Industry Pioneers

MATTHEW BUCKSBAUM
Chairman Emeritus

Matthew Bucksbaum is Chairman Emeritus of General Growth Properties, Inc. In 1954, after managing a retail supermarket business, he moved into the real estate development field by pioneering the construction of shopping malls. Mr. Bucksbaum graduated cum laude from the University of Iowa in 1949 with a Bachelor of Arts in Economics and has affiliations with Phi Beta Kappa and Order of Arts. In 1997, he received the Outstanding CEO Award from Realty Stock Review and the Retail Property Executive of the Year Award from Commercial Property News. He previously served as chairman of the International Council of Shopping Centers (ICSC) and is currently an ex-officio trustee. He is also a member of the Urban Land Institute (ULI) and the National Association of Real Estate Investment Trusts (NAREIT). Mr. Bucksbaum received the ULI Lifetime Achievement Award in 2002. Mr. Bucksbaum is a life trustee and past chairman of the Aspen Music Festival and School and a trustee of the Chicago Symphony Orchestra and Lyric Opera. Past associations also include serving as president of Temple B'nai Jeshurun and the Polk County Mental Health Association and past director of the Iowa Natural Heritage Foundation, all in Des Moines, Iowa.

JOHN BUCKSBAUM
Chairman

John Bucksbaum is Chairman of General Growth Properties, Inc. Mr. Bucksbaum received his Bachelor of Economics degree from the University of Denver (Colorado) in 1978. Professional affiliations include: past chairman and member of the Executive Committee of the International Council of Shopping Centers (ICSC); past chairman of the Zell/Lurie Real Estate Center at The Wharton School; trustee of the Urban Land Institute (ULI); trustee of the National Association of Real Estate Investment Trusts (NAREIT); a member of the National Realty Roundtable; and the University of California Berkeley's Fisher Center for Real Estate and Urban Economics Policy Advisory Board. In addition, Mr. Bucksbaum serves on the boards of the University of Chicago Hospitals, The Field Museum (Chicago), U.S. Ski & Snowboard Team, USA Cycling Team, and World T.E.A.M. Sports. He also is a member of the Young Presidents Organization and the Advisory Board of the Chicago Chapter of the American Jewish Committee.

ADAM METZ
Chief Executive Officer

Adam Metz is chief executive officer of General Growth Properties, Inc. Mr. Metz is a founding partner of Polaris Capital LLC. Before founding Polaris, Adam 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. 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 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.

ED HOYT
Interim Chief Financial Officer

Ed Hoyt is senior vice president and serves as interim chief financial officer of General Growth Properties, Inc. Prior to this appointment, he served as chief accounting officer, responsible for all the accounting activities of the Company--a role he continues as interim CFO. 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.

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. Mr. Michaels serves on the executive committee of the board of trustees for the International Council of Shopping Centers (ICSC), as well as 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 also has 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. Mr. Michaels received both his Bachelor of Science degree in Business Administration and his juris doctor from the University of South Dakota where he was editor of the Law Review. In 1989, he was named alumnus of the year by the University of South Dakota. He currently serves as a trustee of the University of South Dakota Foundation. Mr. Michaels is a member of the South Dakota, Iowa and Minnesota State Bar Associations and the American Bar Association.

SHARON POLONIA
Executive VP, Asset Management

Sharon Polonia is executive vice president of asset management of General Growth Properties, Inc. In this position, Ms. Polonia has co-oversight responsibility for General Growth's entire operating portfolio (excluding Third Party). Operational activities include leasing, management, development and specialty leasing. Prior to joining General Growth, Ms. Polonia was a senior vice president of asset management with Equity Property & Development Co., where she spent 12 years in various areas of retail real estate. Ms. Polonia graduated from Duquesne University in Pittsburgh, PA with a Bachelor of Science in Business and a minor in Economics.

WALLY BREWSTER
Senior VP, Marketing and Communications

Wally Brewster is senior vice president of marketing and communications for General Growth Properties, Inc. Mr. Brewster oversees a five division department that consists of corporate communications (internal and external), corporate/mall marketing, market research, retailer productivity and customer relationship management. He began his career with General Growth Properties in 1995 as a regional vice president of marketing for GGP's third party management division. He assumed the position of vice president of corporate communications in the summer of 1999. Under his direction in 2001, he realigned the corporate communications department along with four other divisions and was promoted to senior vice president. Prior to General Growth Properties, Mr. Brewster held marketing management positions with the Jim Collins Company, Imago Skin Care & Cosmetics and The Rouse Company. Mr. Brewster is a member of many professional organizations, including the International Council of Shopping Centers Public Relations Task Force and the Public Relations Society of America. He holds a Certified Marketing Director (CMD) designation from the International Council of Shopping Centers. Mr. Brewster earned a Bachelor of Business Administration degree with an emphasis on Business Marketing from Texas A&M University in College Station, Texas.

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, the real estate and industrial conglomerate controlled by Sam Zell. 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.