Exhibit (C)(6)

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

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

I. Review of Blue Jay Proposal

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

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

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

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

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

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

II. Draft Management Projections for Goldfinch Standalone

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

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

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

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

III. Preliminary Financial Analyses of Goldfinch Standalone

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

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

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

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

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

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

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

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

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

IV. Preliminary Review of Strategic Alternatives

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

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

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

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

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

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

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

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

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

V.Blue Jay Offer Consideration: Factors to Consider

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

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

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

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

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

VI. Negotiating with Blue Jay: Tactical Considerations

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

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

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

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

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

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

VII. Response Alternatives

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

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

Appendix A: Supporting Financial Analysis

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

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

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

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

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

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

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

Appendix B: Background on Blue Jay

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

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

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

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

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

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

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

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

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

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

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

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

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

Appendix C:Share Register Analysis

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

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

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

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

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

Appendix D:Analysis of Offer Dynamics in Precedent Transactions

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

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

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

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

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