budget for 4Q20NOI: 2021E reflects 90% of pre-COVID 2020 budgeted revenue and expenseU.S. portfolio assumes 3.0% NOI growth in 2022E, and 1.0% revenue growth with 3.0% expense growth from 2023E to 2025EAssume 6% SSNOI growth rate on Asia NOIIncludes stabilization of Anseong which is expected to occur in 2023EDeferred income recognized as Other CF ItemG&A: 2021E reflects run-rate estimates for recent cost reductions; expenses grown 3.0% thereafterIncludes (i) unallocated operating expenses and (ii) share of Asia G&ACapex: Near-term run-rate of ~$110-120MM in maintenance capex / tenant improvements during 2021E and 2022EIncludes certain deferred capex from 2020BAssumes TIs are flat through 2023E, and reduced 50% in 2024E-2025EMaintenance capex reduced by 50% in 2023E-2025E as roofing projects completedAssumes Anseong capex completed in 2020E  Source: Titanium Management projections as presented on 11/9/2020. All cash flows at Titanium share.Includes unallocated operating expenses and Asia G&A at share.2021E includes $56MM related to release of cash collateral on certain Asian assets expected in 1Q21 and 2Q21. Balance relates to expected income taxes at $4MM per year.  Illustrative Variance Analysis vs. Jan 2020 Projections  2021E FFO Build  8 

 Confidential  II Titanium Financial Analysis  Project Metal 

 Titanium Valuation Range  II Titanium Financial Analysis  Project Metal  Methodology      Implied $ Price Per Share/Unit Range  Comments & Assumptions            DiscountedCash Flows        WACC range of 6.0-8.0%Exit cap rate range of 6.0-7.5%                      Select ComparableCompanies Public Trading    Current NTMFFO (x)    3.9-7.9x range applied to Titanium’s NTM FFO per share/unit of $2.99 (2021E FFO)Midpoint reflects current average NTM FFOx of Select Comparable Companies as of 11/10/2020                          1-Year NTMFFO (x)    4.0-8.0x range applied to Titanium’s NTM FFO per share/unit of $2.99 (2021E FFO)Midpoint reflects 1-year historical average NTM FFOx of Select Comparable Companies                          3-Year NTMFFO (x)    8.6-12.6x range applied to Titanium’s NTM FFO per share/unit of $2.99 (2021E FFO)Midpoint reflects 3-year historical average NTM FFOx of Select Comparable Companies                      TransactionPrecedents        5.8% cap rate +50bps based on average of Brookfield / GGP and WPG / Glimcher transactions                      Additional Analysis(For ReferencePurposes Only)    Comparable Company Trading Premium/ (Discount) to NAV    Reflects applied 26-29% discount range to FactSet consensus NAV estimate of $40.53High / low driven by observed trading at Silver and MAC as of 11/10/2020GSA NAV estimates of $37.84 (for reference)                            PremiumsPaid Analysis    Reflects 13.1-22.4% premium range implied by the 25th and 75th percentiles from 18 U.S. REIT transactions >$1Bn in last 5-years where cash comprised >50% of aggregate considerationApplied to Titanium’s unaffected price of $26.42 as of 1/31/2020            Titanium Unaffected Price as of 1/31/2020: $26.42  Silver Revised Transaction Proposal: $43.00  Source: Titanium Management projections as presented on 11/9/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the draft Amended and Restated Agreement and Plan of Merger dated [11/11/2020] and draft Amended and Restated Joint Venture Operating Agreement dated [11/11/2020]. Company filings, FactSet, Green Street Advisors and SNL Financial as of 11/10/2020.Note: Analysis at 12/31/2020 and uses mid-year convention. Net debt reflects pro forma balances per Management and public filings. Assumes Management-provided dilutive share/unit count which includes adjustments to various equity awards to reflect the impact of the Transaction. Peripheral Land and Net Other Assets / (Liabilities) as of 9/30/2020.  Titanium Current Price as of 11/10/2020: $36.82  10 

 Discounted Cash Flow Analysis  II Titanium Financial Analysis  Project Metal  Source: Titanium Management projections as presented on 11/9/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the draft Amended and Restated Agreement and Plan of Merger dated [11/11/2020] and draft Amended and Restated Joint Venture Operating Agreement dated [11/11/2020]. Company filings, FactSet, Green Street Advisors and SNL Financial as of 11/10/2020.Note: Analysis at 12/31/2020 and uses mid-year convention. Net debt reflects pro forma balances per Management and public filings. Assumes Management-provided dilutive share/unit count which includes adjustments to various equity awards to reflect the impact of the Transaction. Peripheral Land and Net Other Assets / (Liabilities) as of 9/30/2020.Exit cap rate based on 3-year mean implied cap rates of Select Comparable Companies with +75bps range applied.Includes unallocated operating expenses and Asia G&A at share.2021E includes $56MM related to release of cash collateral on certain Asian assets expected in 1Q21 and 2Q21. Balance relates to expected income taxes at $4MM per year.Assumes 7.0% discount rate.  Summary Cash Flows @ Titanium Share  Key Assumptions  Implied Valuation Analysis  Sensitivity Analysis      11 

 Discounted Cash Flow Analysis: Select Sensitivity Analyses  II Titanium Financial Analysis  Project Metal  Source: Titanium Management projections as presented on 11/9/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the draft Amended and Restated Agreement and Plan of Merger dated [11/11/2020] and draft Amended and Restated Joint Venture Operating Agreement dated [11/11/2020]. Company filings, FactSet, Green Street Advisors and SNL Financial as of 11/10/2020.Note: Analysis at 12/31/2020 and uses mid-year convention. Net debt reflects pro forma balances per Management and public filings. Assumes Management-provided dilutive share/unit count which includes adjustments to various equity awards to reflect the impact of the Transaction. Peripheral Land and Net Other Assets / (Liabilities) as of 9/30/2020.  WACC vs. NOI Growth Assumption  Exit Cap Rate vs. NOI Growth Assumption  Note: Assumes 7.0% discount rate  Implied Metrics At Various Exit Cap Rates  Note: Assumes 7.0% discount rate  Note: Assumes 6.75% exit cap rate  12 

 II Titanium Financial Analysis  Project Metal  Historical Implied Cap Rate Analysis  Historical Implied Cap Rates Over Last Five Years  Source: Company filings, FactSet, Green Street Advisors and SNL Financial as of 11/10/2020.On 4/27/2020, GSA revised NTM NOI and Asset Values in the mall REIT sector downwards. On 8/27/2020, GSA amended its cap rate calculation to be based on stabilized underwriting. Historical averages exclude cap rates between the two periods. Reflects Titanium’s share price of $26.42 as of 1/31/2020 prior to rumored merger discussions with Silver. Select Comparable Companies are Silver and MAC.Reflects metrics from prior analysis presented on 2/9/2020.    Reflects change inGSA Cap Rate Methodology(a)  13 

 WACC Analysis  II Titanium Financial Analysis  Project Metal  Select Comparable Companies Unlevered Beta Analysis  Titanium Peer-Derived WACC  Sources: Titanium Management projections as presented on 11/9/2020. Bloomberg, MSCI Barra Beta Global Equity Model, Duff & Phelps, FactSet and SNL Financial as of 11/10/2020.Note: Barra predicted local beta data as of 10/31/2020. Mid-point drivers held constant under each range of input assumptions for respective sensitivities. Total net debt includes pro rata portion of debt in unconsolidated joint ventures.Risk-free rate represents yield on U.S. 10-Year Treasury. Equity risk premium per Duff & Phelps (2020 Cost of Capital: Annual U.S. Guidance and Examples).Calculated based on Titanium 3Q 2020 10-Q.  2/9 Prior Analysis (L / UL Betas):Silver L / UL: 0.786 / 0.481Macerich L / UL: 1.203 / 0.367Median UL: 0.424        2/9 Prior Analysis:Risk-Free Rate: 1.6%Equity Risk Premium: 6.9%  14 

 II Titanium Financial Analysis  Project Metal  Historical NTM FFO Multiples Analysis  Historical NTM FFO Multiples Over Last Five Years  Source: Company filings, FactSet, Green Street Advisors and SNL Financial as of 11/10/2020.Reflects Titanium’s share price of $26.42 as of 1/31/2020 prior to rumored merger discussions with Silver.Select Comparable Companies are Silver and MAC.Reflects metrics from prior analysis presented on 2/9/2020.  15 

 Precedent Transactions Analysis  II Titanium Financial Analysis  Project Metal  Source: Titanium Management projections as presented on 11/9/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the draft Amended and Restated Agreement and Plan of Merger dated [11/11/2020] and draft Amended and Restated Joint Venture Operating Agreement dated [11/11/2020]. Company filings, FactSet, Green Street Advisors and SNL Financial as of 11/10/2020.Unaffected Date / Price reflects closing date prior to transaction announcement, or other relevant date as referenced in public filings for the respective transaction.FFO multiple for GGP / Brookfield transaction based on Management projected NTM FFO per 13E-3 filing.NTM FFO multiple and implied cap rate are based on Management projected 2021E FFO per share/unit of $2.99 and cash NOI of $524MM, respectively. Cash NOI is per Management and excludes $5MM of projected NOI at share related to Anseong which is included in Development at Book Value.  Select Precedent REIT Transaction Analysis  Select Additional Reference REIT Transactions    16 

 Premiums Paid Analysis  II Titanium Financial Analysis  Project Metal  Source: Titanium Management projections as presented on 11/9/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the draft Amended and Restated Agreement and Plan of Merger dated [11/11/2020] and draft Amended and Restated Joint Venture Operating Agreement dated [11/11/2020]. Company filings, FactSet, Green Street Advisors and SNL Financial as of 11/10/2020.Unaffected Date / Price reflects closing date prior to transaction announcement, or other relevant date as referenced in public filings for the respective transaction. Unaffected price for Titanium reflects share price of $ $26.42 as of 1/31/2020 prior to rumored merger discussions with Silver.1-Day and 30-Day VWAP based on most recent closing price prior to transaction announcement.Represents transactions for which cash comprised <50% consideration and are shown for informational purposes.  Select Precedent US REIT Transactions >$1Bn      Titanium Unaffected Share Price: $26.42  17 

Exhibit 99(c)12

 Project Metal  Discussion Materials  13 November 2020  CONFIDENTIAL  C:\BoxShare\Box\Real Estate NY\Clients\Taubman Centers\2019.11_Project Metal\04 Presentation\04 Fairness\Nov 2020 - Update\1. Presentation\Project Metal_SC Discussion Materials_11.13.2020.pptx  Time Stamp : 9 March 2017 10:42:26 

 The information herein has been prepared by Lazard based upon information supplied by Titanium or Silver, or publicly available information, and portions of the information herein may be based upon publicly available statements, estimates and forecasts with respect to the anticipated future performance of Titanium and/or certain statements, estimates and forecasts provided by Titanium with respect to the anticipated future performance of Titanium. We have relied upon the accuracy and completeness of the foregoing information, and have not assumed any responsibility for any independent verification of such information or any independent valuation or appraisal of any of the assets or liabilities of Titanium, Silver or any other entity, or concerning solvency or fair value of Titanium, Silver or any other entity. With respect to financial forecasts, we have assumed that they have been reasonably prepared in good faith on bases reflecting the best currently available estimates and judgments as to the future financial performance of Titanium. We assume no responsibility for and express no view as to such forecasts or the assumptions on which they are based. The information set forth herein is based upon economic, monetary, market and other conditions as in effect on, and the information made available to us as of, the date hereof, unless indicated otherwise. These materials and the information contained herein are confidential and may not be disclosed publicly or made available to third parties without the prior written consent of Lazard; provided, however, that you may disclose to any and all persons the U.S. federal income tax treatment and tax structure of the transaction described herein and the portions of these materials that relate to such tax treatment or structure. Lazard is acting as investment banker to the Special Committee of Titanium, and will not be responsible for and will not provide any tax, accounting, actuarial, legal or other specialist advice. Lazard is not providing an opinion as to the relative merits of a transaction with Silver as compared to any other transaction or business strategy in which Titanium might engage or the merits of the underlying decision by Titanium to engage in a transaction with Silver. These materials do not constitute tax, accounting, actuarial, legal or other specialist advice, and Lazard shall have no duties or obligations in respect of these materials or other advice provided, except to the extent specifically set forth in the engagement agreement that has been entered into by Lazard and the Special Committee.  Disclaimer  Project Metal  CONFIDENTIAL 

 Table of Contents   Project Metal  CONFIDENTIAL  I EXECUTIVE SUMMARY  1  II TITANIUM FINANCIAL ANALYSIS  5     

 Confidential  I Executive Summary  Project Metal 

 Executive Summary  I Executive Summary  Project Metal  The Special Committee of the Board of Titanium is contemplating a revised transaction proposal that would contemplate entities affiliated with Silver acquiring for $43.00 per share/unit in cash (i) 100% of Titanium common equity and (ii) a number of OP units owned by the Titanium Family (the “Converting Titanium Family OP Units”) such that the Titanium Family would retain a 20% economic interest in a NewCo JV with Silver post-closing (the “Transaction”)Despite an initially positive market reaction to the announced transaction on 2/10/2020, market conditions subsequently deterioratedWhile Silver traded at $141.02 on the day prior to announcement, it traded to a 52-week low of $44.01 on 4/2/2020 and now trades at $69.14On 6/10/2020, Silver sent a termination notice to Titanium asserting that (i) the COVID pandemic constituted a MAE and (ii) Titanium had breached its obligations related to interim operating covenantsTitanium has consistently traded in the mid-$30s since the termination notice was made publicA legal process around wrongful termination has since ensued in the state of Michigan with a trial date set for 11/16/2020A revised price per share/unit of $43.00 in all cash consideration has been proposed for (i) 100% of Titanium common equity and (ii) the Converting Titanium Family OP UnitsTitanium Family will continue to roll its interest such that it will retain 20% of NewCo JV with Silver owning the 80% balance  Source: Titanium Management projections as presented on 11/9/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the draft Amended and Restated Agreement and Plan of Merger dated [11/13/2020]. Company filings, FactSet, Green Street Advisors and SNL Financial as of 11/12/2020.  5 

   11/13/2017: Brookfield Property proposes an acquisition of GGP for $23.00/share    2/14/2019: Announced agreement to sell 50% of interest in 3 Asia-backed shopping centers    2/28/2020: Announced completion of sale of 50% interest in CityOn.Xi’an to Blackstone     12/12/2017: Unibail-Rodamco agrees to acquire Westfield Corp.    4/30/2019: Lowered FFO outlook and disclosed acquisition of interest in The Gardens Mall    3/19/2020: Announced closure of most US malls in compliance with government mandates    3/19/2018: Claire’s files for bankruptcy    9/19/2019: Announced completion of sale of 50% interest in Starfield Hanam to Blackstone    5/5/2020: Announced Q1 earnings / liquidity measures and reopening update    3/26/2018: GGP agrees to be acquired after Brookfield raises its offer    9/30/2019: Forever 21 files for bankruptcy    6/10/2020: Silver delivered notice to Terminate Merger Agreement with Titanium    10/15/2018: Sears files for bankruptcy    1/24/2020: Silver reported to be considering a bid for Forever 21    6/25/2020: Titanium shareholders approved Merger Agreement with Silver    10/30/2018: Q3 Earnings beat, but guides down Q4 numbers below consensus    2/4/2020: Bloomberg reports that Silver and Titanium held deal talks    10/23/2020: Announced sale of Stamford Town Center to Safavieh    11/2/2018: Announced $500MM redesign of Beverly Center    2/10/2020: Announced agreement with Silver to be acquired at $52.50/share      Titanium Common Share Price Performance  I Executive Summary  Project Metal  A  B  C  H  D  E  G  I  P  J  L  M  N  O  F  K  Q  R  Titanium Common Share Price Since 2017  TitaniumShare Price  Volume(MM)  Transactions News    Industry News    Operations / Capital Allocation    Short Interest % Over Time    T  S  A  B  C  D  E  F  G  H  I  J  K  L  M  N  O  P  Q  R  S  T  $37.41  13.1%  $43.00 Offer Price  Source: Company filings, FactSet and Bloomberg as of 11/12/2020.  Titanium has traded down ~30% since 2/10/2020 when Silver announced it had reached an agreement to acquire Titanium at $52.50 per share  6 

 Revised Transaction Overview  I Executive Summary  Project Metal  Implied Titanium Valuation & Summary Trading Metrics ($MM)  Source: Titanium Management projections as presented on 11/9/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the draft Amended and Restated Agreement and Plan of Merger dated [11/13/2020]. Company filings, FactSet, Green Street Advisors and SNL Financial as of 11/12/2020.Note: Net debt reflects pro forma balance per Management and public filings. Development at Book Value, Peripheral Land and Other Tangible Assets / (Liabilities) as of 9/30/2020.Assumes Management-provided dilutive share/unit count which includes adjustments to various equity awards to reflect the impact of the Transaction.Includes $12MM debt attributed to Titanium’s US office headquarters. NTM represents 2020E and 2021E for Original Transaction and Revised Transaction, respectively. Green Street implied cap rates represent NTM NOI as of 3Q19 and 3Q20, respectively. Revised Transaction 2021E Cash NOI per Management and excludes $5MM of projected NOI at share related to Anseong which is included in Development at Book Value.  7 

 Titanium Management Updated Business Plan: Summary Projections  I Executive Summary  Project Metal  Key Management Assumptions  Projected Cash Flows @ Titanium Share  2020E: Reflects 3Q20 YTD actuals plus most recent Management budget for 4Q20NOI: 2021E reflects 90% of pre-COVID 2020 budgeted revenue and expenseU.S. portfolio assumes 3.0% NOI growth in 2022E, and 1.0% revenue growth with 3.0% expense growth from 2023E to 2025EAssume 6% SSNOI growth rate on Asia NOIIncludes stabilization of Anseong which is expected to occur in 2023EDeferred income recognized as Other CF ItemG&A: 2021E reflects run-rate estimates for recent cost reductions; expenses grown 3.0% thereafterIncludes (i) unallocated operating expenses and (ii) share of Asia G&ACapex: Near-term run-rate of ~$110-120MM in maintenance capex / tenant improvements during 2021E and 2022EIncludes certain deferred capex from 2020BAssumes TIs are flat through 2023E, and reduced 50% in 2024E-2025EMaintenance capex reduced by 50% in 2023E-2025E as roofing projects completedAssumes Anseong capex completed in 2020E  Source: Titanium Management projections as presented on 11/9/2020. All cash flows at Titanium share.Includes unallocated operating expenses and Asia G&A at share.2021E includes $56MM related to release of cash collateral on certain Asian assets expected in 1Q21 and 2Q21. Balance relates to expected income taxes at $4MM per year.  Illustrative Variance Analysis vs. Jan 2020 Projections  2021E FFO Build  8 

 Confidential  II Titanium Financial Analysis  Project Metal 

 Titanium Valuation Range  II Titanium Financial Analysis  Project Metal  Methodology      Implied $ Price Per Share/Unit Range  Comments & Assumptions            DiscountedCash Flows        WACC range of 6.0-8.0%Exit cap rate range of 6.0-7.5%                      Select ComparableCompanies Public Trading    Current NTMFFO (x)    3.3-7.3x range applied to Titanium’s NTM FFO per share/unit of $2.99 (2021E FFO)Midpoint reflects current average NTM FFOx of Select Comparable Companies as of 11/12/2020                          1-Year NTMFFO (x)    4.0-8.0x range applied to Titanium’s NTM FFO per share/unit of $2.99 (2021E FFO)Midpoint reflects 1-year historical average NTM FFOx of Select Comparable Companies                          3-Year NTMFFO (x)    8.6-12.6x range applied to Titanium’s NTM FFO per share/unit of $2.99 (2021E FFO)Midpoint reflects 3-year historical average NTM FFOx of Select Comparable Companies                      TransactionPrecedents(a)        5.8% cap rate +50bps based on average of Brookfield / GGP and WPG / Glimcher transactions                      Additional Analysis(For ReferencePurposes Only)    Comparable Company Trading Premium/ (Discount) to NAV    Reflects applied 32-35% discount range to FactSet consensus NAV estimate of $39.20High / low driven by observed trading at Silver and MAC as of 11/12/2020GSA NAV estimates of $37.84 (for reference)                            PremiumsPaid Analysis    Reflects 13.1-22.4% premium range implied by the 25th and 75th percentiles from 18 U.S. REIT transactions >$1Bn in last 5-years where cash comprised >50% of aggregate considerationApplied to Titanium’s unaffected price of $26.42 as of 1/31/2020            Titanium Unaffected Price as of 1/31/2020: $26.42  Silver Revised Transaction Proposal: $43.00  Source: Titanium Management projections as presented on 11/9/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the draft Amended and Restated Agreement and Plan of Merger dated [11/13/2020]. Company filings, FactSet, Green Street Advisors and SNL Financial as of 11/12/2020.Note: Analysis at 12/31/2020 and uses mid-year convention. Net debt reflects pro forma balances per Management and public filings. Assumes Management-provided dilutive share/unit count which includes adjustments to various equity awards to reflect the impact of the Transaction. Peripheral Land and Net Other Assets / (Liabilities) as of 9/30/2020.  Titanium Current Price as of 11/12/2020: $37.41  10 

 Discounted Cash Flow Analysis  II Titanium Financial Analysis  Project Metal  Source: Titanium Management projections as presented on 11/9/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the draft Amended and Restated Agreement and Plan of Merger dated [11/13/2020]. Company filings, FactSet, Green Street Advisors and SNL Financial as of 11/12/2020.Note: Analysis at 12/31/2020 and uses mid-year convention. Net debt reflects pro forma balances per Management and public filings. Assumes Management-provided dilutive share/unit count which includes adjustments to various equity awards to reflect the impact of the Transaction. Peripheral Land and Net Other Assets / (Liabilities) as of 9/30/2020.Exit cap rate based on 3-year mean implied cap rates of Select Comparable Companies with +75bps range applied.Includes unallocated operating expenses and Asia G&A at share.2021E includes $56MM related to release of cash collateral on certain Asian assets expected in 1Q21 and 2Q21. Balance relates to expected income taxes at $4MM per year.Assumes 7.0% discount rate.  Summary Cash Flows @ Titanium Share  Key Assumptions  Implied Valuation Analysis  Sensitivity Analysis      11 

 Discounted Cash Flow Analysis: Select Sensitivity Analyses  II Titanium Financial Analysis  Project Metal  Source: Titanium Management projections as presented on 11/9/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the draft Amended and Restated Agreement and Plan of Merger dated [11/13/2020]. Company filings, FactSet, Green Street Advisors and SNL Financial as of 11/12/2020.Note: Analysis at 12/31/2020 and uses mid-year convention. Net debt reflects pro forma balances per Management and public filings. Assumes Management-provided dilutive share/unit count which includes adjustments to various equity awards to reflect the impact of the Transaction. Peripheral Land and Net Other Assets / (Liabilities) as of 9/30/2020.  WACC vs. NOI Growth Assumption  Exit Cap Rate vs. NOI Growth Assumption  Note: Assumes 7.0% discount rate  Implied Metrics At Various Exit Cap Rates  Note: Assumes 7.0% discount rate  Note: Assumes 6.75% exit cap rate  12 

 II Titanium Financial Analysis  Project Metal  Historical Implied Cap Rate Analysis  Historical Implied Cap Rates Over Last Five Years  Source: Company filings, FactSet, Green Street Advisors and SNL Financial as of 11/12/2020.On 4/28/2020, GSA revised NTM NOI and Asset Values in the mall REIT sector downwards. On 8/27/2020, GSA amended its cap rate calculation to be based on stabilized underwriting. Historical averages exclude cap rates between the two periods. Reflects Titanium’s share price of $26.42 as of 1/31/2020 prior to rumored merger discussions with Silver. Select Comparable Companies are Silver and MAC.Reflects metrics from prior analysis presented on 2/9/2020.    Reflects change inGSA Cap Rate Methodology(a)  13 

 WACC Analysis  II Titanium Financial Analysis  Project Metal  Select Comparable Companies Unlevered Beta Analysis  Titanium Peer-Derived WACC  Sources: Titanium Management projections as presented on 11/9/2020. Bloomberg, MSCI Barra Beta Global Equity Model, Duff & Phelps, FactSet and SNL Financial as of 11/12/2020.Note: Barra predicted local beta data as of 10/31/2020. Mid-point drivers held constant under each range of input assumptions for respective sensitivities. Total net debt includes pro rata portion of debt in unconsolidated joint ventures.Risk-free rate represents yield on U.S. 10-Year Treasury. Equity risk premium per Duff & Phelps (2020 Cost of Capital: Annual U.S. Guidance and Examples).Calculated based on Titanium 3Q 2020 10-Q.  2/9 Prior Analysis (L / UL Betas):Silver L / UL: 0.786 / 0.481Macerich L / UL: 1.203 / 0.367Median UL: 0.424        2/9 Prior Analysis:Risk-Free Rate: 1.6%Equity Risk Premium: 6.9%  14 

 II Titanium Financial Analysis  Project Metal  Historical NTM FFO Multiples Analysis  Historical NTM FFO Multiples Over Last Five Years  Source: Company filings, FactSet, Green Street Advisors and SNL Financial as of 11/12/2020.Reflects Titanium’s share price of $26.42 as of 1/31/2020 prior to rumored merger discussions with Silver.Select Comparable Companies are Silver and MAC.Reflects metrics from prior analysis presented on 2/9/2020.  15 

 Precedent Transactions Analysis  II Titanium Financial Analysis  Project Metal  Source: Titanium Management projections as presented on 11/9/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the draft Amended and Restated Agreement and Plan of Merger dated [11/13/2020]. Company filings, FactSet, Green Street Advisors and SNL Financial as of 11/12/2020.Unaffected Date / Price reflects closing date prior to transaction announcement, or other relevant date as referenced in public filings for the respective transaction.FFO multiple for GGP / Brookfield transaction based on Management projected NTM FFO per 13E-3 filing.NTM FFO multiple and implied cap rate are based on Management projected 2021E FFO per share/unit of $2.99 and cash NOI of $524MM, respectively. Cash NOI is per Management and excludes $5MM of projected NOI at share related to Anseong which is included in Development at Book Value.  Select Precedent REIT Transaction Analysis  Select Additional Reference REIT Transactions    16 

 Premiums Paid Analysis  II Titanium Financial Analysis  Project Metal  Source: Titanium Management projections as presented on 11/9/2020. All cash flows at Titanium share. All references to contemplated Transaction terms reference the draft Amended and Restated Agreement and Plan of Merger dated [11/13/2020]. Company filings, FactSet, Green Street Advisors and SNL Financial as of 11/12/2020.Unaffected Date / Price reflects closing date prior to transaction announcement, or other relevant date as referenced in public filings for the respective transaction. Unaffected price for Titanium reflects share price of $ $26.42 as of 1/31/2020 prior to rumored merger discussions with Silver.1-Day and 30-Day VWAP based on most recent closing price prior to transaction announcement.Represents transactions for which cash comprised <50% consideration and are shown for informational purposes.  Select Precedent US REIT Transactions >$1Bn      Titanium Unaffected Share Price: $26.42  17