<SEC-DOCUMENT>0000902664-15-002211.txt : 20150416
<SEC-HEADER>0000902664-15-002211.hdr.sgml : 20150416
<ACCEPTANCE-DATETIME>20150415204302
ACCESSION NUMBER:		0000902664-15-002211
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20150416
DATE AS OF CHANGE:		20150415
EFFECTIVENESS DATE:		20150416

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MACERICH CO
		CENTRAL INDEX KEY:			0000912242
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				954448705
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12504
		FILM NUMBER:		15772988

	BUSINESS ADDRESS:	
		STREET 1:		401 WILSHIRE BLVD
		STREET 2:		STE 700
		CITY:			SANTA MONICA
		STATE:			CA
		ZIP:			90401
		BUSINESS PHONE:		3103946000

	MAIL ADDRESS:	
		STREET 1:		401 WILSHIRE BLVD SUITE 700
		CITY:			SANTA MONICA
		STATE:			CA
		ZIP:			90401

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Land & Buildings Investment Management, LLC
		CENTRAL INDEX KEY:			0001536520
		IRS NUMBER:				135108880
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		1 LANDMARK SQUARE
		STREET 2:		7TH FLOOR
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06901
		BUSINESS PHONE:		203-987-5830

	MAIL ADDRESS:	
		STREET 1:		1 LANDMARK SQUARE
		STREET 2:		7TH FLOOR
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06901
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>p15-1134dfan14a.htm
<DESCRIPTION>THE MACERICH COMPANY
<TEXT>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">SCHEDULE 14A</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Proxy Statement Pursuant to Section 14(a)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">of the Securities Exchange Act of 1934 (Amendment
No. __)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Filed by the Registrant [ ]</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Filed by a Party other than the Registrant
[x]</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Check the appropriate box:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="width: 93%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">Preliminary Proxy Statement</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">Definitive Proxy Statement</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">Definitive Additional Materials</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">[X]</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">Soliciting Material Under Rule 14a-12</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>The Macerich Company</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name of Registrant as Specified In Its Charter)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Orange Capital, LLC</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Orange Capital Master I, Ltd.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Daniel Lewis</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Land &amp; Buildings Investment Management,
LLC</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Land &amp; Buildings Capital Growth Fund,
L.P.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Jonathan Litt</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Marc Gordon</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Gregory Hughes</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Jeremy Pemberton</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">(Name of Person(s) Filing
Proxy Statement, if other than the Registrant)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/85% Times New Roman, Times, Serif; margin: 0; text-align: justify">Payment of Filing Fee (check the appropriate
box):</P>

<P STYLE="font: 12pt/85% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt; line-height: 85%">[X]</FONT></TD>
    <TD STYLE="width: 93%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt; line-height: 85%">No fee required.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt; line-height: 85%">[&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt; line-height: 85%">Fee computed on table below per Exchange Act Rule 14a-6(i)(4) and 0-11.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/85% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt; line-height: 85%">1)</FONT></TD>
    <TD STYLE="width: 84%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt; line-height: 85%">Title of each class of securities to which transaction applies:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt; line-height: 85%">2)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt; line-height: 85%">Aggregate number of securities to which transaction applies:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">3)</FONT></TD>
    <TD STYLE="width: 84%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">Per unit price or other underlying value of transaction computed pursuant to Exchange Act</FONT></TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 84%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt; line-height: 85%">4)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt; line-height: 85%">Proposed maximum aggregate value of transaction:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt; line-height: 85%">5)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt; line-height: 85%">Total fee paid:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt; line-height: 85%">[&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="width: 93%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt; line-height: 85%">Fee paid previously with preliminary materials.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">[&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="width: 93%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">filing for which the offsetting fee was paid previously.&nbsp;&nbsp;Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt; line-height: 85%">1)</FONT></TD>
    <TD STYLE="width: 84%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt; line-height: 85%">Amount Previously Paid:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt; line-height: 85%">2)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt; line-height: 85%">Form, Schedule or Registration Statement No.:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt; line-height: 85%">3)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt; line-height: 85%">Filing Party:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt; line-height: 85%">4)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt; line-height: 85%">Date Filed:</FONT></TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On April 15, 2015, Land &amp; Buildings Investment
Management, LLC (&#8220;Land &amp; Buildings&#8221;), Orange Capital, LLC (&#8220;Orange Capital&#8221;) and their respective affiliates
issued publicly, via press release, two letters sent by Land &amp; Buildings to Art Coppola, Chairman and Chief Executive Officer
of The Macerich Company (the &#8220;Company&#8221;). The letters and press release discuss, among other things, Land &amp; Buildings'
and Orange Capital's intent to nominate four individuals as Class I directors at the Company's 2015 annual meeting of stockholders
(the &#8220;Annual Meeting&#8221;). A copy of the press release is filed herewith as Exhibit 1.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">Information
regarding the Participants (as defined in Exhibit 2) in a solicitation of proxies of the stockholders of the Company in connection
with the Annual Meeting is filed herewith as Exhibit 2.</FONT></P>

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<DESCRIPTION>EXHIBIT 1
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<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0"><B>EXHIBIT 1</B></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

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    <TD STYLE="width: 54%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><IMG SRC="image_007.jpg" ALT="" STYLE="height: 38px; width: 335px"></TD>
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><IMG SRC="image_008.jpg" ALT="Orange Capital, LLC" STYLE="height: 40px; width: 300px"></TD></TR>
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<P STYLE="font: 2pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Land and Buildings and Orange Capital
to Proceed with Litigation in Maryland for the Right to Nominate Four Highly Qualified Directors to the Board of Macerich </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><I></I></P>

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    <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>-</I></FONT></TD>
    <TD STYLE="padding-left: 12.6pt; font-size: 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>Land and Buildings Forms Investment Group with Orange Capital (&ldquo;Orange/L&amp;B&rdquo;) -</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; font-size: 10pt; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: center; font-size: 10pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; font-size: 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>-</I></FONT></TD>
    <TD COLSPAN="4" STYLE="text-align: center; font-size: 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>Publicly Releases Letters to Macerich Following Rejection of Land and Buildings Settlement Offer &ndash;</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; font-size: 10pt; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: center; font-size: 10pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>-</I></FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-size: 10pt; line-height: 115%; text-indent: -9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>&nbsp;&nbsp;&nbsp;Letters Reveal Macerich Chairman and CEO Acknowledged Fair Value Cap Rate That Results in Valuation of Approximately $105 Per Share (Within 5% of Last Simon Property Group Offer as Reported to Land and Buildings) &ndash;</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; font-size: 10pt; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: center; font-size: 10pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>-</I></FONT></TD>
    <TD COLSPAN="4" STYLE="text-align: center; font-size: 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>Orange/L&amp;B&nbsp;&nbsp;Believes Macerich&rsquo;s Decisions to Sue its Own Shareholders, Re-Stagger Board and&nbsp;&nbsp;Adopt Poison Pill Rather Than to Meaningfully Engage with Simon Represents Total Failure to Exercise Fiduciary Duty -</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; font-size: 10pt; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: center; font-size: 10pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>-</I></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt; line-height: 115%; text-indent: -5.4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>Orange/L&amp;B Believes New Voices on Board Needed to Restore Shareholder Confidence in Macerich-</I></FONT></TD></TR>
<TR>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 90%">&nbsp;</TD></TR>
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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; background-color: #FEFEFE">STAMFORD, Conn.--(April 15, 2015)--
Land and Buildings and Orange Capital, LLC (&ldquo;Orange Capital&rdquo;) today announced they have formed an investment group
(&ldquo;Orange/L&amp;B&rdquo;) to advocate for change at Macerich Company (&ldquo;Macerich&rdquo; or the &ldquo;Company&rdquo;)
(NYSE: MAC). Orange/L&amp;B also publicly released two letters sent by Land and Buildings to Art Coppola, Chairman and Chief Executive
Officer of the Company.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; background-color: #FEFEFE">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; background-color: #FEFEFE">The released letters clearly demonstrate
that Land and Buildings attempted to reach a settlement in good faith with Macerich. At the request of Art Coppola, Land and Buildings
offered to reach out to Scot Sellers, former CEO of Archstone-Smith, and Richard Kincaid, former CEO of Equity Office, to assess
their interest in joining the Macerich Board alongside Land and Buildings CIO Jonathan Litt.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; background-color: #FEFEFE">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; background-color: #FEFEFE">Having failed to reach a settlement
with Macerich, Orange/L&amp;B will pursue litigation to counter Macerich&rsquo;s wrongful attempt to block the Orange/L&amp;B nominees
through the courts and to ignore the voice of shareholders. The letters also highlight the egregious governance missteps undertaken
by Macerich in relation to their refusal to meaningfully engage with Simon Property Group.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; background-color: #FEFEFE">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; background-color: #FEFEFE">Consider the following:</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Since 2007 only five companies in the S&amp;P 500 (including Macerich)
have unilaterally instituted a classified board, and three of those companies have since declassified. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Remarkably, Macerich itself declassified its Board just six years ago.
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In 2009, the Macerich Board proposed, and the shareholders approved
by a 99% vote, declassification from the same three-class structure the Board now has unilaterally put in place.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In recommending declassification of the Macerich Board in 2009 as being
in the &quot;best interests&quot; of the Company and stockholders, the Macerich Board &quot;recognize[d] that the election of directors
is the primary means for stockholders to influence corporate governance policies and hold management accountable for implementing
those policies.&quot; </FONT></TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The Macerich Board also &quot;recognize[d]&quot; that declassified
boards &quot;are in line with emerging practices in the area of corporate governance, providing stockholders with the opportunity
to register their views on the performance of the entire Board each year.&quot; </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The Macerich Board adopted a shareholder rights plan, more commonly
known as a &quot;poison pill,&quot; to prevent Simon (or anyone else) from acquiring more than 10% of the Company's outstanding
common stock. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Under the Poison Pill, current shareholders (excluding Simon) have
the &quot;right&quot; to acquire new Macerich shares at a 50% discount in the event that a shareholder acquires more than a 10%
stake in the Company. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Although poison pills are not uncommon, Macerich's Poison Pill is unusually
onerous. It has been noted that of all poison pills currently in effect, only 10% have a 10% threshold like the Macerich Poison
Pill. Of S&amp;P 500 companies, only 2% have poison pills with a trigger threshold of 10% or less. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 1in">&nbsp;</P>

<P STYLE="font: 10pt/18pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.25in; background-color: #FEFEFE">The full text of the letters
can be found below:</P>

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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; background-color: #FEFEFE">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 5in; text-align: right"><B>Jonathan Litt </B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: right; text-indent: 0.5in">Founder &amp; CIO</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Land and Buildings</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">April 15, 2015</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">Art Coppola</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">Chairman and Chief Executive Officer</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">The Macerich Company</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">401 Wilshire Boulevard, Suite 700</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">Santa Monica, California 90401</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">Dear Art:</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">You have gravely underestimated the damage you have done
to Macerich by re-staggering your Board, adopting a poison pill and now actively seeking to block shareholders&rsquo; voices from
being heard at the Annual Meeting by litigating with us on the validity of our nominations. I will remind you that in 2008, the
Board proposed, and the shareholders approved by a 99% vote, declassification from the same three-class structure the Board now
has unilaterally put in place. In recommending declassification of the Board in 2009 as being in the &quot;best interests&quot;
of the Company and stockholders, the Board &quot;recognize[d] that the election of directors is the primary means for stockholders
to influence corporate governance policies and hold management accountable for implementing those policies.&quot;</P>


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<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">Your share price will likely remain higher than the prior
unaffected share price given Simon (NYSE: SPG) undoubtedly continues to be interested as an acquirer. You should not take that
as a sign that investors have any confidence in you or your Board.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">The opportunity still exists for you to abide by your
fiduciary duties for the benefit of your shareholders by, as a first step, putting three new directors on your Board as we outlined
in our April 12<SUP>th</SUP> letter. You explicitly said you would like to have on your Board Scot Sellers and Richard Kincaid,
highly-regarded individuals that Land and Buildings has nominated in other situations. You should also immediately follow through
on your commitment to de-stagger the Board and reengage with Simon, given the fact that your own valuation shows that you are only
approximately 5% apart.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">Mr. Sellers and Mr. Kincaid, as well as our existing nominees,
are highly regarded individuals in the real estate community who in our view have established track records as sound fiduciaries
who maximize value for all shareholders.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">Today we have signed an agreement with Orange Capital,
who is partnering with us to pursue our right to nominate our candidates at the annual meeting, in spite of your attempt to block
it through the courts. Together with Orange we intend to fight for the voice of shareholders to be heard and force the Board to
properly exercise their fiduciary duties.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">All the best,</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><IMG SRC="image_009.jpg" ALT="" STYLE="height: 58px; width: 61px"></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">Jonathan Litt</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">Founder &amp; CIO</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">Land and Buildings</P>

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<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 5in; text-align: right; text-indent: 0.5in"><B>Jonathan
Litt </B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: right; text-indent: 0.5in">Founder &amp; CIO</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Land and Buildings</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">April 12, 2015</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">Art Coppola</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">Chairman and Chief Executive Officer</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">The Macerich Company</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">401 Wilshire Boulevard, Suite 700</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">Santa Monica, California 90401</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">Dear Art:</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">Thank for meeting me halfway in Chicago on Friday for
lunch. As you know we were deeply disappointed to see Macerich (NYSE: MAC) stagger its Board in response to Simon's (NYSE: SPG)
offer and believe there were other alternatives that could have been pursued that stopped short of corporate governance</P>


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<P STYLE="margin: 0 0 8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">apocalypse.
The maneuver you pursued has changed the relationship between Macerich and its shareholders, where we &ndash; the shareholders
&ndash; no longer sense that you and the Board are acting in our best interests. Why, for example, did you not ask Simon to enter
into a standstill agreement and invite them to engage in good faith negotiations with the Board?</FONT></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">As you know, we have nominated four directors to your
Board out of a total of 12. I appreciate your sincere interest in resolving our nominations. Specifically, you mentioned that you
like nominees that Land and Buildings has nominated in other situations, but did not nominate for the Macerich Board. Notably,
you told me that Scot Sellers, former CEO of Archstone-Smith, and Richard Kincaid, former CEO of Equity Office, are both blue chip
board members who could add materially to address the corporate governance issues at Macerich.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">We would consider settling now and allowing the Company
to return its attention to its business as opposed to distracting management with a proxy contest. We would agree to split the
difference between your proposal and ours and have three new directors appointed to the Board as follows: Scot Sellers would be
Chairman of the Board, Richard Kincaid would be Lead Independent Director, and I would be an independent director. If you are in
agreement, I will speak with Scot and Richard to see if they would be interested in joining the Macerich Board in the capacities
outlined above. If so, we would need to move with great alacrity to get them together with the Nominating Committee.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">As you know, your brother Eddy, the President of Macerich,
at the Citi conference in early March, worked hard to dissuade me from getting involved in the Macerich/Simon situation. I made
it clear to him this is not about whether we are friends or not; that it is about selling when someone offers you a more than full
price. I cited to Eddy how Equity Office accepted Blackstone&rsquo;s (NYSE: BX) bid, Archstone-Smith accepted Lehman Brothers&rsquo;
bid and Hilton accepted Blackstone&rsquo;s bid as examples of good companies with good management teams recognizing the price offered
was more than fair.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">As we discussed at lunch, Simon&rsquo;s offer was around
a 4.5% cap rate using Macerich's 2016 net operating income estimate of $1.04 billion and a $23.3 billion enterprise value implied
by Simon&rsquo;s last offer.<SUP>[i]</SUP> As we further discussed and agreed, while several of your assets are likely worth below
a 4% cap rate there also several assets that would sell for over a 6% cap rate. In the end you suggested the right cap rate for
Macerich is around a 4.25% cap rate on 2016 numbers. Applying a 4.25% cap rate would suggest the valuation is about $105 per share.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">When I last spoke to David Simon, the Chairman and CEO
of Simon Property Group, as I understand his comment, the last offer he made to Macerich, with Simon stock at $200 per share would
likely value Macerich at over $100 per share. It therefore appears both sides are quite close. Although, as you mentioned, you
believe the cash component of Simon&rsquo;s offer is light.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">I hope you accept my offer to get you, David and me in
a room to discuss your differences. I believe there are some creative solutions to both the philosophical and financial differences
you each have that would be appealing to you both.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">Time is short, and if you insist on litigating the validity
of our nominations, we will have to have an answer to our Board suggestions by no later than 5 pm on Tuesday April 14th.</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">All the best,</P>


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<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-indent: 0.5in"><IMG SRC="image_009.jpg" ALT="" STYLE="height: 58px; width: 61px"></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">Jonathan Litt</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">Founder &amp; CIO</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">Land and Buildings</P>



<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif"><SUP>[i]</SUP></FONT>
<FONT STYLE="font-family: Century Gothic,sans-serif">$1.04 billion of net operating income disclosed in Macerich&rsquo;s March
31, 2015 investor presentation. $23.2 billion value of Simon&rsquo;s offer disclosed in Simon&rsquo;s March 20, 2015 press release.</FONT></P>

<P STYLE="font: 10pt Century Gothic,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; background-color: white"><B>About Land and Buildings:</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Land and Buildings is a registered investment manager
specializing in publicly traded real estate and real estate related securities. Land and Buildings seeks to deliver attractive
risk adjusted returns by opportunistically investing in securities of global real estate and real estate related companies, leveraging
its investment professionals' deep experience, research expertise and industry relationships.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><B>About Orange Capital, LLC:</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 11.25pt">Orange Capital, LLC, is an alternative asset management
firm focused on event-driven opportunities. Orange Capital was founded in 2005 by Daniel Lewis and Russell Hoffman and is headquartered
in New York.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Investor Contact:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Bruce H. Goldfarb</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Okapi Partners</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">212-297-0722</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0">Media Contact:<BR>
<FONT STYLE="font-weight: normal">Elliot Sloane / Dan Zacchei </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">Sloane &amp; Company</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-weight: normal">212-486-9500 </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Esloane@sloanepr.com or</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Dzacchei@sloanepr.com</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/105% Arial, Helvetica, Sans-Serif; margin: 0">ORANGE CAPITAL LLC, ORANGE CAPITAL MASTER I, LTD., DANIEL
LEWIS (COLLECTIVELY, &ldquo;ORANGE CAPITAL&rdquo;), LAND &amp; BUILDINGS CAPITAL GROWTH FUND, L.P., LAND &amp; BUILDINGS INVESTMENT
MANAGEMENT, LLC, JONATHAN LITT (COLLECTIVELY, &quot;LAND &amp; BUILDINGS&quot;, AND, TOGETHER WITH ORANGE CAPITAL, &ldquo;ORANGE/L&amp;B&rdquo;),
MARC GORDON, GREGORY HUGHES, AND JEREMY PEMBERTON (TOGETHER WITH ORANGE/L&amp;B, THE &ldquo;PARTICIPANTS&rdquo;) INTEND TO FILE
WITH THE SECURITIES AND EXCHANGE COMMISSION (THE &quot;SEC&quot;) A DEFINITIVE PROXY STATEMENT AND ACCOMPANYING FORM OF PROXY
CARD TO BE USED IN CONNECTION WITH THE PARTICIPANTS' SOLICITATION OF PROXIES FROM THE STOCKHOLDERS OF THE MACERICH COMPANY (THE
&quot;COMPANY&quot;) FOR USE AT THE COMPANY'S 2015 ANNUAL MEETING OF STOCKHOLDERS (THE &quot;PROXY SOLICITATION&quot;). ALL STOCKHOLDERS
OF THE COMPANY ARE ADVISED TO READ THE DEFINITIVE PROXY STATEMENT AND OTHER DOCUMENTS RELATED TO THE PROXY SOLICITATION, WHEN
THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION, INCLUDING </P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/105% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">ADDITIONAL INFORMATION RELATED TO THE PARTICIPANTS.
WHEN COMPLETED, THE DEFINITIVE PROXY STATEMENT AND AN ACCOMPANYING PROXY CARD WILL BE FURNISHED TO SOME OR ALL OF THE COMPANY'S
STOCKHOLDERS AND WILL BE, ALONG WITH OTHER RELEVANT DOCUMENTS, AVAILABLE AT NO&nbsp;CHARGE ON THE SEC'S WEBSITE AT HTTP://WWW.SEC.GOV/.
IN ADDITION, OKAPI PARTNERS LLC, ORANGE/L&amp;B&rsquo;S PROXY SOLICITOR, WILL PROVIDE
COPIES OF THE DEFINITIVE PROXY STATEMENT AND ACCOMPANYING PROXY CARD, WHEN AVAILABLE, WITHOUT CHARGE UPON REQUEST.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">INFORMATION ABOUT THE PARTICIPANTS AND A DESCRIPTION OF THEIR
DIRECT OR INDIRECT INTERESTS BY SECURITY HOLDINGS WILL BE CONTAINED IN AN EXHIBIT TO THE SCHEDULE 14A TO BE FILED BY ORANGE/L&amp;B
WITH THE SEC ON APRIL 15, 2015. THIS DOCUMENT CAN BE OBTAINED FREE OF CHARGE FROM THE SOURCES INDICATED ABOVE.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Century Gothic,sans-serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>EXHIBIT 2</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/105% Times New Roman, Times, Serif; margin: 0 0 8pt">ORANGE CAPITAL LLC, ORANGE CAPITAL MASTER I, LTD., DANIEL
LEWIS (COLLECTIVELY, &#8220;ORANGE CAPITAL&#8221;), LAND &amp; BUILDINGS CAPITAL GROWTH FUND, L.P., LAND &amp; BUILDINGS INVESTMENT
MANAGEMENT, LLC, JONATHAN LITT (COLLECTIVELY, &quot;LAND &amp; BUILDINGS&quot;, AND, TOGETHER WITH ORANGE CAPITAL, &#8220;ORANGE/L&amp;B&#8221;),
MARC GORDON, GREGORY HUGHES, AND JEREMY PEMBERTON (TOGETHER WITH ORANGE/L&amp;B, THE &#8220;PARTICIPANTS&#8221;) INTEND TO FILE
WITH THE SECURITIES AND EXCHANGE COMMISSION (THE &quot;SEC&quot;) A DEFINITIVE PROXY STATEMENT AND ACCOMPANYING FORM OF PROXY CARD
TO BE USED IN CONNECTION WITH THE PARTICIPANTS' SOLICITATION OF PROXIES FROM THE STOCKHOLDERS OF THE MACERICH COMPANY (THE &quot;COMPANY&quot;)
FOR USE AT THE COMPANY'S 2015 ANNUAL MEETING OF STOCKHOLDERS (THE &quot;PROXY SOLICITATION&quot;). ALL STOCKHOLDERS OF THE COMPANY
ARE ADVISED TO READ THE DEFINITIVE PROXY STATEMENT AND OTHER DOCUMENTS RELATED TO THE PROXY SOLICITATION, WHEN THEY BECOME AVAILABLE,
BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION, INCLUDING ADDITIONAL INFORMATION RELATED TO THE PARTICIPANTS. WHEN COMPLETED,
THE DEFINITIVE PROXY STATEMENT AND AN ACCOMPANYING PROXY CARD WILL BE FURNISHED TO SOME OR ALL OF THE COMPANY'S STOCKHOLDERS AND
WILL BE, ALONG WITH OTHER RELEVANT DOCUMENTS, AVAILABLE AT NO CHARGE ON THE SEC'S WEBSITE AT HTTP://WWW.SEC.GOV/. IN ADDITION,
OKAPI PARTNERS LLC, ORANGE/L&amp;B&#8217;S PROXY SOLICITOR, WILL PROVIDE COPIES OF THE DEFINITIVE PROXY STATEMENT AND ACCOMPANYING
PROXY CARD, WHEN AVAILABLE, WITHOUT CHARGE UPON REQUEST.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">PARTICIPANTS</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Land &amp; Buildings Investment Management, LLC and Orange Capital,
LLC, together with the entities and individuals below (collectively, the &#8220;Participants&#8221;), are anticipated to be, or
may be deemed to be, participants in a solicitation of proxies from the stockholders of The Macerich Company (the &#8220;Company&#8221;)
in connection with the 2015 annual meeting of stockholders (the &#8220;Proxy Solicitation&#8221;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">The Participants include (i) Land &amp; Buildings Capital Growth
Fund, L.P. (&#8220;L&amp;B Fund&#8221;); (ii) Land &amp; Buildings Investment Management, LLC (&#8220;L&amp;B IM&#8221;); (iii)
Jonathan Litt (together with L&amp;B Fund and L&amp;B IM, &#8220;Land &amp; Buildings&#8221;); (iv) Orange Capital, LLC (&#8220;Orange
Capital&#8221;); (v) Orange Capital Master I, Ltd. (&#8220;Orange Fund&#8221;); (vi) Daniel Lewis (together with Orange and Orange
Fund, the &#8220;Orange Capital Parties&#8221;); and (vii) each of the following individuals whom, in addition to Mr. Litt, Land
&amp; Buildings and the Orange Capital Parties propose to nominate as a director pursuant to the Proxy Solicitation: Marc Gordon,
Gregory F. Hughes and Jeremey Pemberton (together with Mr. Litt, the &#8220;Nominees&#8221;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">The principal business of L&amp;B Fund is to serve as a private
investment fund. The principal business of L&amp;B IM is investment management. The principal business of Mr. Litt is to serve
as the portfolio manager of L&amp;B IM. The principal business of Orange Fund is to invest in securities. The principal business
of Orange Capital is investment management. The principal business of Mr. Lewis is to serve as Managing Partner of Orange.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">The principal business of Mr. Gordon is to serve as a Principal
for Rubicon Holdings, LLC, an investment asset management and consulting company. The principal business of Mr. Hughes is to serve
as a Principal for Roscommon Capital Limited Partnership, a financial advisory and investment firm. The principal business of Mr.
Pemberton is to serve as a Managing Director at Waypoint Residential LLC, a real estate investment manager.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">The principal business address of (i) L&amp;B Fund and Mr. Litt
is c/o Land &amp; Buildings Investment Management, LLC, 1 Landmark Square, 7th Floor, Stamford, CT 06901 and (ii) L&amp;B IM is
1 Landmark Square, 7th Floor, Stamford, CT 06901. The principal business address of (i) Orange Capital and Mr. Lewis is 1370 Avenue
of the Americas, 23rd Floor, New York, New York 10019 and (ii) Orange Fund is c/o Ogier Fiduciary Services (Cayman) Limited, 89
Nexus Way, Camana Bay, Grand Cayman, KY-9007, Cayman Islands. The principal business address of Mr. Gordon is 1117 East Putnam
Avenue #481, Riverside, CT 06878. The principal business address of Mr. Hughes is 351 East 51<SUP>st</SUP> Street, New York, NY
10022. The principal business address of Mr. Pemberton is 3 Pickwick Plaza, Greenwich, CT 06830.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">As of the close of business on April 15, 2015, the Participants
may have been deemed to beneficially own (within the meaning of Rule 13d-3 under the Exchange Act) an aggregate of 999,400 shares
of common stock, par value $0.01 per share, of the Company (the &#8220;Common Stock&#8221;), including 794,000 shares of Common
Stock issuable upon the exercise of options. Of the 999,400 Common Shares beneficially owned in the aggregate by the Participants:
(a) L&amp;B IM, L&amp;B Fund and Mr. Litt may be deemed to beneficially own the 165,900 shares of Common Stock directly held by
L&amp;B Fund, including 100 shares of Common Stock held in record name by L&amp;B Fund; (b) L&amp;B and Mr. Litt may be deemed
to beneficially own an additional 38,500 shares by virtue of an investment management agreement between L&amp;B and a separate
managed account; and (c) Orange Capital, Orange Fund and Mr. Lewis may be deemed to beneficially own the 795,000 shares of Common
Stock (including 794,000 shares of Common Stock issuable upon the exercise of call options) deemed to be beneficially owned by
Orange Fund.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Between April 9, 2015 and April 14, 2015, Orange Fund (i) bought
cash-settled call options covering 794,000 shares of Common Stock with an expiration date of September 18, 2015 and a strike price
of $85.00 and (ii) sold cash-settled put option contracts covering 1,608,000 shares of Common Stock with expiration dates ranging
from June 19, 2015 to September 18, 2015 and a strike price of $75.00.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">As a result of the Proxy Solicitation, Land &amp; Buildings and
the Orange Capital Parties may be deemed to be a &#8220;group&#8221; pursuant to Rule 13d-5(b)(1) promulgated under the Securities
Exchange Act of 1934, as amended. Collectively, Land &amp; Buildings and the Orange Capital Parties may be deemed to beneficially
own 999,400 shares of Common Stock. Land &amp; Buildings disclaims</P>


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<P STYLE="font: if  8pt 12pt Times New Roman, Times, Serif; margin: 0">beneficial ownership of any shares of Common Stock beneficially
owned by the Orange Capital Parties. The Orange Capital Parties disclaim beneficial ownership of any shares of Common Stock beneficially
owned by Land &amp; Buildings.</P>


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