<SEC-DOCUMENT>0000902664-15-002277.txt : 20150422
<SEC-HEADER>0000902664-15-002277.hdr.sgml : 20150422
<ACCEPTANCE-DATETIME>20150422142343
ACCESSION NUMBER:		0000902664-15-002277
CONFORMED SUBMISSION TYPE:	PREC14A
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20150422
DATE AS OF CHANGE:		20150422

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:		PREC14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12504
		FILM NUMBER:		15785319

	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:		PREC14A

	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>PREC14A
<SEQUENCE>1
<FILENAME>p15-1152prec14a.htm
<DESCRIPTION>LAND & BUILDINGS INVESTMENT MANAGEMENT, LLC
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">SCHEDULE 14A</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Proxy Statement Pursuant to Section 14(a)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">of the Securities Exchange Act of 1934</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt 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"><FONT STYLE="font-size: 11pt">Filed by the
Registrant </FONT><FONT STYLE="font: 15pt Wingdings"> &#168; </FONT></P>

<P STYLE="font: 11pt 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"><FONT STYLE="font-size: 11pt">Filed by a Party
other than the Registrant </FONT><FONT STYLE="font: 15pt Wingdings"> &#254; </FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Check the appropriate box:</P>

<P STYLE="font: 11pt 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>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 15pt"><FONT STYLE="font: 15pt Wingdings">&#254;  </FONT> <FONT STYLE="font-size: 15pt"> </FONT></TD>
    <TD STYLE="width: 93%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Preliminary Proxy Statement</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 15pt Wingdings">&#168;  </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 15pt Wingdings">&#168;  </FONT> <FONT STYLE="font-size: 15pt"> </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Definitive Proxy Statement</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 15pt Wingdings">&#168;  </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Definitive Additional Materials</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 15pt Wingdings">&#168;  </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Soliciting Material Under Rule 14a-12</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>The Macerich Company</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name of Registrant as Specified In Its Charter)</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Orange Capital, LLC</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Orange Capital Master I, Ltd.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Daniel Lewis</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Land &amp; Buildings Investment Management,
LLC</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Land &amp; Buildings Capital Growth Fund,
L.P.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Jonathan Litt</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Marc Gordon</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Gregory Hughes</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Jeremy Pemberton</B></P>

<P STYLE="font: 11pt 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: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0; text-align: justify">Payment of Filing Fee (check the appropriate
box):</P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font: 15pt/85% Wingdings">&#254;  </FONT></TD>
    <TD STYLE="width: 93%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt; line-height: 85%">No fee required.</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font: 15pt/85% Wingdings">&#168;  </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt; 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: 10pt/85% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt 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: 10pt; 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: 10pt; 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: 10pt; line-height: 85%">2)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; 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: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt 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: 10pt">3)</FONT></TD>
    <TD STYLE="width: 84%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Per unit price or other underlying value of transaction computed pursuant to Exchange Act</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">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: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt 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: 10pt; line-height: 85%">4)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; 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: 10pt; line-height: 85%">5)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; 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: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 15pt/85% Wingdings">&#168;  </FONT></TD>
    <TD STYLE="width: 93%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; line-height: 85%">Fee paid previously with preliminary materials.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 15pt Wingdings">&#168;  </FONT></TD>
    <TD STYLE="width: 93%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">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: 10pt">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: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt 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: 10pt; 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: 10pt; 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: 10pt; line-height: 85%">2)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; 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: 10pt; line-height: 85%">3)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; 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>
    <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: 10pt; line-height: 85%">4)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; line-height: 85%">Date Filed:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: red"><B>PRELIMINARY COPY SUBJECT TO COMPLETION</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>DATED APRIL [ ], 2015</B></P>

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

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>THE MACERICH COMPANY</B></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">401 Wilshire Boulevard, Suite 700</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Santa Monica, California 90401</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>__________________________</B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>PROXY STATEMENT</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>OF</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="image_001.jpg" ALT="http:||d1ebaaxlstrigd.cloudfront.net|53|a3|fe03354946c1bdbdd1f06e7cbd57|orangecapitalnew.png" STYLE="height: 48px; width: 361px"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>AND</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="image_002.jpg" ALT="http:||landandbuildings.com|base|common|images|logo|logo.png" STYLE="height: 35px; width: 331px"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>_________________________</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>PLEASE SIGN, DATE, AND MAIL THE ENCLOSED <U>GOLD</U>
PROXY CARD TODAY</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">This Proxy Statement and the enclosed GOLD proxy card are being furnished
by Orange Capital, LLC and certain of its affiliates (as identified on Annex I, &ldquo;Orange Capital&rdquo;), Land &amp; Buildings
Investment Management, LLC and certain of its affiliates (as identified on Annex I, &ldquo;Land &amp; Buildings&rdquo;, and, together
with Orange Capital, &ldquo;Orange/L&amp;B&rdquo;, &ldquo;we&rdquo;, or &ldquo;us&rdquo;), and the nominees named in Proposal 1
(the &ldquo;Nominees&rdquo; and, together with Orange/L&amp;B, the &ldquo;Participants&rdquo;), in connection with the solicitation
of proxies from the stockholders of The Macerich Company., a Maryland corporation (&ldquo;Macerich&rdquo; or the &ldquo;Company&rdquo;).</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We do not believe that the current board of directors of the Company
(the &ldquo;Board&rdquo;) has pursued a strategic course that would maximize the potential value of Macerich. We are therefore
seeking your support at the upcoming 2015 annual meeting of stockholders (the &ldquo;Annual Meeting&rdquo;), to be held on [ ],
[ ], 2015 at [ ] local time at [ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], with respect
to the following (each, a &ldquo;Proposal&rdquo; and, collectively, the &ldquo;Proposals&rdquo;):</P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>&nbsp;&nbsp;Proposal</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Our Recommendation</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="width: 77%; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="width: 17%; font-size: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1.</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">To elect Orange/L&amp;B&rsquo;s slate of four director nominees, Marc Gordon, Gregory Hughes, Jonathan Litt, and Jeremy Pemberton (collectively, the &ldquo;Nominees&rdquo;) to serve as Class I directors and hold office until the annual meeting of stockholders held in 2018 and until their successors are duly elected and qualified, in opposition to the Company&rsquo;s director nominees.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>FOR</B> <B>ALL</B> of our nominees</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="font-size: 4pt">&nbsp;</TD>
    <TD STYLE="font-size: 4pt">&nbsp;</TD>
    <TD STYLE="font-size: 4pt">&nbsp;</TD>
    <TD STYLE="font-size: 4pt">&nbsp;</TD>
    <TD STYLE="font-size: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2.</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">To ratify the appointment of KPMG LLP as the Company&rsquo;s independent registered public accounting firm.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>FOR</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 4pt">&nbsp;</TD>
    <TD STYLE="font-size: 4pt">&nbsp;</TD>
    <TD STYLE="font-size: 4pt">&nbsp;</TD>
    <TD STYLE="font-size: 4pt">&nbsp;</TD>
    <TD STYLE="font-size: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>3.</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">To vote on the Company&rsquo;s advisory resolution on the compensation of its named executive officers.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>AGAINST</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="font-size: 4pt">&nbsp;</TD>
    <TD STYLE="font-size: 4pt">&nbsp;</TD>
    <TD STYLE="font-size: 4pt">&nbsp;</TD>
    <TD STYLE="font-size: 4pt">&nbsp;</TD>
    <TD STYLE="font-size: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">To transact of any other business that properly comes before the Annual Meeting, including any postponement or adjournment thereof.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font-size: 4pt">&nbsp;</TD>
    <TD STYLE="font-size: 4pt">&nbsp;</TD>
    <TD STYLE="font-size: 4pt">&nbsp;</TD>
    <TD STYLE="font-size: 4pt">&nbsp;</TD>
    <TD STYLE="font-size: 4pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We are seeking to change a minority of the Board to ensure that the
interests of the shareholders are appropriately represented in the boardroom. The Board is currently composed of twelve directors
divided into three classes. It is our expectation that there will be four Class I directors elected at the Annual Meeting. Through
this Proxy Statement and enclosed <B><U>GOLD</U></B> proxy card, we are soliciting proxies to elect the four Nominees named herein
to serve as Class I directors, who if elected would constitute one-third of the Board.</P>

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


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The Company
has set the record date for determining stockholders entitled to notice of and to vote at the Annual Meeting (the &ldquo;Record
Date&rdquo;) as March 20, 2015. &nbsp;Stockholders of record at the close of business on the Record Date will be entitled to vote
at the Annual Meeting.&nbsp; At the close of business on the Record Date, there were 158,241,732 shares of common stock, par value
$0.01 per share (&ldquo;Common Stock&rdquo;), outstanding according to the Company&rsquo;s Proxy Statement. As of April 21, 2015,
the Participants beneficially owned 1,138,434 shares of Common Stock, including 794,000 shares of Common Stock issuable upon the
exercise of options.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We urge you to sign, date and return<B> </B>the<B> <U>GOLD</U> </B>proxy
card<B> &ldquo;FOR ALL&rdquo;</B> four Nominees to the Board, <B>&ldquo;FOR&rdquo;</B> Proposal 2, and <B>&ldquo;AGAINST&rdquo;</B>
Proposal 3.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">This Proxy Statement and <B><U>GOLD</U></B> proxy card are first
being mailed or given to the Company&rsquo;s stockholders on or about [________], 2015.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>This proxy solicitation is being made by Orange/L&amp;B and the
Nominees, and not on behalf of the Board or management of the Company or any other third party.</B>&nbsp;&nbsp;We are not aware
of any other matters to be brought before the Annual Meeting other than as described herein.&nbsp;&nbsp;Should other matters, which
the participants are not aware of a reasonable time before the date of this Proxy Statement, be brought before the Annual Meeting,
the persons named as proxies in the enclosed <B><U>GOLD</U></B> proxy card will vote on such matters in their discretion.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>If you have already voted using the Company&rsquo;s white proxy
card, you have every right to change your vote by completing and mailing the enclosed <U>GOLD</U> proxy card in the enclosed pre-paid
envelope or by voting via Internet or by telephone by following the instructions on the <U>GOLD</U> proxy card. </B>Only the latest
validly executed proxy that you submit will be counted&mdash;any proxy may be revoked at any time prior to its exercise at the
Annual Meeting by following the instructions under &ldquo;Can I change my vote or revoke my proxy?&rdquo; in the Questions and
Answers section.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>For instructions on how to vote and other information about the
proxy materials, see the Questions and Answers section starting on page 11.</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: #365F91; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%">
        <P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>
        <P STYLE="font: 16pt Arial, Helvetica, Sans-Serif; margin: 0 0 1pt; text-align: center; color: white"><B>We urge you to promptly
        sign, date and return your <U>GOLD</U> proxy.</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>If you have any questions or require any assistance
with voting your shares, please contact our proxy solicitor, Okapi Partners LLC, toll free at (877) 285-5990 or collect at (212)
297-0720.</B></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">&nbsp;</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">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #17365D">
    <TD STYLE="width: 100%; padding-right: 1.8pt; padding-left: 5.4pt; font-size: 18pt"><FONT STYLE="font: 18pt Arial, Helvetica, Sans-Serif; color: white"><B>BACKGROUND OF THIS PROXY SOLICITATION</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In early March 2015, Edward Coppola, the President of the Company,
approached Jonathan Litt, the Founder and Chief Investment Officer of Land &amp; Buildings, at the Citigroup Global Property CEO
Conference to urge Mr. Litt to not get involved with a Simon Property Group, Inc.&rsquo;s (&ldquo;Simon&rdquo;) rumored potential
acquisition of the Company. As a direct and proximate consequence of that conversation, Land &amp; Buildings did not acquire the
Company's stock at that time.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">On March 17, 2015, the Company announced the Board&rsquo;s decision,
without any negotiation according to Simon, to reject an offer from Simon to acquire all the outstanding shares of Macerich stock
for approximately $16 billion. Under Simon&rsquo;s initial offer, Macerich shareholders would have received the equivalent of $91
per share in cash and shares, which represented a substantial 30% premium over the Company&rsquo;s share price prior to Simon&rsquo;s
November 19, 2014 announcement of its stake in Macerich.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Also on March 17, 2015, in response to Simon&rsquo;s unsolicited
offer, the Board adopted a classified board structure whereby each director was assigned to one of three classes serving three-year
terms. As a direct result, only one-third of the positions on the Board will be up for election at the 2015 Annual Meeting. In
addition, the Board adopted a poison pill to effectively prevent Simon (or anyone else) from acquiring more than 10% of the Company&rsquo;s
outstanding common stock.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">On March 20, 2015, Simon sent a letter to the Company in which it
increased its offer to $95.50 per share in cash and shares, representing a 37% premium over the November 18, 2014 unaffected price.
In the letter, Simon stated that this offer was its &ldquo;best and final offer.&rdquo;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">On the morning of March 20, 2015, Land &amp; Buildings&rsquo; counsel
sent a letter to Thomas J. Leanse, the Company&rsquo;s Senior Executive Vice President, Chief Legal Officer and Secretary, requesting
a proposed nominee questionnaire (the &ldquo;Questionnaire&rdquo;). Pursuant to the Company&rsquo;s Bylaws, such Questionnaire
is required to be delivered to the Company alongside a notice of intent to nominate directors at the Annual Meeting (the &ldquo;Notice&rdquo;).</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">That same day, the Board, unbeknownst to the public, set its Record
Date to be March 20, 2015; the very day that the Company received Land &amp; Buildings&rsquo; counsel&rsquo;s request for the Questionnaire.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">On March 23, 2015, Mr. Leanse denied the request on the grounds that
Land &amp; Buildings&rsquo; counsel was not a &ldquo;shareholder of record&rdquo; of the Company and that the Questionnaire is
&ldquo;only available to Macerich shareholders of record.&rdquo; Simon Property Group, Inc., a commercial real estate investment
trust, however, previously requested and received the Questionnaire when it was only a beneficial&mdash;not a record&mdash;owner
of the Company&rsquo;s Common Stock. Moreover, Mr. Leanse made no indication that the Company had set the record date three days
earlier.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">On March 25, 2015, Land &amp; Buildings sent a second letter requesting
the Questionnaire. Land &amp; Buildings indicated that it intends to submit, in accordance with the Company&rsquo;s Bylaws, the
Notice as a record holder of the Common Stock on, or prior to, the deadline prescribed in the Company&rsquo;s Bylaws. Accordingly,
Land &amp; Buildings requested the Company to provide it with the Questionnaire so that it may comply with the Company&rsquo;s
Bylaws. That same day, Mr. Leanse denied the second request for the Questionnaire.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">On March 26, 2015, Land &amp; Buildings wrote to the Company and
made its third and final request for the Questionnaire. Land &amp; Buildings explained to the Company that it only requires the
Questionnaire to comply with the Company&rsquo;s Bylaws, but it will consider that requirement waived should the Company continue
to refuse to provide the Questionnaire. That same day, the Company again refused to provide the Questionnaire to Land &amp; Buildings.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">On March 31,
2015, Macerich announced the Board&rsquo;s decision&mdash;again, according to Simon, without any negotiation&mdash;to reject Simon&rsquo;s
final offer. On that same day, Simon issued a press release</FONT> <FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">confirming
that it withdrew its offer &ldquo;in light of the decision by the Macerich Board of Directors not to engage in discussions with
Simon.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Also on March 31, 2015, Land &amp; Buildings became a record holder
of Common Shares and submitted a notice of its intention to nominate the Nominees to stand for election to the Board to the Company.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">On April 1, 2015, the Company responded to Land &amp; Buildings
that, based on the Company&rsquo;s &ldquo;preliminary review,&rdquo; it found Land &amp; Buildings&rsquo; Notice &ldquo;fatally
defective&rdquo; because Land &amp; Buildings was not a stockholder of record as of the record date (the &ldquo;Company&rsquo;s
Allegation&rdquo;), which the Board decided to set before the deadline for advance notice of any stockholder nominations even
occurred.&nbsp;</P>


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">On April 4, 2015, Mr. Litt spoke with the Company&rsquo;s Chairman/CEO,
Arthur Coppola, to discuss Land &amp; Buildings&rsquo; concerns regarding the direction of the Company. On April 6, 2015, Mr. Litt
spoke with Mr. A. Coppola and the Company&rsquo;s lead director, Fred Hubbell.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">On April 7, 2015, Land &amp; Buildings replied to the Company&rsquo;s
Allegation. In its response, Land &amp; Buildings communicated its belief that there is no requirement in the Bylaws or Maryland
law that a stockholder must be a stockholder as of the record date merely to give Notice.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">On April 8, 2015, the Company responded that Land &amp; Buildings
was &ldquo;required to be a stockholder of record [as of the Record Date] to be entitled to notice of, and to vote at, the annual
meeting, and accordingly, to make a nomination.&rdquo; As such, the Company again refused to accept Land &amp; Buildings&rsquo;
Notice and nominations.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">On April 10, 2015, Mr. Litt and Craig Melcher of Land &amp; Buildings
met with Mr. Hubbell and Mr. A. Coppola in Chicago to discuss their concerns regarding the direction of the Company and the Board,
including the Board&rsquo;s failure to negotiate with Simon.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">On April 13, 2015, Macerich filed a complaint against Land &amp;
Buildings in the Circuit Court for Baltimore City, Maryland seeking a declaration (i) that Land &amp; Buildings is not entitled
to nominate directors for election to the Board at the Annual Meeting and (ii) that Macerich is not required to present the Nominees
to its stockholders at the Annual Meeting.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">On April 14, 2015, Land &amp; Buildings and the Nominees filed a
complaint in the Circuit Court for Baltimore City, Maryland against the Company, Mr. Coppola, the Company&rsquo;s CEO, the Company&rsquo;s
COO, and each other director of the Company (the &ldquo;Complaint&rdquo;). Pursuant to the Complaint, we sought (1) a declaratory
judgment that the Nominees have been properly nominated in accordance with the Bylaws of the Company and are therefore qualified
to stand for election as directors at the Annual Meeting and (2) an injunction against the Company&rsquo;s purported application
of the Bylaws to prevent us from nominating the Nominees at the Annual Meeting. The Complaint also alleges that the Company&rsquo;s
Allegation and refusal to permit the nomination of the Nominees under the circumstances is a breach of the defendants&rsquo; fiduciary
duties under Maryland law. On April 17, 2015, Land &amp; Buildings and the Nominees submitted a Motion for a Preliminary Injunction
requesting that the Court issue an order enjoining Macerich and the other defendants from preventing us to from nominating the
Nominees at the Annual Meeting based on the Company&rsquo;s purported application of its Bylaws.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">On April 15, 2015, Land &amp; Buildings and Orange Capital formed
an investment group to advocate for change at the Company. Also on April 15, Orange/L&amp;B issued a press release announcing the
formation of the group and released two letters sent by Mr. Litt on behalf of Land &amp; Buildings to the Company&rsquo;s CEO and
Chairman of the Board, Mr. A. Coppola, seeking to reach a settlement in good faith with Macerich to avoid a proxy contest.</P>

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

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

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


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #17365D">
    <TD STYLE="width: 100%; padding-right: 1.8pt; padding-left: 5.4pt; font-size: 18pt"><FONT STYLE="font: 18pt Arial, Helvetica, Sans-Serif; color: white"><B>PROPOSAL 1: ELECTION OF DIRECTORS</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">According to public information, the Board currently consists of
twelve directors divided into three classes. Each of the four incumbent Class I director&rsquo;s terms is expiring at the Annual
Meeting. We are seeking your support at the Annual Meeting to elect our four Nominees, each of whom is independent of the Company.
If successful in our proxy solicitation, the Board will be composed of our Nominees&mdash;Marc Gordon, Gregory Hughes, Jonathan
Litt, and Jeremy Pemberton&mdash;and the eight individuals currently serving on the Board as Class II and Class III directors.
If elected, each of the Nominees will serve three-year terms until the annual meeting of stockholders expected to be held in 2018
and until their successors have been duly elected and qualified. If all four of our Nominees are elected, they will represent one-third
of the Board. There is no assurance that any incumbent director will serve as a director if one or more of our Nominees are elected
to the Board.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We are soliciting proxies to elect only the Nominees listed herein.
Accordingly, the enclosed <B><U>GOLD</U></B> proxy card may only be voted for the Nominees and does not confer voting power with
respect to any of the Company&rsquo;s director nominees. You can only vote for the Company&rsquo;s director nominees by signing
and returning a proxy card provided by the Company, by requesting a legal proxy and casting your ballot in person by attending
the Annual Meeting, or by voting via the Internet or toll-free telephone number provided in the Company&rsquo;s Proxy Statement.
You should refer to the Company&rsquo;s Proxy Statement for the names, background, qualifications and other information concerning
the Company&rsquo;s director nominees and the continuing Class II and Class III directors.</P>

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

<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><B><I>Nominees:</I></B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="3" STYLE="padding-right: 1.75pt; padding-bottom: 3pt; padding-left: 1.75pt; font-size: 11pt"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; color: #17365D"><B>MARC GORDON </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 17%; border-bottom: #BFBFBF 1pt solid; padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><I>Age;&nbsp;&nbsp;Address</I></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: #BFBFBF 1pt solid; padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 82%; border-bottom: #BFBFBF 1pt solid; padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">50; &nbsp;1117 East Putnam Avenue&nbsp;&nbsp;#481, Riverside, CT 06878</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><I>Occupation</I></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Former President and CIO of Morgans Hotel Group Co.; Founder and Principal of Rubicon Holdings, LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><I>Experience</I></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 1.75pt; padding-left: 1.75pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 4pt 0 7pt">Marc Gordon served as President and Chief Investment Officer
        of Morgans Hotel Group Co., a publicly-listed hospitality company that operates, owns, acquires, and redevelops boutique hotels
        in the United States and abroad, from 2006 to 2011. Currently, Mr. Gordon serves as the Principal of Rubicon Holdings, LLC, an
        investment, asset management, and consulting company focused on hospitality real estate, which he founded following his career
        at Morgans in 2011. Prior to joining Morgans, Mr. Gordon served as Vice President of NorthStar Capital Investment Corp., a real
        estate investment trust, from 1997 until 2006. Mr. Gordon was also Vice President in the Real Estate Investment Banking Group at
        Merrill, Lynch &amp; Co. from 1993 to 1997.</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 4pt 0 7pt">Mr. Gordon received a Bachelor of Arts degree in Economics
        from Dartmouth College and a Juris Doctor from the University of California, Los Angeles School of Law.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><I>Service on Other Boards</I></FONT></TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Morgans Hotel Group Co. (from 2008 to 2011)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: #BFBFBF 1pt solid; padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><I>Skills &amp; Qualifications</I></FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Mr. Gordon&rsquo;s qualifications as a director include his experience as a director and senior executive of Morgans&mdash;a large public hospitality company with properties all over the world&mdash;and his over 22 years of executive experience in leading diverse real estate investment firms.</FONT></TD></TR>
</TABLE>
<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">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="3" STYLE="padding-right: 1.75pt; padding-bottom: 3pt; padding-left: 1.75pt; font-size: 11pt"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; color: #17365D"><B>gregory hughes </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 17%; border-bottom: #BFBFBF 1pt solid; padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><I>Age;&nbsp;&nbsp;Address</I></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: #BFBFBF 1pt solid; padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 82%; border-bottom: #BFBFBF 1pt solid; padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">51;&nbsp;&nbsp;351 East 51st Street, New York, NY 10022</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><I>Occupation</I></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Former COO &amp; CFO of SL Green Realty Corp.; Principal for Roscommon Capital Limited Partnership</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><I>Experience</I></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 1.75pt; padding-left: 1.75pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 4pt 0 7pt">Gregory Hughes is the former Chief Operating Officer and Chief
        Financial Officer of SL Green Realty Corp., a publicly-traded REIT that acquires, owns, repositions, and manages Manhattan office
        properties, where he served as CFO from 2004 to 2010 and COO from 2007 to 2010. While at SL Green, Mr. Hughes also served as the
        Chief Credit Officer of Gramercy Capital Corp. (currently known as Gramercy Property Trust Inc.), a REIT and commercial real estate
        specialty finance company, from 2004 to 2008. Since 2010, Mr. Hughes has served as a Principal for Roscommon Capital Limited Partnership,
        a financial advisory and investment firm.</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 4pt 0 7pt">Prior to his career at SL Green, Mr. Hughes was Managing Director
        and Chief Financial Officer of the private equity real estate group at JP Morgan Partners, LLC, from 2002 to 2003. From 1999 to
        2002, Mr. Hughes was a Partner and Chief Financial Officer of Fortress Investment Group LLC, a diversified global investment and
        asset manager offering alternative and traditional investment strategies. Prior to that, Mr. Hughes served as Chief Financial Officer
        of Wellsford Residential Property Trust, a real estate investment trust which owns and operates multifamily communities, and Wellsford
        Real Properties, Inc., its subsidiary, from 1992 to 1999. Mr. Hughes began his career at Kenneth Leventhal &amp; Co., a public
        accounting firm specializing in real estate and financial services, where he served from 1985 to 1992.</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 4pt 0 7pt">Mr. Hughes presently serves as a director and Chairman of
        the Audit Committee of Gramercy Property Trust Inc., and has done so since 2012.</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 4pt 0 7pt">Mr. Hughes received a Bachelor of Science degree in Accounting
        from the University of Maryland and is a Certified Public Accountant.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><I>Service on Other Boards</I></FONT></TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Gramercy Property Trust Inc. (since 2012)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: #BFBFBF 1pt solid; padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><I>Skills &amp; Qualifications</I></FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Mr. Hughes&rsquo; qualifications as director include over 20 years of experience in senior executive and financial roles in various sectors of the real estate industry, including his C-suite experience at SL Green&mdash;New York City&rsquo;s largest office landlord&mdash;and his present directorship of a publicly-traded REIT.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="3" STYLE="padding-right: 1.75pt; padding-bottom: 3pt; padding-left: 1.75pt; font-size: 11pt"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; color: #17365D"><B>jonathan litt </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 17%; border-bottom: #BFBFBF 1pt solid; padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><I>Age;&nbsp;&nbsp;Address</I></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: #BFBFBF 1pt solid; padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 82%; border-bottom: #BFBFBF 1pt solid; padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">50;&nbsp;&nbsp;1 Landmark Square, 7th Floor, Stamford, CT 06901</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><I>Occupation</I></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Founder and Chief Investment Officer of Land &amp; Buildings Investment Management, LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><I>Experience</I></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 1.75pt; padding-left: 1.75pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 4pt 0 7pt">Jonathan Litt is the Founder and Chief Investment Officer
        of Land &amp; Buildings Investment Management, LLC, a registered investment advisor specializing in publically traded real estate
        and real estate related securities, which he founded in 2008. Prior to founding Land &amp; Buildings, Mr. Litt was Managing Director
        and Senior Global Real Estate Analyst at Citigroup, where he was responsible for Global Property Investment Strategy, coordinating
        a 44 person team of research analysts located across 16 countries.</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 4pt 0 7pt">Mr. Litt holds a Bachelor of Arts degree in Economics from
        Columbia University and a Master of Finance degree from New York University&rsquo;s Stern School of Business.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><I>Service on Other Boards</I></FONT></TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Mack-Cali Realty Corporation (since 2014); Land &amp; Buildings Offshore Fund, Ltd. (since 2008); Children with Dyslexia Scholarship Fund (since 1998)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: #BFBFBF 1pt solid; padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><I>Skills &amp; Qualifications</I></FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Mr. Litt&rsquo;s qualifications as a director include his experience as a director, his lengthy history in the real estate investment industry as a top-ranked sell-side real estate investment trust analyst (including achieving the prestigious Institutional Investor Magazine's #1 ranking for eight years), and his expertise gained as Founder and Chief Investment Officer of Land &amp; Buildings.</FONT></TD></TR>
</TABLE>
<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">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="3" STYLE="padding-right: 1.75pt; padding-bottom: 3pt; padding-left: 1.75pt; font-size: 11pt"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; color: #17365D"><B>jeremy pemberton </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 17%; border-bottom: #BFBFBF 1pt solid; padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><I>Age;&nbsp;&nbsp;Address</I></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: #BFBFBF 1pt solid; padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 82%; border-bottom: #BFBFBF 1pt solid; padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">40;&nbsp;&nbsp;3 Pickwick Plaza, Greenwich, CT 06830</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><I>Occupation</I></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Former Co-Head of Real Estate at Babkcock &amp; Brown Ltd.; Managing Director at Waypoint Residential LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><I>Experience</I></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 1.75pt; padding-left: 1.75pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 4pt 0 7pt">Jeremy Pemberton is a Managing Director at Waypoint Residential
        LLC, a real estate investment manager specializing in multifamily apartment properties, which he joined in 2015. Mr. Pemberton
        is also currently a Partner at Gregory Greenfield &amp; Associates, Ltd., a regional mall owner and operator, and has been so since
        2010. Prior to joining Waypoint in January 2015, Mr. Pemberton was the President and Executive Managing Director of Avatas Capital
        LLC, a private investment firm specializing in owning and advising on commercial real estate, such as malls, which he founded in
        2010.</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 4pt 0 7pt">Before founding Avatas, Mr. Pemberton served as Co-Head of
        Real Estate and Managing Director of Babcock &amp; Brown Ltd., a multi-national, multi-billion fund manager and merchant bank.</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 4pt 0 7pt">Mr. Pemberton holds undergraduate degrees in economics, finance
        and accounting and a Master of Business degree from the University of Findlay.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><I>Service on Other Boards</I></FONT></TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Board of Trustees of the University of Findlay (since 2010)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: #BFBFBF 1pt solid; padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><I>Skills &amp; Qualifications</I></FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; padding-top: 4pt; padding-bottom: 7pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Mr. Pemberton&rsquo;s qualifications as a director include his over 18 years of experience in the real estate industry, including senior positions in leading large, global real estate investment and management firms.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">None of the organizations or corporations referenced above
is a parent, subsidiary or other affiliate of the Company. If elected, each of the Nominees will be considered an independent director
of the Company under (i) the Company&rsquo;s Guidelines on Corporate Governance, amended as of January 29, 2015, (ii) Section 303A
of the New York Stock Exchange&rsquo;s Listed Company Rules, and (iii) paragraph (a)(1) of Item 407 of Regulation S-K.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt">Each of Messrs. Gordon, Hughes, and Pemberton has entered
into a nominee agreement pursuant to which Land &amp; Buildings Investment Management, LLC has agreed to pay the costs of soliciting
proxies in connection with the Annual Meeting, and to defend and indemnify each such Nominee against, and with respect to, any
losses that may be incurred by him in the event he becomes a party to litigation based on his nomination as a candidate for election
to the Board and the solicitation of proxies in support of his election. Pursuant to the Group Agreement (as defined on Annex I),
Orange Capital, LLC has effectively indemnified Land &amp; Buildings Investment Management, LLC against, and with respect to, any
such costs of soliciting proxies and any such losses. The Nominees will not receive any compensation from Orange/L&amp;B or their
affiliates for their services as directors of the Company if elected. If elected, the Nominees will be entitled to such compensation
from the Company as is consistent with the Company&rsquo;s practices for services of non-employee directors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt">Each of the Nominees has agreed to being named as a Nominee
in this proxy statement and has confirmed his or her willingness to serve on the Board if elected. Orange/L&amp;B does not expect
that any of the Nominees will be unable to stand for election, but in the event that a Nominee is unable to or for good cause will
not serve, the shares of Common Stock represented by the&nbsp;<B>GOLD</B>&nbsp;proxy card will be voted for a substitute candidate
selected by Orange/L&amp;B.&nbsp;&nbsp;If Orange/L&amp;B determines to add or substitute nominees, whether because the Company
expands the size of the Board or the size of Class I subsequent to the date of this Proxy Statement or for any other reason, it
will file an amended Proxy Statement and proxy card that, as applicable, identifies the additional or substitute nominees, discloses
that such nominees have consented to being named in the revised Proxy Statement and to serve if elected, and includes biographical
and other information about such nominees required by the rules of the SEC.</P>

<P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 5pt 0 3pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Vote Required.</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The affirmative vote of a majority of all of the votes cast on the
election of directors at the Annual Meeting is required for the election of each director nominee. Abstentions and broker non-votes
are not counted as votes cast and therefore will not be counted in determining the outcome of this proposal. Under Maryland law,
if neither the Nominees nor the Company&rsquo;s director nominees receive the affirmative vote of a majority of all of the votes
cast on the election of directors at the Annual Meeting, then the incumbent directors currently serving as Class I directors on
the Board will serve as &ldquo;holdover&rdquo; directors and continue to serve on the Board until their successors are elected </P>

<P STYLE="font: 2pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">and qualify.
The Company&rsquo;s Guidelines on Corporate Governance further provide that any incumbent director who fails to receive the required
vote shall offer to resign from the Board. The Nominating and Corporate Governance Committee will make a recommendation to the
Board on whether to accept or reject the resignation. The Board will then act on the Nominating and Corporate Governance Committee's
recommendation and publicly disclose its decision within 90 days after the date of the certification of the election results.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>We do not endorse any of the Company&rsquo;s nominees and urge
you not to sign or return any proxy card that may be sent to you by the Company. </B>Voting &ldquo;AGAINST&rdquo; any of the Company&rsquo;s
nominees on its proxy card is not the same as voting for our Nominees because a vote &ldquo;AGAINST&rdquo; any of the Company&rsquo;s
nominees on its proxy card will count as a vote cast and will therefore be equivalent to a vote &ldquo;AGAINST&rdquo; our Nominees.
If you have already voted using the Company&rsquo;s white proxy card, you have every right to change your vote by completing and
mailing the enclosed <B>GOLD</B> proxy card in the enclosed pre-paid envelope or by voting via Internet or by telephone by following
the instructions on the <B>GOLD</B> proxy card. Only the latest validly executed proxy that you submit will be counted&mdash;any
proxy may be revoked at any time prior to its exercise at the Annual Meeting by following the instructions under &ldquo;Can I change
my vote or revoke my proxy?&rdquo; If you have any questions or require any assistance with voting your shares, please contact
our proxy solicitor, Okapi Partners LLC, toll free at (877) 285-5990 or collect at (212) 297-0720.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: #365F91; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%">
        <P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: white"><B>&nbsp;</B></FONT><B><FONT STYLE="font-size: 3pt">&nbsp;</FONT><FONT STYLE="color: white">We
        Recommend a Vote <U>FOR ALL</U> Four of Our Nominees on the <U>GOLD</U> proxy card.</FONT></B></P>
        <P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0 0 1pt; text-indent: 0.5in"><B>&nbsp;</B></P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</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">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #17365D">
    <TD STYLE="width: 100%; padding-right: 1.8pt; padding-left: 5.4pt; font-size: 18pt"><FONT STYLE="font: 18pt Arial, Helvetica, Sans-Serif; color: white"><B>PROPOSAL 2: RATIFICATION OF THE COMPANY&rsquo;S SELECTION OF INDEPENDENT PUBLIC ACCOUNTING FIRM</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">According to the Company&rsquo;s Proxy Statement, the Board has determined
that it is desirable to request the approval of the appointment of its independent registered public accounting firm by the stockholders
of the Company. The Audit Committee of the Board has appointed KPMG LLP as the Company&rsquo;s independent registered public accounting
firm to audit the Company&rsquo;s financial statements for the year ending December 31, 2015.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">If stockholders do not ratify the appointment, the Audit Committee
will reconsider whether to retain KPMG LLP, and may decide to retain the firm notwithstanding the vote. Even if the appointment
is ratified, the Audit Committee, in its discretion, may change the appointment at any time during the year if it determines that
such a change would be in the best interests of the Company. In addition, if KPMG LLP should decline to act or otherwise become
incapable of acting, or if the appointment should be discontinued, the Audit Committee will appoint substitute independent public
accountants.</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Vote Required.</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The approval of Proposal 2 requires the affirmative vote of a majority
of all of the votes cast on this proposal at the Annual Meeting. Abstentions and broker non-votes are not counted as votes cast
and therefore will not be counted in determining the outcome of Proposal 2.</P>

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

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%">
        <P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; color: white; text-indent: 0.5in"><B>&nbsp;We Recommend a Vote <U>FOR</U>
        Proposal 2 on the <U>GOLD</U> proxy card.</B></P>
        <P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0 0 1pt; text-indent: 0.5in"><B>&nbsp;</B></P></TD></TR>
</TABLE>
<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0 1.8pt 0 0; color: white"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0 1.8pt 0 0; color: white"><B>&nbsp;</B></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">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #17365D">
    <TD STYLE="width: 100%; padding-right: 1.8pt; padding-left: 5.4pt; font-size: 18pt"><FONT STYLE="font: 18pt Arial, Helvetica, Sans-Serif; color: white"><B>PROPOSAL 3: ADVISORY VOTE ON THE COMPENSATION OF NAMED EXECUTIVE OFFICERS</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">As discussed in further detail in the Company&rsquo;s Proxy Statement,
the Company is providing stockholders with the opportunity to cast a non-binding, advisory vote on the compensation of the Company&rsquo;s
named executive officers. This proposal is advisory in nature and, therefore, not binding on the Company, the Board or the Compensation
Committee of the Board, and will not be construed as overruling a decision by, or creating or implying any additional duty for,
the Company, the Board or the Compensation Committee of the Board. According to the Company&rsquo;s Proxy Statement, the Compensation
Committee of the Board will consider the result of the vote when making future compensation decisions for the Company&rsquo;s named
executive officers. The Company&rsquo;s current policy is to provide stockholders with an opportunity to vote on the compensation
of its named executive officers each year at its annual meeting of stockholders.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We believe stockholders should vote to disapprove the
compensation of the Company&rsquo;s named executive officers. According to the Company&rsquo;s Proxy Statement, the top
objective of the Company&rsquo;s executive compensation program is &ldquo;to closely align executive compensation with the
creation of stockholder value, with a balanced focus on both short-term and long-term performance and a substantial emphasis
on total stockholder return.&rdquo; We believe that the Company&rsquo;s executives&rsquo; failure to meaningfully engage with
Simon regarding Simon&rsquo;s proposals to acquire the Company at a substantial 37% premium over the Company&rsquo;s
unaffected stock price represents a significant failure on behalf of the Company&rsquo;s named executive officers to seek to
maximize stockholder value. Even more troubling, in our opinion, is the failure of the Company&rsquo;s executives to
articulate a strategy superior to Simon&rsquo;s proposed acquisition. We do not believe that the Company&rsquo;s current
executive compensation program meets its own objectives and we therefore oppose the advisory approval the compensation paid
to the Company&rsquo;s named executive officers.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">According to the Company&rsquo;s Proxy Statement, the Company will
request a non-binding, advisory vote on a resolution substantially in the following form:</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.5in; text-align: justify; text-indent: 0.5in">RESOLVED, that the
compensation paid to [the Company&rsquo;s] named executive officers, as disclosed in the Company&rsquo;s Proxy Statement pursuant
to the SEC&rsquo;s executive compensation disclosure rules (which disclosure includes the Compensation Discussion and Analysis,
the compensation tables and the narrative discussion that accompanies the compensation tables), is hereby approved.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We encourage all stockholders to review the Company&rsquo;s proxy
disclosures in the Company&rsquo;s Proxy Statement in detail.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Vote Required.</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The approval of Proposal 3 requires the affirmative vote of a majority
of all of the votes cast on this proposal at the Annual Meeting. Abstentions and broker non-votes are not counted as votes cast
and therefore will not be counted in determining the outcome of Proposal 3.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: #365F91; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%">
        <P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; color: white; text-indent: 0.5in"><B>&nbsp;We Recommend a Vote AGAINST
        Proposal 3 on the <U>GOLD</U> proxy card.</B></P>
        <P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0 0 1pt; text-indent: 0.5in"><B>&nbsp;</B></P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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


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    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #17365D">
    <TD STYLE="width: 100%; padding-right: 1.8pt; padding-left: 5.4pt; font-size: 18pt"><FONT STYLE="font: 18pt Arial, Helvetica, Sans-Serif; color: white"><B>QUESTIONS AND ANSWERS ABOUT THE PROXY MATERIALS AND THE ANNUAL MEETING</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><B><I>Who is entitled to vote?</I></B></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: #00355B 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 4pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">According to the Company&rsquo;s Proxy Statement, only holders of
Common Stock at the close of business on the Record Date, March 20, 2015, are entitled to notice of and to vote at the Annual Meeting.
Stockholders who sold shares of Common Stock before the Record Date (or acquire them without voting rights after the Record Date)
may not vote such shares of Common Stock.&nbsp;&nbsp;Stockholders of record on the Record Date will retain their voting rights
in connection with the Annual Meeting even if they sell such shares of Common Stock after the Record Date (unless they also transfer
their voting rights).&nbsp;&nbsp;According to the Company&rsquo;s Proxy Statement, the only outstanding class of securities of
the Company entitled to vote at the Annual Meeting is the Common Stock.</P>

<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><B><I>How do I vote my shares?</I></B></P>

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<P STYLE="font: 4pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Shares held in record name.</B> If your shares of Common Stock
are registered in your own name, please vote today by signing, dating and returning the enclosed <B><U>GOLD</U> </B>proxy card
in the postage-paid envelope provided. Execution and delivery of a proxy by a record holder of shares of Common Stock will be presumed
to be a proxy with respect to all shares held by such record holder unless the proxy specifies otherwise.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Shares beneficially owned or held in &ldquo;street&rdquo; name.</B>
If you hold your shares of Common Stock in &ldquo;street&rdquo; name with a broker, bank, dealer, trust company, or other nominee,
only that nominee can exercise the right to vote with respect to the shares of Common Stock that you beneficially own through such
nominee and only upon receipt of your specific instructions. <U>Accordingly, it is critical that you promptly give instructions
to your broker, bank, dealer, trust company or other nominee to vote in favor of the election of the Nominees</U>. Please follow
the instructions to proxy provided on the enclosed <B><U>GOLD</U> </B>proxy card. If your broker, bank, dealer, trust company or
other nominee provides for proxy instructions to be delivered to them by telephone or Internet, instructions will be included on
the enclosed <B><U>GOLD</U> </B>proxy card. We urge you to confirm in writing your instructions to the person responsible for your
account and provide a copy of those instructions by emailing them to info@okapipartners.com or mailing them to Orange/L&amp;B,
c/o Okapi Partners LLC., 437 Madison Avenue, 28th Floor, New York, New York 10022, so that we will be aware of all instructions
given and can attempt to ensure that such instructions are followed.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Note: </B>Shares of Common Stock represented by properly executed
<B><U>GOLD</U></B> proxy cards will be voted at the Annual Meeting as marked and, in the absence of specific instructions, &ldquo;FOR
ALL&rdquo; four of the nominees listed in Proposal 1, &ldquo;FOR&rdquo; Proposal 2, and &ldquo;AGAINST&rdquo; Proposal 3.</P>

<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><B><I>How should I vote on each proposal?</I></B></P>

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<P STYLE="font: 4pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Orange/L&amp;B recommends that you vote your shares on the
<B><U>GOLD</U></B> proxy card as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 0.25in"><B>&ldquo;FOR ALL&rdquo; </B>four Nominees to the Board
named in this Proxy Statement (Proposal 1);</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 0.25in"><B>&ldquo;FOR&rdquo;</B> the ratification of the Company&rsquo;s
selection of independent registered public accounting firm (Proposal 2); and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12.5pt 0.25in"><B>&ldquo;AGAINST&rdquo;</B> the advisory proposal
to approve the compensation of the Company&rsquo;s executive officers (Proposal 3).</P>

<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><B><I>How many shares must be present
to hold the Annual Meeting?</I></B></P>

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<P STYLE="font: 4pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Under the Bylaws, the presence in person or represented by proxy
of holders entitled to cast at least a majority of all the votes entitled to be cast at the Annual Meeting shall constitute a
quorum for the transaction of business at the Annual Meeting. Shares of Common Stock represented by proxies marked &ldquo;Abstain&rdquo;
or &ldquo;Withheld&rdquo; and &ldquo;broker non-votes&rdquo; are counted as present for the purposes of determining a quorum.
Abstentions and broker non-votes are not counted as votes cast and therefore will not be counted in determining the outcome of
this proposal. For more information on broker non-votes, see &ldquo;<I>What are &ldquo;broker non-votes&rdquo; and what effect
do they have on the proposals?</I>&rdquo; below.&nbsp;</P>


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

<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><B><I>What vote is needed to approve each
proposal?</I></B></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><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"><B>Proposal 1 &ndash; Election of Directors. </B>Under the Bylaws,
the affirmative vote of a majority of all of the votes cast on the election of directors at the Annual Meeting is required for
the election of each director nominee. Brokers are not permitted to vote on the election of directors without&nbsp;instructions
from the beneficial owner, so if you hold your shares through a broker or other nominee, your shares will not be voted in the election
of directors unless you affirmatively vote your shares&nbsp;in accordance with the voting instructions provided by such broker
or other nominee. Abstentions and broker non-votes are not counted as votes cast and therefore will not be counted in determining
the outcome of this proposal. Under Maryland law and the Company&rsquo;s charter, stockholders are not entitled to cumulative voting
rights in the election of directors.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.5in; background-color: white"><B>THE ONLY WAY TO SUPPORT
ALL FOUR OF OUR NOMINEES IS TO SUBMIT YOUR VOTING INSTRUCTIONS &ldquo;FOR&rdquo; THE NOMINEES ON THE <U>GOLD</U> PROXY CARD. PLEASE
DO NOT SIGN OR RETURN A WHITE PROXY CARD FROM THE COMPANY, EVEN IF YOU INSTRUCT TO &ldquo;ABSTAIN&rdquo; ON THEIR DIRECTOR NOMINEES.
DOING SO WILL REVOKE ANY PREVIOUS VOTING INSTRUCTIONS YOU PROVIDED ON THE <U>GOLD</U> PROXY CARD.</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 5pt; margin-bottom: 5pt; background-color: white"><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"><B>Proposal 2 &ndash; Ratification of the Company&rsquo;s Selection
of Independent Registered Public Accounting Firm. </B>&nbsp;Under the Bylaws, the ratification of the selection of KPMG LLP as
the Company&rsquo;s independent registered public accounting firm requires the affirmative vote of a majority of all of the votes
cast on this proposal at the Annual Meeting. Brokers are not permitted to vote on this proposal without&nbsp;instructions from
the beneficial owner, so if you hold your shares through a broker or other nominee, your shares will not be voted on this proposal
unless you affirmatively vote your shares&nbsp;in accordance with the voting instructions provided by such broker or other nominee.
Abstentions and broker non-votes are not counted as votes cast and therefore will not be counted in determining the outcome of
this proposal.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0; background-color: white"><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"><B>Proposal 3 &ndash; Advisory Proposal on Executive Compensation.
</B>Under the Bylaws, the approval of the advisory (non-binding) resolution on the compensation of named executive officers requires
the affirmative vote of a majority of all of the votes cast on this proposal at the Annual Meeting. Brokers are not permitted to
vote on this proposal without&nbsp;instructions from the beneficial owner, so if you hold your shares through a broker or other
nominee, your shares will not be voted on this proposal unless you affirmatively vote your shares&nbsp;in accordance with the voting
instructions provided by such broker or other nominee. Abstentions and broker non-votes are not counted as votes cast and therefore
will not be counted in determining the outcome of this proposal.</FONT></TD></TR></TABLE>

<P STYLE="font: 12.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><B><I>What are &ldquo;broker non-votes&rdquo;
and what effect do they have on the proposals?</I></B></P>

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<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Generally, broker non-votes occur when shares held by a broker, bank,
or other nominee in &ldquo;street name&rdquo; for a beneficial owner are not voted with respect to a particular proposal because
the broker, bank, or other nominee has not received voting instructions from the beneficial owner and lacks discretionary voting
power to vote those shares with respect to that particular proposal. If your shares are held in the name of a brokerage firm, and
the brokerage firm has not received voting instructions from the beneficial owner of the shares with respect to that proposal,
the brokerage firm cannot vote the shares on that proposal unless it is a &ldquo;routine&rdquo; matter. Under the rules and interpretations
of the New York Stock Exchange, there are no &ldquo;routine&rdquo; proposals in a contested proxy solicitation such as this one.
Because Orange/L&amp;B has initiated a contested proxy solicitation, there will be no &ldquo;routine&rdquo; matters at the Annual
Meeting.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Broker non-votes, if any, with respect to the proposals set forth
in this Proxy Statement will not count as votes cast and therefore will not be counted in determining the outcome of any of the
proposals.</P>

<P STYLE="font: 12.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><B><I>What should I do if I receive a
proxy card from the Company?</I></B></P>

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<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">You may receive proxy solicitation materials from Macerich, including
an opposition proxy statement and white proxy card. We are not responsible for the accuracy of any information contained in any
proxy solicitation materials used by the Company or any other statements that it may otherwise make.</P>

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


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>We do not endorse any of the Company&rsquo;s nominees and recommend
that you disregard any proxy card or solicitation materials that may be sent to you by the Company. Voting &ldquo;AGAINST&rdquo;
any of the Company&rsquo;s nominees on its proxy card is not the same as voting for our Nominees because a vote &ldquo;AGAINST&rdquo;
any of the Company&rsquo;s nominees on its proxy card will count as a vote cast and will therefore be equivalent to a vote &ldquo;AGAINST&rdquo;
our Nominees.</B> <B>If you have already voted using the Company&rsquo;s white proxy card, you have every right to change your
vote by completing and mailing the enclosed GOLD proxy card in the enclosed pre-paid envelope or by voting via Internet or by telephone
by following the instructions on the GOLD proxy card. Only the latest validly executed proxy that you submit will be counted&mdash;any
proxy may be revoked at any time prior to its exercise at the Annual Meeting by following the instructions below under &ldquo;Can
I change my vote or revoke my proxy?&rdquo; If you have any questions or require any assistance with voting your shares, please
contact our proxy solicitor, Okapi Partners LLC, toll free at (877) 285-5990</B> <B>or collect at (212) 297-0720.</B></P>

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

<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><B><I>Can I change my vote or revoke my
proxy?</I></B></P>

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<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 7pt">If you are the stockholder of record, you may change your proxy
instructions or revoke your proxy at any time before your proxy is voted at the Annual Meeting. Proxies may be revoked by any of
the following actions:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 7pt"><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">signing, dating and returning the enclosed <B><U>GOLD</U></B> proxy
card (the latest dated proxy is the only one that counts);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 7pt"><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">delivering a written revocation or a later dated proxy for the Annual
Meeting to Orange/L&amp;B, c/o Okapi Partners LLC, 437 Madison Avenue, 28th Floor, New York, New York 10022 or to the secretary
of the Company; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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">attending the Annual Meeting and voting in person (although attendance
at the Annual Meeting will not, by itself, revoke a proxy).</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">If your shares are held in a brokerage account by a broker, bank,
or other nominee, you should follow the instructions provided by your broker, bank, or other nominee. If you attend the Annual
Meeting and you beneficially own shares of Common Stock but are not the record owner, your mere attendance at the Annual Meeting
WILL NOT be sufficient to revoke your prior given proxy card. You must have written authority from the record owner to vote your
shares held in its name at the meeting. Contact Okapi Partners LLC toll free at (877) 285-5990 or collect at (212) 297-0720 for
assistance or if you have any questions.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>IF YOU HAVE ALREADY VOTED USING THE COMPANY&rsquo;S WHITE PROXY
CARD, WE URGE YOU TO REVOKE IT BY FOLLOWING THE INSTRUCTIONS ABOVE.</B> Although a revocation is effective if delivered to the
Company, we request that either the original or a copy of any revocation be mailed to Orange/L&amp;B, c/o Okapi Partners LLC, 437
Madison Avenue, 28th Floor, New York, New York 10022, so that we will be aware of all revocations.</P>

<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><B><I>Who is making this Proxy Solicitation
and who is paying for it? </I></B></P>

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<P STYLE="font: 4pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">The solicitation of proxies pursuant to
this proxy solicitation is being made by Orange/L&amp;B and the Nominees. Proxies may be solicited by mail, facsimile, telephone,
telegraph, Internet, in person and by advertisements. Orange/L&amp;B will solicit proxies from individuals, brokers, banks, bank
nominees and other institutional holders. Orange/L&amp;B has requested banks, brokerage houses and other custodians, nominees and
fiduciaries to forward all solicitation materials to the beneficial owners of the shares of Common Stock they hold of record. Orange/L&amp;B
will reimburse these record holders for their reasonable out-of-pocket expenses in so doing.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">Orange/L&amp;B has retained Okapi Partners
LLC (&ldquo;Okapi&rdquo;) to provide solicitation and advisory services in connection with this solicitation. Okapi has been paid
a retainer of $25,000 may earn additional fees upon the filing of proxy materials and upon the occurrence of a contested annual
meeting, as well as for direct telephone solicitations of stockholders and tabulation services. In addition, Okapi may earn a performance
fee (anticipated to be neither less than $150,000 nor greater than $225,000) to be mutually agreed upon in light of effort expended and
outcome achieved. In addition, Orange Capital will reimburse Okapi for its reasonable out-of-pocket expenses and will indemnify
Okapi against certain liabilities and expenses. Okapi will solicit proxies from individuals, brokers, banks, bank nominees and
other institutional holders. It is anticipated that Okapi will employ approximately [ ] persons to solicit the Company&rsquo;s
stockholders as part of this solicitation. Okapi does not believe that any of its directors, officers, employees, affiliates or
controlling persons, if any, is a &ldquo;participant&rdquo; in this proxy solicitation.</P>

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


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">The entire expense of soliciting proxies
is being borne by Orange Capital. Costs of this proxy solicitation are currently estimated to be approximately $[ ]. We estimate
that through the date hereof, their expenses in connection with the proxy solicitation are approximately $[ ]. If successful, we
may seek reimbursement of these costs from the Company. In the event that we decide to seek reimbursement of our expenses, we do
not intend to submit the matter to a vote of the Company&rsquo;s stockholders. The Board, which will consist of our four Nominees,
if all are elected, and the eight Company directors continuing to serve as Class II and Class III directors, would be required
to evaluate the requested reimbursement consistent with their fiduciary duties to the Company and its stockholders. Costs related
to the solicitation of proxies include expenditures for attorneys, public relations and other advisors, solicitors, printing, advertising,
postage, transportation, litigation and other costs incidental to the solicitation.</P>

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

<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><B><I>Where can I find additional information
concerning Macerich?</I></B></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: #00355B 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 4pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Pursuant to Rule 14a-5(c) promulgated under the Exchange Act, we
have omitted from this proxy statement certain disclosure required by applicable law to be included in the Company&rsquo;s Proxy
Statement in connection with the Annual Meeting. Such disclosure includes information regarding securities of the Company beneficially
owned by the Company&rsquo;s directors, nominees and management; certain stockholders&rsquo; beneficial ownership of more than
5% of the Company&rsquo;s voting securities; information concerning executive compensation; and information concerning the procedures
for submitting stockholder proposals and director nominations intended for consideration at the 2016 annual meeting of stockholders
and for consideration for inclusion in the proxy materials for that meeting. If the Company does not distribute the Company&rsquo;s
Proxy Statement to stockholders at least ten days prior to the Annual Meeting, we will distribute to the stockholders a supplement
to this proxy statement containing such disclosures at least ten days prior to the Annual Meeting. We take no responsibility for
the accuracy or completeness of information contained in the Company&rsquo;s Proxy Statement. Except as otherwise noted herein,
the information in this proxy statement concerning the Company has been taken from or is based upon documents and records on file
with the SEC and other publicly available information. We do not take responsibility, except to the extent imposed by law, for
the accuracy or completeness of statements in public documents and records that were not prepared by or on behalf of us, or for
any failure of the Company to disclose in its public documents and records any events that may affect the significance or accuracy
of the information contained herein.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #17365D">
    <TD STYLE="width: 100%; padding-right: 1.8pt; padding-left: 5.4pt; font-size: 18pt"><FONT STYLE="font: 18pt Arial, Helvetica, Sans-Serif; color: white"><B>CONCLUSION</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0; color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We urge you to carefully consider the information contained in this
proxy statement and then support our efforts by signing, dating and returning the enclosed <B><U>GOLD</U></B> proxy card today.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Thank you for your support,</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 53%; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; font-size: 11pt; text-align: center"><IMG SRC="image_003.jpg" ALT="http:||d1ebaaxlstrigd.cloudfront.net|53|a3|fe03354946c1bdbdd1f06e7cbd57|orangecapitalnew.png" STYLE="height: 86px; width: 370px"></TD>
    <TD STYLE="width: 47%; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; font-size: 11pt; text-align: center"><IMG SRC="image_004.jpg" ALT="http:||landandbuildings.com|base|common|images|logo|logo.png" STYLE="height: 35px; width: 331px"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 2pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Orange Capital, LLC</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 2pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Land &amp; Buildings Investment Management, LLC</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 2pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Orange Capital Master I, Ltd.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 2pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Land &amp; Buildings Capital Growth Fund, L.P.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 2pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Daniel Lewis</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 2pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Jonathan Litt</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center"><B>Marc Gordon</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center"><B>Gregory Hughes</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center"><B>Jeremy Pemberton</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center"><B>&nbsp;</B></P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>[ ], 2015</B></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">&nbsp;</P>


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<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0 8.1pt 0 0; background-color: #00355B; color: white; text-indent: 0.5in"><B>ANNEX
I: INFORMATION ON THE PARTICIPANTS</B></P>

<P STYLE="font: 2pt Arial, Helvetica, Sans-Serif; margin: 0 8.1pt 0 0; background-color: #00355B">&nbsp;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">This proxy solicitation is being made by Orange Capital, LLC (&ldquo;Orange&rdquo;),
a Delaware limited liability company, Orange Capital Master I, Ltd. (&ldquo;Orange Fund&rdquo;), a Cayman Islands exempted company,
Daniel Lewis (together with Orange and Orange Fund, &ldquo;Orange Capital&rdquo;), Land &amp; Buildings Investment Management,
LLC (&ldquo;L&amp;B&rdquo;), a Delaware limited liability company, Land &amp; Buildings Capital Growth Fund, L.P. (&ldquo;L&amp;B
Fund&rdquo;), a Delaware limited partnership, Jonathan Litt (together with L&amp;B and L&amp;B Fund, &ldquo;Land &amp; Buildings&rdquo;),
Marc Gordon, Gregory Hughes, and Jeremy Pemberton.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">As of April 21, 2015, the Participants may be deemed to beneficially
own (within the meaning of Rule 13d-3 under the Securities Exchange Act of 1934 (the &ldquo;Exchange Act&rdquo;)), in the aggregate,
1,138,434 shares Common Stock (including 794,000 shares of Common Stock issuable upon the exercise of options). Of the 1,138,434
shares of Common Stock (including 794,000 shares of Common Stock issuable upon the exercise of options) deemed to be beneficially
owned in the aggregate by the Participants: (a) Orange, Orange Fund, and Mr. Lewis may be deemed to beneficially own the 140,034
shares of Common Stock directly held by Orange Fund and the 794,000 shares of Common Stock issuable upon the exercise of options
directly held by Orange Fund; (b) L&amp;B, 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 the 100 shares of Common Stock held in record name by L&amp;B Fund; and
(c) 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 (the &ldquo;L&amp;B Separate Account&rdquo;).</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">By virtue of an investment management agreement with Orange Fund,
Orange has the power to vote or direct the voting, and to dispose or direct the disposition of, all of the shares of Common Stock
beneficially owned by Orange Fund. By virtue of his role as Managing Member of Orange, Mr. Lewis may be deemed to have shared voting
power and shared dispositive power with respect to all Common Stock as to which Orange Fund has voting power or dispositive power.
By virtue of an investment management agreement with L&amp;B Fund, L&amp;B has the power to vote or director the voting, and to
dispose or direct the disposition of, all of the shares of Common Stock beneficially owned by L&amp;B Fund. Mr. Litt may be deemed
to have shared voting power and shared dispositive power with respect to all Common Stock as to which L&amp;B has voting power
or dispositive power.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The shares of Common Stock held by Orange Fund, L&amp;B Fund, and
the L&amp;B Separate Account are each held in their own commingled margin accounts, which may extend margin credit to Orange Fund,
L&amp;B Fund, or the L&amp;B Separate Account, as applicable, from time to time, subject to applicable federal margin regulations,
stock exchange rules and credit policies. In such instances, the positions held in the margin accounts are pledged as collateral
security for the repayment of debit balances in the account. The margin accounts bear interest at a rate based upon the broker&rsquo;s
call rate from time to time in effect. Because other securities are held in the margin accounts, it is not possible to determine
the amounts, if any, of margin used to purchase the Common Stock reported herein.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The principal business of Orange Fund is to invest in securities.
The principal business of Orange is investment management. The principal business of Mr. Lewis is to serve as Managing Partner
of Orange. The principal business of L&amp;B Fund is to serve as a private investment fund. The principal business of L&amp;B is
investment management. The principal business of Mr. Litt is disclosed in Proposal 1. The principal business address of Orange
Fund is c/o Ogier Fiduciary Services (Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman, KY-9007. The principal business
address of Orange and Mr. Lewis is 1370 Avenue of the Americas, 23rd Floor, New York, New York 10019. The principal office address
of L&amp;B Fund, L&amp;B, and Mr. Litt is c/o Land &amp; Buildings Investment Management, LLC, 1 Landmark Square, 7th Floor, Stamford,
CT 06901.</P>

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


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Orange Capital and Land &amp; Buildings have formed a &ldquo;group,&rdquo;
within the meaning of Section 13(d)(3) of the Exchange Act. Collectively, the group (and each member thereof) may be deemed to
have beneficial ownership of a combined 1,138,434 shares of Common Stock, including 794,000 shares of Common Stock issuable upon
the exercise of options. Orange Capital disclaims beneficial ownership of any shares of Common Stock beneficially owned by Land
&amp; Buildings. Land &amp; Buildings disclaims beneficial ownership of any shares of Common Stock beneficially owned by Orange
Capital. Orange, Orange Fund, Mr. Lewis, L&amp;B, L&amp;B Fund, and Mr. Litt (collectively, the &ldquo;Group&rdquo;, and, each
individually, a &ldquo;Group Member&rdquo;) entered into a written group agreement on April 15, 2014 (the &ldquo;Group Agreement&rdquo;).
Pursuant to the Group Agreement, the Group Members agreed to, if determined by Orange Capital in its sole discretion, (i) solicit
proxies from the shareholders of the Company in connection with the Group&rsquo;s nomination of individuals to serve as directors
at the Annual Meeting, (ii) file a proxy statement in connection therewith pursuant to Section 14 of the Exchange Act, (iii) take
any other reasonable action with respect to solicitation of proxies in connection with the Annual Meeting; and (iv) pursue litigation
against the Company in connection with the validity of its notice of intent to nominate individuals for election at the Annual
Meeting (the &ldquo;Litigation&rdquo;) and take any other reasonable action with respect to the Litigation. Additionally, the Group
Members agreed to reasonably consult with each other regarding all action to be taken with respect to the proxy solicitation and
the Litigation. Under the Group Agreement, any settlement with respect to the proxy solicitation or the Litigation may be entered
into in the sole discretion of the Orange Capital. Orange Capital agreed to reasonably consult with Land &amp; Buildings regarding
any such settlement and to not enter into any such settlement without the consent of Land &amp; Buildings, such consent not to
be unreasonably withheld, delayed, or conditioned So long as the Group Agreement is in effect, none of the Group Members shall
acquire shares of Common Stock if, as a result, the Group would be deemed to have beneficial ownership of 5% or more of any class
of the outstanding equity of the Company without the prior agreement of each of the Group Members or their representatives. During
the term of the Group Agreement, (i) Orange Capital shall pay all of the expenses incurred by the Group in the conduct of the proxy
solicitation and all legal and public relations expenses incurred in connection with the proxy solicitation prior to the execution
of the Group Agreement and (ii) Orange Capital shall pay 80% and Land &amp; Buildings shall pay 20% of all expenses incurred by
the Group in the conduct of the Litigation or any related claims, actions, or counterclaims arising out of or relating to the Litigation
or the proxy solicitation.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Except as set forth in this Proxy Statement (including the Annexes),
(i) during the past ten years, no Participant has been convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors); (ii) no Participant in this proxy solicitation directly or indirectly beneficially owns any securities of the Company;
(iii) no Participant owns any securities of the Company which are owned of record but not beneficially; (iv) no Participant has
purchased or sold any securities of the Company during the past two years; (v) no part of the purchase price or market value of
the securities of the Company owned by any Participant is represented by funds borrowed or otherwise obtained for the purpose of
acquiring or holding such securities; (vi) no Participant is, or within the past year was, a party to any contract, arrangements
or understandings with any person with respect to any securities of the Company, including, but not limited to, joint ventures,
loan or option arrangements, puts or calls, guarantees against loss or guarantees of profit, division of losses or profits, or
the giving or withholding of proxies; (vii) no associate of any Participant owns beneficially, directly or indirectly, any securities
of the Company; (viii) no Participant owns beneficially, directly or indirectly, any securities of any parent or subsidiary of
the Company; (ix) no Participant or any of his, her or its associates was a party to any transaction, or series of similar transactions,
since the beginning of the Company&rsquo;s last fiscal year, or is a party to any currently proposed transaction, or series of
similar transactions, to which the Company or any of its subsidiaries was or is to be a party, in which the amount involved exceeds
$120,000; (x) no Participant or any of his, her or its associates has any arrangement or understanding with any person with respect
to any future employment by the Company or its affiliates, or with respect to any future transactions to which the Company or any
of its affiliates will or may be a party; and (xi) no person, including any of the Participants, who is a party to an arrangement
or understanding pursuant to which the Nominees are proposed to be elected, has a substantial interest, direct or indirect, by
security holdings or otherwise in any matter to be acted on as set forth in this Proxy Statement. There are no material proceedings
to which any Participant or any of his, her or its associates is a party adverse to the Company or any of its subsidiaries or has
a material interest adverse to the Company or any of its subsidiaries. With respect to each of the Nominees, except as set forth
in this Proxy Statement (including the Annexes), none of the events enumerated in Item 401(f)(1)-(8) of Regulation S-K of the Exchange
Act occurred during the past ten years. Neither the Nominees nor any associate of a Nominee has served as a director or named executive
officer of the Company at any point during the last three fiscal years of the Company.</P>

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


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

<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><B><I>Transactions by the Participants
with respect to the Company&rsquo;s securities</I></B></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: #00355B 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The following tables set forth all transactions affected during the
past two years by the Participants with respect to securities of the Company. The shares of Common Stock reported herein are held
in either cash accounts or margin accounts in the ordinary course of business. Unless otherwise indicated, all transactions were
effected on the open market.</P>

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Orange Fund</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 43%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-decoration: underline; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B><U>Date</U></B></FONT></TD>
    <TD NOWRAP STYLE="width: 57%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-decoration: underline; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B><U>Common Stock Acquired (Disposed)</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">04/10/2013</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">1,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">04/13/2013</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">50,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">04/14/2013</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">200,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">04/14/2013</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">(250,000)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">04/17/2015</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">45,963</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">04/20/2015</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">69,071</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">04/21/2015</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">24,000</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>L&amp;B Fund</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 40%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-decoration: underline; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B><U>Date</U></B></FONT></TD>
    <TD NOWRAP STYLE="width: 60%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-decoration: underline; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B><U>Common Stock Acquired (Disposed)</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">06/21/2013</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">79,200</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">06/28/2013</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">(11,100)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">07/26/2013</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">(23,800)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">08/05/2013</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">(44,300)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">04/09/2014</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">(31,500)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">05/30/2014</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">(3,900)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">06/18/2014</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">23,400</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">06/26/2014</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">12,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">11/19/2014</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">54,500</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">11/19/2014</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">(54,500)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">03/24/2015</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">100</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">03/25/2015</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">1,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">04/01/2015</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">110,800</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">04/02/2015</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">54,000</FONT></TD></TR>
</TABLE>
<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>L&amp;B Separate Account</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 40%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-decoration: underline; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B><U>Date</U></B></FONT></TD>
    <TD NOWRAP STYLE="width: 60%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><U>Common Stock Acquired</U></B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><U>(Disposed)</U></B></P></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">04/01/2013</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">(4,600)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">04/09/2013</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">4,600</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">06/24/2013</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">6,000</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">06/25/2013</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">1,100</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">07/09/2013</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">1,100</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">07/26/2013</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">(2,400)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">08/05/2013</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">(5,800)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">04/09/2014</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">(3,000)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">04/15/2014</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">(5,400)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">04/29/2014</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">5,400</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">06/18/2014</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">2,000</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">06/26/2014</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">1,000</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">11/19/2014</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">3,500</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">11/19/2014</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">(3,500)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">04/01/2015</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">25,000</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">04/02/2015</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">13,500</FONT></TD></TR>
</TABLE>
<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

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


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>IMPORTANT</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Tell your Board what you think! YOUR VOTE IS
VERY IMPORTANT, no matter how many or how few shares you own. Please give us your proxy <B>&ldquo;FOR ALL&rdquo;</B> the Nominees
by taking three steps:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&#9679;</TD><TD STYLE="text-align: justify">SIGNING the enclosed <B><U>GOLD</U>
</B>proxy card,</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&#9679;</TD><TD STYLE="text-align: justify">DATING the enclosed <B><U>GOLD</U></B>
proxy card, and</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9679;</TD><TD STYLE="text-align: justify">MAILING the enclosed <B><U>GOLD</U></B> proxy card TODAY in the envelope provided (no postage is
required if mailed in the United States).</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>If any of your shares are held in the name
of a broker, bank, bank nominee or other institution, only it can vote your shares and only upon receipt of your specific instructions.</B>
Depending upon your broker or custodian, you may be able to vote either by toll-free telephone or by the Internet. You may also
vote by signing, dating and returning the enclosed <B><U>GOLD</U></B> voting form in the postage-paid envelope provided, and to
ensure that your shares are voted, you should also contact the person responsible for your account and give instructions for a
<B><U>GOLD</U></B> proxy card to be issued representing your shares.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">After signing the enclosed <B><U>GOLD</U></B>
proxy card, <B>DO NOT SIGN OR RETURN MACERICH&rsquo;S WHITE PROXY CARD UNLESS YOU INTEND TO CHANGE YOUR VOTE</B>, because only
your latest dated proxy card will be counted.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">If you have previously signed and returned a
white proxy card to Macerich, you have every right to change your vote. Only your latest dated proxy card will count. You may revoke
any proxy card already sent to Macerich by signing, dating and mailing the enclosed <B><U>GOLD</U></B> proxy card in the postage-paid
envelope provided or by voting by telephone or Internet. Any proxy may be revoked at any time prior to the 2015 Annual Meeting
by delivering a written notice of revocation or a later dated proxy for the 2015 Annual Meeting to Okapi Partners or by voting
in person at the Annual Meeting. Attendance at the Annual Meeting will not in and of itself constitute a revocation.</P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>If you have any questions concerning this
proxy statement, would like to request additional copies of this proxy statement, or need help voting your shares, please contact
our proxy solicitor:</I></P>

<P STYLE="font: 13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt 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; border: Black 1.5pt solid"><IMG SRC="image_005.jpg" ALT="Description: S:\Marketing\Okapi Logos\OkapiLogoBW.jpg" STYLE="height: 80px; width: 177px"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><BR>
437 Madison Avenue, 28th Floor<BR>
New York, N.Y. 10022<BR>
(212) 297-0720<BR>
Stockholders Call Toll-Free at: (877) 285-5990</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>E-mail: <U>info@okapipartners.com</U></B></P>

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

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


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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: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>[Form of Gold Proxy Card]</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: red"><B>PRELIMINARY COPY &ndash; SUBJECT
TO COMPLETION</B></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 1pt; text-align: center"><B>The Macerich Company</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Proxy Card for 2015 Annual Meeting of Stockholders</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Scheduled for [ ], 2015 (the &ldquo;Annual
Meeting&rdquo;): </B></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>THIS PROXY SOLICITATION IS BEING MADE BY ORANGE
CAPITAL, LLC, ORANGE CAPITAL MASTER I, LTD., DANIEL LEWIS, LAND &amp; BUILDINGS INVESTMENT MANAGEMENT, LLC, LAND &amp; BUILDINGS
CAPITAL GROWTH FUND, L.P., JONATHAN LITT (COLLECTIVELY, &ldquo;ORANGE/L&amp;B&rdquo;, &ldquo;WE&rdquo; OR &ldquo;US&rdquo;), MARC
GORDON, GREGORY HUGHES, JEREMY PEMBERTON (TOGETHER WITH MR. LITT, THE &ldquo;NOMINEES&rdquo;)</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>THIS BOARD OF DIRECTORS OF THE MACERICH COMPANY
IS NOT SOLICITING THIS PROXY </B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">The undersigned appoints [ ] and each of them, attorneys
and agents with full power of substitution to vote all shares of common stock of The Macerich Company., a Maryland
corporation (the &ldquo;Company&rdquo;), that the undersigned would be entitled to vote at the Annual Meeting of Stockholders
of the Company scheduled to be held on [ ], 2015<B> </B>at [ ] local time
at
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
(including at any adjournments or postponements thereof), with all powers that the undersigned would possess if
personally present, upon and in respect of the instructions indicated herein, with discretionary authority as to any and all
other matters that may properly come before the meeting or any adjournment, postponement or substitution thereof that are
unknown to Orange/L&amp;B a reasonable time before this solicitation.</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">The undersigned hereby revokes any other proxy or proxies heretofore
given to vote or act with respect to said shares, and hereby ratifies and confirms all action the herein named attorneys and proxies,
their substitutes, or any of them may lawfully take by virtue hereof. This proxy will be valid until the sooner of one year from
the date indicated on the reverse side and the completion of the Annual Meeting (including any adjournments or postponements thereof).</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>If this proxy is signed and returned, it will be voted in accordance
with your instructions. If you do not specify how the proxy should be voted, this proxy will be voted &ldquo;FOR ALL&rdquo; four
of the nominees listed in Proposal 1, &ldquo;FOR&rdquo; Proposal 2, and &ldquo;AGAINST&rdquo; Proposal 3. </B>None of the matters
currently intended to be acted upon pursuant to this proxy are conditioned on the approval of other matters.</P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&ndash; &ndash; &ndash; &ndash; &ndash; &ndash; &ndash;
&ndash; &ndash; &ndash; &ndash; &ndash; &ndash; &ndash; &ndash; &ndash; &ndash; &ndash; &ndash; &ndash; &ndash; &ndash;
&ndash; &ndash; &ndash; &ndash; &ndash; &ndash; &ndash;&ndash; &ndash; &ndash; &ndash; &ndash; &ndash; &ndash; &ndash;
&ndash; &ndash; &ndash; &ndash; &ndash; &ndash; &ndash; &ndash; &ndash; &ndash; &ndash; &ndash; &ndash; &ndash; &ndash;
&ndash; &ndash; &ndash; &ndash; &ndash; &ndash; &ndash; &ndash; &ndash; &ndash; &ndash; &ndash; &ndash; &ndash; &ndash;
&ndash; &ndash;  </P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>INSTRUCTIONS:</B>
<I>VOTING RECOMMENDATIONS ARE INDICATED BY </I><FONT STYLE="color: white; background-color: black"> HIGHLIGHTED TEXT</FONT></FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: black">.</FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif; color: white">
</FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><I>OVER THE BOXES </I>(FILL IN ONLY ONE BOX &ldquo;</FONT><FONT STYLE="font-family: Wingdings 2">&#169;</FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&ldquo;
PER ITEM IN BLACK OR BLUE INK) </FONT></P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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

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

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

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

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0"></P>




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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR>
    <TD COLSPAN="4" ROWSPAN="3" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 4pt"><B>We recommend that you vote &ldquo;<U>FOR ALL</U>&rdquo;
        four of the Nominees below:</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><B>Proposal 1 </B>&ndash; Election of the
        four individuals nominated by Orange/L&amp;B to serve as Class I directors and hold office until the Company&rsquo;s 2018 Annual
        Meeting of Stockholders.</P></TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>We recommend that you vote &ldquo;AGAINST&rdquo; Proposal 3:</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">FOR</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">AGAINST</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">ABSTAIN</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="6" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Proposal 3 &ndash; </B>Company proposal<B> </B>to approve, on an advisory basis, the &nbsp;compensation of the Company&rsquo;s named executive officers.</FONT></TD>
    <TD ROWSPAN="6" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Wingdings">q</FONT></TD>
    <TD ROWSPAN="6" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Wingdings">q</FONT></TD>
    <TD ROWSPAN="6" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Wingdings">q</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Nominees:</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>FOR</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>AGAINST</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>ABSTAIN</B></FONT></TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Marc Gordon</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Wingdings">q</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Wingdings">q</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Wingdings">q</FONT></TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Gregory Hughes</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Wingdings">q</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Wingdings">q</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Wingdings">q</FONT></TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Jonathan Litt</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Wingdings">q</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Wingdings">q</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Wingdings">q</FONT></TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: justify"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Jeremy Pemberton</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Wingdings">q</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Wingdings">q</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Wingdings">q</FONT></TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: justify"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>IN ORDER FOR YOUR PROXY TO BE VALID, IT </B></FONT><BR>
<FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>MUST BE DATED.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt"><B>We recommend that you vote &ldquo;<U>FOR</U>&rdquo; </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt"><B>Proposal 2:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: justify"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Signature (Capacity)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: justify"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Date</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>FOR</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>AGAINST</B></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>ABSTAIN</B></FONT></TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 38%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Proposal 2 &ndash; </B>Company proposal<B> </B>to ratify the selection of KPMG LLP as the Company&rsquo;s independent registered public accounting firm.</FONT></TD>
    <TD ROWSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Wingdings">q</FONT></TD>
    <TD ROWSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Wingdings">q</FONT></TD>
    <TD ROWSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Wingdings">q</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: justify"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Signature (Capacity)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: justify"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Date</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: justify"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>NOTE: </B>Please sign exactly as your name(s) appear(s) on stock certificates or on the label affixed hereto. When signing as attorney, executor, administrator, or other fiduciary, please give full title as such.&nbsp;&nbsp;Joint owners must each sign personally. <B>ALL HOLDERS MUST SIGN. </B>&nbsp;If a corporation or partnership, please sign in full corporate or partnership name by an authorized officer and give full title as such.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>PLEASE <U>SIGN</U>, <U>DATE</U> AND <U>PROMPTLY RETURN</U> THIS PROXY IN THE ENCLOSED RETURN ENVELOPE THAT IS POSTAGE PREPAID IF MAILED IN THE UNITED STATES</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<DOCUMENT>
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
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