William Ackman

Chairman of the Board

William Ackman is the Founder and Managing Member of the General Partner of Pershing Square Capital Management, L.P., a registered investment adviser founded in 2003. Pershing Square is a concentrated, research-intensive, fundamental value investor in long and occasionally short investments in the public markets, typically focusing on large-cap and mid-cap companies. Mr. Ackman is a member of the Board of Dean's Advisors of the Harvard Business School and a Trustee of the Pershing Square Foundation.

Mr. Ackman formerly served as a Director of GGP from June 2009 to March 2010. Mr. Ackman's management experience and his prior service on the boards of public companies give him valuable insight in the operations of public companies, and his investment expertise provides him with knowledge in financial investments and strategy which can be applied to our industry and benefit our Board of Directors.

Mr. Ackman is a Director Nominee designated by Pershing Square, one of our Plan Sponsors, pursuant to the terms of the Investment Agreement with Pershing Square described under "Certain Relationships and Related Transactions, and Director Independence—Board of Directors" and as such represents shareholder interests.

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