THE MACERICH COMPANY OVERVIEW

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LEGAL DISCLAIMER This presentation contains forward-looking statements. Stockholders are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to vary materially from those anticipated, expected or projected. Such factors include, among others, general industry, economic and business conditions, which will, among other things, affect demand for retail space or retail goods, availability and creditworthiness of current and prospective tenants, anchor or tenant bankruptcies, closures, mergers or consolidations, lease rates and terms, interest rate fluctuations, availability, terms and cost of financing and operating expenses; adverse changes in the real estate markets including, among other things, competition from other companies, retail formats and technology, risks of real estate development and redevelopment, acquisitions and dispositions; the liquidity of real estate investments, governmental actions and initiatives (including legislative and regulatory changes); environmental and safety requirements; and terrorist activities which could adversely affect all of the above factors. The reader is directed to the Company’s various filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2010 and the Quarterly Reports on Form 10-Q, for a discussion of such risks and uncertainties, which discussion is incorporated herein by reference. The Company does not intend, and undertakes no obligation, to update any forward-looking information to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events unless required by law to do so. In addition, references may be made to non-GAAP financial results. Investors are encouraged to review these nonGAAP financial measures, as well as the reconciliation of these measures to the comparable GAAP results included at the end of our earnings press release financial statements. Copies of our earnings press release containing these reconciliations can be found in the Investing section of our website at www.macerich.com.

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MACERICH (NYSE: MAC) Macerich regional centers are optimally located in the nation’s most coveted markets and defined by dominant market share, strong long-term growth prospects and powerful demographics. As of September 30, 2011 71 Regional Centers / 72 Million Square Feet Annualized Dividend $2.20 (a) Equity Market Capitalization ...................................................... $6.1B Total portfolio debt, including joint ventures at pro rata .......... $6.1B Total Market Capitalization ....................................................... $12.2B (a) On October 27, 2011, the Board of Directors of The Macerich Company declared a quarterly cash dividend of $0.55, or $2.20 annualized. This represents a 10% increase over the prior dividend. Santa Monica Place

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Queens Center

Scottsdale Fashion Square

STRONG BALANCE SHEET AND FUNDAMENTALS

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2011 BALANCE SHEET ACTIVITY Line of Credit In May, the Company closed on a new $1.5 Billion unsecured line of credit facility, with an interest rate of LIBOR + 2.00%. The line of credit has a four year term, extendable to five years, and can be expanded up to a total facility of $2.0 Billion.

2012 Maturities: • Property Level maturities only $378 Million. * • Plus $435 Million of Convertible Debentures maturing March 2012. **

Unencumbered Pool • Macerich now has nearly $100 Million in annual Net Operating Income from 14 unencumbered assets.

* ** 5

Excludes Loans with extensions options. The Company had $615 Million of Convertible Debentures outstanding at September 30, 2011. In October 2011, the Company repurchased $180 Million of these notes at par.

MACERICH BALANCE SHEET Variable Rate Debt 11.5%

A strong balance sheet provides the opportunity for acquisitions and development. As of October 31, 2011

Common Equity 53.9%

Debt to Total Market Cap

46.1%

Debt to EBITDA

7.65x

Interest Coverage Ratio

2.39x

Fixed Rate Debt 34.6%

The Shops at Atlas Park – Glendale, NY 6

MACERICH FUNDS FROM OPERATIONS (FFO) GUIDANCE Management’s Adjusted FFO guidance range is $2.84 to $2.92. The Company’s definition of FFO is in accordance with the definition provided by the National Association of Real Estate Investment Trusts (“NAREIT”). A reconciliation of EPS to FFO per share and AFFO per share: Low Range

High Range

Estimated Earnings per share

$ .12 to $ .20

Plus: real estate depreciation and amortization

$ 2.40

Estimated FFO per share- diluted:

$ 2.52 to $ 2.60

Shoppingtown negative FFO

$ .26

-

$ .26

Valley View negative FFO

$ .06

-

$ .06

Estimated Adjusted FFO per share-diluted

$ 2.84 to $ 2.92

-

$ 2.40

The guidance excludes the impact of any possible future acquisitions or dispositions. Adjusted FFO excludes the impact of Valley View and Shoppingtown, which are under the control of either a receiver or loan servicer. 7

NOI & LEASING SPREADS

28.6% 24%

Leasing Spreads

18.5% 13.9%

10.8% 6.8%

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4.9%

2.4%

1.4%

-0.7%

2.0%

2006

2007

2008

2009

2010

2.8% Year-to-Date Sept-2011

Same Center NOI Growth

SALES PSF & OCCUPANCY

93.4%

93.1%

93.1% 92.3%

91.9% 91.3%

$452

$467

$467

$441 $407

2006 9

2007

2008

2009

$433

2010

Trailing 12 Sept-2011

Regional Mall Occupancy Regional Mall Sales PSF

HIGH QUALITY PORTFOLIO

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MACERICH PORTFOLIO DEMOGRAPHICS

September 2011 Sales PSF (b) Percent of Net Operating Income

Top 50 Centers (a)

All Centers

$513

$467

83%

Trade Area Demographics (c) Average 2010 Population Expected Population Growth 2010- 2015 Average Household Income

700,000 5.5%

635,000 6.0%

$80,000

$ 77,000

Median Age

36

36

% White Collar

62%

61%

% with Bachelor Degree or Higher

31%

30%

a) The Top 50 Centers as ranked by Sales Per Square Foot (PSF). b) Sales are based on reports by retailers leasing Mall and Freestanding stores for the 12 months ended September 30, 2011 for tenants, which have occupied such stores for a minimum of 12 months. Sales per square foot are based on tenants 10,000 square feet and under. c) Source: 2010 Claritas Data. A trade area is defined based on the most recent shopper intercept survey and represents an area from which a center draws approximately 70 to 80% of its total sales.

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MACERICH – PERFORMANCE BY RANKING % of 2011 Forecast NOI Prorata

Sales PSF 30-Sep-11

Occupancy 30-Sep-11

Top 20 Centers

46.4%

$643

94.8%

Top 25 Centers

55.3%

$612

93.9%

Middle 25 Centers

27.9%

$365

92.4%

Top 50 Centers

83.2%

$513

93.2%

100.0%

$467

91.9%

Regional Centers

Total Regional Centers

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MACERICH – PERFORMANCE BY RANKING % of 2011 Forecast NOI Prorata

Same Center NOI Forecast 2011 vs. 2010

Sales PSF 31-Dec-10

Sales PSF 31-Dec-09

% Chg

Occupancy 31-Dec-10

Occupancy 31-Dec-09

Occupancy % Chg

Top 25 Centers

55.3%

3.8%

$569

$528

7.8%

95.9%

94.6%

0.9%

Middle 25 Centers

27.9%

0.7%

$349

$340

2.6%

92.6%

91.4%

1.2%

Top 50 Centers

83.2%

2.7%

$478

$452

5.8%

94.2%

93.1%

1.1%

Total Regional Centers

100.0%

2.5% to 3.0%

$433

$407

6.4%

93.1%

91.3%

1.8%

U.S. Mall Average *

$386

$365

Macerich exceeds the U.S. Mall Average by 12%

12%

12%

Regional Centers

*

Source: International Council of Shopping Centers (ICSC)

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GEOGRAPHIC DIVERSITY

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THE MACERICH PORTFOLIO – GEOGRAPHIC DIVERSITY

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MACERICH – PERFORMANCE BY REGION % of 2011 Forecast NOI Prorata

Sales PSF 30-Sep-11

Sales PSF 30-Sep-10

Sales PSF % Change

Occupancy 30-Sep-11

Arizona

20%

$427

$393

8.7%

92.0%

Central Region

17%

$420

$382

9.9%

88.8%

Eastern Region

27%

$552

$521

6.0%

95.1%

No Cal/Pacific NW

18%

$499

$471

5.9%

92.7%

So Cal Region

18%

$456

$397

14.9%

92.9%

100.0%

$467

$426

9.6%

91.9%

Regional Centers

Total

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TENANT DIVERSITY

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MACERICH PORTFOILIO: TENANT DIVERSITY 83.7%

The 10 tenants listed below (including their subsidiaries) represent the largest rent payers in the Company's portfolio as of December 31, 2010. 2.6%

The Gap 18

2.4%

Limited Brands

2.0%

Forever 21

1.6%

Foot Locker

1.5%

Abercrombie & Fitch

1.4%

AT&T

1.3% Golden Gate Capital

1.3%

Luxottica Group

1.1% American Eagle

1.0% Macy's

Other Retailers Rents

INTERESTING LEASES EXECUTED YEAR-TO-DATE SEPTEMBER 2011 Apparel Category • Cotton On • Express • Tommy Bahama • Splendid • Lululemon

Restaurants Category

Big Box (Over 10,000 sf.) • • • •

Buy Buy Baby Burke’s Outlet Dress Barn Shoe Department Encore

Department Stores •

Macy’s at Victor Valley

• Chipotle Mexican Grill • “What’s Your Beef?, Gourmet Burgers at Carmel Plaza • Applebee’s at Empire • Café Zupas

General Category •

Microsoft Leases

•

Restoration Hardware Baby & Child Tommy Bahama at Kierland Commons – Scottsdale, AZ

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TOP 40 TENANTS These Top 40 Tenants pay roughly 37% of Total Minimum and Percentage Rent. No single tenant pays more than 2.6% of Total Rent. Parent Entity

Primary DBA’s

Abercrombie & Fitch Co.

Abercrombie & Fitch, Hollister, Abercrombie

Aeropostale, Inc.

Aeropostale, P.S. from Aeropostale, Aeropostale Outlet

American Eagle Outfitters, Inc.

American Eagle, Aerie, 77Kids

AnnTaylor, Inc.

Ann Taylor, LOFT, Ann Taylor Loft

Apple Inc.

Apple Computers

AT&T Mobility LLC (2)

AT&T Wireless, Cingular Wireless, AT&T Experience Store

Barnes & Noble, Inc.

Barnes & Noble Booksellers

Berkshire Hathaway, Inc.

Helzberg Diamonds, See's Candy, Ben Bridge Jewelers

Best Buy Co., Inc.

Best Buy, Best Buy Mobile

Charlotte Russe Holding, Inc.

Charlotte Russe, Charlotte Russe Outlet

Chico's FAS, Inc.

Chico's, White House | Black Market, Soma

Children's Place Retail Stores, Inc., The

The Children's Place, Children's Place & Baby Place, The Children's Place Outlet

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TOP 40 TENANTS Parent Entity

Primary DBA’s

Claire's Stores, Inc.

Claire's, Claire's Boutiques, The Icing, Icing, Icing by Claire's

Dick's Sporting Goods, Inc.

Dick's Sporting Goods

Euromarket Designs, Inc.

Crate & Barrel, CB2

Finish Line, Inc., The

Finish Line

Foot Locker, Inc.

Champs Sports, Foot Locker, Foot Action USA, CCS, Lady Foot Locker, Kids Foot Locker

Forever 21, Inc.

Forever 21, XXI Forever

GameStop Corp.

Gamestop, EB Games, Electronics Boutique, Software Etc., EBX

Gap, Inc.

The Gap, Old Navy, Banana Republic, Gap Kids, Gap Body, Baby Gap, The Gap Outlet, Banana Republic Petites

Genesco, Inc.

Journeys, Lids, Hat World, Underground Station, Johnston & Murphy, Journeys Kidz, Shi by Journeys

Golden Gate Capital

Express, Eddie Bauer, J. Jill, California Pizza Kitchen, Express/Express Men

Gymboree Corporation, The

Gymboree, Crazy 8, Janie & Jack

H & M Hennes & Mauritz L.P.

H&M

Hot Topic, Inc.

Hot Topic, Torrid, Torrid Plus Sizes

J. C. Penney Company, Inc.

J. C. Penney

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TOP 40 TENANTS Parent Entity

Primary DBA’s

Limited Brands, Inc.

Victoria's Secret, Bath and Body Works, Victoria's Secret Beauty, PINK Victoria's Secret, Bath & Body Works / White Barn

Luxottica Group S.P.A.

Sunglass Hut, LensCrafters, Oakley, Optical Shop of Aspen, Pearle Vision Center, llori, LensCrafters Optique, Sunglass Hut / Watch Station

LVMH, Inc.

Louis Vuitton, Sephora

Macy's, Inc.

Macy's, Bloomingdale's, MAC and Macy's, Macy's Home Store, Macy's Men's & Home, Macy's Women's & Children

New York & Company, Inc.

New York & Company, Lerner New York

Pacific Sunwear of California, Inc.

Nordstrom, Last Chance, Nordstrom Rack, Nordstrom Last Chance, Nordstrom Spa Pac Sun, Pacific Sunwear

Sears Holdings Corporation

Sears, K-Mart

Signet Jewelers Limited

Kay Jewelers, J.B. Robinson, Weisfield Jewelers, Jared The Galleria of Jewelry, Friedlander, Rogers, Shaw Jewelers, LeRoy's Jewelers, Kay Jewelers Outlet

T-Mobile USA, Inc.

T-Mobile

Urban Outfitters, Inc.

Urban Outfitters, Free People, Anthropologie,

V.F. Corporation

Vans, The North Face, 7 for all Mankind, Lucy, Timberland

Williams-Sonoma, Inc.

Pottery Barn, Williams-Sonoma, Pottery Barn Kids

Zale Corporation

Zales Jewelers, Piercing Pagoda, Gordon's Jewelers, Bailey Banks & Biddle

Nordstrom, Inc.

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MACERICH ACQUISITIONS YEAR–TO–DATE 2011

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SUMMARY OF ASSET ACQUISITIONS January through October 2011

To

Macerich Purchase Price

50%

100%

$27.6M

Kierland Commons

24.5%

50%

$52.8M

Arrowhead Towne Center

33.3%

66.7%

Superstition Springs Center

33.3%

66.7%

* *

Ownership Increase

Arizona Region

From

Desert Sky Mall

Eastern Region Atlas Park, The Shops at

$26.9M Niagara Falls – Niagara, NY

Fashion Outlets of Niagara Falls

$200.0M

* Exchange transaction (6 department stores plus $75 Million cash) 24

FASHION OUTLETS OF NIAGARA FALLS Niagara Falls, New York

• This 526,000 square foot outlet center was acquired on July 22, 2011 for $200M. • Anchored by Saks Off 5th, Nike, Coach and Polo Ralph Lauren. • The enclosed center's sales are approximately $650 PSF. • More than 10 million people live in the metropolitan markets served by the center including: Buffalo, Rochester and Toronto. • Niagara Falls has nearly 22 million visitors per year.

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SHOPS AT ATLAS PARK Glendale, New York

• Class A Regional retail real estate. • Macerich formed a 50/50 JV with long time JV Partner to acquire Atlas Park. • Acquired at auction for $54M on February 28, 2011; Macerich share $27M. • 2.5 Million people live in a five-mile radius of Atlas Park.

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ARROWHEAD TOWNE CENTER - Glendale, Arizona SUPERSTITION SPRINGS CENTER - Mesa, Arizona

• On June 3, 2011, Macerich increased ownership in two Phoenix area assets from 33.3% to 66.7%. • The two centers average over $430 Sales PSF and are over 95% occupied. • Anchors at both centers include: Dillard’s, JCPenney, Macy’s and Sears • The purchase price included a cash payment of $75M plus an exchange of six anchor locations (5 were former Mervyn’s stores).

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KIERLAND COMMONS Scottsdale, Arizona

• Macerich increased ownership from 24.5% to 50.0% on February 24, 2011, for $34M cash and $19M assumption of debt. • Year 2010 Sales PSF were $625. • Year end 2010 Retail Occupancy was 98%. • 70 Upscale retailers • 14 Destination restaurants

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DESERT SKY MALL Phoenix, Arizona

• Macerich acquired full ownership of Desert Sky Mall on February 28, 2011. • Macerich owned 50% previously. • Total purchase price of $27.6M including full assumption of pro rata share of debt. • Paid off a $51.5M loan on the property concurrent with the purchase. • Major tenants include: – La Curacao – Cinema Latino – Mercado de los Ceilos

(Opened December 2010)

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DEVELOPMENT & REDEVELOPMENT

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MACERICH PIPELINE FOR GROWTH Significant pipeline of development, redevelopment and acquisition opportunities over the next 5 years. • The development/redevelopment pipeline currently includes: – Tysons Corner Center – Fashion Outlets of Chicago – Fashion Outlets of Scottsdale – Estrella Falls Regional Mall

Tysons Corner Center – McLean, VA

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TYSONS CORNER CENTER McLean, Virginia

• 50-50 Partnership between Macerich and Alaska Permanent Fund. • The redevelopment will include: – Office tower – Residential tower – Potentially a hotel • Total Cost of Redevelopment $400M – Macerich share $200M • Site and infrastructure work commenced in June 2011. • Final delivery late 2013 to early 2014.

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FASHION OUTLETS OF CHICAGO Chicago/Rosemont, Illinois • Macerich entered into a 60/40 joint venture with AWE Talisman to develop Fashion Outlets of Chicago. • Ground breaking November 2011 and projected opening Spring 2013 • The center will be a fully enclosed two level, 528,000 square foot outlet center with a five level garage. • The site is located in the Village of Rosemont, Illinois at the intersection of the I-190 and I-90, within 1 mile to O’Hare International Airport. • The Chicago area has over 13 million people and approximately 46 million annual tourist visits. • Project cost estimated at $200 Million. 33

FASHION OUTLETS OF SCOTTSDALE Scottsdale, Arizona

• Macerich has partnered with AWE Talisman to develop Fashion Outlets of Scottsdale, projected to open early 2013. • This luxury outlet project will be located at the highly desirable intersection of Scottsdale Road and Highway 101. • The Phoenix–Mesa–Glendale, Arizona Metro area has a population of 4.2 Million and no Fashion Outlets!

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ESTRELLA FALLS Goodyear, Arizona

• Approximately 800,000 square foot regional mall to be developed on 107 acres. • The HHI and population indicate the market is underserved: – Trade area population of 500,000 – HHI incomes within a 3-mile radius over $83,000

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MACERICH – THE PEOPLE

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MACERICH HAS DEEP BENCH STRENGTH 30

• The Macerich Executive Team has an average of almost 30 years with the company and 30+ years of experience in the shopping center industry. • Art Coppola - Chairman and CEO has been with Macerich since 1976. • Ed Coppola - President has been with Macerich since 1977. • Tom O’Hern - Sr. Executive VP and CFO has been with Macerich since 1993.

• The 18 Senior Vice Presidents have an average of 16 years working with Macerich.

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Years worked for Macerich

27

years

20

16 years 14 years 10 years

10

0

Executive Team (7 People)

Senior Vice Presidents (18 People)

Vice Presidents (63 People)

AVP / Sr. Manager / Manager (454 People)

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