NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS: APPROVED OR DISAPPROVED OF THE TRANSACTION; PASSED UPON THE MERITS OR FAIRNESS OF THE TRANSACTION; OR PASSED UPON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE IN THIS DOCUMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13E-3

RULE 13E-3 TRANSACTION STATEMENT

Under Section 13(e) of the Securities Exchange Act of 1934

GGP Inc.

(Name of Issuer)

(Name of Persons Filing Statement)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

36174X101

(CUSIP Number of Class of Securities)

(Name, Address and Telephone Number of Person Authorized to Receive

Notices and Communications on Behalf of the Persons Filing Statement)

With copies to:

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

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

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

CALCULATION OF FILING FEE

* Calculated solely for the purpose of determining the filing fee. The transaction valuation was calculated as the sum of (1) (i) the product of (a) $19.84 (rounded up to the nearest cent), which is the average of the high and low prices per share of GGP Inc.’s common stock as reported on the NYSE on April 27, 2018, and (b) 660,886,432, which is the estimated maximum number of shares of GGP Inc.’s common stock (taking into consideration (x) the exercise of certain GGP Inc. equity awards, (y) the full redemption of the series of preferred units of GGPOP designated as 6.5% series D cumulative convertible preferred units and the series of preferred units of GGPOP designated as 7% series E cumulative convertible preferred units into common units of GGPOP, and (z) the full redemption into GGP Inc.’s common stock of the common units of GGPOP that are redeemable into GGP Inc.’s common stock in connection with the transactions described herein) and GGP restricted stock receiving class A stock issued, plus (ii) the product of (a) $5.65 per share (which is equal to the difference between $23.50 and $17.85 (rounded up to the nearest cent), the weighted average exercise price of the GGP options), and (b) 14,295,427, which is the estimated number of shares of GGP Inc.’s common stock underlying the GGP options receiving class A stock that is issued, minus (iii) $9,250,000,000, which is the total amount of cash consideration that would be paid pursuant to the merger agreement to holders eligible to receive class A stock, plus (2) the product of (i) $24.55 (rounded up to the nearest cent), which is the average of the high and low prices per share of GGP Inc.’s 6.375% series A cumulative perpetual preferred stock, par value $0.01 per share, as reported on the NYSE on April 27, 2018, and (ii) 10,000,000, which is the estimated maximum number of shares of Brookfield Property REIT Inc.’s series A preferred stock that may be issued, plus (3) (i) the product of (a) $19.84 (rounded up to the nearest cent), which is the average of the high and low prices per share of GGP Inc.’s common stock as reported on the NYSE on April 27, 2018, and (b) 660,886,432, which is the estimated maximum number of shares of GGP Inc.’s common stock (taking into consideration (x) the exercise of certain GGP Inc. equity awards, (y) the full redemption of the series of preferred units of GGPOP designated as 6.5% series D cumulative convertible preferred units and the series of preferred units of GGPOP designated as 7% series E cumulative convertible preferred units into common units of GGPOP, and (z) the full redemption into GGP Inc.’s common stock of the common units of GGPOP that are redeemable into GGP Inc.’s common stock in connection with the transactions described herein) and GGP restricted stock receiving class A stock issued, plus (ii) the product of (a) $5.65 per share (which is equal to the difference between $23.50 and $17.85 (rounded up to the nearest cent), the weighted average exercise price of the GGP options), and (b) 14,295,427, which is the estimated number of shares of GGP Inc.’s common stock underlying the GGP options receiving class A stock that is issued, minus (iii) $9,250,000,000, which is the total amount of cash consideration that would be paid pursuant to the merger agreement to holders eligible to receive class A stock, plus (4) $9,250,000,000, which is the total amount of cash consideration that would be paid pursuant to the merger agreement to holders eligible to receive class A stock.

** The amount of filing fee was calculated in accordance with Rule 0-11(b) of the Securities Exchange Act of 1934, as amended, by multiplying 0.0001245 by the transaction valuation.

☒ Check the box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the Form or Schedule, and the date of its filing.

Amount Previously Paid: $490,873.12

Form or Registration No.: Registration Statement on Form F-4

Filing Party: Brookfield Property Partners L.P.

Date Filed: May 2, 2018

Amount Previously Paid: $521,437.87

Form or Registration No.: Registration Statement on Form S-4

Filing Party: GGP Inc.

Date Filed: May 2, 2018

Introduction

This Transaction Statement on Schedule 13E-3, together with the exhibits thereto (this “Transaction Statement”), is being filed with the Securities and Exchange Commission (the “SEC”) pursuant to Section 13(e) of the Securities Exchange Act of 1934, as amended (together with the rules and regulations promulgated thereunder, the “Exchange Act”), jointly by the following persons (each, a “Filing Person” and, collectively, the “Filing Persons”): (i) GGP Inc. (“GGP” or the “Company”), a Delaware corporation and the issuer of the common stock, par value $0.01 per share (“Common Stock”), that is subject to the Rule 13e-3 transaction; (ii) Brookfield Property Partners L.P. (“BPY” or “Parent”), an exempted limited partnership formed under the laws of Bermuda; (iii) Brookfield Asset Management Inc. (“BAM”), an Ontario corporation; (iv) Goldfinch Merger Sub Corp., a Delaware corporation and an indirect, wholly owned subsidiary of Parent (“Goldfinch”); (v) Brookfield Retail Holdings VII LLC (“BRH VII”), a Delaware limited liability company, of which Brookfield Asset Management Private Institutional Capital Adviser US, LLC (“BAMPIC”), is the sole managing member; (vi) Brookfield Retail Mall LLC (“BRM”), a Delaware limited liability company; (vii) BPY Retail I LLC (“BPYRI”), a Delaware limited liability company; (viii) BPY Retail V LLC (“BPYRV”), a Delaware limited liability company and a subsidiary of Brookfield BPY Retail Holdings III LLC; (ix) Brookfield BPY Retail Holdings II Subco LLC (“New GGP Subco”), a Delaware limited liability company and a subsidiary of Brookfield BFP Holdings LLC; (x) New Brookfield BPY Retail Holdings II LLC (“NBBPY”), a Delaware limited liability company; (xi) BW Purchaser, LLC (“BWP”), a Delaware limited liability company; (xii) Brookfield Retail Holdings Warrants LLC (“BRH Warrants”), a Delaware limited liability company, of which BAMPIC is the sole managing member; (xiii) Brookfield Retail Holdings II Sub III LLC (“BRH II Sub”), a Delaware limited liability company, of which BAMPIC, is the sole managing member; (xiv) New GGP Warrants LLC (“New GGP”), a Delaware limited liability company; and (xv) Brookfield Retail Holdings VII Sub 3 LLC (“BRH Sub 3”), a Delaware limited liability company, of which BAMPIC is the sole managing member. BRH VII, BRM, BPYRI, BPYRV, New GGP Subco, NBBPY, BWP, BRH Warrants, BRH II Sub and New GGP are collectively referred to as the “Voting Parties.”

On March 26, 2018, each of Parent and Goldfinch entered into an Agreement and Plan of Merger (the “Merger Agreement”) with the Company, pursuant to which Goldfinch will merge with and into GGP (the “Merger”), with GGP surviving the Merger as an indirect subsidiary of BPY. A copy of the Merger Agreement is attached hereto as Exhibit (d)(4).

The Merger Agreement provides for, among other things, the acquisition of the Company by Parent on the terms and subject to the conditions set forth therein, through a series of transactions. Under the terms of the Merger Agreement, the Company will: (i) amend and restate its certificate of incorporation (the “Charter Amendment”) in order to, among other things, authorize the issuance of a new series of class A stock, par value $0.01 per share (the “Class A Stock”), class B stock, par value $0.01 per share (the “Class B Stock”), and class C stock, par value $0.01 per share (the “Class C Stock”), respectively; (ii) amend and restate its bylaws (the “Bylaws Amendment”); and (iii) cause the general partner of GGP Operating Partnership, LP, a Delaware limited partnership (“GGPOP”), to amend and restate the agreement of limited partnership of GGPOP (the “Partnership Agreement Amendment and Restatement”).

Following the Charter Amendment, shares of Common Stock held by the Voting Parties will be exchanged for newly issued shares of Class B Stock (the “Brookfield Affiliate Exchange”) on the terms and subject to the conditions set forth in a Class B Stock Exchange Agreement (the “Class B Exchange Agreement”), and at the effective time of the Brookfield Affiliate Exchange, each share of Common Stock held by subsidiaries of the Company will also be exchanged for one (1) share of Class B Stock. A copy of the Class B Exchange Agreement is attached hereto as Exhibit (d)(6).

Following the Brookfield Affiliate Exchange and certain transactions, including recapitalization or financing transactions as Parent may request between the date of the Merger Agreement and the closing of the transactions contemplated by the Merger Agreement (the “Pre-Closing Transactions”), the Company will declare a special dividend (the “Pre-Closing Dividend”) payable to the remaining holders of Common Stock other than the Voting Parties, not including holders of restricted Common Stock but including certain holders of Company options, as of the record date of the pre-closing dividend, consisting of either cash or Class A Stock, at the election of such holders of Common Stock (with holders of in-the-money Company options being deemed to have elected cash) and subject to proration. Holders of Common Stock other than the Voting Parties who elect to receive the Pre-Closing Dividend in the form of Class A stock will also have the option to exchange all, but not less than all, of the shares of Class A Stock that such holder receives or is entitled to receive as the Pre-Closing Dividend for the limited partnership units of Parent (the “Parent Unit Exchange”).

Following the completion of the Charter Amendment, the Brookfield Affiliate Exchange, the Pre-Closing Transactions (if any) and the declaration of the Pre-Closing Dividend, Goldfinch will merge with and into the Company, with the Company

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surviving the Merger as an indirect subsidiary of Parent. It is expected that following the consummation of the transactions contemplated by the Merger Agreement (the “Transactions”), the surviving corporation will change its name to Brookfield Property REIT Inc.

Immediately following the effective time of the Merger, Parent or an affiliate of Parent will exchange shares of Class A Stock distributed in the Pre-Closing Dividend and held by any holders of Common Stock other than the Voting Parties who had made an election to receive Parent units for an equal number of Parent units in the Parent Unit Exchange. Each share of Class A Stock that Parent or its affiliate receives or is entitled to receive pursuant to the Parent Unit Exchange will automatically convert into Class B Stock at a ratio equal to the per share fair market value of Class A Stock so exchanged divided by the per share liquidation amount of Class B Stock. All shares of Class A Stock that are issued in the Pre-Closing Dividend will automatically be exchanged for Parent units in the Parent Unit Exchange in the event that: (i) an election to receive Parent units has been made with respect to 80% or more of the shares of Class A Stock to be issued in the Pre-Closing Dividend (or such event is deemed to have occurred pursuant to the terms of the Merger Agreement), in which case, at Parent’s election, all shares of Class A Stock that are issued in the Pre-Closing Dividend will be exchanged for Parent units in the Parent Unit Exchange or (ii) an election to receive Parent units has been made with respect to 90% or more of the shares of Class A Stock to be issued in the Pre-Closing Dividend (or such event is deemed to have occurred pursuant to the terms of the Merger Agreement), in which case, all shares of Class A Stock that are issued in the Pre-Closing Dividend will be exchanged for Parent units in the Parent Unit Exchange.

Each share of Common Stock that is issued and outstanding immediately prior to the effective time of the Merger (except for certain excluded shares of Common Stock, including any shares owned by Parent, Goldfinch, if any, or the Company, including those shares of Common Stock exchanged in the Brookfield Affiliate Exchange, shares of Common Stock for which appraisal is properly demanded and perfected and shares of restricted Common Stock) will be cancelled and extinguished and automatically converted into the right to receive cash from Parent, without interest thereon, in an amount equal to the quotient of: (i) $9,250,000,000 less (a) the aggregate cash payment required to be made pursuant to the GGPOP partnership agreement to holders of common units of GGPOP as a result of the Transactions at any time following the Brookfield Affiliate Exchange through and including the effective time of the Merger, (b) the aggregate cash payment required to be made pursuant to the GGPOP partnership agreement, to holders of the class of units designated under the GGPOP partnership agreement as “LTIP units,” as a result of the Transactions at any time following the Brookfield Affiliate Exchange through and including the effective time of the Merger, (c) the aggregate cash consideration to be paid with respect to shares of restricted Common Stock as a result of the Transactions through and including the effective time of the Merger, and (d) the amount designated by Parent to the Company that constitutes the aggregate amount of cash that the Company will declare as the Pre-Closing Dividend, divided by (ii) the number of shares of Common Stock that are entitled to the Pre-Closing Dividend (which excludes shares of restricted Common Stock but includes shares of Common Stock deemed issued in respect of in-the-money Company options) (the “Pre-Closing Dividend Share Number”).

Each share of Goldfinch common stock (“Goldfinch Common Stock”) that is outstanding immediately prior to the effective time of the Merger will be converted into a number of shares of Class C Stock equivalent to the Pre-Closing Dividend Share Number divided by the number of shares of Goldfinch Common Stock outstanding immediately prior to the effective time of the Merger (rounded to the nearest whole share). Because all shares of Goldfinch Common Stock are indirectly held by Parent through an affiliate of Parent, all shares of Class C Stock will be indirectly held by Parent immediately following the Transactions.

Concurrently with the filing of this Transaction Statement, Parent is filing with the SEC its registration statement on Form F-4, which includes a prospectus of Parent, and the Company is filing with the SEC its registration statement on Form S-4, which includes a proxy statement of the Company relating to the special meeting of the Company’s holders of Common Stock (the “Special Meeting”) and a prospectus of the Company (the “Joint Proxy Statement/Prospectus”).

At the Special Meeting, holders of Common Stock will be asked to consider and vote on the following matters: (i) a proposal to adopt the Merger Agreement (the “Merger Proposal”); (ii) a proposal to approve amending and restating the certificate of incorporation of the Company (the “Charter Proposal”); (iii) a proposal to approve amending and restating the bylaws of the Company (the “Bylaws Proposal”); and (iv) a proposal to approve, by a non-binding, advisory vote, the compensation that may become payable to the Company’s named executive officers in connection with the Transactions and certain other related transaction agreements (the “Compensation Proposal”). Adoption of the Merger Proposal requires the affirmative vote of the holders of a majority of the outstanding shares of Common Stock, and the affirmative vote of the holders of a majority of the outstanding Target Shares (as defined in that certain Standstill Agreement attached hereto as Exhibit (d)(1)). Adoption of the Charter Proposal and the Bylaws Proposal each requires the affirmative vote of the holders of at least 66-2/3% of the outstanding shares of Common Stock. Approval of the Compensation Proposal requires the affirmative vote of the holders of

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a majority of the shares of Common Stock present in person or represented by proxy at the Special Meeting and entitled to vote on such proposal. The approval of each of the Merger Proposal, the Charter Proposal and the Bylaws Proposal is a condition to the obligations of Parent and the Company to complete the Transactions. The approval of the Compensation Proposal is not a condition to the obligations of Parent and the Company to complete the Transactions.

The Voting Parties have entered into a Voting and Support Agreement with the Company, pursuant to which they agreed to vote their shares of Common Stock in favor of the Merger Proposal, the Charter Proposal and the Bylaws Proposal. A copy of the Voting and Support Agreement is attached hereto as Exhibit (d)(5).

It is also a condition to the consummation of the Charter Amendment that, to the extent required by the Toronto Stock Exchange (the “TSX”), the consent of the holders of a majority of the Parent units for the issuance of Parent units in the Parent Unit Exchange be obtained. On April 23, 2018, Parent received a determination in writing from the TSX that the Parent unitholder consent may be obtained by an action by written consent and, accordingly, no special meeting of Parent unitholders will be required.

The cross-references below are being supplied pursuant to General Instruction G to Schedule 13E-3 and show the location in the Joint Proxy Statement/Prospectus of the information required to be included in response to the items of Schedule 13E-3. Pursuant to General Instruction F to Schedule 13E-3, the information contained in the Joint Proxy Statement/Prospectus, including all annexes, exhibits and appendices thereto, is incorporated by reference herein in its entirety, and the responses to each item in this Transaction Statement are qualified in their entirety by the information contained in the Joint Proxy Statement/Prospectus. As of the date hereof, the Joint Proxy Statement/Prospectus is in preliminary form and is subject to completion or amendment. All information contained in this Transaction Statement concerning any of the Filing Persons has been provided by such Filing Person, and no Filing Person has produced any disclosure with respect to any other Filing Person.

Goldman Sachs & Co. LLC has consented to the inclusion of its materials filed as Exhibits under Item 16 of this Transaction Statement.

While each of the Filing Persons acknowledges that the Merger is a going private transaction for purposes of Rule 13e-3 under the Exchange Act, the filing of this Transaction Statement shall not be construed as an admission by any Filing Person, or by any affiliate of a Filing Person, that the Company is “controlled” by any other Filing Person.

Under the SEC rules governing “going private” transactions, each of the Filing Persons may be deemed to be an affiliate of the Company and engaged in a “going private” transaction for purposes of Rule 13e-3 under the Exchange Act. This filing is being made only in response to the SEC’s suggestion that certain of the Filing Persons may be “affiliates” within the meaning of Rule 13e-3. The fact of this filing is not intended to and does not express the view of any Filing Person as to its legal relationships or its engagement in the Transactions.

Item 1. Summary Term Sheet

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

“QUESTIONS AND ANSWERS”

“SUMMARY”

Item 2. Subject Company Information

(a) Name and Address. The Company’s name and the address and telephone number of its principal executive offices are as follows:

GGP Inc.

350 N. Orleans St., Suite 300

Chicago, IL 60654-1607

Tel.: (312) 960-5000

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

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“SUMMARY—Stock Ownership and Voting of Directors and Executive Officers of GGP”

“THE SPECIAL MEETING—Record Date; Who Can Vote at the Special Meeting”

“CERTAIN BENEFICIAL OWNERSHIP OF GGP COMMON STOCK”

(c) Trading Market and Price. The information set forth in the Joint Proxy Statement/Prospectus under the following caption is incorporated herein by reference:

“COMPARATIVE GGP AND BPY MARKET PRICE AND DIVIDEND/DISTRIBUTION INFORMATION”

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

“COMPARATIVE GGP AND BPY MARKET PRICE AND DIVIDEND/DISTRIBUTION INFORMATION”

“UNAUDITED COMPARATIVE PER UNIT AND PER SHARE DATA”

(e) Prior Public Offerings. The information set forth in the Joint Proxy Statement/Prospectus under the following caption is incorporated herein by reference:

“CERTAIN INFORMATION CONCERNING GGP”

(f) Prior Stock Purchases. The information set forth in the Joint Proxy Statement/Prospectus under the following captions is incorporated herein by reference:

“PAST TRANSACTIONS INVOLVING GGP COMMON STOCK”

“SPECIAL FACTORS—Positions of the Parent Parties and the Brookfield Filing Persons as to the Fairness of the Transactions”

Item 3. Identity and Background of Filing Person

(a) Name and Address. GGP Inc. is the subject company. The information set forth in the Joint Proxy Statement/Prospectus under the following captions is incorporated herein by reference:

“CERTAIN INFORMATION CONCERNING GGP”

“CERTAIN INFORMATION CONCERNING THE PARENT PARTIES AND THE BROOKFIELD FILING PERSONS”

“WHERE YOU CAN FIND MORE INFORMATION; INCORPORATION BY REFERENCE”

(b) Business and Background of Entities. The information set forth in the Joint Proxy Statement/Prospectus under the following captions is incorporated herein by reference:

“CERTAIN INFORMATION CONCERNING GGP”

“CERTAIN INFORMATION CONCERNING THE PARENT PARTIES AND THE BROOKFIELD FILING PERSONS”

“WHERE YOU CAN FIND MORE INFORMATION; INCORPORATION BY REFERENCE”

(c) Business and Background of Natural Persons. The information set forth in the Joint Proxy Statement/Prospectus under the following captions is incorporated herein by reference:

“CERTAIN INFORMATION CONCERNING GGP”

“CERTAIN INFORMATION CONCERNING THE PARENT PARTIES AND THE BROOKFIELD FILING PERSONS”

“WHERE YOU CAN FIND MORE INFORMATION; INCORPORATION BY REFERENCE”

Item 4. Terms of the Transaction

(a) Material Terms. The information set forth in the Joint Proxy Statement/Prospectus under the following captions is incorporated herein by reference:

“QUESTIONS AND ANSWERS”

“SUMMARY”

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“SPECIAL FACTORS—General”

“SPECIAL FACTORS—Background of the Transactions”

“SPECIAL FACTORS—Reasons for the Transactions and Recommendation of the Special Committee and the GGP Board”

“SPECIAL FACTORS—Opinion of Goldman Sachs & Co. LLC”

“SPECIAL FACTORS—Certain GGP Forecasts”

“SPECIAL FACTORS—Certain BPY Forecasts”

“SPECIAL FACTORS—Purpose and Reasons of the Parent Parties and the Brookfield Filing Persons for the Transactions”

“SPECIAL FACTORS—Positions of the Parent Parties and the Brookfield Filing Persons as to the Fairness of the Transactions”

“SPECIAL FACTORS—Plans for BPR After the Transactions”

“SPECIAL FACTORS—Certain Effects of the Merger and Transactions”

“SPECIAL FACTORS—Financing Arrangements”

“SPECIAL FACTORS—Governance of BPR Following the Transactions”

“SPECIAL FACTORS—Interests of GGP’s Directors and Executive Officers in the Transactions”

“SPECIAL FACTORS—Certain Related Party Agreements between GGP and the Brookfield Filing Persons”

“SPECIAL FACTORS—Regulatory Approval”

“SPECIAL FACTORS—Accounting Treatment of the Transactions”

“SPECIAL FACTORS—Listing of Class A Stock”

“SPECIAL FACTORS—Listing of New Series A Preferred Stock”

“SPECIAL FACTORS—Listing of Newly Issued BPY Units”

“SPECIAL FACTORS—Delisting and Deregistration of GGP Common Stock and GGP’s Pre-Existing Series A Preferred Stock”

“SPECIAL FACTORS—Restrictions on Sales of Shares of Class A Stock Received in Connection with the Transactions”

“SPECIAL FACTORS—Restrictions on Sales of BPY Units Received in Connection with the Transactions”

“PARTIES TO THE MERGER AGREEMENT”

“THE SPECIAL MEETING—Vote Required for Approval; Effect of Failure to Vote, Broker Non-Votes and Abstention”

“MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS AND CONSEQUENCES”

“THE MERGER AGREEMENT—Structure and Timing of the Transactions”

“THE MERGER AGREEMENT—Treatment of GGP Equity Awards”

“THE MERGER AGREEMENT—The Closing of the Charter Amendment, the Bylaws Amendment, the Partnership Agreement Amendment and Restatement and the Merger”

“THE MERGER AGREEMENT—Exchange of Shares and the Escrow Arrangement”

“THE MERGER AGREEMENT—Conditions to Consummation of the Charter Amendment, the Bylaws Amendment, the Partnership Agreement Amendment and Restatement and the Merger”

“THE MERGER AGREEMENT—Covenants and Agreements”

“OTHER TRANSACTION AGREEMENTS”

“DESCRIPTION OF CLASS A STOCK”

“DESCRIPTION OF CLASS B STOCK”

“DESCRIPTION OF CLASS C STOCK”

“COMPARISON OF RIGHTS OF HOLDERS OF GGP SERIES A PREFERRED STOCK AND NEW SERIES A PREFERRED STOCK”

“DESCRIPTION OF NEW SERIES A PREFERRED STOCK”

“DESCRIPTION OF BPY UNITS”

“COMPARISON OF RIGHTS OF HOLDERS OF GGP COMMON STOCK, CLASS A STOCK AND BPY UNITS”

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

“QUESTIONS AND ANSWERS”

“SUMMARY”

“SPECIAL FACTORS—Purpose and Reasons of the Parent Parties and the Brookfield Filing Persons for the Transactions”

“SPECIAL FACTORS—Positions of the Parent Parties and the Brookfield Filing Persons as to the Fairness of the Transactions”

“SPECIAL FACTORS—Plans for BPR After the Transactions”

“SPECIAL FACTORS—Certain Effects of the Merger and Transactions”

“SPECIAL FACTORS—Governance of BPR Following the Transactions”

“SPECIAL FACTORS—Interests of GGP’s Directors and Executive Officers in the Transactions”

“SPECIAL FACTORS—Restrictions on Sales of Shares of Class A Stock Received in Connection with the Transactions”

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“SPECIAL FACTORS—Restrictions on Sales of BPY Units Received in Connection with the Transactions”

“MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS AND CONSEQUENCES”

“THE MERGER AGREEMENT—Treatment of GGP Equity Awards”

“THE MERGER AGREEMENT—Exchange of Shares and the Escrow Arrangement”

“DESCRIPTION OF CLASS A STOCK”

“DESCRIPTION OF CLASS B STOCK”

“DESCRIPTION OF CLASS C STOCK”

“COMPARISON OF RIGHTS OF HOLDERS OF GGP SERIES A PREFERRED STOCK AND NEW SERIES A PREFERRED STOCK”

“DESCRIPTION OF NEW SERIES A PREFERRED STOCK”

“DESCRIPTION OF BPY UNITS”

“COMPARISON OF RIGHTS OF HOLDERS OF GGP COMMON STOCK, CLASS A STOCK AND BPY UNITS”

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

“QUESTIONS AND ANSWERS”

“SUMMARY”

“APPRAISAL RIGHTS IN THE MERGER”

ANNEX J—Delaware General Corporation Law § 262 Appraisal Rights

(e) Provisions for Unaffiliated Security Holders. The information set forth in the Joint Proxy Statement/Prospectus under the following captions is incorporated herein by reference:

“QUESTIONS AND ANSWERS”

“SUMMARY”

“SPECIAL FACTORS—Positions of the Parent Parties and the Brookfield Filing Persons as to the Fairness of the Transactions”

“APPRAISAL RIGHTS IN THE MERGER”

“WHERE YOU CAN FIND MORE INFORMATION; INCORPORATION BY REFERENCE”

ANNEX J—Delaware General Corporation Law § 262 Appraisal Rights

(f) Eligibility for Listing or Trading. The information set forth in the Joint Proxy Statement/Prospectus under the following captions is incorporated herein by reference:

“SUMMARY”

“SPECIAL FACTORS—Plans for BPR After the Transactions”

“SPECIAL FACTORS—Certain Effects of the Merger and Transactions”

“SPECIAL FACTORS—Listing of Class A Stock”

“SPECIAL FACTORS—Listing of New Series A Preferred Stock”

“SPECIAL FACTORS—Listing of Newly Issued BPY Units”

“SPECIAL FACTORS—Delisting and Deregistration of GGP Common Stock and GGP’s Pre-Existing Series A Preferred Stock”

“DESCRIPTION OF CLASS A STOCK”

“DESCRIPTION OF CLASS B STOCK”

“DESCRIPTION OF CLASS C STOCK”

“DESCRIPTION OF NEW SERIES A PREFERRED STOCK”

“DESCRIPTION OF BPY UNITS”

Item 5. Past Contacts, Transactions, Negotiations and Agreements

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

“SUMMARY”

“SPECIAL FACTORS—Background of the Transactions”    

“SPECIAL FACTORS— Purpose and Reasons of the Parent Parties and the Brookfield Filing Persons for the Transactions”

“SPECIAL FACTORS—Financing Arrangements”

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“SPECIAL FACTORS—Certain Related Party Agreements between GGP and the Brookfield Filing Persons”

“THE MERGER AGREEMENT”

“OTHER TRANSACTION AGREEMENTS”

“PAST TRANSACTIONS INVOLVING GGP COMMON STOCK”

ANNEX A—Agreement and Plan of Merger

ANNEX E—Voting Agreement

ANNEX F—Class B Exchange Agreement

ANNEX G—BPY Unitholder Consent Letter Agreement

ANNEX H—Management Fee Letter Agreement

(b)—(c) Significant Corporate Events; Negotiations or Contacts. The information set forth in the Joint Proxy Statement/Prospectus under the following captions is incorporated herein by reference:

“SUMMARY”

“SPECIAL FACTORS—Background of the Transactions”    

“SPECIAL FACTORS—Reasons for the Transactions and Recommendation of the Special Committee and the GGP Board”

“SPECIAL FACTORS—Opinion of Goldman Sachs & Co. LLC”

“SPECIAL FACTORS—Purpose and Reasons of the Parent Parties and the Brookfield Filing Persons for the Transactions”

“SPECIAL FACTORS—Positions of the Parent Parties and the Brookfield Filing Persons as to the Fairness of the Transactions”

“SPECIAL FACTORS—Financing Arrangements”

“SPECIAL FACTORS—Interests of GGP’s Directors and Executive Officers in the Transactions”

“SPECIAL FACTORS—Certain Related Party Agreements between GGP and the Brookfield Filing Persons”

“THE MERGER AGREEMENT”

“OTHER TRANSACTION AGREEMENTS”

“PAST TRANSACTIONS INVOLVING GGP COMMON STOCK”

ANNEX A—Agreement and Plan of Merger

ANNEX E—Voting Agreement

ANNEX F—Class B Exchange Agreement

ANNEX G—BPY Unitholder Consent Letter Agreement

ANNEX H—Management Fee Letter Agreement

(e) Agreements Involving the Subject Company’s Securities. The information set forth in the Joint Proxy Statement/Prospectus under the following captions is incorporated herein by reference:

“QUESTIONS AND ANSWERS”

“SUMMARY”

“SPECIAL FACTORS—Background of the Transactions”

“SPECIAL FACTORS—Purpose and Reasons of the Parent Parties and the Brookfield Filing Persons for the Transactions”

“SPECIAL FACTORS—Certain Effects of the Merger and Transactions”

“SPECIAL FACTORS—Financing Arrangements”

“SPECIAL FACTORS—Interests of GGP’s Directors and Executive Officers in the Transactions”

“SPECIAL FACTORS—Certain Related Party Agreements between GGP and the Brookfield Filing Persons”

“SPECIAL FACTORS—Listing of Class A Stock”

“SPECIAL FACTORS—Listing of New Series A Preferred Stock”

“SPECIAL FACTORS—Delisting and Deregistration of GGP Common Stock and GGP’s Pre-Existing Series A Preferred Stock”

“SPECIAL FACTORS—Restrictions on Sales of Shares of Class A Stock Received in Connection with the Transactions”

“THE SPECIAL MEETING—Record Date; Who Can Vote at the Special Meeting”

“THE MERGER AGREEMENT”

“OTHER TRANSACTION AGREEMENTS”

“PAST TRANSACTIONS INVOLVING GGP COMMON STOCK”

ANNEX A—Agreement and Plan of Merger

ANNEX E—Voting Agreement

ANNEX F—Class B Exchange Agreement

ANNEX G—BPY Unitholder Consent Letter Agreement

ANNEX H—Management Fee Letter Agreement

7

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

(b) Use of Securities Acquired. The information set forth in the Joint Proxy Statement/Prospectus under the following captions is incorporated herein by reference:

“SUMMARY”

“SPECIAL FACTORS—Reasons for the Transactions and Recommendation of the Special Committee and the GGP Board”

“SPECIAL FACTORS—Opinion of Goldman Sachs & Co. LLC”

“SPECIAL FACTORS—Purpose and Reasons of the Parent Parties and the Brookfield Filing Persons for the Transactions”

“SPECIAL FACTORS—Plans for BPR After the Transactions”

“SPECIAL FACTORS—Certain Effects of the Merger and Transactions”

“SPECIAL FACTORS—Interests of GGP’s Directors and Executive Officers in the Transactions”

“SPECIAL FACTORS—Listing of Class A Stock”

“SPECIAL FACTORS—Listing of New Series A Preferred Stock”

“SPECIAL FACTORS—Listing of Newly Issued BPY Units”

“SPECIAL FACTORS—Delisting and Deregistration of GGP Common Stock and GGP’s Pre-Existing Series A Preferred Stock”

“SPECIAL FACTORS—Restrictions on Sales of Shares of Class A Stock Received in Connection with the Transactions”

“SPECIAL FACTORS—Restrictions on Sales of BPY Units Received in Connection with the Transactions”

“THE MERGER AGREEMENT—Treatment of GGP Equity Awards”

“THE MERGER AGREEMENT—The Closing of the Charter Amendment, the Bylaws Amendment, the Partnership Agreement Amendment and Restatement and the Merger”

“THE MERGER AGREEMENT—Exchange of Shares and the Escrow Arrangement”

“OTHER TRANSACTION AGREEMENTS”

“DESCRIPTION OF CLASS A STOCK”

“DESCRIPTION OF CLASS B STOCK”

“DESCRIPTION OF CLASS C STOCK”

“DESCRIPTION OF NEW SERIES A PREFERRED STOCK”

“DESCRIPTION OF BPY UNITS”

ANNEX A—Agreement and Plan of Merger

ANNEX E—Voting Agreement

ANNEX F—Class B Exchange Agreement

ANNEX G—BPY Unitholder Consent Letter Agreement

ANNEX H—Management Fee Letter Agreement

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

“SUMMARY”

“SPECIAL FACTORS—Background of the Transactions”

“SPECIAL FACTORS—Reasons for the Transactions and Recommendation of the Special Committee and the GGP Board”

“SPECIAL FACTORS—Opinion of Goldman Sachs & Co. LLC”

“SPECIAL FACTORS— Purpose and Reasons of the Parent Parties and the Brookfield Filing Persons for the Transactions”

“SPECIAL FACTORS—Positions of the Parent Parties and the Brookfield Filing Persons as to the Fairness of the Transactions”

“SPECIAL FACTORS—Plans for BPR After the Transactions”

“SPECIAL FACTORS—Certain Effects of the Merger and Transactions”

“SPECIAL FACTORS—Financing Arrangements”

“SPECIAL FACTORS—Governance of BPR Following the Transactions”

“SPECIAL FACTORS—Interests of GGP’s Directors and Executive Officers in the Transactions”

“SPECIAL FACTORS—Certain Related Party Agreements between GGP and the Brookfield Filing Persons”

“SPECIAL FACTORS—Listing of Class A Stock”

“SPECIAL FACTORS—Listing of New Series A Preferred Stock”

“SPECIAL FACTORS—Listing of Newly Issued BPY Units”

“SPECIAL FACTORS—Delisting and Deregistration of GGP Common Stock and GGP’s Pre-Existing Series A Preferred Stock”

“SPECIAL FACTORS—Restrictions on Sales of Shares of Class A Stock Received in Connection with the Transactions”

“SPECIAL FACTORS—Restrictions on Sales of BPY Units Received in Connection with the Transactions”

8

“THE MERGER AGREEMENT—Treatment of GGP Equity Awards”

“THE MERGER AGREEMENT—Covenants and Agreements—Pre-Closing Transactions”

“OTHER TRANSACTION AGREEMENTS”

ANNEX A—Agreement and Plan of Merger

ANNEX E—Voting Agreement

ANNEX F—Class B Exchange Agreement

ANNEX G—BPY Unitholder Consent Letter Agreement

ANNEX H—Management Fee Letter Agreement

Item 7. Purposes, Alternatives, Reasons and Effects

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

“SUMMARY”

“SPECIAL FACTORS—Background of the Transactions”

“SPECIAL FACTORS—Reasons for the Transactions and Recommendation of the Special Committee and the GGP Board”

“SPECIAL FACTORS—Opinion of Goldman Sachs & Co. LLC”

“SPECIAL FACTORS— Purpose and Reasons of the Parent Parties and the Brookfield Filing Persons for the Transactions”

“SPECIAL FACTORS— Positions of the Parent Parties and the Brookfield Filing Persons as to the Fairness of the Transactions”

“SPECIAL FACTORS—Plans for BPR After the Transactions”

“SPECIAL FACTORS—Certain Effects of the Merger and Transactions”

“SPECIAL FACTORS—Financing Arrangements”

“SPECIAL FACTORS—Governance of BPR Following the Transactions”

“SPECIAL FACTORS—Interests of GGP’s Directors and Executive Officers in the Transactions”

“SPECIAL FACTORS—Certain Related Party Agreements between GGP and the Brookfield Filing Persons”

“SPECIAL FACTORS—Listing of Class A Stock”

“SPECIAL FACTORS—Listing of New Series A Preferred Stock”

“SPECIAL FACTORS—Listing of Newly Issued BPY Units”

“SPECIAL FACTORS—Delisting and Deregistration of GGP Common Stock and GGP’s Pre-Existing Series A Preferred Stock”

“SPECIAL FACTORS—Restrictions on Sales of Shares of Class A Stock Received in Connection with the Transactions”

“SPECIAL FACTORS—Restrictions on Sales of BPY Units Received in Connection with the Transactions”

“THE MERGER AGREEMENT—Treatment of GGP Equity Awards”

“THE MERGER AGREEMENT—Covenants and Agreements—Pre-Closing Transactions”

“OTHER TRANSACTION AGREEMENTS”

ANNEX A—Agreement and Plan of Merger

ANNEX E—Voting Agreement

ANNEX F—Class B Exchange Agreement

ANNEX G—BPY Unitholder Consent Letter Agreement

ANNEX H—Management Fee Letter Agreement

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

“SPECIAL FACTORS—Background of the Transactions”

“SPECIAL FACTORS—Reasons for the Transactions and Recommendation of the Special Committee and the GGP Board”

“SPECIAL FACTORS—Opinion of Goldman Sachs & Co. LLC”

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

“SUMMARY”

“SPECIAL FACTORS—Background of the Transactions”

“SPECIAL FACTORS—Reasons for the Transactions and Recommendation of the Special Committee and the GGP Board”

“SPECIAL FACTORS—Opinion of Goldman Sachs & Co. LLC”

“SPECIAL FACTORS— Purpose and Reasons of the Parent Parties and the Brookfield Filing Persons for the Transactions”

9

“SPECIAL FACTORS—Positions of the Parent Parties and the Brookfield Filing Persons as to the Fairness of the Transactions”

“SPECIAL FACTORS—Certain Effects of the Merger and Transactions”

“SPECIAL FACTORS—Listing of Class A Stock”

“SPECIAL FACTORS—Listing of New Series A Preferred Stock”

“SPECIAL FACTORS—Listing of Newly Issued BPY Units”

“SPECIAL FACTORS—Delisting and Deregistration of GGP Common Stock and GGP’s Pre-Existing Series A Preferred Stock”

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

“SUMMARY”

“SPECIAL FACTORS—Background of the Transactions”

“SPECIAL FACTORS—Reasons for the Transactions and Recommendation of the Special Committee and the GGP Board”

“SPECIAL FACTORS—Opinion of Goldman Sachs & Co. LLC”

“SPECIAL FACTORS— Purpose and Reasons of the Parent Parties and the Brookfield Filing Persons for the Transactions”

“SPECIAL FACTORS—Positions of the Parent Parties and the Brookfield Filing Persons as to the Fairness of the Transactions”

“SPECIAL FACTORS—Plans for BPR After the Transactions”

“SPECIAL FACTORS—Certain Effects of the Merger and Transactions”

“SPECIAL FACTORS—Financing Arrangements”

“SPECIAL FACTORS—Governance of BPR Following the Transactions”

“SPECIAL FACTORS—Interests of GGP’s Directors and Executive Officers in the Transactions”

“SPECIAL FACTORS—Certain Related Party Agreements between GGP and the Brookfield Filing Persons”

“SPECIAL FACTORS—Listing of Class A Stock”

“SPECIAL FACTORS—Listing of New Series A Preferred Stock”

“SPECIAL FACTORS—Listing of Newly Issued BPY Units”

“SPECIAL FACTORS—Delisting and Deregistration of GGP Common Stock and GGP’s Pre-Existing Series A Preferred Stock”

“SPECIAL FACTORS—Restrictions on Sales of Shares of Class A Stock Received in Connection with the Transactions”

“SPECIAL FACTORS—Restrictions on Sales of BPY Units Received in Connection with the Transactions”

“MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS AND CONSEQUENCES”

“THE MERGER AGREEMENT—Structure and Timing of the Transactions”

“THE MERGER AGREEMENT—Treatment of GGP Equity Awards”

“THE MERGER AGREEMENT—Exchange of Shares and the Escrow Arrangement”

“THE MERGER AGREEMENT—Covenants and Agreements—Pre-Closing Transactions”

“OTHER TRANSACTION AGREEMENTS”

“APPRAISAL RIGHTS IN THE MERGER”

ANNEX A—Agreement and Plan of Merger

ANNEX E—Voting Agreement

ANNEX F—Class B Exchange Agreement

ANNEX G—BPY Unitholder Consent Letter Agreement

ANNEX H—Management Fee Letter Agreement

ANNEX J—Delaware General Corporation Law § 262 Appraisal Rights

Item 8. Fairness of the Transaction

(a)—(b) Fairness; Factors Considered in Determining Fairness. The information set forth in the Joint Proxy Statement/Prospectus under the following captions is incorporated herein by reference:

“SUMMARY”

“SPECIAL FACTORS—Background of the Transactions”

“SPECIAL FACTORS—Reasons for the Transactions and Recommendation of the Special Committee and the GGP Board”

“SPECIAL FACTORS—Opinion of Goldman Sachs & Co. LLC”

“SPECIAL FACTORS—Purpose and Reasons of the Parent Parties and the Brookfield Filing Persons for the Transactions”

“SPECIAL FACTORS—Positions of the Parent Parties and the Brookfield Filing Persons as to the Fairness of the Transactions”

10

“SPECIAL FACTORS—Certain Effects of the Merger and Transactions”

“SPECIAL FACTORS—Governance of BPR Following the Transactions”

“SPECIAL FACTORS—Interests of GGP’s Directors and Executive Officers in the Transactions”

“SPECIAL FACTORS—Certain Related Party Agreements between GGP and the Brookfield Filing Persons”

“SPECIAL FACTORS—Accounting Treatment of the Transactions”

“SPECIAL FACTORS—Listing of Class A Stock”

“SPECIAL FACTORS—Listing of New Series A Preferred Stock”

“SPECIAL FACTORS—Listing of Newly Issued BPY Units”

“SPECIAL FACTORS—Delisting and Deregistration of GGP Common Stock and GGP’s Pre-Existing Series A Preferred Stock”

“SPECIAL FACTORS—Restrictions on Sales of Shares of Class A Stock Received in Connection with the Transactions”

“SPECIAL FACTORS—Restrictions on Sales of BPY Units Received in Connection with the Transactions”

“COMPARISON OF RIGHTS OF HOLDERS OF GGP COMMON STOCK, CLASS A STOCK AND BPY UNITS”

“APPRAISAL RIGHTS IN THE MERGER”

ANNEX D—Opinion of Goldman Sachs & Co. LLC

The discussion materials dated November 15, 2017 (two presentations), November 17, 2017, November 27, 2017, December 4, 2017, December 14, 2017, February 24, 2018, March 23, 2018 and March 26, 2018, each prepared by Goldman Sachs & Co. LLC for the Special Committee of the Board of Directors of the Company, are attached hereto as Exhibits (c)(2) through (c)(10), respectively, and are incorporated by reference herein.

(c) Approval of Security Holders. The information set forth in the Joint Proxy Statement/Prospectus under the following captions is incorporated herein by reference:

“QUESTIONS AND ANSWERS”

“SUMMARY”

“SPECIAL FACTORS—Reasons for the Transactions and Recommendation of the Special Committee and the GGP Board”

“SPECIAL FACTORS—Purpose and Reasons of the Parent Parties and the Brookfield Filing Persons for the Transactions”

“SPECIAL FACTORS—Positions of the Parent Parties and the Brookfield Filing Persons as to the Fairness of the Transactions”

“THE SPECIAL MEETING—Record Date; Who Can Vote at the Special Meeting”

“THE SPECIAL MEETING—Vote Required for Approval; Effect of Failure to Vote, Broker Non-Votes and Abstention”

“THE MERGER AGREEMENT—Conditions to Consummation of the Charter Amendment, the Bylaws Amendment, the Partnership Agreement Amendment and Restatement and the Merger”

ANNEX A—Agreement and Plan of Merger

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

“SPECIAL FACTORS—Background of the Transactions”

“SPECIAL FACTORS—Reasons for the Transactions and Recommendation of the Special Committee and the GGP Board”

“SPECIAL FACTORS—Opinion of Goldman Sachs & Co. LLC”

“SPECIAL FACTORS—Purpose and Reasons of the Parent Parties and the Brookfield Filing Persons for the Transactions”

“SPECIAL FACTORS—Positions of the Parent Parties and the Brookfield Filing Persons as to the Fairness of the Transactions”

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

“QUESTIONS AND ANSWERS”

“SUMMARY”

“SPECIAL FACTORS—Background of the Transactions”

“SPECIAL FACTORS—Reasons for the Transactions and Recommendation of the Special Committee and the GGP Board”

“SPECIAL FACTORS—Opinion of Goldman Sachs & Co. LLC”

“SPECIAL FACTORS—Purpose and Reasons of the Parent Parties and the Brookfield Filing Persons for the Transactions”

“SPECIAL FACTORS—Positions of the Parent Parties and the Brookfield Filing Persons as to the Fairness of the Transactions”

“SPECIAL FACTORS—Interests of GGP’s Directors and Executive Officers in the Transactions”

“THE SPECIAL MEETING—Recommendation of the Special Committee and the GGP Board”

11

(f) Other Offers. Not applicable.

Item 9. Reports, Opinions, Appraisals and Negotiations

(a)—(c) Report, Opinion or Appraisal; Preparer and Summary of the Report, Opinion or Appraisal; Availability of Documents. The information set forth in the Joint Proxy Statement/Prospectus under the following captions is incorporated herein by reference:

“SUMMARY”

“SPECIAL FACTORS—Background of the Transactions”

“SPECIAL FACTORS—Reasons for the Transactions and Recommendation of the Special Committee and the GGP Board”

“SPECIAL FACTORS—Opinion of Goldman Sachs & Co. LLC”

“SPECIAL FACTORS—Purpose and Reasons of the Parent Parties and the Brookfield Filing Persons for the Transactions”

“SPECIAL FACTORS—Positions of the Parent Parties and the Brookfield Filing Persons as to the Fairness of the Transactions”

“SPECIAL FACTORS—Accounting Treatment of the Transactions”

“WHERE YOU CAN FIND MORE INFORMATION; INCORPORATION BY REFERENCE”

ANNEX D—Opinion of Goldman Sachs & Co. LLC

The discussion materials dated November 15, 2017 (two presentations), November 17, 2017, November 27, 2017, December 4, 2017, December 14, 2017, February 24, 2018, March 23, 2018 and March 26, 2018, each prepared by Goldman Sachs & Co. LLC for the Special Committee of the Board of Directors of the Company, are attached hereto as Exhibits (c)(2) through (c)(10), respectively, and are incorporated by reference herein.

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

Item 10. Source and Amounts of Funds or Other Consideration

(a)—(b), (d) Source of Funds; Conditions; Borrowed Funds. The information set forth in the Joint Proxy Statement/Prospectus under the following captions is incorporated herein by reference:

“SUMMARY”

“SPECIAL FACTORS—Background of the Transactions”

“SPECIAL FACTORS—Reasons for the Transactions and Recommendation of the Special Committee and the GGP Board”

“SPECIAL FACTORS—Opinion of Goldman Sachs & Co. LLC”

“SPECIAL FACTORS— Purpose and Reasons of the Parent Parties and the Brookfield Filing Persons for the Transactions”

“SPECIAL FACTORS—Financing Arrangements”

“THE MERGER AGREEMENT—Structure and Timing of the Transactions—The Pre-Closing Transactions”

That certain Commitment Letter, dated March 26, 2018, by and among Wells Fargo Bank, National Association, Wells Fargo Securities, LLC, Deutsche Bank AG New York Branch, Deutsche Bank Securities Inc., Deutsche Bank AG Cayman Islands Branch, Morgan Stanley Senior Funding, Inc., Royal Bank of Canada, RBC Capital Markets, LLC and Brookfield Retail Holdings VII Sub 3 LLC, is attached hereto as Exhibit (b)(1).

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

“QUESTIONS AND ANSWERS”

“SUMMARY”

“SPECIAL FACTORS—Reasons for the Transactions and Recommendation of the Special Committee and the GGP Board”

“SPECIAL FACTORS—Certain Effects of the Merger and Transactions”

“THE MERGER AGREEMENT—Termination”

“THE MERGER AGREEMENT—Fees and Expenses”

Item 11. Interest in Securities of the Subject Company

12

(a) Securities Ownership. The information set forth in the Joint Proxy Statement/Prospectus under the following captions is incorporated herein by reference:

“SUMMARY”

“SPECIAL FACTORS—Reasons for the Transactions and Recommendation of the Special Committee and the GGP Board”

“SPECIAL FACTORS—Purpose and Reasons of the Parent Parties and the Brookfield Filing Persons for the Transactions”

“SPECIAL FACTORS—Positions of the Parent Parties and the Brookfield Filing Persons as to the Fairness of the Transactions”

“SPECIAL FACTORS—Certain Effects of the Merger and Transactions”

“SPECIAL FACTORS—Interests of GGP’s Directors and Executive Officers in the Transactions”

“SPECIAL FACTORS—Listing of Class A Stock”    

“SPECIAL FACTORS—Listing of New Series A Preferred Stock”

“SPECIAL FACTORS—Listing of Newly Issued BPY Units”

“SPECIAL FACTORS—Delisting and Deregistration of GGP Common Stock and GGP’s Pre-Existing Series A Preferred Stock”

“SPECIAL FACTORS—Restrictions on Sales of Shares of Class A Stock Received in Connection with the Transactions”

“SPECIAL FACTORS—Restrictions on Sales of BPY Units Received in Connection with the Transactions”

“CERTAIN BENEFICAL OWNERSHIP OF GGP COMMON STOCK—Ownership of Equity Securities of GGP by Directors and Executive Officers”

“CERTAIN BENEFICAL OWNERSHIP OF GGP COMMON STOCK—Ownership of Equity Securities of GGP by 5% Stockholders”

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

“SPECIAL FACTORS—Positions of the Parent Parties and the Brookfield Filing Persons as to the Fairness of the Transactions”

“PAST TRANSACTIONS INVOLVING GGP COMMON STOCK”

Item 12. The Solicitation or Recommendation

(d) Intent to Tender or Vote in a Going-Private Transaction. The information set forth in the Joint Proxy Statement/Prospectus under the following captions is incorporated herein by reference:

“QUESTIONS AND ANSWERS”

“SUMMARY”

“SPECIAL FACTORS—Reasons for the Transactions and Recommendation of the Special Committee and the GGP Board”

“SPECIAL FACTORS—Opinion of Goldman Sachs & Co. LLC”

“SPECIAL FACTORS—Purpose and Reasons of the Parent Parties and the Brookfield Filing Persons for the Transactions”

“SPECIAL FACTORS— Positions of the Parent Parties and the Brookfield Filing Persons as to the Fairness of the Transactions”

“THE SPECIAL MEETING—Recommendation of the Special Committee and the GGP Board”

ANNEX E—Voting Agreement

(e) Recommendations of Others. The information set forth in the Joint Proxy Statement/Prospectus under the following captions is incorporated herein by reference:

“SUMMARY”

“SPECIAL FACTORS—Reasons for the Transactions and Recommendation of the Special Committee and the GGP Board”

“SPECIAL FACTORS—Opinion of Goldman Sachs & Co. LLC”

“SPECIAL FACTORS— Purpose and Reasons of the Parent Parties and the Brookfield Filing Persons for the Transactions”

“SPECIAL FACTORS—Positions of the Parent Parties and the Brookfield Filing Persons as to the Fairness of the Transactions”

Item 13. Financial Statements

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

13

“SELECTED HISTORICAL FINANCIAL INFORMATION OF GGP”

“SELECTED HISTORICAL FINANCIAL INFORMATION OF BPY”

“UNAUDITED COMPARATIVE PER UNIT AND PER SHARE DATA”

“COMPARATIVE GGP AND BPY MARKET PRICE AND DIVIDEND/DISTRIBUTION INFORMATION”

“RATIO OF CONSOLIDATED EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DISTRIBUTIONS”

“SPECIAL FACTORS—Certain Effects of the Merger and Transactions”

“WHERE YOU CAN FIND MORE INFORMATION; INCORPORATION BY REFERENCE”

(b) Pro Forma Information. The information set forth in the Joint Proxy Statement/Prospectus under the following captions is incorporated herein by reference:

“SELECTED UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL DATA OF BPY FOLLOWING THE TRANSACTIONS”

“SELECTED UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL DATA OF BPR FOLLOWING THE TRANSACTIONS”

“UNAUDITED COMPARATIVE PER UNIT AND PER SHARE DATA”

“SPECIAL FACTORS—Certain Effects of the Merger and Transactions”

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

(a)—(b) Solicitations or Recommendations; Employees and Corporate Assets. The information set forth in the Joint Proxy Statement/Prospectus under the following captions is incorporated herein by reference:

“QUESTIONS AND ANSWERS”

“SPECIAL FACTORS—Background of the Transactions”

“SPECIAL FACTORS—Reasons for the Transactions and Recommendation of the Special Committee and the GGP Board”

“SPECIAL FACTORS—Opinion of Goldman Sachs & Co. LLC”

“SPECIAL FACTORS—Purpose and Reasons of the Parent Parties and the Brookfield Filing Persons for the Transactions”

“SPECIAL FACTORS— Positions of the Parent Parties and the Brookfield Filing Persons as to the Fairness of the Transactions”

“SPECIAL FACTORS—Plans for BPR After the Transactions”

“SPECIAL FACTORS—Certain Effects of the Merger and Transactions”

“SPECIAL FACTORS—Governance of BPR Following the Transactions”

“SPECIAL FACTORS—Interests of GGP’s Directors and Executive Officers in the Transactions”

“THE SPECIAL MEETING—Solicitation of Proxies”

“THE MERGER AGREEMENT—Fees and Expenses”

Item 15. Additional Information

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

“QUESTIONS AND ANSWERS”

“SUMMARY”

“SPECIAL FACTORS—Interests of GGP’s Directors and Executive Officers in the Transactions”

“PROPOSALS SUBMITTED TO GGP COMMON STOCKHOLDERS—Proposal 4 — The Compensation Proposal”

“THE MERGER AGREEMENT—Treatment of GGP Equity Awards”

(c) Other Material Information. The entirety of the Joint Proxy Statement/Prospectus, including all annexes thereto, is incorporated herein by reference.

14

Item 16. Exhibits

15

*To be filed by amendment.

16

SIGNATURE

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

Dated as of May 1, 2018

17

18

19

Exhibit (C)(2)

CONFIDENTIAL – PRELIMINARY DRAFT Project Gold Presentation to the Goldfinch Special Committee Strictly Private and Confidential Goldman Sachs & Co. LLC November 15, 2017

Disclaimer CONFIDENTIAL – PRELIMINARY DRAFT These materials have been prepared and are provided by Goldman Sachs on a confidential basis solely for the information and assistance of the special committee of the Board of Directors (the “Special Committee”) of Goldfinch (the “Company”) in connection with its consideration of the matters referred to herein. These materials and Goldman Sachs’ presentation relating to these materials (the “Confidential Information”) may not be disclosed to any third party or circulated or referred to publicly or used for or relied upon for any other purpose without the prior written consent of Goldman Sachs. The Confidential Information was not prepared with a view to public disclosure or to conform to any disclosure standards under any state, federal or international securities laws or other laws, rules or regulations, and Goldman Sachs does not take any responsibility for the use of the Confidential Information by persons other than those set forth above. Notwithstanding anything in this Confidential Information to the contrary, the Company may disclose to any person the US federal income and state income tax treatment and tax structure of any transaction described herein and all materials of any kind (including tax opinions and other tax analyses) that are provided to the Company relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. The Confidential Information has been prepared by the Investment Banking Division of Goldman Sachs and is not a product of its research department. Goldman Sachs and its affiliates are engaged in advisory, underwriting and financing, principal investing, sales and trading, research, investment management and other financial and non-financial activities and services for various persons and entities. Goldman Sachs and its affiliates and employees, and funds or other entities they manage or in which they invest or have other economic interests or with which they co-invest, may at any time purchase, sell, hold or vote long or short positions and investments in securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments of the Company, any other party to any transaction and any of their respective affiliates or any currency or commodity that may be involved in any transaction. Goldman Sachs’ investment banking division maintains regular, ordinary course client service dialogues with clients and potential clients to review events, opportunities, and conditions in particular sectors and industries and, in that connection, Goldman Sachs may make reference to the Company, but Goldman Sachs will not disclose any confidential information received from the Company. The Confidential Information has been prepared based on historical financial information, forecasts and other information obtained by Goldman Sachs from publicly available sources, the management of the Company or other sources (approved for our use by the Company in the case of information from management and non-public information). In preparing the Confidential Information, Goldman Sachs has relied upon and assumed, without assuming any responsibility for independent verification, the accuracy and completeness of all of the financial, legal, regulatory, tax, accounting and other information provided to, discussed with or reviewed by us, and Goldman Sachs does not assume any liability for any such information. Goldman Sachs does not provide accounting, tax, legal or regulatory advice. Goldman Sachs has not made an independent evaluation or appraisal of the assets and liabilities (including any contingent, derivative or other off-balance sheet assets and liabilities) of the Company or any other party to any transaction or any of their respective affiliates and has no obligation to evaluate the solvency of the Company or any other party to any transaction under any state or federal laws relating to bankruptcy, insolvency or similar matters. The analyses contained in the Confidential Information do not purport to be appraisals nor do they necessarily reflect the prices at which businesses or securities actually may be sold or purchased. Goldman Sachs’ role in any due diligence review is limited solely to performing such a review as it shall deem necessary to support its own advice and analysis and shall not be on behalf of the Company. Analyses based upon forecasts of future results are not necessarily indicative of actual future results, which may be significantly more or less favorable than suggested by these analyses, and Goldman Sachs does not assume responsibility if future results are materially different from those forecast. The Confidential Information does not address the underlying business decision of the Company to engage in any transaction, or the relative merits of any transaction or strategic alternative referred to herein as compared to any other transaction or alternative that may be available to the Company. The Confidential Information is necessarily based on economic, monetary, market and other conditions as in effect on, and the information made available to Goldman Sachs as of, the date of such Confidential Information and Goldman Sachs assumes no responsibility for updating or revising the Confidential Information based on circumstances, developments or events occurring after such date. The Confidential Information does not constitute any opinion, nor does the Confidential Information constitute a recommendation to the Special Committee, any security holder of the Company or any other person as to how to vote or act with respect to any transaction or any other matter. The Confidential Information, including this disclaimer, is subject to, and governed by, any written agreement between the Company, the Board and/or any committee thereof, on the one hand, and Goldman Sachs, on the other hand. 1

Today’s Discussion Topics CONFIDENTIAL – PRELIMINARY DRAFT I. I Situation Update — Review of Blue Jay Proposal — Initial Market Reaction I. II Comparison of Goldfinch and Blue Jay Appendices A. Blue Jay Company Overview B. Supporting Analysis 2

CONFIDENTIAL – PRELIMINARY DRAFT I. Situation Update 3

Summary of Blue Jay Proposal     Dated November 11, 2017 CONFIDENTIAL – PRELIMINARY DRAFT Key Information Contained in Proposal Acquirer ï® Blue Jay ï® Cash election: $23.00 Consideration per Goldfinch ï® Unit election: 0.9656 Blue Jay units Share — Implied value of $21.93 based on Blue Jay’s closing price on Tues 14-Nov-2017 ï® Subject to pro-ration based on 50/50 aggregate cash/unit consideration ï® $7.4bn cash Aggregate Consideration units¹ ï® 309mm Blue Jay Pro Forma Ownership ï® Goldfinch stockholders: ~31%² of Blue Jay ï® Blackbird: ~48%³ ï® Approval by majority of Goldfinch’s non-Blackbird-affiliated stockholders (i.e. 50% of the remaining ~66% of stockholders) ï® Approval by Blue Jay unitholders Conditions — Note: Blackbird owns ~69% of Blue Jay units ï® No financing condition anticipated: “At the time of signing a definitive agreement, we expect to have fully committed financing”     Timeline ï® “We can finalize a transaction within a very short period” Source: Blue Jay offer letter dated 11-Nov-2017, Bloomberg, public company filings; Market data as of 14-Nov-2017 ¹ Represents share count per Blue Jay offer letter. ² Based on GS calculation of ~312mm units issued to Goldfinch shareholders (including option/LTIP dilution) at 50% stock consideration / 0.9656 exchange ratio and current Blue Jay diluted shares outstanding of ~707mm. ³ Based on Blackbird’s current ownership of ~488mm units in Blue Jay and GS calculation of ~312mm units issued to Goldfinch shareholders (see footnote 2). Situation Update 4

Implied Enterprise Value and Valuation Multiples ($ in millions, except per share data) CONFIDENTIAL – PRELIMINARY DRAFT Goldfinch at Offer Prices Goldfinch at Trading Prices Blue Jay at Trading Prices Cash Election Unit Election Blended Pre-Rumor¹ Current Undisturbed² Current Price per Share³ $ 23.00 $ 21.93 $ 22.46 $ 19.01 $ 23.95 $ 23.68 $ 22.71 Diluted # Shares (mm) 973.0 970.9 973.8 707.0 706.6 Implied Equity Value $ 21,859 $ 18,457 $ 23,322 $ 16,743 $ 16,047 Implied Equity Value to Public Shareholders $ 7,429 $ 7,083 $ 14,512 P / 2018E Consensus FFO 14.0 x 11.8 x 14.9 x 15.7 x 15.1 x P / 2019E Consensus FFO 13.2 x 11.2 x 14.1 x 15.0 x 14.4 x P / 2018E Consensus AFFO 17.6 x 14.9 x 18.7 x 23.3 x 22.4 x P / 2019E Consensus AFFO 16.3 x 13.8 x 17.4 x 22.0 x 21.1 x Net Debt + Prefs (at Share) $ 18,213 $ 18,213 $ 18,213 $ 35,084 $ 35,084 Implied Enterprise Value $ 40,072 $ 36,670 $ 41,534 $ 51,827 $ 51,131 EV / 2018E Consensus EBITDA 17.5 x 16.0 x 18.1 x 20.8 x 20.5 x EV / 2019E Consensus EBITDA 17.0 x 15.6 x 17.7 x 22.0 x 21.7 x Source: Blue Jay offer letter dated 11-Nov-2017, Bloomberg, public company filings, IBES Estimates, SNL Financial; Market data as of 14-Nov-2017 unless otherwise stated ¹ Share price as of 6-Nov-2017. ² Share price as of 10-Nov-2017.     ³ Unit Election price per share based on Blue Jay share price as of 14-Nov-2017 and exchange ratio of 0.9656. Situation Update 5

Implied Offer Premia ($ in millions, except per share data) CONFIDENTIAL – PRELIMINARY DRAFT Offer Price Relative to Key Public Reference Points Cash Election Offer Price $23.00 50/50 Cash/Unit Offer Price $22.46 Unit Election Offer Price $21.93 $ 30.00 $ 27.65 $ 27.10 $ 26.81 $ 25.79 $ 23.02 $ 19.01 $ 21.36 $ 18.83 Pre-Rumor 52-Week 52-Week 3-Month 1-Year 3-Year Blue Jay 3Q GSA Consensus Share Price Intraday High Intraday Low VWAP VWAP VWAP IFRS NAV of NAV NAV (6-Nov-2017) Share Price Share Price Goldfinch¹ Implied Offer Premia Cash Election 21.0 % (15.1)% 22.1 % 7.7 % (0.1)% (10.8)% (23.3)% (16.8)% (14.2)% Unit Election 15.4 (19.1) 16.5 2.7 (4.8) (15.0) (26.9) (20.7) (18.2)     50/50 18.2 (17.1) 19.3 5.2 (2.4) (12.9) (25.1) (18.8) (16.2)     Cash/Units Pre-Rumor - (29.9) 1.0 (11.0) (17.4) (26.3) (36.6) (31.2) (29.1)     Share Price Source: Blue Jay offer letter dated 11-Nov-2017, Bloomberg, Green Street Advisors, SNL Financial, Company filings; Market data as of 14-Nov-2017 unless otherwise stated ¹ Approximate figure; per management commentary on Blue Jay 3Q earnings call. Situation Update 6

Initial Market Reaction: Trading Dynamics CONFIDENTIAL – PRELIMINARY DRAFT Goldfinch Share Price and Trading Volumes Daily Price $25.00 (0.8)% 16.8% (1.9)% 1.0% 1.0 % 8.3% (0.4)% 1,000 Movement $23.95 $24.00 800 Sha $23.00 Movement res Since 6-Nov: $22.00 600Tra G’finch: +26.0% $21.00 400 de SP500: (0.5)% d RMZ: +2.0% $20.00 m(m TCO: +21.7% Share Price (USD) $19.00 200 ) MAC: +19.5% SPG: +3.6% $18.00 0 6-Nov 7-Nov 8-Nov 9-Nov 10-Nov 13-Nov 14-Nov Volume Share Price Blue Jay Share Price and Trading Volumes Daily Price $24.00 0.6% 0.3% (2.3)% 1.8% 1.6% (4.9)% 0.9 % 30 Movement Movement $23.50 Sha Since 10-Nov: 20 res B’Jay: (4.1)% Traded $23.00 SP500: (0.1)% $22.71 RMZ: +0.5% 10 Share Price (USD) $22.50 (mm) $22.00 0 6-Nov 7-Nov 8-Nov 9-Nov 10-Nov 13-Nov 14-Nov Volume Share Price Source: Bloomberg; Market data as of 14-Nov-2017 Situation Update 7

Initial Market Reaction: Media & Research Analyst Commentary CONFIDENTIAL – PRELIMINARY DRAFT Perspectives on Pricing Perspectives on Consideration / Financing ï® “…the timing of the discussions is opportunistic. The question ï® “From a Blackbird perspective, a potential Goldfinch deal has now is whether Blue Jay is prepared to make an offer at a several possible impacts, including … a likely significant third fair price” – BTIG, 8-Nov-2017 party fund raising to enable such a deal” – Citi, 7-Nov-2017 ï® “It will be intriguing to see 1) how Goldfinch’s Board reacts toï® “A deal of this size will require multiple parties and will be the price, especially in light of the exploration of strategic complicated so investors should not expect an immediate alternatives that took place when a mid- $21 share price was resolution to this situation” – Evercore, 8-Nov-2017 deemed well below NAV by the CEO and an unacceptable ï® “…why a Goldfinch shareholder would want to trade shares situation just a few months ago; and 2) if non-Blue Jay that are at a discount to NAV due to concerns about malls for shareholders see $23/sh as a suitable offer given the some cash and units that are at an even greater discount to challenge it’s been to establish private market value in the NAV in a diversified real estate platform is a question that the space” – Green Street Advisors, 12-Nov-2017 independent board members should explore in detail”     ï® “The industry vets queried by REIT Zone last week – all spoke – Green Street Advisors, 12-Nov-2017 on the condition of anonymity – said they believe Blue Jay will have to pay in the range of $26 to $28 per share to privatize Perspectives on Competing Bidders Goldfinch” – REIT Zone, 12-Nov-2017 “We believe Goldfinch is negotiating a privatization ï® “Simon would be the most likely adversary, but its current ï® cost of capital does not provide much room to stretch on a transaction from a position of weakness: (1) few comparable deal of this magnitude, although the economics could be transactions in recent history to guide fairness opinions, (2) different if Simon comes in with partners. A surprise in the common share price near a 52-week low, (3) fundamental Blue Jay … bid is the absence of such institutional outlook is cloudy, capital intensity should rise and Goldfinch’s partners. There is therefore a decent probability that no one leverage is high, (4) Goldfinch is negotiating with its largest else shows up to the party” shareholder, (5) a second bidder is unlikely to materialize to – Green Street Advisors, 12-Nov-2017 compete against a major shareholder with a low-cost basis, and (6) failure to consummate a transaction could pose significant ï® “…in light of the Goldfinch’s short lived exploration of strategic downside risk to the shares. For any of these reasons we alternatives that failed to result in a deal, perhaps Blue Jay’s believe the realized price could fall short of the consensus [low] offer is an attempt to get other bidders to the table … NAV of $28/sh” – Wells Fargo, 12-Nov-2017 All eyes remain on SPG’s next move”     – Deutsche Bank, 12-Nov-2017 Source: News articles, available broker research. As of 14-Nov-2017 Situation Update 8

Initial Market Reaction: GS Trading Desk Feedback CONFIDENTIAL – PRELIMINARY DRAFT ï® Goldfinch’s trading volumes on Monday were 32mm shares, or over 5x 3-month average daily volumes    — Compares to 52mm in volume on Tuesday 6-Nov following the original rumor headlines    ï® Goldfinch stock’s current trading levels suggest the market believes there is significant likelihood of a higher bid ï® The desk is not hearing any market expectations of an interloper at a higher price; as seen, current trading levels suggest that investors believe Blue Jay will raise its bid    — The market is well aware of Blue Jay’s engagement with Rouse during which Blue Jay raised its bid by 7% over a ~6 week negotiation period ï® Based on precedent transactions and the initial market reaction, the desk sees an 80% probability of a deal occurring in the $24.25 – $24.75 range; this range may have risen following the release of analyst research ï® Trading is being primarily driven by M&A arbitrage investors, which maybe resulting in downward pressure on Blue Jay    — Blue Jay is a relatively illiquid stock, which makes its performance even more susceptible to bouts of shorting activity ï® The desk is not seeing significant activity from long-only investors / core holders of Goldfinch    — The recent event-driven short-squeeze in the mall sector has reduced hedge fund short positions, but the prevailing sentiment is that there has been no fundamental change to the brick-and-mortar retail thesis and the short interest has only temporarily abated    — As a result, long-only investors appear to be content to observe from the sidelines thus far    Situation Update 9

CONFIDENTIAL – PRELIMINARY DRAFT II. Comparison of Goldfinch and Blue Jay 10

Side-by-Side Analysis of Goldfinch vs. Blue Jay What Goldfinch Shareholders Have Today vs. Sale to Blue Jay for Stock CONFIDENTIAL – PRELIMINARY DRAFT Operating Portfolio Financial Metrics (As of 6-Nov-2017) Blue Jay Goldfinch Blue Jay Goldfinch (Standalone) Market Cap ($bn) $ 18.5 $ 16.5 Opportunistic Enterprise Value ($bn) $ 36.7 $ 51.6 27.5% 3-Yr Total Return (18.4)% 20.8 % Core— Investment Approach Retail Discount to IFRS NAV¹ (36.6)% (23.6)% 48.5% Core—Retail Core—Discount to Consensus NAV (29.1)% (20.9)% 100.0% Office 24.1% P / 2018E Consensus FFO 11.8 x 15.5 x 2yr Fwd. Cons. FFO/Share CAGR 3.1 % 6.8 % Triple Net Multifamily Other Lease 3.1% 3.4% 5.1% Dividend Yield 4.6 % 5.1 % Hospitality Dividend Payout Ratio² 73.3 % 127.6 % 7.6% Office Asset Class Retail Net Debt / 3QA EBITDA 8.4 x 12.8 x 52.6% 100.0% Retail 28.2% Net Debt / IFRS Asset Value 40.7 % 46.7 % Asia Pacific S. America Other Items     4.0% 8.0% Goldfinch Blue Jay Canada Blackbird / Blue Jay Ownership 34 % 69 % 10.0% Geography S&P500 Constituent? Yes No USA USA Europe 60.0% RMZ Constituent? Yes No 100.0% 18.0% Research Coverage 18 4 Structure REIT Partnership Source: Public company filings, IBES estimates, Bloomberg, SNL Financial; Market data as of 6-Nov- Listing Exchange NYSE NASDAQ³ / TSX 2017 ¹ IFRS NAV as of 30-Sep-2017. Goldfinch IFRS NAV is approximate; per management commentary on Blue Jay 3Q earnings call. # of Blackbird / Blue Jay Directors     3 / 9 2 / 9 ² Dividend payout ratio calculated as annualized latest quarterly dividend as a percentage of 2017E ( / Total Board Seats) consensus AFFO estimate. Goldfinch AFFO estimate per SNL Financial and Blue Jay AFFO estimate per consensus. Management Structure Internal External ³ Planned as of Nov-2017, currently listed on NYSE. Comparison of Goldfinch and Blue Jay 11

Key Recent Events Goldfinch and Blue Jay CONFIDENTIAL – PRELIMINARY DRAFT 1-M VWAP 3-M VWAP 6-M VWAP 1-Yr VWAP Goldfinch $21.61 $21.36 $22.12 $23.02 Blue Jay 23.39 23.55 23.36 22.71 07-Nov-2017 $ 30.00 01-May-2017 Rumors of discussion with Blue Jay Reported 1Q17 results; FFO per share for potential buy out was $0.36 vs. consensus of $0.36; 02-Nov-2017 30-Jan-2017 announced that it was reviewing strategic Future Fund exercised 8.3mm warrants; Reported 4Q16 and FY16 alternatives Goldfinch received $88.8mm in cash results; 4Q16 FFO per share was $0.43 vs. consensus of 02-Aug-2017 06-Oct-2017 31-Oct-2017 $0.43 Reported 2Q17 results; Blackbird exercised Reported 3Q17 results; FFO per share $ 27.00 FFO per share was warrants to was $0.37 vs. consensus of $0.37 $0.35 vs. consensus of purchase 69.0mm 25-Oct-2017 $0.35; announced shares of Goldfinch Abu Dhabi Investment Authority completion of strategic common stock; exercised 5.5mm warrants review and decision Goldfinch received not to pursue a $462.4mm in cash transaction $ 24.00 $23.68 $23.00 $22.20 $ 21.00 20-Apr-2017 Announced agreement to acquire all remaining equity interest in Brookfield Canada Office 03-Feb-2017 Properties for CAD Reported 4Q16 and FY16 516.8mm results; 4Q16 FFO per 02-Aug-2017 share was $0.38 vs. $ 18.00 Reported 2Q17 results; consensus of $0.35 05-May-2017 FFO per share was $0.37 Reported 1Q17 results; vs. consensus of $0.34 FFO per share was $0.34 02-Nov-2017 vs. consensus of $0.33 Reported 3Q17 results; FFO per share was $0.34 vs. consensus of $0.34 $ 15.00 Nov-2016 Jan-2017 Mar-2017 May-2017 Jul-2017 Sep-2017 Nov-2017 Goldfinch Blue Jay Blue Jay Offer Price Source: Bloomberg, public company filings; Market data as of 14-Nov-2017 Comparison of Goldfinch and Blue Jay 12

Blue Jay / Goldfinch Exchange Ratio Over Time Last 3 Years CONFIDENTIAL – PRELIMINARY DRAFT 3-Yr Low 3-Yr High 3-M Avg 1-Yr Avg 2-Yr Avg 3-Yr Avg 1.4 x 0.81 x 1.38 x 0.89 x 1.02 x 1.12 x 1.15 x 1.3 x S hares ldfinch 1.2 x o to     G 1.05 x per Favorable Goldfinch Unites 1.0 x y 0.9656 x Ja 0.9 x to Favorable Jay # of Blue Blue     0.8 x 0.7 x Nov-2014 May-2015 Nov-2015 May-2016 Nov-2016 May-2017 Nov-2017 Goldfinch / Blue Jay Offer Letter Exchange Ratio Source: Bloomberg; Market data as of 14-Nov-2017 Comparison of Goldfinch and Blue Jay 13

CONFIDENTIAL – PRELIMINARY DRAFT Appendix A:    Blue Jay Company Overview

Blue Jay Company Overview CONFIDENTIAL – PRELIMINARY DRAFT Description ï® Blue Jay is an externally managed, publicly traded limited Public Investors Blackbird partnership ï® Currently listed on TSX and NYSE (with announced move 31% Ownership 69% Ownership to Nasdaq) ï® Asset base: ~$68bn — Diversified real estate portfolio spanning multiple asset classes and geographies Blue Jay ï® BBB credit rating — Target 50% LTV over the long-term ï® Company targeted returns of 12–15%     — 5-8% distribution growth +8-11% FFO growth — Target payout ratio of 80% of FFO Core Opportunistic ~80% of Blue Jay’s balance sheet ~20% of Blue Jay’s balance sheet Strategy / Investment Approach ï® Value-oriented, counter-cyclical investors ï® Specialize in executing multi-faceted transactions that allow Blue Jay to acquire high-quality assets at a discount Core Office Core Retail Opportunistic to replacement cost ï® Leverage business units to enhance the value of investments 100% Interest in 50% Interest in Real Estate ï® Flexibility to allocate capital to the sectors and 34% Interest in Blackbird Office Canary Wharf Opportunity Multifamily Funds geographies with the best risk-adjusted returns at various Goldfinch Properties (BPO) Office Portfolio Funds points in the real estate cycle ï® Continually recycle capital from stabilized assets to higher-yielding opportunities in order to build long-term value for unitholders Real Estate Other Direct Core Plus Funds Finance Funds Investments Source: Company filings. Recent research reports. Market data as of 14-Nov-2017 Blue Jay Company Overview 15

Blue Jay Company Overview Continued CONFIDENTIAL – PRELIMINARY DRAFT Core Office Core Retail Opportunistic ï® Invest in high-quality, well-located trophy ï® Invest in high-quality, well-located trophy ï® Invest in mispriced portfolios and/or assets and development projects assets and development projects properties with significant value add ï® Iconic assets in gateway markets ï® Trophy retail assets that mirror the — Acquire high-quality assets at a ï® Use global structure to leverage quality of Blue Jay’s office properties discount to replacement cost or relationships across geographies and ï® Focus on improving mall productivity via intrinsic value Strategy business lines redevelopment, new technology, and — Seek contrarian investments — Of Blue Jay’s top 20 office tenants, introducing more experiential tenants ï® Leverage Blue Jay / Blackbird 13 are tenants in Blue Jay’s (dining, entertainment, fitness, e-tailer relationships to source proprietary deals buildings in more than one city; 9 pop-ups) are tenants in at least 3 cities ï® Target large-scale investments ï® Grow NOI Target ï® 10-12% ï® 10-12% ï® 20%+ Returns ï® 146 Properties / 100mm SF ï® Comprises 34% interest in Goldfinch ï® 115 office properties / 31mm SF ï® ~10mm SF development activities (incl. ï® 126 properties / 123mm SF ï® 46 retail properties / 29mm SF some multifamily) — 100 of the top 500 malls in the US — Includes Rouse ï® Global footprint in gateway cities (NY, ï® Significant development / ï® 183 industrial properties / 47mm SF London, London, Toronto, Los Angeles, redevelopment activities ï® 93 multifamily properties / 27,700 units Sydney, and Berlin) ï® 19 hospitality properties / 13,800 rooms Portfolio ï® 324 automotive triple-net-lease assets ï® 203 self-storage facilities / 15mm SF ï® 29 student housing properties / 11K beds ï® 135 manufactured housing communities / 32,300 sites ï® 92% leased ï® $590 avg. sales per square foot ï® Blue Jay’s equity investment in its funds ï® 8.4 -year avg. lease term ï® 95% occupancy valued at $5.3n Portfolio ï® Closed-end funds with 5-year average ï® 14% MTM opportunity on in-place ï® 6.3 -year avg. lease term Metrics investment holds leases ï® 20% avg. rent spreads in TTM Sep 2017 ï® 6-9% yields on development projects Blue Jay Company Overview 16

CONFIDENTIAL – PRELIMINARY DRAFT Appendix B:    Supporting Analysis

Goldfinch’s Shareholder Register Evolution Top 25 Active Mutual and Hedge Funds CONFIDENTIAL – PRELIMINARY DRAFT Cost Basis and Returns Q3 2017 Historical Positions (Shares) AUM Cost Basis Unrealized Shares Fund Style ($bn) ($USD)¹ Gain² (mm) %OS Q2 2017 Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2015 Fidelity US REIT Mother Fund Other $ 12.8 $ 24.27 (1.3)% 12.9 1.5 % 12.9 12.9 T. Rowe Price Real Estate Fund Sector Specific 5.9 20.18 18.7 11.5 1.3 11.4 11.2 11.0 10.6 10.4 9.1 8.3 Alyeska Investment Group, L.P. Hedge Fund 11.2 23.63 1.4 6.9 0.8 6.9 3.6—0.1 0.1 Fidelity Real Estate Investment Portfolio Sector Specific 4.1 26.01 (7.9) 5.9 0.7 6.2 5.7 6.4 6.6 6.4 5.5 5.8 DFA Real Estate Securities Portfolio Quantitative 8.1 17.52 36.7 5.5 0.6 5.5 5.5 5.6 5.5 5.5 5.5 5.5 Nuveen Real Estate Securities Fund Sector Specific 3.9 22.76 5.2 4.3 0.5 3.2 3.6 3.8 4.1 3.8 4.4 5.1 Cohen & Steers Realty Shares, Inc. Sector Specific 4.6 22.94 4.4 4.1 0.5 4.1—2.0 4.1 5.5 4.7 Cohen & Steers Real Estate Securities Fund Sector Specific 4.1 22.74 5.3 4.0 0.5 3.3—1.3 1.3 JPMorgan Mid Cap Value Fund Value 18.6 22.64 5.8 3.5 0.4 3.5 3.1 3.0 2.1 2.7 3.7 5.1 Signature High Income Fund Income 3.1 27.95 (14.3) 3.0 0.3 3.0 3.0 3.0 1.7 Voya Global Real Estate Fund—US Sector Specific 2.3 15.43 55.2 2.7 0.3 2.7 3.1 3.6 3.5 3.9 4.0 4.3 Cohen & Steers Institutional Realty Shares, Inc. Sector Specific 2.7 22.94 4.4 2.4 0.3 2.4—1.1 2.1 2.8 2.5 T. Rowe Price Real Assets Fund Other 3.2 20.05 19.4 2.4 0.3 2.4 2.2 2.2 2.4 2.7 2.9 2.8 Asset Management One USA Inc. Hedge Fund 40.6 23.34 2.6 2.3 0.3 2.3 2.3 2.4 1.6 1.7 1.4 1.4 CREF Stock Account Growth 123.2 22.94 4.4 2.2 0.3 2.2—2.5 2.2 2.3 2.2 Lord Abbett Affiliated Fund Income 6.7 27.23 (12.0) 2.2 0.2 2.2 2.2 2.2 2.2 2.4 2.4 2.5 Fidelity Value Fund GARP 8.3 21.82 9.8 2.1 0.2—0.2 Morgan Stanley Instl Global Real Estate Portfolio Income 1.4 17.89 33.9 2.1 0.2 1.8 1.8 1.7 1.5 1.5 1.6 1.7 TIAA-CREF Real Estate Securities Fund Income 2.0 18.21 31.5 2.0 0.2 2.1 1.8 1.8 2.1 2.1 2.2 2.1 Fidelity Balanced Income 20.9 21.82 9.8 1.9 0.2 Fidelity Series Real Estate Equity Fund Other 1.2 24.50 (2.2) 1.9 0.2 1.7 0.6 0.7 0.6 0.9 0.8 0.6 Fidelity Stock Selector Large Cap Value Value 9.2 21.84 9.7 1.7 0.2 0.9 0.5 0.5 0.5 0.7 0.9 1.2 Met Investors Series—Clarion Global Real Estate Portfolio Sector Specific 1.4 19.22 24.6 1.7 0.2 1.7 1.8 1.7 1.6 1.7 1.6 1.6 Fidelity Canadian Disciplined Fund Value 1.9 25.97 (7.8) 1.7 0.2 1.7 1.4 1.0 0.6 0.3 Morgan Stanley Institutional U.S. Real Estate Portfolio Sector Specific 0.6 18.23 31.4 1.7 0.2 1.6 1.4 1.3 1.1 1.2 1.1 1.1 Top 25 Active Mutual and Hedge Fund Holders 92.5 10.5 % 85.5 67.8 51.9 54.1 56.5 58.8 60.0 Median $ 22.74 5.3 % Weighted Average³ 22.31 7.3 Source: Thomson, shareholder data as of Q3 ’17 and subsequent 13D / G filings 1 Calculated as the weighted average cost of current shares held based on quarterly VWAPs and all share purchases 2010 – present. 2 Based on share price of market close, 14-Nov-2017 ($23.95) . ³ Weighted average based on number of shares held.     Supporting Analysis 18

Shareholder Overlap Between Goldfinch and Blue Jay CONFIDENTIAL – PRELIMINARY DRAFT ~83% of Blue Jay’s units are held by Goldfinch’s share/unitholders and ~48% of Goldfinch’s units are held by Blue Jay’s unitholders Top 25 Active Holders of Goldfinch Top 25 Active Holders of Blue Jay Equity Assets Goldfinch Blue Jay Equity Assets Blue Jay Goldfinch Investor ($mm) $mm % $mm % Investor ($mm) $mm % $mm % Blue Jay $ 14,503 $ 7,260.6 34.6 % $ 11,552.2 69.3 % Blackbird $ 14,503 $ 11,552.2 69.3 % $ 7,260.6 34.6 % Abu Dhabi Investment Authority 6,834 704.7 3.4 — RBC Global Asset Management Inc. 62,413 456.4 2.7 63.8 0.3 Fidelity Management & Research Company 1,162,154 642.5 3.1 68.3 0.4 Manulife Asset Management Limited 31,040 271.6 1.6 7.7 0.0 Norges Bank Investment Management (NBIM) 568,367 599.8 2.9 — Fidelity Institutional Asset Management 74,245 190.0 1.1 167.2 0.8 Cohen & Steers Capital Management, Inc. 56,855 469.5 2.2 — RBC Dominion Securities, Inc. 31,298 182.0 1.1 0.0 -T. Rowe Price Associates, Inc. 603,643 421.0 2.0 — Letko, Brosseau & Associates Inc. 12,710 147.9 0.9 —CBRE Clarion Securities, L.L.C. 13,378 366.0 1.7 — CIBC Asset Management Inc. 27,017 143.9 0.9 11.9 0.1 Morgan Stanley Investment Management Inc. (US) 62,815 355.0 1.7 — CI Investments Inc. 34,801 114.2 0.7 —PGGM Vermogensbeheer B.V. 60,992 351.5 1.7 — Fidelity Investments Canada ULC 11,477 111.9 0.7 61.1 0.3 Invesco Advisers, Inc. 190,006 311.1 1.5 6.2 0.0 Invesco Canada Ltd. 18,487 102.3 0.6 3.7 0.0 Future Fund Board of Guardians 574 256.4 1.2 101.0 0.6 Future Fund Board of Guardians 574 101.0 0.6 256.4 1.2 Lasalle Investment Management Securities, LLC 8,088 238.8 1.1 — Phillips, Hager & North Investment Management 7,127 97.9 0.6 —Deutsche Asset & Wealth Management 15,516 193.0 0.9 — Partners Value Investments, L.P. 656 85.6 0.5 —Dimensional Fund Advisors, L.P. 372,384 176.5 0.8 — TD Asset Management Inc. 68,984 74.8 0.4 4.1 0.0 Fidelity Institutional Asset Management 74,245 167.2 0.8 190.0 1.1 Connor, Clark & Lunn Investment Management Ltd. 17,358 70.0 0.4 —Nuveen LLC 301,217 158.8 0.8 — Scotia Capital Inc. 5,837 69.3 0.4 —Alyeska Investment Group, L.P. 10,717 153.5 0.7 — Fidelity Management & Research Company 1,162,154 68.3 0.4 642.5 3.1 Daiwa Asset Management Co., Ltd. 69,781 148.2 0.7 — Principal Global Investors (Equity) 120,876 66.5 0.4 83.3 0.4 CenterSquare Investment Management, Inc. 7,194 140.1 0.7 — Mackenzie Financial Corporation 32,695 56.3 0.3 14.8 0.1 Standard Life Investments Ltd. 89,802 104.8 0.5 — GWL Investment Management Ltd. 41,308 53.0 0.3 16.9 0.1 AMP Capital Investors Limited 22,821 104.4 0.5 — I.G. Investment Management, Ltd. 27,039 50.9 0.3 —BlackRock Asset Management Ireland Limited 79,432 101.5 0.5 — Capital International Investors 111,687 50.3 0.3—-JP Morgan Asset Management 331,847 101.3 0.5 0.0 0.0 % RBC Wealth Management, International 17,481 40.2 0.2 —Goldman Sachs & Company, Inc. 178,033 93.3 0.4 5.9 0.0 % Swedbank Robur Fonder AB 76,747 39.6 0.2 9.4 0.0 BlackRock Investment Management (UK) Ltd. 296,678 85.8 0.4 — British Columbia Investment Management Corp. 35,626 38.7 0.2 4.7 0.0 Top 25 Goldfinch Holders Total $ 13,705.4 65.3 % $ 11,923.5 71.6 % Top 25 Blue Jay Holders Total $ 14,234.7 85.4 % $ 8,608.2 41.0 % All Goldfinch Holders Total $ 13,771.9 82.7 % All Blue Jay Holders Total $ 10,001.6 47.6 % Top 25 Excluding Bluejay $ 371.3 2.2 % Top 25 Excluding Blackbird $ 1,347.6 13.0 % Indicates Top 25 Holder of Both Companies Source: Thomson Reuters as of 11-Nov-2017 Supporting Analysis 19

Relative Total Shareholder Return CONFIDENTIAL – PRELIMINARY DRAFT Last 5 Years¹ Last 3 Years Last Twelve Months 200% 130% 150% 140% 120% 180% 200% 15.4 % 68.8 % 180% 130% 11.2 % 160% 110% 23.8 % 160% 50.8 % rn 49.3 % Return Return 120% 64. 140% 27.7 % 140% 12.5 % 100% 6% ta l (4.2)% tal Retu 12.2 % rn 120% 46. (5.8)% To 110% To (0.6)% d 4% e d ed Total 3.7 % e 90% (10.7)% 120% Retu 100% x x 36. dex de de 33. 7% 35. (0.6)% In 0% In d Total 80% In 100% 2% xe (20.6)% 100% 80% de 60% (6.9)% In 90% (12.2)% 80% 70% 80% (14. Daily from 09-Nov-2012 to 10-Nov-2017 6)% 60% 60% 70% Nov-2012 Jul-2014 Mar-2016 Nov-2017 Nov-2016 May-2017 Nov-2017 Nov-2014 Nov-2015 Nov-2016 Nov-2017 Goldfinch MAC SPG TCO Blue Jay RMZ Source: Bloomberg. Market data as of 14-Nov-2017 ¹ Blue Jay as of its IPO date on 22-Mar-13. Supporting Analysis 20

Goldfinch Analyst Estimates and Company Guidance CONFIDENTIAL – PRELIMINARY DRAFT NAV 2018E 2019E 2018E 2019E 2018E 2019E Broker Estimate Date Rating Target Price per Share AFFO / Sh AFFO / Sh FFO / Sh FFO / Sh DPS DPS Bank of America¹ 13-Nov-17 NR NA $ 25.00 $ 1.40 $ 1.50 $ 1.62 $ 1.73 $ 0.90 $ 0.94 Boenning & Scattergood 13-Nov-17 Buy $ 34.50 35.08 1.30 NA 1.55 NA NA NA Evercore¹ 13-Nov-17 Buy 26.00 24.50 NA NA NA NA NA NA Mizuho Securities 13-Nov-17 Hold 23.00 26.50 1.24 1.29 1.60 1.65 NA NA Sandler O’Neill 13-Nov-17 Hold 25.00 25.80 1.11 NA 1.56 NA NA NA Stifel 13-Nov-17 Buy 24.00 NA NA NA NA NA NA NA Wells Fargo 12-Nov-17 Hold 23.00 NA NA NA 1.59 NA NA NA Deutsche Bank 12-Nov-17 Hold 26.00 NA NA NA NA NA NA NA BTIG 8-Nov-17 Buy 28.00 32.26 NA NA NA NA NA NA Citibank 7-Nov-17 NA 27.50 31.00 NA NA NA NA NA NA SunTrust 7-Nov-17 Buy 26.00 27.11 NA NA 1.61 1.68 0.88 0.88 J.P.Morgan 7-Nov-17 Hold 25.00 NA NA NA NA NA NA NA Median $ 26.00 $ 26.81 $ 1.27 $ 1.40 $ 1.60 $ 1.68 $ 0.89 $ 0.91 IBES Consensus 25.00 NA NA NA 1.61 1.70 0.92 0.95 SNL Consensus NA 27.11 1.27 1.37 NA NA NA NA Company Guidance (FY2017) FFO / Share Estimates Over Time² ï® At FY 2016 results: $2.00 — FY 2017 FFO per share guidance of $1.56 – $1.61 — FY 2017 SS NOI growth of 4.0% – 4.5% $1.80ï® $1.75 2019E At 1Q 2017 results: $1.62 — Narrowed FFO per share guidance to $1.56 – $1.60 2018E — Lowered SS NOI guidance; 2H guidance of 3% – 4% $1.50 $1.59 2017Eï® At 2Q 2017 results:     — Maintained existing FFO and SS NOI guidance $1.25ï® At 3Q 2017 results:     — Q4 FFO guidance implied FY FFO per share of $1.55 – $1.57 $1.00 — Q4 SS NOI growth of 2.5% (effectively lowering 2H guidance Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 given 2.0% growth reported for 3Q) 2017E 2018E 2019E Source: Bloomberg, IBES Estimates, company documents, and select Wall Street Research; Market data as of 14-Nov-2017 ¹ Bank of America recommendation / price target and Evercore NAV estimate from prior recent reports (having moved to unrated post transaction announcement). ² Median FFO / Share estimates include anonymous sources. Supporting Analysis 21

Blue Jay Analyst Estimates and Company Guidance CONFIDENTIAL – PRELIMINARY DRAFT Estimate Target NAV 2018E 2019E 2018E 2019E 2018E 2019E Broker Date Rating Price per Share AFFO / Sh AFFO / Sh FFO / Sh FFO / Sh DPS DPS Canaccord 3-Nov-17 Buy $ 28.00 $ 29.39 $ 1.12 $ 1.19 $ 1.52 $ 1.59 $ 1.18 $ 1.18     Evercore 3-Nov-17 Buy 26.00 29.60 0.78 0.90 1.49 1.62 1.24 1.30     Scotiabank 3-Nov-17 Buy 25.50 27.25 1.09 1.19 1.41 1.51 1.24 1.30     RBC Capital 2-Nov-17 Buy 26.00 31.00 0.94 0.96 1.53 1.57 1.24 NA Markets Median    $ 26.00 $ 29.50 $ 1.02 $ 1.08 $ 1.51 $ 1.58 $ 1.24 $ 1.30     IBES Consensus $ 25.75 NA NA NA $ 1.51 $ 1.58 $ 1.24 $ 1.30     FFO / SH Estimates Over Time1 Company Guidance $1.70ï® Company does not provide FY financial guidance ï® Long-term targeted returns of 12–15%     — ~5% yield backed by stable cash flow $1.60 $1.58 2018E — 5-8% annual distribution growth — +8-11% FFO growth $1.51 $1.50 2017E — Capital appreciation of asset base ï® Target CFFO payout ratio: 80% $1.40 — Target distribution of $1.60+ per unit by 2021 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 2017E 2018E Source: Bloomberg, Wall Street Research, IBES Estimates; Market data as of 14-Nov-2017 Supporting Analysis 22

Common Stock Comparison Sorted by 2019E FFO Multiple ($ in millions, except per share data) CONFIDENTIAL – PRELIMINARY DRAFT Closing % of 52 Equity Net Net Debt / EBITDA FFO Implied Prem. Price Week Dividend Market Enterprise Debt / 2017E Multiples (2) Multiples (2) Cap to NAV Company 14-Nov-2017 High Yield Cap (1) Value (1) EV EBITDA 2018 2019 2018 2019 Rate (3) (3) Goldfinch—All Cash Offer (4) $ 23.00 84.9 % 3.8 % $ 22,386 $ 40,599 44.1 % 8.0 x 17.7 x 17.3 x 14.3 x 13.5 x 6.0 % (16.8)% Goldfinch—All Unit Offer (4) $ 21.93 80.9 % 4.0 21,331 39,544 45.3 8.0 17.3 16.8 13.6 12.9 6.2 (20.7) Goldfinch—50/50 Cash Unit Offer (4) $ 22.46 82.9 % 3.9 21,859 40,072 44.7 8.0 17.5 17.0 14.0 13.2 6.1 (18.8) Goldfinch—Pre-Rumor (6-Nov-17) (4) $ 19.01 70.1 % 4.6 18,457 36,670 48.8 8.0 16.0 15.6 11.8 11.2 6.7 (31.2) Blue Jay—Current (5) $ 22.71 91.0 % 5.2 16,047 51,131 62.6 13.3 20.5 20.2 15.1 14.4 NA (23.0) Blue Jay Undisturbed (10-Nov-17) (5) $ 23.68 94.9 % 5.0 16,743 51,833 61.8 13.3 20.8 20.5 15.7 15.0 NA (19.7) Goldfinch Peers Macerich $ 64.76 88 4.6 9,845 17,444 43.6 7.1 16.1 15.6 15.7 15.4 5.5 (15.5) Taubman Centers 56.37 73 4.4 8,295 13,067 35.0 8.6 23.7 21.8 14.6 14.2 5.8 (36.1) Simon Property Group 160.51 85 4.5 58,921 72,796 18.2 2.0 11.1 10.7 13.2 12.7 6.0 (23.8) Peers—High 88.3 % 4.6 % $ 58,921 $ 72,796 43.6 % 8.6 x 23.7 x 21.8 x 15.7 x 15.4 x 6.0 % (15.5)% Peers—Mean 82 4.5 25,687 34,435 32.3 5.9 17.0 16.1 14.5 14.1 5.8 (25.1) Peers—Median 85 4.5 9,845 17,444 35.0 7.1 16.1 15.6 14.6 14.2 5.8 (23.8) Peers—Low 73 4.4 8,295 13,067 18.2 2.0 11.1 10.7 13.2 12.7 5.5 (36.1) 1 Source: Latest publicly available financial statements. Equity Market Cap based on diluted shares outstanding. 2 Sources: Projected EBITDA and FFO are based on IBES median estimates. All research estimates have been calendarized to December. 3 Per Green Street Advisors. 4 Pro Forma for the exercise of warrants by Blue Jay, ADIA and Future Fund. 5 Pro Forma for the exercise of Goldfinch warrants. Supporting Analysis 23

Exhibit (C)(3)

CONFIDENTIAL – PRELIMINARY DRAFT                Project Gold    Presentation to the Goldfinch Special Committee (PART 2)    Strictly Private and Confidential Goldman Sachs & Co. LLC    November 15, 2017

Disclaimer     CONFIDENTIAL – PRELIMINARY DRAFT    These materials have been prepared and are provided by Goldman Sachs on a confidential basis solely for the information and assistance of the special committee of the Board of Directors (the “Special Committee”) of Goldfinch (the “Company”) in connection with its consideration of the matters referred to herein. These materials and Goldman Sachs’ presentation relating to these materials (the “Confidential Information”) may not be disclosed to any third party or circulated or referred to publicly or used for or relied upon for any other purpose without the prior written consent of Goldman Sachs. The Confidential Information was not prepared with a view to public disclosure or to conform to any disclosure standards under any state, federal or international securities laws or other laws, rules or regulations, and Goldman Sachs does not take any responsibility for the use of the Confidential Information by persons other than those set forth above. Notwithstanding anything in this Confidential Information to the contrary, the Company may disclose to any person the US federal income and state income tax treatment and tax structure of any transaction described herein and all materials of any kind (including tax opinions and other tax analyses) that are provided to the Company relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. The Confidential Information has been prepared by the Investment Banking Division of Goldman Sachs and is not a product of its research department. Goldman Sachs and its affiliates are engaged in advisory, underwriting and financing, principal investing, sales and trading, research, investment management and other financial and non-financial activities and services for various persons and entities. Goldman Sachs and its affiliates and employees, and funds or other entities they manage or in which they invest or have other economic interests or with which they co-invest, may at any time purchase, sell, hold or vote long or short positions and investments in securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments of the Company, any other party to any transaction and any of their respective affiliates or any currency or commodity that may be involved in any transaction. Goldman Sachs’ investment banking division maintains regular, ordinary course client service dialogues with clients and potential clients to review events, opportunities, and conditions in particular sectors and industries and, in that connection, Goldman Sachs may make reference to the Company, but Goldman Sachs will not disclose any confidential information received from the Company. The Confidential Information has been prepared based on historical financial information, forecasts and other information obtained by Goldman Sachs from publicly available sources, the management of the Company or other sources (approved for our use by the Company in the case of information from management and non-public information). In preparing the Confidential Information, Goldman Sachs has relied upon and assumed, without assuming any responsibility for independent verification, the accuracy and completeness of all of the financial, legal, regulatory, tax, accounting and other information provided to, discussed with or reviewed by us, and Goldman Sachs does not assume any liability for any such information. Goldman Sachs does not provide accounting, tax, legal or regulatory advice. Goldman Sachs has not made an independent evaluation or appraisal of the assets and liabilities (including any contingent, derivative or other off-balance sheet assets and liabilities) of the Company or any other party to any transaction or any of their respective affiliates and has no obligation to evaluate the solvency of the Company or any other party to any transaction under any state or federal laws relating to bankruptcy, insolvency or similar matters. The analyses contained in the Confidential Information do not purport to be appraisals nor do they necessarily reflect the prices at which businesses or securities actually may be sold or purchased. Goldman Sachs’ role in any due diligence review is limited solely to performing such a review as it shall deem necessary to support its own advice and analysis and shall not be on behalf of the Company. Analyses based upon forecasts of future results are not necessarily indicative of actual future results, which may be significantly more or less favorable than suggested by these analyses, and Goldman Sachs does not assume responsibility if future results are materially different from those forecast. The Confidential Information does not address the underlying business decision of the Company to engage in any transaction, or the relative merits of any transaction or strategic alternative referred to herein as compared to any other transaction or alternative that may be available to the Company. The Confidential Information is necessarily based on economic, monetary, market and other conditions as in effect on, and the information made available to Goldman Sachs as of, the date of such Confidential Information and Goldman Sachs assumes no responsibility for updating or revising the Confidential Information based on circumstances, developments or events occurring after such date. The Confidential Information does not constitute any opinion, nor does the Confidential Information constitute a recommendation to the Special Committee, any security holder of the Company or any other person as to how to vote or act with respect to any transaction or any other matter. The Confidential Information, including this disclaimer, is subject to, and governed by, any written agreement between the Company, the Board and/or any committee thereof, on the one hand, and Goldman Sachs, on the other hand.    1

Today’s Discussion Topics (Part 2)    CONFIDENTIAL – PRELIMINARY DRAFT    IIII. Negotiating Dynamics in Precedent Transactions    IIIV. Potential Next Steps    — Potential Alternatives for Goldfinch    — Potential Responses to Blue Jay                2

CONFIDENTIAL – PRELIMINARY DRAFT                III. Negotiating Dynamics in Precedent Transactions                3

Premia in Precedent Situations with Significant Shareholders    CONFIDENTIAL – PRELIMINARY DRAFT    The average total increase in offer price from initial offer price to final offer is 7.2%. Though the majority of deals did not have such a “bump” of those deals where there was a bump there were an average of 1.6 bumps                Criteria ï® US targets ï® 2005 to Present    ï® Acquiror ownership of Target >15%, <50%    ï® Completed or pending transactions    ï® 36 transactions in total    Average Premia    Average Premium of Initial Offer¹ 23.0 %                Average Total Increase in Offer Price 7.2 %                Average Premium of Final Offer¹ 31.3 %                Number of Deals with Bumps 14 / 36                Average No. of Price Bumps for Deals with Bumps 1.6                Source: Thomson Reuters ¹ Premium calculations are determined using the offer price relative to the undisturbed price (T-1).    Negotiating Dynamics in Precedent Transactions 4

Case Study: BPY’s Acquisition of BPO    CONFIDENTIAL – PRELIMINARY DRAFT    BPY Increased its Cash Offer for BPO Once by 5.1% ($19.34 to $20.34)    $21 1 30-Sep-2013: BPY publicly offered to acquire BPO via tender offer for 1 BPY unit or $19.34 in cash per BPO $20 share, pro rated at 67% stock / 33% cash. BPO given advance notice of intention, but no details of offer $19    $18 2    $17                Sep-Dec 2013: BPO conducted due                diligence on BPY; negotiated for    increase to consideration $16                19-Dec-2013: BPY offered to increase cash offer to $20.34; no change to stock offer or % cash / % stock mix    1-Apr-2014: BPY completed tender offer                20-Dec-2013: BPY and BPO announced definitive agreement at 1 BPY unit or $20.34 in cash per BPO share                9-Jun-2014: BPY acquired the remaining 7.5% of BPO shares via a plan of arrangement    Public announcement    Sep-2013 Oct-2013 Nov-2013 Jan-2014 Feb-2014 Apr-2014 May-2014                1 Initial Offer on 30-Sep-2013 2 Revised Offer on 20-Dec-2013    ï® $19.34 cash / 1 BPY unit per share ï® $20.34 cash / 1 BPY unit per share — 15% premium to last close (NYSE) — 5.1% “bump” over initial cash offer — 17% premium over 1-month VWAP of $16.51 — 23% premium over 1-month VWAP of $16.51 — 16% premium to 3-month VWAP of $16.67 — 22% premium to 3-month VWAP of $16.67 — 6% discount to IFRS book value per share — 1% discount to IFRS book value per share — BPY was a 51% shareholder prior to the transaction    Source: Bloomberg, Company filings    Negotiating Dynamics in Precedent Transactions 5

Case Study: BPY’s Acquisition of RSECONFIDENTIAL – PRELIMINARY DRAFTBPY Increased its Offer for RSE Twice for a Total Bump of 7.4% ($17.00 to $18.25)7-Feb-2016:19-Jan-2016:25-Feb-2016: BPY and RSE announced definitiveRSE informedBPY and RSEagreement for $18.25 cash per share in cash;BPY it intended$19announced thetransaction subject to majority of the minority voteto reject the offer$18offer 3$179-Feb-2016: BPY made ‘best and final’6-Jul-2016:Transaction offer of $18.25 ; RSE countered withclosed $1618-Jan-2016: BPY$18.50; RSE agreed to $18.25signed standstill$151until 4-Mar2 8-Feb-2016:16-Jan-2016: BPY offeredBPY increased$14to acquire RSE for $17.00offer by 4% to cash per share$17.75 in cashPublic announcement $13Jan-2016 Feb-2016 Mar-2016 Apr-2016 May-2016 Jun-2016 Jul-2016 1 Initial Offer (16-Jan-2016)2 First Bump (8-Feb-2016)3 Definitive Agreement (25-Feb-2016)l® $17.00 per ordinary share in cashl $17.75 per ordinary share in cashl $18.25 per ordinary share in cash — 26% premium to last close— 4.4% “bump” over initial offer— 7.4% “bump” over initial offer — 19% premium over 1-month VWAP of— 32% premium to undisturbed price— 35% premium to undisturbed price $14.29 — 24% premium over 1-month VWAP of— 28% premium over 1-month VWAP of— BPY was a 33% shareholder prior to the$14.29$14.29transaction — Transaction not subject to any financing contingencies and not subject to any due diligence Source: Bloomberg, Company filingsNegotiating Dynamics in Precedent Transactions 6

CONFIDENTIAL – PRELIMINARY DRAFT                IV. Potential Next Steps                7

Immediate Next Steps    CONFIDENTIAL – PRELIMINARY DRAFT    I    II    III                IV                 V                VI    VII    Complete the Team    Engage Key Stakeholders and Prepare for Market Reactions    Conduct Thorough Review                Initial Financial Analysis                Prepare to Respond                Consider Reverse Due Diligence Requirements, If Necessary    Maintain Appropriate Dialogue and Control    ïƒ¼ Legal Advisor  Financial Advisor ï® Public Relations Firm ï® Establish lines of communication and enforce confidentiality ï® Engagement with shareholders ï® Monitor news media and other key inputs ï® Thoughtful review of alternatives to sale and other potential bidders ï® Assess “is now the right time to sell?” ï® Market and shareholder issues ï® Process timetable ï® Confirm appropriate standalone business plan for financial analysis ï® Initial financial analysis of standalone Goldfinch ï® Analysis of other strategic alternatives ï® Ability to pay analysis for other potential bidders ï® Some combination of (subject to response type): — Call / meeting script — Letter to Blue Jay board — Press release ï® Refresh media / shareholder communication strategy ï® If decide to engage with Blue Jay, prepare reverse diligence request list, including: — Business, legal and operational due diligence — Blue Jay business plan for financial analysis — Synergy assessment ï® Ensure the company speaks with one voice    Potential Next Steps 8

Summary of Potential Alternatives    For Further Consideration CONFIDENTIAL – PRELIMINARY DRAFT                I Status Quo                II Selected Asset Sales / JVs                III Bilateral Negotiation with Blue Jay                IV Broader Sale Process                V Other Strategic Alternatives    ï® Continue to pursue current business plan ï® Reinforce to the market the value embedded in the current strategy    ï® Continue to selectively prune lower quality assets in order to further enhance the quality of the portfolio against the backdrop of continued headline turbulence in retail ï® Sell selected assets or interests in representative assets to demonstrate value/mark on the portfolio and release additional capital ï® Deploy capital through accretive investments or return to shareholders    ï® Respond to Blue Jay offer by engaging in bilateral negotiations    ï® Solicit interests from broader universe of buyers to maximize pricing tension    ï® Value-enhancing acquisitions of / mergers with other private or public entities ï® Swap of assets for Blue Jay stock ï® Spin-off of lower quality assets into separate vehicle    Potential Next Steps 9

Blue Jay Proposal: Points to Consider    CONFIDENTIAL – PRELIMINARY DRAFT    Cash Component    ï®A ï®B                ï®C    Planned source(s) for cash component of the current proposal ($7.4bn) Additional Blue Jay capacity to increase cash component of the offer through debt or equity financing at Blue Jay or Blackbird Blue Jay’s ability to access third party capital    Stock Component    ï®A Business strategy for Goldfinch assets and for the combined company ï®B Leverage strategy / target for the combined company ï®C Blue Jay’s strategy to reduce discount to NAV ï®D Plans to simplify the business model ï®E Consideration of REIT conversion / corporate structure given Goldfinch shareholder base                Potential Next Steps 10

Possible Responses to Blue Jay    Range of Alternatives CONFIDENTIAL – PRELIMINARY DRAFT    Goldfinch Responses Rationale Considerations Potential Blue Jay Reactions    ï® Signals that the proposal is not a starting point for a negotiation ï® Appropriate even if Special 1    “No. We’re not for sale” Committee decides to pursue alternative strategy vs. status quo    ï® Goldfinch will have to make response public ï® Will likely result in press / shareholder scrutiny, potentially requiring Goldfinch to provide additional visibility on standalone business plan ï® Walk away ï® Pursue alternative means of communication (e.g. approach other Goldfinch shareholders / agitate)                2 “Not at this price”    ï® Signals to Blue Jay that Goldfinch may be open to a transaction at the “right” price / consideration mix    ï® Blue Jay will perceive as an invitation to re-bid ï® Lack of additional information provided may draw out process (risk multiple rounds of proposals) ï® Walk away ï® Probe for more information / pursue alternate means of communication ï® Improve / revise terms to meet expectations                3 Counteroffer    ï® Escalation    ï® Signals seriousness in pursuing ï® Places a cap on potential transaction ï® Walk away transaction price ï® Improve / revise terms to meet    expectations    ï® Escalation    Sign a Confidentiality 4 Agreement and Begin Bilateral Negotiations ï® Demonstrates willingness to transact ï® Provides opportunity for enhanced reverse due diligence at an early stage    ï® May be more challenging to get Blue Jay to increase offer ï® If negotiations become public, creates strong expectations that a transaction will take place ï® In light of Blue Jay’s 13D position, public disclosure may be required ï® Sign confidentiality agreement ï® Probe for more information / pursue alternative means of communication    5 Establish Broader Auction                ï® May maximize shareholder value if ï® Level of interest from alternative ï® Walk away there is real competition    buyers ï® Participate in process    ï® Difficult to reverse course    ï® Blue Jay’s existing stake                11

Possible Responses to Blue Jay    Response Script CONFIDENTIAL – PRELIMINARY DRAFT    Goldfinch Responses Sample Script    1 “No. We’re not for sale”                2 “Not at this price”    ï® “The Special Committee has examined your proposal with our advisors and is not interested. We are pursuing our independent strategy and your proposal does nothing to make us want to go in another direction.”    ï® “The Special Committee has examined your proposal and determined that your proposal is not acceptable. However, we would be willing to engage in further discussions at a higher offer price with a larger cash component.”    ï® “The Special Committee has examined your proposal and determined that your proposal is not 3    Counteroffer acceptable. However, if the offer was $XX.00 per share and included a larger cash component, we would    be willing to sit down and talk. Otherwise, we are not interested.”    Sign a Confidentiality ï® “We have examined the proposal with our advisors and determined that your proposal is not acceptable. 4 Agreement and BeginHaving said that, we would be willing to engage in further discussions if you agree to a confidentiality Bilateral Negotiations agreement and allow us to perform diligence on your company to better evaluate your offer”    ï® “The Special Committee has examined your proposal and determined that your proposal is not 5 Establish Broader acceptable. However, the Special Committee intends to explore other strategic alternatives, including a Auction sale of the business. We plan to contact other potential buyers, and encourage you to consider a more    competitive offer.”    12

Exhibit (C)(4)

Project Gold    Presentation to the Goldfinch Special Committee: Situation Update Strictly Private and Confidential Goldman Sachs & Co. LLC    November 17, 2017

Disclaimer                These materials have been prepared and are provided by Goldman Sachs on a confidential basis solely for the information and assistance of the special committee of the Board of Directors (the “Special Committee”) of Goldfinch (the “Company”) in connection with its consideration of the matters referred to herein. These materials and Goldman Sachs’ presentation relating to these materials (the “Confidential Information”) may not be disclosed to any third party or circulated or referred to publicly or used for or relied upon for any other purpose without the prior written consent of Goldman Sachs. The Confidential Information was not prepared with a view to public disclosure or to conform to any disclosure standards under any state, federal or international securities laws or other laws, rules or regulations, and Goldman Sachs does not take any responsibility for the use of the Confidential Information by persons other than those set forth above. Notwithstanding anything in this Confidential Information to the contrary, the Company may disclose to any person the US federal income and state income tax treatment and tax structure of any transaction described herein and all materials of any kind (including tax opinions and other tax analyses) that are provided to the Company relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. The Confidential Information has been prepared by the Investment Banking Division of Goldman Sachs and is not a product of its research department. Goldman Sachs and its affiliates are engaged in advisory, underwriting and financing, principal investing, sales and trading, research, investment management and other financial and non-financial activities and services for various persons and entities. Goldman Sachs and its affiliates and employees, and funds or other entities they manage or in which they invest or have other economic interests or with which they co-invest, may at any time purchase, sell, hold or vote long or short positions and investments in securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments of the Company, any other party to any transaction and any of their respective affiliates or any currency or commodity that may be involved in any transaction. Goldman Sachs’ investment banking division maintains regular, ordinary course client service dialogues with clients and potential clients to review events, opportunities, and conditions in particular sectors and industries and, in that connection, Goldman Sachs may make reference to the Company, but Goldman Sachs will not disclose any confidential information received from the Company. The Confidential Information has been prepared based on historical financial information, forecasts and other information obtained by Goldman Sachs from publicly available sources, the management of the Company or other sources (approved for our use by the Company in the case of information from management and non-public information). In preparing the Confidential Information, Goldman Sachs has relied upon and assumed, without assuming any responsibility for independent verification, the accuracy and completeness of all of the financial, legal, regulatory, tax, accounting and other information provided to, discussed with or reviewed by us, and Goldman Sachs does not assume any liability for any such information. Goldman Sachs does not provide accounting, tax, legal or regulatory advice. Goldman Sachs has not made an independent evaluation or appraisal of the assets and liabilities (including any contingent, derivative or other off-balance sheet assets and liabilities) of the Company or any other party to any transaction or any of their respective affiliates and has no obligation to evaluate the solvency of the Company or any other party to any transaction under any state or federal laws relating to bankruptcy, insolvency or similar matters. The analyses contained in the Confidential Information do not purport to be appraisals nor do they necessarily reflect the prices at which businesses or securities actually may be sold or purchased. Goldman Sachs’ role in any due diligence review is limited solely to performing such a review as it shall deem necessary to support its own advice and analysis and shall not be on behalf of the Company. Analyses based upon forecasts of future results are not necessarily indicative of actual future results, which may be significantly more or less favorable than suggested by these analyses, and Goldman Sachs does not assume responsibility if future results are materially different from those forecast. The Confidential Information does not address the underlying business decision of the Company to engage in any transaction, or the relative merits of any transaction or strategic alternative referred to herein as compared to any other transaction or alternative that may be available to the Company. The Confidential Information is necessarily based on economic, monetary, market and other conditions as in effect on, and the information made available to Goldman Sachs as of, the date of such Confidential Information and Goldman Sachs assumes no responsibility for updating or revising the Confidential Information based on circumstances, developments or events occurring after such date. The Confidential Information does not constitute any opinion, nor does the Confidential Information constitute a recommendation to the Special Committee, any security holder of the Company or any other person as to how to vote or act with respect to any transaction or any other matter. The Confidential Information, including this disclaimer, is subject to, and governed by, any written agreement between the Company, the Board and/or any committee thereof, on the one hand, and Goldman Sachs, on the other hand.    1

Trading Update and Implied Offer($ in millions, except per share data) Goldfinch at Offer PricesGoldfinch at Trading PricesBlue Jay at Trading PricesCash Election Unit Election BlendedPre-Rumor¹ CurrentUndisturbed² CurrentPrice per Share³$ 23.00 $ 21.21 $ 22.11$ 19.01 $ 23.92 $ 23.68 $ 21.97 % Change from Pre-Rumor / Undisturbed(3.6)%25.8 %(7.2)% Diluted # Shares (mm)972.8970.9 973.7 707.0 706.6 Implied Equity Value $ 21,507$ 18,457 $ 23,292 $ 16,743 $ 15,524Implied Equity Value to Public Shareholders $ 7,427 $ 6,850 $ 14,277$ 25.00 $ 24.00$ 23.92 $ 23.00$ 22.11 $ 22.00$ 21.97$ 21.00Offer of $23.00Per Share $ 20.00Received $ 19.00$ 18.006-Nov-17 7-Nov-17 8-Nov-179-Nov-17 10-Nov-1711-Nov-1712-Nov-17 13-Nov-17 14-Nov-1715-Nov-17 16-Nov-17Goldfinch Blue JayImplied Offerâ´Source: Blue Jay offer letter dated 11-Nov-2017, Bloomberg, public company filings, IBES Estimates, SNL Financial; Market data as of 16-Nov-2017 unless otherwise stated ¹ Share price as of 6-Nov-2017. ² Share price as of 10-Nov-2017. ³ Unit Election price per share based on Blue Jay share price as of 16-Nov-2017 and exchange ratio of 0.9656. 4 Implied Offer price based 50% of $23.00 cash election price plus 50% of implied unit election price of 0.9656 times Blue Jay share price.2

Proposed Goldfinch Work Plan    Illustrative Timeline | Assumes Receipt of Requested Information Today, 17-Nov                # Bus. Days Workstream Responsibility Timing Post Offer                1. Receive and Diligence Draft Standalone Business Plan ASAP - –    Diligence of financial projections with Goldfinch management Goldfinch / GS                2. Approve Business Plan for Financial Analysis Tues 21-Nov 6 –    Special Committee call to review and consider business plan SC / GS / STB                3. Prepare Preliminary Financial Analysis Wed 29-Nov 11                –    Preliminary analysis of Goldfinch status quo based on draft business plan –    Discounted cash flow analysis GS –    Present value of future share price analysis    –    Other financial analyses, as appropriate    –    Review of public valuation reference points for Blue Jay –    Trading history / consensus trading multiples GS –    Analyst price targets / NAV estimates –    Preliminary analysis of potential strategic alternatives for Goldfinch    –    Spin lower-performing assets GS    –    Sale or JV of lower-performing assets                –    Sale to another buyer (strategic or financial )                –    Preliminary ability-to-pay analysis                –    For Blue Jay and any potential competing bidders GS    –    Based on consensus estimates for acquirer(s)                –    Analysis of other strategic considerations such as flowback potential GS                4. Review Preliminary Financial Analysis Thu 30-Nov 12    –    Presentation of preliminary financial analysis GS    – Evaluation of alternatives SC / GS / STB                5. Determine Appropriate Response to Blue Jay Thu 30-Nov 12    –    Calibrate response to Blue Jay based on initial review of analysis SC / GS / STB    –    Prepare script / letter / media strategy, as appropriate SC / GS / STB / JF                6. Respond to Blue Jay Fri 1-Dec 13    – Deliver response to Blue Jay SC                3

Possible Responses to Blue Jay    Range of Alternatives                Goldfinch Responses Rationale Considerations Potential Blue Jay Reactions    ï® Signals that the proposal is not a starting point for a negotiation ï® Might be appropriate even if Special 1    “No. We’re not for sale” Committee decides to consider alternative strategy vs. status quo    ï® As a practical matter, Goldfinch will likely have to make response public ï® Will likely result in press / shareholder scrutiny, potentially requiring Goldfinch to provide additional visibility on standalone business plan ï® Walk away ï® Pursue alternative means of communication, e.g. approach other Goldfinch shareholders (“escalation”)                2 “Not at this price”    ï® Signals to Blue Jay that Goldfinch ï® Blue Jay will perceive as an may be open to a transaction at the invitation to re-bid “right” price / consideration mix ï® Lack of additional information    provided may draw out process    (risk multiple rounds of proposals) ï® Walk away ï® Probe for more information / pursue alternate means of communication ï® Improve / revise terms to meet expectations ï® Escalation    3 Counteroffer    ï® Signals seriousness in pursuing ï® Places a cap on potential transaction ï® Walk away transaction price ï® Improve / revise terms to meet    expectations    ï® Escalation    Sign a Confidentiality 4    Agreement and Begin Bilateral Negotiations ï® Demonstrates willingness to transact ï® Provides opportunity for enhanced reverse due diligence at an early stage    ï® May be more challenging to get Blue Jay to increase offer ï® If negotiations become public, creates strong expectations that a transaction will take place ï® In light of Blue Jay’s 13D position, public disclosure may be required ï® Sign confidentiality agreement ï® Probe for more information / pursue alternative means of communication    5 Establish Broader Auction                ï® May maximize shareholder value if ï® Level of interest from alternative ï® Walk away there is real competition    buyers ï® Participate in process    ï® Difficult to reverse course    ï® Blue Jay’s existing stake                4

Possible Responses to Blue Jay    Response Script                Goldfinch Responses Sample Script    1 “No. We’re not for sale”                2 “Not at this price”    ï® “The Special Committee has examined your proposal with our advisors and is not interested. We are pursuing our independent strategy and your proposal does nothing to make us want to go in another direction.”    ï® “The Special Committee has examined your proposal and determined that your proposal is not acceptable. However, we would be willing to engage in further discussions at a higher offer price with a larger cash component.”    ï® “The Special Committee has examined your proposal and determined that your proposal is not 3    Counteroffer acceptable. However, if the offer was $XX.00 per share and included a larger cash component, we would    be willing to sit down and talk. Otherwise, we are not interested.”    Sign a Confidentiality ï® “We have examined the proposal with our advisors and determined that your proposal is not acceptable. 4 Agreement and BeginHaving said that, we would be willing to engage in further discussions if you agree to a confidentiality Bilateral Negotiations agreement and allow us to perform diligence on your company to better evaluate your offer”                5 Establish Broader Auction    ï® “The Special Committee has examined your proposal and determined that your proposal is not acceptable. However, the Special Committee intends to explore other strategic alternatives, including a sale of the business. We plan to contact other potential buyers, and encourage you to consider a more competitive offer.”    5

Appendix A: Supplemental Materials

Mall Performance Over Time    Green Street Implied Cap Rates | Last Five Years                7.0%                Average 3-M Avg YTD 3Y 5Y                Goldinch 6.22% 5.99% 5.46% 5.51%    6.5% MAC 5.93 5.84 5.08 5.25                SPG 6.09 5.89 5.27 5.26                 TCO 5.86 5.47 5.15 5.24                6.04% 6.0%                6.03%                5.76% 5.5%                5.52%                5.0%                 4.5%                Goldfinch MAC SPG TCO 4.0%                Nov-2012 Nov-2013 Nov-2014 Nov-2015 Nov-2016 Nov-2017 2012 2013 2014 2015 2016 2017 Goldinch 5.61% 5.60% 5.49% 5.19% 5.31% 5.99% MAC 5.76 5.52 5.37 4.73 4.93 5.70 SPG 5.21 5.23 5.23 4.98 5.05 5.89 TCO 5.23 5.39 5.37 5.03 4.99 5.47 Source: Green Street Advisors; Market data as of 16-Nov-2017                Supplemental Materials                7

Mall Performance Over Time    P / NTM FFO | Last Ten Years                NTM-Time Weighted P/FFO Multiple                30x    Average 3M YTD 3Y 5Y 10Y                Goldfinch 13.1 x 14.2 x 16.9 x 17.0 x 16.8 x    MAC 13.7 14.8 18.1 17.8 15.2    SPG 13.4 14.0 16.9 17.2 15.7 25x    TCO 13.1 15.5 18.9 19.2 17.6                20x    15x 15.8 x 14.9 x    14.5 x 13.2 x 10x                5x    Goldfinch MAC SPG TCO 0x Nov-2007 Jul-2009 Mar-2011 Nov-2012 Jul-2014 Mar-2016 Nov-2017    Average 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD Goldfinch - - - 16.0 x 15.0 x 17.9 x 17.3 x 17.2 x 18.3 x 17.5 x 14.2 x MAC 16.5 9.9 5.7 14.2 16.4 17.7 17.5 17.8 20.3 18.3 14.8 SPG 15.9 12.0 9.3 14.8 16.4 19.0 17.8 17.5 18.3 17.7 14.0 TCO 18.7 14.3 9.9 15.4 19.3 22.2 19.9 19.6 21.4 18.9 15.5                 Source: Bloomberg, Capital IQ, and IBES as of 16-Nov-2017 Note: Goldfinch only shown post-exit from bankruptcy in November 2010.    Supplemental Materials 8

Mall Performance Over Time    EV / NTM EBITDA | Last Ten Years                NTM-Time Weighted EV/EBITDA Multiple    35x Average 3M YTD 3Y 5Y 10Y                Goldfinch 14.4 x 14.7 x 16.7 x 17.3 x 17.4 x MAC 21.8 22.5 23.6 23.2 21.8 SPG 17.0 16.9 18.8 18.8 17.1 30x TCO 17.7 18.2 18.5 17.6 15.9                25x 24.4 x    20x 18.9 x 16.6 x 16.0 x 15x    10x    Goldfinch MAC SPG TCO 5x Nov-2007 Jul-2009 Mar-2011 Nov-2012 Jul-2014 Mar-2016 Nov-2017    Average 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD Goldfinch - - - 16.9 x 16.8 x 18.8 x 18.3 x 17.8 x 17.8 x 17.0 x 14.7 x MAC 19.7 17.3 14.8 21.3 24.0 25.1 23.1 22.4 23.8 24.1 22.5 SPG 16.0 14.3 12.6 14.5 16.6 19.4 18.7 19.1 19.4 19.6 16.9 TCO 13.5 13.1 11.0 13.8 15.6 17.8 16.5 16.4 18.3 18.8 18.2                 Source: Bloomberg, Capital IQ, and IBES as of 16-Nov-2017 Note: Goldfinch only shown post-exit from bankruptcy in November 2010.    Supplemental Materials 9

Blue Jay IFRS NAV Inputs: Core Retail30-Sep-201730-Sep-201631-Dec-2015TerminalTerminalTerminalDiscount Capitalization Investment Discount Capitalization Investment Discount Capitalization Investment Rate Rate Horizon Rate Rate Horizon Rate Rate HorizonUnconsolidated PropertiesUnited States 6.9 % 5.5 % 10 7.5 % 5.9 % 10 7.4 % 5.8 % 10NOI at Share (3Q Annualized)$ 656$ 640$ 668Implied CapImplied CapImplied CapRateRateRateValue of Operating Real Estate $ 12,905 5.1 %$ 12,336 5.2 %$ 12,521 5.3 % (+) Net Non-Real Estate Assets 1,4232,0651,989(-) Debt Obligations (5,545)(5,341)(5,722)(-) Non-Controlling Interest (148)(208)(209)Equity Attributable to Unitholders $ 8,635$ 8,852$ 8,579Source: Company filings Note: Full year 2015 figures shown due to different reporting method prior to 31-Dec-2015.Supplemental Materials 10

Blue Jay IFRS NAV Inputs: Core Office30-Sep-201730-Sep-201631-Dec-2015TerminalTerminalTerminalDiscount Capitalization Investment Discount Capitalization Investment Discount Capitalization Investment Rate Rate Horizon Rate Rate Horizon Rate Rate HorizonConsolidated PropertiesUnited States 6.9 % 5.6 % 11 7.0 % 5.6 % 12 6.9 % 5.7 % 12 Canada 6.3 5.5 10 6.2 5.6 10 6.1 5.5 10 Australia 7.1 6.1 10 7.4 6.2 10 7.6 6.2 10Europe¹ – –– 6.0 5.0 12 6.0 5.1 12 Brazil 9.7 7.6 7 9.3 7.5 10 9.3 7.5 10Unconsolidated PropertiesUnited States 6.5 % 5.4 % 10 6.5 % 5.4 % 11 6.3 % 5.3 % 11 Australia 7.0 5.9 10 7.3 6.4 10 7.4 6.1 10 Europe² 4.8 4.9 10 5.1 5.0 10 5.1 5.1 10NOI at Share (3Q Annualized)$ 1,320$ 1,404$ 1,448Implied CapImplied CapImplied CapRateRateRateValue of Operating Real Estate $ 31,432 4.2 %$ 30,871 4.5 %$ 33,123 4.4 % (+) Net Non-Real Estate Assets 2,8053,5482,215(-) Debt Obligations (17,834)(17,047)(17,379)(-) Non-Controlling Interest (2,084)(2,176)(1,975)Equity Attributable to Unitholders $ 14,319$ 15,196$ 15,984Source: Company filings Note: Full year 2015 figures shown due to different reporting method prior to 31-Dec-2015. ¹ In the third quarter of 2017, 20 Canada Square in London was sold. The remaining Europe properties are valued on a residual land value method. ² Certain properties in Europe accounted for under the equity method are valued using both discounted cash flow and yield models. For comparative purposes, the discount and terminal capitalization rates and investment horizon calculated under the discounted cash flow method are presented in the table above.Supplemental Materials 11

Blue Jay IFRS NAV Inputs: Opportunistic30-Sep-201730-Sep-201631-Dec-2015TerminalDirectTerminalDirectTerminalDirect Discount Capitalization Investment Capitalization Discount Capitalization Investment Capitalization Discount Capitalization Investment Capitalization Rate Rate Horizon Rate Rate Rate Horizon Rate Rate Rate Horizon RateConsolidated PropertiesOpportunistic Office 9.4 % 6.8 % 8N/A 10.8 % 8.3 % 6N/A 11.5 % 8.3 % 6N/AOpportunistic Retail¹ 8.6 7.6 10N/A 8.1 N/A N/A 8.1 % N/A N/A N/A 7.5 %Industrial 7.0 6.4 10N/A 7.4 N/A 10N/A 7.6 6.8 10N/AMultifamily² N/A N/A N/A 4.8 % 4.8 N/A N/A 4.8 N/A N/A N/A 5.1Triple Net Lease² N/A N/A N/A 6.4 6.2 N/A N/A 6.2 N/A N/A N/A 6.3Self-storage² N/A N/A N/A 5.8 6.1 N/A N/A 6.1 N/A N/A N/A N/A Student Housing² N/A N/A N/A 5.8 6.0 N/A N/A 6.0 N/A N/A N/A N/AManufactured Housing² N/A N/A N/A 5.8 N/A N/A N/A N/A N/A N/A N/A N/AUnconsolidated PropertiesOpportunistic Office 6.8% 6.0% 10N/A 9.0% 7.8% 5N/A 8.3% 7.4% 5N/AOpportunistic Retail¹ 13.5 8.2 11N/A N/A N/A N/A 7.0% N/A N/A N/A 7.2Industrial 6.5 6.0 10N/A 7.0 6.2 10N/A 7.1 6.5 10N/AMultifamily² N/A N/A N/A 5.2 % N/A N/A N/A 5.3 % N/A N/A N/A 5.4 %NOI at Share (3Q Annualized)$ 748$ 660$ 524Implied CapImplied CapImplied CapRateRateRateValue of Operating Real Estate $ 8,810 8.5 %$ 7,221 9.1 %$ 6,329 8.3 %(+) Net Non-Real Estate Assets 4,1933,5843,774(-) Debt Obligations (7,581)(6,168)(5,654)(-) Non-Controlling Interest (108)(208)(198)Equity Attributable to Unitholders $ 5,314$ 4,429$ 4,251Source: Company filings Note: Full year 2015 figures shown due to different reporting method prior to 31-Dec-2015. ¹ Direct capitalization method used for Opportunistic Retail in 2015. ² The valuation method used to value multifamily, triple net lease, self-storage, student housing, and manufactured housing properties is the direct capitalization method. The rates presented as the discount rate relate to the overall implied capitalization rate. The terminal capitalization rate and investment horizon are not applicable.Supplemental Materials 12

Common Stock Comparison    Sorted by 2019E FFO Multiple ($ in millions, except per share data)    Closing % of 52 Equity Net Net Debt / EBITDA FFO Implied Prem. Price Week Dividend Market Enterprise Debt / 2017E Multiples (2) Multiples (2) Cap to NAV Company 16-Nov-2017 High Yield Cap (1) Value (1) EV EBITDA 2018 2019 2018 2019 Rate (3) (3)                 Goldfinch—All Cash Offer (4) $ 23.00 86.4 % 3.8 % $ 22,386 $ 40,599 44.1 % 8.0 x 17.7 x 17.3 x 14.3 x 13.5 x 6.0 % (16.8)%                 Goldfinch—All Unit Offer (4) $ 21.21 79.7 % 4.1 20,628 38,841 46.1 8.0 17.0 16.5 13.2 12.5 6.3 (23.3)                 Goldfinch—50/50 Cash Unit Offer (4) $ 22.11 83.0 % 4.0 21,507 39,720 45.1 8.0 17.3 16.9 13.7 13.0 6.1 (20.0)                 Goldfinch—Pre-Rumor (6-Nov-17) (4) $ 19.01 71.4 % 4.6 18,457 36,670 48.8 8.0 16.0 15.6 11.8 11.2 6.7 (31.2)                 Blue Jay—Current (5) $ 21.97 88.0 % 5.4 15,516 50,595 63.3 13.3 20.3 20.0 14.6 13.9 NA (25.5)                 Blue Jay Undisturbed (10-Nov-17) (5) $ 23.68 94.9 % 5.0 16,743 51,833 61.8 13.3 20.8 20.5 15.7 15.0 NA (19.7)                 Goldfinch Peers                Macerich $ 64.66 88 4.6 9,829 17,428 43.6 8.2 18.6 18.0 15.7 15.4 5.5 (15.6)                Taubman Centers 55.73 73 4.5 4,817 9,753 46.9 8.8 18.1 16.7 14.4 14.1 5.8 (36.8)                Simon Property Group 159.87 85 4.5 58,555 88,453 33.7 4.7 13.6 13.2 13.1 12.6 6.0 (24.1)                 Peers—High 88.2 % 4.6 % $ 58,555 $ 88,453 46.9 % 8.8 x 18.6 x 18.0 x 15.7 x 15.4 x 6.0 % (15.6)% Peers—Mean 82 4.5 24,401 38,545 41.4 7.2 16.7 16.0 14.4 14.0 5.8 (25.5) Peers—Median 85 4.5 9,829 17,428 43.6 8.2 18.1 16.7 14.4 14.1 5.8 (24.1) Peers—Low 73 4.5 4,817 9,753 33.7 4.7 13.6 13.2 13.1 12.6 5.5 (36.8)                1 Source: Latest publicly available financial statements. Equity Market Cap based on diluted shares outstanding. 2 Sources: Projected EBITDA and FFO are based on IBES median estimates. All research estimates have been calendarized to December. EBITDA estimates per IBES for MAC,SPG and TCO adjusted for JV EBITDA based on 3Q2017 annualized JV EBITDA per financial supplements, held constant over the projection period. 3 Per Green Street Advisors. 4 Pro Forma for the exercise of warrants by Blue Jay, ADIA and Future Fund. 5 Pro Forma for the exercise of Goldfinch warrants.    Supplemental Materials 13

Exhibit (C)(5)

Goldfinch Supplemental Analyses Strictly Private and Confidential Goldman Sachs & Co. LLC November 27, 2017

Disclaimer These materials have been prepared and are provided by Goldman Sachs on a confidential basis solely for the information and assistance of the special committee of the Board of Directors (the “Special Committee”) of Goldfinch (the “Company”) in connection with its consideration of the matters referred to herein. These materials and Goldman Sachs’ presentation relating to these materials (the “Confidential Information”) may not be disclosed to any third party or circulated or referred to publicly or used for or relied upon for any other purpose without the prior written consent of Goldman Sachs. The Confidential Information was not prepared with a view to public disclosure or to conform to any disclosure standards under any state, federal or international securities laws or other laws, rules or regulations, and Goldman Sachs does not take any responsibility for the use of the Confidential Information by persons other than those set forth above. 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Table of Contents I. IFRS NAV Valuation of Goldfinch II. Overview of Blue Jay’s External Management Agreement III. Shareholder Overlap in Precedent REIT Transactions IV. Shareholder Overlap Between Goldfinch and Blackbird V. Mall Peers’ Implied Cap Rates Over Time VI. Mall Peers’ Multiple Bridges 2

I. IFRS NAV Valuation of Goldfinch

Blue Jay IFRS NAV Valuation of Goldfinch 30-Sep-2017 30-Sep-2016 31-Dec-2015 Terminal Investment Terminal Investment Terminal Investment Discount Capitalization Horizon Discount Capitalization Horizon Discount Capitalization Horizon Rate Rate (Years) Rate Rate (Years) Rate Rate (Years) Unconsolidated Properties United States 6.9 % 5.5 % 10 7.5 % 5.9 % 10 7.4 % 5.8 % 10 NOI at Share (Latest Quarter Annualized) $ 656 $ 640 $ 668 Implied Cap Implied Cap Implied Cap Rate Rate Rate Value of Operating Real Estate $ 12,905 5.1 % $ 12,336 5.2 % $ 12,521 5.3 % (+) Net Non-Real Estate Assets (Excluding Warrants) 470 668 625 (+) Value of Warrants in Goldfinch 953 1,397 1,364 (-) Debt Obligations (5,545) (5,341) (5,722) (-) Non-Controlling Interest (148) (208) (209) Equity Attributable to Unitholders (Including Warrants) $ 8,635 $ 8,852 $ 8,579 Equity Attributable to Unitholders (Excluding Warrants) $ 7,682 $ 7,455 $ 7,215 # of Units of Goldfinch Owned (Including Warrants)¹ 324.1 326.3 325.0 # of Units of Goldfinch Owned (Excluding Warrants)² 256.7 260.3 259.7 Implied Equity Value per Share (Including Warrants) $ 26.65 $ 27.13 $ 26.39 Implied Equity Value per Share (Excluding Warrants) $ 29.93 $ 28.64 $ 27.79 Stated Equity Value per Share³ ~$30.00 NA NA Source: Company filings Note: Full year 2015 figures shown due to different reporting method prior to 31-Dec-2015. ¹ # of units of Goldfinch owned as of 30-Sep-2017 based on Blue Jay fully diluted stake of 34.4% and 942.0mm fully diluted Goldfinch units outstanding as of 30-Sep-2017; as of 30-Sep-2016 based on Blue Jay fully diluted stake of 34% and 959.7mm fully diluted Goldfinch units outstanding as of 30-Sep-2016; and as of 31-Dec-2015 based on Blue Jay fully diluted stake of 34% and 956.0mm fully diluted Goldfinch units outstanding as of 31-Dec-2015. ² # of units of Goldfinch owned as of 30-Sep-2017 based on Blue Jay interest of 29.0% excluding warrants and 885.1mm fully diluted Goldfinch units outstanding excluding units from warrant conversion as of 30-Sep-2017; as of 30-Sep-2016 based on Blue Jay interest of 29.0% excluding warrants and 897.5mm fully diluted Goldfinch units outstanding excluding units from warrant conversion as of 30-Sep-2016; and as of 31-Dec-2015 based on Blue Jay interest of 29.0% excluding warrants and 895.37mm fully diluted Goldfinch units outstanding excluding units from warrant conversion as of 31-Dec-2015. ³ Per Q3 2017 earnings call transcript. Equity value per share not disclosed prior to Q3 2017 earnings call. IFRS NAV Valuation of Goldfinch 4

Goldfinch IFRS Property Valuation Comparison 3Q 2017 vs. 3Q 2016 | at 100% Same Store Weighted Average Cap Rate¹ Classification 3Q 2017 3Q 2016 Delta Under $400 Sales per SF Malls 9.31 % 7.03 % 2.29 % $400-600 Sales per SF Malls 5.66 % 5.26 % 0.40 % $600-800 Sales per SF Malls 4.29 % 4.69 % (0.39)% $800+ Sales per SF Malls 3.52 % 3.79 % (0.27)% Urban Retail 3.58 % 2.58 % 0.99 % International / Other NA NA NA Overall 5.06 % 5.01 % 0.05 % Same Store Median Cap Rate¹ Classification 3Q 2017 3Q 2016 Delta Under $400 Sales per SF Malls 9.27 % 6.93 % 2.34 % $400-600 Sales per SF Malls 5.78 % 5.33 % 0.46 % $600-800 Sales per SF Malls 4.37 % 4.62 % (0.25)% $800+ Sales per SF Malls 3.48 % 3.87 % (0.39)% Urban Retail 3.22 % 2.20 % 1.02 % International / Other NA NA NA Overall 5.51 % 5.16 % 0.35 % Same Store IFRS Property Value (At Share; $mm) Classification 3Q 2017 3Q 2016 Delta Under $400 Sales per SF Malls $ 4,975 $ 6,596 (24.58)% $400-600 Sales per SF Malls 11,847 12,284 (3.56)% $600-800 Sales per SF Malls 15,067 13,202 14.13 % $800+ Sales per SF Malls 8,550 8,062 6.04 % Urban Retail 2,466 2,061 19.67 % International / Other 107 94 14.10 % Overall $ 43,011 $ 42,299 1.68 % Source: IFRS valuation information provided by Company Management. Cap Rates calculated based of FY budgeted NOI and IFRS property valuations. ¹ For properties valued using DCF methodology in both periods (100 of 130 in same store set); NOI not provided for properties in “market” valuations IFRS NAV Valuation of Goldfinch 5

II. Overview of Blue Jay’s External Management Agreement

Blue Jay’s MSA Payments to Blackbird ($ in millions, except per share data) Impact of a potential acquisition on MSA payments would be dependent on a) how the acquisition is financed b) pro forma distributions Per the Master Services Agreement (MSA) with Blackbird, Blue Jay pays the below fees: — Base Management Fee: 0.5% p.a. of total capitalization subject to an annual minimum of $50mm plus annual inflation adjustments — Equity Enhancement Distribution (EED): 1.25% p.a. of the increase in current total capitalization vs. capitalization as of 15-Apr-2013 (immediately post-spin); reduced by amount by which base management fee exceeds $50mm p.a. — Incentive Distribution: 15% of regular annual distributions between $1.10 and $1.20 per share and 25% of regular distributions over $1.20 Fees increase as capitalization and distributions increase. As the sole owner of Blue Jay GP, Blackbird would determine Blue Jay’s distributions, as well as acquisition activity that could increase capitalization Illustrative 3Q 2017 Management Fee Annualized Calculation Pro Forma for Goldfinch Status Quo (Conservative Case)¹ # of Units Price ($) Amount ($) # of Units Price ($) Amount ($) Initial Market Value of Blue Jay Units 466.3 $ 21.91 $ 10,218 466.3 $ 21.91 $ 10,218 Preferred Shares 1,275 1,275 Recourse Debt, Net of Cash (25) (25) Initial Capitalization (A) $ 12,743 $ 12,743 Current Market Value of Blue Jay Units 703.5 $ 22.58 $ 16,417 1,015.4 $ 22.58 $ 22,927 Preferred Shares 3,065 [3,368] Recourse Debt, Net of Cash 1,537 [968] Current Capitalization (B) $ 24,084 $ 30,630 Base Management Fee (B x 0.5%) (C) $ 120.4 $ 153.1 Fee on Increased Market Capitalization ((B-A) x 1.25%) 141.8 223.6 Less: Excess Base Managemt Fee Over Minimum (C - $50mm) 70.4 103.1 Equity Enhanced Distribution (D) 71.3 120.4 Available Creditable Operating Payments² (E) (9.0) (9.0) Total Management Fee (C+D+E) $ 182.8 $ 264.6 Illustrative 3Q 2017 Incentive Distribution Annualized Calculation Pro Forma for Goldfinch Status Quo (Conservative Case)¹ Rate Per Unit ($) Amount ($) Rate Per Unit ($) Amount ($) Distribution per Year to Shareholders (A) $ 1.180 $ 830.1 $ 1.180 $ 1,198.1 First Incentive Distribution to Blackbird First Distribution Threshold (A - $1.10) $ 0.080 $ 56.3 $ 0.080 $ 81.2 15% Incentive Distribution (C) 15.0 % 9.9 15.0 % 12.2 Second Incentive Distribution to Blackbird Second Distribution Threshold (A - $1.25) - - - - 25% Incentive Distribution (D) 25.0 % - 25.0 % - Incentive Distributions (C+D) 9.9 12.2 Less: Incentive Distribution Account Credits³ (9.9) (12.2) Net Incentive Distribution Payable to Blackbird - - Source: Company filings, Blue Jay Offer dated 11-Nov-2017; Market data as of 24-Nov-2017 ¹ Pro forma for Goldfinch analysis assumes 50% / 50% cash / stock transaction, with cash consideration funded by third party equity not managed by Blue Jay (most conservative case), that existing Goldfinch cash, preferred shares, and recourse debt are assumed by Blue Jay, and that Blue Jay distributions per unit remain constant post Goldfinch acquisition. ² The total fee is reduced by the amount of similar fees paid by Blue Jay for capital invested in Blackbird-sponsored funds. ³ Specific reason for Incentive Distribution Account Credit not disclosed, but LP agreement provides that incentive distributions are reduced to the extent that any operating entity pays Blackbird any comparable performance or incentive distribution. Overview of Blue Jay’s External Management Agreement 7

III. Shareholder Overlap in Precedent REIT Transactions

Shareholder Overlap in Precedent REIT Deals Regency’s Acquisition of Equity One (Announced Nov-2016) 100% Stock EQY shareholders held ~89% of REG common shares prior to the transaction Top 25 Institutional Shareholders of Equity One (Target) %OS Q3 ‘16 Institution Style AUM ($bn) EQY REG Chaim Katzman (Chairman) Strategic $ 1.7 34.7 % Vanguard Index 2,287.7 9.9 15.0 BlackRock Institutional Trust Company, N.A. Index 1,508.9 5.5 9.7 Principal Global Investors (Equity) Growth 88.9 4.8 2.5 CenterSquare Investment Management, Inc. Sector Specific 7.4 3.6 1.6 State Street Global Advisors (US) Index 1,028.9 2.7 5.1 APG Asset Management Pension 140.6 2.1 0.1 JP Morgan Asset Management GARP 309.6 2.0 3.5 Deutsche Asset & Wealth Management Sector Specific 14.7 1.9 1.2 APG Asset Management US, Inc. Pension 12.5 1.7 4.6 Shinko Asset Management Co., Ltd. Other 19.3 1.4 0.2 Invesco Advisers, Inc. GARP 184.7 1.4 0.4 Jennison Associates LLC Growth 100.6 1.4 0.5 Nuveen Asset Management, LLC Value 20.1 1.2 1.5 PGIM Real Estate Income 3.9 1.2 0.4 T. Rowe Price GARP 533.6 1.2 4.0 Northern Trust Investments, Inc. Index 207.5 1.1 1.2 Eagle Asset Management, Inc. Growth 15.1 1.1 Morgan Stanley IM (US) GARP 69.1 1.0 3.3 OppenheimerFunds, Inc. GARP 135.8 1.0 0.6 Nuveen LLC Pension 268.1 0.9 0.9 Millennium Management Hedge Fund 52.5 0.9 1.2 Dimensional Fund Advisors Quantitative 308.7 0.8 1.2 Wellington Value 439.1 0.7 0.7 Norges Bank Investment Management (NBIM) Pension 549.7 0.6 0.5 Top 25 Institutional EQY Holders 85.0 % 60.0 % % of REG Held by All Institutional EQY Holders 88.7 % Top 25 Institutional Shareholders of Regency (Acquirer) %OS Q3 ‘16 Institution Style AUM ($bn) REG EQY Vanguard Index $ 2,287.7 15.0 % 9.9 % BlackRock Institutional Trust Company, N.A. Index 1,508.9 9.7 5.5 State Street Global Advisors (US) Index 1,028.9 5.1 2.7 APG Asset Management US, Inc. Pension 12.5 4.6 1.7 T. Rowe Price GARP 533.6 4.0 1.2 JP Morgan Asset Management GARP 309.6 3.5 2.0 Morgan Stanley IM (US) GARP 69.1 3.3 1.0 CBRE Clarion Securities, L.L.C. Sector Specific 16.2 3.2 0.1 Boston Partners Value 74.9 3.2 Principal Global Investors (Equity) Growth 88.9 2.5 4.8 Daiwa Asset Management Co., Ltd. GARP 55.6 2.5 0.0 Cohen & Steers Sector Specific 54.0 2.1 CenterSquare Investment Management, Inc. Sector Specific 7.4 1.6 3.6 Nuveen Asset Management, LLC Value 20.1 1.5 1.2 Dimensional Fund Advisors Quantitative 308.7 1.2 0.8 Stein (Martin Edward Jr.) Strategic 0.1 1.2 Northern Trust Investments, Inc. Index 207.5 1.2 1.1 Deutsche Asset & Wealth Management Sector Specific 14.7 1.2 1.9 Millennium Management Hedge Fund 52.5 1.2 0.9 Wells Fargo Advisors Broker Dealer 131.7 1.1 0.1 PGGM Vermogensbeheer B.V. Pension 58.4 1.0 Nuveen LLC Pension 268.1 0.9 0.9 Duff & Phelps Investment Management Company Income 7.8 0.9 Geode Capital Management, L.L.C. Index 221.4 0.8 0.5 Standard Life Investments Ltd. Growth 59.2 0.8 0.6 Top 25 Institutional REG Holders 73.4 % 40.4 % % of EQY Held by All Institutional REG Holders 64.1 % Source: Thomson Reuters as of 30-Sep-2016 Shareholder Overlap in Precedent REIT Transactions 9

Shareholder Overlap in Precedent REIT Deals Cousins’ Acquisition of Parkway (Announced Apr-2016) 100% Stock Parkway shareholders held ~84% of Cousins common shares prior to the transaction Top 25 Institutional Shareholders of Parkway (Target) %OS Q1 ‘16 Institution Style AUM ($bn) PKY CUZ TPG Capital, L.P. Strategic $ 10.3 21.2 % Vanguard Index 2,075.8 11.3 14.9 BlackRock Institutional Trust Company, N.A. Index 1,454.1 7.7 10.4 Fidelity GARP 940.3 7.6 11.5 Goldman Sachs Asset Management (US) Growth 113.0 3.3 0.1 Madison International Realty Strategic 0.4 3.1 Metropolitan West Capital Management, LLC Other 9.7 2.6 Jennison Associates LLC Growth 101.7 2.5 Ceredex Value Advisors LLC Value 10.0 2.5 State Street Global Advisors (US) Index 958.6 2.5 3.4 Lombardia Capital Partners, LLC Other 1.9 2.3 DePrince, Race & Zollo, Inc. Income 5.0 1.8 Thomas (James A) Strategic 0.0 1.8 Frontier Capital Management Company, LLC GARP 12.6 1.7 Weiss Multi-Strategy Advisers LLC Hedge Fund 2.0 1.5 JP Morgan Asset Management GARP 301.8 1.4 0.5 PGIM Real Estate Income 3.9 1.4 Heistand (James R) Strategic 0.0 1.4 Invesco Advisers, Inc. GARP 177.8 1.4 9.9 Fidelity Institutional Asset Management GARP 66.4 1.2 0.5 Shinko Asset Management Co., Ltd. Other 16.4 1.2 3.1 Victory Capital Management Inc. Growth 24.7 1.1 Northern Trust Investments, Inc. Index 191.6 1.1 1.5 Dimensional Fund Advisors Quantitative 284.2 1.0 1.4 Nuveen LLC Pension 259.5 1.0 1.6 Top 25 Institutional PKY Holders 85.6 % 58.6 % % of CUZ Held by All Institutional PKY Holders 84.3 % Top 25 Institutional Shareholders of Cousins (Acquirer) %OS Q1 ‘16 Institution Style AUM ($bn) CUZ PKY Vanguard Index $ 2,075.8 14.9 % 11.3 % Fidelity GARP 940.3 11.5 7.6 BlackRock Institutional Trust Company, N.A. Index 1,454.1 10.4 7.7 Invesco Advisers, Inc. GARP 177.8 9.9 1.4 Morgan Stanley IM (US) GARP 67.9 3.8 0.0 Lasalle Investment Management Securities, LLC Sector Specific 10.1 3.6 State Street Global Advisors (US) Index 958.6 3.4 2.5 Shinko Asset Management Co., Ltd. Other 16.4 3.1 1.2 LSV Asset Management Value 56.8 2.8 Cohen & Steers Sector Specific 52.4 2.4 0.1 Nuveen LLC Pension 259.5 1.6 1.0 Duff & Phelps Investment Management Company Income 6.9 1.5 Northern Trust Investments, Inc. Index 191.6 1.5 1.1 Daiwa US-REIT Open B Course (CN) Other 5.2 1.5 Giornelli (Lillian Cousins) Strategic 0.0 1.4 Columbia Threadneedle (US) Growth 168.9 1.4 0.3 Dimensional Fund Advisors Quantitative 284.2 1.4 1.0 NFJ Investment Group LLC Value 17.2 1.3 Norges Bank Investment Management (NBIM) Pension 519.9 1.0 0.7 Davis Selected Advisers, L.P. GARP 23.9 1.0 Charles Schwab Investment Management, Inc. Index 90.2 0.8 0.5 Asset Management One USA Inc. Hedge Fund 6.7 0.8 0.2 CF Foundation, Inc. Strategic 0.0 0.8 Geode Capital Management, L.L.C. Index 200.6 0.8 0.6 Morgan Stanley & Co. LLC Broker Dealer 54.0 0.7 0.0 Top 25 Institutional CUZ Holders 83.1 % 37.1 % % of PKY Held by All Institutional CUZ Holders 55.6 % Source: Thomson Reuters as of 31-Mar-2016 Shareholder Overlap in Precedent REIT Transactions 10

Shareholder Overlap in Precedent REIT Deals Mid-America’s Acquisition of Post Properties (Announced Aug-2016) 100% Stock Post Properties shareholders held ~83% of Mid-America’s common shares prior to the transaction Top 25 Institutional Shareholders of Post Properties (Target) Top 25 Institutional Shareholders of Mid-America (Acquirer) %OS Q2 ‘16 Institution Style AUM ($bn) PPS MAA Vanguard Index $ 2,151.4 15.4 % 14.5 % BlackRock Institutional Trust Company, N.A. Index 1,444.9 8.6 8.6 APG Asset Management Pension 131.9 7.9 0.0 APG Asset Management US, Inc. Pension 12.8 7.8 1.2 State Street Global Advisors (US) Index 964.2 4.4 4.6 Janus Henderson Investors Growth 176.4 4.0 0.6 Goldman Sachs Asset Management (US) Growth 112.0 3.5 2.8 Fidelity GARP 945.4 3.2 4.4 Invesco Advisers, Inc. GARP 178.9 2.8 3.9 Nuveen Asset Management, LLC Value 19.5 2.5 0.0 Nuveen LLC Pension 256.7 2.1 1.0 Millennium Management Hedge Fund 39.9 1.7 0.0 Heitman Real Estate Securities LLC Sector Specific 1.9 1.6 Dimensional Fund Advisors Quantitative 284.6 1.4 1.2 Numeric Investors LLC Value 11.8 1.2 0.0 Northern Trust Investments, Inc. Index 200.7 1.2 0.9 CBRE Clarion Securities, L.L.C. Sector Specific 16.8 1.1 D. E. Shaw Hedge Fund 42.6 1.1 0.0 Cohen & Steers Sector Specific 54.0 1.0 1.6 Norges Bank Investment Management (NBIM) Pension 521.7 0.9 0.8 Mellon Capital Management Corporation Index 154.7 0.9 0.5 Charles Schwab Investment Management, Inc. Index 94.1 0.9 0.8 Renaissance Tech. Quantitative 52.6 0.8 1.0 Geode Capital Management, L.L.C. Index 203.2 0.8 0.7 Goldman Sachs & Company, Inc. Broker Dealer 125.8 0.7 1.1 Top 25 Institutional PPS Holders 77.5 % 50.4 % % of MAA Held by All Institutional PPS Holders 82.7 % %OS Q2 ‘16 Institution Style AUM ($bn) MAA PPS Vanguard Index $ 2,151.4 14.5 % 15.4 % BlackRock Institutional Trust Company, N.A. Index 1,444.9 8.6 8.6 State Street Global Advisors (US) Index 964.2 4.6 4.4 Fidelity GARP 945.4 4.4 3.2 Shinko Asset Management Co., Ltd. Other 18.3 4.0 0.0 Invesco Advisers, Inc. GARP 178.9 3.9 2.8 Goldman Sachs Asset Management (US) Growth 112.0 2.8 3.5 JP Morgan Asset Management GARP 299.7 2.3 0.3 MFS Investment Management Growth 268.6 1.9 0.0 Cohen & Steers Sector Specific 54.0 1.6 1.0 Morgan Stanley IM (US) GARP 66.6 1.4 0.5 AllianceBernstein L.P. Growth 133.5 1.3 0.1 Deutsche Asset & Wealth Management Sector Specific 17.7 1.2 Dimensional Fund Advisors Quantitative 284.6 1.2 1.4 APG Asset Management US, Inc. Pension 12.8 1.2 7.8 Goldman Sachs & Company, Inc. Broker Dealer 125.8 1.1 0.7 Nuveen LLC Pension 256.7 1.0 2.1 Renaissance Tech. Quantitative 52.6 1.0 0.8 Northern Trust Investments, Inc. Index 200.7 0.9 1.2 City National Rochdale, LLC Income 11.4 0.9 0.0 Charles Schwab Investment Management, Inc. Index 94.1 0.8 0.9 Norges Bank Investment Management (NBIM) Pension 521.7 0.8 0.9 Columbia Threadneedle (US) Growth 171.6 0.8 0.3 Geode Capital Management, L.L.C. Index 203.2 0.7 0.8 Fisher Investments Value 47.6 0.7 Top 25 Institutional MAA Holders 63.7 % 56.6 % % of PPS Held by All Institutional MAA Holders 96.7 % Source: Thomson Reuters as of 30-Jun-2016 Shareholder Overlap in Precedent REIT Transactions 11

Shareholder Overlap in Precedent Transactions BPY’s Acquisition of BPO (Bid Announced Sep-2013) 33% Cash / 67% Stock Consideration Excluding Brookfield, BPO shareholders held ~4% of BPY common shares prior to the transaction Top 25 Institutional Shareholders of BPO (Target) %OS Q2 ‘13 AUM Institution Style ($bn) BPO BPY Brookfield Asset Management, Inc. Income $ 3.4 50.1 % 83.8 % RBC Wealth Management, International Insurance 22.1 2.2 0.0 RBC Global Asset Management Inc. Value 49.8 2.1 0.1 Caisse de Depot Quebec Pension 64.4 1.5 CI Investments Inc. Value 27.3 1.1 1.0 Bank of Nova Scotia Insurance 23.7 0.9 Letko, Brosseau & Associates Inc. Value 12.4 0.8 JP Morgan Asset Management GARP 193.3 0.8 BMO Asset Management Inc. GARP 22.0 0.7 Fidelity GARP 703.5 0.6 1832 Asset Management L.P. GARP 33.5 0.6 0.0 Connor, Clark & Lunn Investment Management Ltd. Value 10.5 0.5 Morgan Stanley IM (US) GARP 61.4 0.4 0.0 Invesco Advisers, Inc. GARP 145.7 0.4 CenterSquare Investment Management, Inc. Sector Specific 4.2 0.4 TD Asset Management Inc. GARP 50.8 0.4 0.1 Manulife Asset Management Accord (2015) Inc. GARP 3.9 0.4 BMO Nesbitt Burns Inc. Growth 21.8 0.3 0.0 Norges Bank Investment Management (NBIM) Pension 433.5 0.3 0.0 CIBC Asset Management Inc. Value 20.6 0.3 0.0 Alberta Investment Management Corporation Pension 4.3 0.3 Guardian Capital LP Growth 7.2 0.3 British Columbia Investment Management Corp. Pension 35.0 0.3 Starwood Real Estate Securities Hedge Fund 0.6 0.3 Fidelity Institutional Asset Management GARP 55.2 0.2 0.0 Top 25 Institutional BPO Holders 66.3 % 85.1 % % of BPY Held by All Institutional BPO Holders 87.3 % % of BPY Held by All Institutional BPO Holders Ex Brookfield 3.5 Top 25 Institutional Shareholders of BPY (Acquirer) %OS Q2 ‘13 AUM Institution Style ($bn) BPY BPO Brookfield Asset Management, Inc. Income $ 3.4 83.8 % 50.1 % CI Investments Inc. Value 27.3 1.0 4.2 Goldman Sachs Financial Markets LP Broker Dealer 5.2 1.0 Credit Suisse Securities (USA) LLC Broker Dealer 75.1 0.2 Cockwell (Jack L) Strategic 0.4 0.2 0.0 RBC Dominion Securities, Inc. Other 12.5 0.1 0.2 Davis Selected Advisers, L.P. GARP 42.9 0.1 Neuberger Berman, LLC GARP 89.3 0.1 0.1 Horizon Kinetics LLC Growth 6.9 0.1 Barometer Capital Management Inc. Value 0.7 0.1 0.1 RBC Global Asset Management Inc. Value 49.8 0.1 2.1 DePrince, Race & Zollo, Inc. Income 7.3 0.1 Invesco Canada Ltd. Growth 17.9 0.1 0.1 Goldman Sachs & Company, Inc. Broker Dealer 78.3 0.1 0.0 TD Asset Management Inc. GARP 50.8 0.1 0.4 Davenport Asset Management GARP 4.5 0.1 Principal Global Investors (Equity) Growth 52.3 0.1 First Manhattan Company Value 14.0 0.1 0.0 Greystone Investment Management, LLC Specialty 0.2 0.1 Manulife Asset Management Limited Growth 15.2 0.1 0.0 Forward Management, LLC Other 1.9 0.0 Morgan Stanley Wealth Management Growth 95.7 0.0 0.0 Markel-Gayner Asset Management Corp. Growth 2.8 0.0 Findlay Park Partners LLP Growth 8.0 0.0 Arbiter Partners Capital Management, LLC Value 0.4 0.0 Top 25 Institutional BPY Holders 87.7 % 57.3 % % of BPO Held by All Institutional BPY Holders 54.3 % % of BPO Held by All Institutional BPY Holders Ex Brookfield 4.2 Source: Company filings, Thomson Reuters as of 30-Jun-2013 Note: BPO and BPY adjusted to include non-traded unit ownership. Shareholder Overlap in Precedent REIT Transactions 12

IV. Shareholder Overlap Between Goldfinch and Blackbird

Shareholder Overlap Between Goldfinch and Blackbird As of 30-Jun-2017 Adjusted for Blackbird’s exercise of warrants, Blackbird and its original Goldfinch investment partners or successor entities held ~39% of Goldfinch as of 30-Jun-2017 Top 25 Institutional Shareholders of Goldfinch %OS Q2 ‘17 AUM Institution Style ($bn) Goldfinch Blackbird Blackbird¹ Income $ 13.5 34.2 % Vanguard Index 2,763.3 9.9 1.9 BlackRock Institutional Trust Company, N.A. Index 1,837.2 4.7 State Street Global Advisors (US) Index 1,172.1 3.8 0.0 Abu Dhabi Investment Authority Pension 9.3 3.6 Fidelity GARP 1,040.3 3.3 0.1 Norges Bank Investment Management (NBIM) Pension 617.9 3.1 0.8 Cohen & Steers Sector Specific 54.5 2.4 T. Rowe Price GARP 592.2 2.1 0.0 CBRE Clarion Securities, L.L.C. Sector Specific 12.8 1.9 Morgan Stanley IM (US) GARP 62.2 1.8 0.0 PGGM Vermogensbeheer B.V. Pension 64.3 1.7 0.3 Invesco Advisers, Inc. GARP 188.0 1.6 0.1 Future Fund Board of Guardians Pension 0.5 1.3 Lasalle Investment Management Securities, LLC Sector Specific 8.2 1.2 Deutsche Asset & Wealth Management Sector Specific 15.8 1.0 Dimensional Fund Advisors Quantitative 358.5 0.9 0.0 Fidelity Institutional Asset Management GARP 73.5 0.9 2.4 Nuveen LLC Pension 297.8 0.8 0.0 CenterSquare Investment Management, Inc. Sector Specific 6.8 0.8 Alyeska Investment Group, L.P. Hedge Fund 10.8 0.8 Geode Capital Management, L.L.C. Index 289.9 0.8 0.0 Northern Trust Investments, Inc. Index 233.2 0.7 0.1 JP Morgan Asset Management GARP 324.1 0.7 0.1 CI Investments Inc. Value 32.1 0.6 0.2 Top 25 Institutional Goldfinch Holders 84.5 % 5.9 % Original Blackbird Partners / Successors 39.1 % of Blackbird Held by All Institutional Goldfinch Holders 36.3 % Top 25 Institutional Shareholders of Blackbird %OS Q2 ‘17 AUM Institution Style ($bn) Blackbird Goldfinch RBC Global Asset Management Inc. Value $ 61.0 3.9 % 0.3 % Principal Global Investors (Equity) Growth 114.2 2.5 0.5 Fidelity Institutional Asset Management GARP 73.5 2.4 0.9 TD Asset Management Inc. GARP 65.1 1.9 0.0 Vanguard Index 2,763.3 1.9 9.9 RBC Dominion Securities, Inc. Other 31.4 1.9 0.0 Beutel, Goodman & Company Ltd. Value 15.5 1.7 First Manhattan Company Value 17.2 1.7 0.0 Cockwell (Jack L) Strategic 0.6 1.6 BMO Nesbitt Burns Inc. Growth 25.1 1.5 0.0 Franklin Templeton Investments Corporation Value 12.2 1.3 CIBC World Markets Inc. Broker Dealer 21.9 1.2 RBC Wealth Management, International Insurance 17.6 1.2 Mackenzie Financial Corporation Growth 30.4 1.2 0.1 BMO Asset Management Inc. GARP 44.1 1.1 0.0 Manulife Asset Management Limited Growth 31.0 1.0 0.0 TD Securities, Inc. Broker Dealer 30.0 1.0 0.0 CIBC Asset Management Inc. Value 24.3 1.0 0.0 Invesco Canada Ltd. Growth 17.8 0.9 0.0 Mawer Investment Management Ltd. GARP 22.5 0.9 0.0 GWL Investment Management Ltd. Growth 38.5 0.8 0.1 SQ Advisors, LLC Growth 2.7 0.8 Norges Bank Investment Management (NBIM) Pension 617.9 0.8 3.1 Flatt (J Bruce) Strategic 0.3 0.7 Neuberger Berman, LLC GARP 84.5 0.7 0.1 Top 25 Institutional Blackbird Holders 35.5 % 15.1 % % of Goldfinch Held by All Institutional Blackbird Holders 46.3 % Source: Company filings, Thomson Reuters as of 30-Jun-2017 Note: Red outline denotes original investor or successor entity to original investor alongside Blackbird in Goldfinch bankruptcy. ¹ Adjusted for exercise of warrants following 3Q 2017 which resulted in total Blackbird ownership of Goldfinch of 34.4%. Shareholder Overlap Between Goldfinch and Blackbird 14

V. Mall Peers’ Implied Cap Rates Over Time

Green Street Implied Cap Rates Over Time Goldfinch vs. Peers | Last Five Years 7.0% Current Current Nominal Implied Average Implied Cap Rate Cap Rate Cap Rate 3M YTD 3Y 5Y 6.5% Goldfinch 5.37% 5.89% 6.18% 6.01% 5.47% 5.51% MAC 5.00 5.52 5.89 5.72 5.09 5.25 SPG 5.13 6.16 6.10 5.93 5.28 5.26 6.16% TCO 4.42 5.61 5.85 5.52 5.15 5.25 6.0% 5.89% 5.61% 5.5% 5.52% 5.0% 4.5% Goldfinch MAC SPG TCO 4.0% Nov-2012 Nov-2013 Nov-2014 Nov-2015 Nov-2016 Nov-2017 Average 2012 2013 2014 2015 2016 2017 Goldfinch 5.60% 5.60% 5.49% 5.19% 5.31% 5.99% MAC 5.73 5.52 5.37 4.73 4.93 5.70 SPG 5.19 5.23 5.23 4.98 5.05 5.89 TCO 5.21 5.39 5.37 5.03 4.99 5.47 Source: Green Street Advisors; Market data as of 22-Nov-2017 (latest date available) Mall Peers’ Implied Cap Rates Over Time 16

VI. Mall Peers’ Multiple Bridges

Goldfinch Multiples Bridges P / FFO: Rolling Multiple Chart vs. CSC Rolling Multiple Chart Delta CSC Price Price $ 23.35 - $ 23.35 FFO NTM FFO $ 1.61 Delta $ 0.00 2018E FFO $ 1.61 Multiple P / NTM FFO 14.5 x Delta (0.0)x P / 2018E FFO 14.5 x EV / 2018E EBITDA vs. P / 2018E FFO: CSC Enterprise Value Market Cap $ 22,730.7 $ 22,730.7 Total Debt 19,004.8 Preferred Equity 302.6 Minority Interest - Cash (1,094.4) Enterprise Value $ 40,943.7 Earnings 2018E FFO $ 1,566.3 Delta $ 725.5 2018E EBITDA $ 2,291.8 Multiple P / 2018E FFO 14.5 x EV / 2018E EBITDA 17.9 x Source: Bloomberg, CapIQ, and IBES; Market data as of 24-Nov-2017 Mall Peers’ Multiple Bridges 18

Macerich Multiples Bridges P / FFO: Rolling Multiple Chart vs. CSC Rolling Multiple Chart Delta CSC Price Price $ 64.26 - $ 64.26 FFO NTM FFO $ 4.10 Delta $(0.01) 2018E FFO $ 4.11 Multiple P / NTM FFO 15.7 x Delta 0.1 x P / 2018E FFO 15.6 x EV / 2018E EBITDA vs. P / 2018E FFO: CSC Enterprise Value Market Cap $ 9,768.5 $ 9,768.5 Total Debt 7,670.1 Preferred Equity - Minority Interest - Cash (71.1) Enterprise Value $ 17,367.5 Earnings 2018E FFO $ 625.1 Delta $ 313.4 2018E EBITDA $ 938.5 Multiple P / 2018E FFO 15.6 x EV / 2018E EBITDA 18.5 x Source: Bloomberg, CapIQ, and IBES; Market data as of 24-Nov-2017 Mall Peers’ Multiple Bridges 19

Simon Multiples Bridges P / FFO: Rolling Multiple Chart vs. CSC Rolling Multiple Chart Delta CSC Price Price $ 158.00 - $ 158.00 FFO NTM FFO $ 12.08 Delta $(0.08) 2018E FFO $ 12.17 Multiple P / NTM FFO 13.1 x Delta 0.1 x P / 2018E FFO 13.0 x EV / 2018E EBITDA vs. P / 2018E FFO: CSC Enterprise Value Market Cap $ 57,870.5 $ 57,870.5 Total Debt 30,341.1 Preferred Equity 65.4 Minority Interest - Cash (508.4) Enterprise Value $ 87,768.5 Earnings 2018E FFO $ 4,455.7 Delta $ 2,201.1 2018E EBITDA $ 6,656.7 Multiple P / 2018E FFO 13.0 x EV / 2018E EBITDA 13.2 x Source: Bloomberg, CapIQ, and IBES; Market data as of 24-Nov-2017 Mall Peers’ Multiple Bridges 20

Taubman Multiples Bridges P / FFO: Rolling Multiple Chart vs. CSC Rolling Multiple Chart Delta CSC Price Price $ 56.55 - $ 56.55 FFO NTM FFO $ 3.84 Delta $(0.01) 2018E FFO $ 3.86 Multiple P / NTM FFO 14.7 x Delta 0.1 x P / 2018E FFO 14.7 x EV / 2018E EBITDA vs. P / 2018E FFO: CSC Enterprise Value Market Cap $ 4,888.3 $ 4,888.3 Total Debt 4,610.6 Preferred Equity 362.5 Minority Interest - Cash (37.8) Enterprise Value $ 9,823.6 Earnings 2018E FFO $ 333.2 Delta $ 206.4 2018E EBITDA $ 539.7 Multiple P / 2018E FFO 14.7 x EV / 2018E EBITDA 18.2 x Source: Bloomberg, CapIQ, and IBES; Market data as of 24-Nov-2017 Mall Peers’ Multiple Bridges 21

Exhibit (C)(6)

Project Gold Discussion Materials Strictly Private and Confidential Goldman Sachs & Co. LLC December 4, 2017

Disclaimer These materials have been prepared and are provided by Goldman Sachs on a confidential basis solely for the information and assistance of the special committee of the Board of Directors (the “Special Committee”) of Goldfinch (the “Company”) in connection with its consideration of the matters referred to herein. These materials and Goldman Sachs’ presentation relating to these materials (the “Confidential Information”) may not be disclosed to any third party or circulated or referred to publicly or used for or relied upon for any other purpose without the prior written consent of Goldman Sachs. The Confidential Information was not prepared with a view to public disclosure or to conform to any disclosure standards under any state, federal or international securities laws or other laws, rules or regulations, and Goldman Sachs does not take any responsibility for the use of the Confidential Information by persons other than those set forth above. Notwithstanding anything in this Confidential Information to the contrary, the Company may disclose to any person the US federal income and state income tax treatment and tax structure of any transaction described herein and all materials of any kind (including tax opinions and other tax analyses) that are provided to the Company relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. The Confidential Information has been prepared by the Investment Banking Division of Goldman Sachs and is not a product of its research department. Goldman Sachs and its affiliates are engaged in advisory, underwriting and financing, principal investing, sales and trading, research, investment management and other financial and non-financial activities and services for various persons and entities. Goldman Sachs and its affiliates and employees, and funds or other entities they manage or in which they invest or have other economic interests or with which they co-invest, may at any time purchase, sell, hold or vote long or short positions and investments in securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments of the Company, any other party to any transaction and any of their respective affiliates or any currency or commodity that may be involved in any transaction. Goldman Sachs’ investment banking division maintains regular, ordinary course client service dialogues with clients and potential clients to review events, opportunities, and conditions in particular sectors and industries and, in that connection, Goldman Sachs may make reference to the Company, but Goldman Sachs will not disclose any confidential information received from the Company. The Confidential Information has been prepared based on historical financial information, forecasts and other information obtained by Goldman Sachs from publicly available sources, the management of the Company or other sources (approved for our use by the Company in the case of information from management and non-public information). In preparing the Confidential Information, Goldman Sachs has relied upon and assumed, without assuming any responsibility for independent verification, the accuracy and completeness of all of the financial, legal, regulatory, tax, accounting and other information provided to, discussed with or reviewed by us, and Goldman Sachs does not assume any liability for any such information. Goldman Sachs does not provide accounting, tax, legal or regulatory advice. Goldman Sachs has not made an independent evaluation or appraisal of the assets and liabilities (including any contingent, derivative or other off-balance sheet assets and liabilities) of the Company or any other party to any transaction or any of their respective affiliates and has no obligation to evaluate the solvency of the Company or any other party to any transaction under any state or federal laws relating to bankruptcy, insolvency or similar matters. The analyses contained in the Confidential Information do not purport to be appraisals nor do they necessarily reflect the prices at which businesses or securities actually may be sold or purchased. Goldman Sachs’ role in any due diligence review is limited solely to performing such a review as it shall deem necessary to support its own advice and analysis and shall not be on behalf of the Company. Analyses based upon forecasts of future results are not necessarily indicative of actual future results, which may be significantly more or less favorable than suggested by these analyses, and Goldman Sachs does not assume responsibility if future results are materially different from those forecast. The Confidential Information does not address the underlying business decision of the Company to engage in any transaction, or the relative merits of any transaction or strategic alternative referred to herein as compared to any other transaction or alternative that may be available to the Company. The Confidential Information is necessarily based on economic, monetary, market and other conditions as in effect on, and the information made available to Goldman Sachs as of, the date of such Confidential Information and Goldman Sachs assumes no responsibility for updating or revising the Confidential Information based on circumstances, developments or events occurring after such date. The Confidential Information does not constitute any opinion, nor does the Confidential Information constitute a recommendation to the Special Committee, any security holder of the Company or any other person as to how to vote or act with respect to any transaction or any other matter. The Confidential Information, including this disclaimer, is subject to, and governed by, any written agreement between the Company, the Board and/or any committee thereof, on the one hand, and Goldman Sachs, on the other hand. 1

Table of Contents I. Review of Blue Jay Proposal II. Draft Management Projections for Goldfinch Standalone III. Preliminary Financial Analyses of Goldfinch Standalone IV. Preliminary Review of Strategic Alternatives V. Blue Jay Offer Consideration: Factors to Consider VI. Negotiating with Blue Jay: Tactical Considerations VII. Response Alternatives Appendix A:Supporting Financial Analysis Appendix B:Background on Blue Jay Appendix C: Share Register Analysis Appendix D:Analysis of Offer Dynamics in Precedent Transactions 2

I. Review of Blue Jay Proposal

Summary of Blue Jay Proposal Dated November 11, 2017 Key Information Contained in Proposal Acquirer Blue Jay Cash election: $23.00 Consideration per Goldfinch Unit election: 0.9656 Blue Jay units Share — Implied value of $22.06 based on Blue Jay’s closing price on Thursday, 30-Nov-2017 Subject to pro-ration based on 50/50 aggregate cash/unit consideration $7.4bn cash Aggregate Consideration 309mm Blue Jay units¹ Pro Forma Ownership Goldfinch stockholders: 28%² of Blue Jay Blackbird: 44%³ Approval by majority of Goldfinch’s non-Blackbird-affiliated stockholders (i.e. 50% of the remaining 66% of stockholders) Approval by Blue Jay unitholders Conditions — Note: Blackbird owns 69% of Blue Jay units ( 62% including mandatory convertible preferred unit dilution) No financing condition anticipated: “At the time of signing a definitive agreement, we expect to have fully committed financing” Timeline “We can finalize a transaction within a very short period” Source: Blue Jay offer letter dated 11-Nov-2017, Bloomberg, Company filings; Market data as of 30-Nov-2017 ¹ Represents share count per Blue Jay offer letter. ² Based on GS calculation of 310mm units issued to Goldfinch shareholders (including option/LTIP dilution) at 50% cash consideration / 0.9656 exchange ratio and current Blue Jay diluted shares outstanding of 788mm (including dilution from mandatory convertible preferred units). ³ Based on Blackbird’s current ownership of 488mm units in Blue Jay and GS calculation of 310mm units issued to Goldfinch shareholders (see footnote 2). Review of Blue Jay Proposal 4

Implied Values and Transaction Multiples ($ in millions, except per share data) Goldfinch at Offer Prices Goldfinch at Trading Prices Blue Jay at Trading Prices Cash Election Unit Election Blended Pre-Rumor¹ Current Undisturbed² Current Price per Shareł $ 23.00 $ 21.13 $ 22.06 $ 19.01 $ 23.50 $ 23.68 $ 21.88 % Change from Pre-Rumor / Undisturbed (3.8)% 23.6 % (7.6)% Diluted # Shares (mm) 969.7 968.3 970.4 783.1 788.4 Implied Equity Value $ 21,396 $ 18,407 $ 22,805 $ 18,543 $ 17,251 Implied Equity Value to Public Shareholders $ 7,391 $ 6,789 $ 14,180 P / 2018E FFO 4 14.9 x 12.8 x 15.8 x 15.7 x 14.5 x P / 2019E FFO 4 14.5 x 12.5 x 15.5 x 15.0 x 13.8 x P / 2018E AFFO 4 19.7 x 17.0 x 21.0 x 23.2 x 21.5 x P / 2019E AFFO 4 18.8 x 16.2 x 20.0 x 21.9 x 20.3 x Net Debt + Prefs (at Share) $ 18,213 $ 18,213 $ 18,213 $ 33,498 $ 33,498 Implied Enterprise Value $ 39,608 $ 36,620 $ 41,018 $ 52,040 $ 50,748 EV / 2018E EBITDA 4 17.8 x 16.5 x 18.5 x 20.9 x 20.3 x EV / 2019E EBITDA 4 17.4 x 16.1 x 18.0 x 20.5 x 20.0 x Source: Blue Jay offer letter dated 11-Nov-2017, Management projections for Goldfinch standalone as provided 29-Nov-2017 (“Draft Management Projections”), Bloomberg, Company filings, IBES Estimates, SNL Financial; Market data as of 30-Nov-2017 unless otherwise stated ¹ Share price as of 6-Nov-2017. ² Share price as of 10-Nov-2017. ³ Unit Election price per share based on Blue Jay share price as of 30-Nov-2017 and exchange ratio of 0.9656. 4 FFO, AFFO and EBITDA estimates for Goldfinch per Draft Management Projections and for Blue Jay per consensus estimates (IBES consensus for FFO and EBITDA and SNL consensus for AFFO). Review of Blue Jay Proposal 5

Implied Offer Premia ($ in millions, except per share data) Offer Price Relative to Key Public Reference Points Cash Election Offer Price $23.00 50/50 Cash/Unit Offer Price $22.06 Unit Election Offer Price $21.13 $ 30.00 $ 27.10 $ 27.65 $ 27.05 $ 25.89 $ 23.13 $ 19.01 $ 18.83 $ 20.95 Pre-Rumor 52-Week 52-Week 3-Month 1-Year 3-Year Blue Jay 3Q GSA SNL Consensus Share Price Intraday High Intraday Low VWAP VWAP VWAP IFRS NAV of NAV NAV (6-Nov-2017) Share Price Share Price Goldfinch¹ Implied Offer Premia Cash Election 21.0 % (15.1)% 22.1 % 9.8 % (0.6)% (11.2)% (23.3)% (16.8)% (15.0)% Unit Election 11.1 (22.0) 12.2 0.9 (8.6) (18.4) (29.6) (23.6) (21.9) 50/50 16.1 (18.6) 17.2 5.3 (4.6) (14.8) (26.5) (20.2) (18.4) Cash/Units Pre-Rumor—(29.9) 1.0 (9.2) (17.8) (26.6) (36.6) (31.2) (31.2) Share Price Source: Blue Jay offer letter dated 11-Nov-2017, Bloomberg, Green Street Advisors, SNL Financial, Company filings; Market data as of 6-Nov-2017 unless otherwise stated ¹ Approximate figure; per management commentary on Blue Jay 3Q earnings call. Review of Blue Jay Proposal 6

Value of Blue Jay Proposal and Implied Premia Over Time Goldfinch Trading vs. Blue Jay Offer Value Over Time $ 32.00 06-Nov-2017 13-Nov-2017 Last pre-rumor Date of Offer pricing date $ 30.00 $ 28.00 $ 26.00 Stock Price $ 24.00 $ 23.50 $ 22.00 $ 22.06 $ 20.00 $ 18.00 Nov-2015 Mar-2016 Jul-2016 Nov-2016 Mar-2017 Jul-2017 Nov-2017 Goldfinch Value of Current Blue Jay Offer Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Pre-Rumor Current Average $ 27.19 $ 27.95 $ 29.53 $ 25.36 $ 24.47 $ 23.03 $ 21.91 $ 19.01 $ 19.01 Share Price Implied (20.4)% (17.9)% (22.7)% (13.1)% (9.0)% (2.8)% 4.5 % 19.7 % 16.1 % Premium Source: Bloomberg and company press releases; Market data as of 30-Nov-2017 Review of Blue Jay Proposal 7

Initial Market Reaction: Trading Dynamics Since Announcement Goldfinch Share Price and Trading Volumes Blue Jay Share Price and Trading Volumes $ 25.00 60,000 $ 25.00 1,200 $ 23.50 50,000 1,000 Movement $ 22.50 800 $ 22.50 Since 6-Nov: 40,000 G’finch: +23.6% SP500: +2.2% $ 21.88 RMZ: +0.7% Volume Movement Volume TCO: +26.8% Since 10-Nov: 600 Price (USD) 30,000 Price (USD) MAC: +19.5% B’Jay: (7.6)% Closing Closing SPG: +4.4% (‘000) SP500: +2.5% (‘000) RMZ: (0.8)% $ 20.00 20,000 $ 20.00 400 10,000 200 $ 17.50 0 $ 17.50 0 6-Nov 12-Nov 18-Nov 24-Nov 30-Nov 6-Nov 12-Nov 18-Nov 24-Nov 30-Nov Volume Share Price Source: Bloomberg; Market data as of 30-Nov-2017 Review of Blue Jay Proposal 8

Recent Market Commentary “To avoid any vulnerability that could be associated with Blue Jay’s structure, Goldfinch shareholders should consider requiring an all-cash offer, in addition to seeking an increase in the value of the bid to better reflect Blue Jay’s internal assessment of Goldfinch’s assets” – UNITE HERE, 30-Nov-2017 “… we think any realistic bid needs to better underscore the underlying value of Goldfinch’s portfolio of Class A assets; this value may be challenging to agree upon as there have been no Class A trades in the broader market over the past 12 months” – Barclays, 27-Nov-2017 “We believe that the recent Blue Jay bid for the outstanding Goldfinch shares is too low... Goldfinch is not distressed and does not need capital... While naysayers believe that private market valuations for ‘A’ rated malls have changed, every single transaction posted has confirmed that ‘A’ malls trade at between 4% and 5% cap rates” – Boenning & Scattergood, 21-Nov-2017 “…many investors we have spoken to don’t want or can’t own Blue Jay shares” – Boenning & Scattergood, 21-Nov-2017 “We view the offer as very unattractive and believe that the Board should reject the offer… The per-share offer of $23 is well below any measure of the underlying value of Goldfinch shares… Blue Jay is a Bermuda registered partnership that maintains an unfocused pool of real estate assets and is subject to an onerous, one-sided Management Services Agreement that is extremely unfavorable to the owners of Blue Jay and effectively drains cash and value from Blue Jay…” – BTIG, 20-Nov-2017 “Investors we spoke universally believe another offer is forthcoming, with many believing $25-26 would “get it done”. While even an improved $25-26/sh price for Goldfinch is not a good “read-through” for mall asset pricing, we think this situation is unique with Blue Jay already owning 34% of Goldfinch, likely deterring other bids / takeout offer upside.” – Mizuho, 20-Nov-2017 “If the transaction does not take place, the downside risk is equal or perhaps greater than the upside in our view as our NAV on the company is $24-$25 but we could see the stock back down toward $20 (in the near-term) if a deal does not materialize. Also for the deal to be consummated above $25, we believe that another player would have to step into the bidding process, which we view as very unlikely but not impossible” – Evercore, 19-Nov-2017 “Investors [at NAREIT] seemed to be in overwhelming agreement that the initial offer is too low – Green Street would agree with the sentiment. Blue Jay’s recent commentary regarding Goldfinch’s value and Goldfinch’s commentary less than six months ago seem to be misaligned with a $23/sh valuation. A ‘slightly’ ‘sweetened’ offer by Blue Jay seems highly likely (like the playbook for BPO and Rouse), but without another bidder, it seems unlikely that the final price will get close to our NAV/sh estimate of $27.75 “ – Green Street Advisors, 19-Nov-2017 We continue to believe a fair price is north of NAV absent an independent bid but concede that shareholders would likely accept a deal that approaches Consensus NAV” – Sandler O’Neill & Partners, 17-Nov-2017 “What’s clear to us is that Blackbird’s $23/sh offer for Goldfinch is not a great mark for mall REIT valuations, or enough to get the deal done—particularly factoring in the 50% Blue Jay stock component” – BMO Capital Markets, 17-Nov-2017 “…the one interesting item we heard from investors at NAREIT is that some can’t accept Blue Jay shares as consideration given their own funds’ parameters. Thus, if enough Goldfinch shareholders have this constraint, Blue Jay would have to revise its bid to satisfy this issue” – Sandler O’Neill & Partners, 17-Nov-2017 “Given Pershing’s unsuccessful attempt to get SPG to reengage on Goldfinch back in 2012, we see SPG staying on the sidelines apart from the chance to acquire a strategic mall if the situation arose” – Sandler O’Neill & Partners, 17-Nov-2017 Source: Broker research published between 14-Nov-2017 and 30-Nov-2017 Review of Blue Jay Proposal 9

II. Draft Management Projections for Goldfinch Standalone

Key Assumptions Underlying Draft Management Projections Periods from 4Q 2017 onwards are management projections; prior periods in 2017 reflect actual results Approach 4Q 2017, 2018 and 2019 are based on detailed budgeting process; remaining years are extrapolations based on higher level assumptions Rental revenue: — No tenant bankruptcies assumed from 2018 onward — 4Q2017 – FY 2019: “space-by-space” build-up of occupancy and rent. Assume space vacated during 2017 is re-leased during 2018 such that Same-Store NOI occupancy returns to YE 2016 levels by YE 2018 — Thereafter: Projections are built up by mall based on lease maturity schedule and assumed retention rates, down-times, vacancy loss reserves, MLA spreads and market inflation rates. Different assumptions used for different sales bands Other revenues and property-level expenses grown based on inflation assumptions by sales band $15mm of lease termination fees p.a. from 2018 onwards (in-line with historical levels) Other NOI $48mm/$19mm of condo sales in FY2017/2018, respectively; condo sales complete in 2018 Other income includes NOI from properties that do not qualify as “same-store” in 2017/2018 (4.4)% yoy decline in management fees in 2018 based on detailed budget build-up; 3.0% annual growth thereafter — 2018 decline driven by unusually high level of fee-generating development and leasing activity in 2017 Other Revenues / (1.6)% yoy decline in property management costs in 2018 based on detailed budget build-up; 3.0% growth in 2019; 2.0% annual growth thereafter Expenses (11.0)% yoy decline in G&A expenses in 2018 based on detailed budget build-up; 3.0% growth in 2019; 2.0% annual growth thereafter — 2018 decline driven by expected reversal of 2017 bonus payment expense (accounting adjustment) and cost saving measures Investment income calculated based on investment maturity and returns profiles 4Q2017 – FY 2019: “space-by-space” build-up of tenant allowances / ordinary capex CapEx Thereafter: Tenant allowances / ordinary capex based on capex per square foot assumptions (different assumptions used for different sales bands) Development capital built up by project. No new projects assumed beyond those in current development pipeline Acquisitions: No acquisitions over the forecast period Other Investment Asset sales: $190mm gross proceeds in 2018 from sale of 605 N. Michigan Ave and 200 LaFayette; no dispositions projected thereafter Activity Investments: Several investments matured in 2017 (~$115mm); ~$215mm new loans planned for 2018/2019; no new activity thereafter $80mm gross proceeds from Ala Moana condo sales in 2018; zero thereafter 2017 declared dividends of $0.88 / share p.a. grown at 10% p.a. in 2018 and 7% p.a. thereafter Dividends — Results in AFFO payout ratio peaking at ~88% in 2019 before falling below 80% in 2021 Small amount (~$100mm) of mortgage paydown in 2018; thereafter, all maturing debt is refinanced at existing quantum and a ~5% interest rate Mortgage debt amortization calculated by tranche according to terms of loan Capital Structure No change in preferred stock outstanding Revolver / cash balances are a function of cash flows Interest expense / preferred coupons calculated based on average outstanding debt / preferred balance and applicable rates Share Count ~0.2% annual increase in diluted share count from 2018 onwards; related to equity-based compensation payments Source: Draft Management Projections Draft Management Projections for Goldfinch Standalone 11

Draft Management Projections At Share | ($ in millions, except per share data) Per Goldfinch Management Select Income Statement Items 2016A 2017E 2018E 2019E 2020E 2021E 2022E ‘17E—‘22E Same Store NOI ex. Land Sales $ 2,250 $ 2,299 $ 2,391 $ 2,497 $ 2,629 $ 2,700 3.7 % % Growth 2.2 % 4.0 % 4.4 % 5.3 % 2.7 % Plus: Land Sales 15 3 — — Same Store NOI $ 2,227 $ 2,265 $ 2,302 $ 2,391 $ 2,497 $ 2,629 $ 2,700 3.6 % % Growth 1.7 % 1.6 % 3.9 % 4.4 % 5.3 % 2.7 % Plus: Lease Termination Income 20 37 15 15 15 15 15 Plus: Condo Sales 75 48 19 — —Plus: Other NOI 6 9 18 7 7 7 7 Company NOI $ 2,329 $ 2,359 $ 2,354 $ 2,413 $ 2,519 $ 2,651 $ 2,722 2.9 % % Growth 1.3 % (0.2)% 2.5 % 4.4 % 5.2 % 2.7 % Adjusted Real Estate NOIË› $ 2,228 $ 2,263 $ 2,341 $ 2,444 $ 2,572 $ 2,641 3.5 % % Growth 1.5 % 3.5 % 4.4 % 5.2 % 2.7 % Company EBITDA $ 2,195 $ 2,221 $ 2,220 $ 2,275 $ 2,379 $ 2,509 $ 2,579 3.0 % % Growth 1.2 % (0.0)% 2.5 % 4.6 % 5.5 % 2.8 % FFO / Share $ 1.53 $ 1.56 $ 1.48 $ 1.52 $ 1.61 $ 1.74 $ 1.82 3.2 % % Growth 1.4 % (4.7)% 2.5 % 5.9 % 8.2 % 4.5 % % Growth ex. non-recurring items¹ 4.1 % (1.3)% 5.0 % 6.0 % 8.3 % 4.5 % AFFO / Share $ 1.20 $ 1.23 $ 1.12 $ 1.18 $ 1.35 $ 1.56 $ 1.64 5.8 % % Growth 2.7 % (9.2)% 5.0 % 14.7 % 15.6 % 5.0 % % Growth ex. non-recurring items¹ 6.4 % (5.2)% 8.5 % 15.0 % 15.9 % 5.1 % Dividend / Share $ 0.80 $ 0.88 $ 0.97 $ 1.04 $ 1.11 $ 1.19 $ 1.27 7.6 % AFFO Payout Ratio 66.6 % 71.3 % 86.4 % 88.0 % 82.2 % 76.0 % 77.5 % Source: Draft Management Projections ¹ Excludes land sales, lease termination income, condo sales, other NOI, FFO from discontinued operations and provision for income tax. ² See page 52 for calculation of Adjusted Real Estate NOI. Draft Management Projections for Goldfinch Standalone 12

Draft Management Projections At Share | ($ in millions) Per Goldfinch Management Select Cash Flow Statement Items 2017E 2018E 2019E 2020E 2021E 2022E FFO $ 1,488 $ 1,439 $ 1,478 $ 1,568 $ 1,700 $ 1,779 Tenant allowance (177) (227) (217) (164) (86) (85) Ordinary capital (131) (124) (117) (90) (92) (93) AFFO $ 1,180 $ 1,088 $ 1,144 $ 1,314 $ 1,522 $ 1,600 Capitalized costs/non cash FFO (32) (55) (13) (14) (15) (15) Debt amortization (172) (197) (221) (251) (262) (273) Regular dividends (800) (892) (962) (1,030) (1,103) (1,181) Cash Flows After Dividends $ 177 $(56) $(51) $ 19 $ 142 $ 132 Development expenditures $(646) $(747) $(631) $(90) $(40) -Ala Moana condos 146 80 — —Asset acquisitions (313) — — -Notes receivable activity (7) 95 27 — -Asset sales 83 190 — —Special dividend (230) — — -Stock repurchase (277) — — -Financings 229 (103) (1) (2) (3) (2) Warrant cash settlement 550 — — -Net preferred stock issuance/repayment — — —Construction financing 8 — — -Issuance/(repayment) of revolver—230 650 50 (100) (150) Net Cash Flow $(279) $(311) $(7) $(22) $(1) $(20) Balance Sheet Debt + Prefs $ 18,802 $ 18,733 $ 19,161 $ 18,958 $ 18,593 $ 18,168 Cash 429 118 111 89 88 68 Net Debt + Prefs / EBITDA 8.3 x 8.4 x 8.4 x 7.9 x 7.4 x 7.0 x Source: Draft Management Projections Draft Management Projections for Goldfinch Standalone 13

Comparison of Draft Management Projections to Consensus Estimates ($ in millions, except per share data) Draft Management Projections 16A—‘19E Select Research / IBES / SNL¹ 16A—‘19E Variance 2017E 2018E 2019E CAGR 2017E 2018E 2019E CAGR 2017E 2018E 2019E Company NOI (at share) $ 2,359 $ 2,354 $ 2,413 1.2 % $ 2,314 $ 2,427 $ 2,450 1.3 % $ 46 $(74) $(37) % Growth 1.3 % (0.2)% 2.5 % (1.8)% 4.9 % 0.9 % 2.0 % (3.0)% (1.5)% # of Analysts 4 4 1 EBITDA (at share) $ 2,221 $ 2,220 $ 2,275 1.2 % $ 2,212 $ 2,291 $ 2,322 1.6 % $ 9 $(71) $(47) % Growth 1.2 % (0.0)% 2.5 % 0.0 % 3.6 % 1.4 % 0.4 % (3.1)% (2.0)% # of Analysts 4 4 2 FFO/Share $ 1.56 $ 1.48 $ 1.52 (0.3)% $ 1.58 $ 1.61 $ 1.68 2.3 % $(0.02) $(0.13) $(0.16) % Growth 1.4 % (4.7)% 2.5 % 0.6 % 1.9 % 4.3 % (1.5)% (7.9)% (9.5)% # of Analysts 13 16 10 AFFO/Share $ 1.23 $ 1.12 $ 1.18 (1.0)% $ 1.22 $ 1.30 $ 1.33 2.6 % $ 0.01 $(0.18) $(0.15) % Growth 2.7 % (9.2)% 5.0 % (0.8)% 6.6 % 2.3 % 1.1 % (13.8)% (11.5)% # of Analysts 10 10 6 Dividend/Share $ 0.88 $ 0.97 $ 1.04 13.8 % $ 0.88 $ 0.92 $ 0.96 6.3 % $ 0.00 $ 0.05 $ 0.08 % Growth 10.0 % 10.0 % 7.0 % 10.0 % 4.5 % 4.3 % 0.0 % 5.2 % 7.9 % AFFO Payout Ratio 71.3 % 86.4 % 88.0 % 72.1 % 70.8 % 72.2 % (81)bps bps 1,560 bps 1,586 # of Analysts 13 13 10 Source: Draft Management Projections, Company filings, SNL Financial and IBES estimates; Market data as of 30-Nov-2017 ¹ NOI (at share) and EBITDA (at share) per select Wall Street Research, FFO / Share and Dividend / Share per IBES consensus estimates and AFFO / Share per SNL consensus estimates. Draft Management Projections for Goldfinch Standalone 14

III. Preliminary Financial Analyses of Goldfinch Standalone

Summary of Preliminary Illustrative Financial Analyses Stock Price (Pre-Rumor): $ 19.01 Blended Offer Price: $ 22.06 Implied 6.3% Implied Cap Rate 5.8% Implied Cap Rate Methodology 12.8x 2018E FFO Multiple 14.8x 2018E FFO Multiple Cap Rate Commentary Present Value of Illustrative Implied Cap Rate Range: 5.75% – 6.75% 1 Future Stock Price $ 16.46 $ 25.06 5.4%—6.8% Illustrative Cost of Equity: 7.6% (Implied Exit Cap Exit Year: Range of 2017 2021 Rate) Financial Present Value of Illustrative P / NTM FFO range: 10.0x 15.0x 2 Analysis Future Stock Price $ 14.78 $ 23.81 5.6%7.2% Illustrative Cost of Equity: 7.6% Methodology (P / FFO) Exit Year: Range of 2017 2021 3 Levered Discounted Illustrative Cost of Equity range:7.0%—8.0% $ 19.79 $ 27.61 5.1%6.2% Cash Flow Analysis Illustrative FCF Terminal Growth Rate range: 1.0%2.0% Precedent REIT Public REIT transactions over past 5 years Precedent 4 Transactions:Premia 5.7%6.1% 25th Percentile Premium to Undisturbed Price: 8.5% Transaction $ 20.62 $ 22.71 th to Undisturbed 1-Day 75 Percentile Premium to Undisturbed Price: 19.5% Analysis Prior Price Applied to pre-rumor price of $19.01 High: $27.10 (15-Nov-2016) 5 52-Week High / Low $ 18.83 $ 27.10 5.2%—6.4% Low: $18.83 (3-Nov-2017) High: Boenning & Scattergood (21-Nov-2017) Market High excluding Boenning & Scattergood (BTIG, 20-Nov-6 Analyst Price Target $ 18.00 $ 28.00 5.1%—6.5% 2017): $28.00 Information $ 34.50 Low: Goldman Sachs (6-Nov-2017) Median: $25.00 (of 17 data points) High: Boenning & Scattergood (21-Nov-2017) Analyst NAV Per 7 $ 24.17 $ 35.08 4.4%5.5% Low: Evercore (19-Nov-2017) Share Median: $27.65 (of 13 data points) $ 10.00 $ 20.00 $ 30.00 $ 40.00 Source: Draft Management Projections, Implied Cap Rate 8.4% SNL Financial consensus estimates, 6.2% Green Street Advisors, 4.9% IBES consensus estimates, 4.0% Bloomberg, available Wall Street Research; Market data as of 30-Nov-2017 Note: See page 52 for additional detail on calculation of implied cap rate. Preliminary Financial Analyses of Goldfinch Standalone 16

1 Green Street Implied Cap Rates Over Time Goldfinch vs. Peers | Last Five Years 7.0% Current Current Pre-Rumor Nominal Implied Implied Average Implied Cap Rate Cap Rate Cap Rate Cap Rate 3M YTD 3Y 5Y 6.5% Goldfinch 5.37% 5.89% 6.51% 6.18% 6.01% 5.47% 5.51% MAC 5.00 5.52 6.02 5.89 5.72 5.09 5.25 SPG 5.13 6.16 6.24 6.10 5.93 5.28 5.26 TCO 4.42 5.61 6.12 5.85 5.52 5.15 5.25 6.16% 6.0% 5.89% 5.61% 5.5% 5.52% 5.0% 4.5% Goldfinch MAC SPG TCO 4.0% Nov-2012 Nov-2013 Nov-2014 Nov-2015 Nov-2016 Nov-2017 Average 2012 2013 2014 2015 2016 2017 Goldfinch 5.60% 5.60% 5.49% 5.19% 5.31% 5.98% MAC 5.73 5.52 5.37 4.73 4.93 5.69 SPG 5.19 5.23 5.23 4.98 5.05 5.89 TCO 5.21 5.39 5.37 5.03 4.99 5.47 Source: Green Street Advisors; Green Street Advisors data as of 22-Nov-2017 (latest available) and pre-rumor as of 06-Nov-2017 Preliminary Financial Analyses of Goldfinch Standalone 17

1 Illustrative Present Value of Future Stock Price Based on Cap Rate on 1-Year Forward NOI Undiscounted Future Share Price (Excl. Dividends) Present Value of Future Share Price and Dividends $ 29.00 $ 27.45 Discounted to 30-Sep-2017 $ 25.02 $ 22.57 $ 23.68 1-Yr Green $ 23.51 $ 24.56 $ 25.06 Street $ 22.09 $ 22.73 $ 23.25 $ 22.38 Advisors $ 19.92 $ 19.01 $ 18.78 $ 22.03 $ 20.33 $ 21.03 Implied Cap $ 17.83 $ 20.64 $ 19.01 $ 18.92 Rate Range: $ 18.26 $ 18.54 $ 17.72 5.6%—6.5% $ 19.95 $ 16.55 $ 17.46 $ 19.19 $ 17.75 $ 16.46 $ 17.05 Today 2017E 2018E 2019E 2020E 2021E Today 2017E 2018E 2019E 2020E 2021E 6.75% Implied Cap Rate 6.51% Implied Cap Rate 5.75% Implied Cap Rate (Goldfinch Pre-Rumor)² Assumptions Per Draft Management Projections 4Q2017 2018E 2019E 2020E 2021E CAGR 1-Year Forward Adjusted Real Estate NOI $ 2,263 $ 2,341 $ 2,444 $ 2,572 $ 2,641 3.1 % Common Dividends Per Shareą $ 0.22 $ 0.97 $ 1.04 $ 1.11 $ 1.19 6.1 % Cumulative Dividends Per Share $ 0.22 $ 1.19 $ 2.22 $ 3.33 $ 4.52 Illustrative Cost of Equity 7.6 % Source: Draft Management Projections, Company filings, Green Street Advisors, Axioma, Bloomberg, IBES; Market data as of 30-Nov-2017, Goldfinch pre-rumor date of 6-Nov-2017 Note: See page 52 for additional detail on calculation of NAV and Adjusted Real Estate NOI. 1 Full year 2017 dividends of $0.88 per share per Draft Management Projections used for 2017E-2021E CAGR calculation. Dividends are discounted to 30-Sep-2017 using mid-year convention. Share prices are discounted to 30-Sep-2017 using year-end convention. ³ Pre-rumor implied cap rate per Green Street Advisors. Preliminary Financial Analyses of Goldfinch Standalone 18

2 P / NTM FFO Multiples Over Time Goldfinch vs. Peers | Last Five Years 30x Pre-Rumor 3M Avg YTD Avg 3Y Avg 5Y Avg Goldfinch 11.8 x 13.3 x 14.2 x 16.8 x 17.0 x MAC 13.2 14.1 14.8 18.0 17.8 SPG 12.8 13.4 14.0 16.8 17.1 TCO 11.9 13.3 15.5 18.8 19.1 25x Multiple Weighted P/FFO 20x NTM-Time 15.8 x 15.3 x 15x 14.7 x 13.4 x Goldfinch MAC SPG TCO 10x Nov-2012 Nov-2013 Nov-2014 Nov-2015 Nov-2016 Nov-2017 Average 2012 2013 2014 2015 2016 YTD Goldfinch 17.9 x 17.3 x 17.2 x 18.3 x 17.5 x 14.2 x MAC 17.7 17.5 17.8 20.3 18.3 14.8 SPG 19.0 17.8 17.5 18.3 17.7 14.0 TCO 22.2 19.9 19.6 21.4 18.9 15.5 Source: Bloomberg; Market data as of 30-Nov-2017 and pre-rumor as of 06-Nov-2017 Preliminary Financial Analyses of Goldfinch Standalone 19

2 Illustrative Present Value of Future Stock Price Based on 1-Year Forward FFO per Share Multiple Undiscounted Future Share Price (Excl. Dividends) Present Value of Future Share Price and Dividends $ 26.14 $ 27.31 Discounted to 30-Sep-2017 $ 24.16 $ 22.25 $ 22.81 1-Yr IBES $ 23.52 $ 23.81 $ 21.49 $ 22.06 $ 21.93 $ 22.51 Consensus $ 20.57 P/NTM FFO $ 19.01 $ 19.01 $ 17.51 $ 17.95 $ 19.14 $ 19.56 Range: $ 19.01 $ 18.15 11.8x –16.7x $ 17.41 $ 17.50 $ 18.20 $ 17.43 $ 16.10 $ 16.66 $ 17.15 $ 14.83 $ 15.20 $ 15.68 $ 14.78 $ 15.00 Today 2017E 2018E 2019E 2020E 2021E Today 2017E 2018E 2019E 2020E 2021E 10.0x Forward P / FFO 11.8x Forward P / FFO 15.0x Forward P / FFO (Goldfinch Pre-Rumor)² Assumptions Per Draft Management Projections 4Q2017 2018E 2019E 2020E 2021E CAGR 1-Year Forward FFO Per Share $ 1.48 $ 1.52 $ 1.61 $ 1.74 $ 1.82 4.2 % Common Dividends Per Shareą $ 0.22 $ 0.97 $ 1.04 $ 1.11 $ 1.19 6.1 % Cumulative Dividends Per Share $ 0.22 $ 1.19 $ 2.22 $ 3.33 $ 4.52 Illustrative Cost of Equity 7.6 % Source: Draft Management Projections, Axioma, Bloomberg, IBES; Market data as of 30-Nov-2017, Goldfinch pre-rumor date of 6-Nov-2017 1 Full year 2017 dividends of $0.88 per share per Draft Management Projections used for 2017E-2021E CAGR calculation. Dividends are discounted to 30-Sep-2017 using mid-year convention. Share prices are discounted to 30-Sep-2017 using year-end convention. ² Pre-rumor Forward FFO multiple per IBES consensus. Preliminary Financial Analyses of Goldfinch Standalone 20

3 Illustrative Discounted Levered Free Cash Flow Analysis ($ in millions) 2017E 4Q2017 2018E 2019E 2020E 2021E 2022E Terminal EBITDA $ 555 $ 2,220 $ 2,275 $ 2,379 $ 2,509 $ 2,579 $ 2,579 Less: Interest Expense (198) (794) (801) (814) (813) (805) (805) Plus: Net Other Income 12 13 3 3 3 5 5 FFO $ 369 $ 1,439 $ 1,478 $ 1,568 $ 1,700 $ 1,779 $ 1,779 Less: Maintenance Capex (76) (351) (334) (254) (178) (178) (178) AFFO $ 293 $ 1,088 $ 1,144 $ 1,314 $ 1,522 $ 1,600 $ 1,600 Less: Development Capex (246) (747) (631) (90) (40) —Less: Mandatory Debt Amortization (46) (197) (221) (251) (262) (273) -Less: Other Cash Flow Items 572 208 13 (16) (17) (16)—Levered Free Cash Flow $ 573 $ 351 $ 305 $ 957 $ 1,202 $ 1,311 $ 1,600 Terminal Valueą $ 26,608 Source: Company filings, Draft Management Projections, Axioma, Bloomberg, Green Street Advisors ¹ Based on 7.6% cost of equity and 1.5% terminal growth rate. Preliminary Financial Analyses of Goldfinch Standalone 21

3 Illustrative Discounted Levered Free Cash Flow Analysis Implied Current Share Price % of Equity Value from Terminal Value Terminal Growth Rate Terminal Growth Rate # #### 1.00 % 1.25 % 1.50 % 1.75 % 2.00 % $ 0.83 1.00 % 1.25 % 1.50 % 1.75 % 2.00 % 7.00 % $ 23.48 $ 24.38 $ 25.36 $ 26.43 $ 27.61 7.00 % 83.1 % 83.7 % 84.3 % 85.0 % 85.6 % Equity Equity 7.25 % 22.45 23.26 24.15 25.12 26.19 7.25 % 82.4 % 83.0 % 83.6 % 84.3 % 84.9 % 7.60 % 21.11 21.84 22.62 23.46 24.38 7.60 % 81.5 % 82.1 % 82.7 % 83.3 % 84.0 % Cost of 7.75 % 20.61 21.30 22.04 22.84 23.71 Cost of 7.75 % 81.1 % 81.7 % 82.3 % 82.9 % 83.6 % 8.00 % 19.79 20.42 21.10 21.84 22.63 8.00 % 80.4 % 81.0 % 81.7 % 82.3 % 82.9 % Implied Terminal Multiple (P / NTM FFO) Implied Terminal Cap Rate Terminal Growth Rate Terminal Growth Rate # #### 1.00 % 1.25 % 1.50 % 1.75 % 2.00 % 6.2 % 1.00 % 1.25 % 1.50 % 1.75 % 2.00 % 7.00 % 14.6 x 15.3 x 16.0 x 16.8 x 17.7 x 7.00 % 6.2 % 6.0 % 5.8 % 5.7 % 5.5 % Equity Equity 7.25 % 14.0 14.7 15.3 16.1 16.9 7.25 % 6.3 % 6.2 % 6.0 % 5.8 % 5.7 % 7.60 % 13.3 13.8 14.4 15.1 15.8 7.60 % 6.5 % 6.4 % 6.2 % 6.1 % 5.9 % Cost of 7.75 % 13.0 13.5 14.1 14.7 15.4 Cost of 7.75 % 6.6 % 6.5 % 6.3 % 6.2 % 6.0 % 8.00 % 12.5 13.0 13.6 14.1 14.8 8.00 % 6.8 % 6.6 % 6.5 % 6.3 % 6.1 % Source: Company filings, Draft Management Projections, Axioma, Bloomberg, Green Street Advisors Preliminary Financial Analyses of Goldfinch Standalone 22

4 Precedent US REIT Transaction Premia Deals >$1bn in Value | Last 5 Years Premium to Transaction Undisturbed 1- Premium to SNL Date Announced Acquiror Name Target Name Value ($bn)ą Day Prior NAV Consideration 10-Aug-2017 Invitation Homes Starwood Waypoint Homes $ 8.6 0.8 % (2.7)% Stock 4-Jul-2017 Greystar Real Estate Partners Monogram Residential Trust, Inc. 4.0 22.4 % 0.7 % Cash 30-Jun-2017 Canada Pension Plan Investment Board Parkway, Inc. 1.3 13.1 % 9.7 % Cash 28-Jun-2017 Government Properties Income Trust First Potomac Realty Trust 1.5 5.1 % (7.1)% Cash 9-Jun-2017 Digital Realty Trust, Inc. DuPont Fabros Technology, Inc. 7.2 14.9 % 27.8 % Stock 7-May-2017 Sabra Health Care REIT, Inc. Care Capital Properties, Inc. 4.1 11.8 % 29.6 % Stock 24-Apr-2017 RLJ Lodging Trust FelCor Lodging Trust Incorporated 2.9 16.7 % NA Stock 27-Feb-2017 Tricon Capital Group Silver Bay Realty Trust Corp. 1.5 19.4 % (10.2)% Cash 14-Nov-2016 Regency Centers Corp Equity One, Inc. 5.8 15.3 % 5.1 % Stock 15-Aug-2016 Mid-America Apartment Cmnty Post Properties, Inc. 4.9 16.6 % 10.7 % Stock 29-Apr-2016 Cousins Properties Inc Parkway Properties, Inc. 4.0 13.0 % (2.1)% Stock 25-Feb-2016 Brookfield Asset Mgmt Inc Rouse Properties, Inc. 2.6 35.3 % (9.4)% Cash 15-Dec-2015 DRA Advisors LLC IRC Retail Centers 2.1 6.6 % (6.4)% Cash 3-Dec-2015 American Homes 4 Rent American Residential Properties, Inc. 1.4 8.7 % (19.0)% Stock 16-Oct-2015 Harrison Street Re Capital LLC Campus Crest Communities, Inc. 1.7 24.4 % (15.4)% Cash 8-Oct-2015 Blackstone RE Partners VIII LP BioMed Realty Trust, Inc. 8.1 23.8 % 1.0 % Cash 8-Sep-2015 Blackstone RE Partners VIII LP Strategic Hotels & Resorts, Inc. 5.9 4.8 % (3.2)% Cash 22-Jun-2015 Lone Star Funds Home Properties, Inc. 7.9 3.4 % 6.6 % Cash 22-Apr-2015 Brookfield Asset Mgmt Inc Associated Estates Realty Corporation 2.5 17.4 % 14.4 % Cash 10-Apr-2015 Blackstone Ppty Partners LP Excel Trust, Inc. 2.8 14.5 % 7.2 % Cash 31-Oct-2014 Omega Healthcare Investors Inc Aviv REIT, Inc. 2.8 16.2 % 57.5 % Stock 16-Sep-2014 Washington Prime Group Inc Glimcher Realty Trust 4.3 34.1 % 21.8 % Cash / Stock 2-Jun-2014 Ventas Inc American Realty Capital Healthcare Trust, Inc. 2.4 13.9 % NA Cash / Stock 9-Dec-2013 Essex Property Trust Inc BRE Properties, Inc. 6.2 (2.1)% 2.3 % Cash / Stock 23-Oct-2013 American Rlty Capital Ppty Inc Cole Real Estate Investments, Inc. 10.9 7.8 % 17.5 % Cash / Stock 3-Jun-2013 Mid-America Apartment Communities, Inc. Colonial Properties Trust 4.2 10.7 % (8.4)% Stock 28-May-2013 American Rlty Capital Ppty Inc CapLease, Inc. 2.1 19.7 % 16.9 % Cash 25-Apr-2013 Brookfield Office Pptys Inc MPG Office Trust, Inc. 2.1 21.2 % 7.9 % Cash Low $ 1.3 (2.1)% (19.0)% 25th Percentile $ 2.1 8.5 % (5.6)% Mean $ 4.1 14.6 % 5.9 % Median $ 3.5 14.7 % 3.7 % 75th Percentile $ 5.8 19.5 % 13.4 % High $ 10.9 35.3 % 57.5 % Source: Company filings, SNL, Thomson Reuters, CapIQ ¹ Total Transaction Size per CapIQ. Preliminary Financial Analyses of Goldfinch Standalone 23

6/7 Goldfinch Research Analyst Views NAV Broker Estimate Date Rating Price Target per Share Primary Valuation Methodology Bank of Americaą 13-Nov-17 Buy $ 25.00 $ 25.00 NAV Barclays 27-Nov-17 Hold 24.00 33.97 NAV, DCF, “sentiment/regression” BMO Capital Markets 17-Nov-17 Hold 22.00 27.69 NAV, DCF Boenning & Scattergood 21-Nov-17 Buy 34.50 35.08 NAV BTIG 20-Nov-17 Buy 28.00 32.26 NAV; FFO multiple Citibank 17-Nov-17 NA 27.50 29.90 NAV Deutsche Bank 12-Nov-17 Hold 26.00 NA NAV Evercore 26-Nov-17 Hold 23.00 24.17 NAV, DCF Goldman Sachs¹ 6-Nov-17 Sell 18.00 NA AFFO multiple Green Street Advisors² 30-Nov-17 Hold NA 27.65 -J.P. Morgan 17-Nov-17 Buy 25.00 NA DCF Mizuho Securities 20-Nov-17 Hold 23.00 26.50 NAV RBC Capital Markets 12-Nov-17 Buy 25.00 24.72 NAV Sandler O’Neill 13-Nov-17 Hold 25.00 25.80 FFO multiple, dividend yield, AFFO yield Stifel 14-Nov-17 Buy 24.00 29.00 Cap rate SunTrust 7-Nov-17 Buy 26.00 27.11 NAV UBS 31-Oct-17 Hold 23.00 NA NAV Wells Fargo 12-Nov-17 Hold 23.00 NA NAV Low $ 18.00 $ 24.17 Mean $ 24.82 $ 28.37 Median $ 25.00 $ 27.65 High $ 34.50 $ 35.08 Source: Latest available broker research as of 30-Nov-2017 ¹ Bank of America and Goldman Sachs recommendations / price targets from prior recent reports (having moved to unrated post transaction announcement). ² Not included in IBES / SNL consensus. Preliminary Financial Analyses of Goldfinch Standalone 24

IV. Preliminary Review of Strategic Alternatives

Preliminary Review of Strategic Alternatives Summary of Alternatives Considered Alternative Description Considerations Accretive to current public market valuation / Blue Jay offer Universe of potential capital partners for retail real estate in current Selectively sell interests in higher environment Selected Asset quality assets 1 May provide a mark on rest of portfolio more in line with private market Sales / JVs Return proceeds to shareholders via valuations share buyback or special dividend Long term impact on Goldfinch enterprise Potential tax leakage quality assets into Potential for multiple arbitrage given current trading valuations Spin-off of lower 2 Spin-Off Relative size and cost of capital of SpinCo versus B-mall peers separate vehicle (“SpinCo”) Operational and G&A dis-synergies Size of buyer universe, particularly given (a) current cost of capital for Sale to Strategic mall REITs and (b) Goldfinch’s scale 3 Sale to an alternate strategic buyer Buyer Blue Jay’s existing ~34% stake in Goldfinch Sponsor appetite / return expectation for retail real estate in current environment Sale to Financial 4 Sale to a financial buyer via LBO Current financing environment for malls suggests limited ability to add Buyer meaningful additional leverage Large equity check required Preliminary Review of Strategic Alternatives 26

1 Illustrative Sale Portfolio ($ in millions) At Current Share Interest Sold Pro Forma Ownership Illustrative Tax Sales 2018E Tax 2018E Sale Sale Basis 2018E Tax Mall PSF Interest Adj. NOI¹ Basis Debt Interest Adj. NOI¹ Cap Rate² Value Used Debt Proceeds Interest Adj. NOI¹ Basis Debt Ala Moana $ 1,315 62.5 % $ 134 $ 1,481 $ 1,133 12.5 % $ 27 4.25 % $ 629 $ 629 $ 227 $ 402 50.0% $ 107 $ 852 $ 906 Woodlands 698 100.0 % 43 713 242 50.0 % 22 5.00 % 434 434 121 313 50.0% 22 278 121 North Star 737 100.0 % 44 529 308 50.0 % 22 5.00 % 437 437 154 283 50.0% 22 92 154 Mall in Columbia 605 100.0 % 45 811 337 50.0 % 23 5.25 % 430 430 169 261 50.0% 23 381 169 Willowbrook 841 100.0 % 44 496 360 50.0 % 22 4.75 % 460 460 180 280 50.0% 22 36 180 Tysons Galleria 1,034 100.0 % 31 652 302 50.0 % 16 4.75 % 327 327 151 176 50.0% 16 325 151 Fashion Place 796 100.0 % 31 358 227 50.0 % 15 5.00 % 309 309 113 195 50.0% 15 50 113 Total $ 372 $ 5,039 $ 2,908 $ 146 4.81 % $ 3,026 $ 3,026 $ 1,114 $ 1,912 $ 226 $ 2,014 $ 1,794 Source: Draft Management Projections, Company filings, Goldfinch Management information ¹ 2018E NOI adjusted to exclude one-time items including land sales and lease termination income and does not include Argus assumption of property-level management fee of 3%. ² Cap rates based on Goldfinch Management estimates as of June 2017, adjusted for estimated interim cap rate expansion of ~75bps. Preliminary Review of Strategic Alternatives 27

1 Sale of Class A Portfolio Illustrative Financial Impact ($ in millions, except per share data) Key Assumptions Pro Forma Impact described on prior page Pro Forma FFO Accretion / (Dilution) Assumes sale of JV interests as 2018E FFO $ 1,439 Goldfinch tax basis applied to gross proceeds on an asset by asset (-) NOI from Sale Portfolio (146) basis (+) Interest on Sale Portfolio Debt 44 — Assume tax basis allocated to interest sold such that no tax PF 2018E FFO $ 1,338 payable on the sales $ Spent on Share Buybacks $ 1,902 Remaining proceeds applied to share repurchase Share Buyback Price $ 19.01 — Shares repurchased at Goldfinch’s undisturbed share price Total Shares Repurchased 100.0 Illustrative transaction costs of $10mm Diluted Shares Outstanding 968.3 Sources & Uses PF Diluted Shares Outstanding 868.2 PF 2018E FFO / Share $ 1.54 Sources Status Quo 2018E FFO / Share $ 1.49 Sale of Mall Portfolio $ 3,026 Accretion / (Dilution) 3.7 % Total Sources $ 3,026 PF Share Pricea $ 19.71 Uses % Change 3.7 % Mortgage Debt Transferred to Buyer $ 1,114 PF Net Debt + Prefs / 2017E EBITDA 8.2 x Advisor Fees 10 Delta From Current 0.0 x Share Buybacks 1,902 Total Uses $ 3,026 PF 2018E AFFO Payout Ratio¹ 75.9 % Delta From Current (2.4)% 2018E FFO Accretion / Dilution % Share Price Uplift Share Buyback Price PF P / 2018E FFO Multiple 3.7 % $ 17.00 $ 18.00 $ 19.01 $ 20.00 $ 21.00 3.7 % 10.00 x 11.25 x 12.50 x 13.75 x 15.00 x (50) bps 7.6 % 6.6 % 5.8 % 5.1 % 4.4 % (50) bps (17.3)% (6.9)% 3.4 % 13.7 % 24.1 % Increase / Increase / (Decrease) (25) bps 6.3 % 5.5 % 4.7 % 4.1 % 3.5 % (Decrease) (25) bps (18.1)% (7.9)% 2.3 % 12.6 % 22.8 % 0 bps 5.1 % 4.3 % 3.7 % 3.1 % 2.6 % 0 bps (19.0)% (8.8)% 1.3 % 11.4 % 21.6 % Asset Sale Cap Rate 25 bps 4.0 % 3.3 % 2.7 % 2.2 % 1.7 % Asset Sale Cap Rate 25 bps (19.7)% (9.6)% 0.4 % 10.4 % 20.5 % 50 bps 3.1 % 2.5 % 1.9 % 1.4 % 1.0 % 50 bps (20.3)% (10.4)% (0.4)% 9.5 % 19.5 % Source: Draft Management Projections, Bloomberg, Goldfinch Management information; Goldfinch share price as of Nov-6 pre-rumor price of $19.01 ¹ Assumes constant P / FFO trading multiple and constant dividend per share for illustrative purposes. Preliminary Review of Strategic Alternatives 28

2 Overview of SpinCo (Class B/B+) Portfolio SpinCo EV ($bn) ~$5 $6.5 $5.0 $4.5 $2.8 GSA GAVą ($bn) NA 7.7 6.3 5.8 3.9 # of Assets 48 119 110 43 28 P / 2018E FFO NA 2.8x 4.6x 10.0x 6.4x GSA Nominal Cap Rate NA 9.2% 8.5% 6.4% 7.0% GSA Implied Cap Rate NA 11.1% 10.4% 8.0% 8.7% Net Debt / 2017E EBITDA² ~8.5x 7.7x 6.2x 6.2x 7.9x 3Q17 Sales PSF $358 $373 $364 $387 $478 3Q17 Occupancy 94.3% 93.1% 92.3% 97.0% 95.5% 2011—2016 SS NOI CAGR NA 1.4% NA 4.2% 2.2% 11% 2% 6% 7% 18% 23% 36% 100% 12% 100% 36% 56 % % of Assets¹ 38% 47% 8% A Malls B Malls C Malls Outlets Other 9% 12% 6% 14% 6% 20% 17% 7% 12% 36% 6% 45% 12% 54% 15% 52% 13% Geography¹ 8% 73% 7% 6% 14% 16% 7% 6% 7% 7% 7% 6% GA FL MN 0 2WA TX NC TN KY MO OH CA CO NY SC PA NJ MD VA MI Other Source: Draft Management Projections, Information from Goldfinch Management, Bloomberg, IBES Estimates, Company Filings, and Green Street Advisors; Market data as of 30-Nov-2017 and Green Street Advisors data as of 22-Nov-2017 (latest available) ¹ Figures from Green Street Advisors based on Q2 2017 reporting except for SpinCo. ² SpinCo net debt multiple is calculated as net debt / 2018E NOI. Assumes SpinCo debt is equal to mortgage debt on B / B+ assets. Preliminary Review of Strategic Alternatives 29

2 Overview of Goldfinch RemainCo RemainCo Goldfinch (Status Quo) EV ($bn) ~$30 $36.7 $89.1 $17.4 $10.0 GSA GAVą ($bn) NA 5.8 111.7 19.9 12.9 # of Assets 79 127 235 55 24 P / 2018E FFO NA 11.8x 13.3x 15.8x 15.2x GSA Nominal Cap Rate NA 5.4% 5.1% 5.0% 4.4% GSA Implied Cap Rate NA 6.5% 6.2% 5.5% 5.6% Net Debt / 2017E EBITDA² ~7.5 x 8.2x 4.5x 7.9x 9.5x 3Q17 Sales PSF $711 $590 $617 $659 $802 3Q17 Occupancy 96.4 % 95.7 % 95.6% 94.3% 93.6% 2011—2016 SS NOI CAGR NA 4.2% 4.3% 4.0% 4.2% 3% 8% 6%1% 6% 17% 21% % of Assets¹ 1% 100% 31% 53% 80% 78% 86% 8% A Malls B Malls C Malls Outlets Other 12% 10% 16% 5% 21% 20% 7% 29% 12% 32% 5% 5% Geography¹ 45% 6% 52% 8% 17% 65% 5% 8% 6% 20% 6% 4% 19% 16% 8% 7% 5% 8% GA FL MN WA 0 2 TX NC TN KY MO OH CA CO NY SC PA NJ MD VA MI IL NV AZ OR CT Other 1 Source: Draft Management Projections, Information from Goldfinch Management, Bloomberg, IBES Estimates, Company Filings, and Green Street Advisors; Market data as of 30-Nov-2017 and Green Street Advisors data as of 22-Nov-2017 (latest available) ¹ Figures from Green Street Advisors based on Q2 2017 reporting except for RemainCo. RemainCo assets include class A malls and other assets from Goldfinch (Status Quo). ² RemainCo net debt multiple is calculated as net debt / 2018E NOI. Assumes RemainCo debt is equal to Goldfinch Status Quo debt less SpinCo debt (see previous page). Preliminary Review of Strategic Alternatives 30

2 Spin-Off of Class B/B+ Portfolio Illustrative Financial Impact ($ in millions) Illustrative Pro Forma Financial Build-Up Illustrative Valuation Impact Aggregate Status Quo SpinCo RemainCo Pro Forma Pre-Rumor $ 17,796 2018E Adjusted Real Estate NOI $ 489 $ 1,774 $ 2,263 $ 2,263 $(1,614) $ 15,016 $ 16,182 PF 2018E Adjusted Real Estate NOI $ 489 $ 1,774 $ 2,263 $ 2,263 Implied Cap Rate 9.50 % 6.25 % 6.75 % 6.33 % Implied Real Estate Value $ 5,145 $ 28,381 $ 33,527 $ 35,752 (+) Net Non-Real Estate Assets $ 188 $ 681 $ 868 $ 868 Enterprise Value $ 5,333 $ 29,062 $ 34,395 $ 36,620 (-) Net Debt + Prefs $(4,167) $(14,046) $(18,213) $(18,213) Equity Value $ 1,166 $ 15,016 $ 16,182 $ 18,407 Illustrative Net Valuation Impact $(2,225) Illustrative Net Valuation Impact Per Share $(2.30) Net Debt / 2018E NOI 8.5 x 7.9 x 8.0 x 8.0 x Illustrative Net Valuation Impact Per Share Sensitivity Analysis RemainCo Implied Cap Rate $(2.30) 5.75 % 6.00 % 6.25 % 6.50 % 6.75 % Cap 8.5 % $ 0.88 $(0.45) $(1.67) $(2.80) $(3.84) 9.0 % 0.55 (0.78) (2.00) (3.13) (4.17) Implied Rate 9.5 % 0.25 (1.08) (2.30) (3.43) (4.47) $ 1,166 SpinCo 10.0 % (0.01) (1.34) (2.56) (3.69) (4.73) 10.5 % (0.26) (1.58) (2.80) (3.93) (4.98) SpinCo RemainCo Post-Spin Illustrative Pre-Rumor @ 9.50% @ 6.25% Valuation Value Goldfinch Implied Implied Impact Market Cap Cap Rate Cap Rate Source: Draft Management Projections, Company filings; Market data as of 30-Nov-2017 Note: Assumes: 1) SpinCo includes all properties classified B or B+ per Management and 100% owned, properties valued at market stay at RemainCo; 2) mortgage debt on SpinCo assets travels with SpinCo, unsecured debt remains at RemainCo; 3) Net Non-Real Estate Assets allocated between SpinCo and RemainCo based on share of 2018E NOI for illustrative purposes. Preliminary Review of Strategic Alternatives 31

3 Illustrative Sparrow Ability to Pay Analysis Assumes All-Stock Consideration ($ in millions, except per share data) Illustrative Assumptions Key Metrics All-stock consideration Offer Price Per Share $ 19.01 $ 23.00 $ 25.00 $ 27.00 Implied Premium to 6-Nov Pre-Rumor Price 0.0 % 21.0 % 31.5 % 42.0 % Sparrow assumes Goldfinch net debt and preferred equity Pro Forma Ownership Current Sparrow Shareholders 76.3 % 72.6 % 70.9 % 69.3 % $25-50mm synergiesa Current Public Goldfinch Shareholders 15.7 % 18.1 % 19.3 % 20.4 % $150mm transaction expenses Blue Jay 8.0 % 9.2 % 9.8 % 10.3 % Sparrow forecasts based on IBES (FFO) and SNL (AFFO) consensus estimates Goldfinch forecasts based on Draft 2018E FFO Accretion / (Dilution) 1.5 % (3.3)% (5.6)% (7.8)% Management Projections Sparrow and Goldfinch NAV estimates based 2018E AFFO Accretion / (Dilution) (2.3)% (7.0)% (9.2)% (11.3)% on Green Street Advisors GSA NAV Accretion / (Dilution) 2.6 % (2.3)% (4.6)% (6.8)% Pro Forma Sparrow Net Debt / LQA EBITDA² 5.7 x 5.7 x 5.7 x 5.7 x Status Quo Sparrow Net Debt / LQA EBITDA² 4.8 x 4.8 x 4.8 x 4.8 x Source: Draft Management Projections, Bloomberg, IBES, Green Street Advisors, SNL Financial, Wall Street Research, Company filings as of 30-Sep-2017; Market data as of 30-Nov-2017 ¹ Illustrative estimate per Goldfinch Management; midpoint of $37.5mm used in analysis. ² Shown at share. Preliminary Review of Strategic Alternatives 32

4 Illustrative Sponsor LBO Analysis Assumes Total Debt Financing of 8.6x 2017E EBITDA (In-Line With Current Levels) Illustrative Sources and Uses ($23.00 Offer Price | 21% Premium to Pre-Rumor | 5.7% Entry Cap Rate) Levered IRR Sensitivity Analysis x2017E Sources Amount % Total EBITDA Exit Implied Cap Rate Equity From Sponsor $ 22,314 52.0 % 9.9 x Existing Blue Jay Mortgage Debt 16,836 39.3 % 7.4 x New Term Loan 2,635 6.1 % 1.2 x 9.4 % 5.75 % 6.00 % 6.25 % 6.50 % 6.75 % Existing Goldfinch Balance Sheet Cash 1,094 2.6 % 0.5 x Total Sources $ 42,879 100.0 % 19.0 x Rumor 10.0 % 10.7 % 9.9 % 9.1 % 8.3 % 7.6 % Uses Cost to Purchase Equity $ 22,314 52.0 % 9.9 x Assume Existing Mortgage Debt 16,836 39.3 % 7.4 x 15.0 % 10.0 % 9.2 % 8.4 % 7.6 % 6.9 % Retire Existing Secured Term Loan 1,393 3.2 % 0.6 x Price Retire Existing Unsecured Debt 776 1.8 % 0.3 x to Pre- Share Retire Goldfinch Preferred Equity 302 0.7 % 0.1 x Premium 20.0 % 9.3 % 8.5 % 7.7 % 6.9 % 6.2 % Assume Goldfinch Balance Sheet Cash 1,094 2.6 % 0.5 x Illustrative Debt Breakage / Assumption Costs 63 0.1 % 0.0 x 25.0 % 8.6 % 7.8 % 7.0 % 6.3 % 5.6 % Illustrative Transaction Costs 100 0.2 % 0.0 x Total Uses $ 42,879 100.0 % 19.0 x Illustrative Levered Returns Analysis ($23.00 Offer Price | 21% Premium to Pre-Rumor | 5.7% Entry Cap Rate) Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Returns Analysis 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E Going in Equity Check $(22,314) (+) Distributions $ 0 $ 0 $ 0 $ 296 $ 1,423 $ 1,509 $ 1,818 (+) Equity At Exit 36,150 (-) Cost of Sale (100) Total Levered Cash Flow $(22,314) $ 0 $ 0 $ 0 $ 296 $ 1,423 $ 1,509 $ 37,869 Entry / Exit Cap Rate 5.7 % 5.7 % Levered IRR 9.3 % Source: Draft Management Projections, information from Goldfinch Management, Bloomberg, IBES Estimates, Wall Street Research, Company filings Note: Analysis assumes (for illustrative purposes): 1) 20% premium to Goldfinch pre-rumor share price for analysis; 2) exit cap rate equity to entry cap rate; 3) net non-real estate assets used to calculate exit equity value held constant from value as of 30-Sep-2017 (see page 52 for additional detail), except excludes construction in process; 4) all excess cash flow is used to pay down pre-payable debt and is then distributed to equity; 5) illustrative 5% cost of debt on new term loan per GS estimate; 6) no breakage cost on secured term loan, unsecured debt, and secured term loan, and 37.5bps illustrative assumption fee on mortgage debt per GS estimate; 7) $10mm illustrative public company cost savings per year per Goldfinch Management. Preliminary Review of Strategic Alternatives 33

3,4 Potential Interest From Third Parties Potential Strategic Buyers Potential Financial Buyers Other Potential Strategic Partners Selected Potential Equity Partners / Buyers of Individual Assets Preliminary Review of Strategic Alternatives 34

V.Blue Jay Offer Consideration: Factors to Consider

Blue Jay Unit Consideration: Factors to Consider Complex business model; strategy is to be a counter-cyclical investor across multiple asset types and geographies — Portfolio includes riskier, opportunistic investments with a higher return target Business Strategy / — Investments are made both on-balance sheet and via funds — Active recycler of assets (portfolio changes meaningfully over time) PortfolioPortfolio includes the B-mall assets that Goldfinch shareholders voted to spin off in 2011 Blue Jay long-term FFO growth target of 8-11% p.a. vs. 3% 2017-22E CAGR for Goldfinch per Draft Management ProjectionsTrades at sustained discount to NAV (27% 2-year avg. discount to IFRS NAV) Illiquid stock (0.04% of free float traded each day vs. 0.88% for Goldfinch) Trading Not eligible for inclusion in key Goldfinch indices such as RMZ or S&P 500 under current structure Limited broker research coverage Many of Goldfinch’s shareholders are believed to be unable / unwilling to own Blue Jay units 47% 3Q 2017 LTV (based on IFRS fair value of assets); 50% long-term target — Goldfinch: ~36% LTV (using Blue Jay IFRS reporting) BBB credit rating Capital Structure 40% floating rate debt 85% FFO / 127% AFFO 2017E payout ratio — Long-term target: 80% of FFO (5-8% distribution growth vs. 8-11% FFO growth p.a.) — Goldfinch (2017E): 57% FFO / 71% AFFO Bermuda-registered limited partnership, which requires Blue Jay shareholders to file K-1 tax forms each year Company Structure converting to a REIT or US corporation as a result of the transaction Blue Jay has indicated that it may consider Externally managed via a Master Services Agreement (“MSA”) with Blackbird; Blue Jay paid Blackbird $129mm in management fees (5% of Blue Jay’s at-share NOI) in 2016 Management / — Fees increase in-line with capitalization and distributions, both of which are largely determined by Blackbird Governance / Blackbird has ~62%¹ economic ownership (or ~44%² pro forma for the proposed transaction) Ownership Blackbird has 100% control (100% owner of Blue Jay GP) over Blue Jay (and its board); Blackbird would retain its substantial control even if it reduced its economic ownership There are no imposed statutory “fiduciary duties” on the GP of a Bermuda limited partnership Other Higher G&A load at Blue Jay (~130bps higher than Goldfinch YTD as a percentage of revenues) Source: Company filings, available broker research, Bloomberg, Capital IQ, Draft Management Projections, IBES median consensus estimates, SNL median consensus estimates; Market data as of 10-Nov-2017; undisturbed share prices used (6-Nov-2017 for Goldfinch and 10-Nov-2017 for Blue Jay) ¹ ~69% economic ownership excluding dilution from mandatory convertible preferred units. ² Including dilution from mandatory convertible preferred units. Blue Jay Offer Consideration: Factors to Consider 36

Summary of Flowback Considerations Several factors contribute to the expectation that few of Goldfinch’s shareholders are likely to be long-term holders of Blue Jay units under Blue Jay’s current structure, with only ~1.6% fund-level overlap currently Selective selling by active investors (~47% of Goldfinch’s free float) who (i) do not find the investment case of pro forma Blue Jay attractive, or (ii) find Blue Jay divergent from their original investment 1 Fundamental objective — Factors that these investor will take into account are summarized on the previous page Lack of index overlap between Goldfinch and Blue Jay suggests that current index holders of Goldfinch (~40% OS) are likely to be sellers under Blue Jay’s current structure — For example, Goldfinch is a constituent in the RMZ and S&P 500, while Blue Jay isn’t 2 Index — Many index providers exclude Blue Jay from their indices on account of its ex-US domicile, PTP structure and/or lack of REIT status (e.g., RMZ) Further, given 2% of Blue Jay’s existing unitholders register is comprised of index funds, we would not expect material flow forward unless Blue Jay were added to a new index Beyond the index funds, certain active fund managers may be unwilling or unable to hold shares in a Corporate publicly traded partnership (“PTP”) such as Blue Jay 3 Structure — For example, about half of Goldfinch’s pension base does not hold PTPs and about two-thirds of Goldfinch’s active investors at the fund-level hold PTPs Tax-sensitive shareholders may choose to hold onto the equity consideration if the transaction is tax-deferred, although there are limited retail investor base or other clearly tax sensitive shareholders in 4 Tax Goldfinch’s register — Estimated median cost basis Goldfinch’s top 25 active mutual and hedge funds is ~$23a Partnership structure requires Blue Jay shareholders to file K-1 tax forms each year Note: Percentages based on % of Goldfinch free float (excluding Brookfield’s stake). Please see Appendix C for additional detail. ¹ Per Thomson Reuters. Calculated as the weighted average cost of current shares held based on quarterly VWAPs and all share purchases 2010 – present. Blue Jay Offer Consideration: Factors to Consider 37

Key Public Reference Points ($ in millions, except per share data) Undisturbed Unit Price $23.68 Current Unit Price $21.88 $ 31.51 $ 29.50 $ 26.00 $ 24.96 $ 23.68 $ 23.72 $ 22.64 $ 22.66 $ 21.88 $ 20.61 Undisturbed Current Unit 52-Week 52-Week 3-Month 1-Year 3-Year Blue Jay 3Q Median Analyst Median Analyst Unit Price Price Intraday High Intraday Low VWAP VWAP VWAP IFRS NAV Price Target NAV (10-Nov-2017) Unit Price Unit Price Trading Premium / Discount to Reference Point: Current Unit (7.6)%—(12.3)% 6.2 % (7.8)% (3.4)% (3.4)% (30.6)% (15.8)% (25.8)% Price Undisturbed—8.2 (5.1) 14.9 (0.2) 4.6 4.5 (24.8) (8.9) (19.7) Unit Price Source: Blue Jay offer letter dated 11-Nov-2017, Bloomberg, Green Street Advisors, Company filings; Market data as of 30-Nov-2017 unless otherwise stated Blue Jay Offer Consideration: Factors to Consider 38

Trading Valuation Over Time Prem. / (Disc.) to IFRS NAV | Last Two Years (15.0)% Undisturbed¹ 3-M Avg YTD Avg 2-Yr Avg (24.8)% (25.8)% (26.9)% (27.3)% (20.0)% (25.0)% (30.0)% (30.6)% (35.0)% (40.0)% Nov-2015 May-2016 Nov-2016 May-2017 Nov-2017 Source: Bloomberg, Company filings; Market data as of 30-Nov-2017 ¹ Undisturbed as of 10-Nov-2017. Blue Jay Offer Consideration: Factors to Consider 39

Overlap Between Goldfinch and Blue Jay’s Non-Blackbird Investors There is Limited Overlap Between Goldfinch and Blue Jay’s Firm …And Even Less Overlap Between Goldfinch and Blue Jay’s Fund Level Registers… Level Registers %OS Latest %OS Latest Institution Style AUM ($bn) Goldfinch Blue Jay Fund Style AUM ($bn) Goldfinch Blue Jay Vanguard Index 2,901.7 15.4 Fidelity US REIT Mother Fund Other 12.8 1.5 BlackRock Institutional Trust Company, N.A. Index 1,932.7 7.2 T. Rowe Price Real Estate Fund Sector Specific 5.9 1.3 State Street Global Advisors (US) Index 1,217.5 5.8 Alyeska Investment Group, L.P. Hedge Fund 11.2 0.8 Abu Dhabi Investment Authority Pension 8.5 5.5 Fidelity Real Estate Investment Portfolio Sector Specific 4.1 0.7 Fidelity GARP 1,197.2 5.0 1.1 DFA Real Estate Securities Portfolio Quantitative 8.1 0.6 Norges Bank Investment Management (NBIM) Pension 644.6 4.7 Nuveen Real Estate Securities Fund Sector Specific 3.9 0.5 Cohen & Steers Sector Specific 55.2 3.7 Cohen & Steers Realty Shares, Inc. Sector Specific 4.6 0.5 T. Rowe Price GARP 627.7 3.3 Cohen & Steers Real Estate Securities Fund Sector Specific 4.1 0.5 CBRE Clarion Securities, L.L.C. Sector Specific 12.6 2.9 JPMorgan Mid Cap Value Fund Value 18.6 0.4 Among all of Morgan Stanley IM (US) GARP 64.5 2.8 0.0 Signature High Income Fund Income 3.1 0.3 0.8 Vanguard and PGGM Vermogensbeheer B.V. Pension 66.2 2.7 Voya Global Real Estate Fund—US Sector Specific 2.3 0.3 BlackRock’s Invesco Advisers, Inc. GARP 193.8 2.4 0.1 Cohen & Steers Institutional Realty Shares, Inc. Sector Specific 2.7 0.3 constituent Future Fund Board of Guardians Pension 0.5 2.0 1.7 T. Rowe Price Real Assets Fund Other 3.2 0.3 funds (including Lasalle Investment Management Securities, LLC Sector Specific 8.0 1.9 Asset Management One USA Inc. Hedge Fund 40.6 0.3 ETFs), only 6 Deutsche Asset & Wealth Management Sector Specific 15.0 1.5 CREF Stock Account Growth 123.2 0.3 Vanguard funds Dimensional Fund Advisors Quantitative 382.3 1.4 Lord Abbett Affiliated Fund Income 6.7 0.2 and 11 Fidelity Institutional Asset Management GARP 77.3 1.3 3.1 Fidelity Value Fund GARP 8.3 0.2 Nuveen LLC Pension 311.6 1.2 Morgan Stanley Instl Global Real Estate Portfolio Income 1.4 0.2 BlackRock funds Alyeska Investment Group, L.P. Hedge Fund 11.2 1.2 TIAA-CREF Real Estate Securities Fund Income 2.0 0.2 hold PTPs Geode Capital Management, L.L.C. Index 305.6 1.2 Fidelity Balanced Income 20.9 0.2 Daiwa Asset Management Co., Ltd. GARP 66.1 1.2 Fidelity Series Real Estate Equity Fund Other 1.2 0.2 CenterSquare Investment Management, Inc. Sector Specific 7.2 1.1 Fidelity Stock Selector Large Cap Value Value 9.2 0.2 Northern Trust Investments, Inc. Index 242.9 1.1 Met Investors Series—Clarion Global Real Estate Portfolio Sector Specific 1.4 0.2 Legal & General Investment Management Ltd. Index 207.6 0.9 Fidelity Canadian Disciplined Fund Value 1.9 0.2 0.6 Charles Schwab Investment Management, Inc. Index 141.2 4.9 Morgan Stanley Institutional U.S. Real Estate Portfolio Sector Specific 0.6 0.2 Top 25 Institutional Goldfinch Holders 82.2 % Top 25 Active Goldfinch Holders 10.5 % % of Goldfinch Held by Top 25 Institutional Goldfinch Holders with Blue Jay Holdings 13.5 % % of Goldfinch Held by Top 25 Fund Goldfinch Holders with Blue Jay Holdings 0.5 % % of Blue Jay Held by Top 25 Institutional Goldfinch Holders with Blue Jay Holdings 6.0 % % of Blue Jay Held by Top 25 Fund Goldfinch Holders with Blue Jay Holdings 1.4 % % of Goldfinch Held by All Institutional Goldfinch Holders with Blue Jay Holdings 14.0 % % of Goldfinch Held by All Fund Goldfinch Holders with Blue Jay Holdings 1.5 % % of Blue Jay Held by All Institutional Goldfinch Holders with Blue Jay Holdings 36.1 % % of Blue Jay Held by All Fund Goldfinch Holders with Blue Jay Holdings 8.9 % Source: Thomson ownership, shareholder data as of Q2 ’17 and subsequent 13D / G filings, Company filings Note: Excludes Brookfield Asset Management. Highlighted investors own both Goldfinch and Blue Jay. Blue Jay Offer Consideration: Factors to Consider 40

VI. Negotiating with Blue Jay: Tactical Considerations

Premia in Precedent Situations with Significant Shareholders The average total increase in offer price from initial offer price to final offer is 7% (across all deals) / 15% (across deals with bumps) Criteria Average Premia US targets Average Premium of Initial Offer¹ 23.0 % 2005 to Present Average Total Increase in Offer Price 7.2 % Acquiror ownership of Target >15%, <50% Average Premium of Final Offer¹ 31.3 % Completed or pending Number of Deals with Bumps 14 / 36 transactions 36 transactions in Average No. of Price Bumps for Deals with Bumps 1.6 total Source: Thomson Reuters ¹ Premium calculations are determined using the offer price relative to the undisturbed price (T-1). Negotiating with Blue Jay: Tactical Considerations 42

Assessment of Current Market Expectations Probability-Implied Price Bump (30-Mar-18 Close) Implied Price Bump Over Time2 15.0 % Implied Bid Value 14.2 % $24.50 14.0 % Current 13.3 % Goldfinch 11.1% Bump to Price Current Bid 13.0 % 12.8 % 12.8 % $23.50 12.1 % Revert to 12.0 % 11.9 % Undisturbed Value $19.31 11.1 % 11.0 % Assumed Current Implied % Bump to Probability of Deal Bid Value Current Bid Value 95.0 % $ 23.49 6.4 % 10.0 % 9.7 % 9.9 % 9.8 % 90.0 % $ 23.79 7.8 % 9.3 % 85.0 % $ 24.12 9.3 % 9.0 % 80.0 % $ 24.50 11.1 % 9.0 % 75.0 % $ 24.94 13.0 % 8.4 % 70.0 % $ 25.43 15.3 % 65.0 % $ 26.01 17.9 % 8.0 % 11/13 11/15 11/17 11/21 11/24 11/28 11/30 Source: Bloomberg; market data as of 30-Nov-17 Goldfinch $ 24.05 $ 23.85 $ 23.66 $ 23.35 $ 23.35 $ 23.35 $ 23.50 Note: (1) Undisturbed value calculated as close price on undisturbed date, 06-Nov-17, Price: adjusted for S&P performance through 30-Nov-17. (2) Current Blue Jay bid valued at $22.06 per Goldfinch share. (3) Assumes 50/50 cash stock split. Implied $ 22.27 $ 22.09 $ 22.29 $ 22.40 $ 22.25 $ 22.06 2 Assumes constant probability of deal close (80%), and closing date of 30-Mar-18. Offer Price: $ 22.36 Negotiating with Blue Jay: Tactical Considerations 43

Blue Jay Proposal: Preliminary General Questions Increasing Financing the Cash Component A Planned source(s) for cash component of the current proposal ($7.4bn) B Additional Blue Jay capacity to increase cash component of the offer C Blue Jay’s ability to access third party capital Attractiveness of Owning Blue Jay Units A Business strategy for Goldfinch assets and for the combined company B Leverage strategy / target for the combined company C Blue Jay’s strategy to reduce discount to NAV D Plans to simplify the business model E Consideration of REIT conversion / corporate structure given Goldfinch shareholder base If stock is received as consideration, significant reverse due diligence will be required Negotiating with Blue Jay: Tactical Considerations 44

Blue Jay Cash Consideration: Potential Funding Alternatives Total funding task of ~$7.4bn based on $23 offer price and 50% cash component Financing Alternatives 1 Third party equity partner(s) investment in Goldfinch — “Club” deal 2 Blackbird equity 3 Public equity offering at Blue Jay / public equity offering at Blackbird 4 Fund (LP) capital 5 Asset sales / joint ventures — Goldfinch assets or other Blue Jay assets 6 Issue debt — Asset-level mortgage financing, or unsecured debt at the parent level 7 Preferred equity or convertible debt instrument or other structured security Negotiating with Blue Jay: Tactical Considerations 45

Preliminary Blue Jay Accretion / Dilution and Incremental Capacity to Pay Based on Wall Street Research Estimates for Blue Jay Further information from Blue Jay is needed to diligence and analyze their offer – which Blue Jay indicated would be accretive to FFO Illustrative 10% Offer Increase—$24.27 Per Share Current Offer—$22.06 50% Cash / 50% Unit 70% Cash / 30% Unit All—Cash Increase Per Share Increase Total Consideration Value of All-Cash Offer $ 23.00 $ 27.45 $ 25.20 $ 24.27 Exchange Ratio 0.9656 x 0.9640 x 1.0665 x 1.1092 x Value of All-Unit Offer $ 21.13 $ 21.09 $ 23.34 $ 24.27 Blended Offer Value $ 22.06 $ 24.27 $ 24.27 $ 24.27 % Cash / Units 52% / 48% 57% / 43% 52% / 48% 70% / 30% Total Cash ($mm) $ 7,391 $ 8,834 $ 8,112 $ 10,936 Total Units ($mm) $ 6,789 $ 6,789 $ 7,511 $ 4,687 2018E FFO / Unit Accretion (9.7)% (14.4)% (14.5)% (14.0)% 2018E AFFO / Unit Accretion (16.3)% (22.7)% (21.9)% (25.4)% NAV / Unit Accretion 0.2 % (3.2)% (3.8)% (1.3)% Net Debt / LQA EBITDA (Including Synergies) 13.0 x 13.2 x 13.1 x 13.7 x Source: Draft Management Projections, Bloomberg, SNL Financial, IBES, Wall Street Research, Company filings; Market data as of 30-Nov-2017 Note: Assumes: 1) Blue Jay finances the cash portion of the consideration with 50% new Blue Jay debt and 50% third party equity (direct equity investment in Goldfinch); 2) illustrative $150mm of acquisition costs, financed with new debt at Blue Jay; 3) 60bps illustrative debt issuance costs for Blue Jay, financed with new debt at Blue Jay; 4) illustrative 6.5% interest rate on new Blue Jay debt per GS estimate based on current cost of Blue Jay preferred equity; 5) illustrative synergies of $10mm per Goldfinch Management; 6) estimated ~$135 mm (at current offer price of $22.06 per share) of increased payments under the Blackbird MSA (see page 66 for additional detail on MSA payments to Blackbird); 7) Goldfinch pro forma FFO / AFFO / EBITDA contribution based on Draft Management Projections, which are GAAP based, whereas Blue Jay projections are based on IFRS (historically, the difference between Goldfinch GAAP EBITDA at share and IFRS EBITDA at share is approximately 2%). Negotiating with Blue Jay: Tactical Considerations 46

Goldfinch Analysis at Various Prices ($ in millions, except per share data) Blue Jay Offer Pre-Rumor Current 6-Nov-17 30-Nov-17 $ 19.01 $ 23.50 $ 22.06 $ 23.00 $ 24.00 $ 25.00 $ 26.00 $ 27.00 $ 28.00 $ 29.00 $ 30.00 Premium to: Pre-Rumor Share Price as of 06-Nov-17 ($19.01) 0.0 % 23.6 % 16.1 % 21.0 % 26.2 % 31.5 % 36.8 % 42.0 % 47.3 % 52.6 % 57.8 % 52-Week Intraday High Share Price ($27.10 on 15-Nov-16)ą (29.9) (13.3) (18.6) (15.1) (11.4) (7.7) (4.1) (0.4) 3.3 7.0 10.7 52-Week Intraday Low Share Price ($18.83 on 03-Nov-17)ą 1.0 24.8 17.2 22.1 27.5 32.8 38.1 43.4 48.7 54.0 59.3 3-Month VWAP ($20.95) (9.2) 12.2 5.3 9.8 14.6 19.4 24.1 28.9 33.7 38.5 43.2 1-Year VWAP ($23.13) (17.8) 1.6 (4.6) (0.6) 3.8 8.1 12.4 16.7 21.1 25.4 29.7 3-Year VWAP ($25.89) (26.6) (9.2) (14.8) (11.2) (7.3) (3.4) 0.4 4.3 8.1 12.0 15.9 Blue Jay 3Q IFRS Valuation of Goldfinch (~$30) (36.6) (21.7) (26.5) (23.3) (20.0) (16.7) (13.3) (10.0) (6.7) (3.3) 0.0 GSA NAV ($27.65 on 30-Nov-17) (31.2) (15.0) (20.2) (16.8) (13.2) (9.6) (6.0) (2.3) 1.3 4.9 8.5 SNL Consensus NAV ($27.05 on 30-Nov-17) (29.7) (13.1) (18.4) (15.0) (11.3) (7.6) (3.9) (0.2) 3.5 7.2 10.9 Diluted Shares Outstanding 968.3 970.4 969.7 970.2 970.6 971.1 971.5 971.9 972.3 972.7 973.1 Implied Equity Value $ 18,407 $ 22,805 $ 21,396 $ 22,314 $ 23,295 $ 24,277 $ 25,258 $ 26,242 $ 27,225 $ 28,208 $ 29,192 Draft Management Projections Implied 2018 P / FFO 12.8 x 15.8 x 14.9 x 15.5 x 16.2 x 16.9 x 17.5 x 18.2 x 18.9 x 19.6 x 20.2 x Implied 2019 P / FFO 12.5 15.5 14.5 15.1 15.8 16.5 17.1 17.8 18.4 19.1 19.7 Implied 2018 P / AFFO 17.0 21.0 19.7 20.5 21.4 22.3 23.2 24.1 25.0 25.9 26.8 Implied 2019 P / AFFO 16.2 20.0 18.8 19.5 20.4 21.2 22.1 22.9 23.8 24.6 25.5 Add: Net Debt $ 17,910 $ 17,910 $ 17,910 $ 17,910 $ 17,910 $ 17,910 $ 17,910 $ 17,910 $ 17,910 $ 17,910 $ 17,910 Add: Preferred Stock 303 303 303 303 303 303 303 303 303 303 303 Implied Enterprise Value $ 36,620 $ 41,018 $ 39,609 $ 40,527 $ 41,509 $ 42,490 $ 43,471 $ 44,455 $ 45,438 $ 46,421 $ 47,405 Draft Management Projections Implied EV / 2018E EBITDA 16.5 x 18.5 x 17.8 x 18.3 x 18.7 x 19.1 x 19.6 x 20.0 x 20.5 x 20.9 x 21.4 x Implied EV / 2019E EBITDA 16.1 18.0 17.4 17.8 18.2 18.7 19.1 19.5 20.0 20.4 20.8 Less: Non-Real Estate AssetsË› $(868) $(868) $(868) $(868) $(868) $(868) $(868) $(868) $(868) $(868) $(868) Implied Real Estate Value $ 35,752 $ 40,150 $ 38,740 $ 39,659 $ 40,640 $ 41,622 $ 42,603 $ 43,586 $ 44,570 $ 45,553 $ 46,536 Implied Nominal Cap Rate³ 6.33 % 5.64 % 5.84 % 5.71 % 5.57 % 5.44 % 5.31 % 5.19 % 5.08 % 4.97 % 4.86 % Source: Draft Management Projections, Bloomberg, Company filings; Market data as of 30-Nov-2017 unless otherwise specified ¹ Based on 52-week period through the undisturbed (pre-rumor) date of 6-Nov-2017. ² See page 52 for calculation Net Non-Real Estate Assets. ³ Calculated based on 2018E Adjusted Real Estate NOI. See page 52 for calculation of Adjusted Real Estate NOI. Negotiating with Blue Jay: Tactical Considerations 47

VII. Response Alternatives

Possible Responses to Blue Jay Range of Alternatives Goldfinch Responses Rationale Considerations Potential Blue Jay Reactions Signals that the proposal is not a Goldfinch would likely make response Walk away starting point for a negotiation public Pursue alternative means of “No. We’re not for Appropriate even if Special Will likely result in press / shareholder communication (e.g. approach other 1 Committee decides to pursue scrutiny, potentially requiring Goldfinch shareholders / agitate) sale” alternative strategy vs. status quo Goldfinch to provide additional visibility on standalone business plan Signals to Blue Jay that Goldfinch Blue Jay will perceive as an invitation Walk away may be open to a transaction at to re-bid Probe for more information 2 “Not at this price” the “right” price / consideration Lack of additional information provided Improve / revise terms to meet mix may draw out process expectations Escalation Signals seriousness in pursuing Places a cap on potential transaction Walk away transaction price Improve / revise terms to meet or get 3 Counteroffer Risks termination of negotiations if closer to expectations deemed unattainable or over-reaching Escalation Demonstrates willingness to May be more challenging to get Blue Sign confidentiality agreement / transact Jay to increase offer standstill Sign a Confidentiality Provides opportunity for buyer / If negotiations become public, creates Probe for more information / pursue 4 Agreement / Standstill partners due diligence to enhance strong expectations that a transaction alternative means of communication and Begin Bilateral price and terms will take place Negotiations In light of Blue Jay’s 13D position, public disclosure may be required May maximize shareholder value Level of interest from alternative Walk away Establish Broader if there is real competition buyers today and Blue Jay’s existing Participate in process 5 stake Auction Difficult to reverse course 49

Possible Responses to Blue Jay Response Script Goldfinch Responses Sample Script “The Special Committee has examined your proposal with our advisors and is not interested. We are 1 “No. We’re not for pursuing our independent strategy and your proposal does nothing to make us want to go in another sale” direction.” “The Special Committee has examined your proposal and determined that your proposal is not 2 “Not at this price” acceptable. However, we would be willing to engage in further discussions at a higher offer price with a larger cash component.” “The Special Committee has examined your proposal and determined that your proposal is not 3 Counteroffer acceptable. However, if the offer was $XX.00 per share and included a larger cash component, we would be willing to sit down and talk. Otherwise, we are not interested.” Sign a Confidentiality “We have examined the proposal with our advisors and determined that your proposal is not acceptable. 4 Agreement / Having said that, we would be willing to engage in further discussions if you agree to a confidentiality Standstill and Begin Bilateral Negotiations agreement / standstill as this will help you improve your offer “The Special Committee has examined your proposal and determined that your proposal is not Establish Broader acceptable. However, the Special Committee intends to explore other strategic alternatives, including a 5 Auction sale of the business. We plan to contact other potential buyers, and encourage you to consider a more competitive offer.” 50

Appendix A: Supporting Financial Analysis

Goldfinch Illustrative Net Asset Value Calculation ($ in millions, except per share data) Amount 6-Nov-2017 Pre-Rumor Share Price $ 19.01 Diluted Shares Outstanding (mm) 968.28 Market Cap ($mm) $ 18,407 (+) Secured Debt at Share $ 18,229 (+) Unsecured Debt at Share 776 (+) 6.375% Preferred Stock 250 (+) Convertible Preferred Units and Other Preferred Stock 53 (-) Cash and Cash Equivalents at Share (1,094) Enterprise Value $ 36,620 Tangible Non-Real Estate Assets Construction in progress $(657) Accounts receivable (415) Deferred expenses (467) Prepaid expenses and other assets (682) Notes receivable (421) Management feeą (104) Tangible Non-Real Estate Liabilities Accounts payable and accrued expenses $ 1,226 Dividends payable 647 Deferred tax liablities 5 Value of Operating Real Estate $ 35,752 2018E Same Store NOI $ 2,302 (-) Land Sales (3) (+) Lease Termimation Income 15 (+) Other Non-Same Store Income 18 (-) Property Level Management Fee² (70) 2018E Adjusted Real Estate NOI $ 2,263 Implied Cap Rate 6.3 % Source: Draft Management Projections, Company filings, Green Street Advisors; Market data as of 6-Nov-2017 ¹ Per Green Street Advisors as of Nov-2017. ² Assumes 3% management fee applied to Same Store NOI less Land Sales and plus Other Non-Same Store Income . Supporting Financial Analysis 52

Common Stock Comparison Sorted by 2018E FFO Multiple ($ in millions, except per share data) Closing % of 52 Equity Net Net Debt / EBITDA FFO Implied Prem. Price Week Dividend Market Enterprise Debt / 2017E Multiples (2) Multiples (2) Cap to NAV Company 30-Nov-2017 High Yield Cap (1) Value (1) EV EBITDA 2018 2019 2018 2019 Rate (3) (3) Goldfinch—All Cash Offer (4) $ 23.00 86.4 % 3.8 % $ 22,314 $ 40,527 44.2 % 8.0 x 17.7 x 17.4 x 14.3 x 13.7 x 5.7 % (16.8)% Goldfinch—All Unit Offer (4) $ 21.13 79.3 % 4.2 20,477 38,690 46.3 8.0 16.9 16.6 13.2 12.6 6.0 (23.6) Goldfinch—50/50 Cash Unit Offer (4) $ 22.06 82.9 % 4.0 21,396 39,609 45.2 8.0 17.3 17.0 13.7 13.1 5.8 (20.2) Goldfinch—Pre-Rumor (6-Nov-17) (4) $ 19.01 71.4 % 4.6 18,407 36,620 48.9 8.0 16.0 15.8 11.8 11.3 6.5 (31.2) Blue Jay—Current (5) $ 21.88 87.7 % 4.2 17,251 50,737 63.1 13.3 20.3 20.0 14.5 13.8 NA (25.8) Blue Jay Undisturbed (10-Nov-17) (5) $ 23.68 94.9 % 3.9 18,543 52,040 61.5 13.3 20.9 20.5 15.7 15.0 NA (19.7) Goldfinch Peers Macerich $ 64.75 88.3 % 4.6 % $ 9,843 $ 17,442 43.6 % 7.9 x 18.4 x 17.9 x 15.8 x 15.4 x 5.5 % (15.5)% Taubman Centers 58.69 76 4.3 5,074 10,009 45.7 8.8 18.5 17.2 15.2 14.9 5.6 (33.4) Simon Property Group 161.75 86 4.5 59,244 89,142 33.5 4.5 13.4 13.3 13.3 12.8 6.2 (23.2) Peers—High 88.3 % 4.6 % $ 59,244 $ 89,142 45.7 % 8.8 x 18.5 x 17.9 x 15.8 x 15.4 x 6.2 % (15.5)% Peers—Mean 84 4.4 24,720 38,864 40.9 7.1 16.8 16.1 14.8 14.3 5.8 (24.0) Peers—Median 86 4.5 9,843 17,442 43.6 7.9 18.4 17.2 15.2 14.9 5.6 (23.2) Peers—Low 76 4.3 5,074 10,009 33.5 4.5 13.4 13.3 13.3 12.8 5.5 (33.4) 1 Source: Latest publicly available financial statements. Equity Market Cap based on diluted shares outstanding. 2 Sources: Projected EBITDA and FFO are based on IBES median estimates. All research estimates have been calendarized to December. 3 Per Green Street Advisors. 4 Pro Forma for the exercise of warrants by Blue Jay, ADIA and Future Fund. 5 Pro Forma for the exercise of Goldfinch warrants. Supporting Financial Analysis 53

Same Store NOI Growth Goldfinch vs. Peers | Last Five Years 8.0% Goldfinch Historical / GSA Projection Goldfinch Historical / Draft Management Projections 7.0% MAC Historical / GSA Projection 6.0% SPG Historical / GSA Projection TCO Historical / GSA Projection 5.0% 4.4% 4.0% 3.2% 3.0% 3.0% 3.0% 3.0% 2.0% 1.0% 0.0% 2012A 2013A 2014A 2015A 2016A 2017E 2018E 2019E 2020E GSA Implied Cap Rates (Average) 2012 2013 2014 2015 2016 YTD Goldfinch 5.6% 5.6% 5.5% 5.2% 5.3% 6.0% MAC 5.7% 5.5% 5.4% 4.7% 4.9% 5.7% SPG 5.2% 5.2% 5.2% 5.0% 5.0% 5.9% TCO 5.2% 5.4% 5.4% 5.0% 5.0% 5.5% Source: Green Street Advisors, Company Filings, Draft Management Projections; Green Street Advisors data as of 22-Nov-2017 (latest available) Supporting Financial Analysis 54

Goldfinch Analyst Estimates and Company Guidance Broker Estimate Date Rating Target Price NAV 2017E 2018E 2019E 2017E 2018E 2019E 2017E 2018E 2019E per Share AFFO / Sh AFFO / Sh AFFO / Sh FFO / Sh FFO / Sh FFO / Sh DPS DPS DPS Bank of Americaą 13-Nov-17 Buy $ 25.00 $ 25.00 $ 1.23 $ 1.40 $ 1.50 $ 1.56 $ 1.62 $ 1.73 $ 1.14 $ 0.90 $ 0.94 Barclays 27-Nov-17 Hold 24.00 33.97 1.55 1.57 1.69 1.24 1.24 1.36 0.84 0.89 0.93 BMO Capital Markets 17-Nov-17 Hold 22.00 27.69 1.26 1.34 NA 1.56 1.63 NA 0.90 0.99 NA Boenning & Scattergood 21-Nov-17 Buy 34.50 35.08 1.30 1.35 NA 1.56 1.62 NA 0.88 0.90 NA BTIG 20-Nov-17 Buy 28.00 32.26 NA NA NA NA NA NA NA NA NA Citibank 17-Nov-17 NA 27.50 29.90 NA NA NA NA NA NA NA NA NA Deutsche Bank 12-Nov-17 Hold 26.00 NA NA NA NA NA NA NA NA NA NA Evercore 26-Nov-17 Hold 23.00 24.17 1.18 1.27 NA 1.55 1.64 NA 0.90 0.96 NA Goldman Sachsą 6-Nov-17 Sell 18.00 NA NA NA NA 1.59 1.61 1.67 NA NA NA Green Street AdvisorsË› 30-Nov-17 Hold NA 27.65 1.12 1.19 1.27 1.57 1.67 1.77 NA NA NA J.P. Morgan 17-Nov-17 Buy 25.00 NA 1.24 1.24 NA 1.58 1.62 NA 0.88 0.92 NA Mizuho Securities 20-Nov-17 Hold 23.00 26.50 1.18 1.24 1.29 1.55 1.60 1.65 NA NA NA RBC Capital Markets 12-Nov-17 Buy 25.00 24.72 1.17 1.25 1.30 1.54 1.60 1.66 0.88 0.90 0.93 Sandler O’Neill 13-Nov-17 Hold 25.00 25.80 1.09 1.11 NA 1.57 1.56 NA NA NA NA Stifel 14-Nov-17 Buy 24.00 29.00 NA NA NA NA NA NA NA NA NA SunTrust 7-Nov-17 Buy 26.00 27.11 1.20 1.27 1.35 1.57 1.61 1.68 0.88 0.88 0.88 UBS 31-Oct-17 Hold 23.00 NA 1.33 1.34 1.39 1.56 1.63 1.68 0.90 0.97 1.04 Wells Fargo 12-Nov-17 Hold 23.00 NA NA NA NA 1.56 1.59 NA NA NA NA Median $ 25.00 $ 27.65 $ 1.22 $ 1.27 $ 1.35 $ 1.56 $ 1.62 $ 1.68 $ 0.88 $ 0.90 $ 0.93 IBES Consensus NA NA NA NA NA 1.58 1.61 1.68 0.88 0.92 0.96 SNL Consensus NA 27.05 1.22 1.30 1.33 1.56 1.61 1.68 0.90 0.96 0.99 FFO / Share Estimates Over Time³ Company Guidance (FY2017) $2.00 At FY 2016 results: — FY 2017 FFO per share guidance of $1.56 – $1.61 — FY 2017 SS NOI growth of 4.0% – 4.5% $1.80 At 1Q 2017 results: $1.68 — Narrowed FFO per share guidance to $1.56 – $1.60 2019E $1.61 — Lowered SS NOI guidance; 2H guidance of 3% – 4% $1.60 2018E At 2Q 2017 results: $1.57 — Maintained existing FFO and SS NOI guidance 2017E At 3Q 2017 results: $1.40 — Q4 FFO guidance implied FY FFO per share of $1.55 – $1.57 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 — Q4 SS NOI growth of 2.5% (effectively lowering 2H guidance given 2017E 2018E 2019E 2.0% growth reported for 3Q) Source: Bloomberg, IBES Estimates, company documents, and available broker research ; Market data as of 30-Nov-2017 ¹ Bank of America and Goldman Sachs recommendations / price targets from prior recent reports (having moved to unrated post transaction announcement). ² Not included in IBES / SNL consensus. ³ Median FFO / Share estimates include anonymous sources. Supporting Financial Analysis 55

Goldfinch Cost of Equity Goldfinch Cost of Equity¹ Beta Over Time (Last 2 Years)² Risk Free Rate 2.49 % 0.90 Equity Risk Premium 6.90 % Levered Beta (Undisturbed) 0.74 Cost of Equity 7.60 % 0.80 0.78 Cost of Equity 0.74 7.00 % 7.25 % 7.60 % 7.75 % 8.00 % 0.71 Equity Beta 0.65 0.69 0.74 0.76 0.80 0.70 0.68 Beta of Comparable Companies¹ Historical Implied Beta 0.60 Comparable Equity Debt to Cost of Company Beta Cap Asset Beta Equity Macerich 0.70 43.7 % 0.47 7.34 % Simon Property Group 0.67 34.3 % 0.50 7.11 % 0.50 Taubman Centers 0.73 48.9 % 0.45 7.52 % Low 0.67 34.3 % 0.45 7.11 % Mean 0.70 43.7 % 0.47 7.34 % Median 0.70 43.7 % 0.47 7.34 % High 0.73 48.9 % 0.50 7.52 % 0.40 0.30 Nov-2015 May-2016 Nov-2016 May-2017 Nov-2017 Goldfinch SPG MAC TCO Source: Capital IQ, public filings, Axioma Historical Betas and Ibbotson. Market data as of 30-Nov-2017 unless otherwise stated Note: Risk free rate represents current yield on US government 20-yr bond; Equity risk premium as calculated by Ibbotson; Goldfinch levered historical beta per Axioma. ¹ Beta shown as of pre-rumor date of 6-Nov-2017. ² Axioma historical beta. Calculated based on weekly price change of a security relative to weekly price change of the appropriate local index over two year period. Supporting Financial Analysis 56

Illustrative Sparrow Ability to Pay Analysis Assumes All-Stock Consideration ($ in millions, except per share data) Offer Price Per Share $ 19.01 $ 23.00 $ 25.00 $ 27.00 Implied Premium to 6-Nov Pre-Rumor Price 0.0 % 21.0 % 31.5 % 42.0 % Sources Value of Sparrow Shares Issued to Goldfinch Shareholders $ 18,407 $ 22,314 $ 24,277 $ 26,242 Existing Goldfinch Net Debt 18,213 18,213 18,213 18,213 New Debt for Transaction Costs 150 150 150 150 Total Sources $ 36,770 $ 40,677 $ 42,639 $ 44,604 Uses Purchase Goldfinch Equity $ 18,407 $ 22,314 $ 24,277 $ 26,242 Assume Goldfinch Net Debt 18,213 18,213 18,213 18,213 Total Transaction Costs 150 150 150 150 Total Uses $ 36,770 $ 40,677 $ 42,639 $ 44,604 Pro Forma Ownership % Ownership in Sparrow by Sparrow Shareholders 76.3 % 72.6 % 70.9 % 69.3 % % Ownership in Sparrow by Goldfinch Public Shareholders 15.7 % 18.1 % 19.3 % 20.4 % % Ownership in Sparrow by Blue Jay 8.0 % 9.2 % 9.8 % 10.3 % FFO Accretion / (Dilution) Sparrow 2018E Consensus FFO / Share $ 12.16 $ 12.16 $ 12.16 $ 12.16 Sparrow 2018E Consensus FFO 4,452 4,452 4,452 4,452 Goldfinch 2018E FFO 1,439 1,439 1,439 1,439 Estimated Synergies 38 38 38 38 Interest Expense on New Debt (3) (3) (3) (3) Pro Forma 2018E FFO $ 5,925 $ 5,925 $ 5,925 $ 5,925 Pro Forma 2018E FFO / Share $ 12.34 $ 11.75 $ 11.48 $ 11.21 2018E FFO Accretion / (Dilution) 1.5 % (3.3)% (5.6)% (7.8)% AFFO Accretion / (Dilution) Sparrow 2018E Consensus AFFO / Share $ 10.92 $ 10.92 $ 10.92 $ 10.92 Sparrow 2018E Consensus AFFO 4,000 4,000 4,000 4,000 Goldfinch 2018E AFFO 1,088 1,088 1,088 1,088 Estimated Synergies 38 38 38 38 Interest Expense on New Debt (3) (3) (3) (3) Pro Forma 2018E AFFO $ 5,122 $ 5,122 $ 5,122 $ 5,122 Pro Forma 2018E AFFO / Share $ 10.67 $ 10.16 $ 9.92 $ 9.69 2018E AFFO Accretion / (Dilution) (2.3)% (7.0)% (9.2)% (11.3)% GSA NAV Accretion / (Dilution) Goldfinch GSA NAV ($27.65 per share) $ 26,772 $ 26,772 $ 26,772 $ 26,772 Sparrow GSA NAV ($210.57 per share) 77,126 77,126 77,126 77,126 New Debt (150) (150) (150) (150) Pro Forma Sparrow NAV $ 103,748 $ 103,748 $ 103,748 $ 103,748 Pro Forma Sparrow NAV / Share $ 216.11 $ 205.76 $ 200.92 $ 196.30 GSA NAV Accretion / (Dilution) 2.6 % (2.3)% (4.6)% (6.8)% Leverage Analysis Pro Forma Sparrow Net Debt / LQA EBITDA 5.7 x 5.7 x 5.7 x 5.7 x Status Quo Sparrow Net Debt / LQA EBITDA 4.8 x 4.8 x 4.8 x 4.8 x Change 1.0 x 1.0 x 1.0 x 1.0 x Source: Draft Management Projections, Bloomberg, IBES Estimates, Green Street Advisors, SNL Financial, Wall Street Research, Company filings as of 30-Sep-2017; Market data as of 30-Nov-2017 Note: Goldfinch Pro Forma for the exercise of warrants by Blue Jay, ADIA and Future Fund. Assumes illustrative $150mm of transaction expenses, illustrative $37.5mm of synergies per Goldfinch Management, and illustrative 2% interest rate on new Sparrow debt. Supporting Financial Analysis 57

Illustrative Blue Jay Ability to Pay Analysis 50/50 Cash/Stock Consideration; Cash Financed 50% Debt / 50% 3rd Party Equity at Goldfinch Level | ($ in millions, except per share data) Offer Price Per Share $ 19.01 $ 23.00 $ 25.00 $ 27.00 Implied Premium to 6-Nov Pre-Rumor Price 0.0 % 21.0 % 31.5 % 42.0 % Sources Value of Blue Jay Shares Issued to Goldfinch Shareholders $ 6,095 $ 7,396 $ 8,050 $ 8,706 New Blue Jay Debt 3,047 3,698 4,025 4,353 Third Party Equity 3,047 3,698 4,025 4,353 Existing Goldfinch Net Debt & Prefs Assumed by Blue Jay 12,668 18,213 18,213 18,213 New Blue Jay Debt to Fund Transaction Expenses 168 172 174 176 Total Sources $ 25,026 $ 33,177 $ 34,487 $ 35,800 Uses Purchase Goldfinch Equity $ 12,190 $ 14,792 $ 16,100 $ 17,411 Assume Incremental Goldfinch Net Debt 12,668 18,213 18,213 18,213 Total Transaction Costs 168 172 174 176 Total Uses $ 25,026 $ 33,177 $ 34,487 $ 35,800 Ownership of Goldfinch Today Blue Jay Ownership 33.8 % 33.7 % 33.7 % 33.7 % Public Shareholders 66.2 % 66.3 % 66.3 % 66.3 % Pro Forma For Transaction Blue Jay Ownership 83.4 % 83.4 % 83.4 % 83.4 % Third Party Co-Investor 16.6 % 16.6 % 16.6 % 16.6 % FFO Accretion / (Dilution) Blue Jay 2018E Consensus FFO $ 1,179 $ 1,179 $ 1,179 $ 1,179 Incremental Blue Jay 2018E FFO From Goldfinch 715 715 716 716 Blue Jay Share of Estimated Synergies 8 8 8 8 Disynergies from Increased Management Fee (137) (162) (175) (187) Interest Expense on New Debt (209) (252) (273) (294) Pro Forma 2018E FFO $ 1,556 $ 1,489 $ 1,455 $ 1,421 Pro Forma 2018E FFO / Share $ 1.47 $ 1.33 $ 1.26 $ 1.20 2018E FFO Accretion / (Dilution) (2.6)% (11.8)% (16.0)% (20.0)% AFFO Accretion / (Dilution) Blue Jay 2018E Consensus AFFO $ 807 $ 807 $ 807 $ 807 Incremental Blue Jay 2018E AFFO From Goldfinch 540 541 541 541 Blue Jay Share of Estimated Synergies 8 8 8 8 Disynergies from Increased Management Fee (137) (162) (175) (187) Interest Expense on New Debt (209) (252) (273) (294) Pro Forma 2018E AFFO $ 1,009 $ 942 $ 908 $ 874 Pro Forma 2018E AFFO / Share $ 0.95 $ 0.84 $ 0.79 $ 0.74 2018E AFFO Accretion / (Dilution) (7.7)% (18.4)% (23.4)% (28.1)% SNl NAV Accretion / (Dilution) Blue Jay NAV ($29.94 per share) $ 23,445 $ 23,445 $ 23,445 $ 23,445 Goldfinch NAV Contribution 13,038 13,051 13,057 13,062 New Debt (3,216) (3,870) (4,199) (4,529) Pro Forma Blue Jay NAV $ 33,267 $ 32,625 $ 32,302 $ 31,978 Pro Forma Blue Jay NAV / Share $ 31.34 $ 29.10 $ 28.06 $ 27.08 NAV Accretion / Dilution 4.7 % (2.8)% (6.3)% (9.6)% Pro Forma Leverage (at Share) Pro Forma Blue Jay Net Debt / LQA EBITDA 13.3 x 13.4 x 13.5 x 13.6 x Status Quo Blue Jay Net Debt / LQA EBITDA 13.8 x 13.8 x 13.8 x 13.8 x Change (0.6)x (0.4)x (0.3)x (0.2)x Source: Draft Management Projections, Bloomberg, SNL Financial, Wall Street Research, Company filings; Market data as of 30-Nov-2017 Note: See page 46 for detailed assumptions underlying analysis. Supporting Financial Analysis 58

Appendix B: Background on Blue Jay

Blue Jay Company Overview Description Blue Jay is an externally managed, publicly traded limited Public Investors Blackbird partnership Currently listed on TSX and NASDAQ 31%¹ Ownership 69%¹ Ownership Asset base: ~$68bn — Diversified real estate portfolio spanning multiple asset classes and geographies BBB credit rating Blue Jay — Target 50% LTV over the long-term Company targeted returns of 12–15% — 5-8% distribution growth +8-11% FFO growth — Target payout ratio of 80% of FFO Core Opportunistic ~80% of Blue Jay’s balance sheet ~20% of Blue Jay’s balance sheet Strategy / Investment Approach Value-oriented, counter-cyclical investors Specialize in executing multi-faceted transactions that allow Blue Jay to acquire high-quality assets at a discount Core Office Core Retail Opportunistic to replacement cost Leverage business units to enhance the value of investments 100% Interest in 50% Interest in Real Estate Flexibility to allocate capital to the sectors and 34% Interest in Blackbird Office Canary Wharf Opportunity Multifamily Funds geographies with the best risk-adjusted returns at various Goldfinch Properties (BPO) Office Portfolio Funds points in the real estate cycle Continually recycle capital from stabilized assets to higher-yielding opportunities in order to build long-term value for unitholders Real Estate Other Direct Core Plus Funds Finance Funds Investments Source: Company filings, recent research reports ¹ ~38% Public Investors / ~62% Blackbird ownership including dilution from mandatory convertible preferred units. Background on Blue Jay 60

Blue Jay Company Overview Continued Core Office Core Retail Opportunistic Invest in high-quality, well-located trophy Invest in high-quality, well-located trophy Invest in mispriced portfolios and/or assets and development projects assets and development projects properties with significant value add Iconic assets in gateway markets Trophy retail assets that mirror the — Acquire high-quality assets at a Use global structure to leverage quality of Blue Jay’s office properties discount to replacement cost or relationships across geographies and Focus on improving mall productivity via intrinsic value Strategy business lines redevelopment, new technology, and — Seek contrarian investments — Of Blue Jay’s top 20 office tenants, introducing more experiential tenants Leverage Blue Jay / Blackbird 13 are tenants in Blue Jay’s (dining, entertainment, fitness, e-tailer relationships to source proprietary deals buildings in more than one city; 9 pop-ups) Target large-scale investments are tenants in at least 3 cities Grow NOI Target 10-12% 10-12% 20%+ Returns 146 Properties / 100mm SF Comprises 34% interest in Goldfinch 115 office properties / 31mm SF ~10mm SF development activities (incl. 126 properties / 123mm SF 46 retail properties / 29mm SF some multifamily) — 100 of the top 500 malls in the US — Includes Rouse Global footprint in gateway cities (NY, Significant development / 183 industrial properties / 47mm SF London, London, Toronto, Los Angeles, redevelopment activities 93 multifamily properties / 27,700 units Sydney, and Berlin) Portfolio 19 hospitality properties / 13,800 rooms 324 automotive triple-net-lease assets 203 self-storage facilities / 15mm SF 29 student housing properties / 11K beds 135 manufactured housing communities / 32,300 sites 92% leased $590 avg. sales per square foot Blue Jay’s equity investment in its funds Portfolio 8.4-year avg. lease term 95% occupancy valued at $5.3bn 14% MTM opportunity on in-place 6.3-year avg. lease term Closed-end funds with 5-year average Metrics leases investment holds 20% avg. rent spreads in TTM Sep 2017 6-9% yields on development projects Source: Company filings, Company Website. Portfolio metrics as of 30-Sep-2017. Background on Blue Jay 61

Overview of Blue Jay’s Ownership and Management Structure Blue Jay’s sole direct investment is Blue Jay Property Partners Look-Through Ownership Blue Jay GP: 100% Blackbird Black Bird Blue Jay is externally managed by Blackbird through its affiliated service providers under the Blue Jay public company: Master Services Agreement (“MSA”) — 81% public As a result of the MSA, all of Blue Jay’s senior — 19% Brookfield (LP) 100% management and key decision makers are — 100% Brookfield (GP) employees of Blackbird (via these service Jay Blue assets¹: providers) Blue Jay — 69% Blackbird — These individuals are responsible for day-to- GP — 31% public 62% day oversight of Blue Jay Redemption- — However, these individuals “are not required to 0.2% 0.05% Exchange have as their primary responsibility the Special GP Units management and administration of” Blue Jay Distributions Interest Blue Jay GP is 100% owned by Blackbird Blue Jay — Blue Jay GP has zero employees Public 81% Public Company 19% — Board of Blue Jay = board of Blue Jay GP LP Interest LP Interest Employees do sit within Blue Jay’s operating 37% entities (i.e. within its Core Office, Core Retail and Managing 100% Opportunistic portfolios) GP Units In addition to amounts payable under the MSA Blue Jay (see page 66), Blackbird receives the following Special Distributions Blue Jay Property payments from Blue Jay: Special LP Partners — Blue Jay GP receives distribution equal to 0.2% 0.7% of total Blue Jay distributions Special LP Units — Property Special LP receives a distribution from the Property Partnership “PP”) equal to 1% of the total distributions of the PP Various — Blue Jay GP (wholly owned by Blackbird) has Holding sole authority to determine when distributions Entities are made (Assets) Source: Company filings Note: Percentages as of 31-Dec-2016. ¹ ~38% Public Investors / ~62% Blackbird ownership including dilution from mandatory convertible preferred units. Background on Blue Jay 62

Overview of Blue Jay’s Governance Blue Jay is a Bermuda exempted limited partnership As discussed on the prior page, Blue Jay is managed by its General Partner (Blue Jay GP), which is an indirect, wholly owned subsidiary of Blackbird Blue Jay GP has a board of directors, which Blackbird controls (including control over the appointment and removal of directors) — Given this structure, even if Blackbird reduced its economic interest in Blue Jay, it would retain its substantial control and influence (which would permit Blackbird to exercise its control in a manner which conflicts with the economic interests of the other unitholders) (see Conflicts Policy on following page for further details) No Fiduciary Duties — Under Bermuda law, there are no imposed statutory “fiduciary duties” on the GP of a Bermuda limited partnership (but there are certain limited protections around rendering accounts and non-competition, and a common law duty of good faith) — However, pursuant to the Limited Partnership Agreement (“LPA”) of Blue Jay, any imposed duties have been eliminated and Blackbird and its affiliates are permitted to compete with Blue Jay — Blue Jay GP is permitted to take into account the interests of Blackbird when resolving conflicts of interest — There is no “corporate opportunities” required protection that flows from Blackbird in favor of Blue Jay — The MSA similarly does not impose any “fiduciary duties” on Blackbird or the service providers — The Blue Jay GP has sole authority to enforce the terms of the MSA and consent to any waivers, subject to the protection of the Conflicts Policy (i.e., approval by independent directors) Board Composition — The Blue Jay GP board may consist of between 3 and 11 directors, and currently consists of 9 directors (6 of which are classified as independent) — The lead independent director facilitates the functioning of the board independently of the MSA — The board adheres to a conflicts policy, which addresses the approval and other requirements for transactions in which there is greater potential for a conflict of interest to arise (see Conflicts Policy on following page for further details) Background on Blue Jay 63

Overview of Blue Jay’s Conflicts Policy Blue Jay GP’s Board has a Conflicts Policy which sets out requirements for situations in which there is a potential conflict of interest, including: — Acquisitions or dispositions with Blackbird — Dissolution of Blue Jay or Blue Jay Property Partners — Material amendments to the MSA, Relationship Agreement with Blackbird, the LPA or Property Partners LPA — Material service agreements or other arrangements with Blackbird in which a fee will be paid to Blackbird — Indemnification matters under the MSA, the LPA or the Property Partners LPA — Other material transactions involving Blackbird The Conflicts Policy requires that any such transaction be approved by the governance and nominating committee of the Blue Jay GP Board — The governance and nominating committee must consist solely of independent directors — The governance and nominating committee may grant such approvals in the form of general guidelines, policies or procedures, without requiring additional special approval for a particular transaction — Approval is granted or withheld by majority vote — In limited circumstances, a related party transaction may be subject to additional valuation and minority approval requirements under Canadian securities laws (unless the fair market value of the transaction is <25% of the market capitalization of the issuer); in applying this test to Blue Jay, Blue Jay is permitted to count its indirect equity interests (i.e., the redemption exchange units) Principles of the Conflicts Policy — The policy recognizes the benefits of the relationship with Blackbird, and identifies the principle areas of application of the policy as those related to acquisitions and participation in Blackbird-led consortia, as well as any other management or services relationships — With respect to acquisitions, the general policy is that consideration paid by Blue Jay be no more than consideration paid by Blackbird (on a per share or proportionate basis) and related fees or carried interest payable must be in accordance with the Property Partners LPA (or negotiated at arm’s length or demonstrated to be on market terms) — In certain cases, fairness opinions or third party valuations are required for certain asset purchases Background on Blue Jay 64

Overview of Blue Jay’s Master Services Agreement (“MSA”) with Blackbird Arrange for individuals to carry out executive and senior officer functions Supervise the day-to-day management and other (accounting, administrative, reporting, etc.) functions and obligations Provide overall strategic advice Summary of Identify and recommend acquisitions or dispositions and (upon request) assist in negotiating terms Services Provided Recommend and (upon request) assist in the raising of debt and equity financing Make recommendations with respect to distribution payments Monitor / oversee accountants, legal counsel, financial parties and other third party advisors Supervise tax elections, preparation of financial statements. etc. Base fee of 0.5% p.a. of total capitalization Equity enhancement fee of 1.25% p.a. of increase in total capitalization since 2013 spin-off Incentive distributions: — 15% of regular annual distributions between $1.10 – $1.20 per share Fee Structure — 25% of regular distributions over $1.20 per share Reimbursement of all out-of-pocket fees, costs and expenses incurred, including transaction costs, financing costs, financial reporting costs, etc. For any quarter in which the Blue Jay GP determines that there is insufficient available cash to pay the base management fee as well as the next regular distribution, Blue Jay may elect to pay the base management fee in units or Redemption-Exchange Units See next page for calculation of fees as of 3Q 2017 and estimate of fees pro forma for Goldfinch acquisition Term MSA continues in perpetuity May only be terminated for performance defaults, fraud, gross negligence, or bankruptcy by/of the service providers Termination MSA “expressly provides” that it “may not be terminated by the Blue Jay GP due solely to the poor performance or the underperformance of any of Blue Jay’s operations” Change of Control No right to terminate upon a change of control of Blackbird Blackbird has identified Blue Jay as the primary entity through which it will own and operate its commercial property businesses on a global basis. However, Blackbird has no obligation to source acquisition opportunities specifically for Blue Jay MSA does not impose on Blackbird any duty to act in the best interests of Blue Jay, nor any other fiduciary duties. Blue Jay GP (wholly-owned by Blackbird) has sole authority to enforce the terms of MSA (subject to approval by independent directors per the Conflicts of Interest board’s conflict policy – see prior page) Blue Jay’s LP agreement provides that the Blue Jay GP and its affiliates do not have any obligation to present business or investment opportunities to Blue Jay, and allows affiliates of the Blue Jay GP to engage in activities that may compete with Blue Jay. Further, the Blue Jay GP is permitted to take into account the interests of third parties, including Brookfield, when resolving conflicts of interest Supervision Activities are subject to supervision by Blue Jay’s board (which is Blue Jay GP’s board) Source: Company filings Background on Blue Jay 65

Blue Jay’s MSA Payments to Blackbird ($ in millions, except per share data) Impact of a potential acquisition on MSA payments would be dependent on a) how the acquisition is financed b) pro forma distributions Illustrative 3Q 2017 Management Fee Annualized Calculation Per the Master Services Agreement (MSA) Pro Forma for Goldfinch with Blackbird, Blue Jay pays the below fees: Status Quo (Conservative Case)¹ # of Units Price ($) Amount ($) # of Units Price ($) Amount ($) — Base Management Fee: 0.5% p.a. of Initial Market Value of Blue Jay Units 466.3 $ 21.91 $ 10,218 466.3 $ 21.91 $ 10,218 total capitalization subject to an annual Preferred Shares 1,275 1,275 Recourse Debt, Net of Cash (25) (25) minimum of $50mm plus annual inflation Initial Capitalization (A) $ 11,468 $ 11,468 adjustments Current Market Value of Blue Jay Units 703.5 $ 21.88 $ 16,417 1,030.6 $ 21.88 $ 22,549 Preferred Shares 3,065 [3,368] — Equity Enhancement Distribution Recourse Debt, Net of Cash 1,537 [1,219] Current Capitalization (B) $ 21,019 $ 27,135 (EED): 1.25% p.a. of the increase in Base Management Fee (B x 0.5%) (C) $ 105.1 $ 135.7 current total capitalization vs. Fee on Increased Market Capitalization ((B-A) x 1.25%) 119.4 195.8 capitalization as of 15-Apr-2013 Less: Excess Base Managemt Fee Over Minimum (C—$50mm) 55.1 85.7 (immediately post-spin); reduced by Equity Enhanced Distribution (D) 64.3 110.2 amount by which base management fee Available Creditable Operating Payments² (E) (9.0) (9.0) Total Management Fee (C+D+E) $ 160.4 $ 236.8 exceeds $50mm p.a. — Incentive Distribution: 15% of regular Illustrative 3Q 2017 Incentive Distribution Annualized Calculation Pro Forma for Goldfinch annual distributions between $1.10 and Status Quo (Conservative Case)¹ $1.20 per share and 25% of regular Rate Per Unit ($) Amount ($) Rate Per Unit ($) Amount ($) Distribution per Year to Shareholders (A) $ 1.180 $ 830.1 $ 1.180 $ 1,216.1 distributions over $1.20 First Incentive Distribution to Blackbird Fees increase as capitalization and First Distribution Threshold (A—$1.10) $ 0.080 $ 56.3 $ 0.080 $ 82.4 15% Incentive Distribution (C) 15.0 % 9.9 15.0 % 12.4 distributions increase. As the sole owner Second Incentive Distribution to Blackbird of Blue Jay GP, Blackbird would Second Distribution Threshold (A—$1.25) — —determine Blue Jay’s distributions, as 25% Incentive Distribution (D) 25.0 %—25.0 % -well as acquisition activity that could Incentive Distributions (C+D) 9.9 12.4 increase capitalization Less: Incentive Distribution Account Credits³ (9.9) (12.4) Net Incentive Distribution Payable to Blackbird — Source: Company filings, Blue Jay Offer dated 11-Nov-2017; Market data as of 30-Nov-2017 ¹ Pro forma for Goldfinch analysis assumes 50% / 50% cash / stock transaction, with cash consideration funded by third party equity not managed by Blue Jay (most conservative case), that existing Goldfinch cash, preferred shares, and recourse debt are assumed by Blue Jay, and that Blue Jay distributions per unit remain constant post Goldfinch acquisition. ² The total fee is reduced by the amount of similar fees paid by Blue Jay for capital invested in Blackbird-sponsored funds. ³ Specific reason for Incentive Distribution Account Credit not disclosed, but LP agreement provides that incentive distributions are reduced to the extent that any operating entity pays Blackbird any comparable performance or incentive distribution. Background on Blue Jay 66

Overview of Blue Jay’s G&A Expense Blue Jay G&A Build 9 Months to 30-Sep Year ended 31-Dec Consolidated basis; $mm 2017 2016 2016 2015 2014 G&A by expense type Employee compensation and benefits $ 149 $ 127 $ 171 $ 157 $ 133 Management fees to Blackbird—base 78 79 104 76 50 Base management fees to Blackbird—incentive 20 20 25 60 50 Other management fees (e.g. Blue Jay private funds; some or all are paymentsts to Blackbird) 28 38 46 46 0 Transaction costs & other (e.g. public co. costs; incl. Blackbird expense reimbursement) 179 151 223 220 171 Total G&A $ 454 $ 415 $ 569 $ 559 $ 404 G&A by segment Core Office $ 124 $ 110 $ 150 $ 142 $ 151 Core Retail 0 0 0 0 0 Opportunistic 178 149 211 196 115 Corporate (incl. Blackbird management fees) 152 156 208 221 138 Total G&A $ 454 $ 415 $ 569 $ 559 $ 404 Payments to Blackbird included in G&A $ 151 $ 201 $ 212 $ 207 $ 187 % total G&A 33% 48% 37% 37% 46% G&A / Revenue (At Share) Over Time: Blue Jay vs. Goldfinch 12.3% 11.7% 11.9% 10.6% 8.3% 8.5% 8.6% 6.9% 2014 2015 2016 1-3Q 2017 Blue Jay Goldfinch (G&A + Property Management & Other Costs) Source: Company filings Background on Blue Jay 67

Blue Jay Board of Directors Blue Jay’s public company board is the board of Blue Jay’s General Partner, which is 100% owned by Blackbird The Governance and Nominating Committee has set a conflicts policy and is responsible for approving transactions “in which there is greater potential for a conflict of interest to arise”. The committee consists solely of independent directors Blackbird Gov. & Nom. Director Designee? Independent? Committee? Biography Ric Clark Senior Management Partner of Blackbird Y (Chairman) Former CEO of Blue Jay and former CEO of BPO Senior Management Partner of Blackbird & CEO of Blackbird’s Private Funds Jeffrey Blidner Y Group Former Chairman of Blue Jay Senior Advisor to the Investment Corporation of Dubai Soon Young Chang Y Member of the board of Dubai World; founder of Midas Investment Asset Management Company ($5bn AUM) Senior Partner at Dealmaker (M&A advisory) Omar da Cunha Y Y Former Chairman of “Bob’s” (Brazilian fast food); former President of AT&T Brasil and Shell Brasil CEO of Riveroak Investment Corp Stephen DeNardo Y Former Partner & SVP of ING Realty Partners; former President of ARES Realty Capital; former Partner at First Winthrop Corporation Founder & Executive Chairman of Sigma Real Estate Advisors / Sigma Capital Lou Maroun Y Chair Corporation Former Executive Chairman of ING Real Estate Canada Founder & CEO of OstVast Capital Management Lars Rodert Y Y Former Global Investment Manager for IKEA Treasury Former Partner & Global Head of Brand Marketing & Digital Strategy at Lisa Shalett Y Goldman Sachs Partner & Executive Director of Econsult Jose Ramon Valente Y Representative in Chile of Fidelity Investments; founding partner of Duff & Vias Phelps Rating Agency in Chile, Argentina and Peru Source: Company filings, Company website Background on Blue Jay 68

Side-by-Side Analysis of Goldfinch vs. Blue Jay Operating Portfolio Goldfinch Blue Jay (Standalone) Blue Jay (Pro Forma) Blackbird Opportunistic Opportunistic 15.0% 27.5% Other Infrastructure 13.0% Core—Retail 8.1% 24.1% Core—Investment Retail 40.0% Approach¹ Real Estate Core—Retail Core—Office 13.3% Private Equity Core—Office 100.0% 45.0% 65.6% 48.5% Multifamily Multifamily 1.9% Other Triple Net 3.1% Other Triple Net 3.2% Lease 5.1% Lease 3.4% 2.1% Hospitality 7.6% Hospitality Office 4.8% Office 28.3% 33.3% Asset Class¹ N/A Retail 100.0% Retail Retail 52.5% 54.6% Asia Pacific S. America S. America Canada 8.0% 4.0% 1.2% 3.1% Canada Asia Pacific 10.0% 6.4% N. America Europe S. America 29.2% 14.5% 58.4% Geography² USA Europe 60.0% USA US 18.0% 74.9% Europe 100.0% 5.8% Asia and Other 6.6% Source: Public Company filings and reports ¹ As a % of 3Q 2017 NOI. ² As a % of total AUM. Pro forma Blue Jay data calculated using the reported total assets figure for core retail per 3Q 2017 supplemental filing and AUM figures from corporate profile as of Aug-2017. Background on Blue Jay 69

Side-by-Side Analysis of Goldfinch vs. Blue Jay Financial Metrics (in $ billions) Goldfinch Blue Jay Blackbird 3QA NOI at Share ($bn) $ 2.3 $ 2.7 NA Market Cap ($bn) $ 18.5 $ 18.5 $ 42.4 Enterprise Value ($bn) $ 36.7 $ 52.0 $ 128.7 3-Yr Total Return (27.2)% 4.3 % 30.3 % Discount to IFRS NAV¹ (36.6)% (24.8)% NA Discount to Consensus NAV (31.2)% (19.7)% NA P / 2018E Consensus FFO 11.8 x 15.7 x 16.9 x YTD G&A Expense (% Revenue) 8.6 % 11.9 % 27.5 % 2yr Fwd. Cons. FFO/Share CAGR 3.1 % 6.8 % 13.6 % Dividend Yield 4.6 % 5.0 % 1.3 % Dividend Payout Ratio (% FFO) 57.0 % 85.2 % 26.2 % Dividend Payout Ratio (% AFFO)² 73.2 % 126.9 % NA Net Debt / 3QA EBITDA 8.4 x 12.8 x NA³ Net Debt / IFRS Asset Value 35.6 % 46.7 % NA³ % Floating Rate Debt 21.5 % 39.5 % NA³ Source: Public company filings, IBES estimates, Bloomberg, SNL Financial; Market data as of 6-Nov-2017 (pre-rumor) for Goldfinch and as of 10-Nov-2017 (pre-offer) for Blue Jay and Blackbird Note: NOI at share is 3Q 2017 NOI annualized ¹ IFRS NAV as of 30-Sep-2017. Goldfinch IFRS NAV is approximate; per management commentary on Blue Jay 3Q earnings call. ² Dividend payout ratio calculated as annualized latest quarterly dividend as a percentage of 2017E consensus AFFO estimate. Goldfinch and Blue Jay AFFO estimate per SNL Financial. ³ NA due to lack of disclosure concerning EBITDA, IFRS asset value at share, and floating vs. fixed rate debt. Background on Blue Jay 70

Side-by-Side Analysis of Goldfinch vs. Blue Jay Other Information Goldfinch Blue Jay Blackbird Blackbird / Blue Jay Ownership 34 % 69 %¹ NA S&P500 Constituent? Yes No No RMZ Constituent? Yes No No Research Coverage (# Analysts) 18 4 8 Structure REIT Partnership Corporation Jurisdiction Delaware Bermuda Ontario, Canada Listing Exchange NYSE NASDAQ / TSX NYSE / TSX 3M ADTV (mm) $108.3 $2.2 $28.6 Liquidity (3M ADTV / Free Float) 0.88 % 0.04 % 0.07 % # of Blackbird / Blue Jay 3 / 9 2 / 9 NA Directors ( / Total Board Seats) Management Structure Internal External Internal Voting Rights Proportional to ownership Blackbird has full control Proportional to ownership Source: Public company filings, IBES estimates, Bloomberg, SNL Financial; Market data as of 6-Nov-2017 (pre-rumor) ¹ ~62% economic ownership including dilution from mandatory convertible preferred units. Background on Blue Jay 71

Blue Jay Analyst Estimates and Company Guidance Estimate Target NAV 2018E 2019E 2018E 2019E 2018E 2019E Broker Date Rating Price per Share AFFO / Sh AFFO / Sh FFO / Sh FFO / Sh DPS DPS Canaccord 13-Nov-17 Hold $ 24.00 $ 29.39 $ 1.12 $ 1.19 $ 1.52 $ 1.59 $ 1.18 $ 1.18 Evercore 3-Nov-17 Buy 26.00 29.60 0.78 0.90 1.49 1.62 1.24 1.30 Scotiabank 14-Nov-17 Buy 25.25 27.25 1.09 1.19 1.41 1.51 1.24 1.30 RBC Capital 2-Nov-17 Buy 26.00 30.50 0.94 0.96 1.53 1.57 1.24 NA Markets Median $ 25.63 $ 29.50 $ 1.02 $ 1.08 $ 1.51 $ 1.58 $ 1.24 $ 1.30 IBES Consensus $ 25.75 NA NA NA $ 1.51 $ 1.58 $ 1.24 $ 1.30 FFO / SH Estimates Over Time1 Company Guidance $1.55 Company does not provide FY financial guidance Long-term targeted returns of 12–15% $1.51 $1.50 2018E — ~5% yield backed by stable cash flow $1.45 — 5-8% annual distribution growth — +8-11% FFO growth $1.40 $1.39 — Capital appreciation of asset base 2017E Target CFFO payout ratio: 80% $1.35 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 — Target distribution of $1.60+ per unit by 2021 2017E 2018E Source: Bloomberg, Wall Street Research, IBES Estimates; Market data as of 30-Nov-2017 Background on Blue Jay 72

Appendix C:Share Register Analysis

Understanding Flowback How it Works in Practice Sale of Target’s Stock Sale of Acquirer’s Stock 100% 90% Announcement Closing Date 80% 80% Flowback 70% 60% 50% Cumulative 40% 40% 30% 20% 20% 10% 0% -5 days +5 days +3 months Initial Reactions Offer Period – Gradual Step Up in Activity Around Residual Exit Over c. 3 Months Turnover Offer Close Post-Acquisition Some institutional holders will take advantage of Active funds increasingly Rapid selling of target stock Active / Quasi Passive investors with mandate stock price appreciation of regard holdings in a target as pre-close and acquirer stock or tendency not to hold stock in acquirer’s target post-announcement “dead money” with acquisition post-close as forced sellers market will continue to exit in the weeks/months to exit (if premium paid) priced in and reducing exit their positions post-offer Supply of target stock likelihood of further upside Index trackers exit on the Arb funds that did not exit around close are also largely absorbed by Some quasi-passive money day the target stock leaves likely to sell into domestic demand over this arbitrage funds seeking will exit pre-deal in order to the index (i.e. close) period marginal returns driven by avoid stock price impact Post-deal, domestic money Negative drag on share price resulting from deal metrics, acquirer around the close in acquirer’s market will flowback reduces as flowback reaches 100%. price and time-value Arb funds continue to absorb absorb acquirer’s stock as Incremental domestic demand from increased Speculative activity linked some supply of target stock trackers reweight weighting of acquirer boosts support to execution risks for the transaction Share Register Analysis 74

Shareholder Base by Investor Type Goldfinch vs. Blue Jay | As of 30-Sep-2017 Goldfinch Shareholder Base Blue Jay Shareholder Base 2 % 13 % 29 % 10 % 40 % 35 % 2 % 3 % 2 % 2 % 3 % 13 % 17 % 11 % 8 % 5 % 2 % 2 % Index Quantitative Income Sector Specific Value GARP Growth Hedge Fund Other Pension Retail & Undisclosed Source: Thomson, shareholder data as of Q3’17 and subsequent 13D / G filings Note: Excludes Brookfield Asset Management’s strategic stake. Shareholder evolution represents reported mutual and hedge fund holdings. Mutual fund ownership is grossed up pro rata to total institutional holdings less hedge fund ownership. Goldfinch shareholder base excludes Blue Jay stake. Share Register Analysis 75

<10% of Goldfinch’s Pension Fund Holders Own Blue Jay and <30% Own Units in any PTPs Pension Fund % OS in Goldfinch Holds Blue Jay? Holds PTPs? Holds Either? Abu Dhabi Investment Authority 3.6 %ïïï Norges Bank Investment Management (NBIM) 3.1ïïï PGGM Vermogensbeheer B.V. 1.8ïïï Future Fund Board of Guardians 1.3ïïï APG Asset Management US, Inc. 0.4ïïï New York State Common Retirement Fund 0.2ïïï Korea Investment Corporation 0.2ïïï California Public Employees’ Retirement System 0.1ïïï California State Teachers Retirement System 0.1ïïï New Jersey Division of Investment 0.1ïïï The Retirement Systems of Alabama 0.1ïïï New York State Teachers’ Retirement System 0.1ïïï Ohio Public Employees Retirement System 0.1ïïï Florida State Board of Administration 0.1ïïï State of Wisconsin Investment Board 0.1ïïï Virginia Retirement System 0.1ïïï State Teachers Retirement System of Ohio 0.1ïïï National Pension Service 0.1ïïï Teacher Retirement System of Texas 0.1ïïï Employees Retirement System of Texas <0.1ïïï Alaska Retirement Management Board <0.1ïïï DuPont Capital Management Corporation <0.1ïïï Tennessee Consolidated Retirement System <0.1ïïï Första AP-Fonden <0.1ïïï Independent Order of Foresters <0.1ïïï Top 25 Pension Fund Holders of Goldfinch 8.0 % 44.0 % 44.0 % All Pension Fund Holders of Goldfinch 6.3 % 25.0 % 26.6 % Source: Thomson, Bloomberg, Public sources as of 30-Sep-2017 Share Register Analysis 76

Approximately One Third of Goldfinch’s Active Fund-Level Investors Hold PTPs (1 / 2) Fund Thomson Style AUM ($bn) Holds Blue Jay? Holds PTPs? Holds Either? Fidelity US REIT Mother Fund Other $ 12.8ïïï T. Rowe Price Real Estate Fund Sector Specific 5.9ïïï Alyeska Investment Group, L.P. Hedge Fund 11.2ïïï Fidelity Real Estate Investment Portfolio Sector Specific 4.1ïïï DFA Real Estate Securities Portfolio Quantitative 8.1ïïï Nuveen Real Estate Securities Fund Sector Specific 3.9ïïï Cohen & Steers Realty Shares, Inc. Sector Specific 4.6ïïï Cohen & Steers Real Estate Securities Fund Sector Specific 4.1ïïï Of Goldfinch’s JPMorgan Mid Cap Value Fund Value 18.6ïïï top 50 active Signature High Income Fund Income 3.1ïïï fund-level Voya Global Real Estate Fund—US Sector Specific 2.3ïïï investors, 53% of Cohen & Steers Institutional Realty Shares, Inc. Sector Specific 2.7ïïï non-Real Estate T. Rowe Price Real Assets Fund Other 3.2ïïï focused funds Asset Management One USA Inc. Hedge Fund 40.6ïïï do not hold PTPs CREF Stock Account Growth 123.2ïïï Lord Abbett Affiliated Fund Income 6.7ïïï Fidelity Value Fund GARP 8.3ïïï Morgan Stanley Instl Global Real Estate Portfolio Income 1.4ïïï TIAA-CREF Real Estate Securities Fund Income 2.0ïïï Fidelity Balanced Income 20.9ïïï Fidelity Series Real Estate Equity Fund Other 1.2ïïï Fidelity Stock Selector Large Cap Value Value 9.2ïïï Met Investors Series—Clarion Global Real Estate Portfolio Sector Specific 1.4ïïï Fidelity Canadian Disciplined Fund Value 1.9ïïï Morgan Stanley Institutional U.S. Real Estate Portfolio Sector Specific 0.6ïïï Top 50 Fund Level Holders of Goldfinch 26.0 % 24.0 % 42.0 % All Fund Level Holders of Goldfinch 15.6 % 23.3 % 34.5 % Source: Thomson, Bloomberg, public sources as of 30-Sep-2017 Note: Highlighted funds are real-estate focused investors. PTPs include Alliance Bernstein, Apollo, Ares, Blackstone, Buckeye Partners, Carlyle, Cedar Fair, Cheniere Energy Partners, Enable Midstream Partners, Enbridge Energy Partners, Energy Transfer Partners, EnLink Midstream Partners, Enterprise Products Partners, EQT Midstream Partners, Fortress, KKR, Magellan Midstream Partners, MPLX, Oaktree, Och-Ziff, Phillips 66 Partners, Plains All American Pipeline, Spectra Energy Partners, Western Gas Partners, and Williams Partners. Share Register Analysis 77

Approximately One Third of Goldfinch’s Active Fund-Level Investors Hold PTPs (2 / 2) Fund Thomson Style AUM ($bn) Holds Blue Jay? Holds PTPs? Holds Either? Deutsche Real Estate Securities Fund Sector Specific $ 1.4 Invesco Charter Fund Growth 3.9 Everett Capital Advisors UK LLP Hedge Fund 0.4 CBRE Clarion Global Real Estate Income Fund Sector Specific 1.0 Fidelity NorthStar Fund GARP 4.5 AMP Capital Global Property Securities Fund Other 1.4 Universal Institutional Fund—U.S. Real Estate Portfolio Sector Specific 0.5 Dynamic Alternative Yield Fund Other 0.6 Of Goldfinch’s Sentry Global REIT Fund Income 0.7 top 50 active Invesco Real Estate Fund Sector Specific 1.7 fund-level American Century Real Estate Fund Sector Specific 1.2 investors, 53% of Fidelity Advisor Real Estate Fund Sector Specific 0.8 non-Real Estate Signature Diversified Yield II Fund Other 1.2 focused funds Cohen & Steers Quality Income Realty Fund, Inc. Sector Specific 1.6 do not hold PTPs Voya Real Estate Fund Sector Specific 0.9 Principal Real Estate Securities Fund Income 3.8 Pacific Select Real Estate Portfolio Sector Specific 0.5 Russell Investments Global Real Estate Securities Fund Sector Specific 1.1 Schroder Global Cities Real Estate Fund Other 0.8 JNL/Invesco Global Real Estate Fund Income 1.9 Fidelity Advisor Strategic Div. & Income Income 3.4 Morgan Stanley US Property Fund Sector Specific 0.3 RBC Canadian Equity Income Fund Income 2.7 RBC Canadian Dividend Fund Income 14.0 Thrivent Mid Cap Stock Fund Growth 1.6 Top 50 Fund Level Holders of Goldfinch 26.0 % 24.0 % 42.0 % All Fund Level Holders of Goldfinch 15.6 % 23.3 % 34.5 % Source: Thomson, Bloomberg, public sources as of 30-Sep-2017 Note: Highlighted funds are real-estate focused investors. PTPs include Alliance Bernstein, Apollo, Ares, Blackstone, Buckeye Partners, Carlyle, Cedar Fair, Cheniere Energy Partners, Enable Midstream Partners, Enbridge Energy Partners, Energy Transfer Partners, EnLink Midstream Partners, Enterprise Products Partners, EQT Midstream Partners, Fortress, KKR, Magellan Midstream Partners, MPLX, Oaktree, Och-Ziff, Phillips 66 Partners, Plains All American Pipeline, Spectra Energy Partners, Western Gas Partners, and Williams Partners. Share Register Analysis 78

Appendix D:Analysis of Offer Dynamics in Precedent Transactions

Case Study: BPY’s Acquisition of BPO BPY Increased its Cash Offer for BPO Once by 5.1% ($19.34 to $20.34) $21 1 1-Apr-2014: 30-Sep-2013: BPY publicly offered to acquire BPO via tender offer for 1 BPY unit or $19.34 in cash per BPO BPY completed share, pro rated at 67% stock / 33% cash. BPO given tender offer $20 advance notice of intention, but no details of offer $19 9-Jun-2014: BPY acquired the $18 2 remaining 7.5% of 19-Dec-2013: BPY BPO shares via a 20-Dec-2013: BPY plan of arrangement offeredto increase and BPO announced cashoffer to definitive agreement at $17 Sep-Dec 2013: BPO conducted due $20.34; no change 1BPY unit or $20.34 in diligence on BPY; negotiated for to stock offer or % cash per BPO share increase to consideration cash / % stock mix Public announcement $16 Sep-2013 Oct-2013 Nov-2013 Jan-2014 Feb-2014 Apr-2014 May-2014 1 Initial Offer on 30-Sep-2013 2 Revised Offer on 20-Dec-2013 $19.34 cash / 1 BPY unit per share $20.34 cash / 1 BPY unit per share — 15% premium to last close (NYSE) — 5.1% “bump” over initial cash offer — 17% premium over 1-month VWAP of $16.51 — 23% premium over 1-month VWAP of $16.51 — 16% premium to 3-month VWAP of $16.67 — 22% premium to 3-month VWAP of $16.67 — 6% discount to IFRS book value per share — 1% discount to IFRS book value per share — BPY was a 51% shareholder prior to the transaction Source: Bloomberg, Company filings Analysis of Offer Dynamics in Precedent Transactions 80

Case Study: BPY’s Acquisition of RSE BPY Increased its Offer for RSE Twice for a Total Bump of 7.4% ($17.00 to $18.25) 7-Feb-2016: 19-Jan-2016: RSEinformed 25-Feb-2016: BPYand RSE announced definitive BPY and RSE BPY it intended agreement for $18.25 cash per share in cash; $19 announced the to reject the offer transaction subject to majority of the minority vote offer $18 3 6-Jul-2016: $17 9-Feb-2016: BPY made ‘best and final’ Transaction offer of $18.25 ; RSE countered with closed $16 18-Jan-2016: BPY $18.50; RSE agreed to $18.25 signed standstill until 4-Mar 2 $15 1 8-Feb-2016: 16-Jan-2016: BPY offered BPY increased $14 to acquire RSE for $17.00 offer by 4% to cash per share $17.75 in cash Public announcement $13 Jan-2016 Feb-2016 Mar-2016 Apr-2016 May-2016 Jun-2016 Jul-2016 1 Initial Offer (16-Jan-2016) 2 First Bump (8-Feb-2016) 3 Definitive Agreement (25-Feb-2016) $17.00 per ordinary share in cash $17.75 per ordinary share in cash $18.25 per ordinary share in cash — 26% premium to last close — 4.4% “bump” over initial offer — 7.4% “bump” over initial offer — 19% premium over 1-month VWAP of — 32% premium to undisturbed price — 35% premium to undisturbed price $14.29 — 24% premium over 1-month VWAP of — 28% premium over 1-month VWAP of — BPY was a 33% shareholder prior to the $14.29 $14.29 transaction — Transaction not subject to any financing contingencies and not subject to any due diligence Source: Bloomberg, Company filings Analysis of Offer Dynamics in Precedent Transactions 81

Selected Precedent Squeeze Outs Since 2005 (1/3) Includes US Targets; >$1bn Transaction Value; Acquiror Ownership of Target >15% and <50% Prior to Transaction Acq. % Ownership of Date Initial Deal Initial / Final Value Total % Target Prior to Offer Value Premium to 1 (Consideration) Increase Target Acquiror Transaction Announced ($mm) Timeline (Dashes = Months) Day Progression in Offer Liberty HSN Inc¹ Interactive 38.2 % 7/6/2017 $ 1,757 28.9 % / 28.9 % $40.36 (0/100) – % Corp ONEOK Partners M ONEOK Inc 40.0 2/1/2017 17,147 25.8 / 25.8 $54.28 (0/100) –% LP British Reynolds M $56.50 (43/57) American 42.2 10/21/2016 60,168 19.8 / 26.4 5.6% American Inc. $59.64 (49/51) Tobacco Plc Talen Energy Riverstone M 35.0 % 06/03/2016 4,293 17.3 % / 17.3 % $14.00 (100/0) –% Corp Holdings LLC Brookfield Rouse $17.00 (100/0) Asset 31.5 % 1/19/2016 2,378 26.0 / 35.3 7.4 % Properties $18.25 (100/0) Management Northern Tier Western M $27.62 (63/37) 38.4 % 10/26/2015 1,782 14.0 / 16.9 2.6 % Energy LP Refining $28.34 (53/47) Brookfield T GrafTech $5.00 (100/0) Asset 21.9 % 04/29/2015 1,054 13.1 / 14.3 1.0 % International² $5.05 (100/0) Management David H Murdock M Dole Food Co. 37.6 % 06/11/2013 1,018 $12.00 (100/0) 12.5 % 17.6 / 32.4 Chairman, $13.50 (100/0) Former CEO Jefferies Group Leucadia 28.6 % 11/12/2012 2,561 M 23.8 / 23.8 $21.38 (0/100)—% National MacAndrews & M M&F Worldwide Forbes 42.7 % 06/13/2011 2,289 $24.00 (100/0) 4.2 % 41.5 / 47.4 $25.00 (100/0) Holdings 3M 6M 9M Initial Offer Announcement First Price Increase Second Price Increase Final Merger Agreement Announced Close of Transaction Source: Public filings, DealPoint Note: (1) Transactions listed by date of initial public announcement of offer. (2) Parentheses in price progression represents % cash / % stock breakdown. (3) M represents merger and T represents tender offer. ¹ Merger is expected to close during 4Q 2017. ² Tender offer opened 26-May-2015 and expired 7-July-2015. Analysis of Offer Dynamics in Precedent Transactions 82

Selected Precedent Squeeze Outs Since 2005 (2/3) Includes US Targets; >$1bn Transaction Value; Acquiror Ownership of Target >15% and <50% Prior to Transaction Acq. % Ownership of Date Initial Deal Initial / Final Value Total % Target Prior to Offer Value Premium to 1 (Consideration) Increase Target Acquiror Transaction Announced ($mm) Timeline (Dashes = Months) Day Progression in Offer Rocco Mediacom Commisso 38.9 % 06/01/2010 $ 3,613 M 12.6 % / 64.2 % $6.00 (100/0) 45.8% Communications Founder, CEO, $8.75 (100/0) Chairman Burlington M Berkshire Northern Santa 23.0 % 11/03/2009 35,948 31.5 / 31.5 $100.00 (60/40)—Hathaway Fe Pepsi Bottling PepsiCo 29.2 % 04/20/2009 4,279 M 17.1 / 44.8 $29.50 (50/50) lƒ 23.7 % Group $36.50 (50/50) M $23.27 (50/50) lƒ PepsiAmericas PepsiCo 42.5 % 04/20/2009 10,758 17.1 / 43.4 22.5 % $28.50 (50/50) Sovereign Banco 24.3 % 10/13/2008 1,910 M 3.5 / 3.5 $3.81 (0/100) Bancorp Santander—% M ASE Test ASE Group 36.0 % 09/04/2007 1,200 25.6 / 25.6 $14.78 (100/0)—% Plains All M Pacific Energy American 24.5 % 06/12/2006 1,615 10.6 / 10.6 $17.75 (0/100)—% Partners Pipeline Brookfield Properties T Trizec Properties Corp. / 37.1 % 06/05/2006 4,747 17.9 / 17.9 $29.01 (100/0)—% Blackstone Group T $93.00 (100/0) William General 46.7 % 03/17/2006 1,221 22.9 / 44.0 $100.00 (100/0) lƒ 17.2 % Lyon Homes William Lyon $109.00 (100/0) Lafarge T $75.00 (100/0) Lafarge SA 48.9 % 02/06/2006 3,227 16.7 / 33.1 $82.00 (100/0) 14.0 % North America¹ $85.50 (100/0) 3M 6M 9M Source: Public filings, DealPoint Initial Offer Announcement First Price Increase Second Price Increase Final Merger Agreement Announced Close of Transaction Note: (1) Transactions listed by date of initial public announcement of offer. (2) Parentheses in price progression represents % cash / % stock breakdown. (3) M represents merger and T represents tender offer. ¹ Tender offer expired on 12-May-2006. Analysis of Offer Dynamics in Precedent Transactions 83

Selected Precedent Squeeze Outs Since 2005 (3/3) Includes US Targets; >$1bn Transaction Value; Acquiror Ownership of Target >15% and <50% Prior to Transaction Acq. % Ownership of Date Initial Deal Initial / Final Value Total % Target Prior to Offer Value Premium to 1 (Consideration) Increase Target Acquiror Transaction Announced ($mm) Timeline (Dashes = Months) Day Progression in Offer Nextel Partners Sprint Nextel 29.2 % 10/24/2005 $ 7,545 M – % 11.7 % / 11.7 % $28.50 (100/0) Corp $40.00 (100/0) Chiron Corp Novartis AG 42.0 % 09/01/2005 6,625 9.8 / 31.7 $45.00 (100/0) 20.0 % M $48.00 (100/0) Average: Average Offer Price Bumps: 1 Average Time to First Price Bump: ~3M Average Time to Close: ~7M Average Premium: 19.3 % / 28.7 % ~8.0 % 3M 6M 9M Initial Offer Announcement First Price Increase Second Price Increase Final Merger Agreement Announced Close of Transaction Source: Public filings, DealPoint Note: (1) Transactions listed by date of initial public announcement of offer. (2) Parentheses in price progression represents % cash / % stock breakdown. (3) M represents merger and T represents tender offer. Analysis of Offer Dynamics in Precedent Transactions 84

Exhibit (C)(7)

STRICTLY CONFIDENTIAL Project Gold: Special Committee Materials December 14, 2017

Disclaimer STRICTLY CONFIDENTIAL These materials have been prepared and are provided by Goldman Sachs on a confidential basis solely for the information and assistance of the special committee of the Board of Directors (the “Special Committee”) of Goldfinch (the “Company”) in connection with its consideration of the matters referred to herein. These materials and Goldman Sachs’ presentation relating to these materials (the “Confidential Information”) may not be disclosed to any third party or circulated or referred to publicly or used for or relied upon for any other purpose without the prior written consent of Goldman Sachs. The Confidential Information was not prepared with a view to public disclosure or to conform to any disclosure standards under any state, federal or international securities laws or other laws, rules or regulations, and Goldman Sachs does not take any responsibility for the use of the Confidential Information by persons other than those set forth above. Notwithstanding anything in this Confidential Information to the contrary, the Company may disclose to any person the US federal income and state income tax treatment and tax structure of any transaction described herein and all materials of any kind (including tax opinions and other tax analyses) that are provided to the Company relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. The Confidential Information has been prepared by the Investment Banking Division of Goldman Sachs and is not a product of its research department. Goldman Sachs and its affiliates are engaged in advisory, underwriting and financing, principal investing, sales and trading, research, investment management and other financial and non-financial activities and services for various persons and entities. Goldman Sachs and its affiliates and employees, and funds or other entities they manage or in which they invest or have other economic interests or with which they co-invest, may at any time purchase, sell, hold or vote long or short positions and investments in securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments of the Company, any other party to any transaction and any of their respective affiliates or any currency or commodity that may be involved in any transaction. Goldman Sachs’ investment banking division maintains regular, ordinary course client service dialogues with clients and potential clients to review events, opportunities, and conditions in particular sectors and industries and, in that connection, Goldman Sachs may make reference to the Company, but Goldman Sachs will not disclose any confidential information received from the Company. The Confidential Information has been prepared based on historical financial information, forecasts and other information obtained by Goldman Sachs from publicly available sources, the management of the Company or other sources (approved for our use by the Company in the case of information from management and non-public information). In preparing the Confidential Information, Goldman Sachs has relied upon and assumed, without assuming any responsibility for independent verification, the accuracy and completeness of all of the financial, legal, regulatory, tax, accounting and other information provided to, discussed with or reviewed by us, and Goldman Sachs does not assume any liability for any such information. Goldman Sachs does not provide accounting, tax, legal or regulatory advice. 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Analyses based upon forecasts of future results are not necessarily indicative of actual future results, which may be significantly more or less favorable than suggested by these analyses, and Goldman Sachs does not assume responsibility if future results are materially different from those forecast. The Confidential Information does not address the underlying business decision of the Company to engage in any transaction, or the relative merits of any transaction or strategic alternative referred to herein as compared to any other transaction or alternative that may be available to the Company. The Confidential Information is necessarily based on economic, monetary, market and other conditions as in effect on, and the information made available to Goldman Sachs as of, the date of such Confidential Information and Goldman Sachs assumes no responsibility for updating or revising the Confidential Information based on circumstances, developments or events occurring after such date. The Confidential Information does not constitute any opinion, nor does the Confidential Information constitute a recommendation to the Special Committee, any security holder of the Company or any other person as to how to vote or act with respect to any transaction or any other matter. The Confidential Information, including this disclaimer, is subject to, and governed by, any written agreement between the Company, the Board and/or any committee thereof, on the one hand, and Goldman Sachs, on the other hand. 1

Summary of Unibail Offer for Westfield STRICTLY CONFIDENTIAL Consideration per Westfield share PF Ownership Financing Transaction Structuring Earnings Impact Board & Management Approvals Timing ï® 0.01844 Unibail stapled securities (~65% consideration) ï® US$2.67 cash (~35% consideration) ï® ~72% Unibail / ~28% Westfield ï® €6.1bn bridge loan to cover cash component / transaction costs and required debt refinancing. Take-outs: — “Deeply subordinated” hybrid securities (~€2bn) — Senior debt (~€4bn) ï® Pro forma LTV of 39% excluding hybrid securities (current: 33%) — Leverage to be reduced over time: ~€3bn of assets identified for disposal over next several years ï® Expected to maintain A-credit rating ï® Existing Westfield debt to remain in place ï® Unibail to be restructured as a stapled security — Current Unibail entity to include Unibail operations plus Westfield UK — NewCo to be structured as a Dutch REIT; will hold Westfield’s US operations. Unibail entity to hold 40% of NewCo and consolidate NewCo for reporting purposes ï® Unibail to add Australian Stock Exchange (“ASX”) listing via Chess Depository Interests (“CDIs”) to current listings in Paris and Amsterdam (Westfield is currently an ASX-listed entity) — Westfield shareholders have the option to take Unibail securities consideration in the form of ASX-listed CDIs ï® Stock component expected to be eligible for tax roll-over relief ï® Westfield’s retail technology platform to be spun off as an independent ASX-listed entity prior to the merger ï® Accretive to EPS in “first full year” ï® €100mm run-rate synergies p.a. (40% rental income / 60% corporate overhead) ï® 2 Westfield directors to join supervisory board (currently 10 directors) ï® Newly created advisory board to be headed by Frank Lowy (current Westfield Chairman; family owns 9.5%) ï® CEO and CFO to come from Unibail; rest of executive team to be drawn from both Unibail and Westfield — Westfield C-suite to retire ï® Shareholder votes at Unibail and Westfield ï® Australian court approval ï® Certain regulatory approvals ï® Expected to close 2Q 2018 Source: Public Filings, CapIQ; market data as of 11-Dec-2017 unless otherwise noted 2

Market Reaction STRICTLY CONFIDENTIAL Stock Price Reaction ï® Day 1 — Unibail-Rodamco: (4.1)% – Market indices were up slightly – Volumes of 3.7x 3-month ADTV — Change in offer value: (3.0)% – 14.3% premium to undisturbed vs. 17.8% at announcement — Westfield: 13.6% – Market indices were up slightly – Trading at 0.9% discount to implied offer value (as of Day 1 close) – Volumes of 18.2x 3-month ADTV ï® Day 2 — Unibail-Rodamco: (0.5)% – Market indices were down slightly – Volumes of 2.3x 3-month ADTV — Change in offer value: (0.1)% – 14.2% premium to undisturbed vs. 17.8% at announcement — Westfield: NA due to time difference Investor Views ï® Strong investor support for the strategic rationale, synergies and complementarity of the management teams (Unibail seen as a great manager, Westfield as a great developer) ï® Transaction cap rate has been a key question — European investors are struggling to understand Westfield’s NAV due to differences in Australian disclosure ï® Some concerns regarding pro forma leverage, which investors are estimating at ~44% LTV including hybrid securities (seen as too high in European market) ï® Limited arbitrageur activity — Number of funds not set up to play European and Australian stocks — Two stocks do not trade at the same time which increases risk in an arbitrage trade Broker Commentary ï® “The price offered by Unibail appears full, but the strategic merits of the combination offset to some degree… it appears that most of the net synergies flow to Westfield shareholders in the form of the control premium” – Green Street Advisors, 12-Dec-2017 ï® “While Unibail can issue new shares at approximately NAV, no alternative credible suitor for Westfield can do the same today” – Green Street Advisors, 12-Dec-2017 ï® “We have been saying for some time that an implied cap rate in the mid to high 5% level (where Westfield has been trading) was far too high for WFD, which has amongst the best retail portfolios globally” – J.P. Morgan, 12-Dec-2017 ï® “We don’t see SPG getting involved in this deal given that it’s an agreed-upon friendly deal (we don’t see SPG going hostile), in addition to SPG’s relative cost of equity capital vs. Unibail”—Citi, 12-Dec-2017 Source: Bloomberg, available broker research, GS trading desk. Market data as of 13-Dec-2017 Note: Offer value metrics calculated using on Unibail share price of €224.10 and EUR / USD exchange rate of 1.18 as of 11-Dec-2017; Unibail share price of €215.00 and EUR / USD exchange rate of 1.17 as of 12-Dec-2017; Unibail share price of €215.00 and EUR / USD exchange rate of 1.17 as of 13-Dec-2017; and Westfield undisturbed price of AUD$8.50 and AUD / USD exchange rate of 1.33 as of 11-Dec-2017. 3

Key Transaction Metrics STRICTLY CONFIDENTIAL For comparison purposes, Unibail was trading at a 8.7% premium to Published (EPRA) NAV at time of offer Basis of NOI (e.g. time period, treatment of development) brokers use to calculate cap rates is generally not specified and may not be “apples to apples” Implied Offer Premia (At Announcement) 37.4 % 22.7 % 17.8 % 19.5 % 4.4 % 4.3 % 7.2 % Premium to Prior Premium to 3 Month Premium to 12 Month Premium to 52 Week Premium to 52 Week Premium to Premium to Unibail Share Price VWAP VWAP High (9-Jan-2017) Low (29-Aug-2017) Consensus NAV¹ NAV Estimate (11-Dec-2017) Implied Offer Cap Rate: Market Reference Points² Blue Jay Offer Implied Cap Rate³: 5.8% High 4%—5% 4.75% 4.70% 4.50—4.60% Mid-4% Range 4.30% Estimated Cap Rate - Estimated Cap Rate - Estimated Cap Rate Estimated Cap Rate Implied Cap Rate Estimated Cap Rate US Portfolio Whole Portfolio (JPM) (UBS) (Citi) (CS) (Green Street) (Green Street) Source: Bloomberg, Company filings, available broker research. Market data as of 11-Dec-2017 ¹ Manual NAV / Share consensus based on median of selected Wall Street Research. ² For comparison, Unibail is trading at an implied cap rate of 4.3% based on Green Street estimates. ³ Balance sheet adjustments and 2018E real estate NOI based on guidance from Goldfinch Management. 4

Portfolio Comparison: Goldfinch vs. Westfield STRICTLY CONFIDENTIAL Goldfinch # of Shopping Centers¹ 126 35 Enterprise Value ($ bn)² $36.6 $22.2 GLA (mm sf)¹ 123.0 43.5 Average Asset Size (mm sf)¹ 1.0 1.2 % Leased¹ 96.5 % 93.4 % Sales PSF¹,³ $ 590 $726 A++ B- C+ B- 8% 3% A++ B 6% 8% A+

Stated Transaction Rationale / Benefits STRICTLY CONFIDENTIAL ï® Creates the world’s premier developer and operator of flagship shopping destinations — Strategically positioned in 27 of the world’s most attractive retail markets. Westfield provides entry into London and the US’ wealthiest markets — Premium quality portfolio of 104 assets including 56 flagships ï® Must-have partner for global brands and retailers ï® Strong organic long-term growth prospects through the world’s largest development pipeline — €12.3bn focused on flagship assets in key markets ï® World-famous Westfield brand to be deployed across Unibail’s flagship assets ï® Strong cultural and strategic similarities ï® Enlarged capital market profile including increased market cap and stock liquidity and inclusion in major European and Australian stock indices ï® Maintains robust balance sheet and A-category credit rating ï® Structured in tax-efficient manner — Preserves existing REIT status ï® Expected run-rate synergies of €100mm p.a. (~10% Westfield estimated NOI) — Includes leasing synergies as well as cost savings ï® Accretive to EPS and NAV ï® Best-in-class management team drawing on strength of both companies Source: Company Filings, communications from Blue Jay 6

Implications for Project Gold Select Broker Commentary STRICTLY CONFIDENTIAL ï® “Many investors with ownership interest in Goldfinch have been dissatisfied with the proposed transaction price from Blue Jay. The Unibail bid for Westfield comes at a fortuitous time for those that … are hoping for a higher price … With the Westfield sale providing valuation to our $26.75 NAV [for Goldfinch], it becomes difficult for the board to rationalize accepting a much lower bid for the company, especially if it is in a transaction with a high cash component or the receipt of shares in an entity that includes a sizeable non-mall component… We now estimate that a bid in the high $25 to low $26 range would be needed to sway shareholders” – Green Street Advisors, 12-Dec-2017 — Note: GSA estimates that the Westfield deal implies a 5.3% – 5.4% cap rate for Goldfinch (based on the estimated 0-4% premium to GSA’s NAV for Westfield implied by Unibail’s offer) vs. the 5.9 – 6.0% cap rate implied by Blue Jay’s offer ï® “Given that Unibail is using stock for 65% of the deal price, we can understand why the cap rate is so low for Westfield’s assets so even trying to adjust for that it would seem that Taubman’s assets could trade in the high 4s to low 5s while the other portfolios may be priced modestly higher given the lower sales productivity¹” – Evercore ISI, 12-Dec-2017 ï® “We estimate that the transaction represents a 4.3% headline cap rate for Westfield’s portfolio or an approximate 6% premium to NAV. Subtracting the value for the development pipeline, the Westfield cap rate could rise to 4.6%. We believe that this large (and independent) confirmation of ‘A’ mall value should boost the share price of all ‘A’ mall owners in the U.S. Every single ‘A’ mall transaction that has occurred over the past two years assigns an average 4.3% cap rate for these assets. As a result, the likelihood that Goldfinch transacts below $30 per share is low as the Westfield transaction demonstrates that ‘A’ mall values are sticky as these assets are irreplaceable. No independent board could sign off on a transaction valuing ‘A’ mall owners at a discount without significant pushback from shareholders” – Boenning & Scattergood, 12-Dec-2017 Source: Available broker research ¹ Evercore notes earlier in its report that Westfield’s mall sales per square foot is $721 (overall) / ~$900 (flagship assets) vs. Taubman at ~$800, Macerich at $659, SPG at $622 and Goldfinch at $590. Supplemental Information 7

Other Recent Broker Commentary Regarding Project Gold STRICTLY CONFIDENTIAL ï® “The Blue Jay bid … cannot possibly be considered a fair price for the shares, even if the bid were all cash. If the Board does consider selling the company, the price needs to be much higher. There have been clear assertions of portfolio valuation by management as well as statements of what they intend to do about it ... and selling to an unsolicited offer at a sizable discount to valuation is not a proper response… Retail sales trends have begun to rebound which would clearly justify ‘staying the course’” – BTIG, 12-Dec-2017 ï® “We think the sides will ultimately reach a deal; however, at this point we are starting to suspect it may not be for significantly higher than the current offer and/or fully eliminate the Blue Jay stock component … Despite the perceived disconnect between the offer and Goldfinch’s “fair value”, conversations with private market participants and investors lead us to believe that hopes of an all-cash offer of $26 or more appear overly optimistic at this point. In fact, barring a competing bid (which we don’t see as likely) we think it’s conceivable a deal could be reached / recommended at $25 or less given challenging fundamentals, significant future capex outlays, rising cap rates, and existing Blue Jay stake” – BMO Capital Markets, 12-Dec-2017 Source: Available broker research 8

STRICTLY CONFIDENTIAL Appendix A: Supplemental Information

Shareholder Registers Unibail and Westfield Share c.30% of Common S/O (Among Top 30) STRICTLY CONFIDENTIAL Westfield % of Westfield top 30 shareholders owning Unibail shares 23.1 % % of Westfield shareholders owning Unibail shares 28.5% Rank Institution Name Shares % S/O 1 Lowy Family 197,500,000 9.5 % 2 Vanguard Investments Australia Ltd. 121,644,731 5.9 % 3 BlackRock Institutional Trust Company, N.A. 74,647,256 3.6 % 4 State Street Global Advisors (US) 52,301,123 2.5 % 5 Franley Holdings Pty. Ltd. 48,611,723 2.3 % 6 The Vanguard Group, Inc. 44,480,931 2.1 % 7 State Street Global Advisors Australia Ltd. 34,060,310 1.6 % 8 APG Asset Management 32,071,059 1.5 % 9 BlackRock Investment Management (Australia) Ltd. 27,119,082 1.3 % 10 Hazel Equities Pty. Ltd. 23,771,039 1.1 % 11 BlackRock Advisors (UK) Limited 21,024,051 1.0 % 12 AMP Capital Investors Limited 17,097,087 0.8 % 13 State Street Global Advisors (UK) Ltd. 11,998,935 0.6 % 14 Causeway Capital Management LLC 11,157,977 0.5 % 15 Invesco Advisers, Inc. 10,498,343 0.5 % 16 MLC Investments Limited 9,805,494 0.5 % 17 Brookfield Investment Management Inc. 8,285,374 0.4 % 18 J.P. Morgan Asset Management (Hong Kong) Ltd. 7,569,693 0.4 % 19 BlackRock Investment Management (UK) Ltd. 7,277,887 0.4 % 20 Caisse de Depot et Placement du Quebec 6,866,383 0.3 % 21 Martin Currie Australia 6,708,172 0.3 % 22 BlackRock Financial Management, Inc. 6,244,276 0.3 % 23 Amondi Pty. Ltd. 5,869,425 0.3 % 24 Northern Trust Global Investments Limited 5,788,923 0.3 % 25 Eastspring Investments (Singapore) Limited 5,776,512 0.3 % 26 BlackRock Japan Co., Ltd. 4,651,235 0.2 % 27 Morgan Stanley Investment Management Inc. (US) 4,548,567 0.2 % 28 BlackRock Investment Management, LLC 4,145,621 0.2 % 29 Geode Capital Management, L.L.C. 4,117,277 0.2 % 30 Schroder Real Estate Investment Management Limited 3,821,709 0.2 % Total top-30 819,460,195 39.5 % o/w AU shareholders 492,187,063 23.7% Unibail % of Unibail top 30 shareholders owning Westfield shares 36.3 % % of Unibail shareholders owning Westfield shares 45.2% Rank Institution Name Shares % S/O 1 BlackRock Advisors (UK) Limited 9,688,396 9.7 % 2 APG Asset Management 6,060,120 6.1 % 3 Northern Cross LLC 3,675,810 3.7 % 4 The Vanguard Group, Inc. 2,831,764 2.8 % 5 BlackRock Investment Management (UK) Ltd. 1,939,488 1.9 % 6 Norges Bank Investment Management (NBIM) 1,717,044 1.7 % 7 Deutsche Asset Management Investment GmbH 1,595,317 1.6 % 8 BlackRock Institutional Trust Company, N.A. 1,589,115 1.6 % 9 PGGM Vermogensbeheer B.V. 1,497,184 1.5 % 10 State Street Global Advisors (US) 1,321,018 1.3 % 11 Dimensional Fund Advisors, L.P. 1,105,306 1.1 % 12 BlackRock Asset Management Deutschland AG 765,061 0.8 % 13 BNP Paribas Investment Partners (France) 728,759 0.7 % 14 Lyxor Asset Management 695,650 0.7 % 15 JPMorgan Asset Management U.K. Limited 662,060 0.7 % 16 T. Rowe Price Associates, Inc. 524,343 0.5 % 17 UBS Asset Management (UK) Ltd. 505,511 0.5 % 18 Epoch Investment Partners, Inc. 499,371 0.5 % 19 Amundi Asset Management 449,500 0.5 % 20 Invesco Advisers, Inc. 436,608 0.4 % 21 BlackRock Investment Management, LLC 415,385 0.4 % 22 Janus Henderson Investors 396,497 0.4 % 23 BNP Paribas Asset Management Nederland N.V. 354,012 0.4 % 24 JP Morgan Asset Management 346,009 0.4 % 25 La Banque Postale Asset Management 343,583 0.3 % 26 CBRE Clarion Securities, L.L.C. 340,582 0.3 % 27 ACTIAM N.V. 334,947 0.3 % 28 State Street Global Advisors (UK) Ltd. 326,028 0.3 % 29 NNIP Advisors B.V. 292,493 0.3 % 30 PGIM Real Estate 287,368 0.3 % Total top-30 41,724,329 41.8 % Non Overlapping Shareholders Source: Thomson Ownership as of 19-Sep-2017 Supplemental Information 10

Exhibit (C)(8)

Project Gold Discussion Materials Strictly Private and Confidential Goldman Sachs & Co. LLC February 24, 2018

Disclaimer These materials have been prepared and are provided by Goldman Sachs on a confidential basis solely for the information and assistance of the special committee of the Board of Directors (the “Special Committee”) of Goldfinch (the “Company”) in connection with its consideration of the matters referred to herein. These materials and Goldman Sachs’ presentation relating to these materials (the “Confidential Information”) may not be disclosed to any third party or circulated or referred to publicly or used for or relied upon for any other purpose without the prior written consent of Goldman Sachs. The Confidential Information was not prepared with a view to public disclosure or to conform to any disclosure standards under any state, federal or international securities laws or other laws, rules or regulations, and Goldman Sachs does not take any responsibility for the use of the Confidential Information by persons other than those set forth above. Notwithstanding anything in this Confidential Information to the contrary, the Company may disclose to any person the US federal income and state income tax treatment and tax structure of any transaction described herein and all materials of any kind (including tax opinions and other tax analyses) that are provided to the Company relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. The Confidential Information has been prepared by the Investment Banking Division of Goldman Sachs and is not a product of its research department. Goldman Sachs and its affiliates are engaged in advisory, underwriting and financing, principal investing, sales and trading, research, investment management and other financial and non-financial activities and services for various persons and entities. Goldman Sachs and its affiliates and employees, and funds or other entities they manage or in which they invest or have other economic interests or with which they co-invest, may at any time purchase, sell, hold or vote long or short positions and investments in securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments of the Company, any other party to any transaction and any of their respective affiliates or any currency or commodity that may be involved in any transaction. Goldman Sachs’ investment banking division maintains regular, ordinary course client service dialogues with clients and potential clients to review events, opportunities, and conditions in particular sectors and industries and, in that connection, Goldman Sachs may make reference to the Company, but Goldman Sachs will not disclose any confidential information received from the Company. The Confidential Information has been prepared based on historical financial information, forecasts and other information obtained by Goldman Sachs from publicly available sources, the management of the Company or other sources (approved for our use by the Company in the case of information from management and non-public information). In preparing the Confidential Information, Goldman Sachs has relied upon and assumed, without assuming any responsibility for independent verification, the accuracy and completeness of all of the financial, legal, regulatory, tax, accounting and other information provided to, discussed with or reviewed by us, and Goldman Sachs does not assume any liability for any such information. Goldman Sachs does not provide accounting, tax, legal or regulatory advice. 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Offer Metrics at Various Prices Potential Re-Bid Scenarios Revised Offer + Initial Offer Revised Offer Updated Stock (11-Nov-2017) (23-Feb-2018) Ratio $ 23.50 $ 24.00 $ 24.50 % Cash 50 % 60 % 60 % Offer Value: Value of Cash Offer $ 23.00 $ 23.00 $ 23.00 $ 23.50 $ 24.00 $ 24.50 # Blue Jay Units / Goldfinch Share 0.9656 0.9656 1.1090 1.1331 1.1572 1.1813 Value of Stock Offer $ 20.03 $ 20.03 $ 23.00 $ 23.50 $ 24.00 $ 24.50 Blended Offer Price $ 21.51 $ 21.81 $ 23.00 $ 23.50 $ 24.00 $ 24.50 Bump vs. Current Value of Initial Offer 1.4 % 6.9 % 9.2 % 11.6 % 13.9 % Bump vs. Headline Initial Offer ($23) (5.2)% 0.0 % 2.2 % 4.3 % 6.5 % Implied Offer Premia to: Current Share Price ($21.52) (0.0)% 1.4 % 6.9 % 9.2 % 11.5 % 13.8 % Pre-Rumor Share Price as of 6-Nov-17 ($19.01) 13.2 % 14.7 % 21.0 % 23.6 % 26.2 % 28.9 % 1-Year VWAP as of 6-Nov-17 ($23.13) (7.0)% (5.7)% (0.6)% 1.6 % 3.8 % 5.9 % 4Q Goldfinch IFRS NAV ($27.33) (21.3)% (20.2)% (15.8)% (14.0)% (12.2)% (10.4)% GSA NAV ($26.85) (19.9)% (18.8)% (14.3)% (12.5)% (10.6)% (8.8)% SNL NAV ($26.17) (17.8)% (16.7)% (12.1)% (10.2)% (8.3)% (6.4)% Implied Valuation Metrics based on Draft Management Projections Total Offer Value $ 13.8 bn $ 14.0 bn $ 14.8 bn $ 15.1 bn $ 15.5 bn $ 15.8 bn Implied Equity Value $ 20.9 bn $ 21.2 bn $ 22.3 bn $ 22.8 bn $ 23.3 bn $ 23.8 bn Implied Enterprise Value $ 39.3 bn $ 39.6 bn $ 40.8 bn $ 41.3 bn $ 41.7 bn $ 42.2 bn Implied Nominal Cap Rate 5.77% 5.73% 5.57% 5.50% 5.43% 5.37% Implied 2018 P / FFO 14.2 x 14.4 x 15.2 x 15.6 x 15.9 x 16.2 x Source: Blue Jay offer letter dated 11-Nov-2017, Blue Jay offer letter dated 23-Feb-2018, Bloomberg, Company Filings, Draft management projections as provided on 19-Jan-2018, Green Street Advisors, SNL Financial. Market data as of 23-Feb-2018 2

Offer Metrics at Various Prices and Levels of Cash Consideration Potential Re-Bid Scenarios (65%forRe-Bid) 75% Cash Consideration 70% Cash Consideration Base Cash Consid. Revised Offer + Initial Offer Revised Offer Updated Stock (11-Nov-2017)(23-Feb-2018) Ratio $ 23.50 $ 24.00 $ 24.50 Effective Consideration per Share Cash per Share $ 11.50 $ 13.80 $ 13.80 $ 15.28 $ 15.60 $ 15.93 Stock per Share $ 10.01 $ 8.01 $ 9.20 $ 8.23 $ 8.40 $ 8.58 Max. Discount to Stock to Reach Pre-Rumor Price (25.0)% (35.0)% (43.4)% (54.6)% (59.4)% (64.0)% Aggregate Offer Consideration Total Cash Consideration $ 7.4 bn $ 8.9 bn $ 8.9 bn $ 9.8 bn $ 10.0 bn $ 10.3 bn Goldfinch S/hr Ownership in Blue Jay 28.1 % 23.8 % 26.5 % 24.4 % 24.7 % 25.1 % Effective Consideration per Share Cash per Share $ 16.45 $ 16.80 $ 17.15 Stock per Share $ 7.05 $ 7.20 $ 7.35 Max. Discount to Stock to Reach Pre-Rumor Price (63.7)% (69.3)% (74.7)% Aggregate Offer Consideration Total Cash Consideration $ 10.6 bn $ 10.8 bn $ 11.0 bn Goldfinch S/hr Ownership in Blue Jay 21.6 % 22.0 % 22.4 % Effective Consideration per Share Cash per Share $ 17.63 $ 18.00 $ 18.38 Stock per Share $ 5.88 $ 6.00 $ 6.13 Max. Discount to Stock to Reach Pre-Rumor Price (76.4)% (83.2)% (89.6)% Aggregate Offer Consideration Total Cash Consideration $ 11.3 bn $ 11.6 bn $ 11.8 bn Goldfinch S/hr Ownership in Blue Jay 18.7 % 19.0 % 19.3 % Source: Blue Jay offer letter dated 11-Nov-2017, Blue Jay offer letter dated 23-Feb-2018, Bloomberg, Company Filings, Draft management projections as provided on 19-Jan-2018, Green Street Advisors, SNL Financial. Market data as of 23-Feb-2018 3

Barbet Class A Stock Overview of Proposal Overview Distribution Policy Exchangeability Liquidation Governance Incorporation / Listing / Index Eligibility ï® Shares in a REIT (entity that was formerly Goldfinch) with economics designed to mimic those of existing Blue Jay Unit in all material respects — Shares will be trade independently, but will be exchangeable into Blue Jay units and paid the same dividend ï® REIT will own all of Goldfinch’s legacy assets, subject to any property JVs or asset sales. REIT shareholders will not have a claim on Blue Jay assets other than through exchange rights ï® Effectively converts Blue Jay into a “downREIT” structure ï® Regular and special dividends will be equal to distributions paid on Blue Jay units ï® Dividends to Barbet Class A stockholders will be prioritized over distributions from Barbet to Barbet unitholders / Blue Jay (both quarterly and on a cumulative basis) — Distributions to Blue Jay can only be made if ratio of Class A dividends / Barbet FFO is below 80% — If there is not enough cash flow to support distributions to Class A stockholders, Barbet may raise cash through asset sales, refinancings, etc. to support the Class A dividend ï® Beginning one year post transcation close, Barbet Class A shareholders may demand an exchange of its shares into Blue Jay units at a one-for-one basis — Blue Jay may elect to settle in cash equal to the value of Blue Jay units ï® Anti-dilution provision that will protect Barbet Class A stockholders in the event of capital events or the issuance of equity by Blue Jay ï® In the event of any liquidation of Barbet (including related entities) or Blue Jay, Class A stock will be entitled to receive the same distributions as Blue Jay units ï® In the event that Barbet’s public float becomes too small for Barbet to remain a viable public company, Blue Jay could collapse then Barbet structure and force Barbet shareholders to convert into Blue Jay or redeem their stock for cash ï® Barbet Class A stock has no voting rights (same as Blue Jay units) ï® Composition of the Barbet board of directors will be identical to that of Blue Jay, pursuant to a Joint Governance Agreement ï® Barbet will be externally managed by Blackbird through a Master Services Agreement (MSA) that will substantially identical to the MSA between Blue Jay and Blackbird, including the fee calculation structure ï® MSA payments will be a contractual obligation; however, if Barbet does not have sufficient cash to pay the MSA fee, Barbet may elect to pay the fee in Class A stock ï® Delaware / NASDAQ ï® Likely not eligible for S&P Composite Indices ï® Eligibility for RMZ is yet to be determined Source: Goodwin Draft of Barbet Term Sheet Received 5-Feb-2017, Goodwin Responses to Questions on Barbet Term Sheet Received 13-Feb-2018 Additional Information on Pro Forma Company 4

Structure and Governance Comparison Goldfinch, Barbet, Blue Jay, and Blackbird Goldfinch Barbet Blue Jay Blackbird Blackbird / Blue Jay 34 % > 34% 69 %¹ NA Ownership S&P500 Constituent? Yes Not Eligible No No RMZ Constituent? Yes Potentially Eligible No No Research Coverage (# 18 NA 4 8 Analysts) Structure REIT REIT Partnership Corporation Jurisdiction Delaware Delaware Bermuda Ontario, Canada Listing Exchange NYSE NASDAQ NASDAQ / TSX NYSE / TSX 3M ADTV (mm) $108.3 NA $2.2 $28.6 Liquidity (3M ADTV / Free Float) # of Blackbird / Blue Jay Directors ( / Total Board Seats) Management Structure Voting Rights 0.88 % NA 0.04 % 0.07 % 3 / 9 2 / 9 2 / 9 NA Internal External External Internal Proportional to None, None, Blackbird has full Proportional to ownership ownership Blue Jay has full control control Source: Public company filings, IBES estimates, Bloomberg, SNL Financial, Goodwin Draft of Barbet Term Sheet Sent 5-Feb-2017; Market data as of 6-Nov-2017 (pre-rumor) ¹ ~62% economic ownership including dilution from mandatory convertible preferred units. Additional Information on Pro Forma Company 5

A. Preliminary Financial Analyses of Goldfinch Standalone (4-Dec-2017)

Summary of Preliminary Illustrative Financial Analyses From Special Committee materials dated 4-Dec-2017 Stock Price (Pre-Rumor): $ 19.01 Blended Offer Price: $ 22.06 Implied 6.3% Implied Cap Rate 5.8% Implied Cap Rate Methodology Cap Rate Commentary 12.8x 2018E FFO Multiple 14.8x 2018E FFO Multiple Present Value of ï® Illustrative Implied Cap Rate Range: 5.75% – 6.75% 1 Future Stock Price $ 16.46 $ 25.06 5.4% - 6.8% ï® Illustrative Cost of Equity: 7.6% (Implied Exit Cap ï® Exit Year: Range of 2017 – 2021 Rate) Financial 2 Present Value of $ 23.81 ï® Illustrative P / NTM FFO range: 10.0x – 15.0x Analysis Future Stock Price $ 14.78 5.6% - 7.2% ï® Illustrative Cost of Equity: 7.6% Methodology (P / FFO) ï® Exit Year: Range of 2017 – 2021 3 Levered Discounted $ 19.79 5.1% - 6.2% ï® Illustrative Cost of Equity range: 7.0% - 8.0% $ 27.61 Cash Flow Analysis ï® Illustrative FCF Terminal Growth Rate range: 1.0% - 2.0% Precedent Precedent REIT ï® Public REIT transactions over past 5 years 4 Transactions: Premia ï® 25th Percentile Premium to Undisturbed Price: 8.5% Transaction $ 20.62 $ 22.71 5.7% - 6.1% to Undisturbed 1-Day ï® th Analysis 75 Percentile Premium to Undisturbed Price: 19.5% Prior Price ï® Applied to pre-rumor price of $19.01 5 52-Week High / Low $ 18.83 $ 27.10 5.2% - 6.4% ï® High: $27.10 (15-Nov-2016) ï® Low: $18.83 (3-Nov-2017) ï® High: Boenning & Scattergood (21-Nov-2017) Market ï® High excluding Boenning & Scattergood (BTIG, 20-Nov- 6 Analyst Price Target $ 18.00 $ 28.00 5.1% - 6.5% 2017): $28.00 Information 34.50 ï® Low: Goldman Sachs (6-Nov-2017) $ ï® Median: $25.00 (of 17 data points) Analyst NAV Per ï® High: Boenning & Scattergood (21-Nov-2017) 7 $ 24.17 $ 35.08 4.4% - 5.5% ï® Low: Evercore (19-Nov-2017) Share ï® Median: $27.65 (of 13 data points) $ 10.00 $ 20.00 $ 30.00 $ 40.00 Implied Cap Rate 8.4% 6.2% 4.9% 4.0% Source: Draft Management Projections, SNL Financial consensus estimates, Green Street Advisors, IBES consensus estimates, Bloomberg, available Wall Street Research; Market data as of 30-Nov-2017 Note: See page 52 for additional detail on calculation of implied cap rate. Preliminary Financial Analyses of Goldfinch Standalone 7

1 Green Street Implied Cap Rates Over Time Goldfinch vs. Peers | Last Five Years From Special Committee materials dated 4-Dec-2017 7.0% Current Current Pre-Rumor Nominal Implied Implied Average Implied Cap Rate Cap Rate Cap Rate Cap Rate 3M YTD 3Y 5Y 6.5% Goldfinch 5.37% 5.89% 6.51% 6.18% 6.01% 5.47% 5.51% MAC 5.00 5.52 6.02 5.89 5.72 5.09 5.25 SPG 5.13 6.16 6.24 6.10 5.93 5.28 5.26 TCO 4.42 5.61 6.12 5.85 5.52 5.15 5.25 6.16% 6.0% 5.89% 5.61% 5.5% 5.52% 5.0% 4.5% Goldfinch MAC SPG TCO 4.0% Nov-2012 Nov-2013 Nov-2014 Nov-2015 Nov-2016 Nov-2017 Average 2012 2013 2014 2015 2016 2017 Goldfinch 5.60% 5.60% 5.49% 5.19% 5.31% 5.98% MAC 5.73 5.52 5.37 4.73 4.93 5.69 SPG 5.19 5.23 5.23 4.98 5.05 5.89 TCO 5.21 5.39 5.37 5.03 4.99 5.47 Source: Green Street Advisors; Green Street Advisors data as of 22-Nov-2017 (latest available) and pre-rumor as of 06-Nov-2017 Preliminary Financial Analyses of Goldfinch Standalone 8

1 Illustrative Present Value of Future Stock Price Based on Cap Rate on 1-Year Forward NOI From Special Committee materials dated 4-Dec-2017 Undiscounted Future Share Price (Excl. Dividends) Present Value of Future Share Price and Dividends $ 29.00 $ 25.02 $ 27.45 Discounted to 30-Sep-2017 $ 23.68 1-Yr Green $ 22.57 $ 22.09 $ 23.51 $ 23.25 $ 24.56 $ 25.06 Street $ 22.38 $ 22.73 Advisors $ 19.01 $ 19.92 $ 22.03 Implied Cap $ 18.78 $ 20.33 $ 21.03 Rate Range: $ 17.83 $ 20.64 $ 19.01 $ 18.26 $ 18.92 $ 17.72 5.6% - 6.5% $ 18.54 $ 19.19 $ 19.95 $ 17.46 $ 16.55 $ 17.05 $ 17.75 $ 16.46 Today 2017E2018E2019E2020E 2021E Today 2017E 2018E2019E 2020E 2021E 6.75% Implied Cap Rate 6.51% Implied Cap Rate 5.75% Implied Cap Rate (Goldfinch Pre-Rumor)² Assumptions Per Draft Management Projections CAGR 4Q2017 2018E 2019E 2020E 2021E 1-Year Forward Adjusted Real Estate NOI $ 2,263 $ 2,341 $ 2,444 $ 2,572 $ 2,641 3.1 % Common Dividends Per Share¹ $ 0.22 $ 0.97 $ 1.04 $ 1.11 $ 1.19 6.1 % Cumulative Dividends Per Share $ 0.22 $ 1.19 $ 2.22 $ 3.33 $ 4.52 Illustrative Cost of Equity 7.6 % Source: Draft Management Projections, Company filings, Green Street Advisors, Axioma, Bloomberg, IBES; Market data as of 30-Nov-2017, Goldfinch pre-rumor date of 6-Nov-2017 Note: See page 52 for additional detail on calculation of NAV and Adjusted Real Estate NOI. 1 Full year 2017 dividends of $0.88 per share per Draft Management Projections used for 2017E-2021E CAGR calculation. Dividends are discounted to 30-Sep-2017 using mid-year convention. Share prices are discounted to 30-Sep-2017 using year-end convention. ³ Pre-rumor implied cap rate per Green Street Advisors. Preliminary Financial Analyses of Goldfinch Standalone 9

2P / NTM FFO Multiples Over Time From Special Committee materials Goldfinch vs. Peers | Last Five Years dated 4-Dec-2017 NTM-Time Weighted P/FFO Multiple 30x Pre-Rumor 3M Avg YTD Avg 3Y Avg 5Y Avg Goldfinch 11.8 x 13.3 x 14.2 x 16.8 x 17.0 x MAC 13.2 14.1 14.8 18.0 17.8 SPG 12.8 13.4 14.0 16.8 17.1 TCO 11.9 13.3 15.5 18.8 19.1 25x 20x 15.8 x 15x 15.3 x 14.7 x 13.4 x Goldfinch MAC SPG TCO 10x Nov-2012 Nov-2013 Nov-2014 Nov-2015 Nov-2016 Nov-2017 Average 2012 2013 2014 2015 2016 YTD Goldfinch 17.9 x 17.3 x 17.2 x 18.3 x 17.5 x 14.2 x MAC 17.7 17.5 17.8 20.3 18.3 14.8 SPG 19.0 17.8 17.5 18.3 17.7 14.0 TCO 22.2 19.9 19.6 21.4 18.9 15.5 Source: Bloomberg; Market data as of 30-Nov-2017 and pre-rumor as of 06-Nov-2017 Preliminary Financial Analyses of Goldfinch Standalone 10

2 Illustrative Present Value of Future Stock Price Based on 1-Year Forward FFO per Share Multiple From Special Committee materials dated 4-Dec-2017 Undiscounted Future Share Price (Excl. Dividends) Present Value of Future Share Price and Dividends $ 26.14 $ 27.31 Discounted to 30-Sep-2017 $ 24.16 1-Yr IBES $ 22.25 $ 22.81 $ 21.49 $ 22.06 $ 21.93 $ 22.51 $ 23.52 $ 23.81 Consensus $ 19.01 $ 19.01 $ 20.57 P/NTM FFO $ 17.51 $ 17.95 $ 19.01 $ 19.14 $ 19.56 Range: $ 17.50 $ 18.15 11.8x–16.7x $ 17.41 $ 18.20 $ 17.43 $ 16.10 $ 16.66 $ 17.15 $ 14.83 $ 15.20 $ 14.78 $ 15.00 $ 15.68 Today 2017E2018E2019E 2020E2021E Today 2017E 2018E 2019E2020E 2021E 10.0x Forward P / FFO 11.8x Forward P / FFO 15.0x Forward P / FFO (Goldfinch Pre-Rumor)² Assumptions Per Draft Management Projections CAGR 4Q2017 2018E 2019E 2020E 2021E 1-Year Forward FFO Per Share $ 1.48 $ 1.52 $ 1.61 $ 1.74 $ 1.82 4.2 % Common Dividends Per Share¹ $ 0.22 $ 0.97 $ 1.04 $ 1.11 $ 1.19 6.1 % Cumulative Dividends Per Share $ 0.22 $ 1.19 $ 2.22 $ 3.33 $ 4.52 Illustrative Cost of Equity 7.6 % Source: Draft Management Projections, Axioma, Bloomberg, IBES; Market data as of 30-Nov-2017, Goldfinch pre-rumor date of 6-Nov-2017 1 Full year 2017 dividends of $0.88 per share per Draft Management Projections used for 2017E-2021E CAGR calculation. Dividends are discounted to 30-Sep-2017 using mid-year convention. Share prices are discounted to 30-Sep-2017 using year-end convention. ² Pre-rumor Forward FFO multiple per IBES consensus. Preliminary Financial Analyses of Goldfinch Standalone 11

3 Illustrative Discounted Levered Free Cash Flow Analysis ($ in millions) From Special Committee materials dated 4-Dec-2017 2017E 4Q2017 2018E 2019E 2020E 2021E 2022E EBITDA $ 555 $ 2,220 $ 2,275 $ 2,379 $ 2,509 $ 2,579 Less: Interest Expense (198) (794) (801) (814) (813) (805) Plus: Net Other Income 12 13 3 3 3 5 FFO $ 369 $ 1,439 $ 1,478 $ 1,568 $ 1,700 $ 1,779 Less: Maintenance Capex (76) (351) (334) (254) (178) (178) AFFO $ 293 $ 1,088 $ 1,144 $ 1,314 $ 1,522 $ 1,600 Less: Development Capex (246) (747) (631) (90) (40) - Less: Mandatory Debt Amortization (46) (197) (221) (251) (262) (273) Less: Other Cash Flow Items 572 208 13 (16) (17) (16) Levered Free Cash Flow $ 573 $ 351 $ 305 $ 957 $ 1,202 $ 1,311 Terminal Value¹ Terminal $ 2,579 (805) 5 $ 1,779 (178) $ 1,600 - - - $ 1,600 $ 26,608 Source: Company filings, Draft Management Projections, Axioma, Bloomberg, Green Street Advisors ¹ Based on 7.6% cost of equity and 1.5% terminal growth rate. Preliminary Financial Analyses of Goldfinch Standalone 12

3 Illustrative Discounted Levered Free Cash Flow Analysis From Special Committee materials dated 4-Dec-2017 Implied Current Share Price Terminal Growth Rate # #### 1.00 % 1.25 % 1.50 % 1.75 % 2.00 % Equity 7.00 % $ 23.48 $ 24.38 $ 25.36 $ 26.43 $ 27.61 Equity 7.25 % 22.45 23.26 24.15 25.12 26.19 of 7.60 % 21.11 21.84 22.62 23.46 24.38 of Cost 7.75 % 20.61 21.30 22.04 22.84 23.71 Cost 8.00 % 19.79 20.42 21.10 21.84 22.63 Implied Terminal Multiple (P / NTM FFO) Terminal Growth Rate # #### 1.00 % 1.25 % 1.50 % 1.75 % 2.00 % Equity 7.00 % 14.6 x 15.3 x 16.0 x 16.8 x 17.7 x Equity 7.25 % 14.0 14.7 15.3 16.1 16.9 of 7.60 % 13.3 13.8 14.4 15.1 15.8 of Cost 7.75 % 13.0 13.5 14.1 14.7 15.4 Cost 8.00 % 12.5 13.0 13.6 14.1 14.8 % of Equity Value from Terminal Value Terminal Growth Rate $ 0.83 1.00 % 1.25 %1.50 % 1.75 % 2.00 % 7.00 % 83.1 % 83.7 %84.3 % 85.0 % 85.6 % 7.25 % 82.4 % 83.0 %83.6 % 84.3 % 84.9 % 7.60 % 81.5 % 82.1 %82.7 % 83.3 % 84.0 % 7.75 % 81.1 % 81.7 %82.3 % 82.9 % 83.6 % 8.00 % 80.4 % 81.0 %81.7 % 82.3 % 82.9 % Implied Terminal Cap Rate Terminal Growth Rate 6.2 % 1.00 % 1.25 % 1.50 % 1.75 % 2.00 % 7.00 % 6.2 % 6.0 % 5.8 % 5.7 % 5.5 % 7.25 % 6.3 % 6.2 % 6.0 % 5.8 % 5.7 % 7.60 % 6.5 % 6.4 % 6.2 % 6.1 % 5.9 % 7.75 % 6.6 % 6.5 % 6.3 % 6.2 % 6.0 % 8.00 % 6.8 % 6.6 % 6.5 % 6.3 % 6.1 % Source: Company filings, Draft Management Projections, Axioma, Bloomberg, Green Street Advisors Preliminary Financial Analyses of Goldfinch Standalone 13

4 Precedent US REIT Transaction Premia Deals >$1bn in Value | Last 5 Years From Special Committee materials dated 4-Dec-2017 Premium to Transaction Undisturbed 1- Premium to SNL Date Announced Acquiror Name Target Name Value ($bn)¹ Day Prior NAV Consideration 10-Aug-2017 Invitation Homes Starwood Waypoint Homes $ 8.6 0.8 % (2.7)% Stock 4-Jul-2017 Greystar Real Estate Partners Monogram Residential Trust, Inc. 4.0 22.4 % 0.7 % Cash 30-Jun-2017 Canada Pension Plan Investment Board Parkway, Inc. 1.3 13.1 % 9.7 % Cash 28-Jun-2017 Government Properties Income Trust First Potomac Realty Trust 1.5 5.1 % (7.1)% Cash 9-Jun-2017 Digital Realty Trust, Inc. DuPont Fabros Technology, Inc. 7.2 14.9 % 27.8 % Stock 7-May-2017 Sabra Health Care REIT, Inc. Care Capital Properties, Inc. 4.1 11.8 % 29.6 % Stock 24-Apr-2017 RLJ Lodging Trust FelCor Lodging Trust Incorporated 2.9 16.7 % NA Stock 27-Feb-2017 Tricon Capital Group Silver Bay Realty Trust Corp. 1.5 19.4 % (10.2)% Cash 14-Nov-2016 Regency Centers Corp Equity One, Inc. 5.8 15.3 % 5.1 % Stock 15-Aug-2016 Mid-America Apartment Cmnty Post Properties, Inc. 4.9 16.6 % 10.7 % Stock 29-Apr-2016 Cousins Properties Inc Parkway Properties, Inc. 4.0 13.0 % (2.1)% Stock 25-Feb-2016 Brookfield Asset Mgmt Inc Rouse Properties, Inc. 2.6 35.3 % (9.4)% Cash 15-Dec-2015 DRA Advisors LLC IRC Retail Centers 2.1 6.6 % (6.4)% Cash 3-Dec-2015 American Homes 4 Rent American Residential Properties, Inc. 1.4 8.7 % (19.0)% Stock 16-Oct-2015 Harrison Street Re Capital LLC Campus Crest Communities, Inc. 1.7 24.4 % (15.4)% Cash 8-Oct-2015 Blackstone RE Partners VIII LP BioMed Realty Trust, Inc. 8.1 23.8 % 1.0 % Cash 8-Sep-2015 Blackstone RE Partners VIII LP Strategic Hotels & Resorts, Inc. 5.9 4.8 % (3.2)% Cash 22-Jun-2015 Lone Star Funds Home Properties, Inc. 7.9 3.4 % 6.6 % Cash 22-Apr-2015 Brookfield Asset Mgmt Inc Associated Estates Realty Corporation 2.5 17.4 % 14.4 % Cash 10-Apr-2015 Blackstone Ppty Partners LP Excel Trust, Inc. 2.8 14.5 % 7.2 % Cash 31-Oct-2014 Omega Healthcare Investors Inc Aviv REIT, Inc. 2.8 16.2 % 57.5 % Stock 16-Sep-2014 Washington Prime Group Inc Glimcher Realty Trust 4.3 34.1 % 21.8 % Cash / Stock 2-Jun-2014 Ventas Inc American Realty Capital Healthcare Trust, Inc. 2.4 13.9 % NA Cash / Stock 9-Dec-2013 Essex Property Trust Inc BRE Properties, Inc. 6.2 (2.1)% 2.3 % Cash / Stock 23-Oct-2013 American Rlty Capital Ppty Inc Cole Real Estate Investments, Inc. 10.9 7.8 % 17.5 % Cash / Stock 3-Jun-2013 Mid-America Apartment Communities, Inc. Colonial Properties Trust 4.2 10.7 % (8.4)% Stock 28-May-2013 American Rlty Capital Ppty Inc CapLease, Inc. 2.1 19.7 % 16.9 % Cash 25-Apr-2013 Brookfield Office Pptys Inc MPG Office Trust, Inc. 2.1 21.2 % 7.9 % Cash Low $ 1.3 (2.1)% (19.0)% 25th Percentile $ 2.1 8.5 % (5.6)% Mean $ 4.1 14.6 % 5.9 % Median $ 3.5 14.7 % 3.7 % 75th Percentile $ 5.8 19.5 % 13.4 % High $ 10.9 35.3 % 57.5 % Source: Company filings, SNL, Thomson Reuters, CapIQ ¹ Total Transaction Size per CapIQ. Preliminary Financial Analyses of Goldfinch Standalone 14

6/7 Goldfinch Research Analyst Views From Special Committee materials dated 4-Dec-2017 NAV Broker Estimate Date Rating Price Target per Share Primary Valuation Methodology Bank of America¹ 13-Nov-17 Buy $ 25.00 $ 25.00 NAV Barclays 27-Nov-17 Hold 24.00 33.97 NAV, DCF, “sentiment/regression” BMO Capital Markets 17-Nov-17 Hold 22.00 27.69 NAV, DCF Boenning & Scattergood 21-Nov-17 Buy 34.50 35.08 NAV BTIG 20-Nov-17 Buy 28.00 32.26 NAV; FFO multiple Citibank 17-Nov-17 NA 27.50 29.90 NAV Deutsche Bank 12-Nov-17 Hold 26.00 NA NAV Evercore 26-Nov-17 Hold 23.00 24.17 NAV, DCF Goldman Sachs¹ 6-Nov-17 Sell 18.00 NA AFFO multiple Green Street Advisors² 30-Nov-17 Hold NA 27.65 - J.P. Morgan 17-Nov-17 Buy 25.00 NA DCF Mizuho Securities 20-Nov-17 Hold 23.00 26.50 NAV RBC Capital Markets 12-Nov-17 Buy 25.00 24.72 NAV Sandler O’Neill 13-Nov-17 Hold 25.00 25.80 FFO multiple, dividend yield, AFFO yield Stifel 14-Nov-17 Buy 24.00 29.00 Cap rate SunTrust 7-Nov-17 Buy 26.00 27.11 NAV UBS 31-Oct-17 Hold 23.00 NA NAV Wells Fargo 12-Nov-17 Hold 23.00 NA NAV Low $ 18.00 $ 24.17 Mean $ 24.82 $ 28.37 Median $ 25.00 $ 27.65 High $ 34.50 $ 35.08 Source: Latest available broker research as of 30-Nov-2017 ¹ Bank of America and Goldman Sachs recommendations / price targets from prior recent reports (having moved to unrated post transaction announcement). ² Not included in IBES / SNL consensus. Preliminary Financial Analyses of Goldfinch Standalone 15

Exhibit (C)(9)

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE Project Gold Discussion Materials Strictly Private and Confidential Goldman Sachs & Co. LLC March 23, 2018

Disclaimer These materials have been prepared and are provided by Goldman Sachs on a confidential basis solely for the information and assistance of the special committee of the Board of Directors (the “Special Committee”) of Goldfinch (the “Company”) in connection with its consideration of the matters referred to herein. These materials and Goldman Sachs’ presentation relating to these materials (the “Confidential Information”) may not be disclosed to any third party or circulated or referred to publicly or used for or relied upon for any other purpose without the prior written consent of Goldman Sachs. The Confidential Information was not prepared with a view to public disclosure or to conform to any disclosure standards under any state, federal or international securities laws or other laws, rules or regulations, and Goldman Sachs does not take any responsibility for the use of the Confidential Information by persons other than those set forth above. Notwithstanding anything in this Confidential Information to the contrary, the Company may disclose to any person the US federal income and state income tax treatment and tax structure of any transaction described herein and all materials of any kind (including tax opinions and other tax analyses) that are provided to the Company relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. The Confidential Information has been prepared by the Investment Banking Division of Goldman Sachs and is not a product of its research department. Goldman Sachs and its affiliates are engaged in advisory, underwriting and financing, principal investing, sales and trading, research, investment management and other financial and non-financial activities and services for various persons and entities. Goldman Sachs and its affiliates and employees, and funds or other entities they manage or in which they invest or have other economic interests or with which they co-invest, may at any time purchase, sell, hold or vote long or short positions and investments in securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments of the Company, any other party to any transaction and any of their respective affiliates or any currency or commodity that may be involved in any transaction. Goldman Sachs’ investment banking division maintains regular, ordinary course client service dialogues with clients and potential clients to review events, opportunities, and conditions in particular sectors and industries and, in that connection, Goldman Sachs may make reference to the Company, but Goldman Sachs will not disclose any confidential information received from the Company. The Confidential Information has been prepared based on historical financial information, forecasts and other information obtained by Goldman Sachs from publicly available sources, the management of the Company or other sources (approved for our use by the Company in the case of information from management and non-public information). In preparing the Confidential Information, Goldman Sachs has relied upon and assumed, without assuming any responsibility for independent verification, the accuracy and completeness of all of the financial, legal, regulatory, tax, accounting and other information provided to, discussed with or reviewed by us, and Goldman Sachs does not assume any liability for any such information. Goldman Sachs does not provide accounting, tax, legal or regulatory advice. Goldman Sachs has not made an independent evaluation or appraisal of the assets and liabilities (including any contingent, derivative or other off-balance sheet assets and liabilities) of the Company or any other party to any transaction or any of their respective affiliates and has no obligation to evaluate the solvency of the Company or any other party to any transaction under any state or federal laws relating to bankruptcy, insolvency or similar matters. The analyses contained in the Confidential Information do not purport to be appraisals nor do they necessarily reflect the prices at which businesses or securities actually may be sold or purchased. Goldman Sachs’ role in any due diligence review is limited solely to performing such a review as it shall deem necessary to support its own advice and analysis and shall not be on behalf of the Company. Analyses based upon forecasts of future results are not necessarily indicative of actual future results, which may be significantly more or less favorable than suggested by these analyses, and Goldman Sachs does not assume responsibility if future results are materially different from those forecast. The Confidential Information does not address the underlying business decision of the Company to engage in any transaction, or the relative merits of any transaction or strategic alternative referred to herein as compared to any other transaction or alternative that may be available to the Company. The Confidential Information is necessarily based on economic, monetary, market and other conditions as in effect on, and the information made available to Goldman Sachs as of, the date of such Confidential Information and Goldman Sachs assumes no responsibility for updating or revising the Confidential Information based on circumstances, developments or events occurring after such date. The Confidential Information does not constitute any opinion, nor does the Confidential Information constitute a recommendation to the Special Committee, any security holder of the Company or any other person as to how to vote or act with respect to any transaction or any other matter. The Confidential Information, including this disclaimer, is subject to, and governed by, any written agreement between the Company, the Board and/or any committee thereof, on the one hand, and Goldman Sachs, on the other hand. 1

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE Table of Contents I. Review of Blue Jay Proposal II. Recent Developments III. Overview of Barbet Class A Stock IV. Management Projections A. Goldfinch Standalone B. Blue Jay Standalone C. Blue Jay Pro Forma V. Financial Analyses of Proposed Sale of Goldfinch to Blue Jay A. Financial Analyses: Goldfinch Standalone B. Financial Analyses: Blue Jay Standalone C. Financial Analyses: Blue Jay Pro Forma Appendix A: Goldfinch Levered Recapitalization Analysis Appendix B: Share Register Analysis Appendix C: Supporting Financial Analysis 2

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE I. Review of Blue Jay Proposal

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE Transaction Summary Based on Latest Discussions; Subject to Finalized Documentation Including Agreed Treatment of Goldfinch Equity Awards Acquirer ï® Blue Jay ï® Payable in form of merger consideration: — $9.25 billion less aggregate cash component of dividend — Minimum merger aggregate consideration amount of $200mm equates to $0.31 cash per share ï® Payable in form of dividend: — Cash election: $23.50 per share less per share merger consideration amount – Represents $23.19 based on minimum per share merger consideration amount – Aggregate cash component of dividend totals $9.25bn less aggregate merger consideration Consideration amount — Equity election: 1.000 Blue Jay unit or Barbet share, less per share merger consideration amount divided by $23.50 – Represents 0.9869 Blue Jay units or Barbet shares based on minimum per share merger consideration amount ï® Dividend subject to pro-ration based on aggregate cash component of $9.25bn — 60% / 40% pro-ration of cash / equity dividend alternatives, which equates to 61% / 39% aggregate cash / equity consideration including the merger consideration — Implied blended offer value of $22.06 based on Blue Jay’s closing price on Mon, 21-Mar-2018 Aggregate ï® $9.25bn aggregate cash component Consideration ï® 255mm Blue Jay units / Barbet shares¹ Treatment of Goldfinch ï® To be determined Equity Awards Pro Forma Ownership ï® Goldfinch stockholders: 24% of Blue Jay ï® Blackbird: 48% Source: Draft Merger Agreement (22-Mar-2018), Bloomberg, Company filings; market data as of 21-Mar-2018 Note: For illustrative purposes, numbers shown assume all in-the-money equity awards and other equity instruments are eligible to receive offer consideration. ¹ Goldman Sachs has assumed each Barbet share will be equivalent to one Blue Jay unit in all respects meaningful to its analysis. Review of Blue Jay Proposal 4

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE Comparison of Initial vs. Final Proposal Based on Latest Discussions; Subject to Finalized Documentation Including Agreed Treatment of Goldfinch Equity Awards Initial Offer, Initial Offer, Final Offer, Goldfinch Initial Offer, Initial Offer, Final Offer, Initial Pricing Current Pricing Current Pricing Pre-Rumor Initial Pricing Current Pricing Current Pricing (11-Nov-2017) (21-Mar-2018) (21-Mar-2018) (6-Nov-2017) (11-Nov-2017) (21-Mar-2018) (21-Mar-2018) Merger Consideration per Share (Based on Min. Merger Consideration¹) Aggregate Offer Consideration to Public Shareholders Merger Consideration Per Share (Cash) $ 0.31 Total Offer Value ($mm) $ 14,879 $ 13,653 $ 14,302 Movement vs. initial offer—initial pricing (8.2)% (3.9)% Dividend per Share (Based on Min. Merger Consideration¹) Movement vs. initial offer—current pricing 4.8 % % Goldfinch Shares Receiving Cash Election 50 % 50 % 60 % Total Cash Consideration ($mm) $ 7,461 $ 7,450 $ 9,250 Dividend—Cash Election $ 23.00 $ 23.00 $ 23.19 Movement vs. initial offer—initial pricing (0.1)% 24.0 % Dividend—Equity Election 0.9656 0.9656 0.9869 Blue Jay Units / Barbet Shares Issued (mm) 313.2 312.8 254.8 Blue Jay Share Price $ 23.68 $ 19.83 $ 19.83 Movement vs. initial offer—initial pricing (0.1)% (18.7)% Value of Stock Dividend $ 22.87 $ 19.15 $ 19.57 Goldfinch S/hr Ownership in Blue Jay 28.3 % 28.3 % 24.3 % Total Offer Value per Share (Based on Min. Merger Consideration¹) Movement vs. initial offer—initial pricing (3)bps (400)bps Aggregate Value—Cash Dividend Election $ 23.00 $ 23.00 $ 23.50 Implied Offer Premia to: Aggregate Value—Equity Dividend Election $ 22.87 $ 19.15 $ 19.88 Current Price as of 21-Mar-2018 ($21.06) 8.9 % 0.1 % 4.7 % Pre-Rumor Price as of 6-Nov-17 ($19.01) 20.6 % 10.9 % 16.0 % Blended Offer Price $ 22.93 $ 21.07 $ 22.06 1-Year VWAP as of 6-Nov-17 ($23.13) (0.8)% (8.9)% (4.6)% Movement vs. initial offer—initial pricing (8.1)% (3.8)% 4Q Goldfinch IFRS NAV ($27.33) (16.1)% (22.9)% (19.3)% Movement vs. initial offer—current pricing 4.7 % GSA NAV ($25.82) (11.2)% (18.4)% (14.6)% SNL NAV ($26.01) (11.8)% (19.0)% (15.2)% Pro-Rated Consideration per Share Cash per Share $ 11.50 $ 11.50 $ 14.27 Implied Valuation Metrics based on Goldfinch Management Projections % Offer value 50.1 % 54.6 % 64.7 % Blended Offer Price $ 19.01 $ 22.93 $ 21.07 $ 22.06 Movement vs. initial offer 0.0 % 24.1 % Diluted Shares Outstanding (mm) 970.6 972.5 971.5 972.0 Implied Equity Value ($mm) $ 18,451 $ 22,301 $ 20,473 $ 21,441 Equity per Share $ 11.43 $ 9.57 $ 7.79 Net Debt + Prefs at Share ($mm) 18,440 18,440 18,440 18,440 # Blue Jay Units / Barbet Shares 0.4828 0.4828 0.3929 Implied Enterprise Value ($mm) $ 36,892 $ 40,741 $ 38,914 $ 39,881 % Offer value 49.9 % 45.4 % 35.3 % P / 2018E FFO 12.6 x 15.2 x 14.0 x 14.7 x Movement vs. initial offer—initial pricing (16.3)% (31.8)% EV / 2018 EBITDA 16.6 x 18.3 x 17.5 x 18.0 x Movement vs. initial offer—current pricing (18.6)% Implied Nominal 2018 Cap Rate 6.16% 5.57% 5.84% 5.69% Source: Draft Merger Agreement (22-Mar-2018), Bloomberg, Company Filings, Management Projections for Goldfinch Standalone as provided 22-Mar-2018 and approved by the Special Committee of the Board of Directors of Goldfinch for use by Goldman Sachs (“Goldfinch Management Projections”), Green Street Advisors, SNL Financial; market data as of 21-Mar-2018. ¹ Illustrative; based on minimum Merger Consideration of $200mm as described in Draft Merger Agreement (22-Mar-2018) which is distributed to all shareholders participating in the offer, regardless of cash / stock election. Review of Blue Jay Proposal 5

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE Implied Offer Premia ($ in millions, except per share data) Offer Price Relative to Key Public Reference Points Cash Election Offer Price $23.50 Blended Offer Price $22.06 Equity Election Offer Price $19.88 $ 27.10 $ 27.33 $ 25.89 $ 25.82 $ 26.01 $ 23.13 $ 21.06 $ 20.95 $ 19.01 $ 18.83 Pre-Rumor Share Price as 52-Week 52-Week 3-Month 1-Year 3-Year Blue Jay 4Q GSA SNL Share Price of 21-Mar-2018 Intraday High Intraday Low VWAP VWAP VWAP IFRS NAV of NAV Consensus (6-Nov-2017) Share Price Share Price Goldfinch¹ NAV Implied Offer Premia Cash 23.6 % 11.6 % (13.3)% 24.8 % 12.2 % 1.6 % (9.2)% (14.0)% (9.0)% (9.7)% Election Equity 4.6 (5.6) (26.6) 5.6 (5.1) (14.0) (23.2) (27.3) (23.0) (23.6) Election Blended 16.0 4.7 (18.6) 17.1 5.3 (4.6) (14.8) (19.3) (14.6) (15.2) Offer Pre-Rumor - 10.8 42.6 (0.9) 10.2 21.7 36.2 43.8 35.8 36.8 Share Price Source: Draft Merger Agreement (22-Mar-2018), Bloomberg, Green Street Advisors, SNL Financial, Company filings; market data as of 6-Nov-2017 unless otherwise stated; GSA and SNL data as of 21-Mar-2018. ¹ Per management commentary on Blue Jay 4Q earnings call. Review of Blue Jay Proposal 6

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE Structure and Governance Comparison Goldfinch, Barbet, Blue Jay, and Blackbird Goldfinch Barbet Blue Jay Blackbird Blackbird / Blue Jay 33 %¹ > 56 %² 69 %³ NA Ownership S&P500 Constituent? Yes Not Eligible No No RMZ Constituent? Yes Eligibility Unclear No No Research Coverage 18 NA 4 8 (# Analysts) Structure REIT REIT Partnership Corporation Jurisdiction Delaware Delaware Bermuda Ontario, Canada Listing Exchange NYSE NASDAQ NASDAQ / TSX NYSE / TSX 3M ADTV (mm)4 $108.3 NA $2.2 $49.3 Liquidity 0.88 % NA 0.04 % 0.16 % (3M ADTV / Free Float)4 2018E FFO Payout 64 % 80% 80 % 23 % Ratio5 # of Blackbird / Blue Jay Directors ( / Total Board 3 / 9 2 / 9 2 / 9 NA Seats) Management Structure Internal External External Internal None, None, Proportional to Voting Rights Proportional to ownership Blue Jay has full control Blackbird has full control ownership Source: Company filings; IBES; Bloomberg; Draft Goldfinch Charter Amendment (22-Mar-2018), Draft Merger Agreement (22-Mar-2018) (22-Mar-2018), Draft Blackbird Backstop Term Sheet (21-Mar-2018), Blue Jay Responses to Questions on Draft Barbet Term Sheet (13-Feb-2018), Draft Barbet Term Sheet (5-Feb-2018), Blue Jay Management” (together, the “Barbet Information”) ¹ Excludes shares controlled but not owned by Blue Jay. ² 56% ownership level assumes all Goldfinch shareholders elect to take Barbet stock. ³ ~64% economic ownership including dilution from mandatory convertible preferred units. 4 Market data as of 6-Nov-2017 (pre-rumor) for all columns except Blackbird, which is as of 21-Mar-2018. 5 Per Goldfinch Management Projections, Blue Jay Management Projections for Blue Jay Pro Forma as provided 22-Mar-2018 and approved by the Special Committee of the Board of Directors of Goldfinch for use by Goldman Sachs (“Blue Jay Pro Forma Management Projections”), including Blue Jay management estimates of synergies expected to result from the transaction and approved by the Special Committee of the Board of Directors of Goldfinch for use by Goldman Sachs (“Synergies”), Blue Jay Management Projections for Blue Jay Standalone as provided 22-Mar-2018 and approved by the Special Committee of the Board of Directors of Goldfinch for use by Goldman Sachs (“Blue Jay Standalone Management Projections”), and IBES, respectively. Review of Blue Jay Proposal 7

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE II. Recent Developments

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE Trading Dynamics Since Announcement Goldfinch Share Price and Trading Volumes Blue Jay Share Price and Trading Volumes $ 25.00 60,000 $ 24.00 1,200 Movement Since 10-Nov: $25.00 1,000 B’Jay: (16.3)% $ 24.00 (0.4)% (0.8)% 16.8% (1.9)% 1.0% 1.0 % 8.3% 50,000 SP500: +5.0% RMZ: +(11.6)% 1,000 $ 23.00 $23.95 $24.00 $ 23.00 800 40,000 800 $23.00 ) ) $ 22.00 (USD $ 22.00 (USD 600 $22.00 Volum e Volum 30,000 e 600 (USD) Sharese Price Pric g Movement (000g Tra (0 in $ 21.00 Since 6-Nov: Price $ 21.06 ) 00 ) TCO: +21.6% $21.00 $ 21.00 ded Clos Closin 400 G’finch: +10.8% Share 20,000 (mm) 400 MAC: +6.1% $ 20.00 SPG: (0.4)% $20.00 SP500: +4.7% RMZ: (10.3)% $ 20.00 200 10,000 200 $ 19.00 $19.00 $ 19.83 $18.00 0 $ 18.00 6-Nov 7-Nov 0 8-Nov 9-Nov 10-Nov $ 19 3.-00 Nov 14-Nov 0 Nov-2017 Dec-2017 Jan-2018 Feb-2018 Mar-2018 Nov-2017 Dec-2017 Jan-2018 Feb-2018 Mar-2018 Volume Share Price Source: Bloomberg; market data as of 21-Mar-2018 Recent Developments 9

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE Movement in Key Metrics since Bid Rumors Share Price Movement (Since Rumor) 21.6 % 10.8 % 6.1 % (0.4)% (10.3)% (15.0)% Goldfinch Simon Taubman Mgmt.¹ Goldfinch¹ Macerich¹ Property Group¹ Centers¹ Blue Jay¹ RMZ² Implied NTM Cap Rate – 5.8 % 6.1 % 5.8 % 6.3 % 5.5 % 5.6 % – Current Ä Since Rumor (49)bps (46)bps (24)bps 5 bps (65)bps 25bps – P / 2018E FFO – Current 14.0 x 13.4 x 14.5 x 12.9 x 14.9 x 13.1 x 13.6 x Ä Since Rumor 1.2 x 1.8 x 1.4 x 0.1 x 3.0 x (2.5)x (1.7)x Ä 2018E FFO/sh Estimate 1.5 % (3.7)% (3.9)% (1.5)% (3.2)% 1.0 % – Since Rumor Source: Datastream, Goldfinch Management Projections, IBES, Green Street Advisors, Wall Street Research; market data and Green Street Advisors data as of 21-Mar-2018 Note: Rumor date of 6-Nov-2017. ¹ Goldfinch Mgmt. implied cap rate and FFO per Goldfinch Management Projections, with pre-rumor values calculated using Draft Goldfinch Management Projections as of 4-Dec-2017; Goldfinch implied cap rate per Green Street Advisors and FFO per IBES; Goldfinch peers’ implied cap rates per Green Street Advisors and FFO per IBES; Blue Jay implied cap rate based on the median of cap rates implied by NAV calculations per RBC Capital Markets, Evercore, and Scotiabank and Blue Jay FFO per IBES. ² RMZ FFO multiples calculated as the median of FFO multiples of all companies in the RMZ index per Datastream. Recent Developments 10

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE Recent Market Commentary ï® “We continue to expect a deal to get be consummated and think Blue Jay’s improved offer is a key step towards securing Goldfinch…Recent comps (Unibail’s acquisition of Westfield) have led some to think Goldfinch should fetch an offer close to $30 using ~5% cap rate, which Westfield’s U.S. assets (~$720 sales psf) were implicitly valued. We think Goldfinch is worth ~$26/sh and use a 5.5% applied cap rate to value Goldfinch’s $587 sales psf portfolio. We also think that Blue Jay’s sizable, strategic stake in Goldfinch (~34%, with options to go above 40%) makes a competing bid unlikely, likely limiting the new offer upside.” – Mizuho, 19-Mar-2018 ï® “While we continue to believe Blue Jay controls the process, we think the level where Goldfinch has dropped makes for a more balanced split between the upside of an improved take out offer versus downside if no deal occurs … Though we believe there will ultimately be a deal for Goldfinch, we think Blue Jay is in no rush and will continue to use the general market weakness to its advantage. Whether Blue Jay consummates with Goldfinch in the near-term or waits, they are aligned with Goldfinch to make sure the portfolio is operating as best as it can. However, despite management’s affirmation on its 4Q17 earnings call that it’s business as usual at Goldfinch, we find it hard to believe that the well publicized corporate overture hasn’t had an impact on the daily and strategic operations” – Sandler O’Neill, 27-Feb-2018 ï® “We believe the ultimate deal will have more cash but that Blue Jay will use the increased cash consideration to say the deal is worth more if it still had the 50/50 cash/Blue Jay split. If mall valuations rebound before a deal is reached, presumably there would be a corresponding increase in capital willing to be a capital partner with Blue Jay that a higher bid makes sense. That said, we note that Blue Jay marked their Goldfinch position to $27 on their 4Q17 earnings call versus $30 with 3Q17. Based on the original 50/50 cash/Blue Jay shares, that $23 offer is now worth $22” – Sandler O’Neill, 27-Feb-2018 ï® “Most dedicated investors have told us they either can’t or don’t want to own Blue Jay stock… At an estimated 4.75% cap rate for Westfield’s US portfolio, based on our estimates, this transaction suggests that the latest Blue Jay [IFRS] valuation of Goldfinch is smoke and mirrors, in order to ensure success for another underwhelming offer…We would hope that Goldfinch’s independent board sees through the smoke and evaluates the merits of the proposed bid in the cold, hard light it deserves. ‘A’ malls are currently undervalued in the public markets, but sentiment can change as it has in the past.” – Boenning & Scattergood, 9-Feb-2018 ï® “While Blue Jay’s capital raising abilities are well known, the size of any increased cash bid for the 66% of Goldfinch it doesn’t own still represents a large absolute number, for which Brookfield still needs to earn fees on. Thus, we believe Brookfield may advocate that any increased cash component makes its bid “worth more“ simply by reducing the Blue Jay consideration.” – Sandler O’Neill, 8-Feb-2018 ï® “The bottom line result matched our estimate on disappointing SSNOI growth of 1.3%, the lowest reported in our Mall coverage so far this quarter. While leasing spreads and tenant sales numbers were healthy, the portfolio occupancy rates were lower each quarter this year” – BTIG, 7-Feb-2018 ï® “Elsewhere, Goldfinch used the Blue Jay M&A discussions to repel M&A related questions and not give FY18 FFO guidance, though the known building blocks suggest weak YOY growth to us. While ‘does [this] matter?’ is a fair question given ongoing M&A saga, the ssNOI misses cast some doubt on Goldfinch’s FY18 2-3% guide, especially given the challenging retail backdrop. Near-term, we expect Goldfinch to remain range-bound until more clarity on Blue Jay saga is given.” – Mizuho, 7-Feb-2018 Source: Broker research Recent Developments 11

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE III. Overview of Barbet Class A Stock

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE Barbet Class A Stock Overview of Proposal Based on Latest Discussions; Subject to Finalized Documentation ï® Shares in a public REIT (entity that was formerly Goldfinch) with economics intended to mimic those of an existing Blue Jay unit in all material respects — Shares will trade independently, but will be exchangeable for cash equal to the value of Blue Jay units or Blue Jay units (see below “Exchangeability” section for details of the exchange mechanism), and paid the same dividend to Overview the extent cash is available at Barbet ï® Barbet will own all of Goldfinch’s legacy assets, subject to any property JVs or asset sales. Barbet shareholders will not have a claim on Blue Jay assets If less than 20% of Goldfinch shareholders elect to receive Barbet Class A stock, all Goldfinch shareholders will receive Blue Jay units and no public Barbet Class A stock will be issued — Results in a minimum market cap of ~$1bn for Barbet based on Blue Jay’s share price as of 21-Mar-2018 ï® Barbet Class A shareholders may at any time demand a redemption of their Class A shares for a cash value equal to the then trading price of a Blue Jay unit — If Barbet fails to deliver cash to satisfy the exchange request, Blue Jay will then have the discretion to satisfy the redemption by providing the stockholder with a Blue Jay unit — If Blue Jay fails to deliver a Blue Jay unit, Barbet Class A Shareholders will have the right to receive a Blue Jay unit from a pool of Blue Jay units held by Blackbird in a segregated pool; Blackbird has the option to satisfy the redemption in either cash or Blue Jay units – Should Blackbird ever be required to act as counterparty to the unit redemption, it takes ownership of the exchanged Barbet Class A share and steps into all the rights of a Class A shareholder Exchangeability – The Blackbird guarantee will terminate after 20 years, unless extended by mutual agreement of Blackbird and the majority of the independent directors of Barbet; the guarantee can also be terminated at any time by Blackbird with a vote of the majority of Class A shares not held by Blackbird or its affiliates – The number of units held in the segregated pool will be subject to adjustment in the event that Barbet issues additional Class A stock or if Barbet Class A shareholders are redeemed for cash or by the delivery of Blue Jay units directly by Blue Jay; however, Blackbird’s consent will be required for Barbet to issue additional Class A shares following closing ï® Ability to exchange to be available immediately following transaction close ï® Exchange to require a fixed notice period (proposal is 10 business days) Source: Barbet Information Overview of Barbet Class A Stock 13

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE Barbet Class A Stock Overview of Proposal (Cont.) Based on Latest Discussions; Structure to be Finalized ï® Regular and special dividends will be equal to distributions paid on Blue Jay units, to the extent cash is available at Barbet ï® Dividends to Barbet Class A stockholders will be prioritized over distributions from Barbet to Barbet unitholders / Blue Jay (both quarterly and on a cumulative basis) Distribution Policy — Distributions to Blue Jay can only be made if ratio of Class A distributions / Barbet FFO is below 80%; subject to the 80% limit, Barbet can make additional distributions to Blue Jay above the Class A per share amount — If there is not enough cash flow to support distributions to Class A stockholders, Barbet may, but is not obligated to, raise cash through asset sales, refinancings, etc. to support the Class A dividend ï® In the event of any liquidation of Barbet (including related entities) or Blue Jay, Class A stock will be entitled to receive the same distributions as Blue Jay units, to the extent cash is available at Barbet Liquidation ï® In the event that Barbet’s public float becomes too small for Barbet to remain a viable public company, Blue Jay could collapse then Barbet structure and force Barbet shareholders to convert into Blue Jay or redeem their stock for cash; this threshold has not yet been determined ï® Barbet Class A stock has no voting rights (same as Blue Jay units), and the Barbet board will be identical to that of Blue Jay ï® Barbet will be externally managed by Blackbird through a Master Services Agreement (MSA) that is expected to be Governance substantially identical to the MSA between Blue Jay and Blackbird, including the fee calculation structure — Fee to be waived for the first 12 months ï® MSA payments will be a contractual obligation; however, if Barbet does not have sufficient cash to pay the MSA fee, Barbet may elect to pay the fee in Class A stock Incorporation / ï® Delaware / NASDAQ Listing / ï® Likely not eligible for S&P Composite Indices; Eligibility for RMZ is unclear Index Eligibility Source: Barbet Information Overview of Barbet Class A Stock 14

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE IV. Management Projections

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE A. Goldfinch Standalone

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE Key Assumptions Underlying Goldfinch Management Projections ï® Periods from February 2018 onwards are management projections; prior periods reflect actual results Approach ï® 2018 and 2019 are based on detailed budgeting process; remaining years are extrapolations based on higher level assumptions ï® Rental revenue: — Factors in announced tenant bankruptcies through December 2017; no others assumed over the forecast period — FY 2018 – FY 2019: “space-by-space” build-up of occupancy and rent. Assume space vacated during 2017 is re-leased during 2018 such that occupancy returns to YE 2016 levels by YE 2018 Same-Store NOI — Thereafter: Projections are built up by mall based on lease maturity schedule and assumed retention rates, down-times, vacancy loss reserves, MLA spreads and market inflation rates. Different assumptions used for different sales bands ï® Other revenues and property-level expenses grown based on inflation assumptions by sales band ï® Office space at 685 Fifth Avenue excluded from same-store metrics as currently being marketed for sale ï® $15mm of lease termination fees p.a. from 2018 onwards (in-line with historical levels); 2018 includes an additional $17mm related to Teavana Other NOI ï® Other income includes NOI from properties that do not qualify as “same-store” in 2018 ï® (1.0)% yoy decline in management fees in 2018, based on detailed budget build-up; 1.9% growth in 2019; 3.0% annual growth thereafter — 2018 decline driven by unusually high level of fee-generating development and leasing activity in 2017 ï® (1.6)% yoy decline in property management costs in 2018 based on detailed budget build-up; 4.9% growth in 2019; 2.0% annual growth thereafter Other Revenues / ï® (10.9)% yoy decline in G&A expenses in 2018 based on detailed budget build-up; 3.6% growth in 2019; 2.0% annual growth thereafter Expenses — 2018 decline driven by cost saving measures and recent attrition ï® Investment income calculated based on investment maturity and returns profiles ï® $19mm of condo sales in 2018; condo sales complete in 2018 ï® FY 2018 – FY 2019: “Space-by-space” build-up of tenant allowances / ordinary capex CapEx ï® Thereafter: Tenant allowances / ordinary capex based on capex per square foot assumptions (different assumptions used for different sales bands) ï® Development capital built up by project. No new projects assumed beyond those in current development pipeline ï® Acquisitions: No acquisitions over the forecast period Other Investment ï® Asset sales: $135mm gross proceeds in 2018 from sale of 685 Fifth Avenue Office; no dispositions projected thereafter Activity ï® Investments: Several maturities in 2017 (reducing investment income in later years); ~$120mm new loans planned for 2018; no new activity thereafter ï® $80mm gross proceeds from Ala Moana condo sales in 2018; zero thereafter ï® Q1-Q3 2018 quarterly dividend of $0.22 / share (per Q1 declared level), increases to $0.23 / share in 4Q Dividends ï® Thereafter, dividend grown at 7% p.a. based on total FY 2018 payment of $0.89 — Results in AFFO payout ratio peaking at ~81% in 2019 before falling to ~70% in 2021 ï® Small amount (~$100mm) of mortgage paydown in 2018; thereafter, all maturing debt is refinanced at existing quantum and a ~5% interest rate ï® Mortgage debt amortization calculated by tranche according to terms of loan Capital Structure ï® No change in preferred stock outstanding ï® Revolver / cash balances are a function of cash flows ï® Interest expense / preferred coupons calculated based on average outstanding debt / preferred balance and applicable rates ï® ~1.5% increase in weighted average shares outstanding in 2018, related to cash-settled warrants exercise by Blue Jay and others in late 2017 Share Count ï® ~0.2% annual increase in diluted share count from 2019 onwards; related to equity-based compensation payments Source: Goldfinch Management Projections Management Projections 17

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE Goldfinch Management Projections At Share | ($ in millions, except per share data) As Reported Per Goldfinch Management Select Income Statement Items 2016A 2017A 2018E 2019E 2020E 2021E 2022E 17A—‘22E Same Store NOI $ 2,213 $ 2,227 $ 2,291 $ 2,395 $ 2,506 $ 2,639 $ 2,710 4.0 % % Growth 0.6 % 2.9 % 4.5 % 4.6 % 5.3 % 2.7 % Plus: Lease Termination Income 20 42 34 15 15 15 15 Plus: Land Sales 11 12 3 3 0 0 0 Plus: Other NOI 7 21 21 7 7 7 7 Company NOI $ 2,251 $ 2,302 $ 2,348 $ 2,420 $ 2,528 $ 2,660 $ 2,732 3.5 % % Growth 2.3 % 2.0 % 3.0 % 4.5 % 5.2 % 2.7 % Adjusted Real Estate NOI¹ $ 2,223 $ 2,250 $ 2,319 $ 2,426 $ 2,553 $ 2,622 3.4 % % Growth 1.2 % 3.1 % 4.6 % 5.3 % 2.7 % Company EBITDA $ 2,192 $ 2,166 $ 2,221 $ 2,283 $ 2,389 $ 2,520 $ 2,590 3.6 % % Growth (1.2)% 2.5 % 2.8 % 4.7 % 5.5 % 2.8 % FFO / Share $ 1.53 $ 1.57 $ 1.51 $ 1.52 $ 1.62 $ 1.76 $ 1.83 3.1 % % Growth 2.6 % (4.1)% 1.1 % 6.2 % 8.6 % 4.3 % AFFO / Share $ 1.20 $ 1.17 $ 1.14 $ 1.18 $ 1.35 $ 1.57 $ 1.65 7.0 % % Growth (2.2)% (3.0)% 3.4 % 14.9 % 16.2 % 4.7 % Dividend / Share $ 0.80 $ 0.88 $ 0.89 $ 0.95 $ 1.02 $ 1.09 $ 1.17 5.8 % AFFO Payout Ratio 66.7 % 75.0 % 78.2 % 80.9 % 75.3 % 69.4 % 70.9 % Source: Goldfinch Management Projections ¹ Adjusted Real Estate NOI calculated as same store NOI plus lease termination income plus other non-same store NOI ex. land sales less property level management fee. Property level management fee calculated as 3% of gross revenue for management fee. Gross revenue for management fee calculated as effective same-store gross revenue plus lease termination income plus other non-same store NOI ex. land sales. Management Projections 18

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE Goldfinch Management Projections At Share | ($ in millions) Per Goldfinch Management Select Cash Flow Statement Items 2017A 2018E 2019E 2020E 2021E 2022E FFO $ 1,501 $ 1,461 $ 1,480 $ 1,575 $ 1,713 $ 1,789 Tenant allowance (182) (231) (217) (167) (88) (87) Ordinary capital (196) (125) (119) (90) (91) (93) AFFO $ 1,122 $ 1,105 $ 1,144 $ 1,318 $ 1,534 $ 1,609 Capitalized costs/non cash FFO (32) (54) (13) (14) (15) (15) Debt amortization (172) (197) (220) (253) (264) (275) Regular dividends (800) (830) (891) (947) (1,014) (1,086) Cash Flows After Dividends $ 119 $ 24 $ 21 $ 105 $ 241 $ 233 Development expenditures $(561) $(753) $(572) $(151) $(40) -Ala Moana condos 146 80 — —Asset acquisitions (313) — — -Notes receivable activity (27) 73 — 96 -Asset sales 76 35 — —Special dividend (230) — — -Stock repurchase (277) — — -Financings 229 (103) (1) (1) (3) (2) Warrant cash settlement 550 — — -Net preferred stock issuance/repayment — — —Construction financing 8 79 171 — -Issuance/(repayment) of revolver—500 375 45 (290) (235) Net Cash Flow $(279) $(65) $(6) $(3) $ 4 $(3) Balance Sheet Debt + Prefs $ 18,823 $ 18,961 $ 19,286 $ 19,077 $ 18,520 $ 18,008 Cash 383 310 304 301 305 302 Net Debt + Prefs / EBITDA 8.5 x 8.4 x 8.3 x 7.9 x 7.2 x 6.8 x Source: Goldfinch Management Projections Management Projections 19

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE Comparison of Current Management Projections to Management Projections as of 4-Dec-2017 ($ in millions, except per share data) Management Projections % Variance vs. 4-Dec-17 Projections 2018E 2019E 2020E 2018E 2019E 2020E Commentary Global: Projections updated for Jan-2018 actual results Select P&L Line Items Office space at 685 Fifth excluded from Same Store NOI going forward; higher Same Store NOI $ 2,291 $ 2,395 $ 2,506 (0.3)% 0.2 % 0.4 % anticipated bankruptcy impact in 2018E including Bon Ton and Charming Charlie; no longer selling 605 NMA / 200 Lafayette / Florence Mall Impacts on SS NOI plus reclassification of condo sales to below EBITDA, offset in Company NOI $ 2,348 $ 2,420 $ 2,528 (0.2)% 0.3 % 0.4 % 2018 by additional lease termination income Impacts on Company NOI plus increased management fees from Calpers at Company EBITDA $ 2,221 $ 2,283 $ 2,389 0.0 % 0.4 % 0.4 % Oakbrook Sears box, Bravern lease fee, bonus reduction due to recent attrition Impacts on Company EBITDA (but no impact from condo sale reclassification) plus: change in timing of 685 Office sale to 7/1, incremental partner loans, FFO/Share $ 1.51 $ 1.52 $ 1.62 1.5 % 0.2 % 0.4 % increase in interest expense due to reduction in disposition, acquisition of 2.5% of ABG, revised LIBOR curve, tax savings at TRS from tax cuts and JOBS Act One—Off Items Land Sales $ 3 $ 3—0.0 % 0.0 %—No changes in land sales proceeds Lease Termination Income $ 34 $ 15 $ 15 124.0 % 0.0 % 0.0 % $17mm additional income in 2018 from Teavana lease termination Condo Sales $ 19 — 0.0 % — No changes in condo sales proceeds Select Cash Flow Line Items Increased concessions due to continued retail disruption; change in timing of Tenant Allowances & Ordinary Capital $ 356 $ 335 $ 257 1.4 % 0.5 % 1.2 % actual cash outflow related to capex from earlier projections Difference in timing of development capex cash flow—‘18E-‘22E total Development Capex $ 753 $ 572 $ 151 0.8 % (9.4)% 67.9 % development capex higher by $7mm Incremental proceeds from sale of Fallen Timbers and 685 Office more than Asset Sales $ 35 — (81.6)% —offset by not selling 605 NMA / 200 Lafayette / Florence Mall Notes Receivable Activity $ 73 — (22.9)% (100.0)%—Seller financing related to sale of 685 Office Q1-Q3 2018 quarterly dividend of $0.22 / share (per Q1 declared level), increases Dividends $ 830 $ 891 $ 947 (7.0)% (7.3)% (8.1)% to $0.23 / share in 4Q; Thereafter, dividend grown at 7% p.a. based on total FY 2018 payment of $0.89 Source: Goldfinch Management Projections, 4-Dec-17 Goldfinch Management Projections Management Projections 20

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE Comparison of Management Projections to Consensus Estimates ($ in millions, except per share data) Management Projections 17A—‘19E Select Research / IBES / SNL¹ 17A—‘19E Variance 2018E 2019E CAGR 2018E 2019E CAGR 2018E 2019E Company NOI (at share) $ 2,348 $ 2,420 2.5 % $ 2,417 $ 2,454 1.9 % $(68) $(34) % Growth 2.0 % 3.0 % 4.3 % 1.5 % (2.8)% (1.4)% # of Analysts 4 3 EBITDA (at share) $ 2,221 $ 2,283 2.7 % $ 2,261 $ 2,290 1.5 % $(41) $(7) % Growth 2.5 % 2.8 % 3.2 % 1.3 % (1.8)% (0.3)% # of Analysts 5 4 FFO/Share $ 1.51 $ 1.52 (1.5)% $ 1.57 $ 1.64 1.3 % $(0.06) $(0.12) % Growth (4.1)% 1.1 % (0.6)% 4.5 % (4.1)% (7.2)% # of Analysts 17 17 AFFO/Share $ 1.14 $ 1.18 0.1 % $ 1.26 $ 1.33 4.1 % $(0.12) $(0.15) % Growth (3.0)% 3.4 % 6.8 % 5.6 % (9.6)% (11.5)% # of Analysts 7 7 Dividend/Share $ 0.89 $ 0.95 4.0 % $ 0.90 $ 0.96 2.9 % $(0.01) $(0.01) % Growth 1.1 % 7.0 % 2.3 % 6.7 % (1.1)% (0.8)% AFFO Payout Ratio 78.2 % 80.9 % 71.4 % 72.2 % 674 bps 872 bps # of Analysts 15 14 Source: Goldfinch Management Projections, Broker research, SNL Financial and IBES estimates; market data as of 21-Mar-2018 ¹ NOI (at share) and EBITDA (at share) per latest available Wall Street Research, FFO/Share and Dividend/Share per IBES consensus estimates and AFFO/Share per SNL consensus estimates. Management Projections 21

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE B. Blue Jay Standalone

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE Key Assumptions Underlying Blue Jay Management Projections (1/2) ï® 5-year business plan through 2022 prepared on a proportionate, IFRS basis ï® Bottom-up preparation based on individual business plans submitted by each reporting entity (~60 in total): — Core Office: BPO, Canary Wharf, and several direct investments in individual assets — Core Retail: Goldfinch Basis of — Opportunistic: each individual investment within each of the funds Preparation ï® Business plan were prepared in Nov-2017 as part of Blue Jay’s annual process; balance sheet projections were subsequently updated for 4Q 2017 results — Ordinary course purpose is for planning purposes and quarterly performance evaluation (conducted by reporting entity) — Projections have been signed off by Blue Jay’s board of directors ï® Projections based on constant FX rates; key rates are GBP (1.309), EUR (1.175), CAD (0.798), AUD (0.790) ï® Based on Goldfinch management projections including topside adjustments to reflect Blue Jay views Core Retail — FFO is ~4–8% higher to reflect Blue Jay’s view of Goldfinch as relates to lease termination fees (~$10-20mm incremental FFO per year) and Segment densification opportunities at certain assets (~$100mm incremental FFO per year) ï® Modeled at share based on a constant ownership interest of 34.37% ï® 5.8% 2017-22E NOI CAGR Core Office — ~4% same store NOI CAGR over the projection period Segment — Significant level of development activity based on current pipeline / identified projects; majority of projects are stabilized in 2021 — Ordinary-course level of investment activity (disposal of mature assets and investment in assets with upside opportunity ï® Modelled by investment; reflect exit date for each investment given finite life fund structure — Results in most existing investments (from funds 1 and 2) being exited over the forecast period ï® New investments made over the forecast period related to Blue Jay’s ~$2.5bn commitment to Blackbird’s 3rd fund (currently being invested), and an Opportunistic assumed 4th fund of similar size anticipated to start being invested in 2021 Segment ï® New investments modeled using generic assumptions that are slightly conservative relative to Blackbird’s opportunistic real estate track record — Approximate assumptions used: 6-8% cap rate; 50-70% LTV; 4.5-5.5% debt costs; 3-4% G&A/revenue; 8-12% capex/NOI; 4% p.a. fair value growth ï® Plan also includes current/identified development projects ï® Composition of segment by asset type varies over life of plan but no new asset classes are assumed ï® Includes transaction costs, compensation related to employees of subsidiaries (e.g. BPO), professional fees (accounting, legal, etc.), facilities and technology, travel costs G&A ï® G&A grows at low-single digit rates with the exception of a >10% increase in 2022, driven by a step-up in the level of fund investment activity — Declines from ~7.6% of property-related revenues in 2018 to ~6.5% in 2022 ï® Fees to Blackbird associated with the Master Services Agreement which covers “corporate” functions — Base fee and equity enhancement distribution fee grow in line with projected growth in capitalization, partially offset by management and incentive MSA Payments fees related to Blue Jay investments in Blackbird opportunistic funds (“fund fees”), which are creditable against the MSA payments — Incentive fee (payable on Blue Jay distributions in excess of $1.10 per unit) are fully offset by fund fees over the forecast period Source: Blue Jay Standalone Management Projections Management Projections 23

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE Key Assumptions Underlying Blue Jay Management Projections (2/2) ï® Includes asset management incentive fees, cash taxes, non-cash adjustments and working capital movements ï® Asset management incentive fees modeled based on planned disposition of assets held in funds Other ï® Cash taxes (excluded from FFO) fluctuate based on level and geography of disposition activity Operating Cash — Note: FFO excludes tax Flows ï® Working capital movements predominantly relate to changes in accounts payable and accounts receivable, which are impacted by fluctuations in the level of assets held for sale ï® Includes ordinary course capital recycling, development capex, maintenance capex, and TIs & LCs ï® New investments are both direct (for core office and core retail segments) and in the form of fund commitments (for opportunistic segment) — Net activity represents disposals of mature assets and new investments in assets with upside opportunity Investing Cash — ~$1-2bn of net disposition activity on an equity basis over the forecast period; heightened level in 2019 (~$2.7bn) due to exit of matured fund Flows investments ï® Development capex represents current development pipeline and already-identified new projects; level of spend is lower in the outer years of the projection period following a period of higher than normal development activity ï® Maintenance capex and TIs & LCs follow a similar trajectory, slowing over the projected period as developments come on line and are leased ï® New debt financing to fund cash requirements as well as refinancing of existing debt ï® Capital securities: — $500mm Class C Junior Preferred is exchanged for common equity on 30-Jun-2018 ($23.50 conversion price) — $750mm Class B Junior Preferred is redeemed for cash on 30-Jun-2019 Financing Cash — Class A Preferred tranches convert to common equity at year end in advance of maturity Flows / Capital ï® No other incremental equity raised over the projected period Structure ï® Leverage declines over the forecast period at debt + capital securities / EBITDA of ~15x as of YE 2017 to ~10x as of YE 2022 (excl. perpetual preferred securities) — Blue Jay management has a long-term leverage target of 50% debt / assets (IFRS basis) ï® Shift to increasingly fixed rate debt composition as floating rate debt matures, reaching 72% fixed by YE 2022 ï® No equity issuance modeled over projection period, model assumes only conversion of capital securities, i.e. no cash flow impact ï® 80% FFO payout ratio assumed over the forecast period, versus 2017 level of 82% Distributions ï® Results in 2017-22E DPS CAGR of 7.8% Share Count ï® Excludes convertible capital securities until they are converted; conversion assumed to take place at year end Source: Blue Jay Standalone Management Projections Management Projections 24

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE Blue Jay Management Projections Proportionate | ($ in millions, except per share data) As Reported Per Blue Jay Management CAGR Select Income Statement Items 2016A 2017A 2018E 2019E 2020E 2021E 2022E 17A—‘22E Net Operating Income (NOI) Core Office $ 1,436 $ 1,356 $ 1,359 $ 1,374 $ 1,476 $ 1,682 $ 1,798 5.8 % Core Retail 676 701 809 829 866 911 936 6.0 % Opportunistic 625 731 846 998 993 1,100 1,232 11.0 % Total NOI $ 2,737 $ 2,788 $ 3,015 $ 3,202 $ 3,335 $ 3,694 $ 3,966 7.3 % % Growth 1.9 % 8.1 % 6.2 % 4.2 % 10.7 % 7.4 % Total MSA Payments $ 129 $ 130 $ 145 $ 160 $ 185 $ 215 $ 235 12.6 % G&A Expense 421 443 437 442 461 478 536 3.9 % Total MSA & G&A Expense $ 550 $ 573 $ 582 $ 602 $ 646 $ 693 $ 771 6.1 % EBITDA $ 2,311 $ 2,396 $ 2,656 $ 2,803 $ 2,969 $ 3,271 $ 3,591 8.4 % Memo: Interest Expense (Converted Capital Securities) $ 117 $ 117 $ 80 $ 41 -Memo: Interest Expense (Capital Security Redeemed for Stock) 17 — — Company FFO / Share $ 1.36 $ 1.44 $ 1.57 $ 1.69 $ 1.89 $ 2.06 $ 2.14 8.2 % % Growth 5.9 % 9.0 % 7.6 % 11.6 % 9.0 % 3.9 % Dividend / Share $ 1.12 $ 1.18 $ 1.26 $ 1.34 $ 1.52 $ 1.65 $ 1.72 7.8 % % Growth 5.4 % 6.8 % 6.3 % 13.4 % 8.6 % 4.2 % FFO Payout Ratio 82.4 % 81.9 % 80.3 % 79.3 % 80.4 % 80.1 % 80.4 % Source: Blue Jay Standalone Management Projections Management Projections 25

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE Blue Jay Management Projections Proportionate | ($ in millions) Terminal Cash Per Blue Jay Management Flows Select Cash Flow Statement Items 2017A 2018E 2019E 2020E 2021E 2022E (2022 Adj.) Company FFO $ 1,017 $ 1,121 $ 1,226 $ 1,411 $ 1,589 $ 1,702 $ 1,702 Other Operating Cash Flow (1,222) (730) (626) (319) (95) 159 (192) Cash Flow from Operations $(205) $ 391 $ 600 $ 1,091 $ 1,493 $ 1,861 $ 1,510 Cash Flow from Investing Activities $(935) $(152) $ 481 $(1,030) $ 310 $(44) $(364) Cash Flow Financing—Debt 2,343 169 803 1,138 (355) (516) (26) Cash Flow Financing—Capital Securities/Pref (172) 10 (735) 5 (35) (72)—Cash Flow Financing—Equity (136) — — — Contribution from NCI 2,028 40 (0) (0) (0)—Cash Flow from Financing Activities $ 2,035 $ 2,208 $ 109 $ 1,142 $(390) $(588) $(26) Distributions to Investors (832) (900) (971) (1,137) (1,273) (1,367) Net Cash Flow After Distributions $ 63 $ 1,546 $ 218 $ 66 $ 140 $(138) Source: Blue Jay Standalone Management Projections Management Projections 26

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE Blue Jay Management Projections Proportionate | ($ in millions) Per Blue Jay Management Balance Sheet 2017A 2018E 2019E 2020E 2021E 2022E Total Debt $ 33,120 $ 31,492 $ 32,504 $ 34,017 $ 35,268 $ 36,681 Capital Securities incl. Goldfinch Preferred Equity 3,169 2,691 1,383 833 251 179 Perpetual Preferred Securities 2,347 2,189 2,189 2,189 2,189 2,189 Total Debt + Preferreds $ 38,636 $ 36,373 $ 36,075 $ 37,039 $ 37,708 $ 39,049 Less: Cash 1,290 808 985 1,051 1,192 1,054 Net Debt + Preferreds $ 37,346 $ 35,565 $ 35,090 $ 35,988 $ 36,517 $ 37,994 Net Debt + Preferreds / EBITDA 15.6 x 13.4 x 12.5 x 12.1 x 11.2 x 10.6 x Total Debt + Capital Securities / EBITDA 15.1 12.9 12.1 11.7 10.9 10.3 Net Non-Operating Real Estate Assets $ 1,964 $ 4,796 $ 3,143 $ 2,195 $ 1,631 $ 709 NCI—Other (excl. Goldfinch Preferreds) 197 2,598 2,814 3,015 3,216 3,192 Average Units Outstanding 704.7 714.1 724.8 748.1 771.5 794.8 Ending Units Outstanding 703.6 724.8 748.1 771.5 794.8 794.8 Source: Blue Jay Standalone Management Projections Management Projections 27

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE Comparison of Management Projections to Consensus Estimates ($ in millions, except per share data) Management Projections 17A—‘19E Select Research 17A—‘19E Variance 2018E 2019E CAGR 2018E 2019E CAGR 2018E 2019E Total NOI (at share) $ 3,015 $ 3,202 7.2 % $ 3,014 $ 3,120 6.5 % $ 1 $ 82 % Growth 8.1 % 6.2 % 3.5 % 0.0 % 2.6 % # of Analysts 1 1 EBITDA (at share) $ 2,656 $ 2,803 8.2 % $ 2,483 $ 2,645 7.0 % $ 173 $ 158 % Growth 10.9 % 5.5 % 6.5 % 7.0 % 6.0 % # of Analysts 1 1 FFO/Share $ 1.57 $ 1.69 8.0 % $ 1.51 $ 1.58 4.7 % $ 0.06 $ 0.11 % Growth 9.0 % 7.6 % 4.5 % 5.0 % 4.3 % 7.0 % # of Analysts 4 4 Dividend/Share $ 1.26 $ 1.34 6.6 % $ 1.24 $ 1.30 5.0 % $ 0.02 $ 0.04 % Growth 6.8 % 6.3 % 5.1 % 4.8 % 1.6 % 3.1 % FFO Payout Ratio 80.3 % 79.3 % 82.4 % 82.3 % (214)bps (298)bps # of Analysts 3 3 Source: Blue Jay Standalone Management Projections, Broker research and IBES estimates; market data as of 21-Mar-2018 Management Projections 28

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE Goldfinch Management Projections vs. Blue Jay Management Projections (Core Retail) ($ in millions, except per share data) Per Goldfinch / Blue Jay Management CAGR Select Income Statement Items 2018E 2019E 2020E 2021E 2022E ‘17A—‘22E Company FFO Per Goldfinch $ 1,461 $ 1,480 $ 1,575 $ 1,713 $ 1,789 3.6 % Per Blue Jay¹ 1,526 1,584 1,685 1,832 1,924 4.8 % Ä FFO—$ $ 65 $ 104 $ 110 $ 119 $ 135 Ä FFO—% 4.4 % 7.0 % 7.0 % 7.0 % 7.6 % Source: Goldfinch Management Projections, Blue Jay Standalone Management Projections ¹ Blue Jay (at share) projections for Core Retail segment grossed up to 100% based on 34.37% ownership in Goldfinch assumed by Blue Jay for the projections period. Management Projections 29

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE C. Blue Jay Pro Forma

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE Key Assumptions Underlying Blue Jay Pro Forma Management Projections Basis of ï® Financial information prepared on an IFRS accounting basis Preparation ï® Assumed transaction close of 30-Jun-2018 for illustrative purposes ï® Aggregate consideration to Goldfinch shareholders (excl. Blue Jay) of: — $9.25bn cash — 255mm units Transaction ï® Blue Jay assumes all of Goldfinch’s outstanding debt, preferred equity and cash with the following exceptions: — Goldfinch’s revolver balance is repaid Uses — $123mm Columbiana mortgage is repaid at 20% release premium — Note: Consents required on ~$1.5bn of Goldfinch debt; projections assume these consents are obtained ï® ~$366mm transaction costs — $330mm paid by Barbet; remainder by Blue Jay ï® ~$6.0bn of new permanent debt issued at Barbet, including Term Loan A, Term Loan B and new property-level mortgage debt Transaction ï® ~$4.0bn equity proceeds from sales of JV interests in Goldfinch assets to be completed concurrent with close Financing Plan ï® ~$342mm of revolver draw / cash balance reduction ï® Blue Jay transaction costs (~$36mm) funded via Blue Jay revolver draw Subsequent ï® Term loans issued in conjunction with the transaction are paid down over the forecast period (~$4.6bn through YE 2022) via: Financing — $2.2bn equity proceeds from asset sales to be completed between transaction close and YE 2019 Activity — Additional property-level debt issued over the forecast period ï® ~$650-700mm of lost NOI p.a. (run-rate) following completion of sale of JV interests ï® Incremental income from: — Additional management fees related to new joint ventures (~$50mm p.a. run-rate) FFO — Additional capital investment and additional densification projects (~$55mm p.a. run-rate) Adjustments ï® ~$25-30mm of annual G&A savings related to public company and other corporate costs to be provided under the Blackbird MSA going forward ï® ~$65-75mm p.a. of incremental MSA fees payable as a result of the transaction’s impact on Blue Jay’s capitalization — MSA fees are waived for the first 12 months ï® Remainder of adjustment is incremental interest expense, based on transaction financing and subsequent financing activity as described above Dividend ï® Pro forma dividend per share maintained at standalone levels Source: Blue Jay Pro Forma Management Projections Management Projections 31

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE Transaction Sources & Uses Sources Uses mm shares $mm $mm Equity issued to Goldfinch S/hrs 254.8 $ 5,052 Purchase of Goldfinch equity $ 14,302 Total Equity Sources $ 5,052 Paydown of Goldfinch revolver 441 Prepayment of Columbiana mortgage 148 Term Loan A $ 3,500 Payment of 2Q Goldfinch dividend 220 Term Loan B¹ 2,000 Goldfinch transaction costs 60 Equity proceeds from asset sales¹ 4,028 Blue Jay Transaction costs incurred within Barbet 270 New property level debt¹ 519 Blue Jay Transaction costs incurred within Blue Jay 36 Revolver draw 214 Total Uses $ 15,477 Goldfinch Cash 128 Total Cash Sources—Barbet $ 10,389 Blue Jay Revolver Draw 36 Total Cash Sources—Blue Jay $ 36 Total Cash Sources $ 10,425 Total Sources $ 15,477 Source: Blue Jay Pro Forma Management Projections, company filings, transaction documents, Bloomberg; market data as of 21-Mar-2018 Note: Numbers may not sum due to rounding impacts. ¹ Covered by $6.285bn bridge facility (excl. portion of bridge covering Goldfinch debt subject to consents). Management Projections 32

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE Balance Sheet Bridge Illustrative Roll-Forward as of 30-Jun-2018 â”, Proportionate Status Quo Entities Transaction Sources and Uses At Close Goldfinch Asset / Blue Jay Standalone Equity Debt Asset Transaction 2Q Dividend Merger Pro Forma Blue Jay Consolidated Ex. Goldfinch At 100% Markup¹ Financing Sales Expenses Payment Consideration Blue Jay Assets Net Property and Equipment $ 48,353 $ 26,745 $ 14,440—$(7,560) ——$ 81,978 Cash 1,165 428—5,644 4,028 (330) (220) (9,250) 1,465 Other Assets 2,965 2,239 — — — 5,204 Total Assets $ 52,483 $ 29,412 $ 14,440 $ 5,644 $(3,532) $(330) $(220) $(9,250) $ 88,648 Liabilities + Shareholders’ Equity Total Debt $ 25,495 $ 18,869—$ 5,644 $(3,532) $ 36 — $ 46,513 Capital Securities 2,577 — — ——2,577 Other Liabilities 5,106 1,309 — — (220)—6,195 Total Liabilities $ 33,179 $ 20,178—$ 5,644 $(3,532) $ 36 $(220)—$ 55,285 Redeemable NCI² 2,587 248 (196) — ——2,640 Preferred Equity 2,106 242 8 — ——2,356 Common Equity 14,611 8,743 14,628 — (366)—(9,250) 28,367 Total Liabilities + Equity $ 52,483 $ 29,412 $ 14,440 $ 5,644 $(3,532) $(330) $(220) $(9,250) $ 88,648 Source: Blue Jay Pro Forma Management Projections ¹ Represents asset markup based on estimated Goldfinch fair value per share of $23.50. ² Includes Goldfinch preferred OP units. Management Projections 33

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE FFO Bridge ($ in millions, except per share data) 2H2018 2019 2020 2021 2022 Standalone Blue Jay FFO $ 612 $ 1,226 $ 1,411 $ 1,589 $ 1,702 Plus: Unowned Portion of Goldfinch Standalone Plan¹ 526 1,040 1,106 1,202 1,263 Less: NOI from Asset Sales (221) (490) (643) (677) (695) Plus: Additional Management Fees From New JVs 14 36 47 49 52 Plus: Revenue Synergies² 12 24 55 56 54 Plus: G&A Savings 13 25 27 29 31 Less: Incremental MSA Payment—(32) (66) (69) (73) Less: Net Incremental Interest Expense (60) (112) (20) (46) (63) Pro Forma Blue Jay Pro Forma FFO $ 896 $ 1,716 $ 1,917 $ 2,133 $ 2,271 Source: Blue Jay Pro Forma Management Projections Note: Number may not sum due to rounding impacts. ¹ Based on Blue Jay’s status quo 34% ownership. ² Sources include incremental NOI from incremental capex and additional income from higher densification activity under Blue Jay ownership. Management Projections 34

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE Pro Forma Blue Jay Management Projections Proportionate | ($ in millions, except per share data) Per Blue Jay Management CAGR Select Income Statement Items 2H 2018E 2019E 2020E 2021E 2022E 19E—‘22E Net Operating Income (NOI) Core Office $ 680 $ 1,374 $ 1,476 $ 1,682 $ 1,798 9.4 % Core Retail 980 1,906 1,890 1,993 2,053 2.5 % Opportunistic 436 998 993 1,100 1,232 7.3 % Total NOI $ 2,092 $ 4,278 $ 4,360 $ 4,775 $ 5,083 5.9 % % Growth 1.9 % 9.5 % 6.5 % Blue Jay Standalone MSA Payment $ 75 $ 160 $ 185 $ 215 $ 235 13.7 % Incremental MSA Payment—32 66 69 73 31.6 % Total MSA Payments $ 75 $ 192 $ 251 $ 284 $ 308 17.1 % Blue Jay (ex. Goldfinch) G&A Expense 144 303 307 315 360 5.9 % Goldfinch G&A Expense 109 227 227 231 235 1.2 % Less: G&A Synergies (13) (25) (27) (29) (31) 7.4 % Pro Forma G&A Expense $ 241 $ 505 $ 506 $ 517 $ 564 3.8 % Total MSA & G&A Expense $ 316 $ 697 $ 757 $ 801 $ 872 7.8 % EBITDA $ 1,909 $ 3,787 $ 3,886 $ 4,246 $ 4,483 5.8 % Pro Forma—Company FFO / Share $ 0.91 $ 1.75 $ 1.91 $ 2.08 $ 2.16 7.3 % % Growth 9.1 % 8.9 % 3.8 % Blue Jay Standalone—Company FFO / Share $ 0.84 $ 1.69 $ 1.89 $ 2.06 $ 2.14 8.2 % % FFO Accretion / (Dilution) 8.0 % 4.3 % 0.6 % 0.5 % 0.9 % Dividend / Share $ 1.34 $ 1.52 $ 1.65 $ 1.72 8.7 % % Growth 6.3 % 13.4 % 8.6 % 4.2 % FFO Payout Ratio 76.6 % 79.6 % 79.3 % 79.6 % Source: Blue Jay Pro Forma Management Projections Note: Totals may not sum to the line items above due to rounding. Management Projections 35

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE Pro Forma Blue Jay Management Projections Proportionate | ($ in millions) Per Blue Jay Management Balance Sheet 30-Jun-18 2018E 2019E 2020E 2021E 2022E Total Debt $ 46,513 $ 46,458 $ 44,310 $ 46,055 $ 47,296 $ 48,758 Capital Securities 2,577 2,587 1,279 729 147 75 Perpetual Preferred Securities 2,356 2,356 2,356 2,356 2,356 2,356 Total Debt + Preferreds $ 51,446 $ 51,401 $ 47,945 $ 49,140 $ 49,799 $ 51,189 Less: Cash 1,465 1,169 1,347 1,517 1,784 2,013 Net Debt + Preferreds $ 49,981 $ 50,232 $ 46,598 $ 47,623 $ 48,015 $ 49,176 Net Debt + Preferreds / EBITDA 12.3 x 12.3 x 11.3 x 11.0 x Total Debt + Capital Securities / EBITDA 12.0 12.0 11.2 10.9 Average Units Outstanding 968.9 979.5 1,002.9 1,026.2 1,049.6 Ending Units Outstanding 979.5 1,002.9 1,026.2 1,049.6 1,049.6 Source: Blue Jay Pro Forma Management Projections Management Projections 36

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE Barbet Management Projections Proportionate | ($ in millions, except per share data) Per Blue Jay Management CAGR 2H 2018E 2019E 2020E 2021E 2022E 19E—‘22E Total NOI $ 980 $ 1,906 $ 1,890 $ 1,993 $ 2,053 2.5 % % Growth (0.8)% 5.4 % 3.0 % Goldfinch G&A Expense $ 109 $ 227 $ 227 $ 231 $ 235 1.2 % Incremental MSA Fee 0 32 66 69 73 31.6 % Less: G&A Synergies (13) (25) (27) (29) (31) 7.4 % Total G&A & MSA Expense $ 96 $ 234 $ 266 $ 271 $ 277 5.8 % EBITDA $ 979 $ 1,887 $ 1,864 $ 1,976 $ 2,050 2.8 % FFO $ 559 $ 1,034 $ 1,085 $ 1,174 $ 1,230 6.0 % % Growth 4.9 % 8.2 % 4.8 % Maintenance Capex $(152) $(326) $(236) $(172) $(152) AFFO $ 407 $ 708 $ 849 $ 1,002 $ 1,078 15.0 % % Growth 19.9 % 18.0 % 7.6 % Dividends to Class A Shareholders $ 161 $ 341 $ 387 $ 420 $ 438 8.7 % Dividends to Blue Jay 286 486 481 519 546 4.0 % Total Dividends $ 447 $ 827 $ 868 $ 939 $ 984 6.0 % % Growth 5.0 % 8.2 % 4.8 % FFO Payout Ratio 80.0 % 80.0 % 80.0 % 80.0 % 80.0 % AFFO Payout Ratio 109.8 % 116.8 % 102.2 % 93.7 % 91.3 % Per Share Data: FFO / Share $ 0.97 $ 1.79 $ 1.88 $ 2.03 $ 2.13 6.0 % Dividends / Share to Class A Shareholders $ 0.63 $ 1.34 $ 1.52 $ 1.65 $ 1.72 8.7 % Dividends / Share to Blue Jay $ 0.88 $ 1.50 $ 1.49 $ 1.60 $ 1.69 4.0 % Capitalization Data: Total Debt $ 21,153 $ 18,140 $ 18,302 $ 18,202 $ 18,159 Preferred Shares 303 303 303 303 303 Less: Cash (250) (250) (250) (250) (250) Net Debt + Preferred $ 21,206 $ 18,193 $ 18,355 $ 18,255 $ 18,212 Net Debt + Preferred / EBITDA 10.8 x 9.6 x 9.8 x 9.2 x 8.9 x Class A Shares Outstanding (mm) 254.8 254.8 254.8 254.8 254.8 Blue Jay Shares Outstanding (mm) 323.6 323.6 323.6 323.6 323.6 Total Shares Outstanding (mm) 578.4 578.4 578.4 578.4 578.4 Source: Blue Jay Pro Forma Management Projections Management Projections 37

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE V. Financial Analyses of Proposed Sale of Goldfinch to Blue Jay

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE A. Financial Analyses: Goldfinch Standalone

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE Summary of Illustrative Financial Analyses: Goldfinch Standalone Stock Price (Pre-Rumor): $ 19.01 Blended Offer Price: $ 22.06 Implied 2018E 6.2% Implied 2018E Cap Rate¹ 5.7% Implied 2018E Cap Rate¹ Methodology Cap Rate¹ Commentary 12.6x 2018E FFO Multiple 14.7x 2018E FFO Multiple Present Value of ï® Illustrative Implied Exit Cap Rate Range: 5.75% – 6.75% Future Stock Price $ 15.77 $ 24.16 1 5.4%—6.7% ï® Illustrative Cost of Equity: 8.1% (Implied 1YF Exit Cap ï® Exit Year: Range of YE2017 – YE2021 Rate) Present Value of ï® Illustrative P / NTM FFO range: 10.0x – 15.0x 2 Future Stock Price $ 14.93 $ 23.43 5.5%—6.9% ï® Illustrative Cost of Equity: 8.1% (P / 1YF FFO) ï® Exit Year: Range of YE2017 – YE2021 Financial Analyses Levered Discounted ï® Illustrative Cost of Equity range: 7.5%—8.5% 3 $ 19.42 $ 27.20 5.0%—6.1% Cash Flow Analysis ï® Illustrative FCF Terminal Growth Rate range: 1.5%—2.5% Precedent REIT ï® Public REIT transactions over past 5 years Transactions: Premia ï® 25th Percentile Premium to Undisturbed Price: 8.5% 4 $ 20.62 $ 22.71 5.6%—5.9% to Undisturbed 1-Day ï® 75th Percentile Premium to Undisturbed Price: 19.5% Prior Price ï® Applied to pre-rumor price of $19.01 ï® Based on 52-week period through pre-rumor date (6-Nov-2017) 5 52-Week High / Low $ 18.83 $ 27.10 5.1%—6.2% ï® High: $27.10 (15-Nov-2016) ï® Low: $18.83 (3-Nov-2017) ï® High: Boenning & Scattergood (9-Feb-2018) — High excluding Boenning & Scattergood (BTIG, Reference Analyst Price Target $ 18.00 $ 27.50 5.0%—6.3% 14-Mar-2018): $27.50 6 Information $ 34.50 ï® Low: Goldman Sachs (23-Feb-2018) ï® Median: $24.00 (of 17 data points) ï® High: Boenning & Scattergood (9-Feb-2018) Analyst NAV Per $ 23.55 $ 34.79 4.3%—5.5% ï® Low: RBC Capital Markets (12-Feb-2018) 7 Share ï® Median: $27.11 (of 15 data points) $ 10.00 $ 20.00 $ 30.00 $ 40.00 Implied 2018E Cap Rate¹ 8.1% 6.0% 4.8% 3.9% Source: Goldfinch Management Projections, SNL Financial, Green Street Advisors, IBES, Bloomberg, Broker Research; market data as of 21-Mar-2018 ¹ Implied cap rate based on 2018E Adjusted Real Estate NOI per Goldfinch Management Projections. Financial Analyses of Proposed Sale of Goldfinch to Blue Jay 40

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE 1 Green Street Implied Cap Rates Over Time Goldfinch vs. Peers | Last Five Years 7.0% Current Current Pre-Rumor Nominal Implied Implied Average Implied Cap Rate Cap Rate Cap Rate Cap Rate 3M 1Y 3Y 5Y Goldfinch 5.43% 6.05% 6.51% 5.90% 6.01% 5.56% 5.53% 6.5% MAC 5.04 5.78 6.02 5.67 5.73 5.20 5.25 SPG 5.16 6.29 6.24 6.15 6.06 5.42 5.33 TCO 4.38 5.47 6.12 5.32 5.52 5.19 5.26 6.29 % 6.05 % 6.0% 5.78 % 5.47 % 5.5% 5.0% 4.5% Goldfinch MAC SPG TCO 4.0% Mar-2013 Mar-2014 Mar-2015 Mar-2016 Mar-2017 Mar-2018 Average 2013 2014 2015 2016 2017 YTD Goldfinch 5.60% 5.49% 5.19% 5.31% 5.97% 5.91% MAC 5.50 5.37 4.73 4.93 5.68 5.69 SPG 5.26 5.23 4.98 5.05 5.90 6.17 TCO 5.43 5.37 5.03 4.99 5.46 5.34 Source: Green Street Advisors; market data as of 21-Mar-2018, pre-rumor market data as of 6-Nov-2017 ¹ 2013 average based on data starting from 22-Feb-2013. Financial Analyses of Proposed Sale of Goldfinch to Blue Jay 41

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE 1 Illustrative Present Value of Future Stock Price: Goldfinch Standalone Based on Cap Rate on 1-Year Forward NOI Undiscounted Future Share Price (Excl. Dividends) Present Value of Future Share Price and Dividends $ 28.46 Discounted to 31-Dec-2017 $ 26.71 $ 24.26 $ 24.16 $ 22.73 $ 23.65 $ 23.01 $ 22.44 1-Yr Green $ 21.76 $ 22.06 $ 21.76 $ 21.87 $ 22.06 Street $ 21.39 $ 20.17 Advisors $ 19.20 $ 19.44 $ 19.01 $ 21.54 $ 19.01 Implied Cap $ 17.88 $ 18.10 $ 17.04 $ 17.04 $ 17.38 $ 19.96 Rate Range $ 19.09 $ 18.30 (Pre-Rumor): $ 17.83 $ 16.57 $ 16.94 5.6%—6.5% $ 15.77 $ 16.18 $ 15.77 Pre- Blended YE 2017 2018E 2019E 2020E 2021E Pre- Blended YE 2017 2018E 2019E 2020E 2021E Rumor Offer Price Rumor Offer Price 6.75% Implied Cap Rate 6.51% Implied Cap Rate 5.75% Implied Cap Rate (Goldfinch Pre-Rumor)² Assumptions Per Goldfinch Management Projections YE 2017 2018E 2019E 2020E 2021E CAGR 1-Year Forward Adjusted Real Estate NOI¹ $ 2,250 $ 2,319 $ 2,426 $ 2,553 $ 2,622 3.9 % Common Dividends Per Share $ 0.89 $ 0.95 $ 1.02 $ 1.09 7.0 % Cumulative Dividends Per Share $ 0.89 $ 1.84 $ 2.86 $ 3.95 Illustrative Cost of Equity 8.1 % Source: Goldfinch Management Projections, Company filings, Green Street Advisors, Axioma, Bloomberg, IBES; market data as of 21-Mar-2018, Goldfinch pre-rumor date of 6-Nov-2017 Note: Dividends are discounted to 31-Dec-2017 assuming four quarter end payments. Share prices are discounted to 31-Dec-2017 using year-end convention. ¹ Shown on one-year forward basis (i.e., YE 2017 figure is FY 2018E Adjusted Real Estate NOI). CAGR shown is based on 2018E and 2022E Adjusted Real Estate NOI. ² Pre-rumor implied cap rate per Green Street Advisors. Financial Analyses of Proposed Sale of Goldfinch to Blue Jay 42

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE 2 P / NTM FFO Multiples Over Time Goldfinch vs. Peers | Last Five Years 25.0 x Pre-Rumor 3M Avg 1Y Avg 3Y Avg 5Y Avg Goldfinch 11.8 x 14.0 x 13.9 x 16.3 x 16.8 x MAC 13.2 15.2 14.7 17.3 17.7 SPG 12.8 13.2 13.5 16.2 16.9 TCO 11.9 15.9 15.1 18.2 18.9 Mul tiple 20.0 x FO P/F ighte d We m e—Ti 15.0 x 14.8 x NTM 14.3 x 13.3 x 12.7 x Goldfinch MAC SPG TCO 10.0 x Mar-2013 Mar-2014 Mar-2015 Mar-2016 Mar-2017 Mar-2018 Average 2013 2014 2015 2016 2017 YTD Goldfinch 17.3 x 17.2 x 18.3 x 17.5 x 14.3 x 14.0 x MAC 17.5 17.8 20.3 18.3 14.9 15.2 SPG 17.8 17.5 18.3 17.7 14.0 13.2 TCO 19.9 19.6 21.4 18.9 15.5 15.8 Source: Bloomberg; market data as of 21-Mar-2018, pre-rumor market data as of 6-Nov-2017. Financial Analyses of Proposed Sale of Goldfinch to Blue Jay 43

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE 2 Illustrative Present Value of Future Stock Price: Goldfinch Standalone Based on 1-Year Forward FFO per Share Multiple Undiscounted Future Share Price (Excl. Dividends) Present Value of Future Share Price and Dividends $ 27.46 Discounted to 31-Dec-2017 $ 26.34 $ 24.26 $ 22.59 $ 23.35 $ 23.43 $ 22.59 $ 22.84 $ 22.44 $ 21.97 1-Yr IBES $ 22.06 $ 22.06 $ 21.62 Consensus $ 20.73 P/NTM FFO $ 19.01 $ 18.92 $ 19.15 $ 19.01 $ 19.10 Range $ 17.78 $ 17.98 $ 17.78 $ 18.02 $ 17.48 (Pre-Rumor): $ 18.31 11.8x–16.7x $ 17.56 $ 16.73 $ 16.17 $ 16.41 $ 15.23 $ 15.06 $ 15.52 $ 15.06 $ 14.93 Pre- Blended YE 2017 2018E 2019E 2020E 2021E Pre- Blended YE 2017 2018E 2019E 2020E 2021E Rumor Offer Price Rumor Offer Price 10.0x Forward P / FFO 11.8x Forward P / FFO 15.0x Forward P / FFO (Goldfinch Pre-Rumor)² Assumptions Per Goldfinch Management Projections YE 2017 2018E 2019E 2020E 2021E CAGR 1-Year Forward FFO Per Share¹ $ 1.51 $ 1.52 $ 1.62 $ 1.76 $ 1.83 5.0 % Common Dividends Per Share $ 0.89 $ 0.95 $ 1.02 $ 1.09 7.0 % Cumulative Dividends Per Share $ 0.89 $ 1.84 $ 2.86 $ 3.95 Illustrative Cost of Equity 8.1 % Source: Goldfinch Management Projections, Axioma, Bloomberg, IBES; market data as of 21-Mar-2018, Goldfinch pre-rumor date of 6-Nov-2017 Note: Dividends are discounted to 31-Dec-2017 assuming four quarter end payments. Share prices are discounted to 31-Dec-2017 using year-end convention. ¹ Shown on one-year forward basis (i.e., YE 2017 figure is FY 2018E FFO). CAGR shown is based on 2018E and 2022E FFO. ² Pre-rumor Forward FFO multiple per IBES consensus. Financial Analyses of Proposed Sale of Goldfinch to Blue Jay 44

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE 3 Illustrative Discounted Levered Free Cash Flow Analysis: Goldfinch Standalone ($ in millions) 2017E 2018E 2019E 2020E 2021E 2022E Terminal EBITDA $ 2,221 $ 2,283 $ 2,389 $ 2,520 $ 2,590 $ 2,590 Less: Interest Expense (801) (806) (820) (812) (801) (801) Plus: Net Other Income 42 3 5 5 (0) (0) FFO $ 1,461 $ 1,480 $ 1,575 $ 1,713 $ 1,789 $ 1,789 Less: Maintenance Capex (356) (335) (257) (179) (180) (180) AFFO $ 1,105 $ 1,144 $ 1,318 $ 1,534 $ 1,609 $ 1,609 Less: Development Capex (753) (572) (151) (40) —Less: Mandatory Debt Amortization (197) (220) (253) (264) (275) -Less: Other Cash Flow Items 110 157 (15) 79 (16)—Levered Free Cash Flow $ 265 $ 510 $ 899 $ 1,308 $ 1,317 $ 1,609 Terminal Value¹ $ 26,773 Source: Company filings, Goldfinch Management Projections, Axioma, Bloomberg, Green Street Advisors ¹ Based on 8.1% illustrative cost of equity and 2.0% illustrative terminal growth rate. Financial Analyses of Proposed Sale of Goldfinch to Blue Jay 45

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE 3 Illustrative Discounted Levered Free Cash Flow Analysis: Goldfinch Standalone Implied Current Share Price % of Equity Value from Terminal Value Terminal Growth Rate Terminal Growth Rate # #### 1.50 % 1.75 % 2.00 % 2.25 % 2.50 % $ 0.84 1.50 % 1.75 % 2.00 % 2.25 % 2.50 % 7.50 % $ 23.06 $ 23.96 $ 24.94 $ 26.02 $ 27.20 7.50 % 84.7 % 85.3 % 85.8 % 86.4 % 87.0 % ity ity qu 7.75 % 22.04 22.86 23.75 24.72 25.79 qu 7.75 % 84.1 % 84.7 % 85.2 % 85.8 % 86.4 % E E 8.13 % 20.64 21.36 22.13 22.97 23.89 8.13 % 83.2 % 83.7 % 84.3 % 84.9 % 85.5 % of of Cost 8.25 % 20.23 20.91 21.66 22.46 23.34 Cost 8.25 % 82.9 % 83.5 % 84.0 % 84.6 % 85.2 % 8.50 % 19.42 20.05 20.73 21.47 22.27 8.50 % 82.3 % 82.9 % 83.4 % 84.0 % 84.6 % Implied Terminal Multiple (P / NTM FFO) Implied Terminal Cap Rate Terminal Growth Rate Terminal Growth Rate # #### 1.50 % 1.75 % 2.00 % 2.25 % 2.50 % 6.1 % 1.50 % 1.75 % 2.00 % 2.25 % 2.50 % 7.50 % 14.6 x 15.3 x 16.0 x 16.8 x 17.7 x 7.50 % 6.0 % 5.9 % 5.7 % 5.5 % 5.3 % it y it y qu 7.75 % 14.0 14.7 15.3 16.1 16.9 qu 7.75 % 6.2 % 6.0 % 5.9 % 5.7 % 5.5 % EE f o 8.13 % 13.2 13.8 14.4 15.0 15.7 o f 8.13 % 6.4 % 6.3 % 6.1 % 5.9 % 5.8 % st st 8.25 % 13.0 13.5 14.1 14.7 15.4 8.25 % 6.5 % 6.3 % 6.2 % 6.0 % 5.8 % Co 8.50 % 12.5 13.0 13.6 14.1 14.8 Co 8.50 % 6.6 % 6.5 % 6.3 % 6.2 % 6.0 % Source: Company filings, Goldfinch Management Projections, Axioma, Bloomberg, Green Street Advisors Note: Discounted to YE 2017. Financial Analyses of Proposed Sale of Goldfinch to Blue Jay 46

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE 4 Precedent US REIT Transaction Premia Deals >$1bn in Value | Last 5 Years Premium to Transaction Value Undisturbed 1-Day Date Announced Acquiror Name Target Name ($bn)¹ Prior Consideration 8/10/2017 Invitation Homes Starwood Waypoint Homes $ 8.6 0.8 % Stock 7/4/2017 Greystar Real Estate Partners Monogram Residential Trust, Inc. 4.0 22.4 % Cash 6/30/2017 Canada Pension Plan Investment Board Parkway, Inc. 1.3 13.1 % Cash 6/28/2017 Government Properties Income Trust First Potomac Realty Trust 1.5 5.1 % Cash 6/9/2017 Digital Realty Trust, Inc. DuPont Fabros Technology, Inc. 7.2 14.9 % Stock 5/7/2017 Sabra Health Care REIT, Inc. Care Capital Properties, Inc. 4.1 11.8 % Stock 4/24/2017 RLJ Lodging Trust FelCor Lodging Trust Incorporated 2.9 16.7 % Stock 2/27/2017 Tricon Capital Group Silver Bay Realty Trust Corp. 1.5 19.4 % Cash 11/14/2016 Regency Centers Corp Equity One, Inc. 5.8 15.3 % Stock 8/15/2016 Mid-America Apartment Cmnty Post Properties, Inc. 4.9 16.6 % Stock 4/29/2016 Cousins Properties Inc Parkway Properties, Inc. 4.0 13.0 % Stock 2/25/2016 Brookfield Asset Mgmt Inc Rouse Properties, Inc. 2.6 35.3 % Cash 12/15/2015 DRA Advisors LLC IRC Retail Centers 2.1 6.6 % Cash 12/3/2015 American Homes 4 Rent American Residential Properties, Inc. 1.4 8.7 % Stock 10/16/2015 Harrison Street Re Capital LLC Campus Crest Communities, Inc. 1.7 24.4 % Cash 10/8/2015 Blackstone RE Partners VIII LP BioMed Realty Trust, Inc. 8.1 23.8 % Cash 9/8/2015 Blackstone RE Partners VIII LP Strategic Hotels & Resorts, Inc. 5.9 4.8 % Cash 6/22/2015 Lone Star Funds Home Properties, Inc. 7.9 3.4 % Cash 4/22/2015 Brookfield Asset Mgmt Inc Associated Estates Realty Corporation 2.5 17.4 % Cash 4/10/2015 Blackstone Ppty Partners LP Excel Trust, Inc. 2.8 14.5 % Cash 10/31/2014 Omega Healthcare Investors Inc Aviv REIT, Inc. 2.8 16.2 % Stock 9/16/2014 Washington Prime Group Inc Glimcher Realty Trust 4.3 34.1 % Cash / Stock 6/2/2014 Ventas Inc American Realty Capital Healthcare Trust, Inc. 2.4 13.9 % Cash / Stock 12/9/2013 Essex Property Trust Inc BRE Properties, Inc. 6.2 (2.1)% Cash / Stock 10/23/2013 American Rlty Capital Ppty Inc Cole Real Estate Investments, Inc. 10.9 7.8 % Cash / Stock 6/3/2013 Mid-America Apartment Communities, Inc. Colonial Properties Trust 4.2 10.7 % Stock 5/28/2013 American Rlty Capital Ppty Inc CapLease, Inc. 2.1 19.7 % Cash 4/25/2013 Brookfield Office Pptys Inc MPG Office Trust, Inc. 2.1 21.2 % Cash Low $ 1.3 (2.1)% Mean $ 4.1 14.6 % Median $ 3.5 14.7 % High $ 10.9 35.3 % 25th Percentile $ 2.1 8.5 % 75th Percentile $ 5.8 19.5 % Source: Company filings, SNL, Thomson Reuters, CapIQ Note: Excludes Mortgage REIT transactions. ¹ Total Transaction Size per CapIQ. Financial Analyses of Proposed Sale of Goldfinch to Blue Jay 47

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE 6/7 Goldfinch Research Analyst Views NAV Broker Estimate Date Rating Price Target per Share Primary Valuation Methodology Bank of America¹ 7-Feb-18 Buy $ 25.00 $ 25.00 NAV Barclays 8-Feb-18 Hold 23.00 33.97 NAV, DCF, “sentiment/regression” BMO Capital Markets 17-Nov-17 Hold 22.00 27.69 NAV, DCF Boenning & Scattergood 9-Feb-18 Buy 34.50 34.79 NAV BTIG 14-Mar-18 Buy 27.50 32.93 NAV; FFO multiple Citibank 17-Nov-17 NA 27.50 29.90 NAV Deutsche Bank 8-Feb-18 Hold 24.00 NA NAV Evercore 7-Feb-18 Hold 26.00 25.29 NAV, DCF Goldman Sachs¹ 23-Feb-18 Sell 18.00 NA AFFO multiple Green Street Advisors² 14-Mar-18 Sell NA 25.82 NAV J.P. Morgan 12-Feb-18 Buy 25.50 NA DCF Mizuho Securities 19-Mar-18 Buy 24.00 26.00 NAV RBC Capital Markets 12-Feb-18 Buy 24.00 23.55 NAV Sandler O’Neill 26-Feb-18 Hold 22.00 26.00 FFO multiple, dividend yield, AFFO yield Stifel 9-Mar-18 Buy 24.00 26.00 Cap rate SunTrust 7-Feb-18 Buy 26.00 27.11 NAV UBS 7-Feb-18 Hold 23.00 27.24 NAV Wells Fargo 12-Feb-18 Hold 23.00 30.00 NAV Low $ 18.00 $ 23.55 Mean $ 24.65 $ 28.09 Median $ 24.00 $ 27.11 High $ 34.50 $ 34.79 Source: Latest available broker research as of 21-Mar-2018 ¹ Bank of America and Goldman Sachs recommendations / price targets from prior recent reports (having moved to unrated post transaction announcement). ² Not included in IBES / SNL consensus. Financial Analyses of Proposed Sale of Goldfinch to Blue Jay 48

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE B. Financial Analyses: Blue Jay Standalone

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE Summary of Illustrative Financial Analyses: Blue Jay Standalone Stock Price (Current): $ 19.83 Stock Price (Undisturbed): $ 23.68 Implied 2018E 6.1% Implied 2018E Cap Rate¹ 5.8% Implied 2018E Cap Rate¹ Methodology Cap Rate¹ Commentary Present Value of ï® Illustrative P / NTM FFO range: 12.5x – 16.5x 1 Future Stock Price $ 19.62 $ 29.81 5.3%—6.1% ï® Illustrative Cost of Equity: 9.0% (P / 1YF FFO) ï® Exit Year: Range of YE2017 – YE2021 Financial Analyses Levered Discounted ï® Illustrative Cost of Equity range: 8.0%—10.0% 2 $ 17.61 $ 25.28 5.6%—6.3% Cash Flow Analysis ï® Illustrative FCF Terminal Growth Rate range: 1.5%—2.5% ï® Based on 52-week period through undisturbed date (10-Nov-2017) 3 52-Week High / Low $ 20.31 $ 24.96 5.6%—6.1% ï® High: $24.96 (13-Oct-2017) ï® Low: $20.31 (14-Nov-2016) ï® High: RBC Capital Markets (8-Feb-2018) 4 Analyst Price Target $ 23.50 5.6%—5.8% ï® Low: Evercore (8-Feb-2018) $ 26.00 Reference ï® Median: $24.38 (of 4 data points) Information: Public Data Points 5 ï® High: RBC Capital Markets (8-Feb-2018) Analyst NAV Per Unit $ 26.75 $ 30.50 5.2%—5.5% ï® Low: Scotiabank (9-Feb-2018) ï® Median: $29.16 (of 4 data points) ï® Based on last 2 years reported IFRS NAV for Blue Jay Blue Jay Published 6 5.2%—5.3% ï® High: $30.62 (30-Sep-2016) IFRS NAV Per Unit $ 29.49 $ 30.62 ï® Low: $29.49 (30-Jun-2016) $ 10.00 $ 20.00 $ 30.00 $ 40.00 Implied 2018E Cap Rate ¹ 7.3% 6.1% 5.2% 4.6% Source: Blue Jay Standalone Management Projections, IBES, Bloomberg, Broker Research; market data as of 21-Mar-2018 ¹ Implied cap rate based on 2018E NOI per Blue Jay Standalone Management Projections. Financial Analyses of Proposed Sale of Goldfinch to Blue Jay 50

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE 1 P / NTM FFO Multiples Over Time Blue Jay | Last Three Years 20.0 x Undisturbed 3M Avg 6M Avg 1Y Avg 3Y Avg Blue Jay 15.9 x 13.9 x 14.7 x 15.2 x 16.0 x RMZ 15.3 x 14.2 x 14.7 x 14.9 x 14.8 x 19.0 x 18.0 x Mul tiple 17.0 x P/FFO hte d 16.0 x Weig m e 15.0 x - Ti NTM 14.0 x 13.6 x 13.0 x 12.9 x 12.0 x Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Blue Jay RMZ Source: Bloomberg, Datastream; market data as of 21-Mar-2018 Note: RMZ P / NTM FFO multiple calculated as the median of P / NTM FFO multiples for all companies in the RMZ. Financial Analyses of Proposed Sale of Goldfinch to Blue Jay 51

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE 1 Illustrative Present Value of Future Stock Price: Blue Jay Standalone Based on 1-Year Forward FFO per Share Multiple Undiscounted Future Share Price (Excl. Dividends) Present Value of Future Share Price and Dividends Discounted to 31-Dec-2017 $ 35.34 $ 33.98 $ 31.11 $ 31.06 $ 28.55 $ 29.81 $ 29.81 $ 27.91 $ 29.86 $ 26.80 $ 25.90 $ 27.34 $ 26.77 $ 25.90 $ 26.78 $ 25.37 $ 26.63 $ 24.52 $ 23.69 $ 23.68 $ 23.68 $ 22.76 $ 22.76 $ 25.74 $ 23.75 $ 23.57 $ 22.20 $ 23.45 $ 21.14 $ 20.59 $ 19.83 $ 19.83 $ 19.62 $ 19.62 Undisturbed Current YE 2017 2018E 2019E 2020E 2021E Undisturbed Current YE 2017 2018E 2019E 2020E 2021E 12.5x Forward P / FFO 14.5x Forward P / FFO 16.5x Forward P / FFO Assumptions Per Blue Jay Standalone Management Projections YE 2017 2018E 2019E 2020E 2021E CAGR 1-Year Forward FFO Per Share¹ $ 1.57 $ 1.69 $ 1.89 $ 2.06 $ 2.14 8.1 % Common Dividends Per Share $ 1.26 $ 1.34 $ 1.52 $ 1.65 9.4 % Cumulative Dividends Per Share $ 1.26 $ 2.60 $ 4.12 $ 5.77 Illustrative Cost of Equity 9.0 % Source: Blue Jay Standalone Management Projections, Axioma, Bloomberg, IBES; market data as of 21-Mar-2018, Blue Jay undisturbed date of 6-Nov-2017 Note: Dividends are discounted to 31-Dec-2017 assuming four quarter end payments. Share prices are discounted to 31-Dec-2017 using year-end convention. ¹ Shown on one-year forward basis (i.e., YE 2017 figure is FY 2018E FFO). CAGR shown is based on 2018E and 2022E FFO. Financial Analyses of Proposed Sale of Goldfinch to Blue Jay 52

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE 2 Illustrative Discounted Levered Free Cash Flow Analysis: Blue Jay Standalone ($ in millions) Terminal Cash Flows 2018E 2019E 2020E 2021E 2022E (2022 Adj.) FFO $ 1,121 $ 1,226 $ 1,411 $ 1,589 $ 1,702 $ 1,702 Add: Interest expense related to Convertibe Capital Securities 117 117 80 41 — Add: Interest Expense (Capital Security Redeemed for Stock) 17 — ——Add / Less: Other Operating Cash Flow (874) (807) (505) (291) (46) (192) Operating Cash Flow $ 381 $ 535 $ 985 $ 1,338 $ 1,656 $ 1,510 Investing Cash Flow (152) 481 (1,030) 310 (44) (364) Cash Flow Financing—Debt 169 803 1,138 (355) (516) (26) Cash Flow Financing—Capital Securities/Pref 10 (735) 5 (35) (72) -Contribution from NCI 2,028 40 (0) (0) (0)—Levered Free Cash Flow $ 2,436 $ 1,125 $ 1,097 $ 1,258 $ 1,024 $ 1,120 Terminal Value¹ $ 16,323 Source: Company filings, Blue Jay Standalone Management Projections, Axioma, Bloomberg ¹ Based on 9.0% illustrative cost of equity and 2.0 % illustrative terminal growth rate. Financial Analyses of Proposed Sale of Goldfinch to Blue Jay 53

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE 2 Illustrative Discounted Levered Free Cash Flow Analysis: Blue Jay Standalone Implied Current Share Price % of Equity Value from Terminal Value Terminal Growth Rate Terminal Growth Rate $ 20.63 1.50 % 1.75 % 2.00 % 2.25 % 2.50 % 64.5 % 1.50 % 1.75 % 2.00 % 2.25 % 2.50 % 8.00 % $ 22.39 $ 23.02 $ 23.71 $ 24.46 $ 25.28 8.00 % 66.7 % 67.6 % 68.6 % 69.5 % 70.5 % y it it y Equ 8.50 % 20.94 21.48 22.05 22.68 23.35 Equ 8.50 % 64.7 % 65.6 % 66.5 % 67.4 % 68.4 % f 9.00 % 19.68 20.14 20.63 21.16 21.72f 9.00 % 62.8 % 63.7 % 64.5 % 65.4 % 66.3 % oo Cost 9.50 % 18.58 18.98 19.40 19.85 20.33 Cost 9.50 % 61.0 % 61.8 % 62.6 % 63.5 % 64.3 % 10.00 % 17.61 17.96 18.32 18.71 19.12 10.00 % 59.2 % 60.0 % 60.7 % 61.6 % 62.4 % Implied Terminal Multiple (P / NTM FFO)¹ Implied Terminal Cap Rate² Terminal Growth Rate Terminal Growth Rate 9.6 x 1.50 % 1.75 % 2.00 % 2.25 % 2.50 % 7.5 % 1.50 % 1.75 % 2.00 % 2.25 % 2.50 % 8.00 % 10.3 x 10.7 x 11.2 x 11.7 x 12.3 x 8.00 % 7.3 % 7.2 % 7.1 % 7.0 % 6.9 % u ity u ity q 8.50 % 9.5 9.9 10.3 10.8 11.2 q 8.50 % 7.5 % 7.4 % 7.3 % 7.2 % 7.1 % EE 9.00 % 8.9 9.2 9.6 10.0 10.4 9.00 % 7.6 % 7.6 % 7.5 % 7.4 % 7.3 % ofof Cost 9.50 % 8.3 8.6 8.9 9.3 9.6 Cost 9.50 % 7.8 % 7.7 % 7.6 % 7.6 % 7.5 % 10.00 % 7.9 8.1 8.4 8.7 9.0 10.00 % 7.9 % 7.8 % 7.8 % 7.7 % 7.6 % Source: Company filings, Blue Jay Standalone Management Projections, Axioma, Bloomberg Note: Discounted to YE 2017. ¹ Calculated based on 2022E FFO. ² Implied terminal cap rate calculated based on extrapolated 2023E NOI. 2023E NOI extrapolated using 2018E – 2022E CAGR for core office, core retail and opportunistic segments based on management projections. Financial Analyses of Proposed Sale of Goldfinch to Blue Jay 54

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE 4-6 Reference Information: Blue Jay Public Data Points Blue Jay Research Analyst Views NAV Broker Estimate Date Rating Price Target per Share Primary Valuation Methodology Canaccord 9-Feb-18 Hold $ 24.00 $ 29.71 NAV Evercore 8-Feb-18 Hold 23.50 28.60 FFO multiple, NAV, and DCF Scotiabank¹ 9-Feb-18 Buy 24.75 26.75 NAV RBC Capital Markets 8-Feb-18 Buy 26.00 30.50 NAV Low $ 23.50 $ 26.75 Mean $ 24.56 $ 28.89 Median $ 24.38 $ 29.16 High $ 26.00 $ 30.50 Blue Jay IFRS NAV per Unit Over Time $ 30.62 $ 30.29 $ 30.52 $ 30.56 $ 30.15 $ 30.24 $ 29.51 $ 29.49 1Q’16 2Q’16 3Q’16 4Q’16 1Q’17 2Q’17 3Q’17 4Q’17 Source: Company filings; latest available broker research as of 21-Mar-2018 Note: Blended cap rate calculated as a NOI-weighted average of the disclosed terminal cap rates for Core Office and Core Retail; opportunistic cap rate calculated as a NOI-weighted average of either terminal cap rates or capitalization rates for each sub-segment, based on valuation approach. ¹ Scotiabank NAV estimate rounded to the nearest $0.25. Financial Analyses of Proposed Sale of Goldfinch to Blue Jay 55

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE C. Financial Analyses: Blue Jay Pro Forma

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE P / NTM FFO Multiples Over Time Last Two Years Pre-Rumor Averages Current (6-Nov-2017) 1M 3M 6M 1Y 2Y 22.0 x Blue Jay (ex. Goldfinch) 12.6 x 18.8 x 13.0 x 13.7 x 15.3 x 16.2 x 15.6 x Blue Jay Standalone 12.9 x 15.6 x 13.2 x 13.8 x 14.7 x 15.2 x 15.6 x Goldfinch 13.3 x 11.8 x 13.5 x 14.0 x 13.8 x 13.9 x 15.5 x Pro Forma Blue Jay¹ 13.0 x 14.4 x 13.3 x 13.9 x 14.4 x 14.8 x 15.5 x 20.0 x tiple 18.0 x Mul FFO d Weighte 16.0 x me -Ti NTM 14.0 x 13.3 x 13.0 x 12.9 x 12.6 x 12.0 x 10.0 x Mar-2016 Jun-2016 Sep-2016 Dec-2016 Mar-2017 Jun-2017 Sep-2017 Dec-2017 Mar-2018 Blue Jay (ex. Goldfinch) Blue Jay Standalone Goldfinch Pro Forma Blue Jay¹ Source: Bloomberg, Company filings; market data as of 21-Mar-2018 Note: Blue Jay (ex. Goldfinch) assumes Blue Jay’s stake in Goldfinch trades at the same multiple as Goldfinch standalone. ¹ Pro forma Blue Jay NTM FFO weighted using projected 2H 2018 FFO figures in the pro forma entity. Financial Analyses of Proposed Sale of Goldfinch to Blue Jay 57

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE Illustrative Present Value of Future Stock Price: Pro Forma Blue Jay Based on 1-Year Forward FFO per Share Multiple Undiscounted Future Share Price (Excl. Dividends) Present Value of Future Share Price and Dividends Discounted to 31-Dec-2017 $ 34.56 $ 33.28 $ 30.56 $ 29.27 $ 29.26 $ 28.00 $ 28.08 $ 28.08 $ 26.88 $ 27.04 $ 23.68 $ 24.83 $ 23.68 $ 24.45 $ 24.67 $ 22.75 $ 23.26 $ 22.07 $ 25.92 $ 24.96 $ 23.14 $ 22.92 $ 21.65 $ 22.84 $ 21.00 $ 20.46 $ 19.83 $ 19.83 Undisturbed Current 2018E 2019E 2020E 2021E Undisturbed Current 2018E 2019E 2020E 2021E 12.0x Forward P / FFO 13.0x Forward P / FFO 16.0x Forward P / FFO Assumptions Per Blue Jay Pro Forma Management Projections 2018E 2019E 2020E 2021E CAGR 1-Year Forward FFO Per Share¹ $ 1.75 $ 1.91 $ 2.08 $ 2.16 7.3 % Common Dividends Per Share $ 1.26 $ 1.34 $ 1.52 $ 1.65 9.4 % Cumulative Dividends Per Share $ 1.26 $ 2.60 $ 4.12 $ 5.77 Illustrative Cost of Equity 9.0 % Source: Blue Jay Pro Forma Management Projections, Blue Jay Standalone Management Projections , Axioma, Bloomberg, IBES; market data as of 21-Mar-2018, Blue Jay undisturbed date of 10-Nov-2017 Note: Dividends are discounted to 31-Dec-2017 assuming four quarter end payments. Share prices are discounted to 31-Dec-2017 using year-end convention. ¹ Shown on one-year forward basis (i.e., 2018E figure is FY 2019E FFO). CAGR shown is based on 2019E and 2022E FFO. Financial Analyses of Proposed Sale of Goldfinch to Blue Jay 58

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE Illustrative Present Value of Future Stock Price: Implied Valuation Uplift Based on 1-Year Forward FFO per Share Multiple Implied Offer Value: PV of Future Stock Price + Dividends: Goldfinch¹ $14.27 cash + 0.393 Blue Jay Pro Forma units² $ 25.77 $ 25.76 $ 24.83 $ 25.30 $ 23.35 $ 23.43 $ 23.88 $ 23.96 $ 22.59 $ 22.44 $ 23.41 $ 21.97 $ 22.94 $ 22.06 $ 22.06 $ 23.24 $ 23.36 $ 22.77 $ 22.31 $ 19.01 $ 18.92 $ 19.15 $ 17.78 $ 18.02 $ 17.48 $ 16.73 $ 16.41 $ 15.06 $ 15.52 $ 14.93 Pre- Blended YE 2017 2018E 2019E 2020E 2021E Blended 2018E 2019E 2020E 2021E Rumor Offer Price Offer Price Implied Offer Premium Goldfinch Blue Jay 2018E 2019E 2020E 2021E Standalone Pro Forma Multiple 10.0 x 12.0 x 49.4 % 46.7 % 41.7 % 39.6 % FFO 11.8 x 13.0 x 31.2 % 29.9 % 26.2 % 25.1 % NTM 15.0 x 16.0 x 13.0 % 12.8 % 10.3 % 10.0 % Source: Goldfinch Management Projections, Blue Jay Pro Forma Management Projections, Axioma, Bloomberg, IBES; market data as of 21-Mar-2018, Blue Jay undisturbed date of 10-Nov-2017 ¹ Goldfinch future share price and dividends discounted using illustrative cost of equity of 8.1% ² Blue Jay Pro Forma unit value based on illustrative present value of future stock price: Blue Jay Pro Forma (refer page 58). Blue Jay pro forma future share price and dividends discounted using illustrative cost of equity of 9.0%. Financial Analyses of Proposed Sale of Goldfinch to Blue Jay 59

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE Appendix A: Goldfinch Levered Recapitalization Analysis

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE Key Assumptions Underlying Standalone Goldfinch Leveraged Recapitalization Analysis This analysis has been prepared at the Special Committee’s request to illustrate the financial impact to shareholders of Goldfinch remaining independent and implementing an leveraged recapitalization. For illustrative purposes, the analysis assumes that Goldfinch implements almost all of the changes that Blue Jay proposes to make at the Barbet level, but remains an independent public entity ï® $9.25bn cash dividend paid to all Goldfinch shareholders ($9.52 / share) ï® Incremental debt raised at Goldfinch on same terms as Blue Jay Pro Forma Management Projections for Barbet Transaction Assumptions ï® Sale of JV interests identical to those proposed under the Blue Jay Pro Forma Management Projections ï® Illustrative transaction costs of $275mm (debt costs and transfer taxes in line with proposed Blue Jay transaction plus $35mm of other expenses) ï® Term loans issued in conjunction with the transaction are paid down over the forecast period (~$4.6bn through YE 2022) via: Subsequent Financing — $2.2bn equity proceeds from asset sales to be completed between transaction close and YE 2019 Activity — Additional property-level debt issued over the forecast period ï® Cash flows based on Blue Jay Pro Forma Management Projections for Barbet, adjusted as follows: — Added back incremental MSA fees payable to Blackbird (~$65-75mm p.a.) — Removed G&A synergies related to public company costs (~$25-30mm of public company costs) — Interest expense reflects adjustments for lower transaction costs ($275mm vs. $330mm payable at Barbet) and changes in cash flows Pro Forma Goldfinch Cash ï® Key differences between Goldfinch Management Projections (status quo) and projections for the recapitalized entity (at FFO) are: Flows — ~$50mm p.a. run-rate impact from additional management fees related to new JVs implemented pre- and post-close — ~$10-20mm p.a. in incremental lease termination fees (as assumed by Blue Jay management) — ~$150mm+ run-rate annual impact from a step-up in densification activity and additional capital investment (as assumed by Blue Jay management) ï® Dividend payout ratio of 80% of FFO, in line with Blue Jay Pro Forma Management Projections for Barbet Dividend ï® All shareholders receive equal dividends Source: Blue Jay Pro Forma Management Projections Goldfinch Levered Recapitalization Analysis 61

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE Comparison of Standalone Goldfinch Today to Goldfinch Leveraged Recapitalization Operating Statistics Peer Trading and Leverage Metrics Status Quo Goldfinch NTM FFO Multiple Goldfinch Post Recap Ä Asset Quality 14.8 x 14.3 x 12.7 x Sales PSF¹ $ 590 $578 (2.2)% 11.8 x B 8.8 x 10% B 13% 6.0 x B+ B+ % of NOI by Mall Quality² 15% 15% 4.1 x A A 72% 2.4 x 75% Scale Goldfinch TCO MAC SPG SKT PEI WPG CBL Pre- 2020 NOI ($mm) $ 2,528 $ 1,890 (25.2)% Rumor 2020 FFO ($mm) $ 1,575 $ 1,128 (28.4)% Net Debt + Pref. / 2018E EBITDA4 Dividend 9.8 x 9.5 x 2020E Dividend per Share $ 1.09 $ 0.93 (9.0)% 8.4 x 9.3 x 8.4 x 8.3 x 2020E FFO Payout Ratio 63 % 80 % +17pps 6.0 x 4.8 x 2020E AFFO Payout Ratio 75 % 101 % +26pps Leverage Net Debt + Pref. / 2018E 8.4 x 10.9 x +2.5 x EBITDA³ Goldfinch TCO MAC SPG SKT PEI WPG CBL Net Debt + Pref. / 2022E Pre- 6.8 x 8.6 x +1.8 x Rumor EBITDA Source: Blue Jay Pro Forma Management Projections, Goldfinch Management Projections, Company filings, IBES estimates; market data as of 21-Mar-2018 and Goldfinch pre-rumor data as of 6-Nov-2017 ¹ Sales PSF based on TTM sales as of 30-Sep-2017 weighted by square footage. Goldfinch post recap represents sales PSF assuming all planned asset sales. ² Mall quality breakdown based on 2018E NOI. Goldfinch post recap represents NOI breakdown assuming all planned asset sales. ³ For Goldfinch post recap based on 2H2018E annualized. 4 Goldfinch 2018E EBITDA based on Goldfinch Management Projections; peer 2018E EBITDA based on IBES estimates. Goldfinch Levered Recapitalization Analysis 62

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE Illustrative Present Value of Future Stock Price: Goldfinch Leveraged Recapitalization Based on 1-Year Forward FFO per Share Multiple Undiscounted Future Share Price (Excl. Dividends) Present Value of Future Share Price and Dividends Discounted to 31-Dec-2017 $ 22.06 $ 22.06 $ 19.01 $ 19.01 $ 15.43 $ 14.75 $ 12.70 $ 13.68 $ 12.52 $ 12.55 $ 11.76 $ 11.82 $ 12.18 $ 11.24 $ 9.68 $ 10.43 $ 9.98 $ 10.16 $ 9.11 $ 9.55 $ 7.27 $ 7.62 $ 7.50 $ 7.84 $ 6.22 $ 6.75 $ 6.45 $ 6.95 Pre- Blended 2018E 2019E 2020E 2021E Pre- Blended 2018E 2019E 2020E 2021E Rumor Offer Price Rumor Offer Price 6.0x Forward P / FFO 9.0x Forward P / FFO 11.8x Forward P / FFO (Goldfinch—Pre Rumor)³ 2018E 2019E 2020E 2021E CAGR 1-Year Forward FFO Per Share¹ $ 1.08 $ 1.16 $ 1.25 $ 1.31 6.7 % Common Dividends Per Share² $ 0.45 $ 0.86 $ 0.93 $ 1.00 7.8 % Cumulative Dividends Per Share $ 0.45 $ 1.31 $ 2.24 $ 3.24 Illustrative Cost of Equity 11.4 % Source: Blue Jay Pro Forma Management Projections, Axioma, Bloomberg, IBES; market data as of 21-Mar-2018, Goldfinch pre-rumor date of 6-Nov-2017 Note: Dividends are discounted to 31-Dec-2017 assuming four quarter end payments. Share prices are discounted to 31-Dec-2017 using year-end convention. ¹ Shown on one-year forward basis (i.e., 2018E is FY 2019E FFO). CAGR shown is based on 2019E and 2022E FFO. ² CAGR shown is based on 2019E and 2021E dividend per share. ³ Pre-Rumor Forward FFO multiple per IBES consensus. Goldfinch Levered Recapitalization Analysis 63

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE Illustrative Present Value of Future Stock Price: Implied Valuation Uplift Based on 1-Year Forward FFO per Share Multiple Implied Offer Value: Implied Recap Value: $9.52 Cash + 1 Recap Share¹ $14.27 cash + 0.393 Blue Jay Pro Forma units² $ 25.77 $ 25.76 $ 24.83 $ 25.30 $ 23.88 $ 23.96 $ 23.41 $ 22.06 $ 22.05 $ 22.08 $ 22.94 $ 21.35 $ 21.71 $ 22.06 $ 23.24 $ 23.36 $ 22.77 $ 19.69 $ 22.31 $ 19.01 $ 18.64 $ 19.08 $ 19.51 $ 17.15 $ 16.80 $ 16.28 $ 15.75 Pre- Blended 2018E 2019E 2020E 2021E Blended 2018E 2019E 2020E 2021E Rumor 6.0x Forward Offer P Price / FFO 9.0x Forward P / FFO 11.8x Forward P / FFO Offer Price 12.0x Forward P / FFO 13.0x Forward P / FFO 16.0x Forward P / FFO (Goldfinch—Pre Rumor)³ Implied Offer Premium vs. Recap Value Goldfinch Levered Blue Jay Recap Pro Forma 2018E 2019E 2020E 2021E Multiple 6.0 x 12.0 x 16.3 % 16.6 % 16.8 % 16.7 % FFO 9.0 x 13.0 x 23.0 % 22.7 % 22.4 % 21.7 % NTM 11.8 x 16.0 x 41.7 % 39.9 % 38.3 % 36.2 % Source: Blue Jay Pro Forma Management Projections , Axioma, Bloomberg, IBES; market data as of 21-Mar-2018, Goldfinch pre-rumor date of 6-Nov-2017 ¹ Goldfinch Leveraged Recapitalization future share price, dividends and leveraged recapitalization dividend discounted using illustrative cost of equity of 11.4%. ² Blue Jay Pro Forma unit value based on illustrative present value of future stock price: Blue Jay Pro Forma (refer page 58). Blue Jay pro forma future share price and dividends discounted using illustrative cost of equity of 9.0%. ³ Pre-rumor Forward FFO multiple per IBES consensus. Goldfinch Levered Recapitalization Analysis 64

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE Appendix B: Share Register Analysis

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE Goldfinch / Blue Jay Shareholder Overlap Excludes Blackbird’s Stake in Blue Jay and Blue Jay’s Stake in Goldfinch Goldfinch Top 25 Firm Level Investors Blue Jay Top 25 Firm Level Investors % Free Float Most Recent % Free Float Most Recent AUM AUM Institution Style ($bn) Goldfinch Blue Jay Institution Style ($bn) Blue Jay Goldfinch Vanguard Index 3,159.3 14.2 % RBC Global Asset Management Inc. Value $ 66.7 8.6 % 0.3 % BlackRock Institutional Trust Company, N.A. Index 2,046.2 7.0 0.3 % Manulife Asset Management Limited Growth $ 38.6 5.4 0.1 State Street Global Advisors (US) Index 1,297.8 5.6 Letko, Brosseau & Associates Inc. Value 13.9 3.7 Cohen & Steers Sector Specific 57.7 5.0 Fidelity Institutional Asset Management GARP 76.9 3.7 1.7 Norges Bank Investment Management (NBIM) Pension 699.5 4.3 RBC Dominion Securities, Inc. Other 37.3 3.5 0.0 Fidelity GARP 1,215.3 3.7 1.2 CIBC Asset Management Inc. Value 27.5 2.9 0.1 T. Rowe Price GARP 661.4 3.0 CI Investments Inc. Value 35.5 2.4 CBRE Clarion Securities, L.L.C. Sector Specific 11.8 2.3 Fidelity Investments Canada ULC Other 12.6 2.2 0.7 Morgan Stanley IM (US) GARP 71.7 2.1 0.2 Invesco Canada Ltd. Growth 19.3 2.1 0.0 Fidelity Institutional Asset Management GARP 76.9 1.7 3.7 Future Fund Board of Guardians Pension 0.2 2.1 Invesco Advisers, Inc. GARP 190.6 1.5 0.1 Phillips, Hager & North Investment Management GARP 7.2 2.0 Dimensional Fund Advisors Quantitative 409.8 1.4 Scotia Capital Inc. Broker Dealer 7.4 1.8 0.0 Daiwa Asset Management Co., Ltd. GARP 72.9 1.3 Partners Value Investments, L.P. Strategic 0.7 1.8 Geode Capital Management, L.L.C. Index 342.5 1.2 0.1 TD Asset Management Inc. GARP 70.9 1.4 0.0 Northern Trust Investments, Inc. Index 259.4 1.0 Principal Global Investors (Equity) Growth 126.3 1.4 0.5 Nuveen LLC Pension 320.6 1.0 Mackenzie Financial Corporation Growth 61.3 1.4 0.1 CenterSquare Investment Management, Inc. Sector Specific 6.9 1.0 Fidelity GARP 1,215.3 1.2 3.7 Charles Schwab Investment Management, Inc. Index 160.1 1.0 GWL Investment Management Ltd. Growth 43.8 1.1 0.1 PGGM Vermogensbeheer B.V. Pension 67.5 0.9 Capital International Value 128.4 1.0 Legal & General Investment Management Ltd. Index 215.5 0.8 PSP Investments Pension 14.1 0.9 0.4 Morgan Stanley & Co. LLC Broker Dealer 84.7 0.8 0.0 First Manhattan Company Value 18.8 0.9 0.0 BlackRock Asset Management Ireland Limited Growth 93.0 0.8 RBC Wealth Management, International Insurance 19.1 0.9 APG Asset Management US, Inc. Pension 12.2 0.7 Swedbank Robur Fonder AB Growth 81.4 0.8 0.0 Fidelity Investments Canada ULC Other 12.6 0.7 2.2 I.G. Investment Management, Ltd. GARP 20.4 0.8 BlackRock Investment Management (UK) Ltd. Growth 289.9 0.6 British Columbia Investment Management Corp. Pension 44.0 0.7 0.0 Top 25 Institutional Goldfinch Holders 63.6 % Top 25 Institutional Blue Jay Holders 54.5 % Overlap in Top 25 Institutional Goldfinch Holders 18.7 7.7 Overlap in Top 25 Institutional Blue Jay Holders 39.9 7.8 Overlap in All Institutional Goldfinch Holders 24.9 % 45.5 % Overlap in All Institutional Blue Jay Holders 45.5 % 24.9 % Source: Thomson Financial, shareholder data as of Q4 ’17 and subsequent 13D / G filings, Company filings Note: Highlighted investors own both Goldfinch and Blue Jay. Excludes Blackbird’s economic ownership stake in Blue Jay and Blue Jay’s economic ownership stake in Goldfinch. Ownership percentages expressed in terms of free float. Share Register Analysis 66

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE Shareholder Base by Investor Type 0.4 % 0.5 % Goldfinch vs. Blue Jay | As of 31-Dec-2017 Excludes Blackbird’s Stake in Blue Jay and Blue Jay’s Stake in Goldfinch Goldfinch Shareholder 11.5 Base % Blue Jay Shareholder Base 0.5 % 0.4 % 0.9 % 0.2 % 11.5 % 15.9 % 5.4 % 0.9 % 0.2 % 32.1 % 34.4 % 5.7 % 2.7 % 5.4 % 32.1 % 10.7 % 2.7 % 11.0 % 2.1 % 5.4 % 11.0 % 18.5 % 2.0 % 2.5 % RE Dedicated Income Value GARP Growth Hedge Fund Pension Other Active Index Source: Thomson Financial, shareholder data as of Q4’17 and subsequent 13D / G filings Share Register Analysis 67

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE Goldfinch’s Fund-Level Overview Roughly Half of Goldfinch’s Active Shareholders Own PTPs or Externally Managed REITs Cost Basis and Returns Most Recent Holds Externally AUM Cost Basis Unrealized Shares Managed Fund Style ($bn) ($USD) Gain¹ %OS (mm) Holds PTPs? REITs? Holds Any? Holds Both? Fidelity US REIT Mother Fund Other $ 12.9 $ 24.27 (13.2)% 1.4 % 12.9 O P P O T. Rowe Price Real Estate Fund Sector Specific 6.0 20.20 4.2 1.2 11.7 O O O O DFA Real Estate Securities Portfolio Quantitative 8.4 17.52 20.2 0.6 5.5 O P P O Fidelity Real Estate Investment Portfolio Sector Specific 4.1 25.58 (17.7) 0.6 5.3 O P P O Cohen & Steers Realty Shares, Inc. Sector Specific 4.5 22.78 (7.5) 0.5 4.7 O O O O Cohen & Steers Real Estate Securities Fund Sector Specific 4.3 22.74 (7.4) 0.4 3.9 O O O O Nuveen Real Estate Securities Fund Sector Specific 3.9 21.72 (3.1) 0.4 3.7 P P P P Cohen & Steers Institutional Realty Shares, Inc. Sector Specific 2.8 22.78 (7.5) 0.3 2.9 O O O O Two Sigma Investments, LP Hedge Fund 66.5 22.18 (5.1) 0.3 2.6 P P P P JPMorgan Mid Cap Value Fund Value 19.2 23.13 (8.9) 0.3 2.6 P O P O Fidelity NorthStar Fund GARP 6.8 23.40 (10.0) 0.3 2.5 O O O O T. Rowe Price Real Assets Fund Other 3.3 20.09 4.8 0.3 2.4 O O O O Asset Management One USA Inc. Hedge Fund 45.5 23.25 (9.4) 0.3 2.4 O P P O Fidelity Canadian Disciplined Fund Value 1.9 25.21 (16.5) 0.2 2.0 P O P O Voya Global Real Estate Fund—US Sector Specific 1.8 15.51 35.8 0.2 2.0 O O O O Wells Fargo Special Mid Cap Value Fund Value 8.6 21.93 (4.0) 0.2 1.9 P O P O TIAA-CREF Real Estate Securities Fund Income 2.0 18.17 15.9 0.2 1.9 P P P P Fidelity Series Stock Selector Large Cap Value Value 9.9 21.85 (3.6) 0.2 1.8 P O P O Alpine Associates Management Inc. Hedge Fund 2.3 22.37 (5.8) 0.2 1.8 P O P O Merger Fund Specialty 1.8 22.37 (5.8) 0.2 1.8 P O P O CREF Stock Account Growth 126.2 22.94 (8.2) 0.2 1.7 P P P P Met Investors Series—Clarion Global Real Estate Portfolio Sector Specific 1.5 19.16 9.9 0.2 1.7 O O O O Sentry Global REIT Fund Income 0.7 23.27 (9.5) 0.2 1.6 O O O O CBRE Clarion Global Real Estate Income Fund Sector Specific 0.9 25.54 (17.5) 0.2 1.5 O P P O Morgan Stanley Instl Global Real Estate Portfolio Income 1.6 18.29 15.2 0.2 1.4 O P P O Top 25 Active Mutual and Hedge Fund Holders 8.9 % 84.0 40.0 % 40.0 % 64.0 % 16.0 % Full Active Register 29.1 41.8 56.6 14.3 Median $ 22.37 (5.8)% Weighted Average² 22.03 (4.4) Source: Bloomberg, Thomson, 13F filings as of Q4 ’17 and subsequent 13D / G filings Note: PTPs include Alliance Bernstein, Apollo, Ares, Blackstone, Blue Jay, Buckeye Partners, Carlyle, Cedar Fair, Cheniere Energy Partners, Enable Midstream Partners, Enbridge Energy Partners, Energy Transfer Partners, EnLink Midstream Partners, Enterprise Products Partners, EQT Midstream Partners, Fortress, KKR, Magellan Midstream Partners, MPLX, Oaktree, Och-Ziff, Phillips 66 Partners, Plains All American Pipeline, Spectra Energy Partners, Western Gas Partners, and Williams Partners. Externally managed REITs include Alexander’s, Altisource Residential, Ashford Hospitality Trust, Ashford Hospitality Prime, Gladstone Commercial, Global Net Lease, Government Properties Income, Hospitality Properties, Independence Realty Trust, Monmouth REIT, New Senior Investment Group, New York REIT, Nexpoint Residential, Northstar Realty Europe, Preferred Apartment Communities, Select Income REIT, Senior Housing Properties, and Universal Health Realty. 1 Calculated as the weighted average cost of current shares held based on quarterly VWAPs and all share purchases 2005 – present. Based on share price of market close, 21-Mar-2018, $21.06. ² Weighted average based on number of shares held. Share Register Analysis 68

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE S&P Index Inclusion Criteria Criteria Description Barbet Commentary ï® S&P 500: $6.1bn+ ï® Barbet’s market cap will be up to ~$5bn Market Cap ï® S&P MidCap 400: $1.6bn – $6.8bn  (subject to shareholders’ choice between ï® S&P SmallCap 600: $450mm – $2.1bn Barbet and Blue Jay equity consideration) Liquidity ï® Annual dollar value traded ³ 1.0x float adjusted market cap ? ï® Minimum of 250k shares traded in each of 6 months leading up to evaluation Public Float ï® At least 50% of the shares outstanding  ï® Sum of last four consecutive quarters and most recent quarter GAAP (core) Financial Viability  net income should be positive 1. Files 10-K annual reports with SEC  ï® Acceptable exchanges include: NYSE, NYSE Arca, NYSE MKT, NASDAQ Global 2. US portion of fixed assets and revenues constitutes a plurality of total fixed Select, NASDAQ Select, Nasdaq Capital,  assets and revenues, respectively Bats BZX, Bats BYX, Bats EDGA, or Bats ï® If the factors conflict, assets determine plurality EDGX. ADRs are not eligible ï® If only factor precluding company from US ï® If incomplete information, revenues determine plurality US Domicile domicile is tax registration outside the US Characteristics ï® If this criterion is not met or judgment is ambiguous, S&P may still chosen for tax-related reasons, S&P may determine a US domicile if primary listing, headquarters, and still determine a US domicile incorporation are all in the US or a domicile of convenience1 ï® Ultimately US domicile is at the discretion of the US Index Committee 3. Primary listing of common stock is on an “acceptable” exchange  4. Corporate governance structure is consistent with US practice ? 5. Single class of common stock  Sector ï® The S&P committee tries to maintain a GICS sector balance that is consistent ï® Will ultimately depend on the discretion of ? Representation with the S&P Total Market constituents in the relevant market cap range the S&P Committee ï® NYSE or NASDAQ listed common equities; closed end funds, MLPs, BDCs, Eligible Company  mortgage REITs, ETFs, royalty trusts, ADRs and ADSs are excluded Time Since IPO ï® Public for at least 6-12 months  Source: S&P U.S. Indices Methodology March 2017; SEC Brief Overview for Foreign Private Issuers ¹ Domiciles of convenience include Bermuda and other locations. Share Register Analysis 69

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE MSCI US REIT Index Inclusion Criteria Key Qualifier Objective Requirements Rubric Calculation Barbet ï® Inclusion in the ï® Market capitalization greater than the ï® Market Cap >$236 million ï® Total common shares “parent index” MSCI “Equity Universe Minimum Size outstanding, excluding OP 1 USA Investable Requirement” units Market Index (IMI), which requires: ï® Float-adjusted market capitalization ï® Float >$118 million ï® Total common shares greater than or equal to 50% of the floating, excluding OP units 1 “Equity Universe Minimum Size Requirement” ï® “Adequate” liquidity ï® 3-month Average Traded ï® Average of monthly median Value Ratio >20% for each daily traded value / float-of the last 4 quarters adjusted market ? capitalization for each 3 Included in Parent month period, then Index annualized ï® 12-month Average Traded ï® Average of monthly median Value Ratio >20% for the daily traded value / float-last year adjusted market ? capitalization for the last 12 months, then annualized ï® 3-month Frequency of ï® # days traded / Trading > 90% # NYSE trading days over a ? given 3 month period ï® Minimum Length of Trading ï® At least 3 months before the implementation of a Semi-Annual Requirement Index Review (May & November) - ï® REITs classified in the Mortgage REIT sub-industry are excluded Not a Mortgage or ï® REITs classified in the Specialized REIT sub-industry that do not generate a majority of their revenue and income from real estate rental  Specialty REIT and related leasing operations are excluded (ex. timber REITs) ï® Both internal and external management structures are permitted Other Items ï® Currently, non-voting securities can be included; however, MSCI is currently canvassing investors as to whether non-voting securities ? should be excluded (issue to be voted on Jun-2018) in line with the decision recently taken by S&P Source: MSCI, FTSE source materials ¹ Subject to shareholders’ choice between Barbet and Blue Jay stock consideration, but Barbet market cap could be up to ~$5bn (based on Blue Jay share price as of 21-Mar-2018) with a free float of up to ~45%. Share Register Analysis 70

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE Appendix C: Supporting Financial Analysis

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE Common Stock Comparison Sorted by 2018E FFO Multiple ($ in millions, except per share data) Consensus Consensus GSA GSA Closing % of 52 Equity Net Net Debt / EBITDA FFO Implied Prem. Price Week Dividend Market Enterprise Debt / 2017E Multiples (2) Multiples (2) Cap to NAV Company 21-Mar-2018 High Yield Cap (1) Value (1) EV EBITDA 2018 2019 2018 2019 Rate (3) (3) Goldfinch—Cash Election $ 23.50 96.4 % 3.7 % $ 22,859 $ 41,299 43.9 % 8.0 x 18.2 x 17.8 x 15.0 x 14.3 x 5.7 % (9.0)% Goldfinch—Equity Election $ 19.88 81.6 % 4.4 19,300 37,741 48.1 8.0 16.6 16.3 12.7 12.1 6.2 (23.0) Goldfinch—Blended Offer $ 22.06 90.5 % 4.0 21,441 39,881 45.5 8.0 17.6 17.2 14.0 13.4 5.9 (14.6) Goldfinch—Pre-Rumor (6-Nov-17) $ 19.01 78.0 % 4.6 18,451 36,892 49.2 8.0 16.3 15.9 12.1 11.6 6.4 (26.4) Blue Jay—Current $ 19.83 79.4 % 6.4 15,733 51,308 62.0 12.8 20.7 19.4 13.1 12.2 5.6 (32.0) Blue Jay—Undisturbed (10-Nov-17) $ 23.68 94.9 % 5.3 18,761 54,358 58.6 12.8 21.9 20.6 15.6 14.6 5.4 (18.8) Goldfinch Peers Taubman Centers $ 56.28 83.8 % 4.4 % $ 4,877 $ 9,936 47.3 % 8.6 x 18.3 x 17.4 x 14.9 x 14.4 x 5.5 % (34.5)% Macerich 57.48 82 5.1 8,738 16,339 46.5 8.3 17.8 17.3 14.5 13.8 5.8 (22.2) Simon Property Group 154.34 88 5.1 57,934 88,164 34.2 4.8 14.0 13.5 12.9 12.3 6.3 (26.9) Peers—High 87.6 % 5.1 % $ 57,934 $ 88,164 47.3 % 8.6 x 18.3 x 17.4 x 14.9 x 14.4 x 6.3 % (22.2)% Peers—Mean 85 4.9 23,850 38,146 42.7 7.2 16.7 16.1 14.1 13.5 5.8 (27.9) Peers—Median 84 5.1 8,738 16,339 46.5 8.3 17.8 17.3 14.5 13.8 5.8 (26.9) Peers—Low 82 4.4 4,877 9,936 34.2 4.8 14.0 13.5 12.9 12.3 5.5 (34.5) 1 Source: Latest publicly available financial statements. Equity Market Cap based on diluted shares outstanding. 2 Source: Projected EBITDA and FFO are based on IBES median estimates. All research estimates have been calendarized to December. 3 Implied Cap Rate and Prem. to NAV for Blue Jay based on median of cap rates implied by NAV calculations per RBC Capital Markets, Evercore and Scotiabank and Prem. to NAV based on latest available research. Supporting Financial Analysis 72

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE Goldfinch Analyst Estimates NAV 2018E 2019E 2018E 2019E 2018E 2019E Broker Estimate Date Rating Target Price per Share AFFO / Sh AFFO / Sh FFO / Sh FFO / Sh DPS DPS Bank of America¹ 7-Feb-18 Buy 25.00 $ 25.00 $ 1.40 $ 1.50 $ 1.62 $ 1.73 $ 0.90 $ 0.94 Barclays 8-Feb-18 Hold 23.00 33.97 1.57 1.69 1.24 1.36 0.89 0.93 BMO Capital Markets 17-Nov-17 Hold 22.00 27.69 1.34 NA 1.63 NA 0.99 NA Boenning & Scattergood 9-Feb-18 Buy 34.50 34.79 1.33 $ 1.37 1.58 $ 1.63 0.90 $ 0.95 BTIG 14-Mar-18 Buy 27.50 32.93 NA NA 1.61 1.69 0.98 1.06 Citibank 17-Nov-17 NA 27.50 29.90 NA NA NA NA NA NA Deutsche Bank 8-Feb-18 Hold 24.00 NA NA NA 1.55 1.62 0.99 1.12 Evercore 7-Feb-18 Hold 26.00 25.29 1.20 1.25 1.59 1.66 0.96 1.03 Goldman Sachs¹ 23-Feb-18 Sell 18.00 NA NA NA 1.61 1.67 NA NA Green Street Advisors² 14-Mar-18 Sell NA 25.82 1.13 1.17 1.59 1.64 NA NA J.P. Morgan 12-Feb-18 Buy 25.50 NA 1.23 1.30 1.57 1.64 0.92 0.97 Mizuho Securities 19-Mar-18 Buy 24.00 26.00 1.25 1.27 1.61 1.63 NA NA RBC Capital Markets 12-Feb-18 Buy 24.00 23.55 1.26 1.33 1.63 1.70 0.89 0.88 Sandler O’Neill 26-Feb-18 Hold 22.00 26.00 1.05 1.14 1.58 1.64 NA NA Stifel 9-Mar-18 Buy 24.00 26.00 NA NA 1.56 1.63 0.88 0.96 SunTrust 7-Feb-18 Buy 26.00 27.11 1.27 1.35 1.60 1.68 0.88 0.88 UBS 7-Feb-18 Hold 23.00 27.24 1.31 1.38 1.59 1.66 0.92 0.95 Wells Fargo 12-Feb-18 Hold 23.00 30.00 NA NA 1.55 1.59 NA NA Median $ 24.00 $ 27.11 $ 1.27 $ 1.33 $ 1.59 $ 1.64 $ 0.91 $ 0.95 IBES Consensus NA NA NA NA 1.57 1.64 0.90 0.96 SNL Consensus NA 26.01 1.26 1.33 1.57 1.63 0.90 0.96 FFO / Diluted Share Estimates Over Time $ 2.00 $ 1.80 $1.72 2020E $1.64 $ 1.60 2019E $1.57 $1.60 2018E 2017A $ 1.40 Jan-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Dec-17 Jan-18 Feb-18 Mar-18 2017 2018 2019 2020 Source: Bloomberg, IBES, Company filings, and broker research; market data as of 21-Mar-2018 ¹ Bank of America and Goldman Sachs recommendations / price targets from prior recent reports (having moved to unrated post transaction announcement). ² Not included in IBES / SNL consensus. Supporting Financial Analysis 73

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE Goldfinch Cost of Equity Goldfinch Cost of Equity¹ Beta Over Time (Last 2 Years)² Risk Free Rate 3.01 % 1.00 6-Nov-17 Equity Risk Premium 6.90 % 0.74 Levered Beta (Pre-Rumor) 0.74 Cost of Equity 8.13 % 0.90 Cost of Equity 0.80 7.50 % 7.75 % 8.13 % 8.25 % 8.50 % Equity Beta 0.65 0.69 0.74 0.76 0.80 0.70 Beta of Comparable Companies¹ 0.68 Historical Implied Beta Comparable Equity Debt to Cost of 0.62 Company Beta Cap Asset Beta Equity 0.60 Macerich 0.62 46.7 % 0.39 7.28 % Simon Property Group 0.45 34.7 % 0.33 6.10 % 0.54 Taubman Centers 0.68 49.3 % 0.42 7.70 % 0.50 Low 0.45 34.7 % 0.33 6.10 % Mean 0.62 46.7 % 0.39 7.28 % 0.45 Median 0.62 46.7 % 0.39 7.28 % High 0.68 49.3 % 0.42 7.70 % 0.40 0.30 Mar-2016 Sep-2016 Mar-2017 Sep-2017 Mar-2018 Goldfinch SPG MAC TCO Source: Capital IQ, public filings, Axioma Historical Betas and Ibbotson. market data as of 21-Mar-2018 unless otherwise stated Note: Risk free rate represents current yield on US government 20-yr bond; Equity risk premium as calculated by Ibbotson; Goldfinch levered historical beta per Axioma. ¹ Beta for Goldfinch shown as of pre-rumor date of 6-Nov-2017. Beta for comparable companies as of 21-Mar-2018. ² Axioma historical beta. Calculated based on weekly price change of a security relative to weekly price change of the appropriate local index over two year period. Supporting Financial Analysis 74

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE Blue Jay Analyst Estimates Estimate Target NAV 2018E 2019E 2018E 2019E 2018E 2019E Broker Date Rating Price Estimate AFFO / SH AFFO / SH FFO / SH FFO / SH Dividend Dividend Canaccord 9-Feb-18 Hold $ 24.00 $ 29.71 $ 1.18 $ 1.27 $ 1.54 $ 1.64 $ 1.26 $ 1.27 Evercore 8-Feb-18 Hold 23.50 28.60 0.81 0.93 1.49 1.62 1.26 1.32 Scotiabank¹ 9-Feb-18 Buy 24.75 26.75 1.11 1.18 1.44 1.52 1.26 1.32 RBC Capital Markets 8-Feb-18 Buy 26.00 30.50 0.96 1.02 1.55 1.62 NA NA Median $ 24.38 $ 29.16 $ 1.04 $ 1.10 $ 1.52 $ 1.62 $ 1.26 $ 1.32 IBES Consensus NA NA NA NA 1.52 1.62 1.26 1.32 SNL Consensus NA 30.10 1.07 1.15 1.52 1.62 1.26 1.32 FFO / Diluted Share Estimates Over Time $ 1.70 $ 1.62 $ 1.60 2019E $ 1.52 $ 1.50 2018E $1.44 $ 1.40 2017A $ 1.30 Jan-2017 May-2017 Aug-2017 Nov-2017 Mar-2018 2017A 2018E 2019E Source: Bloomberg, IBES, company filings, and broker research; market data as of 21-Mar-2018; estimates data as of 21-Mar-2018 ¹ Scotiabank NAV estimate rounded to the nearest $0.25. Supporting Financial Analysis 75

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE Blue Jay NAV Analysis ($ in millions, except per share data) Canaccord Evercore RBC ScotiaBank Core Office NOI $ 1,310 $ 1,180 $ 1,240 Office Cap Rate 5.10 % 4.50 % 4.10 % Office Asset Value $ 25,680 $ 26,222 $ 30,244 Core Retail NOI $ 780 $ 745 $ 788 Retail Cap Rate 5.60 % 5.70 % 5.50 % Retail Asset Value $ 13,929 $ 13,070 $ 14,326 Real Estate Opportunistic NOI $ 748 $ 552 $ 570 Opportunistic Cap Rate 6.50 % 5.95 % 5.94 % Opportunistic Asset Value $ 11,508 $ 9,273 $ 9,588 Total Stabilized NOI $ 2,838 $ 2,475 $ 2,598 $ 2,834 Implied Blended Cap Rate—Stabilized Properties 5.55 % 5.10 % 4.80 % 5.25 % Total Stabilized Real Estate Asset Value $ 51,117 $ 48,532 $ 54,158 $ 53,979 Development Assets 4,760 4,760 4,760 4,760 Total Real Estate Assets $ 55,877 $ 53,292 $ 58,918 $ 58,739 Total Debt $(32,670) $(32,875) $(33,808) $(33,808) Non-Real Estate Assets 9,057 12,619 9,057 5,882 Non- Real Estate Liabilities (8,724) (10,276) (9,718) (9,343) Corporate Non-Controlling Interest (2,638) (2,638) (291) (2,638) Net Asset Value $ 20,902 $ 20,121 $ 24,158 $ 18,832 Units O/S 703.6 704.0 791.0 703.6 NAV per Unit $ 29.71 $ 28.60 $ 30.50 $ 26.77 Opportunistic Office NOI $ 139 $ 146 Opportunistic Office Cap Rate 6.00 % 5.70 % Opportunistic Office Asset Value $ 2,317 $ 2,569 Opportunistic Retail NOI $ 131 $ 135 Opportunistic Retail Cap Rate 7.00 % 6.70 % Opportunistic Retail Asset Value $ 1,871 $ 2,008 Industrial NOI $ 30 $ 32 Industrial Cap Rate 5.80 % 5.60 % Industrial Asset Value $ 517 $ 569 Multifamily NOI $ 141 $ 94 Multifamily Cap Rate 5.10 % 5.40 % Opportunistic Multifamily Asset Value $ 2,765 $ 1,735 Asset Value Triple Net Lease NOI $ 84 $ 84 Detail Triple Net Lease Cap Rate 6.40 % 6.10 % Triple Net Lease Asset Value $ 1,313 $ 1,376 Storage NOI $ 27 $ 28 Storage Cap Rate 5.50 % 6.00 % Storage Asset Value $ 491 $ 459 Senior Housing NOI $ 17 Senior Housing Cap Rate 5.50 % Senior Housing Asset Value $ 308 Manufactured Housing NOI $ 34 Manufactured Housing Cap Rate 6.10 % Manufactured Housing Asset Value $ 564 Source: Broker research as of 21-Mar-2018 Supporting Financial Analysis 76

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE Blue Jay Cost of Equity Blue Jay Cost of Equity¹ Beta Over Time (Last 2 Years)² Risk Free Rate 3.01 % 1.00 10-Nov-17 Equity Risk Premium 6.90 % 0.97 Levered Historical Beta (Undisturbed) 0.97 Cost of Equity 9.68 % 0.90 0.80 Cost of Equity Beta 8.00 % 8.50 % 9.00 % 9.50 % 10.00 % Equity Beta 0.72 0.80 0.87 0.94 1.01 0.70 0.60 0.55 0.50 Mar-2016 Sep-2016 Mar-2017 Sep-2017 Mar-2018 Blue Jay Source: Capital IQ, Axioma Historical Betas and Ibbotson; market data as of 21-Mar-2018 unless otherwise stated Note: Risk free rate represents current yield on US government 20-yr bond; Equity risk premium as calculated by Ibbotson; Blue Jay levered historical beta per Axioma. ¹ Levered historical beta (undisturbed) as of 10-Nov-2017. ² Axioma historical beta. Calculated based on weekly price change of a security relative to weekly price change of the appropriate local index over two year period. Supporting Financial Analysis 77

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE Pro Forma Blue Jay Cost of Equity Blue Jay Pro Forma Cost of Equity Beta Over Time (Last 2 Years)³ Blue Jay 1.00 10-Nov-17 Levered Historical Beta (Undisturbed)¹ 0.97 0.91 Pro Forma Ownership 75.7 % 0.95 Goldfinch Levered Historical Beta (Pre-Rumor)² 0.74 0.90 Pro Forma Ownership 24.3 % 0.85 Pro Forma Blue Jay Risk Free Rate 3.01 % Equity Risk Premium 6.90 % 0.80 Pro Forma Blue Jay Equity Beta³ 0.91 Cost of Equity 9.30 % 0.75 Cost of Equity 8.00 % 8.50 % 9.00 % 9.50 % 10.00 % 0.70 Equity Beta 0.72 0.80 0.87 0.94 1.01 0.65 0.60 0.55 0.55 0.50 Mar-2016 Sep-2016 Mar-2017 Sep-2017 Mar-2018 Pro Forma Blue Jay Source: Axioma Historical Betas and Ibbotson; market data as of 21-Mar-2018 Note: Risk free rate represents current yield on US government 20-yr bond; Equity risk premium as calculated by Ibbotson. Goldfinch and Blue Jay levered historical beta per Axioma. ¹ Blue Jay levered historical beta (undisturbed) as of 10-Nov-2017. ² Goldfinch levered historical beta (pre-rumor) as of 6-Nov-2017. ³ Based on weighted average of Blue Jay beta and Goldfinch beta, weighted by respective ownership in pro forma Blue Jay. Supporting Financial Analysis 78

PRELIMINARY DRAFT SUBJECT TO CHANGE AND DILIGENCE Goldfinch Leveraged Recapitalization Cost of Equity ($ in millions) Goldfinch Leveraged Recapitalization Cost of Equity¹ Beta of Comparable Companies¹ Historical Levered Beta (Pre-Rumor) 0.74 Historical Implied Comparable Equity Debt to Cost of Company Beta Cap Asset Beta Equity Net Debt / Equity Ratio 0.99 Macerich 0.62 46.7 % 0.39 7.28 % Marginal Tax Rate 0.0 % Simon Property Group 0.45 34.7 % 0.33 6.10 % Historical Asset Beta (Pre-Rumor) 0.37 Taubman Centers 0.68 49.3 % 0.42 7.70 % Tanger Factory Outlet Centers 0.63 47.5 % 0.40 7.39 % FFO Multiple Midpoint 9.0 x Pennsylvania REIT 1.18 68.6 % 0.49 11.16 % Pro Forma 2019E FFO $ 1,045 Washington Prime Group 1.40 72.0 % 0.52 12.64 % Pro Forma Market Cap (as of YE 2018) $ 9,404 CBL & Associates 1.73 85.0 % 0.37 14.95 % Pro Forma Net Debt + Preferred (as of YE 2018) $ 21,117 Low 0.45 34.7 % 0.33 6.10 % Pro Forma Net Debt / Equity Ratio 2.25 Mean 0.68 49.3 % 0.40 7.70 % Marginal Tax Rate 0.0 % Median 0.68 49.3 % 0.40 7.70 % Pro Forma Levered Beta 1.21 High 1.73 85.0 % 0.52 14.95 % Risk Free Rate 3.01 % Equity Risk Premium 6.90 % Pro Forma Levered Beta 1.21 Pro Forma Illustrative Cost of Equity 11.38 % Source: Capital IQ, Axioma Historical Betas and Ibbotson; market data as of 21-Mar-2018 unless otherwise stated Note: Risk free rate represents current yield on US government 20-yr bond; Equity risk premium as calculated by Ibbotson; Goldfinch levered historical beta per Axioma. ¹ Levered historical beta (pre-rumor) as of 6-Nov-2017 and levered historical beta (current) for peers as of 21-Mar-2018. Supporting Financial Analysis 79

Project Gold Discussion Materials Strictly Private and Confidential Goldman Sachs & Co. LLC March 26, 2018

Disclaimer These materials have been prepared and are provided by Goldman Sachs on a confidential basis solely for the information and assistance of the special committee of the Board of Directors (the “Special Committee”) of Goldfinch (the “Company”) in connection with its consideration of the matters referred to herein. These materials and Goldman Sachs’ presentation relating to these materials (the “Confidential Information”) may not be disclosed to any third party or circulated or referred to publicly or used for or relied upon for any other purpose without the prior written consent of Goldman Sachs. The Confidential Information was not prepared with a view to public disclosure or to conform to any disclosure standards under any state, federal or international securities laws or other laws, rules or regulations, and Goldman Sachs does not take any responsibility for the use of the Confidential Information by persons other than those set forth above. Notwithstanding anything in this Confidential Information to the contrary, the Company may disclose to any person the US federal income and state income tax treatment and tax structure of any transaction described herein and all materials of any kind (including tax opinions and other tax analyses) that are provided to the Company relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. The Confidential Information has been prepared by the Investment Banking Division of Goldman Sachs and is not a product of its research department. Goldman Sachs and its affiliates are engaged in advisory, underwriting and financing, principal investing, sales and trading, research, investment management and other financial and non-financial activities and services for various persons and entities. 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Table of Contents I. Review of Blue Jay Proposal II. Recent Developments III. Overview of Barbet Class A Stock IV. Management Projections A. Goldfinch Standalone B. Blue Jay Standalone C. Blue Jay Pro Forma V. Financial Analyses of Proposed Sale of Goldfinch to Blue Jay A. Financial Analyses: Goldfinch Standalone B. Financial Analyses: Blue Jay Standalone C. Financial Analyses: Blue Jay Pro Forma Appendix A: Goldfinch Levered Recapitalization Analysis Appendix B: Share Register Analysis Appendix C: Supporting Financial Analysis 2

I. Review of Blue Jay Proposal

Transaction Summary Acquirer ï® Blue Jay ï® Payable in form of merger consideration: — $9.25 billion less aggregate cash component of dividend less amounts payable to holders of operating partnership units and certain equity awards — Minimum merger aggregate consideration amount of $200mm equates to $0.31 cash per share ï® Payable in form of dividend: — Cash election: $23.50 per share less per share merger consideration amount – Represents $23.19 based on minimum per share merger consideration amount Consideration to – Aggregate cash component of dividend to common shareholders totals $9.25bn less aggregate merger consideration amount less amounts payable to holders of operating Common Shareholders partnership units and certain equity awards — Equity election: 1.000 Blue Jay unit or Barbet share, less per share merger consideration amount divided by $23.50 – Represents 0.9866 Blue Jay units or Barbet shares based on minimum per share merger consideration amount ï® Dividend to common stockholders subject to pro-ration based on aggregate cash component of $9.25bn less amounts payable to holders of operating partnership units and certain equity awards — 61% / 39% aggregate cash / equity consideration including the merger consideration — Implied blended offer value of $21.79 based on Blue Jay’s closing price on 23-Mar-2018 ï® $9.25bn aggregate cash component (including payments to holders of operating partnership units Aggregate and certain equity awards) Consideration ï® 254mm Blue Jay units / Barbet shares or equivalents¹. Goldman Sachs has assumed each Barbet share will be equivalent to one Blue Jay unity in all respects meaningful to its analysis. Pro Forma Ownership ï® Goldfinch stockholders: 26% of Blue Jay² ï® Blackbird: 52% Source: Merger Agreement, Bloomberg, Company filings; market data as of 23-Mar-2018 ¹ Includes dilutive impact of Blue Jay common stock equivalents issued to Goldfinch stockholders in conjunction with this transaction. ² Excludes dilutive impact of preferred Blue Jay equity with the exception of the $500mm of Class C Junior Preferred Shares held by Blackbird (planned to be converted to Blue Jay units at a price of $23.50 per unit). Review of Blue Jay Proposal 4

Comparison of Initial vs. Final Proposal Initial Offer, Initial Offer, Final Offer, Goldfinch Initial Offer, Initial Offer, Final Offer, Initial Pricing Current Pricing Current Pricing Pre-Rumor Initial Pricing Current Pricing Current Pricing (11-Nov-2017) (23-Mar-2018) (23-Mar-2018) (6-Nov-2017) (11-Nov-2017) (23-Mar-2018) (23-Mar-2018) Merger Consideration per Share (Based on Min. Merger Consideration¹) Aggregate Offer Consideration to Public Shareholders Merger Consideration Per Share (Cash) $ 0.31 Total Offer Value ($mm) $ 14,879 $ 13,433 $ 14,107 Movement vs. initial offer—initial pricing (9.7)% (5.2)% Dividend per Share (Based on Min. Merger Consideration¹) Movement vs. initial offer—current pricing 5.0 % Dividend—Cash Election $ 23.00 $ 23.00 $ 23.19 Total Cash Consideration ($mm) $ 7,461 $ 7,448 $ 9,250 Dividend—Equity Election 0.9656 0.9656 0.9866 Movement vs. initial offer—initial pricing (0.2)% 24.0 % Blue Jay Share Price $ 23.68 $ 19.14 $ 19.14 Value of Stock Dividend $ 22.87 $ 18.48 $ 18.88 Blue Jay Units / Barbet Shares Issued² (mm) 313.2 312.7 253.8 Movement vs. initial offer—initial pricing (0.2)% (19.0)% Total Offer Value per Share (Based on Min. Merger Consideration¹) Aggregate Value—Cash Dividend Election $ 23.00 $ 23.00 $ 23.50 Diluted Goldfinch S/hr Ownership in Blue Jay³ 30.2 % 30.1 % 25.9 % Movement vs. initial offer—initial pricing (4)bps (424)bps Aggregate Value—Equity Dividend Election $ 22.87 $ 18.48 $ 19.20 Implied Offer Premia to: Aggregate Pro-Ration Current Price as of 23-Mar-2018 ($21.15) 8.4 % (1.9)% 3.0 % % Cash Consideration 50 % 50 % 61 % Pre-Rumor Price as of 6-Nov-17 ($19.01) 20.6 % 9.1 % 14.6 % % Stock Consideration 50 % 50 % 39 % 1-Year VWAP as of 6-Nov-17 ($23.13) (0.8)% (10.3)% (5.8)% 4Q Goldfinch IFRS NAV ($27.33) (16.1)% (24.1)% (20.3)% Pro-Rated Consideration per Share GSA NAV ($25.82) (11.2)% (19.7)% (15.6)% Blended Offer Price $ 22.93 $ 20.74 $ 21.79 SNL NAV ($26.01) (11.8)% (20.3)% (16.2)% Movement vs. initial offer—initial pricing (9.6)% (5.0)% Movement vs. initial offer—current pricing 5.1 % Implied Valuation Metrics based on Goldfinch Management Projections Blended Offer Price $ 19.01 $ 22.93 $ 20.74 $ 21.79 Cash per Share $ 11.50 $ 11.50 $ 14.30 Diluted Shares Outstanding (mm) 970.6 972.5 971.3 971.9 % Offer value 50.1 % 55.4 % 65.6 % Implied Equity Value ($mm) $ 18,451 $ 22,301 $ 20,146 $ 21,180 Movement vs. initial offer 0.0 % 24.3 % Net Debt + Prefs at Share ($mm) 18,440 18,440 18,440 18,440 Implied Enterprise Value ($mm) $ 36,892 $ 40,741 $ 38,586 $ 39,621 Equity per Share $ 11.43 $ 9.24 $ 7.49 P / 2018E FFO 12.6 x 15.2 x 13.8 x 14.5 x # Blue Jay Units / Barbet Shares 0.4828 0.4828 0.3915 EV / 2018E EBITDA 16.6 x 18.3 x 17.4 x 17.8 x % Offer value 49.9 % 44.6 % 34.4 % Implied Nominal 2018E Cap Rate 6.16% 5.57% 5.89% 5.73% Movement vs. initial offer—initial pricing (19.2)% (34.5)% Movement vs. initial offer—current pricing (18.9)% Source: Merger Agreement, Bloomberg, Company Filings, Management Projections for Goldfinch Standalone as provided 22-Mar-2018 and approved by the Special Committee of the Board of Directors of Goldfinch for use by Goldman Sachs (“Goldfinch Management Projections”), Green Street Advisors, SNL Financial; market data as of 23-Mar-2018. ¹ Illustrative; based on minimum merger consideration of $200mm as described in Merger Agreement which is paid to all common shareholders, regardless of cash / stock election. ² Includes dilutive impact of other equity instruments issued to Goldfinch shareholders, option-holders and unitholders in conjunction with this transaction. ³ Excludes dilutive impact of preferred Blue Jay equity with the exception of the $500mm of Class C Junior Preferred Shares held by Blackbird (planned to be converted to Blue Jay units at a price of $23.50 per unit). Review of Blue Jay Proposal 5

Implied Offer Premia ($ in millions, except per share data) Offer Price Relative to Key Public Reference Points Cash Election Offer Price $23.50 Blended Offer Price $21.79 Equity Election Offer Price $19.20 $ 27.10 $ 27.33 $ 25.89 $ 25.82 $ 26.01 $ 23.13 $ 21.15 $ 20.95 $ 19.01 $ 18.83 Pre-Rumor Share Price as 52-Week 52-Week 3-Month 1-Year 3-Year Blue Jay 4Q GSA SNL Share Price of 23-Mar-2018 Intraday High Intraday Low VWAP VWAP VWAP IFRS NAV of NAV Consensus (6-Nov-2017) Share Price Share Price Goldfinch¹ NAV Implied Offer Premia Cash 23.6 % 11.1 % (13.3)% 24.8 % 12.2 % 1.6 % (9.2)% (14.0)% (9.0)% (9.7)% Election Equity 1.0 (9.2) (29.2) 2.0 (8.3) (17.0) (25.9) (29.8) (25.6) (26.2) Election Blended 14.6 3.0 (19.6) 15.7 4.0 (5.8) (15.8) (20.3) (15.6) (16.2) Offer Pre-Rumor — 11.3 42.6 (0.9) 10.2 21.7 36.2 43.8 35.8 36.8 Share Price Source: Merger Agreement, Bloomberg, Green Street Advisors, SNL Financial, Company filings; market data as of 6-Nov-2017 unless otherwise stated; GSA and SNL data as of 23-Mar-2018. ¹ Per management commentary on Blue Jay 4Q earnings call. Review of Blue Jay Proposal 6

Structure and Governance Comparison Goldfinch, Barbet, Blue Jay, and Blackbird Goldfinch Barbet Blue Jay Blackbird Blackbird / Blue Jay 33 %² > 56 %³ 70 % NA Ownership¹ S&P500 Constituent? Yes Not Eligible No No RMZ Constituent? Yes Eligibility Unclear No No Research Coverage 18 NA 4 8 (# Analysts) Structure REIT REIT Partnership Corporation Jurisdiction Delaware Delaware Bermuda Ontario, Canada Listing Exchange NYSE NASDAQ NASDAQ / TSX NYSE / TSX 3M ADTV (mm)4 $108.3 NA $2.2 $49.7 Liquidity 0.88 % NA 0.04 % 0.17 % (3M ADTV / Free Float)4 2018E FFO Payout 64 % 80% 80 % 23 % Ratio5 # of Blackbird / Blue Jay Directors ( / Total Board 3 / 9 TBD 2 / 9 NA Seats) Management Structure Internal External External Internal Proportional to None, Blackbird (through None, Proportional to Voting Rights ownership Blue Jay) has full control Blackbird has full control ownership Source: Company filings; IBES; Bloomberg; Draft Goldfinch Charter Amendment (25-Mar-2018), Draft Rights Agreement (26-Mar-2018), Merger Agreement, Blue Jay Management (together, the “Barbet Information”). ¹ Excludes dilutive impact of preferred Blue Jay equity with the exception of the $500mm of Class C Junior Preferred Shares held by Blackbird (planned to be converted to Blue Jay units at a price of $23.50 per unit). ² Excludes shares controlled but not owned by Blue Jay. ³ 56% ownership level assumes all Goldfinch shareholders elect to take Barbet stock. 4 Market data as of 6-Nov-2017 (pre-rumor) for all columns except Blackbird, which is as of 23-Mar-2018. 5 Per Goldfinch Management Projections, Blue Jay Management Projections for Blue Jay Pro Forma as provided 26-Mar-2018 and used by Goldman Sachs with the approval of the Special Committee of the Board of Directors of Goldfinch (“Blue Jay Pro Forma Management Projections”), including Blue Jay management estimates of synergies expected to result from the transaction and used by Goldman Sachs with the approval of the Special Committee of the Board of Directors of Goldfinch (“Synergies”), Blue Jay Management Projections for Blue Jay standalone as provided 22-Mar-2018 and used by Goldman Sachs with the approval of the Special Committee of the Board of Directors of Goldfinch (“Blue Jay Standalone Management Projections”), and IBES, respectively. Review of Blue Jay Proposal 7

II. Recent Developments

Trading Dynamics Since Announcement Goldfinch Share Price and Trading Volumes Blue Jay Share Price and Trading Volumes $ 25.00 60,000 $ 24.00 1,200 Movement Since 10-Nov: $25.00 1,000 B’Jay: (19.2)% $ 24.00 (0.4)% (0.8)% 16.8% (1.9)% 1.0% 1.0 % 8.3% 50,000 SP500: +0.2% 1,000 $ 23.00 RMZ: (13.8)% $23.95 $24.00 $ 23.00 800 40,000 800 $23.00 ) ) $ 22.00 (USD $ 22.00 (USD 600 $22.00 Volum Volum 30,000 e 600 (USD) Sharese Price Price g Movement g (00 $ 21.15 (000 Tra in $ 21.00 Since 6-Nov: Price ) 0 ) TCO: +21.0% $21.00 $ 21.00 ded Clos Closin 400 G’finch: +11.3% Share 20,000 (mm) 400 MAC: +5.7% $ 20.00 SPG: (2.1)% $20.00 SP500: (0.1)% RMZ: (12.5)% $ 20.00 200 10,000 200 $ 19.00 $19.00 $18.00 0 $ 19.14 $ 18.00 6-Nov 7-Nov 0 8-Nov 9-Nov 10-Nov $ 19 3.-00 Nov 14-Nov 0 Nov-2017 Dec-2017 Jan-2018 Feb-2018 Mar-2018 Volume Share Price Nov-2017 Dec-2017 Jan-2018 Feb-2018 Mar-2018 Source: Bloomberg; market data as of 23-Mar-2018 Recent Developments 9

Movement in Key Metrics since Bid Rumors Share Price Movement (Since Rumor) 21.0 % 11.3 % 5.7 % (2.1)% (12.5)% (18.0)% Goldfinch Simon Taubman Mgmt.¹ Goldfinch² Macerich² Property Group² Centers² Blue Jay³ RMZ4 Implied NTM Cap Rate – Current 5.8 % 6.0 % 5.8 % 6.4 % 5.5 % 5.7 % – Δ Since Rumor (50)bps (48)bps (23)bps 12 bps (65)bps 31 bps – P / 2018E FFO – Current 14.0 x 13.5 x 14.5 x 12.7 x 14.8 x 12.6 x 13.3 x Δ Since Rumor 1.2 x 1.8 x 1.3 x (0.1)x 3.0 x (2.9)x (1.9)x Δ 2018E FFO/sh Estimate 1.5 % (3.7)% (3.9)% (1.5)% (3.2)% 1.0 % – Since Rumor Source: Datastream, Goldfinch Management Projections, IBES, Green Street Advisors, Wall Street Research; market data and Green Street Advisors data as of 23-Mar-2018 Note: Rumor date of 6-Nov-2017. ¹ Goldfinch Mgmt. implied cap rate and FFO per Goldfinch Management Projections, with pre-rumor values calculated using Draft Goldfinch Management Projections as of 4-Dec-2017. ² Goldfinch and peer implied cap rates per Green Street Advisors and FFO estimates per IBES. ³ Blue Jay implied cap rate based on the median of cap rates implied by NAV calculations per RBC Capital Markets, Evercore, and Scotiabank and Blue Jay FFO per IBES. 4 RMZ FFO multiples calculated as the median of FFO multiples of all companies in the RMZ index per Datastream. Recent Developments 10

Recent Market Commentary ï® “We continue to expect a deal to get be consummated and think Blue Jay’s improved offer is a key step towards securing Goldfinch…Recent comps (Unibail’s acquisition of Westfield) have led some to think Goldfinch should fetch an offer close to $30 using ~5% cap rate, which Westfield’s U.S. assets (~$720 sales psf) were implicitly valued. We think Goldfinch is worth ~$26/sh and use a 5.5% applied cap rate to value Goldfinch’s $587 sales psf portfolio. We also think that Blue Jay’s sizable, strategic stake in Goldfinch (~34%, with options to go above 40%) makes a competing bid unlikely, likely limiting the new offer upside.” – Mizuho, 19-Mar-2018 ï® “While we continue to believe Blue Jay controls the process, we think the level where Goldfinch has dropped makes for a more balanced split between the upside of an improved take out offer versus downside if no deal occurs … Though we believe there will ultimately be a deal for Goldfinch, we think Blue Jay is in no rush and will continue to use the general market weakness to its advantage. Whether Blue Jay consummates with Goldfinch in the near-term or waits, they are aligned with Goldfinch to make sure the portfolio is operating as best as it can. However, despite management’s affirmation on its 4Q17 earnings call that it’s business as usual at Goldfinch, we find it hard to believe that the well publicized corporate overture hasn’t had an impact on the daily and strategic operations” – Sandler O’Neill, 27-Feb-2018 ï® “We believe the ultimate deal will have more cash but that Blue Jay will use the increased cash consideration to say the deal is worth more if it still had the 50/50 cash/Blue Jay split. If mall valuations rebound before a deal is reached, presumably there would be a corresponding increase in capital willing to be a capital partner with Blue Jay that a higher bid makes sense. That said, we note that Blue Jay marked their Goldfinch position to $27 on their 4Q17 earnings call versus $30 with 3Q17. Based on the original 50/50 cash/Blue Jay shares, that $23 offer is now worth $22” – Sandler O’Neill, 27-Feb-2018 ï® “Most dedicated investors have told us they either can’t or don’t want to own Blue Jay stock… At an estimated 4.75% cap rate for Westfield’s US portfolio, based on our estimates, this transaction suggests that the latest Blue Jay [IFRS] valuation of Goldfinch is smoke and mirrors, in order to ensure success for another underwhelming offer…We would hope that Goldfinch’s independent board sees through the smoke and evaluates the merits of the proposed bid in the cold, hard light it deserves. ‘A’ malls are currently undervalued in the public markets, but sentiment can change as it has in the past.” – Boenning & Scattergood, 9-Feb-2018 ï® “While Blue Jay’s capital raising abilities are well known, the size of any increased cash bid for the 66% of Goldfinch it doesn’t own still represents a large absolute number, for which Brookfield still needs to earn fees on. Thus, we believe Brookfield may advocate that any increased cash component makes its bid “worth more“ simply by reducing the Blue Jay consideration.” – Sandler O’Neill, 8-Feb-2018 ï® “The bottom line result matched our estimate on disappointing SSNOI growth of 1.3%, the lowest reported in our Mall coverage so far this quarter. While leasing spreads and tenant sales numbers were healthy, the portfolio occupancy rates were lower each quarter this year” – BTIG, 7-Feb-2018 ï® “Elsewhere, Goldfinch used the Blue Jay M&A discussions to repel M&A related questions and not give FY18 FFO guidance, though the known building blocks suggest weak YOY growth to us. While ‘does [this] matter?’ is a fair question given ongoing M&A saga, the ssNOI misses cast some doubt on Goldfinch’s FY18 2-3% guide, especially given the challenging retail backdrop. Near-term, we expect Goldfinch to remain range-bound until more clarity on Blue Jay saga is given.” – Mizuho, 7-Feb-2018 Source: Broker research Recent Developments 11

III. Overview of Barbet Class A Stock

Barbet Class A Stock Overview of Proposal ï® Shares in a public REIT (entity that was formerly Goldfinch) with economics intended to mimic those of an existing Blue Jay unit in all material respects — Shares will trade independently, but will be exchangeable for cash equal to the value of Blue Jay units or Blue Jay units (see below “Exchangeability” section for details of the exchange mechanism), and paid the same dividend to the extent cash is available at Barbet ï® Initially, Barbet will own all of Goldfinch’s legacy assets, subject to any property JVs or asset sales. Barbet shareholders will not have Overview a claim on Blue Jay assets ï® If less than 20% of Goldfinch shares not held by Blue Jay elect to receive Barbet Class A stock at the closing, Blue Jay will have the option to instead issue Blue Jay units to all Goldfinch shareholders — If less than 10% of Goldfinch shares not held by Blue Jay elect to receive Barbet Class A stock at closing, Blue Jay will be required to instead issue Blue Jay units to all Goldfinch shareholders and no public Barbet Class A stock will be issued — Results in a minimum market cap of ~$500mm for Barbet based on Blue Jay’s share price as of 23-Mar-2018 ï® Barbet Class A shareholders may at any time demand a redemption of their Class A shares for a cash value equal to the then closing price of a Blue Jay unit — Blue Jay will then have the discretion to satisfy the redemption by providing the stockholder with a Blue Jay unit — If Blue Jay fails to deliver a Blue Jay unit, Barbet Class A shareholders will have the right to receive a Blue Jay unit from a pool of Blue Jay units held by Blackbird in a segregated pool; Blackbird has the option to satisfy the redemption in either cash or Blue Jay units – Should Blackbird ever be required to act as counterparty to the unit redemption, it takes ownership of the exchanged Barbet Class A share and steps into all the rights of a Class A shareholder Exchangeability – The Blackbird guarantee will terminate after 20 years, unless extended by mutual agreement of Blackbird and the majority of the independent directors of Barbet; the guarantee can also be terminated at any time after the fifth anniversary of the merger by Blackbird with a vote of two thirds of Class A shares not held by Blackbird or its affiliates – The number of units held in the segregated pool will be subject to adjustment in the event that Barbet issues additional Class A stock or if Barbet Class A shareholders are redeemed for cash or by the delivery of Blue Jay units directly by Blue Jay; however, Blackbird’s consent will be required for Barbet to issue additional Class A shares following closing – Blackbird can substitute cash for Blue Jay units to be held in the segregated pool ï® Ability to exchange to be available immediately following transaction close Source: Barbet Information Overview of Barbet Class A Stock 13

Barbet Class A Stock Overview of Proposal (Cont.) ï® Regular and special dividends will be equal to distributions paid on Blue Jay units, to the extent cash is available at Barbet ï® Dividends to Barbet Class A stockholders will be prioritized over dividends from Barbet to holders of Barbet Class B and Class C shares (i.e. Blue Jay) (both quarterly and on a cumulative basis) Distribution — Distributions to Barbet Class B the and Class C shares (i.e. Blue Jay) can only be made if dividend coverage ratio of Policy Barbet FFO / Class A distributions for prior quarter is equal to or exceeds 1.25:1; subject to compliance with the dividend coverage ratio and other covenants, Barbet can make additional distributions to Barbet Class B and Class C shares (i.e. Blue Jay) above the Class A per share amount — If there is not enough cash flow to support distributions to Class A stockholders, Barbet may, but is not obligated to, raise cash through asset sales, refinancings, etc. to support the Class A dividend ï® In the event of any liquidation of Barbet (including related entities) or Blue Jay, Class A stock will be entitled to receive the same distributions as Blue Jay units, to the extent cash is available at Barbet Liquidation ï® In the event that Barbet’s market capitalization over 30 consecutive trading days is less than $1bn, Blue Jay could collapse the Barbet structure and force Barbet shareholders to convert into Blue Jay units or redeem their stock for cash ï® Barbet Class A stock is entitled to one (1) vote per share voting together with the Class B stock and Class C stock, which will be entitled to five (5) votes per share ï® Barbet will be externally managed by Blackbird through a Master Services Agreement (MSA) that is expected to be Governance substantially identical to the MSA between Blue Jay and Blackbird, including the fee calculation structure — Fee expected to be waived for the first 12 months ï® MSA payments will be a contractual obligation; however, if Barbet does not have sufficient cash to pay the MSA fee, Barbet may elect to pay the fee in Class A stock Incorporation / ï® Delaware / NASDAQ Listing / ï® Likely not eligible for S&P Composite Indices; Eligibility for RMZ is unclear Index Eligibility Source: Barbet Information Overview of Barbet Class A Stock 14

IV. Management Projections

A. Goldfinch Standalone

Key Assumptions Underlying Goldfinch Management Projections ï® Periods from February 2018 onwards are management projections; prior periods reflect actual results Approach ï® 2018 and 2019 are based on detailed budgeting process; remaining years are extrapolations based on higher level assumptions ï® Rental revenue: — Factors in announced tenant bankruptcies through December 2017; no others assumed over the forecast period — FY 2018 – FY 2019: “space-by-space” build-up of occupancy and rent. Assume space vacated during 2017 is re-leased during 2018 such that occupancy returns to YE 2016 levels by YE 2018 Same-Store NOI — Thereafter: Projections are built up by mall based on lease maturity schedule and assumed retention rates, down-times, vacancy loss reserves, MLA spreads and market inflation rates. Different assumptions used for different sales bands ï® Other revenues and property-level expenses grown based on inflation assumptions by sales band ï® Office space at 685 Fifth Avenue excluded from same-store metrics as currently being marketed for sale ï® $15mm of lease termination fees p.a. from 2018 onwards (in-line with historical levels); 2018 includes an additional $17mm related to Teavana Other NOI ï® Other income includes NOI from properties that do not qualify as “same-store” in 2018 ï® (1.0)% yoy decline in management fees in 2018, based on detailed budget build-up; 1.9% growth in 2019; 3.0% annual growth thereafter — 2018 decline driven by unusually high level of fee-generating development and leasing activity in 2017 ï® (1.6)% yoy decline in property management costs in 2018 based on detailed budget build-up; 4.9% growth in 2019; 2.0% annual growth thereafter Other Revenues / ï® (10.9)% yoy decline in G&A expenses in 2018 based on detailed budget build-up; 3.6% growth in 2019; 2.0% annual growth thereafter Expenses — 2018 decline driven by cost saving measures and recent attrition ï® Investment income calculated based on investment maturity and returns profiles ï® $19mm of condo sales in 2018; condo sales complete in 2018 ï® FY 2018 – FY 2019: “Space-by-space” build-up of tenant allowances / ordinary capex CapEx ï® Thereafter: Tenant allowances / ordinary capex based on capex per square foot assumptions (different assumptions used for different sales bands) ï® Development capital built up by project. No new projects assumed beyond those in current development pipeline ï® Acquisitions: No acquisitions over the forecast period Other Investment ï® Asset sales: $135mm gross proceeds in 2018 from sale of 685 Fifth Avenue Office; no dispositions projected thereafter Activity ï® Investments: Several maturities in 2017 (reducing investment income in later years); ~$120mm new loans planned for 2018; no new activity thereafter ï® $80mm gross proceeds from Ala Moana condo sales in 2018; zero thereafter ï® Q1-Q3 2018 quarterly dividend of $0.22 / share (per Q1 declared level), increases to $0.23 / share in 4Q Dividends ï® Thereafter, dividend grown at 7% p.a. based on total FY 2018 payment of $0.89 — Results in AFFO payout ratio peaking at ~81% in 2019 before falling to ~70% in 2021 ï® Small amount (~$100mm) of mortgage paydown in 2018; thereafter, all maturing debt is refinanced at existing quantum and a ~5% interest rate ï® Mortgage debt amortization calculated by tranche according to terms of loan Capital Structure ï® No change in preferred stock outstanding ï® Revolver / cash balances are a function of cash flows ï® Interest expense / preferred coupons calculated based on average outstanding debt / preferred balance and applicable rates ï® ~1.5% increase in weighted average shares outstanding in 2018, related to cash-settled warrants exercise by Blue Jay and others in late 2017 Share Count ï® ~0.2% annual increase in diluted share count from 2019 onwards; related to equity-based compensation payments Source: Goldfinch Management Projections Management Projections 17

Goldfinch Management Projections At Share | ($ in millions, except per share data) As Reported Per Goldfinch Management Select Income Statement Items 2016A 2017A 2018E 2019E 2020E 2021E 2022E 17A—‘22E Same Store NOI $ 2,213 $ 2,227 $ 2,291 $ 2,395 $ 2,506 $ 2,639 $ 2,710 4.0 % % Growth 0.6 % 2.9 % 4.5 % 4.6 % 5.3 % 2.7 % Plus: Lease Termination Income 20 42 34 15 15 15 15 Plus: Land Sales 11 12 3 3 0 0 0 Plus: Other NOI 7 21 21 7 7 7 7 Company NOI $ 2,251 $ 2,302 $ 2,348 $ 2,420 $ 2,528 $ 2,660 $ 2,732 3.5 % % Growth 2.3 % 2.0 % 3.0 % 4.5 % 5.2 % 2.7 % Adjusted Real Estate NOIą $ 2,223 $ 2,250 $ 2,319 $ 2,426 $ 2,553 $ 2,622 3.4 % % Growth 1.2 % 3.1 % 4.6 % 5.3 % 2.7 % Company EBITDA $ 2,192 $ 2,166 $ 2,221 $ 2,283 $ 2,389 $ 2,520 $ 2,590 3.6 % % Growth (1.2)% 2.5 % 2.8 % 4.7 % 5.5 % 2.8 % FFO / Share $ 1.53 $ 1.57 $ 1.51 $ 1.52 $ 1.62 $ 1.76 $ 1.83 3.1 % % Growth 2.6 % (4.1)% 1.1 % 6.2 % 8.6 % 4.3 % AFFO / Share $ 1.20 $ 1.17 $ 1.14 $ 1.18 $ 1.35 $ 1.57 $ 1.65 7.0 % % Growth (2.2)% (3.0)% 3.4 % 14.9 % 16.2 % 4.7 % Dividend / Share $ 0.80 $ 0.88 $ 0.89 $ 0.95 $ 1.02 $ 1.09 $ 1.17 5.8 % AFFO Payout Ratio 66.7 % 75.0 % 78.2 % 80.9 % 75.3 % 69.4 % 70.9 % Source: Goldfinch Management Projections ¹ Adjusted Real Estate NOI calculated as same store NOI plus lease termination income plus other non-same store NOI ex. land sales less property level management fee. Property level management fee calculated as 3% of gross revenue for management fee. Gross revenue for management fee calculated as effective same-store gross revenue plus lease termination income plus other non-same store NOI ex. land sales. Management Projections 18

Goldfinch Management Projections At Share | ($ in millions) Per Goldfinch Management Select Cash Flow Statement Items 2017A 2018E 2019E 2020E 2021E 2022E FFO $ 1,501 $ 1,461 $ 1,480 $ 1,575 $ 1,713 $ 1,789 Tenant allowance (182) (231) (217) (167) (88) (87) Ordinary capital (196) (125) (119) (90) (91) (93) AFFO $ 1,122 $ 1,105 $ 1,144 $ 1,318 $ 1,534 $ 1,609 Capitalized costs/non cash FFO (32) (54) (13) (14) (15) (15) Debt amortization (172) (197) (220) (253) (264) (275) Regular dividends (800) (830) (891) (947) (1,014) (1,086) Cash Flows After Dividends $ 119 $ 24 $ 21 $ 105 $ 241 $ 233 Development expenditures $(561) $(753) $(572) $(151) $(40) -Ala Moana condos 146 80 -Asset acquisitions (313) -Notes receivable activity (27) 73 96 -Asset sales 76 35 -Special dividend (230) -Stock repurchase (277) -Financings 229 (103) (1) (1) (3) (2) Warrant cash settlement 550 -Net preferred stock issuance/repayment -Construction financing 8 79 171 -Issuance/(repayment) of revolver 500 375 45 (290) (235) Net Cash Flow $(279) $(65) $(6) $(3) $ 4 $(3) Balance Sheet Debt + Prefs $ 18,823 $ 18,961 $ 19,286 $ 19,077 $ 18,520 $ 18,008 Cash 383 310 304 301 305 302 Net Debt + Prefs / EBITDA 8.5 x 8.4 x 8.3 x 7.9 x 7.2 x 6.8 x Source: Goldfinch Management Projections Management Projections 19

Comparison of Current Management Projections to Management Projections as of 4-Dec-2017 ($ in millions, except per share data) Management Projections % Variance vs. 4-Dec-17 Projections 2018E 2019E 2020E 2018E 2019E 2020E Commentary Global: Projections updated for Jan-2018 actual results Select P&amp;L Line Items Office space at 685 Fifth excluded from Same Store NOI going forward; higher Same Store NOI $ 2,291 $ 2,395 $ 2,506 (0.3)% 0.2 % 0.4 % anticipated bankruptcy impact in 2018E including Bon Ton and Charming Charlie; no longer selling 605 NMA / 200 Lafayette / Florence Mall Impacts on SS NOI plus reclassification of condo sales to below EBITDA, offset in Company NOI $ 2,348 $ 2,420 $ 2,528 (0.2)% 0.3 % 0.4 % 2018 by additional lease termination income Impacts on Company NOI plus increased management fees from Calpers at Company EBITDA $ 2,221 $ 2,283 $ 2,389 0.0 % 0.4 % 0.4 % Oakbrook Sears box, Bravern lease fee, bonus reduction due to recent attrition Impacts on Company EBITDA (but no impact from condo sale reclassification) plus: change in timing of 685 Office sale to 7/1, incremental partner loans, FFO/Share $ 1.51 $ 1.52 $ 1.62 1.5 % 0.2 % 0.4 % increase in interest expense due to reduction in disposition, acquisition of 2.5% of ABG, revised LIBOR curve, tax savings at TRS from tax cuts and JOBS Act One—Off Items Land Sales $ 3 $ 3 —0.0 % 0.0 % —No changes in land sales proceeds Lease Termination Income $ 34 $ 15 $ 15 124.0 % 0.0 % 0.0 % $17mm additional income in 2018 from Teavana lease termination Condo Sales $ 19 — —0.0 % — —No changes in condo sales proceeds Select Cash Flow Line Items Increased concessions due to continued retail disruption; change in timing of Tenant Allowances &amp; Ordinary Capital $ 356 $ 335 $ 257 1.4 % 0.5 % 1.2 % actual cash outflow related to capex from earlier projections Difference in timing of development capex cash flow—‘18E-‘22E total Development Capex $ 753 $ 572 $ 151 0.8 % (9.4)% 67.9 % development capex higher by $7mm Incremental proceeds from sale of Fallen Timbers and 685 Office more than Asset Sales $ 35 — —(81.6)% — -offset by not selling 605 NMA / 200 Lafayette / Florence Mall Notes Receivable Activity $ 73 — —(22.9)% (100.0)% —Seller financing related to sale of 685 Office Q1-Q3 2018 quarterly dividend of $0.22 / share (per Q1 declared level), increases Dividends $ 830 $ 891 $ 947 (7.0)% (7.3)% (8.1)% to $0.23 / share in 4Q; Thereafter, dividend grown at 7% p.a. based on total FY 2018 payment of $0.89 Source: Goldfinch Management Projections, 4-Dec-17 Goldfinch Management Projections Management Projections 20

Comparison of Management Projections to Consensus Estimates ($ in millions, except per share data) Management Projections 17A—‘19E Select Research / IBES / SNL? 17A—‘19E Variance 2018E 2019E CAGR 2018E 2019E CAGR 2018E 2019E Company NOI (at share) $ 2,348 $ 2,420 2.5 % $ 2,417 $ 2,454 1.9 % $(68) $(34) % Growth 2.0 % 3.0 % 4.3 % 1.5 % (2.8)% (1.4)% # of Analysts 4 3 EBITDA (at share) $ 2,221 $ 2,283 2.7 % $ 2,261 $ 2,290 1.5 % $(41) $(7) % Growth 2.5 % 2.8 % 3.2 % 1.3 % (1.8)% (0.3)% # of Analysts 5 4 FFO/Share $ 1.51 $ 1.52 (1.5)% $ 1.57 $ 1.64 1.3 % $(0.06) $(0.12) % Growth (4.1)% 1.1 % (0.6)% 4.5 % (4.1)% (7.2)% # of Analysts 17 17 AFFO/Share $ 1.14 $ 1.18 0.1 % $ 1.26 $ 1.33 4.1 % $(0.12) $(0.15) % Growth (3.0)% 3.4 % 6.8 % 5.6 % (9.6)% (11.5)% # of Analysts 7 7 Dividend/Share $ 0.89 $ 0.95 4.0 % $ 0.90 $ 0.96 2.9 % $(0.01) $(0.01) % Growth 1.1 % 7.0 % 2.3 % 6.7 % (1.1)% (0.8)% AFFO Payout Ratio 78.2 % 80.9 % 71.4 % 72.2 % 674 bps 872 bps # of Analysts 15 14 Source: Goldfinch Management Projections, Broker research, SNL Financial and IBES estimates; market data as of 23-Mar-2018 ? NOI (at share) and EBITDA (at share) per latest available Wall Street Research, FFO/Share and Dividend/Share per IBES consensus estimates and AFFO/Share per SNL consensus estimates. Management Projections 21

B. Blue Jay Standalone

Key Assumptions Underlying Blue Jay Management Projections (1/2) ? 5-year business plan through 2022 prepared on a proportionate, IFRS basis ? Bottom-up preparation based on individual business plans submitted by each reporting entity (~60 in total): ? Core Office: BPO, Canary Wharf, and several direct investments in individual assets ? Core Retail: Goldfinch Basis of ? Opportunistic: each individual investment within each of the funds Preparation ? Business plan were prepared in Nov-2017 as part of Blue Jay?s annual process; balance sheet projections were subsequently updated for 4Q 2017 results ? Ordinary course purpose is for planning purposes and quarterly performance evaluation (conducted by reporting entity) ? Projections have been signed off by Blue Jay?s board of directors ? Projections based on constant FX rates; key rates are GBP (1.309), EUR (1.175), CAD (0.798), AUD (0.790) ? Based on Goldfinch management projections including topside adjustments to reflect Blue Jay views Core Retail ? FFO is ~4?8% higher to reflect Blue Jay?s view of Goldfinch as relates to lease termination fees (~$10-20mm incremental FFO per year) and Segment densification opportunities at certain assets (~$100mm incremental FFO per year) ? Modeled at share based on a constant ownership interest of 34.37% ? 5.8% 2017-22E NOI CAGR Core Office ? ~4% same store NOI CAGR over the projection period Segment ? Significant level of development activity based on current pipeline / identified projects; majority of projects are stabilized in 2021 ? Ordinary-course level of investment activity (disposal of mature assets and investment in assets with upside opportunity ? Modelled by investment; reflect exit date for each investment given finite life fund structure ? Results in most existing investments (from funds 1 and 2) being exited over the forecast period ? New investments made over the forecast period related to Blue Jay?s ~$2.5bn commitment to Blackbird?s 3rd fund (currently being invested), and an Opportunistic assumed 4th fund of similar size anticipated to start being invested in 2021 Segment ? New investments modeled using generic assumptions that are slightly conservative relative to Blackbird?s opportunistic real estate track record ? Approximate assumptions used: 6-8% cap rate; 50-70% LTV; 4.5-5.5% debt costs; 3-4% G&amp;A/revenue; 8-12% capex/NOI; 4% p.a. fair value growth ? Plan also includes current/identified development projects ? Composition of segment by asset type varies over life of plan but no new asset classes are assumed ? Includes transaction costs, compensation related to employees of subsidiaries (e.g. BPO), professional fees (accounting, legal, etc.), facilities and technology, travel costs G&amp;A ? G&amp;A grows at low-single digit rates with the exception of a &gt;10% increase in 2022, driven by a step-up in the level of fund investment activity ? Declines from ~7.6% of property-related revenues in 2018 to ~6.5% in 2022 ? Fees to Blackbird associated with the Master Services Agreement which covers ?corporate? functions ? Base fee and equity enhancement distribution fee grow in line with projected growth in capitalization, partially offset by management and incentive MSA Payments fees related to Blue Jay investments in Blackbird opportunistic funds (?fund fees?), which are creditable against the MSA payments ? Incentive fee (payable on Blue Jay distributions in excess of $1.10 per unit) are fully offset by fund fees over the forecast period Source: Blue Jay Standalone Management Projections Management Projections 23

Key Assumptions Underlying Blue Jay Management Projections (2/2) ? Includes asset management incentive fees, cash taxes, non-cash adjustments and working capital movements ? Asset management incentive fees modeled based on planned disposition of assets held in funds Other ? Cash taxes (excluded from FFO) fluctuate based on level and geography of disposition activity Operating Cash ? Note: FFO excludes tax Flows ? Working capital movements predominantly relate to changes in accounts payable and accounts receivable, which are impacted by fluctuations in the level of assets held for sale ? Includes ordinary course capital recycling, development capex, maintenance capex, and TIs &amp; LCs ? New investments are both direct (for core office and core retail segments) and in the form of fund commitments (for opportunistic segment) ? Net activity represents disposals of mature assets and new investments in assets with upside opportunity Investing Cash ? ~$1-2bn of net disposition activity on an equity basis over the forecast period; heightened level in 2019 (~$2.7bn) due to exit of matured fund Flows investments ? Development capex represents current development pipeline and already-identified new projects; level of spend is lower in the outer years of the projection period following a period of higher than normal development activity ? Maintenance capex and TIs &amp; LCs follow a similar trajectory, slowing over the projected period as developments come on line and are leased ? New debt financing to fund cash requirements as well as refinancing of existing debt ? Capital securities: ? $500mm Class C Junior Preferred is exchanged for common equity on 30-Jun-2018 ($23.50 conversion price) ? $750mm Class B Junior Preferred is redeemed for cash on 30-Jun-2019 Financing Cash ? Class A Preferred tranches convert to common equity at year end in advance of maturity Flows / Capital ? No other incremental equity raised over the projected period Structure ? Leverage declines over the forecast period at debt + capital securities / EBITDA of ~15x as of YE 2017 to ~10x as of YE 2022 (excl. perpetual preferred securities) ? Blue Jay management has a long-term leverage target of 50% debt / assets (IFRS basis) ? Shift to increasingly fixed rate debt composition as floating rate debt matures, reaching 72% fixed by YE 2022 ? No equity issuance modeled over projection period, model assumes only conversion of capital securities, i.e. no cash flow impact ? 80% FFO payout ratio assumed over the forecast period, versus 2017 level of 82% Distributions ? Results in 2017-22E DPS CAGR of 7.8% Share Count ? Excludes convertible capital securities until they are converted; conversion assumed to take place at year end Source: Blue Jay Standalone Management Projections Management Projections 24

Blue Jay Management Projections Proportionate | ($ in millions, except per share data) As Reported Per Blue Jay Management CAGR Select Income Statement Items 2016A 2017A 2018E 2019E 2020E 2021E 2022E 17A—‘22E Net Operating Income (NOI) Core Office $ 1,436 $ 1,356 $ 1,359 $ 1,374 $ 1,476 $ 1,682 $ 1,798 5.8 % Core Retail 676 701 809 829 866 911 936 6.0 % Opportunistic 625 731 846 998 993 1,100 1,232 11.0 % Total NOI $ 2,737 $ 2,788 $ 3,015 $ 3,202 $ 3,335 $ 3,694 $ 3,966 7.3 % % Growth 1.9 % 8.1 % 6.2 % 4.2 % 10.7 % 7.4 % Total MSA Payments $ 129 $ 130 $ 145 $ 160 $ 185 $ 215 $ 235 12.6 % G&amp;A Expense 421 443 437 442 461 478 536 3.9 % Total MSA &amp; G&amp;A Expense $ 550 $ 573 $ 582 $ 602 $ 646 $ 693 $ 771 6.1 % EBITDA $ 2,311 $ 2,396 $ 2,656 $ 2,803 $ 2,969 $ 3,271 $ 3,591 8.4 % Memo: Interest Expense (Converted Capital Securities) $ 117 $ 117 $ 80 $ 41 -Memo: Interest Expense (Capital Security Redeemed for Stock) 17 — — — —Company FFO / Share $ 1.36 $ 1.44 $ 1.57 $ 1.69 $ 1.89 $ 2.06 $ 2.14 8.2 % % Growth 5.9 % 9.0 % 7.6 % 11.6 % 9.0 % 3.9 % Dividend / Share $ 1.12 $ 1.18 $ 1.26 $ 1.34 $ 1.52 $ 1.65 $ 1.72 7.8 % % Growth 5.4 % 6.8 % 6.3 % 13.4 % 8.6 % 4.2 % FFO Payout Ratio 82.4 % 81.9 % 80.3 % 79.3 % 80.4 % 80.1 % 80.4 % Source: Blue Jay Standalone Management Projections Management Projections 25

Blue Jay Management Projections Proportionate | ($ in millions) Terminal Cash Per Blue Jay Management Flows Select Cash Flow Statement Items 2017A 2018E 2019E 2020E 2021E 2022E (2022 Adj.) Company FFO $ 1,017 $ 1,121 $ 1,226 $ 1,411 $ 1,589 $ 1,702 $ 1,702 Other Operating Cash Flow (1,222) (730) (626) (319) (95) 159 (192) Cash Flow from Operations $(205) $ 391 $ 600 $ 1,091 $ 1,493 $ 1,861 $ 1,510 Cash Flow from Investing Activities $(935) $(152) $ 481 $(1,030) $ 310 $(44) $(364) Cash Flow Financing—Debt 2,343 169 803 1,138 (355) (516) (26) Cash Flow Financing—Capital Securities/Pref (172) 10 (735) 5 (35) (72) —Cash Flow Financing—Equity (136) — — — — — —Contribution from NCI 2,028 40 (0) (0) (0) —Cash Flow from Financing Activities $ 2,035 $ 2,208 $ 109 $ 1,142 $(390) $(588) $(26) Distributions to Investors (832) (900) (971) (1,137) (1,273) (1,367) Net Cash Flow After Distributions $ 63 $ 1,546 $ 218 $ 66 $ 140 $(138) Source: Blue Jay Standalone Management Projections Management Projections 26

Blue Jay Management Projections Proportionate | ($ in millions) Per Blue Jay Management Balance Sheet 2017A 2018E 2019E 2020E 2021E 2022E Total Debt $ 33,120 $ 31,492 $ 32,504 $ 34,017 $ 35,268 $ 36,681 Capital Securities incl. Goldfinch Preferred Equity 3,169 2,691 1,383 833 251 179 Perpetual Preferred Securities 2,347 2,189 2,189 2,189 2,189 2,189 Total Debt + Preferreds $ 38,636 $ 36,373 $ 36,075 $ 37,039 $ 37,708 $ 39,049 Less: Cash 1,290 808 985 1,051 1,192 1,054 Net Debt + Preferreds $ 37,346 $ 35,565 $ 35,090 $ 35,988 $ 36,517 $ 37,994 Net Debt + Preferreds / EBITDA 15.6 x 13.4 x 12.5 x 12.1 x 11.2 x 10.6 x Total Debt + Capital Securities / EBITDA 15.1 12.9 12.1 11.7 10.9 10.3 Net Non-Operating Real Estate Assets $ 1,964 $ 4,796 $ 3,143 $ 2,195 $ 1,631 $ 709 NCI—Other (excl. Goldfinch Preferreds) 197 2,598 2,814 3,015 3,216 3,192 Average Units Outstanding 704.7 714.1 724.8 748.1 771.5 794.8 Ending Units Outstanding 703.6 724.8 748.1 771.5 794.8 794.8 Source: Blue Jay Standalone Management Projections Management Projections 27

Comparison of Management Projections to Consensus Estimates ($ in millions, except per share data) Management Projections 17A—‘19E Select Research 17A—‘19E Variance 2018E 2019E CAGR 2018E 2019E CAGR 2018E 2019E Total NOI (at share) $ 3,015 $ 3,202 7.2 % $ 3,014 $ 3,120 6.5 % $ 1 $ 82 % Growth 8.1 % 6.2 % 3.5 % 0.0 % 2.6 % # of Analysts 1 1 EBITDA (at share) $ 2,656 $ 2,803 8.2 % $ 2,483 $ 2,645 7.0 % $ 173 $ 158 % Growth 10.9 % 5.5 % 6.5 % 7.0 % 6.0 % # of Analysts 1 1 FFO/Share $ 1.57 $ 1.69 8.0 % $ 1.51 $ 1.58 4.7 % $ 0.06 $ 0.11 % Growth 9.0 % 7.6 % 4.5 % 5.0 % 4.3 % 7.0 % # of Analysts 4 4 Dividend/Share $ 1.26 $ 1.34 6.6 % $ 1.24 $ 1.30 5.0 % $ 0.02 $ 0.04 % Growth 6.8 % 6.3 % 5.1 % 4.8 % 1.6 % 3.1 % FFO Payout Ratio 80.3 % 79.3 % 82.4 % 82.3 % (214)bps (298)bps # of Analysts 3 3 Source: Blue Jay Standalone Management Projections, Broker research and IBES estimates; market data as of 23-Mar-2018 Management Projections 28

Goldfinch Management Projections vs. Blue Jay Management Projections (Core Retail) ($ in millions, except per share data) Per Goldfinch / Blue Jay Management CAGR Select Income Statement Items 2018E 2019E 2020E 2021E 2022E ‘17A—‘22E Company FFO Per Goldfinch $ 1,461 $ 1,480 $ 1,575 $ 1,713 $ 1,789 3.6 % Per Blue Jay? 1,526 1,584 1,685 1,832 1,924 4.8 % ? FFO—$ $ 65 $ 104 $ 110 $ 119 $ 135 ? FFO—% 4.4 % 7.0 % 7.0 % 7.0 % 7.6 % Source: Goldfinch Management Projections, Blue Jay Standalone Management Projections ? Blue Jay (at share) projections for Core Retail segment grossed up to 100% based on 34.37% ownership in Goldfinch assumed by Blue Jay for the projections period. Management Projections 29

C. Blue Jay Pro Forma

Key Assumptions Underlying Blue Jay Pro Forma Management Projections Basis of ? Financial information prepared on an IFRS accounting basis Preparation ? Assumed transaction close of 30-Jun-2018 for illustrative purposes ? Aggregate consideration to Goldfinch shareholders (excl. Blue Jay) of: ? $9.25bn cash ? 254mm units Transaction ? Blue Jay assumes all of Goldfinch?s outstanding debt, preferred equity and cash with the following exceptions: ? Goldfinch?s revolver balance is repaid Uses ? $123mm Columbiana mortgage is repaid at 20% release premium ? Note: Consents required on ~$1.5bn of Goldfinch debt; projections assume these consents are obtained ? ~$366mm transaction costs ? $330mm paid by Barbet; remainder by Blue Jay ? ~$6.0bn of new permanent debt issued at Barbet, including Term Loan A, Term Loan B and new property-level mortgage debt Transaction ? ~$4.0bn equity proceeds from sales of JV interests in Goldfinch assets to be completed concurrent with close Financing Plan ? ~$342mm of revolver draw / cash balance reduction ? Blue Jay transaction costs (~$36mm) funded via Blue Jay revolver draw Subsequent ? Term loans issued in conjunction with the transaction are paid down over the forecast period (~$4.6bn through YE 2022) via: Financing ? $2.2bn equity proceeds from asset sales to be completed between transaction close and YE 2019 Activity ? Additional property-level debt issued over the forecast period ? ~$650-700mm of lost NOI p.a. (run-rate) following completion of sale of JV interests ? Incremental income from: ? Additional management fees related to new joint ventures (~$50mm p.a. run-rate) FFO ? Additional capital investment and additional densification projects (~$55mm p.a. run-rate) Adjustments ? ~$25-30mm of annual G&amp;A savings related to public company and other corporate costs to be provided under the Blackbird MSA going forward ? ~$65-70mm p.a. of incremental MSA fees payable as a result of the transaction?s impact on Blue Jay?s capitalization ? MSA fees are waived for the first 12 months ? Remainder of adjustment is incremental interest expense, based on transaction financing and subsequent financing activity as described above Dividend ? Pro forma dividend per share maintained at standalone levels Source: Blue Jay Pro Forma Management Projections Management Projections 31

Transaction Sources &amp; Uses Sources Uses mm shares $mm $mm Equity issued to Goldfinch S/hrs 253.8 $ 4,857 Purchase of Goldfinch equity $ 14,107 Total Equity Sources $ 4,857 Paydown of Goldfinch revolver 441 Prepayment of Columbiana mortgage 148 Term Loan A $ 3,500 Payment of 2Q Goldfinch dividend 220 Term Loan B 2,000 Goldfinch transaction costs 60 Equity proceeds from asset sales 4,028 Blue Jay Transaction costs incurred within Barbet 270 New property level debt 519 Blue Jay Transaction costs incurred within Blue Jay 36 Revolver draw 214 Total Uses $ 15,281 Goldfinch Cash 128 Total Cash Sources—Barbet $ 10,389 Blue Jay Revolver Draw 36 Total Cash Sources—Blue Jay $ 36 Total Cash Sources $ 10,425 Total Sources $ 15,281 Source: Blue Jay Pro Forma Management Projections, company filings, transaction documents, Bloomberg; market data as of 23-Mar-2018 Note: Numbers may not sum due to rounding impacts. ? Covered by $6.9bn bridge facility (excl. portion of bridge covering Goldfinch debt subject to consents). Management Projections 32

Balance Sheet Bridge Illustrative Roll-Forward as of 30-Jun-2018 ? Proportionate Status Quo Entities Transaction Sources and Uses At Close Goldfinch Asset / Blue Jay Standalone Equity Debt Asset Transaction 2Q Dividend Merger Pro Forma Blue Jay Consolidated Ex. Goldfinch At 100% Markup? Financing Sales Expenses Payment Consideration Blue Jay Assets Net Property and Equipment $ 48,353 $ 26,745 $ 14,440 —$(7,560) — — —$ 81,978 Cash 1,165 428 —5,644 4,028 (330) (220) (9,250) 1,465 Other Assets 2,965 2,239 — — — — — —5,204 Total Assets $ 52,483 $ 29,412 $ 14,440 $ 5,644 $(3,532) $(330) $(220) $(9,250) $ 88,648 Liabilities + Shareholders’ Equity Total Debt $ 25,495 $ 18,869 —$ 5,644 $(3,532) $ 36 — —$ 46,513 Capital Securities 2,577 — — — — — — —2,577 Other Liabilities 5,106 1,309 — — — —(220) —6,195 Total Liabilities $ 33,179 $ 20,178 —$ 5,644 $(3,532) $ 36 $(220) —$ 55,285 Redeemable NCI? 2,587 248 (196) — — — — —2,640 Preferred Equity 2,106 242 8 — — — — —2,356 Common Equity 14,611 8,743 14,628 — —(366) —(9,250) 28,367 Total Liabilities + Equity $ 52,483 $ 29,412 $ 14,440 $ 5,644 $(3,532) $(330) $(220) $(9,250) $ 88,648 Source: Blue Jay Pro Forma Management Projections ? Represents asset markup based on estimated Goldfinch fair value per share of $23.50. ? Includes Goldfinch preferred OP units. Management Projections 33

FFO Bridge ($ in millions, except per share data) 2H2018 2019 2020 2021 2022 Standalone Blue Jay FFO $ 612 $ 1,226 $ 1,411 $ 1,589 $ 1,702 Plus: Unowned Portion of Goldfinch Standalone Plan? 526 1,040 1,106 1,202 1,263 Less: NOI from Asset Sales (221) (490) (643) (677) (695) Plus: Additional Management Fees From New JVs 14 36 47 49 52 Plus: Revenue Synergies? 12 24 55 56 54 Plus: G&amp;A Savings 13 25 27 29 31 Less: Incremental MSA Payment —(31) (64) (67) (70) Less: Net Incremental Interest Expense (60) (112) (20) (45) (63) Pro Forma Blue Jay Pro Forma FFO $ 896 $ 1,717 $ 1,919 $ 2,136 $ 2,274 Source: Blue Jay Pro Forma Management Projections Note: Number may not sum due to rounding impacts. ? Based on Blue Jay?s status quo 34% ownership. ? Sources include incremental NOI from incremental capex and additional income from higher densification activity under Blue Jay ownership. Management Projections 34

Pro Forma Blue Jay Management Projections Proportionate | ($ in millions, except per share data) Per Blue Jay Management CAGR Select Income Statement Items 2H 2018E 2019E 2020E 2021E 2022E 19E—‘22E Net Operating Income (NOI) Core Office $ 680 $ 1,374 $ 1,476 $ 1,682 $ 1,798 9.4 % Core Retail 980 1,906 1,890 1,993 2,053 2.5 % Opportunistic 436 998 993 1,100 1,232 7.3 % Total NOI $ 2,092 $ 4,278 $ 4,360 $ 4,775 $ 5,083 5.9 % % Growth 1.9 % 9.5 % 6.5 % Blue Jay Standalone MSA Payment $ 75 $ 160 $ 185 $ 215 $ 235 13.7 % Incremental MSA Payment —31 64 67 70 31.2 % Total MSA Payments $ 75 $ 191 $ 249 $ 282 $ 305 16.9 % Blue Jay (ex. Goldfinch) G&amp;A Expense 144 303 307 315 360 5.9 % Goldfinch G&amp;A Expense 109 227 227 231 235 1.2 % Less: G&amp;A Synergies (13) (25) (27) (29) (31) 7.4 % Pro Forma G&amp;A Expense $ 241 $ 505 $ 506 $ 517 $ 564 3.8 % Total MSA &amp; G&amp;A Expense $ 316 $ 696 $ 755 $ 799 $ 869 7.7 % EBITDA $ 1,909 $ 3,788 $ 3,888 $ 4,248 $ 4,486 5.8 % Pro Forma—Company FFO / Share $ 0.92 $ 1.75 $ 1.92 $ 2.08 $ 2.17 7.4 % % Growth 9.7 % 8.3 % 4.3 % Blue Jay Standalone—Company FFO / Share $ 0.84 $ 1.69 $ 1.89 $ 2.06 $ 2.14 8.2 % % FFO Accretion / (Dilution) 8.1 % 4.4 % 0.9 % 0.7 % 1.1 % Dividend / Share $ 1.34 $ 1.52 $ 1.65 $ 1.72 8.7 % % Growth 6.3 % 13.4 % 8.6 % 4.2 % FFO Payout Ratio 76.6 % 79.2 % 79.3 % 79.3 % Source: Blue Jay Pro Forma Management Projections Note: Totals may not sum to the line items above due to rounding. Management Projections 35

Pro Forma Blue Jay Management Projections Proportionate | ($ in millions) Per Blue Jay Management Balance Sheet 30-Jun-18 2018E 2019E 2020E 2021E 2022E Total Debt $ 46,513 $ 46,458 $ 44,309 $ 46,055 $ 47,294 $ 48,756 Capital Securities 2,577 2,587 1,279 729 147 75 Perpetual Preferred Securities 2,356 2,356 2,356 2,356 2,356 2,356 Total Debt + Preferreds $ 51,446 $ 51,401 $ 47,944 $ 49,140 $ 49,797 $ 51,187 Less: Cash 1,465 1,170 1,350 1,524 1,794 2,028 Net Debt + Preferreds $ 49,981 $ 50,231 $ 46,594 $ 47,616 $ 48,003 $ 49,159 Net Debt + Preferreds / EBITDA 12.3 x 12.2 x 11.3 x 11.0 x Total Debt + Capital Securities / EBITDA 12.0 12.0 11.2 10.9 Average Units Outstanding 967.9 978.5 1,001.9 1,025.2 1,048.6 Ending Units Outstanding 978.5 1,001.9 1,025.2 1,048.6 1,048.6 Source: Blue Jay Pro Forma Management Projections Management Projections 36

Barbet Management Projections Proportionate | ($ in millions, except per share data) Per Blue Jay Management CAGR 2H 2018E 2019E 2020E 2021E 2022E 19E—‘22E Total NOI $ 980 $ 1,906 $ 1,890 $ 1,993 $ 2,053 2.5 % % Growth (0.8)% 5.4 % 3.0 % Goldfinch G&amp;A Expense $ 109 $ 227 $ 227 $ 231 $ 235 1.2 % Incremental MSA Fee —31 64 67 70 31.2 % Less: G&amp;A Synergies (13) (25) (27) (29) (31) 7.4 % Total G&amp;A &amp; MSA Expense $ 96 $ 233 $ 264 $ 269 $ 274 5.6 % EBITDA $ 979 $ 1,888 $ 1,866 $ 1,978 $ 2,053 2.8 % FFO $ 559 $ 1,036 $ 1,088 $ 1,177 $ 1,233 6.0 % % Growth 5.0 % 8.2 % 4.8 % Maintenance Capex $(152) $(326) $(236) $(172) $(152) AFFO $ 407 $ 710 $ 852 $ 1,005 $ 1,081 15.0 % % Growth 20.0 % 18.0 % 7.6 % Dividends to Class A Shareholders $ 160 $ 340 $ 386 $ 419 $ 436 8.6 % Dividends to Blue Jay 287 489 485 523 550 4.0 % Total Dividends $ 447 $ 829 $ 871 $ 942 $ 986 6.0 % % Growth 5.1 % 8.2 % 4.7 % FFO Payout Ratio 80.0 % 80.0 % 80.1 % 80.0 % 80.0 % AFFO Payout Ratio 109.8 % 116.8 % 102.2 % 93.7 % 91.2 % Per Share Data: FFO / Share $ 0.97 $ 1.79 $ 1.88 $ 2.04 $ 2.14 6.0 % Dividends / Share to Class A Shareholders $ 0.63 $ 1.34 $ 1.52 $ 1.65 $ 1.72 8.6 % Dividends / Share to Blue Jay $ 0.89 $ 1.51 $ 1.50 $ 1.62 $ 1.70 4.0 % Capitalization Data: Total Debt $ 21,153 $ 18,139 $ 18,301 $ 18,201 $ 18,157 Preferred Shares 303 303 303 303 303 Less: Cash (250) (250) (250) (250) (250) Net Debt + Preferred $ 21,206 $ 18,192 $ 18,354 $ 18,254 $ 18,210 Net Debt + Preferred / EBITDA 10.8 x 9.6 x 9.8 x 9.2 x 8.9 x Class A Shares Outstanding? (mm) 253.6 253.6 253.6 253.6 253.6 Blue Jay Shares Outstanding (mm) 323.6 323.6 323.6 323.6 323.6 Total Shares Outstanding (mm) 577.3 577.3 577.3 577.3 577.3 Source: Blue Jay Pro Forma Management Projections ? 0.1mm common unit equivalents used in the transaction are related to options at the Blue Jay level. Management Projections 37

V. Financial Analyses of Proposed Sale of Goldfinch to Blue Jay

A. Financial Analyses: Goldfinch Standalone

Summary of Illustrative Financial Analyses: Goldfinch Standalone Stock Price (Pre-Rumor): $ 19.01 Blended Offer Price: $ 21.79 Implied 2018E 6.2% Implied 2018E Cap Rate¹ 5.7% Implied 2018E Cap Rate¹ Methodology Cap Rate¹ Commentary 12.6x 2018E FFO Multiple 14.5x 2018E FFO Multiple Present Value of Illustrative Implied Exit Cap Rate Range: 5.75% – 6.75% Future Stock Price $ 15.77 $ 24.21 1 5.4%—6.7% Illustrative Cost of Equity: 8.1% (Implied 1YF Exit Cap Exit Year: Range of YE2017 – YE2021 Rate) Present Value of Illustrative P / NTM FFO range: 10.0x – 15.0x 2 Future Stock Price $ 14.93 $ 23.47 5.5%—6.9% Illustrative Cost of Equity: 8.1% (P / 1YF FFO) Exit Year: Range of YE2017 – YE2021 Financial Analyses Levered Discounted Illustrative Cost of Equity range: 7.5% – 8.5% 3 $ 19.42 $ 27.20 5.0%—6.1% Cash Flow Analysis Illustrative FCF Terminal Growth Rate range: 1.5% – 2.5% Precedent REIT Public REIT transactions over past 5 years Transactions: Premia 25th Percentile Premium to Undisturbed Price: 8.5% 4 $ 20.62 $ 22.71 5.6%—5.9% to Undisturbed 1-Day 75th Percentile Premium to Undisturbed Price: 19.5% Prior Price Applied to pre-rumor price of $19.01 Based on 52-week period through pre-rumor date (6-Nov-2017) 5 52-Week High / Low $ 18.83 $ 27.10 5.1%—6.2% High: $27.10 (15-Nov-2016) Low: $18.83 (3-Nov-2017) High: Boenning & Scattergood (9-Feb-2018) — High excluding Boenning & Scattergood (BTIG, Reference Analyst Price Target $ 18.00 $ 27.50 5.0%—6.3% 14-Mar-2018): $27.50 6 Information $ 34.50 Low: Goldman Sachs (23-Feb-2018) Median: $24.00 (of 17 data points) High: Boenning & Scattergood (9-Feb-2018) Analyst NAV Per $ 23.55 $ 34.79 4.3%—5.5% Low: RBC Capital Markets (12-Feb-2018) 7 Share Median: $27.11 (of 15 data points) $ 10.00 $ 20.00 $ 30.00 $ 40.00Implied 2018E Cap Rate¹ 8.1% 6.0% 4.8% 3.9% Source: Goldfinch Management Projections, SNL Financial, Green Street Advisors, IBES, Bloomberg, Broker Research; market data as of 23-Mar-2018 ¹ Implied cap rate based on 2018E Adjusted Real Estate NOI per Goldfinch Management Projections. Financial Analyses of Proposed Sale of Goldfinch to Blue Jay 40

1 Green Street Implied Cap Rates Over Time Goldfinch vs. Peers | Last Five Years 7.0%Current Current Pre-Rumor Nominal Implied Implied Average Implied Cap RateCap Rate Cap Rate Cap Rate 3M 1Y 3Y 5Y Goldfinch 5.43% 6.03% 6.51% 5.91% 6.01% 5.56% 5.53%6.5% MAC 5.04 5.79 6.02 5.67 5.74 5.20 5.25 SPG 5.16 6.36 6.24 6.15 6.06 5.42 5.33TCO 4.38 5.48 6.12 5.31 5.52 5.19 5.26 6.36%6.03%6.0%5.79%5.48%5.5%5.0%4.5%Goldfinch MAC SPG TCO4.0%Mar-2013 Mar-2014 Mar-2015 Mar-2016 Mar-2017 Mar-2018Average 2013 2014 2015 2016 2017 YTD Goldfinch 5.60% 5.49% 5.19% 5.31% 5.97% 5.92% MAC 5.50 5.37 4.73 4.93 5.68 5.70 SPG 5.26 5.23 4.98 5.05 5.90 6.18 TCO 5.43 5.37 5.03 4.99 5.46 5.33Source: Green Street Advisors; market data as of 23-Mar-2018, pre-rumor market data as of 6-Nov-2017 ¹ 2013 average based on data starting from 22-Feb-2013. Financial Analyses of Proposed Sale of Goldfinch to Blue Jay 41

1 Illustrative Present Value of Future Stock Price: Goldfinch Standalone Based on Cap Rate on 1-Year Forward NOI Undiscounted Future Share Price (Excl. Dividends) Present Value of Future Share Price and Dividends $ 28.46 Discounted to 31-Dec-2017 $ 26.71 $ 24.26 $ 23.69 $ 24.21 $ 22.73 $ 23.01 1-Yr Green $ 21.76 $ 22.46 $ 21.79 $ 21.76 $ 21.88 $ 21.79 Street $ 21.39 $ 20.21 Advisors $ 19.20 $ 19.47 $ 19.01 $ 21.54 $ 19.01 Implied Cap $ 17.88 $ 18.12 $ 17.04 $ 17.04 $ 17.39 $ 19.96 $ 19.13 Rate Range $ 18.33 (Pre-Rumor): $ 17.83 $ 16.57 $ 16.96 5.6%—6.5% $ 15.77 $ 16.18 $ 15.77 Pre- Blended YE 2017 2018E 2019E 2020E 2021E Pre- Blended YE 2017 2018E 2019E 2020E 2021E Rumor Offer Price Rumor Offer Price6.75% Implied Cap Rate 6.51% Implied Cap Rate 5.75% Implied Cap Rate (Goldfinch Pre-Rumor)²Assumptions Per Goldfinch Management ProjectionsYE 2017 2018E 2019E 2020E 2021E CAGR1-Year Forward Adjusted Real Estate NOIą $ 2,250 $ 2,319 $ 2,426 $ 2,553 $ 2,622 3.9 % Common Dividends Per Share $ 0.89 $ 0.95 $ 1.02 $ 1.09 7.0 % Cumulative Dividends Per Share $ 0.89 $ 1.84 $ 2.86 $ 3.95 Illustrative Cost of Equity 8.1 %Source: Goldfinch Management Projections, Company filings, Green Street Advisors, Axioma, Bloomberg, IBES; market data as of 23-Mar-2018, Goldfinch pre-rumor date of 6-Nov-2017 Note: Dividends are discounted to 31-Dec-2017 assuming four quarter end payments. Share prices are discounted to 31-Dec-2017 using year-end convention. ¹ Shown on one-year forward basis (i.e., YE 2017 figure is FY 2018E Adjusted Real Estate NOI). CAGR shown is based on 2018E and 2022E Adjusted Real Estate NOI. ² Pre-rumor implied cap rate per Green Street Advisors. Financial Analyses of Proposed Sale of Goldfinch to Blue Jay 42

2 P / NTM FFO Multiples Over Time Goldfinch vs. Peers | Last Five Years 25.0 xPre-Rumor 3M Avg 1Y Avg 3Y Avg 5Y Avg Goldfinch 11.8 x 14.0 x 13.9 x 16.2 x 16.8 x MAC 13.2 15.2 14.7 17.3 17.6 SPG 12.8 13.2 13.5 16.2 16.8 TCO 11.9 15.9 15.0 18.1 18.8tip le20.0 xMul P/F FO hted We ig e Ti m- 15.0 x 14.7 x NTM 14.3 x 13.3 x 12.5 xGoldfinch MAC SPG TCO 10.0 xMar-2013 Mar-2014 Mar-2015 Mar-2016 Mar-2017 Mar-2018Average 2013 2014 2015 2016 2017 YTD Goldfinch 17.3 x 17.2 x 18.3 x 17.5 x 14.3 x 14.0 x MAC 17.5 17.8 20.3 18.3 14.9 15.1 SPG 17.8 17.5 18.3 17.7 14.0 13.2 TCO 19.9 19.6 21.4 18.9 15.5 15.8Source: Bloomberg; market data as of 23-Mar-2018, pre-rumor market data as of 6-Nov-2017. Financial Analyses of Proposed Sale of Goldfinch to Blue Jay 43

2 Illustrative Present Value of Future Stock Price: Goldfinch Standalone Based on 1-Year Forward FFO per Share Multiple Undiscounted Future Share Price (Excl. Dividends) Present Value of Future Share Price and Dividends $ 27.45 Discounted to 31-Dec-2017 $ 26.33 $ 24.25 $ 22.58 $ 23.38 $ 23.47 $ 22.58 $ 22.83 $ 22.45 $ 21.98 1-Yr IBES $ 21.79 $ 21.79 $ 21.61 Consensus $ 20.72 P/NTM FFO $ 19.01 $ 18.94 $ 19.19 $ 19.01 $ 19.09 $ 17.78 $ 17.97 $ 17.78 $ 18.03 Range $ 17.48 (Pre-Rumor): $ 18.30 11.8x–16.7x $ 17.55 $ 16.43 $ 16.76 $ 16.17 $ 15.22 $ 15.53 $ 15.06 $ 15.06 $ 14.93 Pre- Blended YE 2017 2018E 2019E 2020E 2021E Pre- Blended YE 2017 2018E 2019E 2020E 2021E Rumor Offer Price Rumor Offer Price10.0x Forward P / FFO 11.8x Forward P / FFO 15.0x Forward P / FFO (Goldfinch Pre-Rumor)²Assumptions Per Goldfinch Management ProjectionsYE 2017 2018E 2019E 2020E 2021E CAGR1-Year Forward FFO Per Shareą $ 1.51 $ 1.52 $ 1.62 $ 1.76 $ 1.83 5.0 % Common Dividends Per Share $ 0.89 $ 0.95 $ 1.02 $ 1.09 7.0 % Cumulative Dividends Per Share $ 0.89 $ 1.84 $ 2.86 $ 3.95 Illustrative Cost of Equity 8.1 %Source: Goldfinch Management Projections, Axioma, Bloomberg, IBES; market data as of 23-Mar-2018, Goldfinch pre-rumor date of 6-Nov-2017 Note: Dividends are discounted to 31-Dec-2017 assuming four quarter end payments. Share prices are discounted to 31-Dec-2017 using year-end convention. ¹ Shown on one-year forward basis (i.e., YE 2017 figure is FY 2018E FFO). CAGR shown is based on 2018E and 2022E FFO. ² Pre-rumor Forward FFO multiple per IBES consensus. Financial Analyses of Proposed Sale of Goldfinch to Blue Jay 44

3 Illustrative Discounted Levered Free Cash Flow Analysis: Goldfinch Standalone ($ in millions) 2017E 2018E 2019E 2020E 2021E 2022E TerminalEBITDA $ 2,221 $ 2,283 $ 2,389 $ 2,520 $ 2,590 $ 2,590Less: Interest Expense (801) (806) (820) (812) (801) (801) Plus: Net Other Income 42 3 5 5 (0) (0)FFO $ 1,461 $ 1,480 $ 1,575 $ 1,713 $ 1,789 $ 1,789Less: Maintenance Capex (356) (335) (257) (179) (180) (180)AFFO $ 1,105 $ 1,144 $ 1,318 $ 1,534 $ 1,609 $ 1,609Less: Development Capex (753) (572) (151) (40) — -Less: Mandatory Debt Amortization (197) (220) (253) (264) (275) -Less: Other Cash Flow Items 110 157 (15) 79 (16) -Levered Free Cash Flow $ 265 $ 510 $ 899 $ 1,308 $ 1,317 $ 1,609Terminal Valueą $ 27,055Source: Company filings, Goldfinch Management Projections, Axioma, Bloomberg, Green Street Advisors ¹ Based on 8.1% illustrative cost of equity and 2.0% illustrative terminal growth rate. Financial Analyses of Proposed Sale of Goldfinch to Blue Jay 45

3 Illustrative Discounted Levered Free Cash Flow Analysis: Goldfinch Standalone Implied Current Share Price % of Equity Value from Terminal ValueTerminal Growth Rate Terminal Growth Rate# #### 1.50 % 1.75 % 2.00 % 2.25 % 2.50 % $ 0.84 1.50 % 1.75 % 2.00 % 2.25 % 2.50 % 7.50 % $ 23.06 $ 23.96 $ 24.94 $ 26.02 $ 27.20 7.50 % 84.7 % 85.3 % 85.8 % 86.4 % 87.0 % ity ity qu 7.75 % 22.04 22.86 23.75 24.72 25.79 qu 7.75 % 84.1 % 84.7 % 85.2 % 85.8 % 86.4 %E E8.06 % 20.87 21.60 22.39 23.25 24.19 8.06 % 83.3 % 83.9 % 84.5 % 85.0 % 85.6 % ofof Cost 8.25 % 20.23 20.91 21.66 22.46 23.34 Cost 8.25 % 82.9 % 83.5 % 84.0 % 84.6 % 85.2 % 8.50 % 19.42 20.05 20.73 21.47 22.27 8.50 % 82.3 % 82.9 % 83.4 % 84.0 % 84.6 %Implied Terminal Multiple (P / NTM FFO) Implied Terminal Cap RateTerminal Growth Rate Terminal Growth Rate# #### 1.50 % 1.75 % 2.00 % 2.25 % 2.50 % 6.1 % 1.50 % 1.75 % 2.00 % 2.25 % 2.50 % 7.50 % 14.6 x 15.3 x 16.0 x 16.8 x 17.7 x 7.50 % 6.0 % 5.9 % 5.7 % 5.5 % 5.3 % y it it y qu 7.75 % 14.0 14.7 15.3 16.1 16.9 qu 7.75 % 6.2 % 6.0 % 5.9 % 5.7 % 5.5 %EE f o 8.06 % 13.4 13.9 14.5 15.2 15.9 o f 8.06 % 6.4 % 6.2 % 6.1 % 5.9 % 5.7 % st st 8.25 % 13.0 13.5 14.1 14.7 15.4 8.25 % 6.5 % 6.3 % 6.2 % 6.0 % 5.8 % Co 8.50 % 12.5 13.0 13.6 14.1 14.8 Co 8.50 % 6.6 % 6.5 % 6.3 % 6.2 % 6.0 %Source: Company filings, Goldfinch Management Projections, Axioma, Bloomberg, Green Street Advisors Note: Discounted to YE 2017. Financial Analyses of Proposed Sale of Goldfinch to Blue Jay 46

4 Precedent US REIT Transaction Premia Deals >$1bn in Value | Last 5 Years Premium to Transaction Value Undisturbed 1-Day Date Announced Acquiror Name Target Name ($bn)ą Prior Consideration8/10/2017 Invitation Homes Starwood Waypoint Homes $ 8.6 0.8 % Stock 7/4/2017 Greystar Real Estate Partners Monogram Residential Trust, Inc. 4.0 22.4 % Cash 6/30/2017 Canada Pension Plan Investment Board Parkway, Inc. 1.3 13.1 % Cash 6/28/2017 Government Properties Income Trust First Potomac Realty Trust 1.5 5.1 % Cash 6/9/2017 Digital Realty Trust, Inc. DuPont Fabros Technology, Inc. 7.2 14.9 % Stock 5/7/2017 Sabra Health Care REIT, Inc. Care Capital Properties, Inc. 4.1 11.8 % Stock 4/24/2017 RLJ Lodging Trust FelCor Lodging Trust Incorporated 2.9 16.7 % Stock 2/27/2017 Tricon Capital Group Silver Bay Realty Trust Corp. 1.5 19.4 % Cash 11/14/2016 Regency Centers Corp Equity One, Inc. 5.8 15.3 % Stock 8/15/2016 Mid-America Apartment Cmnty Post Properties, Inc. 4.9 16.6 % Stock 4/29/2016 Cousins Properties Inc Parkway Properties, Inc. 4.0 13.0 % Stock 2/25/2016 Brookfield Asset Mgmt Inc Rouse Properties, Inc. 2.6 35.3 % Cash 12/15/2015 DRA Advisors LLC IRC Retail Centers 2.1 6.6 % Cash 12/3/2015 American Homes 4 Rent American Residential Properties, Inc. 1.4 8.7 % Stock 10/16/2015 Harrison Street Re Capital LLC Campus Crest Communities, Inc. 1.7 24.4 % Cash 10/8/2015 Blackstone RE Partners VIII LP BioMed Realty Trust, Inc. 8.1 23.8 % Cash 9/8/2015 Blackstone RE Partners VIII LP Strategic Hotels & Resorts, Inc. 5.9 4.8 % Cash 6/22/2015 Lone Star Funds Home Properties, Inc. 7.9 3.4 % Cash 4/22/2015 Brookfield Asset Mgmt Inc Associated Estates Realty Corporation 2.5 17.4 % Cash 4/10/2015 Blackstone Ppty Partners LP Excel Trust, Inc. 2.8 14.5 % Cash 10/31/2014 Omega Healthcare Investors Inc Aviv REIT, Inc. 2.8 16.2 % Stock 9/16/2014 Washington Prime Group Inc Glimcher Realty Trust 4.3 34.1 % Cash / Stock 6/2/2014 Ventas Inc American Realty Capital Healthcare Trust, Inc. 2.4 13.9 % Cash / Stock 12/9/2013 Essex Property Trust Inc BRE Properties, Inc. 6.2 (2.1)% Cash / Stock 10/23/2013 American Rlty Capital Ppty Inc Cole Real Estate Investments, Inc. 10.9 7.8 % Cash / Stock 6/3/2013 Mid-America Apartment Communities, Inc. Colonial Properties Trust 4.2 10.7 % Stock 5/28/2013 American Rlty Capital Ppty Inc CapLease, Inc. 2.1 19.7 % Cash 4/25/2013 Brookfield Office Pptys Inc MPG Office Trust, Inc. 2.1 21.2 % CashLow $ 1.3 (2.1)% Mean $ 4.1 14.6 % Median $ 3.5 14.7 % High $ 10.9 35.3 % 25th Percentile $ 2.1 8.5 % 75th Percentile $ 5.8 19.5 %Source: Company filings, SNL, Thomson Reuters, CapIQ Note: Excludes Mortgage REIT transactions. ¹ Total Transaction Size per CapIQ. Financial Analyses of Proposed Sale of Goldfinch to Blue Jay 47

6/7 Goldfinch Research Analyst Views NAV Broker Estimate Date Rating Price Target per Share Primary Valuation MethodologyBank of Americaą 7-Feb-18 Buy $ 25.00 $ 25.00 NAVBarclays 8-Feb-18 Hold 23.00 33.97 NAV, DCF, “sentiment/regression” BMO Capital Markets 17-Nov-17 Hold 22.00 27.69 NAV, DCFBoenning & Scattergood 9-Feb-18 Buy 34.50 34.79 NAVBTIG 14-Mar-18 Buy 27.50 32.93 NAV; FFO multiple Citibank 17-Nov-17 NA 27.50 29.90 NAVDeutsche Bank 8-Feb-18 Hold 24.00 NA NAV Evercore 7-Feb-18 Hold 26.00 25.29 NAV, DCF Goldman Sachs¹ 23-Feb-18 Sell 18.00 NA AFFO multiple Green Street Advisors² 14-Mar-18 Sell NA 25.82 NAVJ.P. Morgan 12-Feb-18 Buy 25.50 NA DCF Mizuho Securities 19-Mar-18 Buy 24.00 26.00 NAV RBC Capital Markets 12-Feb-18 Buy 24.00 23.55 NAVSandler O’Neill 26-Feb-18 Hold 22.00 26.00 FFO multiple, dividend yield, AFFO yield Stifel 9-Mar-18 Buy 24.00 26.00 Cap rate SunTrust 7-Feb-18 Buy 26.00 27.11 NAVUBS 7-Feb-18 Hold 23.00 27.24 NAV Wells Fargo 12-Feb-18 Hold 23.00 30.00 NAVLow $ 18.00 $ 23.55 Mean $ 24.65 $ 28.09 Median $ 24.00 $ 27.11 High $ 34.50 $ 34.79Source: Latest available broker research as of 23-Mar-2018 ¹ Bank of America and Goldman Sachs recommendations / price targets from prior recent reports (having moved to unrated post transaction announcement). ² Not included in IBES / SNL consensus. Financial Analyses of Proposed Sale of Goldfinch to Blue Jay 48

B. Financial Analyses: Blue Jay Standalone

Summary of Illustrative Financial Analyses: Blue Jay Standalone Stock Price (Current): $ 19.14 Stock Price (Undisturbed): $ 23.68 Implied 2018E 6.2% Implied 2018E Cap Rate¹ 5.8% Implied 2018E Cap Rate¹ Methodology Cap Rate¹ Commentary Present Value of ? Illustrative P / NTM FFO range: 12.0x – 16.5x 1 Future Stock Price $ 18.84 $ 29.81 5.3%—6.2% ? Illustrative Cost of Equity: 9.0% (P / 1YF FFO) ? Exit Year: Range of YE2017 – YE2021 Financial Analyses Levered Discounted ? Illustrative Cost of Equity range: 8.0%—10.0% 2 $ 17.61 $ 25.28 5.6%—6.3% Cash Flow Analysis ? Illustrative FCF Terminal Growth Rate range: 1.5%—2.5% ? Based on 52-week period through undisturbed date (10-Nov-2017) 3 52-Week High / Low $ 20.31 $ 24.96 5.6%—6.1% ? High: $24.96 (13-Oct-2017) ? Low: $20.31 (14-Nov-2016) ? High: RBC Capital Markets (8-Feb-2018) 4 Analyst Price Target $ 23.50 5.6%—5.8% ? Low: Evercore (8-Feb-2018) $ 26.00 ?Reference Median: $24.38 (of 4 data points) Information: Public Data Points 5 ? High: RBC Capital Markets (8-Feb-2018) Analyst NAV Per Unit $ 26.75 $ 30.50 5.2%—5.5% ? Low: Scotiabank (9-Feb-2018) ? Median: $29.16 (of 4 data points) ? Based on last 2 years reported IFRS NAV for Blue Jay Blue Jay Published 6 5.2%—5.3% ? High: $30.62 (30-Sep-2016) IFRS NAV Per Unit $ 29.49 $ 30.62 ? Low: $29.49 (30-Jun-2016) $ 10.00 $ 20.00 $ 30.00 $ 40.00Implied 2018E Cap Rate ¹ 7.3% 6.1% 5.2% 4.6% Source: Blue Jay Standalone Management Projections, IBES, Bloomberg, Broker Research; market data as of 23-Mar-2018 ¹ Implied cap rate based on 2018E NOI per Blue Jay Standalone Management Projections. Financial Analyses of Proposed Sale of Goldfinch to Blue Jay 50

1 P / NTM FFO Multiples Over Time Blue Jay | Last Three Years 20.00Undisturbed 3M Avg 6M Avg 1Y Avg 3Y Avg Blue Jay 15.9 x 13.8 x 14.6 x 15.2 x 16.0 x RMZ 15.3 x 14.0 x 14.7 x 15.1 x 15.4 x19.00 18.00 17.00 16.00 15.0014.0013.3 x13.0012.4 x12.00Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Blue Jay RMZSource: Bloomberg, Datastream; market data as of 23-Mar-2018 Note: RMZ P / NTM FFO multiple calculated as the median of P / NTM FFO multiples for all companies in the RMZ. Financial Analyses of Proposed Sale of Goldfinch to Blue Jay 51

1 Illustrative Present Value of Future Stock Price: Blue Jay Standalone Based on 1-Year Forward FFO per Share Multiple Undiscounted Future Share Price (Excl. Dividends) Present Value of Future Share Price and Dividends Discounted to 31-Dec-2017 $ 35.34 $ 33.98 $ 31.11 $ 30.52 $ 29.81 $ 28.55 $ 29.81 $ 27.91 $ 29.35 $ 26.80 $ 25.90 $ 25.90 $ 26.87 $ 26.23 $ 26.40 $ 25.70 $ 24.98 $ 23.68 $ 24.10 $ 23.68 $ 23.30 $ 22.37 $ 22.37 $ 24.71 $ 22.99 $ 22.63 $ 21.40 $ 22.65 $ 20.30 $ 19.14 $ 19.81 $ 19.14 $ 18.84 $ 18.84 Undisturbed Current YE 2017 2018E 2019E 2020E 2021E Undisturbed Current YE 2017 2018E 2019E 2020E 2021E12.00x Forward P / FFO 14.25x Forward P / FFO 16.50x Forward P / FFOAssumptions Per Blue Jay Standalone Management ProjectionsYE 2017 2018E 2019E 2020E 2021E CAGR1-Year Forward FFO Per Shareą $ 1.57 $ 1.69 $ 1.89 $ 2.06 $ 2.14 8.1 % Common Dividends Per Share $ 1.26 $ 1.34 $ 1.52 $ 1.65 9.4 % Cumulative Dividends Per Share $ 1.26 $ 2.60 $ 4.12 $ 5.77 Illustrative Cost of Equity 9.0 %Source: Blue Jay Standalone Management Projections, Axioma, Bloomberg, IBES; market data as of 23-Mar-2018, Blue Jay undisturbed date of 6-Nov-2017 Note: Dividends are discounted to 31-Dec-2017 assuming four quarter end payments. Share prices are discounted to 31-Dec-2017 using year-end convention. ¹ Shown on one-year forward basis (i.e., YE 2017 figure is FY 2018E FFO). CAGR shown is based on 2018E and 2022E FFO. Financial Analyses of Proposed Sale of Goldfinch to Blue Jay 52

2 Illustrative Discounted Levered Free Cash Flow Analysis: Blue Jay Standalone ($ in millions) Terminal Cash Flows 2018E 2019E 2020E 2021E 2022E (2022 Adj.)FFO $ 1,121 $ 1,226 $ 1,411 $ 1,589 $ 1,702 $ 1,702Add: Interest expense related to Convertibe Capital Securities 117 117 80 41 — -Add: Interest Expense (Capital Security Redeemed for Stock) 17 — — — — -Add / Less: Other Operating Cash Flow (874) (807) (505) (291) (46) (192)Operating Cash Flow $ 381 $ 535 $ 985 $ 1,338 $ 1,656 $ 1,510Investing Cash Flow (152) 481 (1,030) 310 (44) (364) Cash Flow Financing—Debt 169 803 1,138 (355) (516) (26) Cash Flow Financing—Capital Securities/Pref 10 (735) 5 (35) (72) -Contribution from NCI 2,028 40 (0) (0) (0) -Levered Free Cash Flow $ 2,436 $ 1,125 $ 1,097 $ 1,258 $ 1,024 $ 1,120Terminal Value¹ $ 16,323Source: Company filings, Blue Jay Standalone Management Projections, Axioma, Bloomberg ¹ Based on 9.0% illustrative cost of equity and 2.0 % illustrative terminal growth rate. Financial Analyses of Proposed Sale of Goldfinch to Blue Jay 53

2 Illustrative Discounted Levered Free Cash Flow Analysis: Blue Jay Standalone Implied Current Share Price % of Equity Value from Terminal ValueTerminal Growth Rate Terminal Growth Rate $ 20.63 1.50 % 1.75 % 2.00 % 2.25 % 2.50 % 64.5 % 1.50 % 1.75 % 2.00 % 2.25 % 2.50 % 8.00 % $ 22.39 $ 23.03 $ 23.72 $ 24.46 $ 25.28 8.00 % 66.7 % 67.6 % 68.6 % 69.5 % 70.5 % it y it y Equ 8.50 % 20.94 21.48 22.05 22.68 23.36 Equ 8.50 % 64.7 % 65.6 % 66.5 % 67.4 % 68.4 % f 9.00 % 19.68 20.14 20.63 21.16 21.73 f 9.00 % 62.8 % 63.7 % 64.5 % 65.4 % 66.3 % oo Cost 9.50 % 18.58 18.98 19.40 19.85 20.33 Cost 9.50 % 61.0 % 61.8 % 62.6 % 63.5 % 64.3 % 10.00 % 17.61 17.96 18.32 18.71 19.12 10.00 % 59.2 % 60.0 % 60.7 % 61.6 % 62.4 %Implied Terminal Multiple (P / NTM FFO)¹ Implied Terminal Cap Rate²Terminal Growth Rate Terminal Growth Rate9.6 x 1.50 % 1.75 % 2.00 % 2.25 % 2.50 % 7.5 % 1.50 % 1.75 % 2.00 % 2.25 % 2.50 % 8.00 % 10.3 x 10.7 x 11.2 x 11.7 x 12.3 x 8.00 % 7.3 % 7.2 % 7.1 % 7.0 % 6.9 % u ity u ity q 8.50 % 9.5 9.9 10.3 10.8 11.2 q 8.50 % 7.5 % 7.4 % 7.3 % 7.2 % 7.1 %EE9.00 % 8.9 9.2 9.6 10.0 10.4 9.00 % 7.6 % 7.6 % 7.5 % 7.4 % 7.3 % ofof Cost 9.50 % 8.3 8.6 8.9 9.3 9.6 Cost 9.50 % 7.8 % 7.7 % 7.6 % 7.6 % 7.5 % 10.00 % 7.9 8.1 8.4 8.7 9.0 10.00 % 7.9 % 7.8 % 7.8 % 7.7 % 7.6 %Source: Company filings, Blue Jay Standalone Management Projections, Axioma, Bloomberg Note: Discounted to YE 2017. ¹ Calculated based on 2022E FFO. ² Implied terminal cap rate calculated based on extrapolated 2023E NOI. 2023E NOI extrapolated using 2018E – 2022E CAGR for core office, core retail and opportunistic segments based on management projections. Financial Analyses of Proposed Sale of Goldfinch to Blue Jay 54

4-6 Reference Information: Blue Jay Public Data Points Blue Jay Research Analyst Views NAV Broker Estimate Date Rating Price Target per Share Primary Valuation MethodologyCanaccord 9-Feb-18 Hold $ 24.00 $ 29.71 NAVEvercore 8-Feb-18 Hold 23.50 28.60 FFO multiple, NAV, and DCF Scotiabank¹ 9-Feb-18 Buy 24.75 26.75 NAVRBC Capital Markets 8-Feb-18 Buy 26.00 30.50 NAVLow $ 23.50 $ 26.75 Mean $ 24.56 $ 28.89 Median $ 24.38 $ 29.16 High $ 26.00 $ 30.50Blue Jay IFRS NAV per Unit Over Time $ 30.62 $ 30.29 $ 30.52 $ 30.56 $ 30.15 $ 30.24 $ 29.51 $ 29.49 1Q’16 2Q’16 3Q’16 4Q’16 1Q’17 2Q’17 3Q’17 4Q’17Source: Company filings; latest available broker research as of 23-Mar-2018 Note: Blended cap rate calculated as a NOI-weighted average of the disclosed terminal cap rates for Core Office and Core Retail; opportunistic cap rate calculated as a NOI-weighted average of either terminal cap rates or capitalization rates for each sub-segment, based on valuation approach. ¹ Scotiabank NAV estimate rounded to the nearest $0.25. Financial Analyses of Proposed Sale of Goldfinch to Blue Jay 55

C. Financial Analyses: Blue Jay Pro Forma

P / NTM FFO Multiples Over Time Last Two Years Pre-Rumor Averages Current (6-Nov-2017) 1M 3M 6M 1Y 2Y22.0 xBlue Jay (ex. Goldfinch) 11.7 x 18.8 x 12.9 x 13.6 x 15.2 x 16.1 x 15.6 x Blue Jay Standalone 12.4 x 15.6 x 13.2 x 13.8 x 14.6 x 15.2 x 15.5 x Goldfinch 13.3 x 11.7 x 13.5 x 14.0 x 13.8 x 13.9 x 15.5 x Pro Forma Blue Jay¹ 12.7 x 14.4 x 13.3 x 13.9 x 14.3 x 14.8 x 15.5 x20.0 xMultiple 18.0 x FFO d Weighte 16.0 x me -Ti NTM 14.0 x13.3 x 12.7 x 12.4 x12.0 x 11.7 x10.0 xMar-2016 Jun-2016 Sep-2016 Dec-2016 Mar-2017 Jun-2017 Sep-2017 Dec-2017 Mar-2018 Blue Jay (ex. Goldfinch) Blue Jay Standalone Goldfinch Pro Forma Blue Jay¹Source: Bloomberg, Company filings; market data as of 23-Mar-2018 Note: Blue Jay (ex. Goldfinch) assumes Blue Jay’s stake in Goldfinch trades at the same multiple as Goldfinch standalone. ¹ Pro forma Blue Jay NTM FFO weighted using projected 2H 2018 FFO figures in the pro forma entity. Financial Analyses of Proposed Sale of Goldfinch to Blue Jay 57

Illustrative Present Value of Future Stock Price: Pro Forma Blue Jay Based on 1-Year Forward FFO per Share Multiple Undiscounted Future Share Price (Excl. Dividends) Present Value of Future Share Price and Dividends Discounted to 31-Dec-2017 $ 34.72 $ 33.28 $ 30.72 $ 29.27 $ 29.37 $ 28.00 $ 26.88 $ 28.22 $ 27.62 $ 26.47 $ 24.43 $ 24.01 $ 24.34 $ 23.68 $ 22.27 $ 23.68 $ 22.92 $ 26.04 $ 21.63 $ 24.96 $ 23.23 $ 23.04 $ 22.84 $ 21.75 $ 19.14 $ 21.00 $ 19.14 $ 20.46 Undisturbed Current 2018E 2019E 2020E 2021E Undisturbed Current 2018E 2019E 2020E 2021E12.0x Forward P / FFO 12.7x Forward P / FFO 16.0x Forward P / FFOAssumptions Per Blue Jay Pro Forma Management Projections2018E 2019E 2020E 2021E CAGR1-Year Forward FFO Per Shareą $ 1.75 $ 1.92 $ 2.08 $ 2.17 7.4 % Common Dividends Per Share $ 1.26 $ 1.34 $ 1.52 $ 1.65 9.4 % Cumulative Dividends Per Share $ 1.26 $ 2.60 $ 4.12 $ 5.77 Illustrative Cost of Equity 9.0 %Source: Blue Jay Pro Forma Management Projections, Blue Jay Standalone Management Projections, Axioma, Bloomberg, IBES; market data as of 23-Mar-2018, Blue Jay undisturbed date of 10-Nov-2017 Note: Dividends are discounted to 31-Dec-2017 assuming four quarter end payments. Share prices are discounted to 31-Dec-2017 using year-end convention. ¹ Shown on one-year forward basis (i.e., 2018E figure is FY 2019E FFO). CAGR shown is based on 2019E and 2022E FFO. Financial Analyses of Proposed Sale of Goldfinch to Blue Jay 58

Illustrative Present Value of Future Stock Price: Implied Valuation Uplift Based on 1-Year Forward FFO per Share Multiple Implied Offer Value: PV of Future Stock Price + Dividends: Goldfinch¹ $14.30 cash + 0.392 Blue Jay Pro Forma units² $ 25.76 $ 25.80 $ 24.82 $ 25.35 $ 23.38 $ 23.70 $ 23.83 $ 22.58 $ 22.45 $ 23.47 $ 23.27 $ 21.98 $ 22.77 $ 21.79 $ 21.79 $ 23.39 $ 22.82 $ 23.24 $ 22.31 $ 19.01 $ 18.94 $ 19.19 $ 17.78 $ 18.03 $ 17.48 $ 16.76 $ 16.43 $ 15.53 $ 15.06 $ 14.93 Pre- Blended YE 2017 2018E 2019E 2020E 2021E Blended 2018E 2019E 2020E 2021E Rumor Offer Price Offer PriceImplied Offer Premium Goldfinch Blue Jay 2018E 2019E 2020E 2021E Standalone Pro FormaMultiple 10.0 x 12.0 x 49.4 % 46.9 % 41.5 % 39.6 % FFO 11.8 x 12.7 x 30.2 % 29.1 % 25.1 % 24.2 % NTM 15.0 x 16.0 x 13.0 % 12.9 % 10.2 % 9.9 %Source: Goldfinch Management Projections, Blue Jay Pro Forma Management Projections, Axioma, Bloomberg, IBES; market data as of 23-Mar-2018, Blue Jay undisturbed date of 10-Nov-2017 ¹ Goldfinch future share price and dividends discounted using illustrative cost of equity of 8.1%. ² Blue Jay Pro Forma unit value based on illustrative present value of future stock price: Blue Jay Pro Forma (refer page 58). Blue Jay pro forma future share price and dividends discounted using illustrative cost of equity of 9.0%. Financial Analyses of Proposed Sale of Goldfinch to Blue Jay 59

Appendix A: Goldfinch Levered Recapitalization Analysis

Key Assumptions Underlying Standalone Goldfinch Leveraged Recapitalization Analysis This analysis has been prepared at the Special Committee’s request to illustrate the financial impact to shareholders of Goldfinch remaining independent and implementing an leveraged recapitalization. For illustrative purposes, the analysis assumes that Goldfinch implements almost all of the changes that Blue Jay proposes to make at the Barbet level, but remains an independent public entity $9.25bn cash dividend paid to all Goldfinch shareholders ($9.53 / share) Incremental debt raised at Goldfinch on same terms as Blue Jay Pro Forma Management Projections for Barbet Transaction Assumptions Sale of JV interests identical to those proposed under the Blue Jay Pro Forma Management Projections Illustrative transaction costs of $275mm (debt costs and transfer taxes in line with proposed Blue Jay transaction plus $35mm of other expenses) Term loans issued in conjunction with the transaction are paid down over the forecast period (~$4.6bn through YE 2022) via: Subsequent Financing $2.2bn equity proceeds from asset sales to be completed between transaction close and YE 2019 Activity Additional property-level debt issued over the forecast period Cash flows based on Blue Jay Pro Forma Management Projections for Barbet, adjusted as follows: Added back incremental MSA fees payable to Blackbird (~$65-70mm p.a.) Removed G&amp;A synergies related to public company costs (~$25-30mm of public company costs) Interest expense reflects adjustments for lower transaction costs ($275mm vs. $330mm payable at Barbet) and changes in cash flows Pro Forma Goldfinch Cash Key differences between Goldfinch Management Projections (status quo) and projections for the recapitalized entity (at FFO) are: Flows ~$50mm p.a. run-rate impact from additional management fees related to new JVs implemented pre- and post-close ~$10-20mm p.a. in incremental lease termination fees (as assumed by Blue Jay management) ~$150mm+ run-rate annual impact from a step-up in densification activity and additional capital investment (as assumed by Blue Jay management) Dividend payout ratio of 80% of FFO, in line with Blue Jay Pro Forma Management Projections for Barbet Dividend All shareholders receive equal dividends Source: Blue Jay Pro Forma Management Projections Goldfinch Levered Recapitalization Analysis 61

Comparison of Standalone Goldfinch Today to Goldfinch Leveraged Recapitalization Operating Statistics Peer Trading and Leverage Metrics Status Quo Goldfinch NTM FFO Multiple Goldfinch Post Recap Asset Quality 14.7 x 14.3 x 12.5 x 11.8 x Sales PSF $ 590 $578 (2.2)% B 8.8 x 10% B 13% 6.1 x B+ B+ % of NOI by Mall Quality 15% 4.2 x 15% A A 72% 2.5 x 75% Scale Goldfinch TCO MAC SPG SKT PEI WPG CBL Pre- 2020 NOI ($mm) $ 2,528 $ 1,890 (25.2)% Rumor 2020 FFO ($mm) $ 1,575 $ 1,129 (28.3)% Net Debt + Pref. / 2018E EBITDA4 Dividend 9.8 x 9.5 x 2020E Dividend per Share $ 1.02 $ 0.93 (9.0)% 8.4 x 9.3 x 8.4 x 8.3 x 2020E FFO Payout Ratio 63 % 80 % +17pps 6.0 x 4.8 x 2020E AFFO Payout Ratio 75 % 101 % +26pps Leverage Net Debt + Pref. / 2018E 8.4 x 10.9 x +2.5 x EBITDA Goldfinch TCO MAC SPG SKT PEI WPG CBL Net Debt + Pref. / 2022E Pre- 6.8 x 8.6 x +1.8 x Rumor EBITDA Source: Blue Jay Pro Forma Management Projections, Goldfinch Management Projections, Company filings, IBES estimates; market data as of 23-Mar-2018 and Goldfinch pre-rumor data as of 6-Nov-2017 Sales PSF based on TTM sales as of 30-Sep-2017 weighted by square footage. Goldfinch post recap represents sales PSF assuming all planned asset sales. Mall quality breakdown based on 2018E NOI. Goldfinch post recap represents NOI breakdown assuming all planned asset sales. For Goldfinch post recap based on 2H2018E annualized. 4 Goldfinch 2018E EBITDA based on Goldfinch Management Projections; peer 2018E EBITDA based on IBES estimates. Goldfinch Levered Recapitalization Analysis 62

Illustrative Present Value of Future Stock Price: Goldfinch Leveraged Recapitalization Based on 1-Year Forward FFO per Share Multiple Undiscounted Future Share Price (Excl. Dividends) Present Value of Future Share Price and Dividends Discounted to 31-Dec-2017 $ 21.79 $ 21.79 $ 19.01 $ 19.01 $ 15.42 $ 14.76 $ 12.70 $ 13.69 $ 12.57 $ 11.76 $ 11.84 $ 12.19 $ 12.55 $ 11.25 $ 9.68 $ 10.43 $ 10.00 $ 10.18 $ 9.12 $ 9.57 $ 7.84 $ 7.28 $ 7.63 $ 6.96 $ 7.50 $ 6.22 $ 6.76 $ 6.45 Pre- Blended 2018E 2019E 2020E 2021E Pre- Blended 2018E 2019E 2020E 2021E Rumor Offer Price Rumor Offer Price 6.0x Forward P / FFO 9.0x Forward P / FFO 11.8x Forward P / FFO (Goldfinch—Pre Rumor) 2018E 2019E 2020E 2021E CAGR 1-Year Forward FFO Per Share $ 1.08 $ 1.16 $ 1.25 $ 1.31 6.7 % Common Dividends Per Share $ 0.45 $ 0.86 $ 0.93 $ 1.00 7.8 % Cumulative Dividends Per Share $ 0.45 $ 1.31 $ 2.24 $ 3.24 Illustrative Cost of Equity 11.3 % Source: Blue Jay Pro Forma Management Projections, Axioma, Bloomberg, IBES; market data as of 23-Mar-2018, Goldfinch pre-rumor date of 6-Nov-2017 Note: Dividends are discounted to 31-Dec-2017 assuming four quarter end payments. Share prices are discounted to 31-Dec-2017 using year-end convention. Shown on one-year forward basis (i.e., 2018E is FY 2019E FFO). CAGR shown is based on 2019E and 2022E FFO. CAGR shown is based on 2019E and 2021E dividend per share. Pre-Rumor Forward FFO multiple per IBES consensus. Goldfinch Levered Recapitalization Analysis 63

Illustrative Present Value of Future Stock Price: Implied Valuation Uplift Based on 1-Year Forward FFO per Share Multiple Implied Offer Value: Implied Recap Value: $9.53 Cash + 1 Recap Share $14.30 cash + 0.392 Blue Jay Pro Forma units $ 25.76 $ 25.80 $ 24.82 $ 25.35 $ 23.70 $ 23.83 $ 22.10 $ 23.27 $ 21.79 $ 21.72 $ 22.08 $ 22.77 $ 21.37 $ 21.79 $ 23.24 $ 23.39 $ 22.82 $ 19.71 $ 22.31 $ 19.01 $ 18.65 $ 19.10 $ 19.53 $ 17.16 $ 16.81 $ 16.29 $ 15.75 Pre- Blended 2018E 2019E 2020E 2021E Blended 2018E 2019E 2020E 2021E Rumor 6.0x Forward Offer P Price / FFO 9.0x Forward P / FFO 11.8x Forward P / FFO Offer Price 12.0x Forward P / FFO 12.7x Forward P / FFO 16.0x Forward P / FFO (Goldfinch—Pre Rumor) Implied Offer Premium vs. Recap Value Goldfinch Levered Blue Jay Recap Pro Forma 2018E 2019E 2020E 2021E Multiple 6.0 x 12.0 x 16.2 % 16.7 % 16.7 % 16.7 % FFO 9.0 x 12.7 x 22.1 % 21.9 % 21.3 % 20.9 % NTM 11.8 x 16.0 x 41.6 % 40.0 % 38.2 % 36.3 % Source: Blue Jay Pro Forma Management Projections , Axioma, Bloomberg, IBES; market data as of 23-Mar-2018, Goldfinch pre-rumor date of 6-Nov-2017 Goldfinch Leveraged Recapitalization future share price, dividends and leveraged recapitalization dividend discounted using illustrative cost of equity of 11.3%. Blue Jay Pro Forma unit value based on illustrative present value of future stock price: Blue Jay Pro Forma (refer page 58). Blue Jay pro forma future share price and dividends discounted using illustrative cost of equity of 9.0%. Pre-rumor Forward FFO multiple per IBES consensus. Goldfinch Levered Recapitalization Analysis 64

Appendix B: Share Register Analysis

Goldfinch / Blue Jay Shareholder Overlap Excludes Blackbirds Stake in Blue Jay and Blue Jays Stake in Goldfinch Goldfinch Top 25 Firm Level Investors Blue Jay Top 25 Firm Level Investors % Free Float Most Recent % Free Float Most Recent AUM AUM Institution Style ($bn) Goldfinch Blue Jay Institution Style ($bn) Blue Jay Goldfinch Vanguard Index 3,159.3 14.2 % RBC Global Asset Management Inc. Value $ 66.7 8.6 % 0.3 % BlackRock Institutional Trust Company, N.A. Index 2,046.2 7.0 0.3 % Manulife Asset Management Limited Growth $ 38.6 5.4 0.1 State Street Global Advisors (US) Index 1,297.8 5.6 Letko, Brosseau &amp; Associates Inc. Value 13.9 3.7 Cohen &amp; Steers Sector Specific 57.7 5.0 Fidelity Institutional Asset Management GARP 76.9 3.7 1.7 Norges Bank Investment Management (NBIM) Pension 699.5 4.3 RBC Dominion Securities, Inc. Other 37.3 3.5 0.0 Fidelity GARP 1,215.3 3.7 1.2 CIBC Asset Management Inc. Value 27.5 2.9 0.1 T. Rowe Price GARP 661.4 3.0 CI Investments Inc. Value 35.5 2.4 CBRE Clarion Securities, L.L.C. Sector Specific 11.8 2.3 Fidelity Investments Canada ULC Other 12.6 2.2 0.7 Morgan Stanley IM (US) GARP 71.7 2.1 0.2 Invesco Canada Ltd. Growth 19.3 2.1 0.0 Fidelity Institutional Asset Management GARP 76.9 1.7 3.7 Future Fund Board of Guardians Pension 0.2 2.1 Invesco Advisers, Inc. GARP 190.6 1.5 0.1 Phillips, Hager &amp; North Investment Management GARP 7.2 2.0 Dimensional Fund Advisors Quantitative 409.8 1.4 Scotia Capital Inc. Broker Dealer 7.4 1.8 0.0 Daiwa Asset Management Co., Ltd. GARP 72.9 1.3 Partners Value Investments, L.P. Strategic 0.7 1.8 Geode Capital Management, L.L.C. Index 342.5 1.2 0.1 TD Asset Management Inc. GARP 70.9 1.4 0.0 Northern Trust Investments, Inc. Index 259.4 1.0 Principal Global Investors (Equity) Growth 126.3 1.4 0.5 Nuveen LLC Pension 320.6 1.0 Mackenzie Financial Corporation Growth 61.3 1.4 0.1 CenterSquare Investment Management, Inc. Sector Specific 6.9 1.0 Fidelity GARP 1,215.3 1.2 3.7 Charles Schwab Investment Management, Inc. Index 160.1 1.0 GWL Investment Management Ltd. Growth 43.8 1.1 0.1 PGGM Vermogensbeheer B.V. Pension 67.5 0.9 Capital International Value 128.4 1.0 Legal &amp; General Investment Management Ltd. Index 215.5 0.8 PSP Investments Pension 14.1 0.9 0.4 Morgan Stanley &amp; Co. LLC Broker Dealer 84.7 0.8 0.0 First Manhattan Company Value 18.8 0.9 0.0 BlackRock Asset Management Ireland Limited Growth 93.0 0.8 RBC Wealth Management, International Insurance 19.1 0.9 APG Asset Management US, Inc. Pension 12.2 0.7 Swedbank Robur Fonder AB Growth 81.4 0.8 0.0 Fidelity Investments Canada ULC Other 12.6 0.7 2.2 I.G. Investment Management, Ltd. GARP 20.4 0.8 BlackRock Investment Management (UK) Ltd. Growth 289.9 0.6 British Columbia Investment Management Corp. Pension 44.0 0.7 0.0 Top 25 Institutional Goldfinch Holders 63.6 % Top 25 Institutional Blue Jay Holders 54.5 % Overlap in Top 25 Institutional Goldfinch Holders 18.7 7.7 Overlap in Top 25 Institutional Blue Jay Holders 39.9 7.8 Overlap in All Institutional Goldfinch Holders 24.9 % 45.5 % Overlap in All Institutional Blue Jay Holders 45.5 % 24.9 % Source: Thomson Financial, shareholder data as of Q4 17 and subsequent 13D / G filings, Company filings Note: Highlighted investors own both Goldfinch and Blue Jay. Excludes Blackbirds economic ownership stake in Blue Jay and Blue Jays economic ownership stake in Goldfinch. Ownership percentages expressed in terms of free float. Share Register Analysis 66

Shareholder Base by Investor Type 0.4 % 0.5 % Goldfinch vs. Blue Jay | As of 31-Dec-2017 Excludes Blackbirds Stake in Blue Jay and Blue Jays Stake in Goldfinch Goldfinch Shareholder 11.5 Base % Blue Jay Shareholder Base 0.5 % 0.4 % 0.9 % 0.2 % 11.5 % 15.9 % 5.4 % 0.9 % 0.2 % 32.1 % 34.4 % 5.7 % 2.7 % 5.4 % 32.1 % 10.7 % 2.7 % 11.0 % 2.1 % 5.4 % 11.0 % 18.5 % 2.0 % 2.5 % RE Dedicated Income Value GARP Growth Hedge Fund Pension Other Active Index Source: Thomson Financial, shareholder data as of Q417 and subsequent 13D / G filings Share Register Analysis 67

Goldfinchs Fund-Level Overview Roughly Half of Goldfinchs Active Shareholders Own PTPs or Externally Managed REITs Cost Basis and Returns Most Recent Holds Externally AUM Cost Basis Unrealized Shares Managed Fund Style ($bn) ($USD) Gain %OS (mm) Holds PTPs REITs Holds Any Holds Both Fidelity US REIT Mother Fund Other $ 12.9 $ 24.27 (12.8)% 1.4 % 12.9 O P P O T. Rowe Price Real Estate Fund Sector Specific 6.0 20.20 4.7 1.2 11.7 O O O O DFA Real Estate Securities Portfolio Quantitative 8.4 17.52 20.7 0.6 5.5 O P P O Fidelity Real Estate Investment Portfolio Sector Specific 4.1 25.58 (17.3) 0.6 5.3 O P P O Cohen &amp; Steers Realty Shares, Inc. Sector Specific 4.5 22.78 (7.1) 0.5 4.7 O O O O Cohen &amp; Steers Real Estate Securities Fund Sector Specific 4.3 22.74 (7.0) 0.4 3.9 O O O O Nuveen Real Estate Securities Fund Sector Specific 3.9 21.72 (2.6) 0.4 3.7 P P P P Cohen &amp; Steers Institutional Realty Shares, Inc. Sector Specific 2.8 22.78 (7.1) 0.3 2.9 O O O O Two Sigma Investments, LP Hedge Fund 66.5 22.18 (4.6) 0.3 2.6 P P P P JPMorgan Mid Cap Value Fund Value 19.2 23.13 (8.6) 0.3 2.6 P O P O Fidelity NorthStar Fund GARP 6.8 23.40 (9.6) 0.3 2.5 O O O O T. Rowe Price Real Assets Fund Other 3.3 20.09 5.3 0.3 2.4 O O O O Asset Management One USA Inc. Hedge Fund 45.5 23.25 (9.0) 0.3 2.4 O P P O Fidelity Canadian Disciplined Fund Value 1.9 25.21 (16.1) 0.2 2.0 P O P O Voya Global Real Estate Fund—US Sector Specific 1.8 15.51 36.3 0.2 2.0 O O O O Wells Fargo Special Mid Cap Value Fund Value 8.6 21.93 (3.5) 0.2 1.9 P O P O TIAA-CREF Real Estate Securities Fund Income 2.0 18.17 16.4 0.2 1.9 P P P P Fidelity Series Stock Selector Large Cap Value Value 9.9 21.85 (3.2) 0.2 1.8 P O P O Alpine Associates Management Inc. Hedge Fund 2.3 22.37 (5.4) 0.2 1.8 P O P O Merger Fund Specialty 1.8 22.37 (5.4) 0.2 1.8 P O P O CREF Stock Account Growth 126.2 22.94 (7.8) 0.2 1.7 P P P P Met Investors Series—Clarion Global Real Estate Portfolio Sector Specific 1.5 19.16 10.4 0.2 1.7 O O O O Sentry Global REIT Fund Income 0.7 23.27 (9.1) 0.2 1.6 O O O O CBRE Clarion Global Real Estate Income Fund Sector Specific 0.9 25.54 (17.2) 0.2 1.5 O P P O Morgan Stanley Instl Global Real Estate Portfolio Income 1.6 18.29 15.7 0.2 1.4 O P P O Top 25 Active Mutual and Hedge Fund Holders 8.9 % 84.0 40.0 % 40.0 % 64.0 % 16.0 % Full Active Register 29.1 41.8 56.6 14.3 Median $ 22.37 (5.4)% Weighted Average 22.03 (4.0) Source: Bloomberg, Thomson, 13F filings as of Q4 17 and subsequent 13D / G filings Note: PTPs include Alliance Bernstein, Apollo, Ares, Blackstone, Blue Jay, Buckeye Partners, Carlyle, Cedar Fair, Cheniere Energy Partners, Enable Midstream Partners, Enbridge Energy Partners, Energy Transfer Partners, EnLink Midstream Partners, Enterprise Products Partners, EQT Midstream Partners, Fortress, KKR, Magellan Midstream Partners, MPLX, Oaktree, Och-Ziff, Phillips 66 Partners, Plains All American Pipeline, Spectra Energy Partners, Western Gas Partners, and Williams Partners. Externally managed REITs include Alexanders, Altisource Residential, Ashford Hospitality Trust, Ashford Hospitality Prime, Gladstone Commercial, Global Net Lease, Government Properties Income, Hospitality Properties, Independence Realty Trust, Monmouth REIT, New Senior Investment Group, New York REIT, Nexpoint Residential, Northstar Realty Europe, Preferred Apartment Communities, Select Income REIT, Senior Housing Properties, and Universal Health Realty. 1 Calculated as the weighted average cost of current shares held based on quarterly VWAPs and all share purchases 2005 present. Based on share price of market close, 23-Mar-2018, $21.15. Weighted average based on number of shares held. Share Register Analysis 68

S&amp;P Index Inclusion Criteria Criteria Description Barbet Commentary S&amp;P 500: $6.1bn+ Barbets market cap will be up to ~$5bn Market Cap S&amp;P MidCap 400: $1.6bn $6.8bn (subject to shareholders choice between S&amp;P SmallCap 600: $450mm $2.1bn Barbet and Blue Jay equity consideration) Liquidity Annual dollar value traded 1.0x float adjusted market cap Minimum of 250k shares traded in each of 6 months leading up to evaluation Public Float At least 50% of the shares outstanding Sum of last four consecutive quarters and most recent quarter GAAP (core) Financial Viability net income should be positive 1. Files 10-K annual reports with SEC Acceptable exchanges include: NYSE, NYSE Arca, NYSE MKT, NASDAQ Global 2. US portion of fixed assets and revenues constitutes a plurality of total fixed Select, NASDAQ Select, Nasdaq Capital, assets and revenues, respectively Bats BZX, Bats BYX, Bats EDGA, or Bats If the factors conflict, assets determine plurality EDGX. ADRs are not eligible If only factor precluding company from US If incomplete information, revenues determine plurality US Domicile domicile is tax registration outside the US Characteristics If this criterion is not met or judgment is ambiguous, S&amp;P may still chosen for tax-related reasons, S&amp;P may determine a US domicile if primary listing, headquarters, and still determine a US domicile incorporation are all in the US or a domicile of convenience1 Ultimately US domicile is at the discretion of the US Index Committee 3. Primary listing of common stock is on an acceptable exchange 4. Corporate governance structure is consistent with US practice 5. Single class of common stock Sector The S&amp;P committee tries to maintain a GICS sector balance that is consistent Will ultimately depend on the discretion of Representation with the S&amp;P Total Market constituents in the relevant market cap range the S&amp;P Committee NYSE or NASDAQ listed common equities; closed end funds, MLPs, BDCs, Eligible Company mortgage REITs, ETFs, royalty trusts, ADRs and ADSs are excluded Time Since IPO Public for at least 6-12 months Source: S&amp;P U.S. Indices Methodology March 2017; SEC Brief Overview for Foreign Private Issuers Domiciles of convenience include Bermuda and other locations. Share Register Analysis 69

MSCI US REIT Index Inclusion Criteria Key Qualifier Objective Requirements Rubric Calculation Barbet Inclusion in the Market capitalization greater than the Market Cap &gt;$236 million Total common shares parent index MSCI Equity Universe Minimum Size outstanding, excluding OP 1 USA Investable Requirement units Market Index (IMI), which requires: Float-adjusted market capitalization Float &gt;$118 million Total common shares greater than or equal to 50% of the floating, excluding OP units 1 Equity Universe Minimum Size Requirement Adequate liquidity 3-month Average Traded Average of monthly median Value Ratio &gt;20% for each daily traded value / float-of the last 4 quarters adjusted market capitalization for each 3 Included in Parent month period, then Index annualized 12-month Average Traded Average of monthly median Value Ratio &gt;20% for the daily traded value / float-last year adjusted market capitalization for the last 12 months, then annualized 3-month Frequency of # days traded / Trading &gt; 90% # NYSE trading days over a given 3 month period Minimum Length of Trading At least 3 months before the implementation of a Semi-Annual Requirement Index Review (May &amp; November)— REITs classified in the Mortgage REIT sub-industry are excluded Not a Mortgage or REITs classified in the Specialized REIT sub-industry that do not generate a majority of their revenue and income from real estate rental Specialty REIT and related leasing operations are excluded (ex. timber REITs) Both internal and external management structures are permitted Other Items Currently, non-voting securities can be included; however, MSCI is currently canvassing investors as to whether non-voting securities should be excluded (issue to be voted on Jun-2018) in line with the decision recently taken by S&amp;P Source: MSCI, FTSE source materials Subject to shareholders choice between Barbet and Blue Jay stock consideration, but Barbet market cap could be up to ~$5bn (based on Blue Jay share price as of 23-Mar-2018) with a free float of up to ~45%. Share Register Analysis 70

Appendix C: Supporting Financial Analysis

Common Stock Comparison Sorted by 2018E FFO Multiple ($ in millions, except per share data) Consensus Consensus GSA GSA Closing % of 52 Equity Net Net Debt / EBITDA FFO Implied Prem. Price Week Dividend Market Enterprise Debt / 2017E Multiples (2) Multiples (2) Cap to NAV Company 23-Mar-2018 High Yield Cap (1) Value (1) EV EBITDA 2018 2019 2018 2019 Rate (3) (3) Goldfinch—Cash Election $ 23.50 96.4 % 3.7 % $ 22,859 $ 41,299 43.9 % 8.0 x 18.2 x 17.8 x 15.0 x 14.3 x 5.7 % (9.0)% Goldfinch—Equity Election $ 19.20 78.8 % 4.6 18,635 37,076 48.9 8.0 16.3 16.0 12.2 11.7 6.3 (25.6) Goldfinch—Blended Offer $ 21.79 89.4 % 4.0 21,180 39,621 45.8 8.0 17.5 17.1 13.9 13.3 5.9 (15.6) Goldfinch—Pre-Rumor (6-Nov-17) $ 19.01 78.0 % 4.6 18,451 36,892 49.2 8.0 16.3 15.9 12.1 11.6 6.4 (26.4) Blue Jay—Current $ 19.14 76.7 % 6.6 15,186 50,760 62.7 12.8 20.4 19.2 12.6 11.8 5.7 (34.4) Blue Jay—Undisturbed (10-Nov-17) $ 23.68 94.9 % 5.3 18,760 54,357 58.6 12.8 21.9 20.6 15.6 14.6 5.4 (18.8) Goldfinch Peers Taubman Centers $ 56.03 83.4 % 4.5 % $ 4,856 $ 9,914 47.4 % 8.6 x 18.2 x 17.4 x 14.8 x 14.3 x 5.5 % (34.8)% Macerich 57.28 82 5.2 8,707 16,309 46.6 8.3 17.8 17.2 14.5 13.7 5.8 (22.5) Simon Property Group 151.73 86 5.1 56,955 87,184 34.6 4.8 13.8 13.4 12.7 12.1 6.4 (28.1) Peers—High 86.1 % 5.2 % $ 56,955 $ 87,184 47.4 % 8.6 x 18.2 x 17.4 x 14.8 x 14.3 x 6.4 % (22.5)% Peers—Mean 84 4.9 23,506 37,802 42.9 7.2 16.6 16.0 14.0 13.4 5.9 (28.5) Peers—Median 83 5.1 8,707 16,309 46.6 8.3 17.8 17.2 14.5 13.7 5.8 (28.1) Peers—Low 82 4.5 4,856 9,914 34.6 4.8 13.8 13.4 12.7 12.1 5.5 (34.8) 1 Source: Latest publicly available financial statements. Equity Market Cap based on diluted shares outstanding. 2 Source: Projected EBITDA and FFO are based on IBES median estimates. All research estimates have been calendarized to December. 3 Implied Cap Rate and Prem. to NAV for Blue Jay based on median of cap rates implied by NAV calculations per RBC Capital Markets, Evercore and Scotiabank and Prem. to NAV based on latest available research. Supporting Financial Analysis 72

Goldfinch Analyst Estimates NAV 2018E 2019E 2018E 2019E 2018E 2019E Broker Estimate Date Rating Target Price per Share AFFO / Sh AFFO / Sh FFO / Sh FFO / Sh DPS DPS Bank of America 7-Feb-18 Buy 25.00 $ 25.00 $ 1.40 $ 1.50 $ 1.62 $ 1.73 $ 0.90 $ 0.94 Barclays 8-Feb-18 Hold 23.00 33.97 1.57 1.69 1.24 1.36 0.89 0.93 BMO Capital Markets 17-Nov-17 Hold 22.00 27.69 1.34 NA 1.63 NA 0.99 NA Boenning &amp; Scattergood 9-Feb-18 Buy 34.50 34.79 1.33 $ 1.37 1.58 $ 1.63 0.90 $ 0.95 BTIG 14-Mar-18 Buy 27.50 32.93 NA NA 1.61 1.69 0.98 1.06 Citibank 17-Nov-17 NA 27.50 29.90 NA NA NA NA NA NA Deutsche Bank 8-Feb-18 Hold 24.00 NA NA NA 1.55 1.62 0.99 1.12 Evercore 7-Feb-18 Hold 26.00 25.29 1.20 1.25 1.59 1.66 0.96 1.03 Goldman Sachs 23-Feb-18 Sell 18.00 NA NA NA 1.61 1.67 NA NA Green Street Advisors 14-Mar-18 Sell NA 25.82 1.13 1.17 1.59 1.64 NA NA J.P. Morgan 12-Feb-18 Buy 25.50 NA 1.23 1.30 1.57 1.64 0.92 0.97 Mizuho Securities 19-Mar-18 Buy 24.00 26.00 1.25 1.27 1.61 1.63 NA NA RBC Capital Markets 12-Feb-18 Buy 24.00 23.55 1.26 1.33 1.63 1.70 0.89 0.88 Sandler O’Neill 26-Feb-18 Hold 22.00 26.00 1.05 1.14 1.58 1.64 NA NA Stifel 9-Mar-18 Buy 24.00 26.00 NA NA 1.56 1.63 0.88 0.96 SunTrust 7-Feb-18 Buy 26.00 27.11 1.27 1.35 1.60 1.68 0.88 0.88 UBS 7-Feb-18 Hold 23.00 27.24 1.31 1.38 1.59 1.66 0.92 0.95 Wells Fargo 12-Feb-18 Hold 23.00 30.00 NA NA 1.55 1.59 NA NA Median $ 24.00 $ 27.11 $ 1.27 $ 1.33 $ 1.59 $ 1.64 $ 0.91 $ 0.95 IBES Consensus NA NA NA NA 1.57 1.64 0.90 0.96 SNL Consensus NA 26.01 1.26 1.33 1.57 1.63 0.90 0.96 FFO / Diluted Share Estimates Over Time $ 2.00 $ 1.80 $1.72 2020E $1.64 $ 1.60 2019E $1.57 $1.60 2018E 2017A $ 1.40 Jan-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Dec-17 Jan-18 Feb-18 Mar-18 2017 2018 2019 2020 Source: Bloomberg, IBES, Company filings, and broker research; market data as of 23-Mar-2018 Bank of America and Goldman Sachs recommendations / price targets from prior recent reports (having moved to unrated post transaction announcement). Not included in IBES / SNL consensus. Supporting Financial Analysis 73

Goldfinch Cost of Equity Goldfinch Cost of Equity Beta Over Time (Last 2 Years) Risk Free Rate 2.95 % 1.00 6-Nov-17 Equity Risk Premium 6.90 % 0.74 Levered Beta (Pre-Rumor) 0.74 Cost of Equity 8.06 % 0.90 Cost of Equity 7.50 % 7.75 % 8.06 % 8.25 % 8.50 % 0.80 Equity Beta 0.66 0.70 0.74 0.77 0.80 Beta of Comparable Companies 0.70 0.68 Historical Implied Beta Comparable Equity Debt to Cost of 0.62 Company Beta Cap Asset Beta Equity 0.60 Macerich 0.62 46.7 % 0.39 7.22 % Simon Property Group 0.45 35.1 % 0.33 6.03 % 0.54 Taubman Centers 0.68 49.4 % 0.42 7.64 % Low 0.45 35.1 % 0.33 6.03 % 0.50 Mean 0.62 46.7 % 0.39 7.22 % 0.45 Median 0.62 46.7 % 0.39 7.22 % High 0.68 49.4 % 0.42 7.64 % 0.40 0.30 Mar-2016 Sep-2016 Mar-2017 Sep-2017 Mar-2018 Goldfinch SPG MAC TCO Source: Capital IQ, public filings, Axioma Historical Betas and Ibbotson. market data as of 23-Mar-2018 unless otherwise stated Note: Risk free rate represents current yield on US government 20-yr bond; Equity risk premium as calculated by Ibbotson; Goldfinch levered historical beta per Axioma. Beta for Goldfinch shown as of pre-rumor date of 6-Nov-2017. Beta for comparable companies as of 23-Mar-2018. Axioma historical beta. Calculated based on weekly price change of a security relative to weekly price change of the appropriate local index over two year period. Supporting Financial Analysis 74

Blue Jay Analyst Estimates Estimate Target NAV 2018E 2019E 2018E 2019E 2018E 2019E Broker Date Rating Price Estimate AFFO / SH AFFO / SH FFO / SH FFO / SH Dividend Dividend Canaccord 9-Feb-18 Hold $ 24.00 $ 29.71 $ 1.18 $ 1.27 $ 1.54 $ 1.64 $ 1.26 $ 1.27 Evercore 8-Feb-18 Hold 23.50 28.60 0.81 0.93 1.49 1.62 1.26 1.32 Scotiabank 9-Feb-18 Buy 24.75 26.75 1.11 1.18 1.44 1.52 1.26 1.32 RBC Capital Markets 8-Feb-18 Buy 26.00 30.50 0.96 1.02 1.55 1.62 NA NA Median $ 24.38 $ 29.16 $ 1.04 $ 1.10 $ 1.52 $ 1.62 $ 1.26 $ 1.32 IBES Consensus NA NA NA NA 1.52 1.62 1.26 1.32 SNL Consensus NA 30.10 1.07 1.15 1.52 1.62 1.26 1.32 FFO / Diluted Share Estimates Over Time $ 1.70 $ 1.62 $ 1.60 2019E $ 1.52 $ 1.50 2018E $1.44 $ 1.40 2017A $ 1.30 Jan-2017 May-2017 Aug-2017 Nov-2017 Mar-2018 2017A 2018E 2019E Source: Bloomberg, IBES, company filings, and broker research; market data as of 23-Mar-2018; estimates data as of 23-Mar-2018 Scotiabank NAV estimate rounded to the nearest $0.25. Supporting Financial Analysis 75

Blue Jay NAV Analysis ($ in millions, except per share data) Canaccord Evercore RBC ScotiaBank Core Office NOI $ 1,310 $ 1,180 $ 1,240 Office Cap Rate 5.10 % 4.50 % 4.10 % Office Asset Value $ 25,680 $ 26,222 $ 30,244 Core Retail NOI $ 780 $ 745 $ 788 Retail Cap Rate 5.60 % 5.70 % 5.50 % Retail Asset Value $ 13,929 $ 13,070 $ 14,326 Real Estate Opportunistic NOI $ 748 $ 552 $ 570 Opportunistic Cap Rate 6.50 % 5.95 % 5.94 % Opportunistic Asset Value $ 11,508 $ 9,273 $ 9,588 Total Stabilized NOI $ 2,838 $ 2,475 $ 2,598 $ 2,834 Implied Blended Cap Rate—Stabilized Properties 5.55 % 5.10 % 4.80 % 5.25 % Total Stabilized Real Estate Asset Value $ 51,117 $ 48,532 $ 54,158 $ 53,979 Development Assets 4,760 4,760 4,760 4,760 Total Real Estate Assets $ 55,877 $ 53,292 $ 58,918 $ 58,739 Total Debt $(32,670) $(32,875) $(33,808) $(33,808) Non-Real Estate Assets 9,057 12,619 9,057 5,882 Non- Real Estate Liabilities (8,724) (10,276) (9,718) (9,343) Corporate Non-Controlling Interest (2,638) (2,638) (291) (2,638) Net Asset Value $ 20,902 $ 20,121 $ 24,158 $ 18,832 Units O/S 703.6 704.0 791.0 703.6 NAV per Unit $ 29.71 $ 28.60 $ 30.50 $ 26.77 Opportunistic Office NOI $ 139 $ 146 Opportunistic Office Cap Rate 6.00 % 5.70 % Opportunistic Office Asset Value $ 2,317 $ 2,569 Opportunistic Retail NOI $ 131 $ 135 Opportunistic Retail Cap Rate 7.00 % 6.70 % Opportunistic Retail Asset Value $ 1,871 $ 2,008 Industrial NOI $ 30 $ 32 Industrial Cap Rate 5.80 % 5.60 % Industrial Asset Value $ 517 $ 569 Multifamily NOI $ 141 $ 94 Multifamily Cap Rate 5.10 % 5.40 % Opportunistic Multifamily Asset Value $ 2,765 $ 1,735 Asset Value Triple Net Lease NOI $ 84 $ 84 Detail Triple Net Lease Cap Rate 6.40 % 6.10 % Triple Net Lease Asset Value $ 1,313 $ 1,376 Storage NOI $ 27 $ 28 Storage Cap Rate 5.50 % 6.00 % Storage Asset Value $ 491 $ 459 Senior Housing NOI $ 17 Senior Housing Cap Rate 5.50 % Senior Housing Asset Value $ 308 Manufactured Housing NOI $ 34 Manufactured Housing Cap Rate 6.10 % Manufactured Housing Asset Value $ 564 Source: Broker research as of 23-Mar-2018 Supporting Financial Analysis 76

Blue Jay Cost of Equity Blue Jay Cost of Equity Beta Over Time (Last 2 Years) Risk Free Rate 2.95 % 1.00 10-Nov-17 Equity Risk Premium 6.90 % 0.97 Levered Historical Beta (Undisturbed) 0.97 Cost of Equity 9.61 % 0.90 0.80 Cost of Equity Beta 8.00 % 8.50 % 9.00 % 9.50 % 10.00 % Equity Beta 0.73 0.80 0.88 0.95 1.02 0.70 0.60 0.55 0.50 Mar-2016 Sep-2016 Mar-2017 Sep-2017 Mar-2018 Blue Jay Source: Capital IQ, Axioma Historical Betas and Ibbotson; market data as of 23-Mar-2018 unless otherwise stated Note: Risk free rate represents current yield on US government 20-yr bond; Equity risk premium as calculated by Ibbotson; Blue Jay levered historical beta per Axioma. Levered historical beta (undisturbed) as of 10-Nov-2017. Axioma historical beta. Calculated based on weekly price change of a security relative to weekly price change of the appropriate local index over two year period. Supporting Financial Analysis 77

Pro Forma Blue Jay Cost of Equity Blue Jay Pro Forma Cost of Equity Beta Over Time (Last 2 Years) Blue Jay 1.00 10-Nov-17 Levered Historical Beta (Undisturbed) 0.97 0.91 Pro Forma Ownership including Preferred Dilution 75.8 % 0.95 Goldfinch Levered Historical Beta (Pre-Rumor) 0.74 0.90 Pro Forma Ownership including Preferred Dilution 24.2 % 0.85 Pro Forma Blue Jay Risk Free Rate 2.95 % Equity Risk Premium 6.90 % 0.80 Pro Forma Blue Jay Equity Beta 0.91 Cost of Equity 9.24 % 0.75 Cost of Equity 8.00 % 8.50 % 9.00 % 9.50 % 10.00 % 0.70 Equity Beta 0.73 0.80 0.88 0.95 1.02 0.65 0.60 0.55 0.55 0.50 Mar-2016 Sep-2016 Mar-2017 Sep-2017 Mar-2018 Pro Forma Blue Jay Source: Axioma Historical Betas and Ibbotson; market data as of 23-Mar-2018 Note: Risk free rate represents current yield on US government 20-yr bond; Equity risk premium as calculated by Ibbotson. Goldfinch and Blue Jay levered historical beta per Axioma. Blue Jay levered historical beta (undisturbed) as of 10-Nov-2017. Goldfinch levered historical beta (pre-rumor) as of 6-Nov-2017. Based on weighted average of Blue Jay beta and Goldfinch beta, weighted by respective ownership in pro forma Blue Jay. Supporting Financial Analysis 78

Goldfinch Leveraged Recapitalization Cost of Equity ($ in millions) Goldfinch Leveraged Recapitalization Cost of Equity Beta of Comparable Companies Historical Levered Beta (Pre-Rumor) 0.74 Historical Implied Comparable Equity Debt to Cost of Company Beta Cap Asset Beta Equity Net Debt / Equity Ratio 0.99 Macerich 0.62 46.7 % 0.39 7.22 % Marginal Tax Rate 0.0 % Simon Property Group 0.45 35.1 % 0.33 6.03 % Historical Asset Beta (Pre-Rumor) 0.37 Taubman Centers 0.68 49.4 % 0.42 7.64 % Tanger Factory Outlet Centers 0.63 47.4 % 0.40 7.33 % FFO Multiple Midpoint 9.0 x Pennsylvania REIT 1.18 68.5 % 0.49 11.10 % Pro Forma 2019E FFO $ 1,046 Washington Prime Group 1.40 71.8 % 0.53 12.58 % Pro Forma Market Cap (as of YE 2018) $ 9,413 CBL &amp; Associates 1.73 84.6 % 0.38 14.89 % Pro Forma Net Debt + Preferred (as of YE 2018) $ 21,117 Low 0.45 35.1 % 0.33 6.03 % Pro Forma Net Debt / Equity Ratio 2.24 Mean 0.68 49.4 % 0.40 7.64 % Marginal Tax Rate 0.0 % Median 0.68 49.4 % 0.40 7.64 % Pro Forma Levered Beta 1.21 High 1.73 84.6 % 0.53 14.89 % Risk Free Rate 2.95 % Equity Risk Premium 6.90 % Pro Forma Levered Beta 1.21 Pro Forma Illustrative Cost of Equity 11.31 % Source: Capital IQ, Axioma Historical Betas and Ibbotson; market data as of 23-Mar-2018 unless otherwise stated Note: Risk free rate represents current yield on US government 20-yr bond; Equity risk premium as calculated by Ibbotson; Goldfinch levered historical beta per Axioma. Levered historical beta (pre-rumor) as of 6-Nov-2017 and levered historical beta (current) for peers as of 23-Mar-2018. Supporting Financial Analysis 79