UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK

Docket #3961 Date Filed: 12/16/2009   WEIL, GOTSHAL & MANGES LLP KIRKLAND & ELLIS LLP 767 Fifth Avenue New York, New York 10153 Telephone: (212) 3...
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Docket #3961 Date Filed: 12/16/2009

 

WEIL, GOTSHAL & MANGES LLP

KIRKLAND & ELLIS LLP

767 Fifth Avenue New York, New York 10153 Telephone: (212) 310-8000 Facsimile: (212) 310-8007

300 North LaSalle Chicago, Illinois 60654 Telephone: (312) 862-2000 Facsimile: (312) 862-2200

Marcia L. Goldstein Gary T. Holtzer Adam P. Strochak Stephen A. Youngman (admitted pro hac vice) Sylvia A. Mayer (admitted pro hac vice)

James H.M. Sprayregen, P.C. Anup Sathy, P.C. (admitted pro hac vice)

Attorneys for Debtors and Debtors in Possession

Co-Attorneys for Certain Subsidiary Debtors and Debtors in Possession

UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK ---------------------------------------------------------------x : In re : Chapter 11 : GENERAL GROWTH : PROPERTIES, INC., et al., : Case No. 09-11977 (ALG) : Debtors. : Jointly Administered : ---------------------------------------------------------------x NOTICE OF FILING SUPPLEMENT TO DISCLOSURE STATEMENT FOR PLAN DEBTORS’ JOINT PLAN OF REORGANIZATION SOLELY WITH RESPECT TO CERTAIN DEBTORS UNDER CHAPTER 11 OF THE BANKRUPTCY CODE PLEASE TAKE NOTICE that the documents attached hereto (the “Second Group of Debtors’ Disclosure Statement Supplement”) account for the addition of Fox River Shopping Center, LLC and apply solely to the certain entities identified on the exhibit attached hereto as Exhibit A (collectively, for purposes of this notice, the “Plan Debtors”). The Confirmation Order DS (as hereinafter defined) is only supplemented or modified as provided herein. The Second Group of Debtors’ Disclosure Statement Supplement supplements and replaces certain portions of the Disclosure Statement for Plan Debtors’ Joint Plan of Reorganization Under Chapter 11 of the Bankruptcy Code, filed on December 15, 2009 as Exhibit C to the Findings of Fact, Conclusions of Law, and Order Confirming the Plan Debtors’ Joint Plan of US_ACTIVE:\43255636\07\47658.0008  

¨0¤{3m),0 ? « 0911977091216000000000031

 

Reorganization under Chapter 11 of the Bankruptcy Code [Docket No. 3915] (“Confirmation Order DS,” and together with the Second Group of Debtors’ Disclosure Statement Supplement, the “Disclosure Statement”).1 For purposes of entry of a final order approving the adequacy of the Disclosure Statement, the Disclosure Statement shall be deemed (i) to include the Second Group of Debtors’ Disclosure Statement Supplement with respect solely to the Plan Debtors, and (ii) amended as provided in the Second Group of Debtors’ Disclosure Statement Supplement with respect solely to the Plan Debtors. The Plan Debtors, subject to the terms of the Disclosure Statement, reserve the right to alter, amend, modify or supplement the Second Group of Debtors’ Disclosure Statement Supplement. PLEASE TAKE FURTHER NOTICE that the Second Group of Debtors’ Disclosure Statement Supplement may be viewed for free at the at the website of the Plan Debtors’ voting and claims agent, Kurtzman Carson Consultants, LLC (“KCC”) at http://www.kccllc.net/GeneralGrowth or for a fee on the Court’s website at www.nysb.uscourts.gov. To access documents on the Bankruptcy Court’s website, you will need a PACER password and login, which can be obtained at http://www.pacer.psc.uscourts.gov. To obtain hard copies of the Second Group of Debtors’ Disclosure Statement Supplement, please contact KCC at (888) 830-4665 or by email at [email protected]. PLEASE TAKE FURTHER NOTICE that a hearing to consider final approval of the Disclosure Statement (the “Disclosure Statement Hearing”) shall be held on December 18, 2009 at 10:00 a.m. (prevailing Eastern Time) before the Honorable Allan L. Gropper, United States Bankruptcy Judge, in Room 617 of the United States Bankruptcy Court for the Southern District of New York, One Bowling Green, New York, New York 10004. The Disclosure Statement Hearing may be continued from time to time without further notice other than the announcement by the Plan Debtors in open court of the adjourned date(s) at the Disclosure Statement Hearing or any continued hearing. On December 1, 2009 an order was entered granting, among other things, preliminary approval of the Disclosure Statement.

                                                             1 Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Disclosure Statement.

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Dated: New York, New York December 16, 2009 /s/ Gary T. Holtzer Marcia L. Goldstein Gary T. Holtzer Adam P. Strochak WEIL, GOTSHAL & MANGES LLP 767 Fifth Avenue New York, New York 10153 Telephone: (212) 310-8000 Facsimile: (212) 310-8007 and Stephen A. Youngman (admitted pro hac vice) WEIL, GOTSHAL & MANGES LLP 200 Crescent Court, Suite 300 Dallas, Texas 75201 Telephone: (214) 746-7700 Facsimile: (214) 746-7777 and

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Sylvia A. Mayer (admitted pro hac vice) Melanie Gray, (admitted pro hac vice) WEIL, GOTSHAL & MANGES LLP 700 Louisiana Street, Suite 1600 Houston, Texas 77002 Telephone: (713) 546-5000 Facsimile: (713) 224-9511 Attorneys for Debtors and Debtors in Possession and James H.M. Sprayregen, P.C Anup Sathy, P.C. (admitted pro hac vice) KIRKLAND & ELLIS LLP 300 North LaSalle Chicago, Illinois 60654 Telephone: (312) 862-2000 Facsimile: (312) 862-2200 Co-Attorneys for Certain Subsidiary Debtors and Debtors in Possession

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Exhibit A

Adjourned Plan Debtor  Burlington Town Center II LLC    Chico Mall, L.P.    Chico Mall L.L.C.    Fox River Shopping Center, LLC    Baltimore Center Associates Limited  Partnership    Baltimore Center Garage Limited  Partnership    Baltimore Center, LLC    GGP‐Mall of Louisiana II, L.P.    GGP‐Mall of Louisiana, Inc.    GGP‐Mall of Louisiana, L.P.    Mall of Louisiana Holding, Inc.    Lancaster Trust    Parcit‐IIP Lancaster Venture    Parcity L.L.C.   

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Case No.  09‐12477 (ALG)      09‐11988 (ALG)      09‐12084 (ALG) 

LID  30 

Project  Burlington Town Center  

681 

Chico Mall 

680 

09‐12113 (ALG) 

519 

09‐12006 (ALG) 

154 

Chico Mall      Fox River Shopping Center    Gallery at Harborplace 

09‐12007 (ALG) 

160 

Gallery at Harborplace 

09‐12063 (ALG)      09‐12482 (ALG)      09‐12478 (ALG)      09‐12018 (ALG)      09‐12191 (ALG)      09‐12473 (ALG)      09‐12486 (ALG)      09‐12487 (ALG)     

153 

Gallery at Harborplace 

658 

Mall of Louisiana  

656 

Mall of Louisiana 

657 

Mall of Louisiana 

659 

Mall of Louisiana 

24 

Park City Center 

23 

Park City Center 

748 

Park City Center 

 

Parcity Trust    Park City Holding, Inc.    PC Lancaster L.L.C.    PC Lancaster Trust    Providence Place Holdings, LLC     Rouse Providence LLC    Stonestown Shopping Center, L.P.   

09‐12488 (ALG)      09‐12489 (ALG)      09‐12490 (ALG)      09‐12491 (ALG)      09‐12233 (ALG)      09‐12252 (ALG)      09‐12283 (ALG) 

22 

Park City Center 

747 

Park City Center 

749 

Park City Center 

21 

Park City Center 

248 

Providence Place 

247 

Providence Place  

714 

Stonestown Shopping  Center    Stonestown Shopping  Center 

09‐12479 (ALG) 

712 

09‐12282 (ALG) 

713 

Ward Plaza‐Warehouse, LLC   

09‐12313 (ALG) 

719 

The Woodlands Mall Associates, LLC   

09‐12323 (ALG)      09‐12186 (ALG) 

504 

Stonestown Shopping Center Holding  L.L.C.     Stonestown Shopping Center L.L.C.   

Land Trust No. FHB‐TRES 200601 

 

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809 

Stonestown Shopping  Center    Victoria Ward  Warehouse / Plaza    Woodlands Mall 

Victoria Ward  Warehouse / Plaza   

 

UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK ---------------------------------------------------------------x : In re : Chapter 11 : GENERAL GROWTH : PROPERTIES, INC., et al., : Case No. 09-11977 (ALG) : Debtors. : Jointly Administered : ---------------------------------------------------------------x SUPPLEMENT TO DISCLOSURE STATEMENT FOR PLAN DEBTORS’ JOINT PLAN OF REORGANIZATION SOLELY WITH RESPECT TO CERTAIN DEBTORS UNDER CHAPTER 11 OF THE BANKRUPTCY CODE

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INDEX OF SECOND GROUP DEBTORS DISCLOSURE STATEMENT SUPPLEMENT MATERIALS Capitalized terms used throughout this Second Group of Debtors’ Disclosure Statement Supplement are defined in Appendix A -- “Material Defined Terms for Plan Debtors’ Disclosure Statement” as attached to the Disclosure Statement, and as supplemented or amended. DOCUMENT DESCRIPTION

EXPLANATION

Supplement to Disclosure Statement Section XIV, “Conclusion and Recommendations”

Contains signature blocks for the Plan Debtor identified in the supplement to Appendix C to the Disclosure Statement, attached hereto.

Replacement Exhibit 3 – “Financial Projections” to the Disclosure Statement

Refer to the note added to the financial projections indicating that the addition of Fox River Shopping Center, LLC has an immaterial impact on the aggregate numbers and, thus, the numbers have not been revised.

Supplement to Appendix A – “Material Defined Terms for Plan Debtors’ Disclosure Statement” to the Disclosure Statement

Contains an additional defined term.

Supplement to Appendix C – “List of Plan Debtors & Corporate Secured Debt Claims and Non-Corporate Secured Debt Claims” to the Disclosure Statement

Contains a list identifying Fox River Shopping Center, LLC, the additional Plan Debtor.

Replacement Appendix D – “Coded Organization Chart” to the Disclosure Statement

Amended to account for the addition of Fox River Shopping Center, LLC, an additional Plan Debtor, identified in the supplement to Appendix C to the Disclosure Statement, attached hereto.

Supplement to Appendix E – “Corporate Reorganization Process” to the Disclosure Statement

Contains supplemental pages to reflect the Fox River Mall corporate restructuring process.

Note with respect to Supplement to Disclosure Statement Section VI, “Plan Description”

Certain modifications to the form of Plan were made in conjunction with the Confirmation Hearing on December 15, 2009 with respect to other Debtors. Those modifications are not reflected in the Disclosure Statement. Please refer to the Plan, which can be found as Exhibit B to the Findings of Fact, Conclusions

 

 

 

DOCUMENT DESCRIPTION

EXPLANATION of Law, and Order Confirming the Plan Debtors’ Joint Plan of Reorganization under Chapter 11 of the Bankruptcy Code [Docket No. 3915].

 

 

 

Supplement to Disclosure Statement Section XIV, “Conclusion and Recommendations”   FOX RIVER SHOPPING CENTER, LLC By: /S/ Linda J. Wight, Vice President

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Exhibit 3 – Financial Projections Capitalized terms used in this Exhibit 3 are defined in Appendix A to the Disclosure Statement, as supplemented or amended. For the purpose of demonstrating that the Plan satisfies the feasibility standard described in Section VIII.A.3 of the Disclosure Statement, the Plan Debtors provide the attached consolidated cash flow analysis and the following narrative description. The Plan Debtors estimate that the Emergence Costs are approximately $428 million. Of this amount, $319.8 million is associated with the mortgage and mezzanine debt restructuring, including extension fees, servicer fees and expenses, catchup amortization payments, accrued interest, the funding of certain escrows and other expenses. A further $108.2 million is associated with distributions related to prepetition claims against the Plan Debtors. The Plan Debtors are expected to fund these restructuring costs and Plan distributions predominately from funds generated by the Plan Debtors since the onset of their Chapter 11 Cases, with additional support from excess liquidity of GGP LP. These amounts are the best available estimates as of the date of this Disclosure Statement supplement and are subject to change based on the final number of Plan Debtors included or excluded from the Plan and other factors. As described in Section II.B of the Disclosure Statement, the Plan Debtors engaged in lengthy negotiations with the Secured Debt Holders. In connection with those negotiations, in August 2009 the Plan Debtors completed the preparation of long-term project-level financial projections and provided those projections to the Secured Debt Holders and other key constituencies in the Chapter 11 Cases, including the professionals for the Creditors’ Committee and the Equity Committee. The project-level projections completed in August 2009 show that the Plan Debtors will have cash flow well in excess of the amounts necessary to satisfy their principal and interest payments under the restructured secured loans and all other cash needs through 2014. The Plan Debtors’ cash flow in 2010 is estimated to be approximately $47.4 million less than their cash needs, due primarily to the $150 million pay-down of the secured debt on the Ala Moana property as negotiated as part of the restructuring of that entity’s property level secured loan. GGP expects to fund this shortfall out of excess liquidity of GGP LP. The Ala Moana pay-down also can be deferred beyond 2010. The consolidated cash forecast attached shows that GGP has sufficient cash to fund the Emergence Costs of the Plan Debtors as well as the estimated $47.4 million shortfall in 2010. On a pro forma basis including all estimated Emergence Costs and other payments required by the Plan, GGP projects it will have $178.9 million in cash available at the end of 2010. The Plan Debtors do not, as a matter of course, publish business plans, strategies, projections, anticipated financial positions, or the results of operations. Accordingly, the Plan Debtors do not anticipate that they will, and disclaim any  

 

obligation to, furnish updated projections or cash flow forecasts, to holders of Claims or Interests in the Plan Debtors after the Confirmation Date, or to include such information in documents required to be filed with the SEC (if any) or otherwise make such information public. The Plan Debtors do, however, continue to update their projections to reflect actual results, business developments, changes in assumptions, and refinements to projection methodologies; future projections are likely to differ from those set forth herein. GGP anticipates incorporating such future financial projections in information that is delivered to certain constituencies for purposes of the remaining Chapter 11 Cases. Creditors should not rely on the projections or cash flow forecast as a representation or guarantee of future performance; they are an estimate done as of August 2009 for purposes of demonstrating feasibility of the Plan and actual results could vary significantly. The projections and cash flow forecast have not been prepared on the basis of Generally Accepted Accounting Principles, the rules of the SEC, or the American Institute of Certified Public Accountants. The projections and cash flow forecast have not been audited or reviewed by independent public accountants.



General Growth Properties, Inc. Cash Forecast 1

Exhibit 3

($ in Millions) Transaction Dec-09

Forecast Jan-10

Forecast Feb-10

Consolidated Cash Flow Before Debt Service and Plan Related Distributions Debt Service Restructuring & Settlement Related Distributions Pre Petition Amounts Consolidated Cash Flow

(319.8) (108.2) (428.0)

$68.2 (91.4) (23.2)

$109.8 (91.4) 18.4

Beginning Consolidated Cash Consolidated Cash Flow Ending Consolidated Cash

745.2 (428.0) $317.2

317.2 (23.2) $294.0

294.0 18.4 $312.4

1

Forecast Mar-10 $97.5 (90.9) 6.6 312.4 6.6 $319.0

Forecast Apr-10

Forecast May-10

Forecast Jun-10

$100.2 (91.9) 8.2

$90.9 (91.8) (1.0)

$89.2 (92.4) (3.1)

319.0 8.2 $327.2

327.2 (1.0) $326.3

326.3 (3.1) $323.1

Forecast Jul-10 $99.6 (93.4) 6.2 323.1 6.2 $329.4

Forecast Aug-10 $99.6 (92.9) 6.7 329.4 6.7 $336.1

Forecast Sep-10 $91.4 (93.2) (1.7) 336.1 (1.7) $334.4

Forecast Oct-10 $95.3 (93.2) 2.1 334.4 2.1 $336.5

Forecast Nov-10

Forecast Dec-10

$105.1 (93.7) 11.5

$107.0 (93.7) (182.5) (169.1)

336.5 11.5 $348.0

348.0 (169.1) $178.9

Jan - Dec 2010 $1,154.0 (1,109.8) (182.5) (138.3)

It should be noted that these projections were prepared prior to the inclusion of Fox River Shopping Center, LLC in the Plan However, the addition of Fox River Shopping Center, LLC, as well as a minor change to the interest rate for another property, have an immaterial impact on the aggregate numbers and, thus, the numbers have not been revised. If incorporated, the emergence costs would increase by approximately $3.4 million and the cash flow difference would be approximately $2.4 million over the twelve month time period. 3

 

Supplement to Appendix A – “Material Defined Terms for Plan Debtors’ Disclosure Statement” Second Group of Debtors’ Disclosure Statement Supplement means this Notice of Filing of Supplement to Disclosure Statement for Second Group of Plan Debtors’ Joint Plan of Reorganization under Chapter 11 of the Bankruptcy Code, filed on December 16, 2009.

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Supplement to Appendix C – “List of Plan Debtors & Corporate Secured Debt Claims and Non-Corporate Secured Debt Claims” The list of additional Plan Debtors is repeated twice in this supplement to Appendix C, sorted first in ascending alphabetical order of the names of the properties the additional Plan Debtors are each respectively associated with, and second in ascending alphabetical order of the legal entity names of the additional Plan Debtors. A “LID” designation, also provided, is used for purposes of identifying the additional Plan Debtor entities. Pursuant to Section XIII.B of the Disclosure Statement, this supplement to Appendix C also identifies those additional Plan Debtors’ Secured Debt Claims which the Plan Debtors believe should be treated as Corporate Secured Debt Claims and those additional Plan Debtors’ Secured Debt Claims which the Plan Debtors believe should be treated as Non-Corporate Secured Debt Claims. Capitalized terms used in this supplement to Appendix C are defined in Appendix A to the Disclosure Statement, as supplemented or amended.

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Appendix C – List of Plan Debtors (Sorted by Property)

LID 519

Debtor Name Fox River Shopping Center, LLC

Property Name Fox River

1

Type of Secured Debt Claim1 NCSD

CSD indicates the entity has a Corporate Secured Debt Claim, and NCSD indicates the entity has a NonCorporate Secured Debt Claim. These designations are referred to in Section XIII of the Disclosure Statement, which describes certain tax consequences of the Plan.

C-1

Appendix C – List of Plan Debtors (Sorted by Debtor)

LID 519

Debtor Name Fox River Shopping Center, LLC

Property Name Fox River

2

Type of Secured Debt Claim2 NCSD

CSD indicates the entity has a Corporate Secured Debt Claim, and NCSD indicates the entity has a NonCorporate Secured Debt Claim. These designations are referred to in Section XIII of the Disclosure Statement, which describes certain tax consequences of the Plan.

C-2

Replacement Appendix D – Coded Organization Chart Pursuant to Section IV.B of the Disclosure Statement, this Appendix D depicts the current organizational structure of the GGP Group, as well as certain joint ventures in which the GGP Group holds ownership interests. The chart is coded to reflect pertinent information about each legal entity, including: (i) the entity’s status as a Debtor or non-Debtor; (ii) whether the entity is a primary obligor pursuant to any Secured Debt Claims or certain other Secured Claims; and (iii) the grouping of each Debtor entity into one of four “tracks,” reflecting the currently projected sequence of emergence from bankruptcy protection of each Debtor.1 Capitalized terms used in this Appendix D are defined in Appendix A to the Disclosure Statement, as supplemented or amended.

1

The grouping of the various Debtors into respective “tracks” is subject to change.

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*Entities with bold borders are Debtors filed on April 16, 2009 Entities with dotted borders are Debtors filed on April 23, 2009

General Growth Properties, Inc.

Bucksbaum Family Interests and Others

B+G – 2006 Credit Facility (u) G – 2008 Credit Facility (s)

~4% LP

New York State Common Retirement Fund

~96% GP

GGP Limited Partnership

99.80%

B+G – 2006 Credit Facility (u) 2 G – 2008 Credit Facility (s)

100%

100% 90.70% Managing Member

Rouse LLC G – 2006 Credit Facility (u) 1% GP

100%

99% LP

The Rouse Company LP 118 Preferred Stockholders

B - Rouse Notes (u) See Chart K, N-1

6.8% LP

100%

United Health

100%

TRC Co-Issuer, Inc.

See Chart A

115 Preferred Stockholders

100%

0.99999% GP

GGP Holding, Inc. (Private REIT)

Summerlin Hospital Medical Center, L.P.

99.00001% LP

120 Preferred Stockholders Remaining Interests held through GGP Holding II, Inc.

See Charts P1, P2, P3, P4, P5, P6 100%

See Charts N1-N3 100%

Summerlin Corporation (TRS)

50%

50%

51%

B

= Borrower

B – 2006 Credit Facility (u) G – 2008 Credit Facility (s)

See Chart C

See Chart C

G

= Guarantor

PLD

= Unsecured Debt

(QRS) Entities

(s)

= Secured Debt

See Charts L-1 and L-2

MB

=

Mezzanine Borrower

=

Track 1 Debtor 1

=

Track 2 Debtor 1

=

Track 3 Debtor 1

=

Track 4 Debtor 1

100%

GGPLP L.L.C. & GGPI Entities

119 Preferred Stockholders

43.2941%

See Chart L-2 General Growth Management, Inc. (TRS)

56.7059%

0.20%

= Project Level Debt (secured)

(u)

THCHRE, LLC Hex Holding, LLC

= Third-party

GGP Ivanhoe, Inc. (REIT) Entities

100% 100%

49%

GGP-TRS L.L.C. Entities

See Chart M

Rouse-Fairwood Development Corporation (TRS 5)

See Charts E & F

HRD Remainder, Inc. The Howard Hughes Corporation (TRS)

Princeton Land East, LLC

See Charts D & E

GGPLP L.L.C.

100%

100%

GGP/Homart II L.L.C. Entities

Teachers’ Retirement System of the State of Illinois

Outside Preferred Interests (DA Retail Investments, LLC)

9.3%

The Hughes Corporation (TRS 2)

GGP/Homart, Inc. Entities

Ivanhoe Equities V LP

99.9953082% common stock + 480 preferred shares

GGP Holding II, Inc. (Private REIT)

50%

50%

118 Preferred Stockholders

TRS JV HoldCo, LLC

See Chart K

The Rouse Company Operating Partnership LP 100%

See Chart B

.0046918% Common Stock

B-Rouse Notes (u) 93.2% GP%

The Rouse Company BT, LLC

GGPI & GGPLP Entities

GGPLP Entities

See Chart I

120 Preferred Stockholders Victoria Ward, Limited

GGPLP L.L.C. Entities

GGP Acquisition, L.L.C. Entities

See Chart G

See Chart H

See Charts J-1, J-2

1

100%

=

Wholly Owned Non-Debtor

=

Joint Venture Non-Debtor

Debtor Track information is subject to change.

Hexalon Real Estate, Inc. (REIT) 2 The 2006 Credit Facility is secured by equity pledges given by (i) Caledonian Holding Company and GGP American Properties, Inc. of their respective membership interests in GGPLP L.L.C., (ii) GGP Limited Partnership, of its respective (a) membership interests in both GGPLP L.L.C. and Rouse LLC, and (b) partnership interest in The Rouse Company LP, and (iii) Rouse LLC, of its respective partnership interest in The Rouse Company LP.

D-1

Chart A

*Entities with bold borders are Debtors filed on April 16, 2009 Entities with dotted borders are Debtors filed on April 23, 2009

GGP Limited Partnership B+G – 2006 Credit Facility (u) G – 2008 Credit Facility (s)

100%

GGP 125, LLC

100%

100%

GGP Capital Trust I

Champaign Market Place L.L.C. B-PLD

100%

Colony Square Mall L.L.C. B-2008 Credit Facility (s)

100%

Columbia Mall L.L.C. B-PLD

100%

100%

GGP Development, LLC

100%

Fox River Shopping Center, LLC

Fallbrook Square Partners L.L.C.

100%

Rio West L.L.C.

B-PLD

100%

100%

100%

Vista Ridge Mall, LLC

Town East Mall, LLC

River Hills Mall, LLC

B-PLD

B-PLD

B-PLD

100%

River Hills Land, LLC

100%

100%

Sooner Fashion Mall L.L.C.

Southlake Mall L.L.C.

B-PLD

B-PLD

100%

GGP-Four Seasons L.L.C B-PLD.

100%

Westwood Mall LLC B – 2008 Credit Facility (s)

100%

GGP 168th Street, LLC

100%

St. Cloud Land L.L.C.

100%

St. Cloud Mall Holding L.L.C. B-PLD

100% 0.01% GP

99.999% LP

St. Cloud Mall L.L.C.

Fallbrook Square Partners Limited Partnership

B-PLD

B-PLD

100%

GGP-Tucson Mall L.L.C. B-PLD

100%

Tucson Anchor Acquisition, LLC

100%

100%

GGP-Tucson Land L.L.C.

100%

GGP-Foothills L.L.C. AllenTowne Mall, LLC

100%

GGP Ventures Brazil Holding L.L.C. 100%

100%

GGP Turkey Investco, LLC GGP Brazil I L.L.C.

100%

GGP Brazil II L.L.C.

B – 2008 Credit Facility (s)

100%

50%

100%

Cannery Lincolnshire Chicago, LLC Commons, LLC GGP Echelon Place, LLC B-PLD

100%

GGP Ventures Costa Rica, L.L.C.

100%

100%

Genesis Development Company 50%

GGP Genesis Costa Rica, LLC

GGP Macon, LLC 50%

100%

Fallen Timbers Shops II, LLC

100%

100%

Fallen Timbers Shops, LLC B – 2008 Credit Facility (s)

100%

100%

Phase II Mall Subsidiary, LLC B-PLD

100%

100%

Lakeland Square Mall, LLC

B-PLD

100%

100%

Gateway Overlook Business Trust

100%

Shoppes at River Crossing, LLC

100%

Boise Town Square Anchor Acquisition, LLC

Parke West, LLC

Newgate Mall Land Acquisition, LLC

GGPNewgate Mall, LLC

West Oaks Mall Trust

B-PLD

B-PLD

West Oaks Anchor Acquisition, LLC

Gateway Overlook Borrower, LLC

100%

GGP Jordan Creek L.L.C. B-PLD

100%

100%

100%

GGP Village at Jordan Creek L.L.C.

Natick Retail, LLC

100%

Coral Ridge Mall, LLC B-PLD

100%

GGP International, LLC

100%

GGPRogers Retail L.L.C.

Wilson Galleria, LLC

Hoover JV Holdco, LLC

Wilson Macon 50%

100%

50%

Hunt Schwyhart Graham VI, LLC

50%

50%

Hoover Mall Holding, L.L.C.

50%

Rogers Retail L.L.C.

B-PLD 100%

Riverchase Anchor Acquisition, LLC

100%

Hoover Mall Limited, L.L.C.

100%

Pinnacle South, LLC

100%

Pinnacle Hills, LLC

D-2

Chart B

*Entities with bold borders are Debtors filed on April 16, 2009 Entities with dotted borders are Debtors filed on April 23, 2009

General Growth Properties, Inc. B+G – 2006 Credit Facility (u) G – 2008 Credit Facility (s)

GGP Limited Partnership B+G – 2006 Credit Facility (u) G – 2008 Credit Facility (s)

100%

100%

Oklahoma Mall Inc.

100%

GGP 110 Holding L.L.C.

GGP 110, Inc.

100%

100%

General Growth – Westlake (GP), Inc.

General Growth 170 (GP), LLC

100%

100%

100%

Mall St. Vincent, Inc.

Greenwood Mall, Inc. MSAB Holdings, Inc.

99%

1%

99.999% LP

.001% GP

1% GP

99.999% LP

99% LP

Oklahoma Mall L.L.C. 99.5%

Riley Inc. d/b/a/ Riley Omega, Inc. 1%

JCP Realty, Inc.

50%

General Growth – Westlake, L.P.

.5%

.001% GP

99.5%

.5%

Mall St. Vincent, L.P.

Greenwood Mall L.L.C.

B-PLD

B-PLD

General Growth 170, LP

GGP 110 L.L.C.

99.999%

.001%

MSAB Holdings L.L.C.

49%

Development Resources Wacker, L.L.C.

Dayjay Associates

100%

AIL Investment L.P.

99%

1%

Greenwood Mall Land, LLC

100%

GG DR, L.L.C.

50% GP

50% LP

50% LP

50% GP

Quail Springs Mall, LLC Westlake Retail Associates, Ltd.

170 Retail Associates, Ltd.

D-3

Chart C

*Entities with bold borders are Debtors filed on April 16, 2009 Entities with dotted borders are Debtors filed on April 23, 2009

GGP Limited Partnership B+G – 2006 Credit Facility (u) G – 2008 Credit Facility (s) 100%

Teachers’ Retirement System of the State of Illinois

Ivanhoe Equities V LP

118 Preferred Stockholders

TRS JV HoldCo, LLC

51% common stock 50%

GGP Ivanhoe, Inc. (REIT)

GGP-TRS L.L.C.

100% 100%

GGP-TRS Services, Inc. (TRS)

100%

49% common stock

50%

100%

Kenwood Mall Holding, LLC Clackamas Mall L.L.C.

100%

100%

Silver City Galleria L.L.C.

Florence Mall L.L.C.

100%

100%

100%

GGPTyler Mall L.L.C.

.5% GP 100%

100%

WV Sub, LLC

GGP Ivanhoe Services, Inc. (TRS)

Oaks Mall, LLC

Westroads Mall L.L.C.

99.5% LP

Tyler Mall Limited Partnership

Kenwood Mall L.L.C.

D-4

Chart D

*Entities with bold borders are Debtors filed on April 16, 2009 Entities with dotted borders are Debtors filed on April 23, 2009

GGP Limited Partnership B+G – 2006 Credit Facility (u) G – 2008 Credit Facility (s)

114 Preferred Stockholders

100%

GGP/Homart, Inc.

100%

100%

GGP General II, Inc.

99.5%

100%

GGPGGP Neshaminy Neshaminy Trust Trust

GGPBay City One, Inc.

100%

100%

GGPNewPark, Inc.

NewPark Anchor Acquisition, LLC

100%

100%

GGPPembroke Lakes, Inc.

GGPPembroke Lakes II, Inc.

100%

Superstition Springs, Inc.

100%

Chula Vista Center, LLC B – 2008 Credit Facility (s)

99.5%

100%

100%

100%

Parks at Arlington LLC

GGPMoreno Valley, Inc.

Tysons Galleria L.L.C.

B-PLD

B-PLD

B-PLD

99% LP 17%

1% GP

50% GP

83% Ho Retail Properties II Limited Partnership

100%

0.5%

Bay City Mall Associates L.L.C.

NewPark Mall L.L.C.

Alameda Mall L.L.C.

80% GP

50%

50%

JCP Realty, Inc.

JCP Realty, Inc.

B-PLD

Westcor Realty Limited Partnership

GGP-North Point, Inc. B-PLD

B-PLD

100%

50%

33.33%

100%

50%

33.33%

33.33%

Superstition Springs Holding, LLC

GGP-North Point Land L.L.C.

GGPSteeplegate, Inc. B-PLD

East Mesa Mall L.L.C. GGP-NewPark L.L.C.

New River Associates

100%

GGPBrass Mill Inc.

B-PLD

Alameda Mall Associates

33.33%

100%

Deerbrook Mall, LLC

Pembroke Lakes Mall Ltd.

33.33%

0.5% Westcor Realty Limited Partnership

100%

20% LP

B-PLD

Neshaminy Mall Joint Venture Limited Partnership

GGPArrowhead, Inc.

0.5% 99.5%

50% LP

B-PLD

B-PLD

OTR affiliate of Ohio State Teachers Retirement System

B-PLD

100%

100%

100%

100%

33.33% B-PLD GGP-Columbiana Trust

East Mesa Land L.L.C.

B – 2008 Credit Facility (s)

The Woodlands Mall Associates, LLC

GGP/ Homart Services Inc. (TRS)

SEE CHART E FOR SHARED ENTITIES*

B-PLD

NOTE: * Shared entities between GGP/Homart, Inc. and GGP/Homart II L.L.C. are found on Chart E

D-5

Chart E

*Entities with bold borders are Debtors filed on April 16, 2009 Entities with dotted borders are Debtors filed on April 23, 2009

GGP Limited Partnership B+G – 2006 Credit Facility (u) G – 2008 Credit Facility (s)

New York State Common Retirement Fund

114 Preferred Stockholders 50%

50%

50%

50%

GGP/Homart II L.L.C.

GGP/Homart, Inc.

.5%

100%

99.5%

100% 100%

99.5% GGPNorthbrook, Inc.

GGPBuckland Hills One, Inc.

.5%

Alderwood Mall Holding L.L.C.

GGPCarolina Place, Inc.

Montclair Plaza L.L.C.

.001%

.5%

99.999%

99.5%

100% 99.5%

Northbrook Court L.L.C. Pavilions at Buckland Hills L.L.C. 99.5% 99.5%

.5%

Alderwood Mall L.L.C.

.5%

.5%

Northbrook Court I L.L.C.

Carolina Place L.L.C.

80%

Northbrook Court II L.L.C.

20%

B-PLD

Westcoast Estates

D-6

Chart F

*Entities with bold borders are Debtors filed on April 16, 2009 Entities with dotted borders are Debtors filed on April 23, 2009

GGP Limited Partnership

New York State Common Retirement Fund

B+G – 2006 Credit Facility (u) G – 2008 Credit Facility (s)

50%

50%

GGP/Homart II L.L.C.

100%

117 Preferred Stockholders

100%

100%

100%

100%

100%

100%

100%

100%

First Colony Mall, LLC

Altamonte Mall L.L.C.

GGP Contractor, Inc. (TRS)

100% common shares 100% GGP-Natick Trust SEE CHART E FOR SHARED ENTITIES*

100% GGPNatick West L.L.C.

100%

100%

Glendale Anchor Acquisition, LLC

Willowbrook Mall Anchor Acquisition (TX), LLC

Willowbrook Mall (TX), LLC

Stonbriar Mall, LLC

CPM Land L.L.C. GGPOtay Ranch L.L.C.

Glendale Holding, Inc.

GGP-Natick Services, Inc. (TRS)

100% 100%

Glendale Holding L.L.C.

GGP-Glendale, Inc. Natick Mall, LLC

99.5% LP .5% GP

99.5% .5% GGP-Otay Ranch, L.P.

Glendale I Mall Associates, LLC

100%

Glendale II Mall Associates, LLC

100%

Glendale Ohrbach’s Association, LLC

NOTE: * Shared entities between GGP/Homart, Inc. and GGP/Homart II L.L.C. are found on Chart E

D-7

*Entities with bold borders are Debtors filed on April 16, 2009 Entities with dotted borders are Debtors filed on April 23, 2009

Chart G GGPLP L.L.C. B – 2006 Credit Facility (u) G – 2008 Credit Facility (s)

119 Preferred Stockholders

100%

Victoria Ward, Limited

100%

The Crossroads Mall Land, Inc.

100%

Saint Louis Land L.L.C.

100%

GGP-Maine Mall Land L.L.C. B-PLD

99.999%

.001%

100%

Victoria Ward Services, Inc. (TRS)

100%

Victoria Ward Center L.L.C. B-PLD

100%

VW Condominium Development, LLC

100%

Victoria Ward Entertainment Center L.L.C.

Land Trust No. 89433

Ward PlazaWarehouse, LLC B-PLD

B-PLD

100%

100%

The Crossroads Mall Land L.L.C.

100%

Land Trust No. 89434

100%

Ward GatewayIndustrialVillage, LLC B-PLD

100%

100%

Land Trust No. FHBTRES 200601

Land Trust No. FHBTRES 200602

D-8

Chart H

*Entities with bold borders are Debtors filed on April 16, 2009 Entities with dotted borders are Debtors filed on April 23, 2009

GGPLP L.L.C. B – 2006 Credit Facility (u) G – 2008 Credit Facility (s)

100%

100%

ER Land Acquisition L.L.C.

Eden Prairie Anchor Building L.L.C.

100%

100%

100%

Coronado Center Holding L.L.C.

GGPGlenbrook Holding L.L.C.

100%

GGP-Maine Mall Holding L.L.C.

Chico Mall L.L.C.

100%

Rogue Valley Mall Holding L.L.C.

99.5% LP 100%

North Star Anchor Acquisition, LLC

100%

100%

GGP-Mint Hill L.L.C.

Peachtree Mall, L.L.C.

Sikes Senter, LLC

B-PLD

Chico Mall, L.P.

B-PLD

B-PLD

Apache Mall, LLC

Redlands Land Acquisition Company L.L.C.

100%

100%

Saint Louis Galleria Holding L.L.C.

100%

Stonestown Shopping Center Holding L.L.C.

100%

Oakwood Hills Mall, LLC Lynnhaven Holding L.L.C.

MB

100%

Piedmont Mall L.L.C.

B – 2008 Credit Facility (s)

100%

Southwest Denver Land L.L.C. B – 2008 Credit Facility (s)

B-PLD

100%

100%

Spring Hill Mall L.L.C. B – 2008 Credit Facility (s)

100%

Chapel Hills Mall L.L.C.

Kapiolani Retail, LLC

B-PLD

99.5% LP 0.5% GP

100%

100%

GGPRedlands Mall L.L.C.

99.5% LP 0.5% GP

100%

100%

GGPRedlands Mall L.P.

0.5% GP

Redlands Land Acquisition Company L.P.

100%

100%

Saint Louis Galleria Anchor Acquisition L.L.C.

Stonestown Shopping Center L.L.C.

100%

100%

Birchwood Mall L.L.C.

Mall of the Bluffs LLC

B – 2008 Credit Facility (s)

B – 2008 Credit Facility (s)

100%

Augusta Mall Anchor Holding, LLC

100%

100%

Southwest Plaza L.L.C. Augusta Mall Holding, LLC

100%

100%

GGP Ala Moana Holdings L.L.C.

B – 2008 Credit Facility (s)

Baybrook Mall, LLC B-PLD

99.5% LP 0.5% GP 100%

GGPGlenbrook L.L.C. B-PLD

100%

100%

100%

Coronado Center L.L.C.

GGP-Maine Mall L.L.C.

Rogue Valley Mall L.L.C.

B-PLD

B-PLD

B-PLD

100%

Redlands Land Holding L.L.C.

100%

100%

Saint Louis Galleria L.L.C.

Stonestown Shopping Center, L.P.

B-PLD

B-PLD

Lynnhaven Mall L.L.C.

100%

Augusta Mall Anchor Acquisition, LLC

B-PLD

100%

100%

100%

Augusta Mall, LLC

GGP Kapiolani Development LLC

GGP Ala Moana L.L.C.

Coastland Center, LLC

B-PLD

B-PLD

B-PLD

B-PLD

100%

B-PLD

D-9

Chart I

*Entities with bold borders are Debtors filed on April 16, 2009 Entities with dotted borders are Debtors filed on April 23, 2009

General Growth Properties, Inc. B+G – 2006 Credit Facility (u) G – 2008 Credit Facility (s)

GGPLP L.L.C. B – 2006 Credit Facility (u) G – 2008 Credit Facility (s)

100%

99.5% 100% 100%

100%

100%

100%

100%

Eden Prairie Mall, Inc.

100%

99.5% LP

GGP-Mall of Louisiana, Inc

MB .5% GP

Bay Shore Mall, Inc.

Mall of Louisiana Land Holding, LLC 99.5% LP

100%

.5% GP

99%

MB

Mall of Louisiana Holding, Inc.

99.5%

Eagle Ridge Mall, Inc.

99.5% LP

Century Plaza, Inc.

.5% GP

Tracy Mall Partners II, L.P. 99%

99% LP

100%

100%

Tracy Mall, Inc. Knollwood Mall, Inc.

GGP-South Shore Partners, Inc.

Mall of Louisiana Land, LP

.5%

1% GP

5%

1%

5% GP

Bay Shore Mall Partners

GGPGateway Mall L.L.C.

Grand Traverse Mall Partners, L.P.

B-PLD

B-PLD

B-PLD

Pines Mall Partners

GGPLakeview Square, Inc.

GGPLansing Mall, Inc.

99.5% LP

99% LP

99% LP

5%

Eagle Ridge Mall, L.P.

Eden Prairie Mall L.L.C.

Tracy Mall Partners I, L.L.C.

B-PLD

B-PLD

.5%

.5% GP

.5% GP

.5% GP

Tracy Mall Partners, L.P. B-PLD

100%

100%

GGPGrandville II L.L.C.

MB

99.5%

99.5%

99.5% GP Bellis Fair Partners

100%

100%

Grandville Mall II, Inc.

100% 99.5% LP

99.5%

Bay Shore Mall II L.L.C. 99.5%

99.5% LP

1%

.5%

100%

GGPGrandville Land L.L.C.

100% 99.999% .001%

100%

100%

100%

Valley Hills Mall, Inc.

Park Mall, Inc.

Kalamazoo Mall, Inc.

Elk Grove Towne Center L.L.C.

Lockport L.L.C.

.5%

99.5%

.5025% 99.4975%

GGP-Mall of Louisiana II, LP

Grand Traverse Mall Holding, Inc.

GGPGateway Mall, Inc.

100%

100%

Century Plaza L.L.C.

GGP Knollwood Mall L.P. B-PLD

South Shore Partners, L.P.

1% GP

Lakeview Square Limited Partnership B-PLD

1% GP

Capital Mall, Inc.

Grandville Mall, Inc. 99.5% LP .5%

99.5% .5%

99.5%

99.5% .5%

.5%

.5%

.5%

Lansing Mall Limited Partnership

GGPGrandville L.L.C.

Valley Hills Mall L.L.C.

B-PLD

B-PLD

B-PLD

Park Mall L.L.C.

Kalamazoo Mall L.L.C.

B-PLD

B-PLD

Elk Grove Town Center, L.P.

99.5%

Capital Mall L.L.C. B-PLD

B-PLD GGP-Mall of Louisiana L.P. B-PLD

D-10

Chart J-1

*Entities with bold borders are Debtors filed on April 16, 2009 Entities with dotted borders are Debtors filed on April 23, 2009

GGPLP L.L.C. B – 2006 Credit Facility (u) G – 2008 Credit Facility (s)

100%

GGP Acquisition, L.L.C.

81.94226% GP

18.05774% LP

100%

Various holders of limited partnership interests

Price Development Company, Limited Partnership (See Drop Down A for properties held directly by this entity)

Price GP L.L.C.

100% 26.666% LP

73.334% GP

1% GP

Price Financing Partnership, L.P.

Price-Boise Company, Ltd.

100%

99% LP

.5%

99.5%

BTS Properties L.L.C.

100%

PDCLP JV HoldCo, LLC

Drop Down A

JCP Realty Inc.

JCP Realty Inc.

100%

25% LP

75% GP

100%

Boise Towne Plaza L.L.C. North Town Mall, LLC

Burnham Foundation

Thomas W. James

25%

25%

25%

75% GP

B-PLD B – 2008 Credit Facility (s)

Price Development Company, Limited Partnership – Directly Owned Properties _______________________________________________ II. Community Centers Alameda Plaza Balley Hills Village KIDK – Idaho Falls (Baskin Robbins 17th Street) Cottonwood Square Fremont Plaza Plaza 800 Plaza 800 – Skippers Plaza 9400 Plaza 9400 – Shops Red Cliffs Plaza Twin Falls Crossing Yellowstone Square Yellowstone Shop

Location Pocatello, Idaho Eugene, Oregon

Price-James Company

50%

Spokane Mall Development Company Limited Partnership 100%

TV Investment, LLC

Provo Mall Development Company, Ltd.

100%

100%

Boise Mall, LLC

500 West Associates, LLC

B-PLD

Majestic PartnersProvo, LLC

100%

Provo Mall L.L.C.

Spokane Mall L.L.C.

Idaho Falls, Idaho Salt Lake City, Utah Las Vegas, Nevada Sparks, Nevada Sparks, Nevada Sandy, Utah Sandy, Utah St. George, Utah Twin Falls, Idaho Idaho Falls, Idaho Idaho Falls, Idaho

D-11

Chart J-2

100%

500 West Capital, L.C.

100%

*Entities with bold borders are Debtors filed on April 16, 2009 Entities with dotted borders are Debtors filed on April 23, 2009

100%

Pierre Bossier Mall, LLC

White Mountain Mall, LLC

B – 2008 Credit Facility (s)

B – 2008 Credit Facility (s)

100%

100%

Gateway Crossing L.L.C.

GGP-UC L.L.C.

B-PLD

B-PLD

100%

Orem Plaza Center Street, LLC

100%

PDC Community Centers L.L.C. B-PLD

100%

100%

Price-ASG L.L.C.

Silver Lake Mall, LLC

B – 2008 Credit Facility (s)

B – 2008 Credit Facility (s)

100%

Visalla Mall L.L.C.

99.5%

100%

100%

Freemont Plaza L.L.C.

Plaza 800 L.L.C.

100%

100%

100%

100%

North Plains Mall, LLC

Cache Valley, LLC

100%

100%

100%

100%

Cottonwood Mall, LLC

Pine Ridge Mall L.L.C.

PDC-Red Cliffs Mall L.L.C.

PDCEastridge Mall L.L.C.

B-PLD

B-PLD

100%

100%

100%

.5% GP

Visalla Mall, L.P. B-PLD

Sierra Vista Mall, LLC B – 2008 Credit Facility (s)

Country Hills Plaza, LLC B-PLD

B – 2008 Credit Facility (s)

B – 2008 Credit Facility (s)

B-PLD

Three Rivers Mall L.L.C. B-PLD

River Falls Mall, LLC

Price Development TRS, Inc.

D-12

Chart K

*Entities with bold borders are Debtors filed on April 16, 2009 Entities with dotted borders are Debtors filed on April 23, 2009

The Rouse Company LP B - Rouse Notes (u) 120 Preferred Stockholders 100%

.0046918% common stock

GGP Holding, Inc. (Private REIT) 99%

1%

99.8853082% common stock + 480 preferred shares

100%

119 Preferred Stockholders

100%

GGP-Burlington L.L.C.

Chattanooga Mall, Inc.

100%

100%

DK Burlington Town Center LLC

Prince Kuhio Plaza, Inc.

GGP Holding Services, Inc. (TRS)

99.5%

0.5%

GGP Holding II, Inc. (Private REIT) 100%

Burlington Town Center II LLC

GGP Ivanhoe II, Inc.

1% GP

99% LP

GGP American Holdings Inc. (QRS)

GGP Ivanhoe IV Services, Inc. (TRS)

B-PLD

100%

100%

100%

Northgate Mall L.L.C.

100%

Ho Retail Properties I Limited Partnership

MB 100%

Caledonian Holding Company, Inc. (QRS)

B-PLD

The Burlington Town Center LLC

100%

100%

99.99% Eastridge Shopping Center L.L.C.

U.K.American Properties, Inc.

B-PLD

B-PLD

.01%

.01%

GGP-Canal Shoppes L.L.C.

~3.1% common

100%

99.99%

PC Lancaster L.L.C.

Grand Canal Shops II, LLC 100%

B-PLD

100%

90.7%

GGPLP L.L.C.

B – 2008 Credit Facility (s)

100%

100%

PC Lancaster Trust

Parcity Trust

50%

B – 2006 Credit Facility (u) G – 2008 Credit Facility (s)

Landmark Mall L.L.C.

100%

Boulevard Mall Inc.

50%

PARCIT-IIP Lancaster Venture 0.5%

99.5%

Cumberland Mall, LLC

U.K.LaSalle, LLC

B-PLD

~6.2% common

B+G – 2006 Credit Facility (u) G – 2008 Credit Facility (s)

B-PLD

100%

Mayfair Mall, LLC

GGP Limited Partnership

GGP Meadows Mall, L.L.C.

Parcity L.L.C. 100%

100%

G – 2006 Credit Facility (u)

Park City Holding, Inc.

100%

GGP American Properties Inc. (QRS)

G – 2006 Credit Facility (u)

100%

B-PLD

100%

100%

Oak View Mall L.L.C.

Lancaster Trust

B-PLD

B-PLD

100%

0.5%

99.5%

Boulevard Mall I LLC

Boulevard Mall II LLC

50%

50%

Boulevard Associates B-PLD Caledonia Holding Company, Inc. 100%

100%

100%

Southland Mall, Inc. Oglethorpe Mall L.L.C. B-PLD

GGP Savannah L.L.C.

0.5% GP

100%

GGPPecanland, Inc.

100%

0.5% GP

99.5% LP

Bakersfield Mall, Inc.

99.5% LP

Southland Mall, L.P. B-PLD

0.5% GP

GGP-Pecanland II, L.P.

99.5%

.5%

RS Properties Inc.

100%

100%

RASCAP Realty, Ltd. B-PLD

GGP-La Place, Inc.

99.5% LP

.5% GP

La Place Shopping, L.P.

Bakersfield Mall LLC

GGP-Pecanland, L.P. B-PLD

Pecanland Anchor Acquisition, LLC

100%

100%

B-PLD 99.5% LP

D-13

Chart L-1

*Entities with bold borders are Debtors filed on April 16, 2009 Entities with dotted borders are Debtors filed on April 23, 2009

GGP Holding, Inc. (Private REIT) 100%

HRD Remainder, Inc. (QRS)

100%

Columbia Mall, Inc. (QRS) 100%

100%

100%

100%

100%

ACB Parking Trust

Columbia Management, Inc.

HRD Parking Deck Business Trust

100%

CMI Corporate Parking Business Trust

Columbia Mall Business Trust

TRC Parking Business Trust

100%

100%

100%

100%

Forty Columbia Corporate Center, LLC

Fifty Columbia Corporate Center, LLC

Sixty Columbia Corporate Center, LLC

Seventy Columbia Corporate Center, LLC

100%

100%

100%

99% LP 100%

100%

99% LP

100%

100%

10 CCC Business Trust Benson Park Business Trust

Lakefront North Parking, Inc. (QRS)

HRD Parking, Inc. (QRS)

Wincopin Restaurant Business Trust

50%

Parkside Limited Partnership

99% LP

1% GP

Park Square Limited Partnership

99% LP

1% GP

Seventy Columbia Corporate Center Limited Partnership

American City Building Corporation

B-PLD

100%

100%

100%

20 CCC Borrower, LLC

Parkview Office Building Limited Partnership

30 CCC Borrower, LLC

50%

White Marsh Mall, LLC B-PLD 50%

1% GP

10 CCC Borrower, LLC

100%

1% GP

30 CCC Business Trust

20 CCC Business Trust

100%

100%

50 CCC Borrower, LLC

60 CCC Borrower, LLC

50% 100% White Marsh Phase II Associates

White Marsh Mall Associates

Running Brook Business Trust 50%

100%

100%

100%

The Mall in Columbia Holding, L.L.C.

40 CCC Borrower, LLC

Town Center East Business Trust

B-PLD 100% The Mall in Columbia Holding II, L.L.C.

50%

B-PLD 100%

100% White Marsh General Partnership

Running Brook Borrower, LLC

Columbia Mall SPE, LLC

100%

CCC Association Borrower, LLC

100%

CCC Exhibit Borrower, LLC

100%

CCC Ridgely Borrower, LLC

100%

CM Theatre Business Trust

100%

100%

100%

CM-N Business Trust

CM-H Business Trust

The Mall in Columbia Business Trust

100%

Mall Entrances Business Trust

100%

100%

Lot 48 Business Trust

Lot 49 Business Trust

D-14

Chart L-2

*Entities with bold borders are Debtors filed on April 16, 2009 Entities with dotted borders are Debtors filed on April 23, 2009

The Rouse Company LP GGP Holding, Inc. (Private REIT)

B – Rouse Notes (u) 100%

100%

The Hughes Corporation (TRS 2)

HRD Remainder, Inc. (QRS)

100% 100%

The Howard Hughes Corporation (TRS)

The Howard Research and Development Corporation (TRS)

100% 100%

100%

Bridgeland GP, LLC

LP RouseHouston, LLC

1% GP

99% LP

GGP Bridgeland, LP

100%

100%

Columbia Land Holdings, Inc. (TRS)

100%

100% Gateway Overlook II Business Trust

100%

Oakland Ridge Industrial Development Corporation (TRS)

100%

RousePhoenix Hotel Corporation (TRS)

Stone Lake. LLC (TRS)

100%

RousePhoenix Hotel Parking, Inc. (TRS)

100%

Rouse-Fairwood Development Corporation

Gateway Overlook III Business Trust

30% LP

Emerson Land, LLC

100%

Cypress LA, LLC

70% LP

100%

100%

100%

Emerson Land Business Trust

Gateway Overlook II Borrower, LLC

West Kendall Holdings, LLC

Rouse Holding Limited Partnership

46% GP & LP

54% LP

Rouse-Fairwood Development Limited Partnership 100%

100%

100%

100%

100%

100%

Town Center East Parking Lot Business Trust

Harper’s Choice Business Trust

LRVC Business Trust

Parcel C Business Trust

Parcel D Business Trust

Merriweather Post Business Trust

100%

100%

Rouse Transportation LLC

Rouse Merchant-Wired, Inc. (TRS)

Outside Third Parties 10.86%

100%

100%

100%

100%

100%

Fairwood Commercial Front Foot Benefit Company, LLC

Fairwood Front Foot Benefit Company, LLC

FairwoodFour FrontFoot Benefit Company, LLC

FairwoodGPP FrontFoot Benefit Company, LLC

FairwoodPromise FrontFoot Benefit Company, LLC

100%

FairwoodProspect FrontFoot Benefit Company, LLC

100%

FairwoodThree FrontFoot Benefit Company, LLC

89.14%

Merchant Wired, LLC

D-15

Chart M

*Entities with bold borders are Debtors filed on April 16, 2009 Entities with dotted borders are Debtors filed on April 23, 2009

The Howard Hughes Corporation (TRS)

100%

100%

100%

100%

100%

Westfield

Vista Commons, LLC

Red Rock Investment, LLC 100%

27.285%

MS/TWC Joint Venture (Morgan Stanley)

TWC Operating, LLC

100% Simon

1% GP

1% GP

43.2940%

99% LP MS TWC, Inc. (Morgan Stanley)

29.4209%

TWC Operating, LP

Stichting Pension Funds ABP

100%

TWC Land Development, LP

Tri-Party Non-856 Assets, LLC

56.5% LP 1% GP

42.5% GP

The Woodlands Operating Company, LP1

100% 100%

100%

100%

H-Tex, Inc. RA Hotel, Inc.

1% GP

56.5% LP

Rolim Associates

Summa Corporation

42.5% GP

50%

50%

Hughes Properties, Inc. (TRS)

TWC Land Development, LLC

99% LP

Rouse TriParty TRS, Inc. (TRS)

Clover Acquisition LLC

100%

RA CFH, LLC

RA West, Inc.

100%

The Woodlands Brokerage, LLC 1% GP

100%

The Woodlands

99% LP

The Woodlands Commercial Brokerage Company, LP

TWLDC Holdings, L.P.

100%

WECCR, Inc. TWLDC Holdings GP LLC 1% 99%

1% 99%

99% Corporate Housing Partnership

WECCR General Partnership

The Woodlands Land Development Company, LP1

100%

100%

The Woodlands Beverage, Inc.

Woodlands Acquisition, LLC

100%

Beverage Operations, Inc.

1% GP

100%

100%

The Woodlands Custom Residential Sales, LLC 50% 1% GP

Town Center Development Company GP, LLC

99% LP

The Woodlands Custom Sales, LP

Stewart Title Management Company, Inc.

1% GP

99% LP

Town Center Development Company, LP 7%

10101 Woodloch Forest LLC

1 GGP does not control this joint venture. For purposes of preparing this chart, GGP has relied on the most recent information provided by its joint venture partner regarding the joint venture's ownership percentages in its subsidiaries.

D-16

Chart N-1

*Entities with bold borders are Debtors filed on April 16, 2009 Entities with dotted borders are Debtors filed on April 23, 2009

GGP Limited Partnership

Rouse LLC

B+G – 2006 Credit Facility (u) G – 2008 Credit Facility (s)

G – 2006 Credit Facility (u)

99% LP

1% GP

The Rouse Company LP B – Rouse Notes (u) 100% United Health

The Rouse Company BT, LLC 6.8% 0.9999% GP

93.2%

99.00001% LP

100%

TRC Co-Issuer, Inc. B – Rouse Notes (u)

Summerlin Hospital Medical Center, L.P.

The Rouse Company Operating Partnership LP 100%

The Hughes Corporation (TRS 2) 100% 100%

100% The Howard Hughes Corporation (TRS)

Summerlin Corporation (TRS)

Princeton Land East, LLC

100% Rouse-Fairwood Development Corporation (TRS 5) (MD)

100%

1% LP 99% GP 100%

100% 98.999505% LP Simon

98.999505% LP

Westfield

91% LP 100%

100%

0.000495% LP

0.000495% LP

Rouse-Abbey, LLC

29.4209%

100%

Greengate Mall, Inc. (TRS) Rouse-Portland, LLC

43.2941%

The Rouse Company of Louisiana, LLC

Harbor Place Associates Limited Partnership 1451 Center Crossing Drive, LLC

100%

Rouse-New Orleans, LLC

100% 100%

27.285% 1% GP

1% GP

1% GP

Harborplace Borrower, LLC

New Orleans Riverwalk Limited Partnership

RouseWincopin, LLC Abbey Acquisition, LLC

8% LP

Pioneer Office Limited Partnership

Pioneer Place Limited Partnership

B – 2008 Credit Facility (s)

B – 2008 Credit Facility (s)

50%

B-PLD

1450 Center Crossing Drive, LLC

50%

New Orleans Riverwalk Associates

D-17

Chart N-2

*Entities with bold borders are Debtors filed on April 16, 2009 Entities with dotted borders are Debtors filed on April 23, 2009

The Hughes Corporation (TRS 2) 100%

The Howard Hughes Corporation (TRS) 100%

100%

100%

Rouse-Fairwood Development Corporation (TRS 5) See Chart L-2

Summerlin Corporation (TRS)

THC-HRE, LLC

43.2941%

56.7059%

The Rouse Company Operating Partnership LP

Hex Holding, LLC 94.423% LP

119 Preferred Stockholders

5.577% GP

Howard Hughes Properties, Limited Partnership

100% Common Stock

Hexalon Real Estate, Inc. (REIT) See Chart Q for other subsidiaries

100% 100% HRD Remainder, Inc.

99% LP

69.75%

0.07%

Rouse F.S., LLC

100%

100%

100% HHPLP JV HoldCo I, LLC

1% GP

HHP Government Services, Limited Partnership 30.18%

100%

Jim Christensen

100%

9901-9921 Covington Cross, LLC

9950-9980 Covington Cross, LLC

Rouse SI Shopping Center, LLC

Summerlin Centre, LLC

HHPLP JV HoldCo II, LLC

50% 50%

100%

100%

100%

100%

100%

100%

100%

100%

JMB

50%

47% LP 53% GP

47% LP

10000 Covington Cross, LLC

1120/1140 Town Center Drive, LLC

1201/1281 Town Center Drive, LLC

1251 Center Crossing, LLC

1645 Village Center Circle, LLC

53% GP

50%

100%

Fashion Show Mall, LLC B-PLD

Lake Meade & Buffalo Partnership

Trails Village Center Co.

Maguire PartnersPlaya Vista

Maguire PartnersPlaya Vista Area C

10190 Covington Cross, LLC

1160/1180 Town Center Drive, LLC

1551 Hillshire Drive, LLC

1635 Village Centre Circle, LLC

D-18

Chart P-1

*Entities with bold borders are Debtors filed on April 16, 2009 Entities with dotted borders are Debtors filed on April 23, 2009

The Rouse Company Operating Partnership LP

The Rouse Company LP

100%

100% 100%

100%

100%

100%

100%

100%

100%

100%

The Rouse Company of Texas, LLC

Howard Hughes Properties, Inc. (TRS 3) 10450 West Charleston Boulevard, LLC

100%

Columbia Crossing, LLC

Rouse Investing Company, LLC

Princeton Land, LLC

Arizona Center Parking, LLC

Rouse Office Management of Arizona, LLC

RousePhoenix Cinema, LLC

100%

100%

100%

100%

RouseHighland, LLC

Austin Mall, LLC

La Cantera Holding GP, LLC

100% 95% LP 100% Howard Hughes Properties IV, LLC

Howard Hughes Properties V, LLC

B-PLD

B-PLD

100%

100%

100%

99% LP

100% 5% GP

Howard Hughes Centerpoint, LLC

99% LP

1% GP

1% GP

1% GP

Bayside Marketplace, LLC Mall St. Matthews Company, LLC

100% 100%

Centerpoint Management, LLC

B-PLD

Beachwood Place Holding, LLC

Terrapin Acquisition, LLC

Harborplace Management Company, LLC

Two Arizona Center, LLC

99% LP

La Cantera Holding, LP

Austin Mall Limited Partnership RousePhoenix Corporate Center Limited Partnership

USAA Real Estate Company

RousePhoenix Theatre Limited Partnership

25% LP

CPI-Highland Associates, LP

75% GP 75% GP

2% GP

48% GP

50% GP

50%

La Cantera Retail Limited Partnership

50% 50%

25% LP

La Cantera Specialty Retail, LP

The Highland Mall Joint Venture

1% 100% 49%

MSM Property L.L.C. B-PLD

Howard Hughes Canyon Pointe Q4, LLC

10000 West Charleston Boulevard, LLC

Center Pointe Plaza LLC

0.5% GP

Beachwood Place Mall, LLC

99% LP

0.5% GP

Highland Mall Limited Partnership

B-PLD

B-PLD

D-19

Chart P-2

*Entities with bold borders are Debtors filed on April 16, 2009 Entities with dotted borders are Debtors filed on April 23, 2009

The Rouse Company Operating Partnership LP 100% 100%

Chesapeake Investors, LLC

100%

100%

100%

Three OM, LLC

Four OM, LLC

100%

Christiana Holdings I, LLC Christiana Holdings II, LLC

100%

100%

100%

50%

50%

Rouse Commercial Properties, LLC

Collin Creek Anchor Acquisition, LLC

Fashion Place Anchor, Acquisition, LLC

Faneuil Hall Marketplace, LLC

1% GP

99% LP

99% LP

1% GP

Christiana Acquisition, LLC 100%

100% 100% 100%

Rivers Park ABC, LLC 100%

Hunt Valley Title Holding Company, LLC

The Rouse Company of Minnesota, LLC

100% 1% GP 98% LP 1% GP

1% GP

1% GP 98% LP

100%

100%

100%

Collin Creek Mall, LLC

Woodbridge Center Property, LLC

Fashion Place, LLC

Seaport Marketplace, LLC

Princeton Land, LLC

Triangle Business Center I Limited Partnership

Four Owings Mills Corporate Center Land Limited Partnership

100%

100%

Three OM SPE, LLC

Four OM SPE, LLC

Christiana Mall, LLC

100% 100%

Riverspark Associates Limited Partnership

Three Owings Mills Corporate Center Land Limited Partnership

B-PLD Rouse Ridgedale Holding, LLC

B-PLD B-PLD

CMA Access Company, LLC 100%

5% GP

Rouse Ridgedale, LLC

95% LP

100%

South Street Seaport Limited Partnership

Seaport Marketplace Theatre, LLC

Ridgedale Center, LLC B-PLD

D-20

Chart P-3

*Entities with bold borders are Debtors filed on April 16, 2009 Entities with dotted borders are Debtors filed on April 23, 2009

The Rouse Company Operating Partnership LP 100% 100% 100%

100%

100%

100%

100%

100%

JPMorgan & NYSTERS

35%

Mizner JV Holdco, LLC

64% LP

Hocker Oxmoor Partners, LLC

HMF Properties, LLC

65%

Henley Holding Company

54% LP

One Owings Mills Corporate Center, LLC

50%

B-PLD TTC Member, LLC

Four State Properties, LLC

O.M. Land Development, LLC

RouseMizner Park, LLC

Two Owings Mills Corporate Center, LLC AON

50%

50% 1% GP

100%

1% GP

100%

35% LP 45% LP

50%

100% 100%

99%

100%

1% Mizner Park Holdings V, LLC

Hulen Mall, LLC Park Meadows Mall Holding, LLC

Rouse-Bridgewater Commons Mall, LLC Rouse-Towson Town Center, LLC

B-PLD

One Owings Mills Corporate Center Associates Limited Partnership

B-PLD TTC SPE, LLC

100%

0.5% Bridgewater Commons Mall, LLC

100%

100%

100%

100% Towson TC, LLC

Two Owings Mills Corporate Center Associates Limited Partnership

Rouse Southland, LLC

100% 99.5%

100%

The Rouse Company of Michigan, LLC

Mizner Park Venture, LLC

Hocker Oxmoor, LLC

100%

100%

100%

100%

Mizner Park Holdings I, LLC

Mizner Park Holdings II, LLC

Mizner Park Holdings III, LLC

Mizner Park Holdings IV, LLC

50% GP

50% GP

100%

Southland Center Holding, LLC

B-PLD Park Meadows Mall, LLC

100% 100% Bridgewater Commons Mall II, LLC

Bridgewater Commons Mall Development, LLC

Rouse-TTC Funding, LLC

1% GP

99% LP

99% LP

1% GP

Southland Center, LLC Crocker Downtown Development Associates

Crocker Mizner Park III, Ltd.

Crocker Mizner Park IV, Ltd.

B-PLD

B-PLD

B-PLD

B-PLD

D-21

Chart P-4

*Entities with bold borders are Debtors filed on April 16, 2009 Entities with dotted borders are Debtors filed on April 23, 2009

The Rouse Company Operating Partnership LP 100%

1% GP

100%

MS/TWC Joint Venture

TWC Commercial Properties, LLC

100%

100%

100%

100% 99% LP

Rouse Tri-Party Miscellaneous, LLC

MS/TWC, Inc.

TWC Commercial Properties, LP

Paramus Equities, LLC Westfield

Paramus Park, LLC

Simon

The Rouse Company of Florida, LLC

JPMorgan

43.29%

29.42%

GGPParamus Park Mall, LLC

27.29% TWCPC Holdings, L.P. Tri-Party Miscellaneous, LLC

100%

50%

99.50% LP

.50% GP 99% LP

75% LP

The Rouse Company at Owings Mills, LLC

Merrick Park Holding, LLC

50%

100%

1% GP

100%

87.5% LP

1% GP

42.5% GP

TWCPC Holdings GP, LLC

100%

The Rouse Company of Georgia, LLC

100% 56.5% LP

100%

100%

Perimeter Mall Venture, LLC

Providence Place Holdings, LLC MB

Governor’s Square Mall, LLC B-PLD

40%

JPMorgan & Cigna

60%

100%

60% 40%

RouseOakwood Shopping Center, LLC

B-PLD 100%

100%

95% LP

12.5% GP

Merrick Park, LLC

5% GP The Woodlands Commercial Properties Company, LP Owings Mills Limited Partnership B-2008 Credit Facility (s) 25% GP Various Interests1: Condo Assoc FV-93 Ltd (1%) Timbermill-94 Ltd (1%) Woodlands Sarofim #1 Ltd. (20%)

Woodlands Office Equities-95, Ltd.

Paramus Park Shopping Center Limited Partnership Oakwood Shopping Center Limited Partnership

Perimeter Mall, LLC B-PLD

Merrick Park Parking, LLC

Rouse Providence, LLC B-PLD

B-PLD 100% GP

RouseOrlando, LLC

OM Borrower, LLC

B-PLD

B-2008 Credit Facility (s)

1 GGP does not control this joint venture. For purposes of preparing this chart, GGP has relied on the most recent information provided by its joint venture partner regarding the joint venture's ownership percentages in its subsidiaries.

D-22

Chart P-5

*Entities with bold borders are Debtors filed on April 16, 2009 Entities with dotted borders are Debtors filed on April 23, 2009

The Rouse Company Operating Partnership LP HRD Remainder, Inc. (See structure under GGP Holding, Inc.)

100%

100%

100%

100%

98.88% 100%

100% 100% 100%

25% LP 25% LP

Northwest JV Holdco, LLC

The Village of Cross Keys, LLC

Baltimore Center, LLC B-PLD

Caselmar, LP

82.04%

99% LP

25% GP

74.5% LP 0.5% LP

RousePhoenix Development Company, LLC

Two Willow Company, LLC

The Rouse Company of Washington, LLC

1% GP

Lakeside Mall Holding, LLC

100%

One Willow Company, LLC

The Rouse Company of Ohio LLC

100%

100%

NSMJV, LLC

99% LP

1% GP

25% LP

99%

1.12%

3.24%

7.83% 25% GP

100%

RouseArizona Center, LLC

Hickory Ridge Village Center, Inc. (QRS)

Columbia Mall, Inc. (See structure under HRD Remainder, Inc.)

100%

100%

6.89%

Salem Mall, LLC

Rouse-Seattle, LLC 100%

65% LP 32% LP

B-PLD

100%

Rouse-Arizona Retail Center Limited Partnership B-PLD

17.66%

RousePhoenix Master Limited Partnership

North Star Mall, LLC

Rouse-Westlake Limited Partnership

49.5% LP 56.94%

Rouse-Westlake Limited Partnership II Franklin Park Mall, LLC

B-PLD

Lakeside Mall Property, LLC

82.34%

Outside Third Parties Mondawmin Business Trust

1.16%

13.97% 27.93% 49.5% LP

Baltimore Center Garage Limited Partnership

Willowbrook II, LLC

Franklin Park Mall Company, LLC

1% GP

1% GP

Baltimore Center Associates Limited Partnership

Northwest Associates

100%

Three Willow Company, LLC

100%

1% LP

1% LP

1%

Beachwood Place, LLC

100%

100%

67%

CapStar

100%

100%

100%

TRC Willow, LLC

Willow SPE, LLC

Weeping Willow RNA, LLC

B-PLD

33%

75% GP & LP B-2008 Credit Facility (s)

24% LP 1% LP

100% VCK Business Trust Mondawmin Borrower, LLC B-2008 Credit Facility (s)

B-PLD

Cross Keys Village Square Condominium, Inc.

Westlake Center Associates LP

36.50%

1%

62.50%

Willowbrook Mall, LLC B-PLD

D-23

Chart P-6

*Entities with bold borders are Debtors filed on April 16, 2009 Entities with dotted borders are Debtors filed on April 23, 2009

The Rouse Company Operating Partnership LP 100%

100%

Rouse-Urban Acquisition, LLC

Rouse-Urban, LLC

100% Westfield

Hexalon Real Estate, Inc. (Structure shown under THHC) Simon

54.232% GP & LP

The Rouse Company Protective Trust, Inc. (TRS 8)

16.6267% LP

0.1676% GP

1.4205% LP 27.553% GP & LP

Head Acquisition, LP

100%

Class A & C Limited Partners

94.4398% GP

RoPro TRS, Inc. (TRS)

5.5602% LP

100%

Urban Shopping Centers, LP

Rouse Oakbrook, LLC Industrial Mall Investors, LLC (CALPERS) 50% 100%

835 Michigan, LP (Lucent & RREEF)

50%

UC Oakbrook Genpar, LLC

100% 45% GP

55% GP

50.01% LP

1% GP

Water Tower Joint Venture

48.99% LP

Oakbrook Urban Venture, LP

Southpoint Land, LLC 100%

100%

100%

Southpoint Mall, LLC Water Tower, LLC

Oakbrook Shopping Center, LLC

Oakbrook Facilities Corporation (TRS)

D-24

Chart Q

*Entities with bold borders are Debtors filed on April 16, 2009 Entities with dotted borders are Debtors filed on April 23, 2009

GGP Limited Partnership B+G – 2006 Credit Facility (u) G – 2008 Credit Facility (s)

Hexalon Real Estate, Inc. (REIT)

0.20%

99.80%

General Growth Management, Inc. (TRS)

100%

2.38%

100%

100%

100%

100%

100%

100%

100%

100%

50%

Perimeter Center Miscellaneous Income LLC

50%

Harborplace, Inc.

MallFinder Network LLC

GGP Natick Residence LLC

Rouse-West Dade, Inc.

GGP Turkey Management, LLC

Hoover Mall Services, L.L.C.

Faneuil Hall Beverage, LLC

Valley Plaza Anchor Acquisition, LLC

The Learning Mall L.L.C.

Kapiolani Condominium Development, LLC

Perimeter Mall Facilities, LLC

NYSTERS

35%

32.5%

J.P. Morgan

32.5%

Four State Facility Corp (TRS)

D-25

Supplement to Appendix E – Corporate Reorganization Process Pursuant to Section 5.1 of the Plan, this supplement to Appendix E to the Disclosure Statement sets forth the contemplated merger, dissolution or consolidation of certain entities by the Plan Debtors in conjunction with implementation of the Plan. The proposed corporate reorganization is described herein on a property-by-property basis, as listed in the index below. For each property owned by the additional Plan Debtors, identified in the supplement to Appendix C to the Disclosure Statement attached hereto, this supplement to Appendix E to the Disclosure Statement includes: (i) a description of all corporate acts and property transfers, if any, necessary to implement the reorganization; (ii) a structure chart showing the current corporate structure, combined with an illustration of the proposed corporate reorganization, if any; and (iii) a structure chart showing the projected corporate structure upon emergence, if applicable. Capitalized terms used in this Appendix E are defined in Appendix A to the Disclosure Statement, as supplemented or amended. Page # E-1

US_ACTIVE:\43246799\05\47658.0008

Property Name Fox River Mall

FOX RIVER MALL: Fox River Shopping Center, LLC (DE) (Case No. 09-12113), is the owner of the mall known as Fox River Mall and is wholly owned by GGP Limited Partnership. There are no changes to this entity’s ownership structure.

C:\Documents and Settings\ann.spitler\Application Data\Microsoft\Templates\Normal.dot

E-1

FOX RIVER MALL No Structure Changes Upon Emergence General Growth Properties, Inc. ~96% GP KEY: Indicates Debtor not emerging from Bankruptcy Indicates entity/entities emerging from Bankruptcy ~4% LP Indicates change of entity type Indicates transfer of Ownership Interests Indicates entity is eliminated

Outside Limited Partners

GGP Limited Partnership

Indicates Merger Non-related Entity

Fox River Shopping Center, LLC

Fox River Mall (Appleton, WI)

100% ownership interest unless otherwise indicated State of Formation for the Entities is Delaware unless otherwise indicated.

E-2

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