GGP Management

ADAM METZ
Chief Executive Officer

Adam Metz is chief executive officer of General Growth Properties, Inc. Previously, Mr. Metz was a founding partner of Polaris Capital LLC, an owner of malls nationwide. Before founding Polaris, Mr. Metz was executive vice president and chief investment officer of Rodamco, North America, with approximately $6 billion of real estate assets, primarily in regional malls. Previously, he was president, chief financial officer and director of acquisitions for Urban Shopping Centers, Inc., a publicly-traded REIT that owned a portfolio of high-performing malls, where he worked from 1993 until its sale in 2000. Prior to joining Urban, he held positions in the capital markets group of JMB Realty and in the commercial real estate lending group at The First National Bank of Chicago.

TOM NOLAN
President and Chief Operating Officer

Tom Nolan is president and chief operating officer for General Growth Properties, Inc. Mr. Nolan was most recently a managing director of Trefethen & Co, a real estate advisory and investment firm. From 1984 to 2004, Mr. Nolan held various positions at AEW Capital Management LP, a national real estate investment advisor, including president and senior portfolio manager of the AEW Partners Group, the Private Equity division of AEW, as well as serving as a member of the firm's management and investment committees. At AEW, Mr. Nolan also represented institutional clients in the overall management of their real estate portfolios, with services ranging from troubled debt restructuring to initial public offerings.

ROBERT A. MICHAELS
Vice Chairman

Robert Michaels is vice chairman of General Growth Properties, Inc. Mr. Michaels began his career with General Growth in 1972. He served as general counsel for five years and as executive vice president and director of corporate leasing for 15 years. Prior to his vice chairman appointment, he served as president and chief operating officer of GGP. Mr. Michaels is one of the industry's most sought-after retail experts. He is a past member of the Executive Committee of the Board of Trustees for the International Council of Shopping Centers (ICSC) and currently serves on the Board of Directors for the Center for Urban Land Economics Research (CULER) at the School of Business for the University of Wisconsin-Madison. He has also served as ICSC Government Affairs chairman for the states of Iowa, Nebraska and South Dakota and as state director for Minnesota, South Dakota and North Dakota. Mr. Michaels is a frequent speaker on industry panels and has written numerous articles on the shopping center industry for various trade magazines and journals.

STEVEN J. DOUGLAS
Executive Vice President, Chief Financial Officer and Director of Accounting and Finance

Steven J. Douglas is executive vice president, chief financial officer and director of accounting and finance for General Growth Properties, Inc. Before joining GGP in July 2010, Mr. Douglas was president of Brookfield Properties Corporation. He was a key member of the Brookfield team for more than 16 years, serving in a variety of senior positions. Prior to his role as president, which he assumed in 2009, Mr. Douglas was a senior managing partner at Brookfield Asset Management, where he focused on the company's operations and international portfolio. From 2003 to 2006, he was chief financial officer of Falconbridge Limited. From 1996 until 2003, Mr. Douglas served as chief financial officer of Brookfield Properties, a period that saw the company's re-launch as a public company and the completion of three major acquisitions. During that time, Brookfield Properties' high quality office and residential portfolio grew from $4 billion to more than $12 billion. Mr. Douglas joined Brookfield from Ernst & Young. Mr. Douglas received his Bachelor of Commerce degree from Laurentian University and holds a Chartered Accountant (CA) designation.

MICHAEL H. McNAUGHTON
Executive Vice President and Head of Asset Management

Michael H. McNaughton is executive vice president and head of asset management for General Growth Properties, Inc. Mr. McNaughton joined GGP in 2001, where he most recently served as senior vice president with oversight of department stores, big box retailing, land, hotel and restaurant functions of the GGP portfolio. Prior to that, he was senior vice president of asset management with responsibility for 17 properties totaling 20 million square feet. Before joining GGP, Mr. McNaughton was a founding partner and senior vice president of CORO Realty Advisors, an Atlanta-based investment advisory brokerage and redevelopment firm. Mr. McNaughton served as a founding member of the Mixed-Use Development Forum of NAIOP, North America's commercial real estate development association. He is an active member of the Urban Land Institute and is a contributing author of the recent ULI publication, "Rethinking the Mall." Mr. McNaughton holds the RPA, SCLS and CCIM designations.

ED HOYT
Senior Vice President and Chief Accounting Officer

Ed Hoyt is senior vice president and chief accounting officer for General Growth Properties, Inc. Before joining General Growth Properties, Mr. Hoyt was a senior manager at Deloitte & Touche with accounting and consulting responsibilities in real estate and other industries. Mr. Hoyt is a member of the American Institute of Certified Public Accountants (AICPA), the Illinois CPA Society (ICPAS), the International Council of Shopping Centers (ICSC) and the Institute of Management Accountants (IMA). He is from the Chicago area and received both his bachelor and master's degrees in accountancy from Northern Illinois University.

RONALD L. GERN
Senior VP, General Counsel and Secretary

Ron Gern is senior vice president and general counsel of General Growth Properties, Inc. Prior to 1997, he was the vice president and general counsel of Kravco Company. From 1982 to 1985, he was associated with the law firm of Wolf, Block, Schorr & Solis-Cohen. Mr. Gern holds a Bachelor of Science degree from the University of Pennsylvania Wharton School and a Bachelor of Arts in International Relations from the University of Pennsylvania College of Arts and Sciences. He earned his law degree from the University of Virginia Law School. He is licensed to practice law in the states of Illinois and Pennsylvania and also holds a real estate broker's license in Pennsylvania. He is a member of both the ICSC law conference program committee and the American College of Real Estate Lawyers. He is a frequent lecturer on shopping center and real estate related topics.

JOEL BAYER
Chief Investment Officer

Joel Bayer is chief investment officer of General Growth Properties, Inc. In this position, he is responsible for overseeing all mergers, acquisitions, structuring joint ventures, financings, dispositions and strategic planning. Mr. Bayer has been instrumental in expediting the successful acquisition of CenterMark Properties, Homart, The Rouse Corporation and various other transactions with a combined dollar value of more than $40 billion for the company since 1993. Prior to joining GGP in 1993, Mr. Bayer held various positions with Equity Financial and Management Company. Among his responsibilities during the five years he was employed by Equity were supervising retail acquisitions for the Zell/Merrill Lynch Opportunity Fund and Equity Properties and Development Company. During his tenure, he also oversaw the predevelopment process for the first American-style Class "A" office building in Mexico City. Before his employment at Equity Financial and Management Company, Mr. Bayer was a project coordinator for Copaken, White & Blitt, supervising the development, management and leasing of retail properties in various locations. Mr. Bayer received his bachelor's degree from the University of Illinois, Urbana, Illinois, and his Master's in Business Administration from the University of Michigan, Ann Arbor, Michigan.

MARK PFEIFER
Head of Marketing and Corporate Communications

Mark Pfeifer is head of marketing and corporate communications at General Growth Properties, Inc. Mr. Pfeifer has more than 20 years of experience in brand marketing and product development, including leadership positions at both advertising agencies and the client side of the business. He has been an advertising executive at BBDO Advertising; Euro RSCG; Foote, Cone & Belding and Bozell, Inc. His clients have included Procter & Gamble, S.C Johnson, Kraft General Foods, Bayer Corporation and Bang & Olufsen. During his career he has created more than 20 successful and unique brand identities by building brand frameworks, tools and processes across a variety of consumer products, premium lifestyle brands and real estate projects. Since joining GGP in 2002, Mr. Pfeifer developed and implemented an advertising maximization strategy, streamlining more than five advertising agencies and approximately 20 disparate campaigns into two agencies and two consumer-relevant positioning campaigns for 220 shopping centers. He also successfully drove rapid growth in web traffic at GGP websites, launched a major integrated marketing effort and executed successful business-to-business marketing strategies that helped attract luxury retailers to GGP shopping centers.

CATHIE HOLLOWELL
Senior Vice President, Human Resources

Cathie Hollowell is is senior vice president, human resources for General Growth Properties, Inc. Ms. Hollowell has more than 25 years of human resource experience. She began her career with General Growth in 1998 with a focus on automation of HR services and payroll. Ms. Hollowell is frequently on customer advisory boards for HR professional vendors, such as Ultimate Software and SuccessFactors. Before joining GGP, she implemented and managed the HR systems for Comdisco, a computer leasing and disaster recovery firm in Rosemont, Illinois. In 2001 and 2003 she was the recipient of GGP's Pro Team award for her automation accomplishments. In 2007 she received the GGP Founders Award, bestowed for outstanding achievement once annually to a single employee. Also that year, she was honored by Gallup for excellence in management. Ms. Hollowell received her Bachelor of Arts degree, with a human resource management focus, from DePaul University in Chicago.