Exhibit (c)(4)

HIGHLY CONFIDENTIAL Preliminary Working Draft Project E-4 DISCUSSION MATERIALS 5 MARCH 2021 CONFIDENTIAL

HIGHLY CONFIDENTIAL Preliminary Working Draft The information herein has been prepared by Lazard based upon information supplied by Peak or Mountain, or publicly available information, and portions of the information herein may be based upon publicly available statements, estimates and forecasts with respect to the anticipated future performance of Peak or Mountain and/or certain statements, estimates and forecasts provided by Peak or Mountain with respect to the anticipated future performance of Peak. We have relied upon the accuracy and completeness of the foregoing information, and have not assumed any responsibility for any independent verification of such information or any independent valuation or appraisal of any of the assets or liabilities of Peak, Mountain or any other entity, or concerning solvency or fair value of Peak, Mountain or any other entity. With respect to financial forecasts, we have assumed that they have been reasonably prepared in good faith on bases reflecting the best currently available estimates and judgments as to the future financial performance of Peak and Mountain. We assume no responsibility for and express no view as to such forecasts or the assumptions on which they are based. The information set forth herein is based upon economic, monetary, market and other conditions as in effect on, and the information made available to us as of, the date hereof, unless indicated otherwise, and is subject to change. These materials and the information contained herein are confidential and may not be disclosed publicly or made available to third parties without the prior written consent of Lazard except to the extent specifically set forth in the engagement letter entered into by Lazard and the Special Committee of the Board of Directors of the general partner of Peak (the “Special Committee”); provided, however, that you may disclose to any and all persons the U.S. federal income tax treatment and tax structure of the transaction described herein and the portions of these materials that relate to such tax treatment or structure. Lazard is acting as independent financial advisor to the Special Committee, and will not be responsible for and will not provide any tax, accounting, actuarial, legal or other specialist advice. Lazard is not providing an opinion as to the relative merits of a transaction with Mountain as compared to any other transaction or business strategy in which Peak might engage or the merits of the underlying decision by Peak to engage in a transaction with Mountain. This presentation is not intended to provide the sole basis for any decision on any transaction and is not a recommendation with respect to any transaction. The recipient should make its own independent business decision based on all other information, advice and the recipient’s own judgment. These materials do not constitute tax, accounting, actuarial, legal or other specialist advice, and Lazard shall have no duties or obligations in respect of these materials or other advice provided, except to the extent specifically set forth in the engagement agreement that has been entered into by Lazard and the Special Committee. Since these materials were prepared for use in the context of a presentation to the Special Committee, these materials are incomplete without reference to, and should be assessed solely in conjunction with, the oral briefing provided by us. The information herein must be considered as a whole. Selecting portions of the analyses or other factors considered, without considering all factors and analyses together, could create an incomplete view of the analysis contained herein. We undertake no obligation to update or otherwise revise these materials and the information contained herein. The analysis herein is preliminary and should not be construed as a formal valuation of Peak or any of its securities or assets or a fairness opinion with respect to any transaction. The information herein is for discussion purposes only. Disclaimer PROJECT E- 4 CONFIDENTIAL

HIGHLY CONFIDENTIAL Preliminary Working Draft Table of Contents PROJECT E- 4 CONFIDENTIAL I EXECUTIVE SUMMARY 1 II PEAK OVERVIEW 4 III PEER SELECTION OVERVIEW 9 IV MANAGEMENT PROJECTIONS 14 V PRELIMINARY PEAK FINANCIAL ANALYSIS 19 A Corporate 20 B Core Office 25 C Core Retail 33 APPENDIX

HIGHLY CONFIDENTIAL Preliminary Working Draft CONFIDENTIAL I Executive Summary PROJECT E- 4

HIGHLY CONFIDENTIAL Preliminary Working Draft I EXECUTIVE SUMMARY PROJECT E- 4 The Special Committee of the Board of Directors of the general partner of Peak (the “Special Committee”) is evaluating a proposal made by Mountain to acquire all of the outstanding limited partnership units of Peak not currently owned by Mountain (~358.1MM units or ~38.3% of Peak’s outstanding units) • On January 3, 2021 Mountain delivered a non-binding proposal to Peak, which was subsequently publicly announced on January 4, 2021, describing the initial terms of a proposed minority buy-in transaction − Election to receive, per Peak unit, either $[16.50] in cash, [0.40] Class A Mountain shares, or 0.66 newly-issued preferred units with liquidation preference of $25 per unit, subject to pro-ration − Pro-ration based on maximum cash consideration of $[2.95]Bn ([50]% of consideration), maximum of [59.5]MM Mountain shares ([42]% of consideration), and maximum of $[500]MM of Peak preferred units ([8]% of consideration), provided that if elections received in excess of $[500]MM Peak preferred units, Peak preferred units can increase to maximum of $[1.0]Bn, offset by decrease in max Mountain shares − At $16.50 per unit, the cash offer price represented a 14.0% premium to Peak’s unaffected closing price of $14.47 on 12/31/20 • Peak is Mountain’s primary public vehicle for making investments across all strategies in real estate globally − In addition to owning an ~61.7% economic interest in Peak, Mountain is also the external manager of Peak pursuant to a perpetual Master Services Agreement (i.e., not terminable at will) and a lender to Peak • Peak’s Board of Directors formed the Special Committee, retained Canadian, U.S., and Bermuda legal counsel and engaged Lazard as its financial advisor • Lazard was provided access to Peak’s management teams to conduct due diligence on the company, including evaluating management’s financial projections for Peak’s business and assets • Since announcement of the initial proposal, both Peak’s unit and Mountain’s share trading prices have increased; the offer now implies a blended $16.62 price per unit (assuming full pro-ration) relative to Peak’s current market price of $17.27 per unit as of 3/2/21 • The materials herein are preliminary in nature and present draft financial analyses of ranges of value for Peak units under various methodologies Source: FactSet and SNL Financial as of 03/02/21 Note: Unless otherwise indicated through the following materials, i) all cash flows are presented at Peak share, ii) Peak financials, IFRS values, and unit counts are all as of 12/31/20, and iii) all values are presented in USD. Executive Summary: Situation Overview 1

HIGHLY CONFIDENTIAL Preliminary Working Draft Executive Summary: Transaction Overview I EXECUTIVE SUMMARY PROJECT E- 4 SUMMARY OVERVIEW IMPLIED PEAK OFFER ($MM) Source: Peak 5-year business plan, Peak public filings, FactSet, Wall Street research and SNL Financial as of 03/02/21. (a) Preferred units with par value of $25.00. (b) Management-provided fully-diluted unit count as of 12/31/20 which assumes conversion of QIA mandatorily-convertible preferred shares into 70.1M LP Units. (c) Capital securities adjusted for $1.7Bn of QIA mandatorily-convertible preferred shares which are included in the fully-diluted unit count on an as-converted basis. (d) Includes $597M of Core Office condo inventory which is excluded from net other assets in DCF analyses as a result of these condos being sold during the forecast period. (e) Management FFO and AFFO adjusted for preferred dividends, carrying costs for QIA preferred securities, and non-recurring condo sale proceeds. (f) Management AFFO is equal to Management FFO less sustaining capital expenditures. (g) Recurring Cash NOI excludes condo sale proceeds, lease termination income, straight-line / free rent adjustments, and other non-cash adjustments. • Mountain proposed to acquire 100% of the publicly-traded LP units of Peak that it does not already own (~358.1M units, or ~38% of Peak) for a price of $[16.50] per Unit − Mountain’s offer price implies an equity value of $[10.2]Bn for its [61.7%] economic interest in Peak, or ~[16]% of Mountain’s current equity market capitalization of ~$[65]Bn − Current economic interest in Peak represents ~[49]% of Mountain’s book value of common equity on an IFRS basis as of 12/31/20 • $[5.9]Bn total value of consideration as of offer date, subject to proration and comprised of: − [50]% Cash • Offer value of $[16.50] per unit • Maximum of $[2.95]Bn − [42]% Mountain Class A shares • [0.40] exchange ratio; maximum of [59.5]MM shares • Represents <[4]% of Mountain’s current equity market capitalization − [8]% New-issue preferred units • [0.66] exchange ratio; $[25] liquidation preference; [_]% coupon • Maximum value of $[500]MM • If unitholders collectively elect to receive >$[500]MM in preferred units, the amount of preferred units can increase to a maximum of $[1.0]Bn, offset against a decrease in the maximum amount of Mountain shares (the maximum amount of cash consideration would not be affected) • Unitholder vote would require approval of at least 2/3 of voting unitholders and a majority of the minority units that are voted to approve the transaction • Distributions would continue to be paid until closing − Unitholders to receive two quarterly dividends of $0.3325 between 12/31/20 valuation date and projected closing in June/July 2021 at a ~130% payout ratio US$ in MM except per unit amounts, presented at share Mountain Offer Initial Pricing Current Pricing 12/31/20 03/02/21 Cash Consideration per Unit $8.25 $8.25 Mountain Stock Consideration (0.40 Exch. Ratio) per Unit 6.86 6.99 Preferred Unit Consideration (0.66 Exch. Ratio) per Unit (a) 1.39 1.39 Blended Consideration per Unit $16.50 $16.62 Fully-Diluted Units (MM) (b) 1,006.1 1,006.1 Implied Market Capitalization @ Mountain Offer $16,601 $16,724 Corporate & Asset-Level Debt 51,356 51,356 Capital Securities & Preferred Equity (c) 3,544 3,544 (-) Cash & Equivalents (1,733) (1,733) Net Debt + Preferred @ Share $53,167 $53,167 NCIs 312 312 Total Enterprise Value $70,080 $70,203 (-) Development @ Book Value (3,729) (3,729) Other Tangible (Assets) & Liabilities, Net (d) (1,913) (1,913) Value of Operating Real Estate $64,438 $64,561 Implied Prem. / (Disc.) to NASDAQ Unit Price: Amount As of Current Date 03/02/21 $17.27 (4.5%) (3.7%) As of Unaffected Date 12/31/20 14.47 14.0% 14.9% Pre-COVID Date 02/21/20 18.67 (11.6%) (11.0%) 52-Week High (Unaffected) 01/21/20 19.99 (17.5%) (16.8%) 52-Week Low (Unaffected) 03/23/20 7.25 127.6% 129.3% Select Unaffected VWAP Observations: 10-Day VWAP $14.92 10.6% 11.4% 30-Day VWAP 15.48 6.6% 7.4% Wall Street Consensus NAV 20.37 (19.0%) (18.4%) IFRS NAV 26.65 (38.1%) (37.6%) Implied Multiples on Offer Price: Cons. / Mgmt. 2021E FFO per Unit (e) $1.11 / $0.89 14.8x / 18.5x 14.9x / 18.7x 2021E AFFO per Unit (f) $0.70 / $0.62 23.4x / 26.7x 23.6x / 26.9x Implied Cap Rate: Mgmt. 2019A Recurring Cash NOI at Share (g) $3,574 5.5% 5.5% 2021E Recurring Cash NOI at Share (g) 3,136 4.9% 4.9% 2022E Recurring Cash NOI at Share (g) 3,456 5.4% 5.4% Summary Trading Metrics 2

HIGHLY CONFIDENTIAL Preliminary Working Draft $17.27 $17.25 0 10 20 30 40 $12 $14 $16 $18 $20 Dec-20 Jan-21 Jan-21 Feb-21 Feb-21 0 10 20 30 40 $5 $10 $15 $20 $25 $30 Nov-17 May-18 Nov-18 May-19 Nov-19 May-20 Nov-20 03/27/18: GGP agrees to be acquired after Brookfield raises the headline price of its offer from $23 to $23.50 November 2018: Investor Consortium abandons the potential takeover bid for Intu, reportedly due to Brexit concerns 07/02/20: Peak Announces Substantial Issuer Bid to Acquire Up to 74M Units 08/28/18: Closing of GGP Acquisition 02/27/19: $500 Million Substantial Issuer Bid 09/09/20: Simon Property Group and Mountain agree to purchase JCPenney out of bankruptcy 10/04/18: Peak announced it was in the preliminary stages of considering purchasing Intu with a consortium of other investors February 2020: Beginning of COVID-19 Pandemic 01/04/21: Mountain makes public offer to acquire all units it does not currently own for $16.50 per unit I EXECUTIVE SUMMARY PROJECT E- 4 Peak traded down to a 3-year low on 03/23/20, is up ~1% versus one year ago, and traded up ~19% since the deal's announcement PEAK COMMON UNIT PRICE SINCE GGP ACQUISITION Peak Unit Price Volume (MM) Transactions News Industry News Operations / Capital Allocation G H C D F A B E Peak Recent Unit Price Performance PEAK COMMON UNIT PRICE SINCE DEAL ANNOUNCEMENT Peak Unit Price Volume (MM) Volume Offer Price Trading Price – Peak Trading Price - Peak.UT ($USD) I B F G H A E I C D Source: FactSet and SNL Financial as of 03/02/21. 3

HIGHLY CONFIDENTIAL Preliminary Working Draft CONFIDENTIAL II Peak Overview PROJECT E- 4

HIGHLY CONFIDENTIAL Preliminary Working Draft A++ / A+ 33% A / A- 40% B+ to C- 14% Street Retail 7% Q Co. 6% US 75% London 11% Canada 8% Australia 4% Other 2% Northeast 38% London 22% Canada 15% Other US 12% Australia 9% Other Global 4% Core Office 45% Core Retail 42% LP Inv. 13% 135 office properties totaling over 96MM SF in gateway markets globally, as well as ~8MM SF of core office and multifamily development projects currently underway; targets core-plus returns 122 best-in-class retail properties totaling over 120MM SF throughout the United States, including 109 regional malls, 10 urban properties and 3 lifestyle centers; targets core-plus returns LP investments strategy invests in mispriced portfolios and/or assets with value-add or operational upside across the full spectrum of asset classes; targets opportunistic-level returns Company Overview II PEAK OVERVIEW PROJECT E- 4 Peak is a Bermuda-domiciled and TSX/NASDAQ-listed real estate entity, with securities registered with the U.S. Securities Exchange Commission. It is majority owned (~61.7%) by Mountain; other significant holders include RBC Asset Management (~4.0%) and Manulife Investment Management (2.6%) • Peak is Mountain’s primary public vehicle for making investments across all real estate strategies and specializes in the acquisition, owning and operating of high-quality property assets globally, with a main focus on core office and core retail properties • As of 12/31/2020 on a proportionate basis, Peak had a total of ~$88Bn of IFRS gross asset value with total unitholder book equity of ~$25Bn − Peak generated 2020 full-year cash NOI of $3,074MM on total property-related revenues of $5,254MM − Q4 2020 quarterly distribution per unit was $0.3325, resulting in full-year distributions of $1.33 per unit representing a payout ratio of ~137% PEAK PORTFOLIO SUMMARY & INVESTMENT STRATEGY CORE OFFICE CORE RETAIL LP INVESTMENTS Source: Peak 5-year business plan, Peak filings, FactSet, Green Street and SNL Financial as of 03/02/21. (a) Breakout by geography only includes core office and retail portfolios; excludes LP investments. • Peak’s diversified investment strategy focuses on generating stable cash flows from its core office and retail portfolios (~85% of Peak’s balance sheet), supplemented by LP investments in opportunistic strategies (~15% of Peak’s balance sheet) GROSS ASSET VALUE CONTRIBUTION (a) CORE OFFICE BY MARKET CORE RETAIL BY MALL GRADE PEAK BY BUSINESS LINE PEAK BY GEOGRAPHY 4

HIGHLY CONFIDENTIAL Preliminary Working Draft Core Office Portfolio Overview II PEAK OVERVIEW PROJECT E- 4 Peak’s core office portfolio consists of 135 office properties in gateway markets globally including New York, Washington DC, Los Angeles, Houston, Denver, San Francisco, Toronto, Calgary, Ottawa, Sydney, Melbourne, Perth, Brisbane, London, Berlin, Dubai, Sao Paulo & Rio • Total IFRS gross asset value of $35.7Bn as of 12/31/20; total implied net asset value of $17.2Bn KEY OPERATIONAL METRICS SUMMARY OF TOP 10 ASSETS BY GAV Source: Peak 5-year business plan, Peak filings, FactSet, Green Street, Wall Street research and SNL Financial as of 03/02/21. (a) From Standard & Poor's Rating Services, Moody's Investment Services, Inc. or DBRS Limited. (b) Reflects year of maturity related to lease(s) and is calculated based on a weighted average basis based on square feet where applicable. (c) Prior to considering partnership interests in partially-owned properties. (d) CIBC World Markets leases 1.1 million square feet at 300 Madison Avenue in New York, of which they sublease 940,000 square feet to PricewaterhouseCoopers LLP and 100,000 square feet to Sumitomo Corporation of America. SUMMARY OF TOP 10 TENANTS BY SF EXPOSURE LEASE EXPIRATION SCHEDULE Primary Credit Year of Total Sq Ft Expsosure Tenant Location Rating (a) Expiry (b) (000s) % (c) Gov't and Gov't Agencies Various AA+/AAA 2028 6,426 8.2% Morgan Stanley NY/London A 2029 2,097 2.7% Barclays Lon/Tor/Calg BBB 2033 1,644 2.1% CIBC World Markets (d) Calg/Tor/NY AA 2035 1,445 1.8% Suncor Energy Inc. Calgary BBB+ 2028 1,394 1.8% Bank of Montreal Calg/Tor AA 2043 1,161 1.5% EY Various Not Rated 2037 1,063 1.4% Cenovus Calgary BB 2040 1,022 1.3% Royal Bank of Canada Various AA- 2035 997 1.3% Deloitte Various Not Rated 2032 995 1.3% Tota l 18,244 23.4% Operational Metrics FY 2020A Operating Margin 60.0% Same Property Growth (2.9%) Occupancy 89.8% Same Property Occupancy 90.9% Leased SF (000s) 37,703 Weighted Average Lease Term 8.2 Years In-Place Net Rents (per SF) $38.37 Average Market Net Rents (per SF) $38.70 % of 2021B Proport. % Occ. at Asset GAV Tota l NOI SF (000s) 12/31/20 100 Bishopsgate, London $2,106 5.9% $29.9 964 89.8% 225 Liberty Street, NYC 1,198 3.4% 56.5 1,870 92.3% 300 Madison Avenue, NYC 1,126 3.1% 39.1 1,148 100.0% Brookfield Place, Toronto 1,063 3.0% 38.6 1,407 94.6% One Manhattan West, NYC 1,057 3.0% 45.9 854 93.8% Five Manhattan West, NYC 982 2.7% 38.0 707 98.0% Brookfield Place, Perth 933 2.6% 52.2 1,064 98.6% 250 Vesey Street, NYC 882 2.5% 50.6 1,415 100.0% 200 Liberty Street, NYC 778 2.2% 25.0 1,262 92.0% Grace Building, NYC 761 2.1% 29.9 495 94.9% Tota l $10,886 30.5% $405.6 11,186 94.8% 2021 2022 2023 2024 2025 % of Net % of Net % of Net % of Net % of Net Segment Tota l Rent ($) Tota l Rent ($) Tota l Rent ($) Tota l Rent ($) Tota l Rent ($) Northeast US 1.9% 30 0.8% 32 2.3% 33 0.8% 36 1.2% 40 London 0.2% 62 0.3% 70 0.5% 59 0.6% 78 0.5% 67 Canada 0.7% 27 1.6% 24 0.7% 27 1.3% 27 2.4% 29 Other US 1.0% 27 2.6% 28 2.5% 28 1.5% 31 1.3% 33 Australia - - 0.9% 54 0.7% 57 0.2% 60 0.9% 53 Other Global 0.0% 28 0.1% 33 0.1% 31 0.1% 35 0.5% 58 5

HIGHLY CONFIDENTIAL Preliminary Working Draft Core Retail Portfolio Overview II PEAK OVERVIEW PROJECT E- 4 Peak’s core retail portfolio consists of 121 mall and other retail properties throughout the Unites States • Total IFRS gross asset value of $33.3Bn as of 12/31/20; total implied net asset value of $12.2Bn KEY OPERATIONAL METRICS SUMMARY OF TOP 10 ASSETS BY GAV Source: Peak 5-year business plan, Peak filings, and Green Street as of 03/02/21. (a) Percent of minimum rents, tenant recoveries and other. SUMMARY OF TOP 10 TENANTS BY EXPOSURE LEASE EXPIRATION SCHEDULE Operational Metrics FY 2020A Operating Margin 68.0% Same Property Growth (15.1%) Same Property Leased 92.5% Same Property Occupancy 92.1% Same Property Permanent Occupancy 87.6% 2020A Total Leases Signed (SF 000s) 6,270 2020A Leases Signed Avg. Term (Years) 8.2 2020A Leases Signed Avg. Rent PSF $50.78 Expsosure Tenant Primary Brands % (a) L Brands, Inc Victoria's Secret, Bath & Body Works, PINK 4.3% Foot Locker, Inc Footlocker, Champs, Footaction, House of Hoops 3.1% LVMH Louis Vuitton, Sephora, Fendi, Bulgari, Dior, Tag Heu. 2.9% The Gap, Inc Gap, Banana Republic, Old Navy, Athleta 2.3% American Eagle Outfitters American Eagle Outfitters, Aerie 1.9% Signet Jewelers Limited Zales, Gordon's, Kay, Jared 1.8% Express, Inc Express, Express Men, Express Factory 1.6% H&M Hennes & Mauritz H&M, COS 1.4% Luxottica Group S.P.A. Lenscrafters, Sunglass Hut, Pearle Vision 1.4% Abercrombie & Fitch Abercrombie, Abercrombie & Fitch, Hollister 1.4% Tota l 22.1% Expiring GLA Expiring Rent % of Expiring Rent Lease Expirations as of 12/31/20 @ 100% (000s) ($MMs) Tota l PSF Specialty leasing 2,564 $37 1.3% $14.40 2020 5,461 303 10.3% 55.44 2021 7,011 341 11.6% 48.63 2022 6,217 341 11.6% 54.78 2023 7,043 350 11.9% 49.65 2024 4,940 356 12.1% 71.99 2025 4,236 299 10.2% 70.57 21-'25 Total / Wtd. Avg. 29,447 $1,686 57.5% $57.25 % of 2021B Proport. GSA Asset GAV Tota l NOI SF (000s) Grade Ala Moana Center, HI $2,485 7.5% $82.3 1,195 A++ 730 Fifth Avenue, NY 1,190 3.6% 27.5 67 Urban Park Meadows, CO 1,183 3.6% 46.2 661 A+ Fashion Show, NV 1,110 3.3% 37.9 504 A++ Willowbrook, NJ 869 2.6% 31.0 626 A Staten Island Mall, NY 830 2.5% 31.4 891 A- North Star Mall, TX 824 2.5% 31.8 652 A Tysons Galleria, VA 822 2.5% 25.0 500 A Grand Canal Shoppes, NV 811 2.4% 27.2 310 A+ Oakbrook Center, IL 796 2.4% 27.5 829 A++ Tota l $10,921 32.8% $367.6 6,235 6

HIGHLY CONFIDENTIAL Preliminary Working Draft Capital Structure Overview II PEAK OVERVIEW PROJECT E- 4 PEAK SUMMARY CAPITALIZATION Source: Peak 5-year business plan, Peak filings, FactSet, and SNL Financial as of 03/02/21. (a) Information received from Company management via diligence correspondence. (b) Capital securities adjusted for $1.7Bn of QIA mandatorily-convertible preferred shares which are included in the fully-diluted unit count on an as-converted basis. (c) Numbers as of Q3 Company filings, which Company management stated have not changed since via diligence correspondence. Balance Debt / Interest / Est. Outstanding LTM Div idend % Annual Average Item (12/31/20) EBITDA Rate Floating Interest Te rm Asset-Level Debt Core Office Portfolio $18,541 3.00% 36.0% $556 5.0 Years Core Retail Portfolio 21,138 3.84% 31.7% 812 3.4 Years LP Investments Portfolio 7,630 4.10% 58.1% 313 4.8 Years Total Asset-Level Debt $47,309 16.0x 3.55% 37.6% $1,681 4.3 Years Corporate-Lev el Debt Peak Credit Facilities $1,357 1.75% n/a $24 n/a Peak Corporate Bonds 1,890 4.14% n/a 78 n/a Deposit & Promissory Note from Mountain (a) 755 1.39% n/a 10 n/a Deposit & Promissory Note from Mountain-Managed Fund (a) 45 1.39% n/a 1 n/a Total Corporate-Lev el Debt $4,047 1.4x 2.80% 53.3% $113 3.5 Years Total Debt $51,356 17.3x 3.49% 38.9% $1,794 4.2 Years Capital Securities and Preferred Equity Capital Securities, Adjusted (b) $205 6.33% n/a $13 Preferred Equity 3,339 5.30% n/a 177 Total Capital Securities and Preferred Equity $3,544 1.2x 5.36% n/a $190 Total Debt, Capital Securities and Pref. $54,900 18.5x 3.61% n/a $1,984 Common Equity Fully-Diluted Shares Outstanding (MMs) 1,006.10 Mountain Offer Price $16.50 Total Market Capitalization $16,601 Total Capitalization $71,501 Available Liquidity Credit Statistics (LTM) Memo Items Cash & Cash Equivalents $1,733 Net Debt / LTM EBITDA 17.9x LTM EBITDA $2,964 Credit Facilities Availability (c) 2,974 Net Secured Debt / LTM EBITDA 15.4x LTM Capex 959 Construction Facilities Availability (c) 1,445 LTM EBITDA / Total Interest 1.6x Annual Interest 1,807 Total Liquidity $6,152 LTM EBITDA / (Interest + Pref Divs.) 1.5x Int. + Pref Divs. 1,984 (LTM EBITDA - Capex) / Interest 1.1x 7

HIGHLY CONFIDENTIAL Preliminary Working Draft Simplified Corporate Structure Summary II PEAK OVERVIEW PROJECT E- 4 Brookfield Asset Management Inc. (Ontario) TSX: BAM.A | NYSE: BAM Brookfield Property Partners L.P. (Bermuda) Brookfield Property L.P. (Bermuda) Brookfield BPY Holdings Inc. (Ontario) Brookfield Property REIT Inc. (Delaware) BNYC REIT II LLC (Delaware) Brookfield Property Split Corp. (British Columbia) Brookfield Office Properties Exchange L.P. (Ontario) Brookfield Office Properties Inc. (Canada) Public TSX: BPY.UN Public NASDAQ: BPY (Exchangeable) Core Retail Exchangeable L.P. Units Remaining Core Office NYC Office Properties LP Investments Entity Key Public Common Equity Public Preferred Issuer Corporate Debt Issuer Mountain is a 61.7% economic equity owner and the external manager of Peak and its subsidiaries Source: Provided by Management Note: Owns 100% of GP of Peak 8

HIGHLY CONFIDENTIAL Preliminary Working Draft CONFIDENTIAL III Peer Selection Overview PROJECT E- 4

HIGHLY CONFIDENTIAL Preliminary Working Draft Selection of Comparable Companies – US III PEER SELECTION OVERVIEW PROJECT E- 4 COMPANY RELEVANT BUSINESS DESCRIPTION . One of the largest owners, managers and developers of Class A office properties in the United States, with a significant presence in five markets: Boston, Los Angeles, New York, San Francisco and Washington, DC. . Concentration of premier assets and a focused strategy of growing its position in New York City office and Manhattan high street retail with additional assets in both Chicago and San Francisco . Owner of ~14MM Sq. Ft., consisting primarily of Class A properties in the coastal regions of Greater Los Angeles, San Diego County, the San Francisco Bay Area and Greater Seattle . Own an average of 41% of the Class A office space (weighted by Sq. Ft.) in LA Submarkets and 28% of the Central Business District Class A office space in Honolulu . Manhattan's largest office landlord holding interests in 93 buildings totaling 40.6MM Sq. Ft. with a focus on acquiring, managing and maximizing value of Manhattan commercial properties . Owner of ~19MM Sq. Ft. portfolio of creative office, studio properties and land in the West Coast with core markets in Los Angeles, Silicon Valley, San Francisco, Seattle and Vancouver. . Owner of 13.9MM Sq. Ft. of real estate with a focus on Class A office properties in Manhattan and San Francisco . Owner of 20.8MM Sq. Ft. of high-quality office, multifamily and retail assets, in Washington, DC . Owner of premier shopping, dining, entertainment and mixed-use destinations across North America, Europe and Asia with ~80% concentration in U.S Malls and Premium outlets . 50MM Sq. Ft. of real estate consisting primarily of interests in 47 regional shopping centers with a significant presence in the West Coast, Arizona, Chicago and the Metro New York to Washington, DC corridor SELECTION OF COMPARABLE COMPANIES - US Core Office Core Retail Source: Public filings, FactSet, Green Street, and SNL Financial as of 03/02/21. 9

HIGHLY CONFIDENTIAL Preliminary Working Draft COMPANY RELEVANT BUSINESS DESCRIPTION . Premier German office REIT with high concentration of assets in major German office centers . 110 high-quality commercial properties with a total lettable area of 1.4MM Sq. Meters . Office REIT with 98% of properties located in central London, total portfolio of 5.6MM Sq. Ft. . Predominantly high-quality office portfolio with small retail and leisure investments often as components of office properties . London-focused REIT with 71% concentration in high-quality office properties, 23% in retail and 6% in residential . 100% of properties located in central London with 82% in the West End . European REIT with ~6.7 Sq. Ft in lettable space and a 91% concentration in high-quality office properties, 5%% in student and the remaining holdings in retail and hotel properties . 50% UK, 15% France and 35% in Germany of property value by geography . Office REIT with 27 properties, with 86% located in Downtown Toronto . Focused on owning, leasing and managing well-located, high-quality office properties . Largest owner and manager of office properties in Australia with 17.2MM Sq. Ft. of Gross Lettable Area across 30 office properties . ~84% portfolio concentration in Office by value with the remaining interest in industrial properties . Large concentration of assets in Toronto and Montreal with total portfolio of 14MM Sq. Ft. . ~73% portfolio concentration in office by NOI, ~16% in data centers and the reaming concentrations in retail and parking Selection of Comparable Companies – Non-US III PEER SELECTION OVERVIEW PROJECT E- 4 Core Office SELECTION OF COMPARABLE COMPANIES – NON-US Source: Public filings, FactSet, Green Street, and SNL Financial as of 03/02/21. 10

HIGHLY CONFIDENTIAL Preliminary Working Draft (in US $MM's except Sq. Ft and PSF) Portfolio Sq. Ft 42.4 51.2 19.0 14.6 18.2 23.4 11.9 9.0 11.1 Occupancy (a) 89.8% 90.1% 93.4% 91.2% 87.4% 93.4% 91.5% 95.0% 87.7% Top 5 Markets (by % NOI) Portfolio Mix (by % NOI) Average Base Rent PSF (b) $39 $73 $79 $54 $46 n/a $51 $81 $45 Q4 NOI Margin, at Share (c) 66% 61% 66% 71% 63% 54% 62% 58% 58% Development Pipeline 3,729 2,814 2,275 2,320 256 3,127 447 n/a 760 Capex as % of NOI (d) 6.1% 7.2% 9.7% 8.7% 24.9% 9.2% 17.9% 5.4% n/a % Sq. Ft. of Leases Expiring within 3 Years (e) 15% 19% 17% 20% 43% 24% 33% 24% 31% SSNOI Growth 20'-21' (Peers per GSA) 5.0% 4.5% 2.1% 3.0% 5.5% (0.3%) 5.5% (2.6%) 3.7% SSNOI Growth 21'-22' (Peers per GSA) 8.0% 4.0% 0.7% 2.3% 1.9% (0.3%) 1.3% 1.3% 0.3% Core Office Selected Comparable Company Benchmarking – US III PEER SELECTION OVERVIEW PROJECT E- 4 OFFICE SELECTED COMPARABLE COMPANIES - US BENCHMARKING Office Other Northeast London Canada Other U.S Australia Other Global PEAK Source: Peak 5-year business plan, Peak filings, FactSet, Green Street, Wall Street research and SNL Financial as of 03/02/21. Note: Unless otherwise mentioned figures represent only Office portfolio holdings. (a) SLG’s Office occupancy represents only Same-Store Office Properties (b) SLG’s Average base rent represents contractual cash rent of entire portfolio. Peak figures represent net rent, not base rent. (c) VNO’s operating margin represents the NOI margin of the entire company. (d) DEI and HPP capex include TI’s and non-capitalized leasing expenses. Peak’s figures represent 2021B estimates. (e) VNO’s expiring leases represent its entire portfolio. 11

HIGHLY CONFIDENTIAL Preliminary Working Draft (in US $MM's except Sq. Ft and PSF) Portfolio Sq. Ft 42.4 15.4 5.6 6.7 5.5 17.2 14.0 2.6 Occupancy (a) 89.8% 92.4% 98.7% 94.8% 88.0% 96.0% 92.1% 98.0% Primary Markets (by % NRI) Portfolio Mix (by % NRI) (b) NRI Margin 66% 72% 73% 79% 54% 76% 56% 79% Development Pipeline 3,729 n/a 865 109 47 127 708 791 Core Office Selected Comparable Company Benchmarking – Non-US III PEER SELECTION OVERVIEW PROJECT E- 4 OFFICE SELECTED COMPARABLE COMPANIES – NON-US BENCHMARKING Office Other Northeast London / UK Canada Other U.S Australia Other Global PEAK Source: Peak 5-year business plan, Peak filings, FactSet, Green Street, Wall Street research and SNL Financial as of 03/02/21. Note: DLN, CLS, Dexus and GPOR report on a semi-annual schedule. Peak, AOX, D.UT and AP.UT report quarterly. (a) GPOR, AOX, CLS Occupancy represents 1- Vacancy rate. Vacancy Rate = Estimated Rental Value of unoccupied space / Estimated rental value of the entire portfolio. (b) Peak figures represent percentage by NOI, not NRI. GPOR figures represent contribution by real estate valuation. (c) DLN rent is “topped-up” for free rent expiries. GPOR rent represents average for the entire portfolio. 12

HIGHLY CONFIDENTIAL Preliminary Working Draft (in US $MM's except Sq. Ft and PSF) Portfolio Sq. Ft 120 142 50 Occupancy 89.8% 91.3% 89.7% Primary Markets (by % NOI) Top 5 Tenants (by % Rev) 1. L Brands, 4.3% 2. Footlocker, 3.1% 3. LVMH, 2.9% 4. The Gap, 2.3% 5. American Eagle, 1.9% 1. L Brands, 2.9% 2. H&M, 2.3% 3. Foot Locker, 2.2% 4. The GaP, 2.2% 5. Dick's Sporting Good, 1.6% 1. The Gap, 3.3% 2. L Brands, 2.3% 3. PVH, 1.8% 4. Tapestry, 1.7% 5. Signet Jewelers, 1.5% Average Base Rent PSF $56 $56 $62 % Leases Expiring within 3 Years 39% 31% n/a SSNOI Growth 20'-21' (a) (4.0%) 2.4% 1.4% SSNOI Growth 21'-22' (a) 7.4% (a) 2.9% 2.5% Core Retail Peer Benchmarking III PEER SELECTION OVERVIEW PROJECT E- 4 RETAIL SELECTED COMPARABLE COMPANIES BENCHMARKING FL 16% CA 15% TX 11% NY 7% NV 6% Oth er 55% TX 13% HI 7% CA 6% NY 6% NV 5% Other 63% CA 28% NY 23% AZ 18% VA 5% PA 4% Other 22% PEAK Source: Peak 5-year business plan, Peak filings, FactSet, Green Street, Wall Street research and SNL Financial as of 03/02/21. (a) Peak figures represent management projections, Simon and Macerich based on Green Street projections. 13

HIGHLY CONFIDENTIAL Preliminary Working Draft CONFIDENTIAL IV Management Projections PROJECT E- 4

HIGHLY CONFIDENTIAL Preliminary Working Draft Summary of Management Projections by Segment IV MANAGEMENT PROJECTIONS PROJECT E- 4 Management-projected 2021B NOI is split 43% Core Retail, 40% Core Office and 17% LP Investments; over the 5-year plan period, the NOI contribution from those segments declines slightly as the Core Reinvestment segment grows SUMMARY OF NOI & FFO BY BUSINESS SEGMENT SUMMARY OF PROJECTED NOI BY BUSINESS SEGMENT SUMMARY OF PROJECTED IFRS NET EQUITY BOOK VALUE BY SEGMENT 1,340 1,341 1,380 1,424 1,416 1,417 1,413 1,356 1,366 1,422 579 624 418 319 179 126 343 517 744 $3,337 $3,504 $3,496 $3,627 $3,761 2021B 2022B 2023B 2024B 2025B Core Office Core Retail LP Investments Core Reinvest 16,559 16,433 16,646 17,048 17,579 17,064 12,976 13,569 13,690 13,836 14,007 14,254 5,410 5,210 4,011 3,505 2,087 1,144 2,455 4,237 6,036 8,812 $28,788 $29,736 $31,307 $33,106 $34,166 $35,719 Core Office Core Retail LP Investments Core Reinvest (6,157) (5,475) (5,495) (5,520) (5,544) (5,556) 2020A 2021B 2022B 2023B 2024B 2025B Corporate YoY % Change 5.0% (0.2%) 3.7% 3.7% YoY % Change 3.3% 5.3% 5.7% 3.2% 4.5% Source: Peak 5-year business plan and Peak filings as of 03/02/21. Note: Net book equity value includes pref and NCI (i.e., is not book value of common equity). (a) 2020A Corporate G&A shown net of $12M of Corporate “Investment and Other Income” and ($1)M of Corporate NCIs. KEY CORPORATE ASSUMPTIONS Debt • Assumed $865MM pay down of a corporate credit facility outstanding in 2021B • Overall leverage levels assumed to be reduced from ~65% LTV to ~55% LTV G&A • Management fees payable to Mountain pursuant to Peak’s Master Services Agreement grow from ~$189MM in 2021B to ~$267MM in 2025B • The management contract is perpetual and not terminable at will Accrual NOI 2020A 2021B 2022B 2023B 2024B 2025B Core Office $1,283 $1,340 $1,341 $1,380 $1,424 $1,416 Core Retail 1,524 1,417 1,413 1,356 1,366 1,422 LP Investments 431 579 624 418 319 179 Core Reinvestment - - 126 343 517 744 Total NOI $3,238 $3,337 $3,504 $3,496 $3,627 $3,761 FFO & Corporate Items 2020A 2021B 2022B 2023B 2024B 2025B Core Office FFO $495 $671 $619 $636 $609 $748 Core Retail FFO 521 484 560 584 610 685 LP Investment FFO 64 223 369 285 281 242 Core Reinvestment FFO - - 74 204 309 447 Corporate G&A (a) (118) (193) (249) (280) (296) (304) Corporate Interest Expense (255) (276) (265) (259) (253) (248) Total FFO $707 $910 $1,107 $1,170 $1,261 $1,570 14

HIGHLY CONFIDENTIAL Preliminary Working Draft Summary of Management-Provided Projections – Core Office IV MANAGEMENT PROJECTIONS PROJECT E- 4 MANAGEMENT-PROVIDED PROJECTIONS SUMMARY – CORE OFFICE KEY MANAGEMENT ASSUMPTIONS NOI Growth • NOI grows at a 2.3% CAGR from 2020A-2025B and a 1.4% CAGR from 2021B-2025B Leasing • Large increases in NOI and occupancy in 2021-2022B driven by vacancy lease-up and mark-to-market of renewal rents − 10.4MM SF expiring through 2025B − 12.6% same property NOI growth rate from 2020- 2021B in Northeast segment, primarily driven by rent commencing on already-signed leases − 3.4% and 1.3% same property CAGRs from 2020- 2025B in London and Canada, respectively • TIs planned to be ~20-40% higher, along with ~10% increases in free rent over next ~12-18 months Capital Activity • $13Bn of property dispositions assumed over plan, with $4.8Bn of sales in 2021B • Much of the disposition activity represents higher-end assets in the portfolio, such as 100 Bishopsgate, One Liberty Plaza, One / Two / five Manhattan West, Brookfield Place Toronto • $1Bn of development costs assumed in 2021, and limited timing delays due to the COVID pandemic • Taxes due on sales of assets Source: Peak 5-year business plan and Peak filings as of 03/02/21. ($ in MMs at Peak Share) Peak Management Projections CAGR 2021B 2022B 2023B 2024B 2025B '21B-'25B Cash Property Revenue $2,223 $2,231 $2,263 $2,364 $2,368 1.6% Lease Termination Income 4 0 0 0 - Straight-Line / Free Rental Adjustment 131 71 81 31 7 Other Non-Cash Adjustments (32) (31) (31) (31) (33) Operating Expenses (985) (930) (933) (939) (927) (1.5%) Office NOI $1,340 $1,341 $1,380 $1,424 $1,416 1.4% NOI Growth 4.4% 0.1% 2.9% 3.2% (0.6%) Other Income $146 $82 $101 $24 $24 (36.4%) Fee Revenue (Outside of NOI) 217 155 129 140 282 6.8% Interest Expense (641) (588) (614) (614) (606) D&A of Non-RE Assets (7) (7) (6) (4) (4) Depreciation of ROU Assets - PPE (1) (1) (1) (1) (0) G&A Expense (283) (270) (260) (266) (268) (1.4%) Noncontrolling Interests - FFO (100) (94) (94) (94) (94) Office FFO $671 $619 $636 $609 $748 2.8% FFO Growth (7.8%) 2.8% (4.2%) 22.8% Depreciation of Real Estate Assets (4) (4) (4) (4) (4) Fair Value Adjustments 821 1,096 937 875 887 Cash Taxes (166) (104) (95) (54) (156) Future Income Taxes 236 22 64 40 114 Office Net Income $1,557 $1,628 $1,539 $1,466 $1,591 0.5% Maj or Capital Spend Activ ity Tota l Property Acquisitions ($404) - ($502) - - ($906) Property Dispositions 4,833 2,755 1,544 1,212 3,126 13,470 Property, Plant and Equipment - 1 - - 105 106 Development Costs (1,029) (600) (206) (52) (36) (1,923) Sustaining Capital Expenditures (77) (34) (38) (29) (30) (209) 15

HIGHLY CONFIDENTIAL Preliminary Working Draft Summary of Management-Provided Projections – Core Retail IV MANAGEMENT PROJECTIONS PROJECT E- 4 MANAGEMENT-PROVIDED PROJECTIONS SUMMARY – CORE RETAIL KEY MANAGEMENT ASSUMPTIONS NOI Growth • 2 years of asset-specific growth assumptions, followed by portfolio-wide same property cash NOI growth rates of 2.0%, 2.2% and 3.7% in years 2023B, 2024B and 2025B, respectively • 2021-2025B full portfolio NOI CAGR of 0.1% Leasing • Assumed 350bps occupancy increase from 91.8% at the end of 2020A to 95.3% at the end of 2022B • 7MM SF of space expiring in 2021B, although ~70% releasing completed upon entering the year − Rent PSF expected to be slightly lower in 2021B vs. 2020A • Potential upside in 2021B from cash collections on deferred rent and unresolved tenant negotiations Capital Activity • $5.6Bn of property dispositions assumed over plan, with $4.5Bn assumed in 2021-2022B (including $1.6Bn assumed foreclosures at the value of the debt) − Assumed $2.4Bn of sales in 2022B at blended 4.8% cap rate • Growth capex assumed to produce 5-10% yield on cost (spend concentrated at Tysons Galleria, Stonestown Galleria and 730 5th Avenue) • Taxes due on sales of assets ($ in MMs at Peak Share) Peak Management Projections CAGR 2021B 2022B 2023B 2024B 2025B '21B-'25B Cash Property Revenue $2,063 $2,028 $1,922 $1,906 $1,936 (1.6%) Lease Termination Income 9 - - - - Straight-Line / Free Rental Adjustment (11) (24) (17) (11) 14 Other Non-Cash Adjustments - - - - - Operating Expenses (643) (591) (549) (529) (527) (4.9%) Retail NOI $1,417 $1,413 $1,356 $1,366 $1,422 0.1% NOI Growth (7.0%) (0.3%) (4.0%) 0.8% 4.1% Other Income $16 $20 $17 $12 $12 (7.6%) Fee Revenue (Outside of NOI) 134 130 135 141 146 2.3% Interest Expense (808) (721) (633) (612) (594) D&A of Non-RE Assets (19) (19) (19) (19) (19) Depreciation of ROU Assets - PPE (5) (5) (5) (5) (2) G&A Expense (231) (238) (246) (252) (259) 2.9% Noncontrolling Interests - FFO (20) (20) (21) (21) (21) Retail FFO $484 $560 $584 $610 $685 9.1% Total FFO Growth 15.6% 4.3% 4.5% 12.2% Depreciation of Real Estate Assets - - - - - Fair Value Adjustments - - - - - Cash Taxes (14) (3) (3) (3) (3) Future Income Taxes - - - - - Retail Net Income $470 $556 $580 $607 $681 9.7% Maj or Capital Spend Activ ity Tota l Property Acquisitions - - - - - - Property Dispositions 2,149 2,373 592 474 36 5,624 Property, Plant and Equipment - - - - - - Development Costs - - - - - - Sustaining Capital Expenditures (143) (135) (123) (115) (117) (632) Source: Peak 5-year business plan and Peak filings as of 03/02/21. 16

HIGHLY CONFIDENTIAL Preliminary Working Draft Selected Segment Assumptions vs. Peers – Core Office IV MANAGEMENT PROJECTIONS PROJECT E- 4 INDEXED LIKE-FOR-LIKE NRI GROWTH(A): LONDON INDEXED SSNOI GROWTH: NORTHEAST INDEXED SSNOI GROWTH: WEST COAST OCCUPANCY: NORTHEAST VS. ALL US PEERS OCCUPANCY: UK(B) VS. LONDON PEERS Indexed to 100 at 2020 YE 13.2% 10.7% 5% 10% 15% '21E '22E '23E '24E '25E Peak Peer Average 14.9% 11.3% 5% 10% 15% '21E '22E '23E '24E '25E Peak Peer Average 13.6% 11.0% 5% 10% 15% '21E '22E '23E '24E '25E Peak Peer Average 95.7% 98.1% 98.6% 98.5% 94.0% 94.0% 95.0% 95.0% 92% 94% 96% 98% 100% '21E '22E '23E '24E Peak Peer Average 95.0% 95.5% 92% 94% 96% 98% 100% '21E Peak Peer Average Peak ’21E-’25 CAGR: 4.0% Peer ’21E-’25 CAGR : 1.2% Peak ’21E-’25 CAGR: 10.4% Peer ’21E-’25 CAGR : 1.9% Peak ’21E-’25 CAGR: 8.0% Peer ’21E-’25 CAGR : 2.4% Source: Peak 5-year business plan and Green Street as of 03/02/21. Note: For comparability, peer data sourced from Green Street. Northeast peers refer to VNO, SLG, BXP and JBGS, West Coast peers refer to KRC, HPP, DE. London Peers refer to DLN, GPOR-GB. Peak nominal cap rates represent management provided average target cap rates for the planned dispositions of each geographic region from 2021-2025. (a) Like-For-Like Net Rental Income: Gross Rent – Tenant Incentives / Leasing Commissions – Non-Recoverable Operating Expenses. (b) Peak UK represents only Canary Wharf Office occupancy figures. 17

HIGHLY CONFIDENTIAL Preliminary Working Draft Selected Segment Assumptions Vs. Peers – Core Retail IV MANAGEMENT PROJECTIONS PROJECT E- 4 INDEXED SSNOI GROWTH: PEAK CORE RETAIL VS. RETAIL PEERS PEAK VS. PEERS PORTFOLIO NOI CONTRIBUTION ASSET GRADES PEAK SPG MAC Other 7% A++ / A+ 41% A / A- 26% B+ to C- 21% Outlets 6% Outlets 45% A++ / A+ 28% A / A- 16% B+ to C- 10% Other 1% A++ / A+ 29% A / A- 39% B+ to C- 22% Street Retail 4% Q Co. 6% Indexed to 100 at 2020 YE 11.3% 10.6% 10.7% 10.5% 9.0% 9.5% 10.0% 10.5% 11.0% 11.5% 12.0% '21E '22E '23E '24E Peak Peer Average SPG MAC Peak ’21E-’24 CAGR: 4.3% Peer ’21E-’24 CAGR : 1.2% Source: Peak 5-year business plan, Green Street and company filings as of 03/02/21. 18

HIGHLY CONFIDENTIAL Preliminary Working Draft CONFIDENTIAL V Preliminary Peak Financial Analysis PROJECT E- 4

HIGHLY CONFIDENTIAL Preliminary Working Draft V PRELIMINARY PEAK FINANCIAL ANALYSIS PROJECT E- 4 Peak Unaffected Price as of 12/31/20 Mountain Proposed Offer Source: Peak 5-year business plan, Peak filings, FactSet, Green Street, Wall Street research and SNL Financial as of 03/02/21. Note: NTM (2021B) office segment run-rate recurring FFO used in NTM FFO (x) trading comps ranges adjusts 2021B management segment FFO by excluding condo sales (for office segment only), adding in incremental same property NOI and incremental same property interest expense for 2021B interim-year dispositions (including Q Co. for retail segment), and allocating corporate-level G&A to office and retail segments based on gross asset value by segment. Preliminary Peak Value Range $12.64 $12.82 $14.08 $12.71 $7.25 $12.00 $10.79 $16.58 $19.24 $16.09 $16.60 $18.71 $19.99 $18.00 $19.07 $18.77 - $10.00 $20.00 $30.00 $17.00 $26.65 METHODOLOGY IMPLIED $ PRICE PER UNIT RANGE COMMENTS & ASSUMPTIONS REF. PAGES Sum - of - the - Parts Discounted Cash Flow • DCF analysis on core office / retail segments; LP investments assumed at Company-marked values; land at book value as of 12/31/20 • WACC: 5.0-6.0% (office), 6.25-7.25% (retail); exit cap rate: 5.25-6.25% (office), 6.25-6.75% (retail) 20, 25-28, 30-31, 33-35, 37-38, 45 Trading Comps: Current NTM FFO (x) • 13.5-16.5x (office) and 8.0-11.5x (retail) ranges applied to Peak segment NTM (2021B) recurring run-rate FFO of: $508MM (office), $505MM (retail) • Midpoints reflect current average NTM FFOx of select comparable companies 25, 29, 33, 36, 44, 47 Trading Comps: 3-Year NTM FFO (x) • 15.0-18.0x (office) and 9.0-11.0x (retail) ranges applied to Peak segment NTM (2021B) recurring run-rate FFO of: $508MM (office), $505MM (retail) • Midpoints reflect 3-year average NTM FFOx of select comparable companies 25, 29, 33, 36, 44, 47 Additional Analysis (For Reference Purposes Only) IFRS NAV & Price at Avg. NAV Discount • Hollow diamond reflects IFRS NAV at 12/31/20 • Solid box reflects Q4 IFRS NAV multiplied by Peak’s average trading discount range of 29.8% to 52.3% since formation 21 52-Week High/Low • 52-week high and 52-week low price (unaffected) 3 Analyst Price Target Estimates • Solid box reflects range across five analyst estimates, prior to the offer announcement date • Dashed box reflects range across five analyst estimates, including estimates made / revised since the announcement date 22 Comparable Company Trading Premium / (Disc.) to Cons. NAV • Reflects applied range of 44.0% to 1.0% discount to FactSet consensus NAV estimate of $19.27 as of the unaffected date • High / low driven by observed trading of select comparable companies as of 03/02/21 23 • Premiums Paid Analysis • Reflects 14.6-29.7% premium range implied by the 25th and 75th percentiles from 35 change of control transactions >$1Bn in the last 10 years involving a North America target where cash comprised > 50% of aggregate consideration 24 PRELIMINARY PEAK VALUE RANGE $14.47 $16.50 19

HIGHLY CONFIDENTIAL Preliminary Working Draft CONFIDENTIAL A Corporate PROJECT E- 4

HIGHLY CONFIDENTIAL Preliminary Working Draft Sum-of-the-Parts Analysis A CORPORATE PROJECT E- 4 SUM-OF-THE-PARTS BUILD OFFICE – KEY ASSUMPTIONS & TERMINAL VALUE RETAIL – KEY ASSUMPTIONS & TERMINAL VALUE Discount Rate 30,623 6.0% 5.5% 5.0% Exit 6.25% 28,517 28,951 29,396 Cap 5.75% 30,157 30,623 31,099 Rate 5.25% 32,109 32,612 33,127 OFFICE – GROSS VALUE SENSITIVITY RETAIL – GROSS VALUE SENSITIVITY Discount Rate 24,869 7.3% 6.8% 6.3% Exit 6.75% 23,895 24,251 24,615 Cap 6.50% 24,501 24,869 25,245 Rate 6.25% 25,156 25,536 25,925 SUM-OF-THE-PARTS SENSITIVITY High Mid Low $19.24 $15.70 $12.64 Source: Peak 5-year business plan, Peak filings, FactSet, Green Street, and SNL Financial as of 03/02/21. Note: 2025B Total Cash NOI numbers used in calculating terminal value are adjusted to be on a run-rate basis, i.e., excludes the effect of any projected 2025B acquisitions, includes full-year NOI for any interim 2025B projected dispositions, and is adjusted to be on a stabilized basis for development assets that are projected to come online in the course of 2025B. (a) Current value of remaining land not developed at the end of the projection period. (b) Capital securities balance adjusted for mandatorily convertible preferred securities included within fully-diluted units outstanding. ILLUSTRATIVE SENSITIVITY OF LP INVESTMENTS VALUE LP Investments Marked Value (12/31/20) $10,805 LP Inv. Net Other Assets / (Liabilities) 1,660 Gross LP Investments Marked Value $12,465 LP Inv. Net Debt, Pref, Capital Securities (7,186) Net LP Investments Marked Value $5,279 Assumed % Discount to Marked Value - Assumed Net LP Inv. Marked Value $5,279 % Discount to Marks 32,483 (10%) (5%) - Equity $ ($528) ($264) - Equity $ / Unit ($0.52) ($0.26) - Discount Rate (WACC) 5.5% 2025B Total Cash NOI 1,488 Exit Cap Rate 5.8% Implied Total Terminal Value $25,884 Implied EBITDA Exit Multiple 19.0x Implied Perpetuity Growth Rate 2.3% Discount Rate (WACC) 6.8% 2025B Total Cash NOI 1,409 Exit Cap Rate 6.5% Implied Total Terminal Value $21,673 Implied EBITDA Exit Multiple 18.1x Implied Perpetuity Growth Rate 2.9% Core Office 2021B-2024B Discounted Cash Flows $9,732 NPV of Terminal Value 20,891 Core Office Gross Value $30,623 Core Retail 2021B-2024B Discounted Cash Flows $8,182 NPV of Terminal Value 16,687 Core Retail Gross Value $24,869 LP Inv estments Book Value of Commercial Property, Dev't & PP&E $12,465 Net Other Assets Net Other Assets / (Liabilities) (343) Land Value Value of Land Undeveloped Through 2024B (a) 1,354 Implied Enterprise Value $68,967 Asset-Level Debt at Share (47,309) Corporate Debt at Share (4,047) Capital Securities, Adjusted (b) (205) Preferred Equity (3,339) Cash & Equivalents 1,733 Implied Equity Value $15,800 Implied Equity Value / Unit $15.70 Memo: Peak Total Units Outstanding (MMs) 1,006.1 20

HIGHLY CONFIDENTIAL Preliminary Working Draft (35%) (80%) (60%) (40%) (20%) - 03/22/13 03/17/15 03/11/17 03/06/19 02/28/21 A CORPORATE PROJECT E- 4 PEAK HISTORICAL PRICE VS. IFRS NAV AND WALL STREET CONSENSUS NAV ESTIMATES PER UNIT Peak has historically traded at a consistent and significant discount to both its Consensus and IFRS NAVs Peak Trailing Price Performance Since Inception PEAK HISTORICAL P / (D) TO IFRS NAV $19.27 $26.65 $17.27 $5 $10 $15 $20 $25 $30 $35 03/22/13 03/17/15 03/11/17 03/06/19 02/28/21 Peak Price IFRS NAV (a) Consensus NAV (c) P / (D) to IFRS NAV Selected Discount Range Peak P/(D) to Peak P/(D) to IFRS NAV (a) Consensus NAV Current (35.2%) (15.2%) Unnaffected (b) (45.7%) (24.9%) 1-Year Avg. (52.1%) (52.1%) 3-Year Avg. (40.4%) (33.8%) 5-Year Avg. (34.5%) (29.1%) 8-Year Avg. (29.9%) n/a All time (29.9%) n/a Source: FactSet, Wall Street research and SNL Financial as of 03/02/21. (a) For periods after the most recent quarterly filings, the most recently reported IFRS NAV was used. For the period between 03/25/13-03/31/13 the 12/31/14 IFRS NAV was the most recently disclosed IFRS NAV. (b) Reflects Peak’s unit price of $14.47 as of 12/31/20. (c) Consensus NAV represents 2 broker ratings until 04/24/15 and 3 brokers 08/05/16. Consistent coverage by 4+ brokers starts in August 2016. 21

HIGHLY CONFIDENTIAL Preliminary Working Draft ($) Price Implied FFO/Unit FFO Multiple (a) AFFO/Unit AFFO Multiple (a) Broker Date Rating Target Return (a) 2021E 2022E 2023E 2021E 2022E 2023E 2021E 2022E 2023E 2021E 2022E 2023E Evercore ISI 2/26/2021 Buy $ 18.00 4% $ 1.06 $ 1.28 n/a 16.3x 13.5x n/a $ 0.70 $ 0.96 n/a 24.7x 18.0x n/a CIBC Capital Markets 2/24/2021 Hold 17.50 1% 1.16 1.32 n/a 14.9x 13.1x n/a 0.80 0.93 n/a 21.6x 18.6x n/a Scotiabank GBM 2/2/2021 Hold 17.50 1% 1.12 1.26 n/a 15.4x 13.7x n/a 0.73 1.02 n/a 23.7x 16.9x n/a RBC Capital Markets 2/2/2021 Hold 17.00 (2%) 1.07 1.24 n/a 16.1x 13.9x n/a 0.45 0.61 n/a 38.4x 28.3x n/a Canaccord Genuity 1/4/2021 Hold 17.00 (2%) 1.16 1.36 n/a 14.8x 12.7x n/a 0.84 1.04 n/a 20.6x 16.6x n/a Min $17.00 (2%) $1.06 $1.24 n/a 14.8x 12.7x n/a $0.45 $0.61 n/a 20.6x 16.6x n/a Mean 17.40 1% 1.11 1.29 n/a 15.5x 13.4x n/a 0.70 0.91 n/a 25.8x 19.7x n/a Median 17.50 1% 1.12 1.28 n/a 15.4x 13.5x n/a 0.73 0.96 n/a 23.7x 18.0x n/a FactSet Consensus Mean (b) 17.40 1% 1.11 1.29 n/a 15.5x 13.4x n/a 0.70 0.91 n/a 24.5x 18.9x n/a Max 18.00 4% 1.16 1.36 n/a 16.3x 13.9x n/a 0.84 1.04 n/a 38.4x 28.3x n/a Est. NAV 12M Price Target FFO per Unit AFFO per Unit Analyst Unaff. Current Unaff. Current 2020 2021 2022 2020 2021 2022 Evercore ISI $18.70 $18.70 $18.00 $18.00 $0.88 $1.06 $1.28 $0.55 $0.70 $0.96 CIBC Capital Markets 27.00 25.00 17.00 17.50 0.90 1.16 1.32 0.57 0.80 0.93 RBC Capital Markets 19.50 27.00 17.00 17.00 0.90 1.07 1.24 0.27 0.45 0.61 Scotiabank GBM 11.89 19.50 17.50 17.50 0.88 1.12 1.26 0.49 0.73 1.02 Canaccord Genuity 18.70 11.63 12.00 17.00 0.95 1.16 1.36 0.38 0.84 1.04 Min $11.89 $11.63 $12.00 $17.00 $0.88 $1.06 $1.24 $0.27 $0.45 $0.61 Mean 19.27 20.37 16.30 17.40 0.90 1.11 1.29 0.45 0.70 0.91 Median 19.10 19.50 17.00 17.50 0.90 1.12 1.28 0.49 0.73 0.96 Max 27.00 27.00 18.00 18.00 0.95 1.16 1.36 0.57 0.84 1.04 A CORPORATE PROJECT E- 4 PEAK SUMMARY BROKER ESTIMATES Current Peak Unit Price: $17.27 SELECT ANALYST COMMENTARY • General recognition that units have traded at significant discount since Peak’s 2013 IPO and to Peak’s reported IFRS NAV • Analyst expectation of transaction approval at a price modestly higher than the initial offer of $16.50 • Analysts see a potential opportunity for Peak investors to receive a premium to the unaffected unit price and the chance to participate in any potential Mountain upside given the transaction structure • Future industry headwinds and leverage seen as a key risk to Peak’s performance CHANGE IN PRICE TARGETS PRE / POST ANNOUNCEMENT Peak Analyst Estimates & Guidance Source: FactSet, Wall Street research and SNL Financial as of 03/02/21. (a) Implied Return, FFO and AFFO multiples, as well as Premium / (Discount) to NAV calculated with reference to Peak’s current unit price. FactSet Consensus Implied Return, FFO and AFFO multiples as well as Premium / (Discount) to NAV calculated with reference to Peak’s current unit price. (b) FactSet Consensus Mean includes anonymous estimates. 22

HIGHLY CONFIDENTIAL Preliminary Working Draft Consensus Spot Net Debt + Pref P / (D) to Company NAV / Share Price / TEV % Cons. NAV Boston Properties $124.05 $101.39 40.2% (18.3%) Vornado 55.33 43.67 51.2% (21.1%) Kilroy 82.94 63.86 30.0% (23.0%) Douglas Emmett 36.49 32.74 31.7% (10.3%) SL Green 96.58 70.51 66.8% (27.0%) Hudson Pacific 40.90 25.84 39.6% (36.8%) Paramount 17.21 9.63 57.0% (44.0%) JBG Smith 40.03 32.09 31.1% (19.8%) alstria 22.57 16.80 26.5% (25.6%) Derwent London 52.72 45.84 21.0% (13.1%) CLS Holdings 4.64 3.07 43.4% (33.9%) dream Office REIT n/a 16.02 68.7% n/a Dexus 7.77 7.11 31.3% (8.4%) Allied n/a 31.39 36.0% n/a Great Portland Estates 10.68 9.55 21.8% (10.6%) Simon Property Group 112.84 111.68 43.7% (1.0%) Macerich 16.79 13.00 90.0% (22.6%) Min 21.0% (44.0%) Mean 42.9% (21.0%) Median 39.6% (21.1%) Max 90.0% (1.0%) Peak Consensus NAV at Unaffected Date $19.27 Low Spot Premium / (Discount) to NAV (44.0%) High Spot Premium / (Discount) to NAV (1.0%) Low Range $10.79 High Range $19.07 Selected Comparable Company Consensus NAV Trading Premiums / (Discounts) A CORPORATE PROJECT E- 4 CURRENT P / (D) TO CONSENSUS NAV Source: FactSet and SNL Financial as of 03/02/21. 23

HIGHLY CONFIDENTIAL Preliminary Working Draft Date Txn Value Transaction Premium to: Ann. Target Sector Geography Consid. % Cash Acquiror ($Bn) Unaffected 30-Day VWAP 60-Day VWAP 10/19/20 Front Yard Residential Corporation SFR USA Ca sh 100% Ares Management Corp, Pretium Partners $2.5 63% 73% 73% 2/20/20 Northview Apartment REIT Residential Canada Ca sh 100% Investor group 3.6 12% 16% 18% 11/15/20 Taubman Centers, Inc. (a) Retail USA Ca sh 100% Simon Property Group, Inc. 7.5 63% 41% 38% 9/15/19 Dream Global REIT Office, Industrial Canada, Europe Ca sh 100% Blackstone Group Inc. 4.7 18% 17% 18% 7/18/19 Pure Multi-Family REIT LP Residential USA Ca sh 100% Cortland Partners, LLC 1.2 15% 14% 43% 6/24/19 Caesars Entertainment Corporation Gaming USA, Global Cash & Stock 65% Eldorado Resorts, Inc. 17.3 42% 42% 44% 7/31/18 Forest City Realty Trust, Inc. Diversified USA Ca sh 100% Brookfield Asset Management Inc. 11.4 27% 27% 26% 6/25/18 Education Realty Trust, Inc. Student Housing USA Ca sh 100% Greystar Real Estate Partners, LLC 4.6 9% 20% 22% 5/7/18 Gramercy Property Trust Industrial USA Ca sh 100% Blackstone Group L.P. 7.6 15% 23% 23% 4/26/18 Quality Care Properties, Inc. Healthcare USA Ca sh 100% Welltower Inc. 3.4 65% 60% 54% 3/26/18 GGP Inc. Retail USA Cash & Stock 61% Brookfield Asset Management Inc. 27.9 15% 6% 5% 1/9/18 Pure Industrial Real Estate Trust Industrial Canada Ca sh 100% Blackstone Group L.P. 3.1 20% 25% 24% 12/18/17 Pinnacle Entertainment, Inc. Gaming USA Cash & Stock 62% Penn National Gaming, Inc. 5.8 36% 63% 64% 7/4/17 Monogram Residential Trust, Inc. Residential USA Ca sh 100% GIC, Greystar, APG, Ivanhoe Cambridge 3.0 22% 22% 21% 6/30/17 Parkway, Inc. Office USA Ca sh 100% Canada Pension Plan Investment Board 1.2 13% 15% 15% 6/28/17 First Potomac Realty Trust Office USA Ca sh 100% Government Properties Income Trust 1.4 11% 11% 8% 2/27/17 Silver Bay Realty Trust Corp. SFR USA Ca sh 100% Tricon Capital Group Inc. 1.4 19% 24% 24% 1/19/17 Milestone Apartments REIT Residential Canada, USA Ca sh 100% Starwood Capital Group Management, L.L 3.0 8% 16% 18% 9/19/16 Isle of Capri Casinos, Inc. Gaming USA Cash & Stock 58% Eldorado Resorts, Inc. 1.7 36% 31% 28% 5/10/16 InnVest REIT Hotels Canada Ca sh 100% Bluesky Hotels and Resorts Inc. 1.6 33% 36% 40% 2/25/16 Rouse Properties, Inc. Retail USA Ca sh 100% Brookfield Asset Management Inc. 2.8 35% 26% 18% 12/14/15 Inland Real Estate Corporation Retail USA Ca sh 100% DRA Advisors LLC 2.3 7% 11% 16% 10/16/15 Campus Crest Communities, Inc. Student Housing USA Ca sh 100% Harrison Street Real Estate Capital, LLC 1.9 24% 36% 33% 10/8/15 BioMed Realty Trust, Inc. Life Science USA Ca sh 100% Blackstone Group L.P. 8.0 24% 23% 20% 9/8/15 Strategic Hotels & Resorts, Inc. Hotels USA Ca sh 100% Blackstone Group L.P. 6.0 13% 13% 15% 6/22/15 Home Properties, Inc. Residential USA Ca sh 100% Lone Star Investment Advisors, LLC 7.6 9% 9% 10% 4/22/15 Associated Estates Realty Corporation Residential USA Ca sh 100% Brookfield Asset Management Inc. 2.5 19% 17% 18% 4/10/15 Excel Trust, Inc. Retail USA Ca sh 100% Blackstone Group L.P. 2.0 15% 14% 14% 9/16/14 Glimcher Realty Trust Retail USA Cash & Stock 73% Washington Prime Group Inc. 4.3 34% 29% 30% 5/28/13 CapLease, Inc. Diversified USA Ca sh 100% American Realty Capital Properties, Inc. 2.2 20% 21% 29% 4/25/13 MPG Office Trust Office USA Ca sh 100% Brookfield Office Properties Inc. 2.1 21% 17% 16% 12/21/12 Ameristar Casinos Inc. Gaming USA Ca sh 100% Pinnacle Entertainment Inc. 2.8 20% 35% 38% 4/26/12 TransGlobe Apartment REIT Residential Canada Ca sh 100% Starlight Apartments, PD Kanco 1.9 15% 20% 19% 1/17/12 Whiterock REIT Office Canada Cash & Stock 60% Dundee REIT 1.1 15% 23% 24% 11/28/11 CANMARC REIT Diversified Canada Ca sh 100% Cominar REIT 1.4 24% 28% 34% Min $1.1 6.6% 6.1% 4.7% North American Precedent Real Estate Target Transactions 25th Percentile $1.9 14.6% 16.2% 17.6% with Cash Consideration Greater Than 50% Mean $4.5 26.1% 28.0% 28.8% Median $2.8 19.9% 22.8% 23.3% (35 Transactions) 75th Percentile $5.2 29.7% 30.2% 33.4% Max $27.9 64.7% 73.2% 72.8% Reference: Mountain offer at $16.50 per Unit $70.1 14.0% 6.6% 12.2% Premiums Paid Analysis A CORPORATE PROJECT E- 4 Includes change of control transactions for North American real estate targets over the past 10 years, with total transaction value greater than $1Bn and cash consideration greater than 50% Source: FactSet, SNL Financial and company filings as of 03/02/21. Note: Gold dotted line represents transactions before or after COVID. (a) Negotiated revised purchase price for the acquisition originally announced 02/10/20 and committed to pre-COVID. 24

HIGHLY CONFIDENTIAL Preliminary Working Draft CONFIDENTIAL B Core Office PROJECT E- 4

HIGHLY CONFIDENTIAL Preliminary Working Draft B CORE OFFICE PROJECT E- 4 METHODOLOGY IMPLIED GROSS VALUE ($MMS) COMMENTS & ASSUMPTIONS Discounted Cash Flow • DCF analysis on core office segment • WACC range of 5.0-6.0%; exit cap rate range of 5.25-6.25% Trading Comps: NTM FFO (x) Current NTM FFO (x) • 13.5-16.5x range applied to office segment NTM (2021B) recurring FFO of $508MM • Midpoint reflects current average NTM FFOx of select comparable companies 3-Year NTM FFO (x) • 15.0-18.0x range applied to office segment NTM (2021B) recurring FFO of $508MM • Midpoint reflects 3-year historical average NTM FFOx of select comparable companies Precedent Transactions • 15.5-20.0x range applied to office segment NTM (2021B) recurring FFO of $508MM Source: Peak 5-year business plan, Peak filings, FactSet, Green Street, Wall Street research and SNL Financial as of 03/02/21. Note: NTM (2021B) office segment recurring FFO used in NTM FFO (x) trading comps and precedent transactions ranges adjusts 2021B management segment FFO by excluding condo sales, adding in incremental same property NOI and incremental same property interest expense for 2021B interim-year dispositions, and allocating corporate-level G&A to office segment based on gross asset value by segment. Preliminary Core Office Segment Implied Value Range PRELIMINARY CORE OFFICE IMPLIED VALUE RANGE $28,517 $26,924 $27,686 $27,940 $33,127 $28,448 $29,210 $30,226 $25,000 $30,000 $35,000 25

HIGHLY CONFIDENTIAL Preliminary Working Draft Discounted Cash Flow Analysis – Core Office B CORE OFFICE PROJECT E- 4 SUMMARY PROJECTED CASH FLOWS KEY ASSUMPTIONS & TERMINAL VALUE IMPLIED GROSS VALUE IMPLIED GROSS VALUE SENSITIVITY Discount Rate Perp. 30,623 6.0% 5.5% 5.0% Growth Exit 6.25% 28,517 28,951 29,396 2.0% Cap 5.75% 30,157 30,623 31,099 2.3% Rate 5.25% 32,109 32,612 33,127 2.6% Source: Peak 5-year business plan, Peak filings, FactSet, Green Street, Wall Street research and SNL Financial as of 03/02/21. Note: 2025B Total Cash NOI numbers used in calculating terminal value are adjusted to be on a run-rate basis, i.e., excludes the effect of any projected 2025B acquisitions, includes full-year NOI for any interim 2025B projected dispositions, and is adjusted to be on a stabilized basis for development assets that are projected to come online in the course of 2025B. Implied perpetuity growth rate formula excludes from 2025B unlevered cash flow any major capital activity (acquisitions, dispositions, development costs) and a promote fee earned from the sale of Potsdamer Platz in 2025B. Corporate G&A allocated based on gross asset value by segment. ($ in MMs at Peak Share) Peak Management Projections CAGR 2021B 2022B 2023B 2024B 2025B '21B-'25B Cash Property Revenue $2,223 $2,231 $2,263 $2,364 $2,368 1.6% Operating Expenses (985) (930) (933) (939) (927) (1.5%) Core Office Cash NOI $1,237 $1,301 $1,330 $1,425 $1,488 4.7% Cash NOI Growth 2.3% 5.2% 2.2% 7.1% 4.5% Lease Termination Income 4 0 0 0 - n/a Straight-Line / Free Rental Adjustment 131 71 81 31 7 n/a Other Non-Cash Adjustments (32) (31) (31) (31) (33) n/a Core Office IFRS NOI $1,340 $1,341 $1,380 $1,424 $1,463 2.2% Total NOI Growth 4.4% 0.1% 2.9% 3.2% 2.7% Other Income 146 82 101 24 24 (36.4%) Fee Revenue (Outside of NOI) 217 155 129 140 282 6.8% G&A Expense (283) (270) (260) (266) (268) (1.4%) Allocated Corporate G&A (87) (111) (125) (132) (136) 12.0% Core Office EBITDA $1,333 $1,197 $1,225 $1,190 $1,364 0.6% Total EBITDA Growth 9.0% (10.2%) 2.3% (2.8%) 14.6% Adj ustments SL / Free Rent & Other Non-Cash Adj. ($99) ($40) ($50) $0 $25 Capital Spend, Carried Interest & Taxes Property Acquisitions (404) - (502) - - Property Disposals 4,833 2,755 1,544 1,212 3,126 Property Plant and Equipment - 1 - - 105 Development Costs (1,029) (600) (206) (52) (36) Maintenance and Growth Capex, TIs, LCs (496) (359) (297) (218) (200) Change in Working Capital (20) (75) 255 (51) (59) Carried Interest Distributions - - - - - Cash Taxes (166) (104) (95) (54) (156) Tota l $2,718 $1,619 $699 $837 $2,780 Unlev ered Cash Flow $3,952 $2,776 $1,874 $2,027 $4,169 Terminal Value - - - 25,884 Unlevered Cash Flow & Terminal Value $3,952 $2,776 $1,874 $27,911 Date 12/31/20 Discount Rate (WACC) 5.5% 2025B Total Cash NOI 1,488 Exit Cap Rate 5.8% Implied Total Terminal Value $25,884 Implied EBITDA Exit Multiple 19.0x Implied Perpetuity Growth Rate 2.3% 2021B to 2024B Discounted Cash Flows $9,732 NPV of Terminal Value 20,891 Implied Core Office Gross Value $30,623 26

HIGHLY CONFIDENTIAL Preliminary Working Draft PROJECT E- 4 SELECT COMPARABLE COMPANIES UNLEVERED BETA ANALYSIS WACC Analysis – Core Office B CORE OFFICE Total Capital Weighting Global ($ in MMs) Equity Mrkt. Pref. Equity Total Net Debt ND + Pref / 3-Yr Avg. Unlevered Select Comparable Companies Cap @ Liq. Pref. Net Debt (a) Capital Equity +Pref Equity Barra Beta Beta Boston Properties, Inc. $17,551 200 $11,873 $29,624 59.2% 40.8% 68.8% 1.09 0.65 Vornado Realty Trust 8,899 2,107 8,299 19,306 46.1% 53.9% 116.9% 1.14 0.52 Douglas Emmett, Inc. 6,740 - 3,822 10,562 63.8% 36.2% 56.7% 0.92 0.59 US Kilroy Realty Corporation 7,484 - 3,293 10,776 69.4% 30.6% 44.0% 0.97 0.67 SL Green Realty Corp. 5,249 432 10,177 15,859 33.1% 66.9% 202.1% 1.26 0.42 JBG SMITH Properties 4,672 - 2,140 6,811 68.6% 31.4% 45.8% 0.83 0.57 Hudson Pacific Properties, Inc. 3,946 10 2,913 6,869 57.5% 42.5% 74.1% 1.10 0.63 Paramount Group, Inc. 2,307 - 3,183 5,490 42.0% 58.0% 138.0% 1.09 0.46 Allied Properties REIT 3,995 - 2,250 6,246 64.0% 36.0% 56.3% 0.55 0.35 Dream Office REIT 895 - 1,190 2,085 42.9% 57.1% 133.1% 0.58 0.25 Derwent London Plc 5,132 - 1,385 6,517 78.7% 21.3% 27.0% 0.58 0.45 Great Britain Great Portland Estates Plc 2,424 - 675 3,099 78.2% 21.8% 27.8% 0.68 0.53 CLS Holdings Plc 1,250 - 958 2,208 56.6% 43.4% 76.6% 0.57 0.32 DEXUS 7,722 - 3,510 11,232 68.7% 31.3% 45.5% 0.69 0.48 alstria office REIT-AG 2,987 - 1,105 4,092 73.0% 27.0% 37.0% 0.34 0.25 Peer Min $895 - $675 $2,085 33.1% 21.3% 27.0% 0.55 0.25 Peer Mean 5,417 183 3,785 9,385 60.1% 39.9% 76.6% 0.83 0.48 Peer Median 4,672 - 2,913 6,811 63.8% 36.2% 56.7% 0.83 0.48 Peer Max 17,551 2,107 11,873 29,624 78.7% 66.9% 202.1% 1.26 0.67 Brookfield Property Partners L.P. 10,556 2,233 17,834 30,623 34.5% 65.5% 190.1% 1.14 0.41 Canada Australia and Germany Source: Peak 5-year business plan, Peak filings, FactSet, and SNL Financial as of 03/02/21. Note: Peak Equity Market Cap implied by using Core Office DCF Gross Value and subtracting debt capital securities and preferred equity. Peak reported a 5% effective tax rate in its 2019 Annual Report.. Total Capital is the approximate midpoint of our segment value range. (a) Total net debt includes pro rata portion of debt and leases in unconsolidated joint ventures wherever disclosed. 27

HIGHLY CONFIDENTIAL Preliminary Working Draft PROJECT E- 4 WACC Analysis – Core Office (cont.) B CORE OFFICE SELECT COMPARABLE COMPANIES UNLEVERED BETA ANALYSIS PEAK PEER-DERIVED WACC Total Capital Weighting Global ($ in MMs) Equity Mrkt. Pref. Equity Total Net Debt ND + Pref / 3-Yr Avg. Unlevered Select Comparable Companies Cap @ Liq. Pref. Net Debt (a) Capital Equity +Pref Equity Barra Beta Beta Peer Min $895 - $675 $2,085 33.1% 21.3% 27.0% 0.55 0.25 Peer Mean 5,417 183 3,785 9,385 60.1% 39.9% 76.6% 0.83 0.48 Peer Median 4,672 - 2,913 6,811 63.8% 36.2% 56.7% 0.83 0.48 Peer Max 17,551 2,107 11,873 29,624 78.7% 66.9% 202.1% 1.26 0.67 Mid-Point Assumptions Range Levered Beta Implied Cost of Equity Implied WACC Drivers Low High Low High Low High Low High Unlevered Beta 0.48 0.38 0.58 1.06 1.62 9.0% 13.0% 4.9% 6.3% Net Debt + Pref / Total Capital (b) 65.5% 55.5% 75.5% 1.04 1.87 8.9% 14.8% 5.5% 5.7% Implied Levered Beta 1.34 Risk-Free Rate of Return (c) 1.4% US Market Equity Risk Premium (c) 7.15% Cost of Equity 11.0% Pre-Tax Cost of Debt (b) 2.96% Tax Rate 5.00% Min/Max 1.04 1.87 8.9% 14.8% 4.9% 6.3% Illustrative WACC 5.6% Selected Range 5.0% 6.0% Source: Peak 5-year business plan, Peak filings, FactSet, MSCI Barra Beta Global Equity Model, Duff & Phelps, and SNL Financial as of 03/02/21. Note: Barra predicted Global Beta data as of [01/31/21]. Mid-point drivers held constant under each range of input assumptions for respective sensitivities. Peak Equity Market Cap implied by using Core Office DCF Gross Value and subtracting debt capital securities and preferred equity. Peak reported a 5% effective tax rate in its 2019 Annual Report. (a) Total net debt includes pro rata portion of debt and leases in unconsolidated joint ventures wherever disclosed. (b) Calculated based on Peak 4Q 2020 Supplemental. (c) Risk free rate represents yield on U.S 10-Year Treasury. Equity Risk Premium of 7.15% is the long-term "historical" (i.e., realized) ERP as of 2019 as published by Duff & Phelps and consistent with previously published “back page” of the Ibbotson Associates/Morningstar SBBI® Valuation Yearbook (discontinued). 28

HIGHLY CONFIDENTIAL Preliminary Working Draft PROJECT E- 4 HISTORICAL NTM FFO MULTIPLES OVER LAST FIVE YEARS Historical NTM FFO Multiples Analysis – Core Office Implied 14.9x Analyst 2021E FFO @ $16.50 Proposal(a) Implied 18.5x Mgmt 2021B FFO @ $16.50 Proposal(a) B CORE OFFICE Select Select All NTM FFO Mult. NTM FFO Mult. Comparable Comparable Select Spread to Spread to Non- Peak Companies - US Companies - Non-US Comparable Companies US Select Peers US Select Peers Current 15.1x 15.1x 14.5x 14.9x (0.0x) 0.6x Unnaffected(b) 11.9x 13.8x 14.3x 14.0x (2.0x) (2.4x) 1-Year Avg. 10.5x 12.8x 14.3x 13.2x (2.3x) (3.8x) 3-Year Avg. 11.6x 16.3x 16.6x 16.4x (4.7x) (5.0x) 5-Year Avg. 13.3x 17.1x 15.4x 16.6x (3.8x) (2.1x) 15.1x 15.1x 14.5x 14.9x - 5.0x 10.0x 15.0x 20.0x 25.0x 03/02/16 03/02/17 03/02/18 03/02/19 03/02/20 03/02/21 Peak Select Comparable Companies US (c) Select Comparable Companies Non-US (d) All Peers Source: FactSet and SNL Financial as of 03/02/21. (a) Analyst consensus 2021E FFO per unit of $1.11 per FactSet. Management 2021B FFO per unit of 0.89 per Management projections. (b) Reflects Peak’s unit price of $14.47 as of 12/31/20. (c) Select Comparable Companies – US are BXP, DEI, HPP, KRC, SLG, PGRE, JBGS, VNO, (d) Select Comparable Companies – Non-US are AP.UT, DXS, D.UT. Comprehensive trading data was not available for the other members of the peer set. 29

HIGHLY CONFIDENTIAL Preliminary Working Draft PROJECT E- 4 HISTORICAL IMPLIED CAP RATES FOR SELECT COMPARABLE COMPANIES - US OVER LAST FIVE YEARS SPOT CAP RATES FOR SELECT COMPARABLE COMPANIES - NON-US PEERS Historical Implied Cap Rate Analysis – Core Office B CORE OFFICE Spot Valuation: Allied Properties Alstria Office CLS Holdings Derwent London Dream Office DEXUS Great Portland Implied Equity Market Capitalization $3,995 $2,987 $1,250 $5,132 $895 $7,722 $2,424 Implied Enterprise Value 6,246 4,526 2,208 6,588 1,766 11,733 3,020 Implied Operating Value of Real Estate 5,867 4,030 2,210 5,440 1,702 10,784 2,184 NTM NOI Growth Rate (b) 3.6% - 1.0% 1.0% (2.6%) (5.7%) 1.0% Implied Cash Cap Rate 5.0% 4.6% 7.0% 4.4% 5.4% 4.9% 5.1% Min 4.4% Mean 5.2% Median 5.0% Max 7.0% Select Comparable Companies - US Current 6.1% Unaffected (b) 6.4% 1-Year Avg. 6.6% 3-Year Avg. 5.8% 5-Year Avg. 5.5% Source: Peak filings, Peer Filings, FactSet, Green Street, Scotia Bank Equity Research, BMO Capital Markets, Morgan Stanley Equity Research, J.P Morgan Equity Research, Credit Suisse Equity Research and Wall Street research as of 03/02/21. (a) Select Comparable Companies – US are BXP, VNO, KRC, DEI, SLG, HPP, PGRE and JBGS. For the Implied Cap rate data, BXP, VNO, KRC, DEI, SLG, and PGRE represent the period before 07/07/17. JBGS data is available beginning 07/07/17. HPP is available beginning 07/09/19. The period from 07/09/19 - present represents consistent coverage for all peers. Green Street does not have 06/01/16 data for VNO and KRC. (b) CLS Derwent, DLN and Great Portland NTM NOI Growth Rate sourced from Green Street European Office forecasts. Allied, Alstria, Dexus, and Dream NTM Growth Rates sourced from Scotia Bank, Morgan Stanley, Credit Suisse, J.P. Morgan and BMO Capital Markets Equity Research Estimates for FY21E NOI / NRI growth rates. 6.1% 2.0% 4.0% 6.0% 8.0% 10.0% 03/02/16 03/02/17 03/02/18 03/02/19 03/02/20 03/02/21 Select Comparable Companies - US (a) 30

HIGHLY CONFIDENTIAL Preliminary Working Draft B CORE OFFICE PROJECT E- 4 SELECTED OFFICE ASSET-LEVEL TRANSACTIONS (GREATER THAN $250MM IN SELECTED US GATEWAY CITIES; LAST 3 YEARS) Source: RCA (Real Capital Analytics) as of 03/02/21. Note: Cap rates are reported by brokers or other sources on single asset and portfolio sales and likely include an allocated management fee. Gold dotted line represents transactions before or after COVID. Selected Asset-Level Transactions – Office Closing Property SF Price Cap Date Name Location (000s) Occ. $MMs $ PSF Rate Buyer / Seller 10/29/20 McDonald’s Global HQ CHI 575 97% $413 $717 4.5% Normandy Properties LLC / Sterling Bay Cos, JP Morgan 10/01/20 221 Main Street SF 388 100% 400 1,031 5.4% Allianz RE of America / Columbia Property Trust 07/22/20 333 South Wabash CHI 1,207 91% 376 311 5.8% Deutsche Finance America, SHVO / John Buck, Morgan Stanley 07/10/20 1375 Broadway NYC 513 - 435 848 4.8% Savanna, Declaration Capital / Westbrook Partners 02/28/20 330 Madison Avenue NYC 849 95% 900 1,060 4.8% Munich Re, Meag Munich Ergo / ADIA 01/29/20 525 Market Street SF 1,034 95% 1,235 1,194 4.8% DWS Group Americas / JP Morgan Asset Management, NYSTRS 12/03/19 Market Center SF 770 94% 722 938 4.5% Paramount Group (REIT) / Equity Office (Blackstone) 11/01/19 195 Broadway (Leasehold) NYC 973 98% 475 488 5.0% Korea Inv. Securities, Samsung SRA / JP Morgan 10/28/19 500 West Monroe Street CHI 973 100% 412 423 6.8% Spear Street Capital / Piedmont REIT 09/26/19 Coca-Cola Building NYC 354 - 948 2,677 5.1% BVK, SHVO, Bilgili, Deutsche Finance / Nightingale, Wafra 08/13/19 600 California SF 363 100% 332 914 4.2% The We Company / MEPT, BentallGreenOak 07/10/19 Park Tower at Transbay SF 765 99% 1,089 1,424 4.6% HKMA, Hines / John Buck, MetLife RE Investors, Golub & Co 07/01/19 Levis Plaza SF 931 100% 826 887 3.6% Jamestown / Northpoint, Interland Corp, Gerson Bakar & Assocs 06/30/19 Zynga HQ SF 672 100% 698 1,039 4.4% Beacon Capital Partners / Zynga Inc 06/27/19 540 Madison NYC 282 89% 310 1,099 5.0% DivcoWest / Goldman, QIA, Meraas, Boston Prop., Kuwait IA 06/01/19 30 Hudson Yards NYC 1,463 100% 2,155 1,473 5.5% ASRS, Related, Allianz RE / WarnerMedia 12/13/18 119 West 40th Street NYC 343 91% 283 824 4.5% Oregon PERS, Clarion Partners / Equity Office (Blackstone) 11/19/18 The Investment Building DC 401 92% 385 960 4.6% Pontegadea / JBG Smith, JP Morgan 11/12/18 3 Columbus Circle NYC 754 97% 456 605 5.6% Moinian Group / SL Green 11/08/18 Presidential Building DC 331 100% 338 1,020 5.0% PRP LLC, GMF Capital / Invesco Real Estate 10/30/18 425 Lexington Ave NYC 750 100% 703 937 4.5% Vanbarton Group / JP Morgan 10/24/18 Terminal Stores Building NYC 1,055 - 900 853 1.9% JPM, L&L, CalSTRS, Allianz RE, Normandy / GreenOak, Waterfront 10/09/18 Ferry Building (Leasehold) SF 240 98% 292 1,215 3.8% Hudson Pacific, Allianz RE of America / Blackstone, Equity Office 08/30/18 301 Howard SF 307 99% 293 953 5.0% DivcoWest, CalSTRS / Vanbarton Group 07/31/18 Chelsea540 NYC 165 96% 257 1,558 5.0% Ramrock Real Estate / Savanna, Silvermintz Family 07/01/18 Washington Harbour DC 558 98% 415 744 5.8% Global Holdings / Principal RE Investors (S. Korea Consortium) 05/29/18 123 Mission Street SF 346 - 290 839 4.8% Northwood Investors / HNA Group 05/29/18 NYU Langone Medical Center NYC 387 100% 333 860 4.0% hausInvest / Columbia Property Trust 05/23/18 5 Bryant Park NYC 665 97% 640 962 5.2% Savanna / Swig Company, Equity Office (Blackstone) 04/01/18 Two Prudential Plaza CHI 994 - 308 310 6.0% Sterling Bay, Wanxiang / 601W, NorthStar, Berkley, BentleyForbes 04/01/18 Prudential Plaza CHI 1,203 - 372 310 6.0% Wanxiang, Sterling Bay / 601W, NorthStar, Berkley, BentleyForbes 03/26/18 Wrigley Building CHI 472 95% 255 540 3.9% Mansueto Properties / Koman Group, Brad Keywell, Zeller, BDT 02/21/18 600 West Chicago Avenue CHI 1,571 99% 510 325 6.3% Sterling Bay Cos, JP Morgan / Equity Commonwealth 02/15/18 1180 6th Avenue NYC 384 - 305 794 4.8% Northwood Investors / HNA Property, MHP RE Services 02/08/18 1745 Broadway NYC 685 100% 633 925 5.3% Invesco, Qsuper / Ivanhoe Cambridge, SL Green 02/08/18 330 Hudson NYC 466 100% 385 826 4.5% AEW / Callahan Capital Partners, Ivanhoe Cambridge 01/24/18 Washington Building DC 214 100% 255 1,190 4.5% Eastbanc, Meag / Clarion Partners 01/16/18 One South Dearborn CHI 829 88% 360 435 4.7% Starwood Capital / Olen Properties 01/09/18 Manhattan Tower NYC 304 99% 305 1,005 4.5% W.R. Berkley / SL Green Min $255 1.9% Mean 538 4.8% Median 400 4.8% Max 2,155 6.8% 31

HIGHLY CONFIDENTIAL Preliminary Working Draft B CORE OFFICE PROJECT E- 4 Precedent Transactions Analysis – Core Office SELECT PRECEDENT TRANSACTIONS – CORE OFFICE Date Txn Value Consideration NTM Announced Target Acquiror ($Bn) (% Cash / Stock) FFOx 02/13/20 Godewind Immobilien AG Covivio $1.2 100% / - n/a 03/25/19 TIER REIT, Inc. Cousins Properties Incorporated 2.4 - / 100% 20.0x 09/04/18 Investa Office Fund OMERS Administration Corporation 2.7 100% / - 18.8x 07/31/18 Forest City Realty Trust, Inc. Brookfield Asset Management Inc. 11.4 100% / - 16.6x 06/30/17 Parkway, Inc. Canada Pension Plan Investment Board 1.2 100% / - 15.9x 06/28/17 First Potomac Realty Trust Government Properties Income Trust 1.4 100% / - 13.9x 04/29/16 Parkway Properties, Inc. Cousins Properties Incorporated 3.6 - / 100% 13.5x 06/16/15 DO Deutsche Office AG alstria office REIT-AG 1.9 - / 100% n/a 11/07/14 Songbird Estates plc. BPY, QIA 9.6 100% / - n/a 09/05/13 Thomas Properties Group, Inc. Parkway Properties, Inc. 1.2 - / 100% 37.8x 01/17/12 Whiterock REIT Dundee REIT 1.1 60% / 40% 12.5x 08/28/11 Charter Hall Office Trust GIC, Macquarie, Public Sector Pension IB 1.6 100% / - 26.5x Min $1.1 12.5x Mean 3.3 19.5x Median 1.8 16.6x Max 11.4 37.8x Source: FactSet, SNL Financial and company filings as of 03/02/21. 32

HIGHLY CONFIDENTIAL Preliminary Working Draft CONFIDENTIAL C Core Retail PROJECT E- 4

HIGHLY CONFIDENTIAL Preliminary Working Draft C CORE RETAIL PROJECT E- 4 Preliminary Core Retail Segment Implied Value Range PRELIMINARY CORE RETAIL IMPLIED VALUE RANGE METHODOLOGY IMPLIED GROSS VALUE ($MMS) COMMENTS & ASSUMPTIONS Discounted Cash Flow • DCF analysis on core retail segment • WACC range of 6.25-7.25%; exit cap rate range of 6.25-6.75% Trading Comps: NTM FFO (x) Current NTM FFO (x) • 8.0-11.5x range applied to office segment NTM (2021B) FFO of $505MM • Midpoint reflects current average NTM FFOx of select comparable companies 3-Year NTM FFO (x) • 9.0-11.0x range applied to office segment NTM (2021B) FFO of $505MM • Midpoint reflects 3-year historical average NTM FFOx of select comparable companies Precedent Transactions • 13.5-14.5x range applied to office segment NTM (2021B) FFO of $505MM $23,895 $25,070 $25,575 $27,846 $25,925 $26,837 $26,584 $28,350 $22,000 $24,000 $26,000 $28,000 $30,000 Source: Peak 5-year business plan, Peak filings, FactSet, Green Street, Wall Street research and SNL Financial as of 03/02/21. Note: NTM (2021B) retail segment recurring FFO used in NTM FFO (x) trading comps and precedent transactions ranges adjusts 2021B management segment FFO by adding in incremental same property NOI and incremental same property interest expense for 2021B interim-year dispositions (including Q Co.), and allocating corporate-level G&A to retail segment based on gross asset value by segment. 33

HIGHLY CONFIDENTIAL Preliminary Working Draft Discounted Cash Flow Analysis – Core Retail C CORE RETAIL PROJECT E- 4 SUMMARY PROJECTED CASH FLOWS KEY ASSUMPTIONS & TERMINAL VALUE IMPLIED GROSS VALUE IMPLIED GROSS VALUE SENSITIVITY Discount Rate Perp. 24,869 7.3% 6.8% 6.3% Growth Exit 6.75% 23,895 24,251 24,615 2.7% Cap 6.50% 24,501 24,869 25,245 2.9% Rate 6.25% 25,156 25,536 25,925 3.0% Source: Peak 5-year business plan, Peak filings, FactSet, Green Street, Wall Street research and SNL Financial as of 03/02/21. Note: Corporate G&A allocated based on gross asset value by segment. ($ in MMs at Peak Share) Peak Management Projections CAGR 2021B 2022B 2023B 2024B 2025B '21B-'25B Cash Property Revenue $2,063 $2,028 $1,922 $1,906 $1,936 (1.6%) Operating Expenses (643) (591) (549) (529) (527) (4.9%) Core Retail Cash NOI $1,419 $1,436 $1,373 $1,377 $1,409 (0.2%) Cash NOI Growth (1.0%) 1.2% (4.4%) 0.3% 2.3% Lease Termination Income 9 - - - - n/a Straight-Line / Free Rental Adjustment (11) (24) (17) (11) 14 n/a Other Non-Cash Adjustments - - - - - n/a Core Retail IFRS NOI $1,417 $1,413 $1,356 $1,366 $1,422 0.1% Total NOI Growth (7.0%) (0.3%) (4.0%) 0.8% 4.1% Other Income 16 20 17 12 12 (7.6%) Fee Revenue (Outside of NOI) 134 130 135 141 146 2.3% G&A Expense (231) (238) (246) (252) (259) 2.9% Allocated Corporate G&A (81) (104) (117) (123) (127) 12.0% Core Retail EBITDA $1,256 $1,221 $1,145 $1,144 $1,195 (1.2%) Total EBITDA Growth (11.0%) (2.8%) (6.2%) (0.1%) 4.5% Adj ustments SL / Free Rent & Other Non-Cash Adj. $11 $24 $17 $11 ($14) Capital Spend, Carried Interest & Taxes Property Acquisitions - - - - - Property Disposals 2,149 2,373 592 474 36 Property Plant and Equipment - - - - - Development Costs - - - - - Maintenance and Growth Capex, TIs, LCs (431) (417) (351) (343) (342) Change in Working Capital 66 118 27 3 2 Carried Interest Distributions - - - - - Cash Taxes (14) (3) (3) (3) (3) Tota l $1,770 $2,070 $265 $130 ($308) Unlev ered Cash Flow $3,038 $3,315 $1,427 $1,285 $874 Terminal Value - - - 21,673 Unlevered Cash Flow & Terminal Value $3,038 $3,315 $1,427 $22,958 Date 12/31/20 Discount Rate (WACC) 6.8% 2025B Total Cash NOI 1,409 Exit Cap Rate 6.5% Implied Total Terminal Value $21,673 Implied EBITDA Exit Multiple 18.1x Implied Perpetuity Growth Rate 2.9% 2021B to 2024B Discounted Cash Flows $8,182 NPV of Terminal Value 16,687 Implied Core Retail Gross Value $24,869 34

HIGHLY CONFIDENTIAL Preliminary Working Draft PROJECT E- 4 SELECT COMPARABLE COMPANIES UNLEVERED BETA ANALYSIS PEAK PEER-DERIVED WACC Source: Peak filings, Peer filings, FactSet, MSCI Barra Beta Global Equity Model, Duff & Phelps, and SNL Financial as of 03/02/21. Note: Barra predicted Global Beta data as of [01/31/21]. Mid-point drivers held constant under each range of input assumptions for respective sensitivities. Peak Equity Market Cap implied by using Core Retail DCF Gross Value and subtracting debt capital securities and preferred equity. Tax rate based on average 2021B-2025B Core Retail weighted average cash tax rate. Net Debt / Total Capital is the approximate midpoint of our segment value range. (a) Total net debt includes pro rata portion of debt and leases in unconsolidated joint ventures wherever disclosed. (b) Calculated based on Peak 4Q 2020 10-Q. (c) Risk free rate represents yield on U.S 10-Year Treasury. Equity Risk Premium of 7.15% is the long-term "historical" (i.e., realized) ERP as of 2019 as published by Duff & Phelps and consistent with previously published “back page” of the Ibbotson Associates/Morningstar SBBI® Valuation Yearbook (discontinued). WACC Analysis – Core Retail C CORE RETAIL Total Capital Weighting Local ($ in MMs) Equity Mrkt. Pref. Equity Total ND + Pref / 3-yr Avg. Unlevered Select Comparable Companies Cap (a) @ Liq. Pref. Net Debt (a) Capital Equity ND + Pref Equity Barra Beta Beta Simon Property Group, Inc. $41,972 $40 $32,870 $74,882 56.1% 43.9% 78.4% 1.06 0.60 Macerich Company 2,090 103 8,295 10,488 19.9% 80.1% 401.9% 1.25 0.25 Peer Min $2,090 $40 $8,295 $10,488 19.9% 43.9% 78.4% 1.06 0.25 Peer Mean 22,031 72 20,583 42,685 38.0% 62.0% 240.1% 1.16 0.42 Peer Max 41,972 103 32,870 74,882 56.1% 80.1% 401.9% 1.25 0.60 Brookfield Property Partners L.P $3,836 $312 $20,721 $24,869 15.4% 84.6% 548.3% 1.56 0.24 Mid-Point Assumptions Range Levered Beta Implied Cost of Equity Implied WACC Drivers Low High Low High Low High Low High Unlevered Beta 0.42 0.32 0.52 2.08 3.36 16.3% 25.5% 5.8% 7.2% Net Debt + Pref / Total Capital (b) 84.6% 79.6% 89.6% 2.05 4.02 16.1% 30.2% 6.4% 6.6% Implied Levered Beta 2.72 Risk-Free Rate of Return (c) 1.4% US Market Equity Risk Premium (c) 7.15% Cost of Equity 20.9% Pre-Tax Cost of Debt (b) 3.91% Tax Rate 0.94% Min/Max 2.05 4.02 16.1% 30.2% 5.8% 7.2% Illustrative WACC 6.5% Selected Range 6.25% 7.25% 35

HIGHLY CONFIDENTIAL Preliminary Working Draft 15.1x 11.5x 5.9x 8.7x - 5.0x 10.0x 15.0x 20.0x 25.0x 03/02/16 03/02/17 03/02/18 03/02/19 03/02/20 03/02/21 Peak SPG MAC Select Comparable Companies (c) PROJECT E- 4 Source: FactSet as of 03/02/21. (a) Analyst consensus 2021B FFO per unit of $1.11 per FactSet. Management 2021B FFO per unit of 0.89 per Management projections. (b) Reflects Peak’s unit price of $14.47 as of 12/31/20. HISTORICAL NTM FFO MULTIPLES OVER LAST FIVE YEARS Historical NTM FFO Multiples Analysis – Core Retail Implied 14.9x Analyst 2021E FFO @ $16.50 Proposal(a) C CORE RETAIL Implied 18.5x Mgmt 2021B FFO @ $16.50 Proposal(a) Select NTM FFO Comparable Mult. Spread Peak SPG MAC Companies to Select Peers Current 15.1x 11.5x 5.9x 8.7x 6.4x Unnaffected(b) 11.9x 8.9x 4.6x 6.8x 5.1x 1-Year Avg. 10.5x 7.2x 3.7x 5.5x 5.0x 3-Year Avg. 11.6x 11.1x 8.6x 9.8x 1.8x 5-Year Avg. 13.3x 12.9x 11.8x 12.4x 0.9x 36

HIGHLY CONFIDENTIAL Preliminary Working Draft 6.4% 7.3% 6.9% - 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 03/02/16 03/02/17 03/02/18 03/02/19 03/02/20 03/02/21 SPG MAC Select Comparable Companies (a) PROJECT E- 4 Source: Green Street as of 03/02/21. Note: Select Comparable Companies are SPG and MAC. (a) On 04/28/20, GSA revised NTM NOI and Asset Values in the mall REIT sector downwards. On 08/27/20, GSA amended its cap rate calculation to be based on stabilized underwriting. Historical averages exclude cap rates between the two periods. HISTORICAL IMPLIED CAP RATES OVER LAST FIVE YEARS Reflects change in GSA Cap Rate Methodology(b) Historical Implied Cap Rate Analysis – Core Retail C CORE RETAIL Select Comparable SPG MAC Companies (a) Current 6.4% 7.3% 6.9% Unnaffected (b) 7.3% 7.6% 7.5% 1-Year Avg. 8.2% 8.1% 8.1% 3-Year Avg. 6.7% 7.0% 6.8% 5-Year Avg. 6.2% 6.3% 6.2% 37

HIGHLY CONFIDENTIAL Preliminary Working Draft Selected Retail Asset-Level Transactions C CORE RETAIL PROJECT E- 4 SELECTED MALL TRANSACTIONS (GREATER THAN $75MM IN US; LAST 3 YEARS) Closing Property GSA SF Price Cap Date Name State Grade (000s) Occ. $MMs $ PSF Rate Buyer / Seller 05/22/20 609 Fifth Ave (Retail Condo) NY Urban 47 100% $168 $3,605 5.5% Reuben Brothers / SL Green 01/31/20 Garden City Center RI n/a 531 n/a 181 341 6.5% CrossHarbor Capital, WS Development / TA Realty, LACERA 12/31/19 Redmond Town Center WA A- 386 93% 200 518 7.2% Harbert Mgmt., Fairbourne / JSH Properties, DRA Advisors 09/13/19 Promenade Shops at Briargate CO A- 232 91% 93 402 7.4% Hines / CalPERS, Miller Capital Advisory 05/07/19 Meadow Glen Mall MA n/a 292 100% 86 294 5.3% DWS Group / Urban Retail Properties, New England Development 04/24/19 Del Sol Boston (Retail Condo) MA Urban 62 100% 82 1,330 4.1% Gazit-Globe / Anglo Irish Bank, Clarendon 01/24/19 One Bellevue Place TN n/a 363 n/a 93 256 6.0% MetLife / Branch, Crosland Southeast, RPAI 01/01/19 El Paseo de Saratoga CA n/a 341 100% 147 430 4.8% Sand Hill Prop Co / Terramar Retail Centers 12/20/18 Waverly NC n/a 204 93% 88 431 6.1% Ascentris / Childress Klein, Crosland Southeast, Matthews Family 08/30/18 Christiana Mall DE A+ 779 n/a 1,043 1,339 4.5% CalPERS / Brookfield Property REIT 07/20/18 Ellsworth Place MD n/a 348 92% 92 265 7.2% GBT Realty, Equity Resource, Avante / PRV, Rockwood 06/12/18 Westgate City Center AZ n/a 508 89% 133 262 7.1% YAM Properties / iStar Financial 06/01/18 Streets of Brentwood CA n/a 359 92% 86 239 7.0% Fairbourne Properties / RED Development, DRA Advisors 04/17/18 Silver Spring Square PA n/a 342 98% 80 234 7.0% Wilder Cos / DDR Min $80 4.1% Mean 184 6.1% Median 93 6.3% Max 1,043 7.4% Source: RCA (Real Capital Analytics) as of 03/02/21. Note: Cap rates are reported by brokers or other sources on single asset and portfolio sales and likely include an allocated management fee. Gold dotted line represents transactions before or after COVID. 38

HIGHLY CONFIDENTIAL Preliminary Working Draft C CORE RETAIL PROJECT E- 4 Precedent Transactions Analysis – Core Retail SELECT PRECEDENT TRANSACTIONS – PEAK CORE RETAIL Date Txn Value Consideration NTM Announced Target Acquiror ($Bn) (% Cash / Stock) FFOx 11/15/20 Taubman Centers, Inc. (a) Simon Property Group, Inc. $7.5 100% / - 14.4x 03/26/18 GGP Inc. Brookfield Asset Management Inc. 27.9 61% / 39% 13.5x 09/16/14 Glimcher Realty Trust Washington Prime Group Inc. 4.3 73% / 27% 18.0x Min $4.3 13.5x Mean 13.2 15.3x Median 7.5 14.4x Max 27.9 18.0x Source: FactSet, SNL Financial and company filings as of 03/02/21. Note: Gold dotted line represents transactions before or after COVID. (a) Negotiated revised purchase price for the acquisition originally announced 02/10/20 and committed to pre-COVID. 39

HIGHLY CONFIDENTIAL Preliminary Working Draft CONFIDENTIAL Appendix PROJECT E- 4

HIGHLY CONFIDENTIAL Preliminary Working Draft Sum-of-the-Parts Analysis – Steady State APPENDIX PROJECT E- 4 SUM-OF-THE-PARTS BUILD OFFICE – KEY ASSUMPTIONS & TERMINAL VALUE RETAIL – KEY ASSUMPTIONS & TERMINAL VALUE Discount Rate 28,966 6.0% 5.5% 5.0% Exit 6.25% 26,262 26,764 27,277 Cap 5.75% 28,424 28,966 29,521 Rate 5.25% 30,996 31,588 32,194 OFFICE – GROSS VALUE SENSITIVITY RETAIL – GROSS VALUE SENSITIVITY Discount Rate 23,963 7.3% 6.8% 6.3% Exit 6.75% 22,884 23,257 23,639 Cap 6.50% 23,577 23,963 24,359 Rate 6.25% 24,325 24,726 25,136 SUM-OF-THE-PARTS SENSITIVITY High Mid Low $17.53 $13.16 $9.40 Source: Peak 5-year business plan, Peak filings, FactSet, Green Street, and SNL Financial as of 03/02/21. Note: Steady-state cash NOI and FCF assumes all properties in the Core Office portfolio (excluding certain 2021B land parcel sales) and Core Retail portfolio (excluding 2021B Q-Co. liquidation) continue to be held at their pro rata ownerships as of 12/31/20 through the forecast period. Incremental capital spending on the retained NOI is assumed at a constant NOI margin to management’s business plan. Assumes no cash taxes given no disposition activity. (a) Capital securities balance adjusted for mandatorily convertible preferred securities included within fully-diluted units outstanding count. (b) Today’s value of land not developed during the projection period. LP Investments Marked Value (12/31/20) $10,805 LP Inv. Net Other Assets / (Liabilities) 1,660 Gross LP Investments Marked Value $12,465 LP Inv. Net Debt, Pref, Capital Securities (7,186) Net LP Investments Marked Value $5,279 Assumed % Discount to Marked Value - Assumed Net LP Inv. Marked Value $5,279 % Discount to Marks 32,483 (10%) (5%) - Equity $ ($528) ($264) - Equity $ / Unit ($0.52) ($0.26) - ILLUSTRATIVE SENSITIVITY OF LP INVESTMENTS VALUE Discount Rate (WACC) 5.5% 2025B Total Cash NOI 1,961 Exit Cap Rate 5.8% Implied Total Terminal Value $34,109 Implied EBITDA Exit Multiple 17.3x Implied Perpetuity Growth Rate 1.5% Discount Rate (WACC) 6.8% 2025B Total Cash NOI 1,610 Exit Cap Rate 6.5% Implied Total Terminal Value $24,762 Implied EBITDA Exit Multiple 16.3x Implied Perpetuity Growth Rate 2.7% Core Office 2021B-2024B Discounted Cash Flows $1,437 NPV of Terminal Value 27,530 Core Office Gross Value $28,966 Core Retail 2021B-2024B Discounted Cash Flows $4,899 NPV of Terminal Value 19,065 Core Retail Gross Value $23,963 LP Inv estments Book Value of Commercial Property, Dev't & PPE $12,465 Net Other Assets Net Other Assets / (Liabilities) (343) Land Value Value of Land Undeveloped Through 2024B (a) 1,354 Implied Enterprise Value $66,405 Asset-Level Debt at Share (47,309) Corporate Debt at Share (4,047) Capital Securities, Adjusted (b) (205) Preferred Equity (3,339) Cash & Equivalents 1,733 Implied Equity Value $13,238 Implied Equity Value / Unit $13.16 Memo: Peak Total Units Outstanding (MMs) 1,006.1 40

HIGHLY CONFIDENTIAL Preliminary Working Draft ($2.55) $0.77 $5.57 ($0.05) $6.25 ($0.76) $3.40 ($1.68) $15.70 $13.16 $13.93 $19.50 $19.45 $25.69 $24.94 $28.33 $26.65 $26.65 - $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 SOTP Business Plan SOTP Steady State No Corporate G&A + IFRS Retail CFs + IFRS Retail Disc. Rates + IFRS Retail Cap Rates + IFRS Office Disc. Rates + IFRS Office Cap Rates + Effect of Other Items IFRS NAV APPENDIX PROJECT E- 4 ILLUSTRATIVE VALUE BRIDGE TO IFRS NAV Illustrative Bridge of SOTP Business Plan Equity Value / Unit to IFRS NAV / Unit • SOTP Business Plan − SOTP DCF using Peak BP CFs and market discount & cap rates − WACC: 5.0-6.0% (office), 6.25-7.25% (retail) − Cap Rate: 5.25-6.25% (office), 6.25-6.75% (retail) A • SOTP Steady State − Utilizes illustrative Peak steady state cash flows adjusting out capital recycling activity to derive a same-property perspective − Same discount rates and cap rates as in (A) B • Retail IFRS Cash Flows − Replaces steady state cash flows from (C) with IFRS cash flows, which use more accelerated leasing ramp assumptions − Assumes no disposals of Q Co. assets in cash flows D • Retail Discount Rate − Same analysis as in (D), but uses IFRS discount rate (6.80%) for retail instead of midpoint rate in (A) E • Retail Cap Rate − Same analysis as in (E), but uses IFRS terminal cap rate (5.2%) for retail instead of midpoint rate in (A) F • Office Discount Rate − Same analysis as in (F), but uses IFRS discount rate (6.2%) for office instead of midpoint rate in (A) G • Office Cap Rate − Same analysis as in (G), but uses IFRS terminal cap rate (5.1%) for office instead of midpoint rate in (A) H • Removal of Corporate G&A − Same analysis as in (B), but removes the burden of Peak corporate-level G&A to 2021B - 2024B cash flows C A B C D E F G H I • Effect of Other Potential Items − IFRS 10-year DCF vs. SOTP 4-year DCF • ~80+% of gross value from terminal value in 4-year DCF − Potential IFRS balance sheet and net other assets adjustments I Source: Peak 5-year business plan, Peak filings, FactSet, and SNL Financial as of 03/02/21. Value is offset by ~$0.89 - $1.06/unit from ~3% management fee included in IFRS DCF cash flows • Other Items NAV & SOTP Do Not Reflect − Transactions costs − Potential discounts on non-controlling interests − Any other potential public market-discounts − IFRS does not necessarily reflect value if assets sold today 41

HIGHLY CONFIDENTIAL Preliminary Working Draft Initial Offer Final Deal Price P / (D) to Implied Initial Offer Implied Target Initial Offer Announce. % Cash % Owned / Headline Blended P / (D) to Announce. % Cash at Mkt. Headline Blended Headline Current at Mkt. % Transaction Date / Stock % Sought Price Offer Price Unaffected Date / Stock Pricing (a) Price Offer Price Price Mkt. Price Unaffected Pricing (a) Increase (b) BBU / Genworth 10/26/20 100% Cash 57% / 43% $33.07 $33.07 22.3% - - - - - n/a n/a n/a n/a n/a BRP / TerraForm (c) 1/11/20 100% Stock 62% / 38% 17.31 17.31 10.9% 3/16/20 100% Stock $13.57 $14.36 $14.36 (17.0%) 19.6% (7.9%) 5.8% 5.8% BBU / Teekay (d) 5/17/19 100% Cash 73% / 27% 1.05 1.05 (13.2%) 10/1/19 100% Cash 1.05 1.55 1.55 47.6% 33.6% 28.1% 47.6% 47.6% BPY / GGP (e) 11/13/17 50% / 50% 34% / 66% 23.00 22.76 19.7% 3/26/18 61% / 39% 20.74 23.50 21.79 2.2% 3.0% 14.6% 5.1% 2.9% BPY / BOX 1/23/17 100% Cash 83% / 17% 22.54 22.54 14.6% 4/20/17 100% Cash 22.54 24.33 24.33 8.0% 3.4% 23.8% 8.0% 8.0% BAM / Rouse (f) 1/19/16 100% Cash 33% / 67% 17.00 17.00 26.0% 2/25/16 100% Cash 17.00 18.25 18.25 7.4% 2.8% 35.3% 7.4% 7.4% BAM / BRP 10/23/14 100% Cash 30% / 70% 23.00 23.00 21.0% 12/23/14 100% Cash 23.00 24.25 24.25 5.4% 5.4% 27.6% 5.4% 5.4% BPY / BPO 9/30/13 33% / 67% 51% / 49% 19.34 19.39 15.6% 2/11/14 33% / 67% 18.99 20.34 19.32 5.2% 4.6% 15.2% 1.7% 1.7% BIP / Prime Infra. 8/23/10 100% Stock 40% / 60% 4.11 4.08 27.8% 10/19/10 4% / 96% 4.96 5.15 5.15 25.3% 13.0% 61.3% 4.0% 4.9% BAM / BPY $16.50 $16.50 14.0% Min (13.2%) (17.0%) 2.8% (7.9%) 1.7% 1.7% Median 19.7% 6.4% 5.0% 25.7% 5.6% 5.6% Mean 16.1% 10.5% 10.7% 24.7% 10.6% 10.5% Max 27.8% 47.6% 33.6% 61.3% 47.6% 47.6% PRIOR BROOKFIELD-RELATED TRANSACTIONS In prior instances where Brookfield or Brookfield-related entities have bought out minority interests, it has generally increased its initial offer by ~2-8% APPENDIX PROJECT E- 4 Precedent Brookfield-Related Transactions Source: Company filings, FactSet, and Wall Street research as of 03/02/21. (a) Initial Offer at Market Pricing is calculated using the following formula: (Initial Offer Cash % * Initial Offer Cash value) + (Initial Equity % * (Buyer Share Price as of Final Deal Unaffected Date * Initial Exchange Ratio). (b) % Increase is calculated using the following formula: (Final Cash Value * Final Cash % + Final Offer Exchange Ratio * Initial Unaffected Buyer Stock Price * Final Equity %) / (Initial Cash Value *Initial Offer Cash % + Initial Unaffected Buyer Stock Price * Initial Exchange Ratio * Initial Equity % ) (c) The offer progression of the transaction was: .36x Exchange Ratio -> .365x Exchange Ratio -> .37x Exchange Ratio -> .375x Exchange Ratio -> .38x Exchange Ratio -> .381x Exchange Ratio. (d) The offer progression of the transaction was: $1.05 -> $1.50 -> $1.55. (e) The offer progression of the transaction was: $23.00 (50% Cash / 50% Stock, .9656x Exchange Ratio) -> $23.00 (60% Cash / 40% stock, .9656x Exchange Ratio) -> $23.50 (61% Cash / 39% Stock, 1.0000x Exchange Ratio). (f) The offer progression of the transaction was: $17.00 -> $17.75 -> $18.25. 42

HIGHLY CONFIDENTIAL Preliminary Working Draft Fee Income and G&A Peer Benchmarking APPENDIX PROJECT E- 4 FEE INCOME AND G&A PEER BENCHMARKING Annualized Annualized (G&A less: Fee Income) / Fee Income Company G&A Fee Income Total Assets TE V Total Assets TE V % of G&A KW (112,800) 35,600 7,176,600 7,245,629 (1.1%) (1.1%) 31.6% BXP (119,048) 37,460 22,858,190 29,747,834 (0.4%) (0.3%) 31.5% SLG (94,408) 8,800 12,324,039 9,725,440 (0.7%) (0.9%) 9.3% DEI (39,736) 892 9,250,825 10,563,686 (0.4%) (0.4%) 2.2% JBGS (157,172) 107,948 6,277,324 6,306,907 (0.8%) (0.8%) 68.7% HPP (95,756) 4,296 8,350,202 8,059,020 (1.1%) (1.1%) 4.5% PGRE (64,424) 25,512 8,554,097 5,988,185 (0.5%) (0.6%) 39.6% VNO (245,016) 150,068 16,221,822 15,041,925 (0.6%) (0.6%) 61.2% GPOR (36,155) 2,242 3,556,626 3,154,289 (1.0%) (1.1%) 6.2% AP-UT (17,251) 292 7,455,601 5,839,702 (0.2%) (0.3%) 1.7% D.UT (4,835) 2,046 2,291,125 1,809,806 (0.1%) (0.2%) 42.3% DLN (47,926) 4,204 8,023,149 6,298,492 (0.5%) (0.7%) 8.8% SPG (186,460) 101,344 34,786,846 66,943,565 (0.2%) (0.1%) 54.4% MAC (132,540) 22,588 9,184,005 7,654,447 (1.2%) (1.4%) 17.0% Total / Medians 198,218,930 212,596,681 (0.6%) (0.7%) 24.3% Office Comps Median (0.5%) (0.6%) 9.3% Retail Comps Median (0.7%) (0.8%) 35.7% Corporate Comps Median (0.6%) (0.7%) 24.3% BPY (20A) (738,000) 226,000 83,473,174 89,064,279 (0.6%) (0.6%) 30.6% BPY (21B) (799,972) 354,484 82,567,894 89,064,279 (0.5%) (0.5%) 44.3% BPY (22B) (838,905) 292,561 83,399,688 89,064,279 (0.7%) (0.6%) 34.9% BPY (23B) (844,591) 272,088 83,399,688 89,064,279 (0.7%) (0.6%) 32.2% BPY (24B) (852,193) 284,153 83,536,076 89,064,279 (0.7%) (0.6%) 33.3% Source: Peak filings, Peer filings, FactSet, Wall Street research and SNL Financial as of 03/02/21. 43

HIGHLY CONFIDENTIAL Preliminary Working Draft PROJECT E- 4 CORE OFFICE PEER NTM FFO TRADING DATA Additional Data - Historical NTM FFO Multiples APPENDIX Source: FactSet as of 03/02/21. BXP VNO KRC DEI SLG HPP PGRE JBGS AP.UT-CA DXS-AU D.UT-CA Avg of Peer Avg. Current 14.9x 15.7x 15.3x 17.5x 10.7x 13.3x 11.4x 22.0x 16.7x 14.2x 12.5x 14.9x 1-year 12.7x 12.6x 14.3x 14.1x 7.7x 11.9x 9.0x 19.9x 16.7x 13.7x 12.4x 13.2x 3-year 16.5x 15.8x 17.8x 17.0x 11.2x 14.8x 12.7x 25.0x 19.4x 16.0x 14.4x 16.4x 5-year 18.1x 16.9x 18.5x 18.0x 12.8x 15.6x 14.9x 25.0x 18.2x 15.5x 12.4x 16.6x Min 10.2x 9.0x 11.5x 10.8x 5.4x 7.7x 6.4x 14.1x 13.2x 11.7x 6.6x 10.0x Mean 18.1x 16.9x 18.5x 18.0x 12.8x 15.6x 14.9x 25.0x 18.2x 15.5x 12.4x 16.6x Median 18.8x 17.6x 19.5x 18.8x 13.6x 16.3x 15.2x 23.3x 17.9x 15.0x 13.0x 17.0x Max 23.0x 20.5x 21.7x 21.2x 17.4x 18.4x 20.9x 37.2x 25.0x 20.0x 22.1x 19.4x CORE RETAIL PEER NTM FFO TRADING DATA SPG MAC Avg of Peer Avg. Current 11.5x 5.9x 8.7x 1-year 7.2x 3.7x 5.5x 3-year 11.1x 8.6x 9.8x 5-year 12.9x 11.8x 12.4x Min 3.6x 1.6x 2.6x Mean 12.9x 11.8x 12.4x Median 13.5x 13.4x 13.5x Max 20.0x 20.9x 20.5x 44

HIGHLY CONFIDENTIAL Preliminary Working Draft PROJECT E- 4 Peak & Peers Trading Data Since the Unaffected Date APPENDIX PEAK & PEERS TRADING DATA SINCE THE UNAFFECTED DATE Unit Price Price / NTM FFO Implied Nominal / Spot Cap Rates Company Current Unaff. Δ % Δ Current Unaff. Δ Current Unaff. Δ BXP $101.39 $94.53 $6.86 7.3% 14.9x 14.0x 0.9x 5.4% 5.7% (0.3%) VNO 43.67 37.34 6.33 17.0% 15.7x 13.7x 2.0x 6.2% 6.8% (0.6%) KRC 63.86 57.40 6.46 11.3% 15.3x 13.8x 1.5x 6.3% 6.8% (0.6%) DEI 32.74 29.18 3.56 12.2% 17.5x 15.4x 2.2x 5.1% 5.5% (0.4%) SLG 70.51 61.32 9.19 15.0% 10.7x 9.1x 1.6x 6.3% 6.7% (0.5%) HPP 25.84 24.02 1.82 7.6% 13.3x 12.6x 0.8x 6.5% 6.9% (0.4%) PGRE 9.63 9.04 0.59 6.5% 11.4x 10.8x 0.6x 6.3% 6.5% (0.2%) JBGS 32.09 31.27 0.82 2.6% 22.0x 21.4x 0.6x 6.0% 6.2% (0.2%) AP.UT-CA 31.39 29.69 1.69 5.7% 16.7x 16.3x 0.5x 5.0% 5.5% (0.5%) DXS-AU 7.11 7.25 (0.14) (2.0%) 14.2x 14.3x (0.2x) 4.9% 5.0% (0.1%) D.UT-CA 16.02 15.54 0.48 3.1% 12.5x 12.2x 0.3x 5.4% 5.6% (0.3%) GPOR-GB 9.55 9.13 0.42 4.6% n/a n/a n/a 5.1% 5.3% (0.3%) CLI-GB 3.07 3.07 0.00 0.0% n/a n/a n/a 7.0% 7.0% (0.0%) DLN-GB 45.84 42.32 3.52 8.3% n/a n/a n/a 4.4% 4.7% (0.3%) AOX-DE 16.80 18.20 (1.40) (7.7%) n/a n/a n/a 4.6% 4.2% 0.4% Avg of Office Peers 6.1% 1.0x (0.3%) SPG $111.68 $85.28 $26.40 31.0% 11.5x 8.9x 2.5x 6.4% 7.3% (0.9%) MAC 13.00 10.67 2.33 21.8% 5.9x 4.6x 1.2x 7.3% 7.6% (0.3%) Avg of Retail Peers 26.4% 1.9x (0.6%) Peak $17.27 $14.47 $2.80 19.4% 15.1x 11.9x 3.2x Source: FactSet and Green Street as of 03/02/21. 45

HIGHLY CONFIDENTIAL Preliminary Working Draft PROJECT E- 4 PEAK & BLACKSTONE IRR MARKS OVER TIME Source: Peak filings and public filings as of 03/02/21. Note: Blackstone values are total net IRR’s. Peak values are gross IRR’s. Averages are weighted by total committed capital. Peak & Blackstone IRR Marks Over Time 18% Gross IRR 18% 10% 14% Net IRR 13% 14% 5% 10% 15% 20% 25% 12/31/2020 09/30/2020 06/30/2020 03/31/2020 12/31/2019 09/30/2019 06/30/2019 03/31/2019 12/31/2018 09/30/2018 06/30/2018 W.A Peak: BSREP, BREF BSREP BREF W.A Blackstone: BREP VI, BREP VII, BREP VIII BREP VI BREP VII BREP VIII APPENDIX 46

HIGHLY CONFIDENTIAL Preliminary Working Draft PROJECT E- 4 Summary of Ownership For Peak and Peak.UT APPENDIX Source: FactSet as of 03/02/21. Note: Ownership figures are as of the most recently available public ownership filings (12/31/20 for the majority) and do not reflect interim turnover since the Mountain offer was publicly announced on 01/04/21. SUMMARY OF OWNERSHIP FOR PEAK AND PEAK.UT Ownership Cumulative # Holder: Peak / Peak.UT # of Units % Ownership 1 Mountain 577,873 61.7% 61.7% 2 RBC Global Asset Management, Inc. 12,764 1.4% 63.1% 2 Manulife Investment Management Ltd. 10,939 1.2% 64.3% 3 RBC Dominion Securities, Inc. (Investment Management) 7,029 0.8% 65.0% 4 CIBC World Markets, Inc. 6,364 0.7% 65.7% 5 BMO Asset Management, Inc. 5,861 0.6% 66.3% 6 Letko, Brosseau & Associates Inc. 4,343 0.5% 66.8% 7 TD Asset Management, Inc. 4,053 0.4% 67.2% 8 Goldman Sachs & Co. LLC (Private Banking) 3,790 0.4% 67.6% 9 Invesco Canada Ltd. 3,464 0.4% 68.0% 10 Principal Global Investors LLC 3,110 0.3% 68.3% 11 Invesco Advisers, Inc. 3,002 0.3% 68.7% 12 BlackRock Fund Advisors 2,930 0.3% 69.0% 13 Capital Research & Management Co. (World Investors) 2,871 0.3% 69.3% 14 Capital Research & Management Co. (International Investors) 2,854 0.3% 69.6% 15 Capital Research & Management Co. (Global Investors) 2,831 0.3% 69.9% 16 CIBC Asset Management, Inc. 2,823 0.3% 70.2% 17 1832 Asset Management LP 2,328 0.2% 70.4% 18 HSBC Global Asset Management (Canada) Ltd. 1,804 0.2% 70.6% 19 First Manhattan Co. 1,466 0.2% 70.8% 20 Invesco Capital Management LLC 1,327 0.1% 70.9% 47

HIGHLY CONFIDENTIAL Preliminary Working Draft NTM (2021E) Recurring Run-Rate FFO Build – Core Office and Core Retail APPENDIX PROJECT E- 4 NTM RECURRING FFO BUILD – CORE OFFICE NTM RECURRING FFO BUILD – CORE RETAIL Run Rate Core Office FFO Adjustment - SOTP FFOx 2021B Notes Business Plan Core Office FFO 671 Less: Condo Sale Proceeds (87) Proceeds from forecasted condo sales removed from recurring FFO Business Plan Recurring Core Office FFO 584 Add: Incremental SS NOI 21 True-up to full year NOI for 2021 interim-year disposals Less: Incremental Interest Expense For Full-Year (11) True-up to full year asset-level debt interest expense for 2021 interim-year disposals Less: Allocated Corporate G&A (87) Corporate G&A allocated by % of GAV by segment Steady State Adj. Recurring Core Office FFO for SOTP FFOx 508 Run Rate Core Retail FFO Adjustment - SOTP FFOx 2021B Notes Business Plan Core Retail FFO 484 Add: Incremental SS NOI (Incl. Q-Co) 140 True-up to full year NOI for 2021 interim-year disposals (incl. Q-Co) Less: Incremental Interest Expense For Full-Year (Incl. Q-Co) (38) True-up to full year asset-level debt interest expense for 2021 interim-year disposals (incl. Q-Co) Less: Allocated Corporate G&A (81) Corporate G&A allocated by % of GAV by segment Steady State Adj. Recurring Core Office FFO for SOPT FFOx 505 Source: Peak 5-year business plan, Peak filings. 48