sign in sign up
<<
Home , Augusta Mall, Fashion Show Mall, Mizner Park, The Mall in Columbia, The Rouse Company, Westlake Center

Exhibit 12 – Organization Charts

This Exhibit 12 depicts: (i) the organizational structure of General Growth, as well as certain joint ventures in which General Growth holds ownership interests, as of the date on which the Chapter 11 Cases were originally commenced; (ii) the organizational structure of General Growth, as well as certain joint ventures in which General Growth holds ownership interests, as of October 1, 2010 following the corporate restructuring transactions contemplated in the Subsidiary Plans; (iii) the proposed organizational structure of Reorganized General Growth following the corporate restructuring transactions contemplated in the Plan; and (iv) the proposed organizational structure of Spinco and its subsidiaries and affiliates. Capitalized terms used in this Exhibit 12 are defined in Appendix A to the Disclosure Statement for Plan Debtors' Third Amended Joint Plan of Reorganization Under Chapter 11 of the Bankruptcy Code (the “Disclosure Statement”) [Docket No. 5865].1

1 This Exhibit 12 comprises the content of Appendix D to the Disclosure Statement, which was intended to be included in this Plan Supplement. EXHIBIT 12-A

GENERAL GROWTH ORGANIZATION CHART AS OF PETITION DATE

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

Bucksbaum Family General Growth Properties, Inc. Interests and Others B+G – 2006 Credit Facility (u) G – 2008 Credit Facility (s) State Common ~4% LP ~96% GP Retirement Fund

99.80% GGP Limited Partnership B+G – 2006 Credit Facility (u) 1 100% G – 2008 Credit Facility (s)

100% 90.70% Managing Member Rouse LLC 100% B+G – 2006 Credit Facility (u)

1% GP 99% LP LP B - Rouse Notes (u) 118 50% Preferred See Chart K, N-1 GGPI & GGPLP GGPLP Entities Stockholders Entities See Chart A 50% 6.8% LP 100% See Chart B 118 United 115 Preferred 100% .0046918% Preferred Health TRC Co-Issuer, Inc. Stockholders 100% Common Stockholders Stock B-Rouse Notes (u) GGP/Homart, Inc. GGP/Homart II L.L.C. Entities Entities 93.2% GP% GGP Holding, Inc. (Private REIT) TRS See Charts D & E See Charts E & F The Rouse Summerlin See Chart K JV HoldCo, LLC Company BT, LLC Hospital Medical Center, L.P. Ivanhoe 99.9953082% Equities 0.99999% GP 99.00001% LP = Third-party 120 Preferred common stock + 480 V LP Stockholders preferred shares B = Borrower Outside Preferred Teachers’ G Interests Retirement = Guarantor The Rouse Company Remaining Interests (DA Retail Investments, System of the PLD = Project Level Debt (secured) Operating Partnership LP held through GGP GGP Holding II, Inc. LLC) State of Holding II, Inc. (Private REIT) (u) = Unsecured Debt

See Charts 9.3% 50% 50% 51% 49% (s) = Secured Debt 100% P1, P2, P3, P4, P5, P6 = GGPLP GGP-TRS L.L.C. GGP Ivanhoe, Inc. = GGPI & GGPLP The Hughes Corporation 100% Entities (REIT) Entities (TRS 2) GGPLP L.L.C. = GGMI B – 2006 Credit Facility (u) See Chart C See Chart C See Charts N1-N3 = GGP Holding, Inc. 100% G – 2008 Credit Facility (s) 100% 100% HRD Remainder, Inc. = GGPLP L.L.C. The Howard Hughes Summerlin = GGPLP L.L.C. & GGPI Princeton Land Corporation (TRS) (QRS) Entities Corporation East, LLC = Victoria Ward (TRS) See Charts L-1 and L-2 See Chart M = Price Development Co. 100% GGPLP L.L.C. 100% 100% & GGPI Entities = TRS JV 119 Preferred 43.2941% = IVANHOE JV Rouse-Fairwood THC- Stockholders See Chart I Development Corporation HRE, = HOMART I (TRS 5) LLC = HOMART II JV Hex 120 Preferred See Chart L-2 56.7059% Holding, Stockholders = TRC LLC Victoria Ward, Limited GGPLP L.L.C. Entities GGP Acquisition, L.L.C. Entities = TRCOPLP General Growth 0.20% 100% = THC Management, Inc. See Chart G See Chart H See Charts J-1, J-2 (TRS) Hexalon Real Estate, Inc. = THHC (REIT) = TRS 3 1 The 2006 Credit Facility is secured by equity pledges in General Growth Properties, Inc., GGP Limited Partnership, Rouse LLC, GGP American Properties, Inc., and Caledonian Holding Company, Inc, but is otherwise unsecured. For purposes of this chart, the 2006 Credit Facility is considered unsecured. = HRD REMAINDER 1 *Entities with bold borders are Debtors filed on April 16, 2009 Chart A 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% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Westwood St. Cloud Champaign Colony Square Fox River Sooner Southlake Fallbrook Vista Ridge Town East River Hills GGP-Four Mall LLC Mall GGP Capital Market Mall L.L.C. GGP Shopping Fashion Mall Mall GGP 168th L.L.C. Square Rio West Mall, LLC Mall, LLC Mall, LLC River Hills Seasons L.L.C St. Cloud Holding GGP 125, LLC Trust I Place L.L.C. Development, Center, LLC L.L.C. L.L.C. Street, LLC Partners L.L.C. Land, LLC B – 2008 Land L.L.C. L.L.C. B-2008 Credit LLC B-PLD L.L.C. B-PLD B-PLD B-PLD B-PLD. Credit Facility B-PLD Facility (s) B-PLD B-PLD B-PLD (s) B-PLD

100% 0.01% GP 99.999% LP

Fallbrook Square Partners St. Cloud Mall L.L.C. Limited Partnership B-PLD B-PLD

100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

GGP-Foothills Fallen Timbers Lakeland Phase II Mall Square GGP Jordan GGP-Tucson Tucson L.L.C. Cannery Lincolnshire Shops, LLC Gateway Boise Town Coral Ridge GGP-Tucson Fallen Timbers Subsidiary, Mall, LLC Creek L.L.C. GGP Village GGP Mall L.L.C. Anchor AllenTowne Chicago, LLC Commons, LLC GGP Echelon Overlook Parke West, Square Anchor Natick Retail, Mall, LLC Land L.L.C. Shops II, LLC LLC at Jordan International, Acquisition, Mall, LLC B – 2008 Place, LLC B – 2008 Business LLC Acquisition, LLC B-PLD LLC Credit Facility B-PLD Credit Facility B-PLD Creek L.L.C. LLC B-PLD Trust LLC B-PLD (s) (s) B-PLD

100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% GGP- GGP GGP Wilson Hunt Genesis Hoover JV Rogers Ventures Ventures GGP Macon, Wilson Galleria, Schwyhart Development Holdco, LLC Retail Brazil Costa Rica, LLC Macon LLC Graham Holding L.L.C. L.L.C. Company L.L.C. VI, LLC Gateway 50% 50% 100% 100% 50% 50% GGP- West 50% 50% 50% 50% Newgate West Oaks Overlook GGP Turkey Newgate Oaks Mall Mall Land Anchor Borrower, Investco, LLC Mall, LLC Trust Acquisition, Acquisition, LLC Hoover Mall Holding, L.L.C. Rogers Retail L.L.C. LLC LLC GGP Genesis Costa Rica, LLC Shoppes at B-PLD B-PLD GGP GGP B-PLD River Brazil I Brazil II 100% 100% 100% 100% Crossing, L.L.C. L.L.C. LLC Riverchase Anchor Hoover Mall Limited, Pinnacle Pinnacle Hills, Acquisition, LLC L.L.C. South, LLC LLC

2 *Entities with bold borders are Debtors filed on April 16, 2009 Chart B 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% 100% 100% 100% 100% 100% 100%

Oklahoma GGP 110 General Growth – General Growth 170 Mall St. Greenwood GGP 110, Inc. Mall Inc. Holding L.L.C. Westlake (GP), Inc. (GP), LLC Vincent, Inc. Mall, Inc.

MSAB Holdings, Inc. 1% 99% 99.999% LP .001% GP 99.999% LP .001% GP 1% GP 99% LP 99.5% .5%

Oklahoma Mall L.L.C. Mall St. Vincent, L.P. L.L.C. 99.5% .5% General Growth – Westlake, L.P. General Growth 170, LP B-PLD B-PLD

GGP 110 Riley Inc. L.L.C. 99.999% .001% JCP Realty, d/b/a/ Riley Inc. Omega, Inc.

MSAB Holdings L.L.C. 1% 50% 49%

Development Resources Dayjay Associates Wacker, L.L.C. 100% AIL Investment L.P.

99% 1% Greenwood Mall Land, LLC

100%

GG DR, L.L.C. 50% 50% 50% 50% GP LP LP GP , LLC

Westlake Retail Associates, Ltd. 170 Retail Associates, Ltd.

3 *Entities with bold borders are Debtors filed on April 16, 2009 Chart C 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 Ivanhoe 118 Preferred System of the State of Illinois Equities V LP Stockholders

TRS JV HoldCo, LLC

51% common stock 49% common stock

50% 50%

GGP Ivanhoe, Inc. GGP-TRS L.L.C. (REIT)

100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Kenwood GGP- Mall Tyler Mall Holding, GGP-TRS L.L.C. GGP LLC Silver City Services, Clackamas Florence WV Sub, Ivanhoe Oaks Mall, Westroads Galleria Inc. Mall L.L.C. Mall L.L.C. LLC Services, Inc. LLC Mall L.L.C. L.L.C. (TRS) (TRS)

.5% GP 99.5% LP

100% Tyler Mall Limited Partnership

Kenwood Mall L.L.C.

4 *Entities with bold borders are Debtors filed on April 16, 2009 Chart D 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 100% Stockholders

GGP/Homart, Inc.

100% 100% 100% 99.5% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Chula Vista Parks at GGP- Tysons NewPark GGP- Center, GGP GGP- GGP- GGP- GGP- Arlington Moreno Galleria GGP Neshaminy Anchor Pembroke Superstition LLC General II, Bay City Neshaminy NewPark, Pembroke LLC Valley, Inc. L.L.C. Trust Acquisition, Lakes II, Springs, Inc. Inc. One, Inc. Trust Inc. Lakes, Inc. LLC Inc. B – 2008 B-PLD B-PLD B-PLD Credit 99.5% Facility (s)

99% LP 17% 100% 100% 0.5% 0.5% 99.5% 80% GP 20% LP 100% OTR affiliate of 1% GP 50% 83% State GGP- GP Deerbrook GGP-North Teachers Brass Mill Ho Retail Bay City Mall, LLC Point, Inc. Retirement Pembroke Inc. Properties II 100% Mall System NewPark Alameda Lakes Mall Limited Associates Mall Mall Ltd. B-PLD B-PLD Partnership L.L.C. B-PLD L.L.C. L.L.C. 50% LP B-PLD B-PLD B-PLD Westcor GGP- Neshaminy Realty 100% 100% Arrowhead, Mall Joint Limited 50% Inc. Venture 33.33% Partnership Limited GGP- Partnership 50% 50% JCP GGP-North Steeplegate, 33.33% Realty, Point Land Inc. Inc. 0.5% 50% L.L.C. Superstition B-PLD Alameda Mall Associates Springs 33.33% Westcor Holding, JCP B-PLD 33.33% Realty LLC Realty, East Mesa Limited Inc. Mall L.L.C. Partnership 100% B-PLD 100% 100% 100% GGP-NewPark L.L.C. 33.33% 33.33% New River B-PLD Associates GGP-Columbiana GGP/ SEE CHART Trust Homart E FOR East Mesa The Woodlands Services SHARED Land L.L.C. B – 2008 Credit Mall Associates, Facility (s) LLC Inc. (TRS) ENTITIES*

B-PLD

NOTE: * Shared entities between GGP/Homart, Inc. and GGP/Homart II L.L.C. are found on Chart E 5 *Entities with bold borders are Debtors filed on April 16, 2009 Chart E 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 114 Preferred Common Retirement Stockholders Fund 50% 50% 50% 50%

GGP/Homart, Inc. GGP/Homart II L.L.C.

.5% 100% 99.5%

100% 100% 99.5% .5%

GGP- Northbrook, Inc. GGP- Holding L.L.C. Buckland Hills One, Inc. GGP- Carolina Montclair Place, Inc. Plaza L.L.C. .001% .5% 100%

99.999% 99.5% 99.5%

Northbrook Court L.L.C. Pavilions at Buckland Hills L.L.C. Alderwood Mall 99.5% L.L.C. 99.5% .5% .5% .5%

Northbrook I Court II L.L.C. L.L.C.

Carolina Place L.L.C. 80% 20% B-PLD

Westcoast Estates

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

GGP Limited Partnership New York State Common B+G – 2006 Credit Facility (u) Retirement Fund G – 2008 Credit Facility (s)

50% 50% GGP/Homart II L.L.C.

100% 117 Preferred 100% 100% 100% 100% 100% 100% 100% 100% Stockholders 100% common shares 100%

GGP-Natick Trust Willowbrook Glendale GGP Anchor Mall Willowbrook Stonbriar Altamonte SEE 100% CPM Land First Colony Contractor, GGP- Acquisition, Anchor Mall Mall, Mall CHART E L.L.C. Mall, LLC Inc. Natick Acquisition (TX), LLC LLC L.L.C. FOR 100% 100% LLC (TRS) West (TX), LLC SHARED GGP- L.L.C. ENTITIES* GGP-Natick Glendale Otay Services, Inc. Holding, Inc. Ranch (TRS) L.L.C. 100% Glendale Holding 100% L.L.C. 99.5% LP

GGP-Glendale, .5% GP Inc.

Natick Mall, LLC 99.5% .5% GGP-Otay Ranch, L.P.

Glendale I Mall Associates, LLC

100% 100%

Glendale Ohrbach’s Glendale II Mall Associates, LLC Association, LLC

NOTE: * Shared entities between GGP/Homart, Inc. and GGP/Homart II L.L.C. are found on Chart E 7 *Entities with bold borders are Debtors filed on April 16, 2009 Chart G 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)

119 Preferred Stockholders 100%

Victoria Ward, Limited

100% 100% 100% 100% 100% 100% 100% 100%

Victoria Ward Ward Gateway- GGP- Mall Victoria Victoria Ward Ward Plaza- Entertainment Industrial- The Crossroads Saint Louis Land Land L.L.C. Ward Center L.L.C. Warehouse, LLC Center L.L.C. Mall Land, Inc. L.L.C. Services, Inc. Village, LLC B-PLD (TRS) B-PLD B-PLD B-PLD B-PLD

99.999% .001% 100% 100% 100% 100% 100%

VW Land Trust Land Trust Condominium Land Trust Land Trust No. FHB- No. FHB- The Crossroads Mall Land L.L.C. Development, No. 89433 No. 89434 TRES TRES LLC 200601 200602

8 *Entities with bold borders are Debtors filed on April 16, 2009 Chart H 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% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Oakwood Southwest Hills Mall, Spring Hill Redlands Denver Land Eden Prairie Coronado Stonestown LLC Piedmont Mall Mall L.L.C. Chapel Hills ER Land GGP- GGP-Maine Rogue Valley GGP- Land Saint Louis L.L.C. Anchor Center Chico Mall Shopping Lynnhaven L.L.C. Kapiolani Mall L.L.C. Acquisition Glenbrook Mall Holding Mall Holding Redlands Mall Acquisition Galleria Building Holding L.L.C. Center Holding L.L.C. B – 2008 B – 2008 Retail, LLC L.L.C. Holding L.L.C. L.L.C. L.L.C. L.L.C. Company Holding L.L.C. B – 2008 L.L.C. L.L.C. Holding L.L.C. Credit B-PLD Credit B-PLD L.L.C. Credit Facility (s) Facility (s) Facility (s)

99.5% 99.5% 99.5% LP LP LP

0.5% GP 0.5% GP 0.5% GP 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Birchwood Mall of the Southwest , Saint Louis North Star Peachtree , Chico Mall, Redlands Mall L.L.C. Bluffs LLC Plaza L.L.C. GGP Ala Baybrook LLC GGP- Galleria Stonestown Anchor GGP-Mint Hill Mall, L.L.C. LLC L.P. Land Augusta Mall Moana Mall, LLC Redlands Mall Anchor Shopping Anchor Acquisition, L.L.C. Acquisition B – 2008 B – 2008 Holding, LLC B – 2008 Holdings B-Goldman L.P. Acquisition Center L.L.C. Holding, LLC LLC B-PLD B-PLD B-PLD Company L.P. Credit Credit Credit L.L.C. B-PLD Loans (s) L.L.C. Facility (s) Facility (s) Facility (s)

99.5% LP

0.5% GP 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Augusta Mall GGP- Saint Louis Stonestown Coronado GGP-Maine Rogue Valley Lynnhaven Anchor Augusta Mall, GGP Kapiolani GGP Ala Coastland Glenbrook Redlands Galleria Shopping Development Center L.L.C. Mall L.L.C. Mall L.L.C. Mall L.L.C. Acquisition, LLC Moana L.L.C. Center, LLC L.L.C. Land Holding L.L.C. Center, L.P. LLC LLC L.L.C. B-PLD B-PLD B-PLD B-PLD B-PLD B-PLD B-PLD B-PLD B-PLD B-PLD B-PLD B-PLD

9 *Entities with bold borders are Debtors filed on April 16, 2009 Chart I 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% 99.999% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% .001% Tracy Mall, 100% Inc. GGP-South GGP- GGP- Valley Grand Eagle Eden GGP- Grandville Park Elk Grove Century Knollwood Shore Lakeview Grandville Hills Kalamazoo Traverse Ridge Prairie II, Mall, Towne GGP- .5% Plaza, Inc. Mall, Inc. Partners, Square, II L.L.C. Mall, Mall, Inc. Lockport 99.5% LP Bay Shore Mall, Mall Mall, Inc. Mall, Inc. Mall, Inc. Inc. Inc. Center Gateway GP Inc. Inc. B-PLD Inc. Mall of Inc. Holding, L.L.C. L.L.C. Mall, Inc. GGP- Inc. Grandville Land Holding, Tracy Mall 100% Land L.L.C. GGP-Mall of LLC Partners II, .5% Louisiana, Inc L.P. 99.5% 99.5% 99% 99% 99.5% LP .5% 99% 99.5% 99% 99% 99.5% 99.5% 99.5% 99.5% GP LP LP LP LP LP LP Grandville .5% 99.5% Mall, Inc. Capital 100% .5025% 1% 99.5% Mall, Inc. GP 99.5% 99.5% 99.5% 1% Tracy Mall .5% .5% GP 1% LP 99.4975% 1% 5% 1% 5% 5% .5% .5% .5% .5% .5% Mall of .5% GP GP Partners I, GP GP GP .5% .5% 99.5% GGP-Mall L.L.C. Land, LP Bay Shore Mall of Louisiana II L.L.C. 99.5% .5% Louisiana Holding, B – GP GP Lakeview II, LP Inc. Goldman GGP Lansing Mall GGP- Valley Bellis Fair GGP- Grand Eagle Ridge Eden Prairie Square Park Mall Kalamazoo Elk Grove Loan (s) 99.5% Gateway Mall Traverse Mall Knollwood South Shore Limited Grandville Hills Mall Partners Pines Mall Mall, L.P. Mall L.L.C. Century Limited L.L.C. Mall L.L.C. Town L.L.C. L.L.C. Partners, L.P. Tracy Mall Mall L.P. Partners, Partnership L.L.C. L.L.C. Partners Plaza L.L.C. Partnership Center, Partners, L.P. L.P. Bay Shore Mall B-PLD B-PLD B-PLD B-PLD B-PLD B-PLD B-PLD L.P. B-PLD .5% B-PLD B-PLD B-PLD B-PLD Partners B-PLD B-PLD 99.5% LP B-PLD GGP-Mall of Louisiana L.P.

B-PLD

10 *Entities with bold borders are Debtors filed on April 16, 2009 Chart J-1 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

Various holders 100% of limited Price Development Company, partnership Limited Partnership interests Price GP L.L.C. (See Drop Down A for properties held directly by this entity)

100% 26.666% LP 73.334% GP 1% GP 99% LP .5% 99.5% 100%

PDCLP JV JCP Price-Boise Price Financing HoldCo, LLC Realty Inc. Drop Down A Company, Ltd. Partnership, L.P. BTS Properties L.L.C.

Majestic JCP 25% LP 75% GP Partners- Realty Inc. Provo, 100% 100% 100% LLC Burnham Thomas Boise Towne Plaza L.L.C. Foundation W. James Provo Mall Development North Town Mall, LLC 25% 75% GP TV Investment, Company, Ltd. B-PLD LLC B – 2008 Credit Facility (s) Spokane Mall 25% 25% 50% Development Company 100% 100% 100% Price Development Company, Limited Partnership – Limited Partnership Directly Owned Properties Boise Mall, LLC 500 West ______Price-James Company Provo Mall 100% Associates, L.L.C. B-PLD LLC II. Community Centers Location Alameda Plaza Pocatello, Balley Hills Village Eugene, Spokane Mall L.L.C. KIDK – Idaho Falls (Baskin Robbins 17th Street) Idaho Falls, Idaho Cottonwood Square Salt Lake City, Fremont Plaza , Plaza 800 Sparks, Nevada Plaza 800 – Skippers Sparks, Nevada Plaza 9400 Sandy, Utah Plaza 9400 – Shops Sandy, Utah Red Cliffs Plaza St. George, Utah Twin Falls Crossing Twin Falls, Idaho Yellowstone Square Idaho Falls, Idaho Yellowstone Shop Idaho Falls, Idaho

11 *Entities with bold borders are Debtors filed on April 16, 2009 Chart J-2 Entities with dotted borders are Debtors filed on April 23, 2009

100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Pierre White Silver Price-ASG Visalla Mall Bossier Mountain Gateway PDC Lake Mall, GGP-UC L.L.C. L.L.C. Mall, LLC Mall, LLC Orem Plaza Community LLC 500 West Crossing L.L.C. Center Centers L.L.C. Capital, L.C. L.L.C. B – 2008 B – 2008 B – 2008 B – 2008 Street, LLC B-PLD Credit Credit 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Credit Credit B-PLD B-PLD Facility (s) Facility 99.5% .5% GP Facility (s) Facility (s) (s)

Visalla Mall, L.P. Country Cache Pine Sierra Vista North Plains PDC-Red PDC- B-PLD Hills Valley, LLC Ridge Three Rivers Freemont Plaza Mall, LLC Mall, LLC Cliffs Mall Eastridge River Price Plaza, Cottonwood Mall Mall L.L.C. Plaza 800 L.L.C. Mall L.L.C. Falls Mall, Development B – 2008 B – 2008 B – 2008 Mall, LLC LLC L.L.C. TRS, Inc. L.L.C. L.L.C. Credit Credit Credit B-PLD LLC Facility (s) Facility (s) B-PLD B-PLD B-PLD Facility (s) B-PLD

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

The Rouse Company LP B - Rouse Notes (u)

120 Preferred Stockholders 100%

GGP Holding, Inc. (Private REIT) .0046918% common stock

1% 99% 100% 99.8853082% common stock + 480 preferred shares 100% 119 Preferred Stockholders GGP-Burlington Chattanooga L.L.C. Mall, Inc. GGP Holding Services, Inc. (TRS) GGP Holding II, Inc. (Private REIT) 100% 100% 0.5% 99.5% DK Burlington 100% 100% 100% Town Center Prince Kuhio L.L.C. Plaza, Inc. LLC GGP American Holdings Inc. B-PLD GGP Ivanhoe IV Services, Inc. (TRS) (QRS) 100% 99% LP 1% GP GGP Ivanhoe II, Inc. Burlington Town 100% 100% Center II LLC Ho Retail Properties I Limited B-PLD Partnership Caledonian Holding Company, Inc. (QRS) GGP American Properties Inc. (QRS) 100% B-PLD G – 2006 Credit Facility (u) 100% B-PLD G – 2006 Credit Facility (u)

The Burlington Park City Town Center LLC 100% 100% Holding, Inc. GGP Limited Partnership 100% ~3.1% common ~6.2% common 99.99% 99.99% 100% B+G – 2006 Credit Facility (u) B-PLD .01% G – 2008 Credit Facility (s) GGP-Canal .01% GGP , L.L.C. 90.7% Eastridge U.K.- Shoppes L.L.C. Shopping American Parcity PC Lancaster B-PLD Center Properties, L.L.C. L.L.C. L.L.C. Inc. 100% GGPLP L.L.C. 100% 100% 100% 100% B – 2006 Credit Facility (u) B-PLD B-PLD PC G – 2008 Credit Facility (s) , Parcity Trust Lancaster Landmark Mall L.L.C. LLC Trust 100% Grand Canal Shops II, LLC B – 2008 Credit 50% 50% Boulevard 100% 100% 100% Facility (s) Mall Inc. B-PLD PARCIT-IIP Lancaster Venture 99.5% 0.5% 0.5% 99.5% Oak View Cumberland 100% Mall Boulevard Boulevard Mall, LLC U.K.- L.L.C. Mall I LLC Mall II LLC LaSalle, LLC Lancaster Trust B-PLD B-PLD B-PLD 50% 50% Boulevard Associates B-PLD

Caledonia Holding Company, Inc. 100% 100% 100% 100% 100% GGP- 100% 100% 100% 100% Southland Pecanland, GGP-La Mall, Inc. Inc. RS RASCAP Place, Inc. 0.5% GP 99.5% LP Oglethorpe Bakersfield Properties Realty, Ltd. GGP 0.5% GP 99.5% LP Mall, Inc. Mall L.L.C. GGP- Inc. Savannah Pecanland B-PLD 99.5% LP .5% GP L.L.C. Pecanland II, Anchor B-PLD 0.5% GP Southland Mall, L.P. Acquisition, L.P. LLC 99.5% .5% La Place Shopping, L.P. B-PLD GGP-Pecanland, Bakersfield Mall LLC L.P. B-PLD B-PLD 99.5% LP 13 *Entities with bold borders are Debtors filed on April 16, 2009 Chart L-1 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% 100% 100% 100% 100% 100% 100% 100% 100%

CMI Columbia Corporate Forty Fifty Sixty Seventy Columbia Mall Business Parking Columbia Columbia Columbia Columbia HRD Parking Trust Business Corporate Corporate Corporate Corporate Management, TRC Inc. Deck Trust Center, Center, Center, Center, ACB Parking Business LLC LLC LLC LLC Parking Trust Business Trust Trust 99% LP 100% 100% 99% LP 100% 100% 99% LP 1% GP 99% LP 1% GP 1% GP 10 CCC 20 CCC 30 CCC Business Business Business Trust Trust Trust Seventy Parkside Park Square Columbia Corporate G-Goldman G-Goldman G-Goldman Limited Partnership Limited Partnership American City Lakefront 1% GP Center Limited Benson Park HRD Parking, North Wincopin Loan (s) Loan (s) Loan (s) Partnership Building Restaurant G-Goldman G-Goldman Corporation Business Inc. Parking, Loan (s) Loan (s) Trust (QRS) Inc. Business B-PLD Trust (QRS) 100% 100% 100%

Parkview 10 CCC 20 CCC 30 CCC Office Building 100% 100% Borrower, Borrower, Borrower, Limited 100% LLC LLC LLC Partnership 50 CCC 60 CCC B-Goldman B-Goldman Borrower, Borrower, B-Goldman G-Goldman 50% , 50% Loan (s) Loan (s) Loan (s) LLC LLC LLC Loan (s) B-PLD B-Goldman B-Goldman Loan (s) Loan (s)

50% 50% 100% 100% 100% 100% 40 CCC White Marsh Mall White Marsh Phase II Holding, L.L.C. Borrower, Associates Associates Town Center East LLC B-PLD Running Brook Business Trust Business Trust B-Goldman 100% G-Goldman Loan (s) G-Goldman Loan (s) The Mall in Columbia 50% 50% Loan (s) Holding II, L.L.C. B-PLD

100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% White Marsh General Running CCC CCC Partnership CCC Brook Association Ridgely The Mall in Mall Exhibit CM Theatre CM-N CM-H Lot 48 Lot 49 Borrower, Columbia Mall Borrower, Borrower, Columbia Entrances Borrower, LLC Business Business Business Business Business LLC SPE, LLC LLC LLC Business Business B-Goldman Trust Trust Trust Trust Trust B-Goldman B-Goldman B-Goldman Trust Trust Loan (s) Loan (s) Loan (s) Loan (s)

14 *Entities with bold borders are Debtors filed on April 16, 2009 Chart L-2 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 HRD Remainder, Inc. (QRS) Corporation (TRS 2) 100% 100% The Howard Hughes Corporation (TRS) The Howard Research and Development Corporation (TRS)

100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Rouse-Fairwood Development Corporation

Oakland Ridge Rouse- Rouse- LP Rouse- Columbia Gateway Bridgeland 100% Industrial Stone Lake. Phoenix Phoenix 30% LP Houston, Land Overlook III GP, LLC Gateway Development LLC Hotel Hotel LLC Holdings, Business Overlook II Corporation (TRS) Corporation Parking, Inc. Inc. (TRS) Trust Business Trust (TRS) (TRS) (TRS) Emerson 1% GP 99% LP 100% Land, LLC

70% LP 100% 100% 100% GGP Bridgeland, LP Cypress LA, LLC Rouse Holding Limited Emerson Gateway Partnership Land Overlook II West Kendall Business Borrower, Holdings, LLC Trust LLC 54% LP 46% GP & LP

Rouse-Fairwood Development Limited Partnership

100% 100% 100% 100% 100% 100% 100% 100%

Rouse Rouse Merchant-Wired, Town Center Harper’s Transportation LLC LRVC Parcel C Parcel D Merriweather Inc. (TRS) East Parking Choice Business Business Business Post Business Lot Business Business Trust Trust Trust Trust Trust Trust 100% 100% 100% 100% 100% 100% 100%

Fairwood Fairwood Fairwood- Fairwood- Fairwood- Fairwood- Fairwood- Commercial Front Foot Four Front- GPP Front- Promise Front- Prospect Front- Three Front- Outside Third Parties Front Foot Benefit Foot Benefit Foot Benefit Foot Benefit Foot Benefit Foot Benefit Benefit Company, Company, Company, Company, Company, Company, 10.86% Company, LLC LLC LLC LLC LLC LLC LLC 89.14%

Merchant Wired, LLC

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

The Howard Hughes Corporation (TRS)

100% 100%

MS/TWC Joint Venture TWC (Morgan Stanley) 100% 100% 100% 100% 100% Operating, LLC TWC Land Development, LLC

Westfield Simon 99% LP Rouse Tri- Party TRS, 1% GP Inc. (TRS) 1% GP 99% LP Vista MS TWC, Inc. Commons, (Morgan Stanley) Red Rock 27.285% 43.2940% 29.4209% LLC TWC TWC Land Investment, Stichting Acquisition Operating, LP Development, LP LLC Pension LLC B-Goldman Funds 100% 100% Loan (s) ABP Tri-Party Non-856 Assets, LLC 56.5% LP 1% GP 42.5% GP 42.5% GP 50% 50% 1% GP 56.5% LP

Hughes 1 Properties, Summa Rolim Associates The Woodlands Operating Company, LP TWLDC Holdings, L.P. Inc. Corporation (TRS) 100% 100% 100% 100% 100% 100% 100% The Woodlands The Woodlands WECCR, Inc. Brokerage, TWLDC Holdings GP LLC H-Tex, Inc. LLC 1% 1% 99% 99% RA RA RA 1% GP 99% LP 99% Hotel, CFH, West, 1% GP LLC Inc. Inc. Corporate WECCR The Woodlands Housing General 1 Commercial Partnership Partnership The Woodlands Land Development Company, LP Brokerage Company, LP 100% 100% 100% 100% The Woodlands Woodlands The Woodlands Beverage, Inc. Acquisition, Custom Residential Town Center LLC Sales, LLC Development 50% Company GP, LLC 100% 1% GP 99% LP 1% GP Stewart Title 99% LP Beverage The Woodlands Management Operations, Inc. Custom Sales, Town Center Company, Inc. LP 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. 16 *Entities with bold borders are Debtors filed on April 16, 2009 Chart N-1 Entities with dotted borders are Debtors filed on April 23, 2009

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

99% LP 1% GP

The Rouse Company LP B – Rouse Notes (u)

100% 100% United The Rouse Company Health BT, LLC 6.8% TRC Co-Issuer, Inc. 93.2% B – Rouse Notes (u) 0.9999% GP 99.00001% LP

Summerlin Hospital The Rouse Company Operating Partnership LP Medical Center, L.P. 100%

The Hughes Corporation (TRS 2)

100% 100% 100% The Howard Hughes Corporation (TRS)

Summerlin Princeton Land 100% Corporation (TRS) East, LLC Rouse-Fairwood Development Corporation (TRS 5) (MD)

100% 1% LP

99% GP 100%

100% The Rouse 98.999505% LP 98.999505% LP Simon Westfield Company Harbor Place 91% LP of Associates Louisiana, 100% 0.000495% LP Limited 100% 0.000495% LP 100% LLC Partnership 1451 Center Crossing Drive, LLC Rouse-Abbey, 100% LLC B-Goldman Greengate Rouse-New 100% Loan (s) Mall, Inc. Orleans, LLC 100% Rouse-Portland, LLC (TRS) 29.4209% 43.2941% 27.285% 1% GP 1% GP 8% LP 1% GP Rouse- Borrower, LLC Wincopin, New Orleans 1450 Center LLC Riverwalk Limited Crossing Pioneer Office Partnership B-PLD Drive, LLC Limited Limited Abbey Acquisition, LLC Partnership Partnership 50% 50% B-Goldman Loan (s) B – 2008 Credit B – 2008 Credit Facility (s) Facility (s) New Orleans Riverwalk Associates

17 *Entities with bold borders are Debtors filed on April 16, 2009 Chart N-2 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%

Summerlin Corporation (TRS) Rouse-Fairwood Development THC-HRE, Corporation (TRS 5) LLC See Chart L-2

56.7059% 43.2941% The Rouse Company Operating Partnership LP

Hex Holding, LLC 119 Preferred Stockholders 94.423% LP 5.577% GP

Howard Hughes Properties, Limited Partnership 100% Common Stock

Hexalon Real Estate, Inc. (REIT)

See Chart Q for other subsidiaries

100%

100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% HRD HHPLP JV Jim 1% GP JMB Remainder, 99% LP HoldCo I, LLC Christensen Inc.

1645 10000 1201/1281 100% Village HHP Government Covington Town Center 1251 1120/1140 Center Services, Limited 9950-9980 HHPLP JV Cross, LLC Drive, LLC Center Covington Town Center Circle, LLC Partnership 9901-9921 Rouse SI HoldCo II, LLC Crossing, Cross, LLC Summerlin 50% 47% LP 47% LP Drive, LLC 30.18% 69.75% 0.07% Covington Shopping B-Goldman B-Goldman LLC Centre, LLC B-Goldman Cross, LLC Center, LLC Loan (s) Loan (s) B-Goldman 50% 50% 53% GP 53% GP Loan (s) Loan (s) 50% Rouse F.S., LLC

100%

Fashion Show Mall, LLC Maguire Lake Meade Maguire 1635 Trails Village Partners- 10190 1551 & Buffalo Partners- Village B-PLD Center Co. Playa Vista Covington Hillshire Partnership Playa Vista 1160/1180 Centre Area C Cross, LLC Drive, LLC Town Center Circle, LLC Drive, LLC B-Goldman B-Goldman B-Goldman Loan (s) Loan (s) Loan (s)

18 *Entities with bold borders are Debtors filed on April 16, 2009 Chart P-1 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% 100%

Howard Hughes The Rouse Company of , LLC Properties, Inc. (TRS 3) 10450 West Rouse Rouse Office Columbia Rouse- Charleston Investing Princeton Management Crossing, Center Phoenix Boulevard, Company, Land, LLC of Arizona, LLC Parking, LLC Cinema, LLC LLC LLC LLC 100%

100% 100% La 100% 100% Cantera 100% Holding GP, LLC USAA Real 95% LP 99% LP Rouse- Austin Mall, Highland, Estate 100% 100% 100% LLC 100% 100% Company LLC 99% LP Howard Howard 5% GP 1% GP Hughes Hughes Howard 1% GP 99% LP Properties IV, Properties V, Hughes 1% GP LLC LLC Centerpoint, LLC B-PLD B-PLD La Cantera Austin Mall Limited 25% LP 25% LP Rouse- Partnership Holding, Phoenix Rouse- LP Bayside Two Arizona Beachwood Harborplace Corporate Phoenix CPI-Highland Marketplace, Terrapin Center, LLC Center Limited 75% GP Place Management Theatre Associates, LP LLC Acquisition, Partnership Holding, Company, Limited Mall St. Centerpoint LLC G-Goldman LLC LLC G-Goldman Partnership 75% GP Matthews 100% Management, B-PLD Loan (s) 100% Loan (s) Company, LLC 2% GP 48% GP 50% GP LLC 50% La Cantera Retail La Cantera Limited Specialty Retail, LP 50% Partnership 50% The Joint 1% Venture 100% 49% Howard Hughes Center Pointe 0.5% GP 99% LP 0.5% GP Canyon Pointe Plaza LLC Q4, LLC

MSM Property Highland Mall Limited Partnership 10000 West Beachwood L.L.C. Charleston Place Mall, Boulevard, LLC B-PLD LLC B-PLD B-PLD

19 *Entities with bold borders are Debtors filed on April 16, 2009 Chart P-2 Entities with dotted borders are Debtors filed on April 23, 2009

The Rouse Company Operating Partnership LP

100% 100% 100% 100%

Chesapeake 100% 100% 100% Investors, Christiana LLC Holdings I, LLC

Three OM, Four OM, Christiana LLC LLC 100% Holdings II, 100% Fashion LLC Collin Creek Faneuil Hall Place Anchor 50% Marketplace, Anchor, Acquisition, 50% LLC Acquisition, LLC Rouse Commercial Properties, LLC LLC 1% GP 99% LP 1% GP 99% LP

Christiana Acquisition, LLC 100% 100% Three Owings Mills Four Owings Mills 100% Corporate Center Corporate Center Land Limited Land Limited 100% 100% 100% 100% Partnership Partnership Hunt Valley Title Rivers Park Holding The Rouse ABC, LLC Company, LLC Company of 100% 100% , LLC , LLC 1% GP 1% GP Woodbridge 98% LP 1% GP 1% GP 98% LP 100% Colin Creek Center Fashion 100% 100% Mall, LLC Property, Place, LLC 100% LLC Riverspark Triangle B-PLD B-PLD Rouse Ridgedale B-PLD Associates Business Three OM Four OM Seaport Princeton Holding, LLC Limited Center I Limited SPE, SPE, Marketplace, LLC Land, LLC Partnership Partnership CMA Access LLC LLC Company, LLC 100%

Rouse Ridgedale, 5% GP 95% LP LLC

100%

South Street Seaport Seaport Limited Marketplace , Partnership Theatre, LLC LLC

B-PLD

20 *Entities with bold borders are Debtors filed on April 16, 2009 Chart P-3 Entities with dotted borders are Debtors filed on April 23, 2009

The Rouse Company Operating Partnership LP

100% 100% 100%

100% 100% 100% 100% JPMorgan & NYSTERS 100% Mizner JV O.M. Land Development, LLC Holdco, LLC Rouse- , LLC 64% LP 54% LP Hocker 35% 65% HMF Oxmoor Henley Holding One Owings Two Owings Properties, Partners, Company LLC LLC Mills Mills Corporate Corporate B-PLD 50% Center, LLC Center, LLC Four State Properties, LLC TTC Member, AON LLC 50% 50% 100% 1% GP 1% GP 35% LP 45% LP 100% 50% 100% 100% 100% 99% 1% The Rouse Mizner Park Company of Mizner Park Venture, LLC , , Holdings V, LLC LLC LLC B-PLD One Owings Mills Two Owings Mills Rouse- Mall, LLC Corporate Center Corporate Center Mall Holding, B-PLD Associates Limited Associates Limited LLC Rouse-Towson 100% Town Center, TTC SPE, LLC Partnership Partnership LLC 100% Rouse 100% Southland, 99.5% LLC 100% 0.5%

Bridgewater Commons Mall, LLC 100% 100% 100% 100% 100% 100%

Southland Towson TC, Hocker Center LLC Oxmoor, Mizner Park Mizner Park Mizner Park Mizner Park Holdings I, Holdings II, Holdings III, Holdings IV, Holding, 100% LLC 100% LLC LLC LLC LLC LLC B-PLD Park Meadows Mall, LLC 100% 100% 50% GP 50% GP 1% GP 99% LP 99% LP 1% GP Bridgewater Bridgewater Commons Mall II, Commons Mall Southland LLC Development, LLC Rouse-TTC Center, LLC Funding, LLC Crocker Downtown Crocker Mizner Park Crocker Mizner Park Development Associates III, Ltd. IV, Ltd. B-PLD

B-PLD B-PLD B-PLD

21 *Entities with bold borders are Debtors filed on April 16, 2009 Chart P-4 Entities with dotted borders are Debtors filed on April 23, 2009

The Rouse Company Operating Partnership LP

100%

MS/TWC Joint 100% 100% 100% 100% 100% TWC Venture Commercial 100% Properties, 100% 100% LLC The Rouse Paramus Paramus Company 1% GP 99% LP Rouse Equities, The Rouse Company of , LLC Tri-Party Park, LLC of MS/TWC, LLC TWC Miscellaneous, , Inc. LLC Commercial LLC Westfield Simon Properties, 100% LP JPMorgan 100% 56.5% LP 1% GP 87.5% LP 42.5% GP 43.29% 29.42% GGP- 50% Merrick 27.29% Park TWCPC Holdings, L.P. 50% Holding, Mall, LLC LLC JPMorgan & Providence Governor’s Cigna 100% Tri-Party Miscellaneous, LLC 99.50% LP Place Square Mall, Holdings, 100% LLC LLC Perimeter 100% TWCPC .50% GP 40% 60% Mall Venture, B-PLD 60% Holdings 99% LP B-PLD The Rouse LLC 40% GP, LLC Company at Rouse- Owings Mills, Oakwood 75% LP LLC Shopping 1% GP Center, LLC B-PLD 100% 100% 95% LP Merrick Park 12.5% GP Merrick Park, LLC Parking, LLC 5% GP

The Woodlands Commercial Properties Company, LP Paramus Park Shopping Owings Mills Center Limited Rouse Limited Perimeter Partnership Providence, Partnership , LLC LLC B-2008 Credit Limited B-PLD B-PLD Facility (s) Partnership 25% GP B-PLD

Various 100% GP Interests1: Rouse- Woodlands Condo Assoc Orlando, LLC Office FV-93 Ltd Equities-95, (1%) B-PLD Ltd. OM Borrower, Timbermill-94 LLC Ltd (1%) Woodlands B-2008 Credit Sarofim #1 Facility (s) Ltd. (20%)

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. 22 *Entities with bold borders are Debtors filed on April 16, 2009 Chart P-5 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% 6.89% 100% Two 100% Willow Hickory Rouse- 1.12% Company, Ridge Arizona LLC The Rouse 100% Village Center, Company of Columbia Center, LLC , Rouse- 100% Mall, Inc. Inc. (QRS) LLC 100% Phoenix 100% (See Development One Center, structure The Rouse Company, Willow 100% 100% LLC under HRD Company of Ohio Remainder, LLC Company, The 3.24% LLC Inc.) LLC 25% LP 25% LP Village of B-PLD Northwest JV Cross Holdco, LLC Keys, 100% Three 100% 100% LLC 7.83% 99% 99% NSMJV, Willow Willowbrook 82.04% LP LP LLC Company, II, LLC 25% GP LLC Franklin Rouse-, LLC Salem Beachwood Park Mall Caselmar, 1% 1% 25% LP Mall, LLC Place, LLC Company, LP GP GP 65% LP 99% Lakeside Mall 100% LLC 25% GP 74.5% LP 32% LP 1% LP 1.16% 0.5% LP Holding, LLC 13.97% 1% GP 1% 1% LP 1% GP 27.93% 49.5% LP 49.5% LP Baltimore Center 56.94% Associates Limited Partnership Northwest Baltimore Center 100% Associates Rouse-Arizona Rouse- B-PLD Garage Limited North Star Retail Center Phoenix Rouse-Westlake Limited Partnership Rouse-Westlake Limited Partnership II Partnership Limited Mall, LLC Master Partnership , LLC Limited B-PLD 17.66% B-PLD Partnership Lakeside Mall 82.34% Property, LLC Outside Third Parties 100% 100% 100% Mondawmin CapStar B-PLD 100% 67% Business Trust 33% Weeping 75% GP & LP 24% LP TRC Willow 1% LP Willow B-2008 Credit Facility (s) Willow, SPE, RNA, LLC LLC LLC 100% VCK Business Trust Cross Keys 36.50% 1% 62.50% Village Square Associates LP Mondawmin B-PLD Condominium, Inc. Borrower, LLC

B-2008 Credit Facility (s) Willowbrook Mall, LLC

B-PLD

23 *Entities with bold borders are Debtors filed on April 16, 2009 Chart P-6 Entities with dotted borders are Debtors filed on April 23, 2009

The Rouse Company Operating Partnership LP

100% 100% 100% Westfield Hexalon Real Estate, Inc. Rouse-Urban Rouse-Urban, (Structure shown under Acquisition, LLC LLC THHC) Simon

54.232% GP & LP The Rouse Company 16.6267% LP 0.1676% GP 1.4205% LP Protective Trust, Inc. 27.553% GP & LP (TRS 8)

Head Acquisition, LP

100%

Class A & C Limited Partners RoPro TRS, Inc. (TRS)

94.4398% GP 5.5602% LP 100%

Urban Shopping Centers, LP

Rouse Oakbrook, LLC Industrial Mall Investors, LLC (CALPERS)

50% 50%

100% 835 Michigan, LP (Lucent & RREEF) UC Oakbrook Genpar, LLC 100% 55% GP 50.01% LP 45% GP 1% GP 48.99% LP

Water Tower Joint Venture Oakbrook Urban Venture, LP Southpoint Land, LLC

100% 100% 100% Southpoint Mall, LLC Oakbrook Facilities Corporation Water Tower, LLC Oakbrook Shopping Center, LLC (TRS)

24 *Entities with bold borders are Debtors filed on April 16, 2009 Chart Q 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)

99.80% 0.20%

General Growth Management, Inc. (TRS)

Perimeter J.P. 100% 2.38% 100% 100% 100% 100% 100% 100% 100% 100% 50% Center NYSTERS 35% Miscellaneous Morgan Income LLC

50% 32.5% 32.5%

GGP Turkey Hoover Mall Harborplace, MallFinder GGP Natick Rouse-West Faneuil Hall Valley Plaza Anchor The Learning Mall Kapiolani Condominium Four State Management, Services, Inc. Network LLC Residence LLC Dade, Inc. Beverage, LLC Acquisition, LLC L.L.C. Development, LLC Facilities, LLC Facility Corp (TRS) LLC L.L.C.

25 EXHIBIT 12-B

GENERAL GROWTH ORGANIZATION CHART AS OF OCTOBER 1, 2010 *Entities with bold borders are Debtors filed on April 16, 2009 Entities with dotted borders are Debtors filed on April 22, 2009

Bucksbaum Family General Growth Properties, Inc. Interests and Others B+G – 2006 Credit Facility (u) New York G – 2008 Credit Facility (s) State Common ~4% LP ~96% GP Retirement Fund

99.80% GGP Limited Partnership B+G – 2006 Credit Facility (u) 2 G – 2008 Credit Facility (s)

100% 90.70% Managing Member Rouse LLC 100% G – 2006 Credit Facility (u)

1% GP 99% LP The Rouse Company LP Spinco, Inc. New GGP, Inc. 100% B - Rouse Notes (u) 50% See Chart K, N-1 GGPI & GGPLP GGPLP Entities Entities 116 See Chart A Preferred 50% 100% See Chart B 117 115 Preferred 100% Stockholders .0046918% Preferred TRC Co-Issuer, Inc. Stockholders 100% Common Stockholders Stock B-Rouse Notes (u) GGP/Homart II L.L.C. Entities GGP Holding, Inc. (Private REIT) TRS GGP/Homart, Inc. See Charts E & F The Rouse See Chart K JV HoldCo, LLC Entities Company BT, LLC Ivanhoe See Charts D & E 99.9953082% Equities 0.99999% GP 99.00001% LP 120 Preferred common stock + 480 V LP Stockholders preferred shares Outside Preferred Teachers’ Interests Retirement The Rouse Company Remaining Interests (DA Retail Investments, System of the Operating Partnership LP held through GGP GGP Holding II, Inc. LLC) State of Illinois Holding II, Inc. (Private REIT)

See Charts 9.3% 50% 50% 51% 49% 100% P1, P2, P3, P4, P5, P6

GGP-TRS L.L.C. GGP Ivanhoe, Inc. = Third-party The Hughes Corporation 100% Entities (REIT) Entities B = Borrower (TRS 2) GGPLP L.L.C. G = Guarantor B – 2006 Credit Facility (u) See Chart C See Chart C See Charts N1-N3 100% G – 2008 Credit Facility (s) PLD = Project Level Debt (secured) The Howard Hughes HRD Remainder, Inc. (u) = Unsecured Debt Company, LLC (QRS) Entities (s) = Secured Debt See Chart M See Charts L-1 and L-2 MB = Mezzanine Borrower 100% GGPLP L.L.C. = Emerged Debtor 100% & GGPI Entities 100% = Plan Debtor 43.2941% 119 Preferred See Chart I Rouse-Fairwood THC- Stockholders = Wholly Owned Non-Debtor Development Corporation HRE, (TRS 5) LLC = Joint Venture Non-Debtor Hex = Additional entity formed in See Chart L-2 56.7059% Holding, connection with previously LLC Victoria Ward, Limited GGPLP L.L.C. Entities GGP Acquisition, L.L.C. Entities Emerged Debtors. General Growth 0.20% 100% Management, Inc. See Chart G See Chart H See Charts J-1, J-2 (TRS) Hexalon Real Estate, LLC

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 *Entities with bold borders are Debtors filed on April 16, 2009 Chart A Entities with dotted borders are Debtors filed on April 22, 2009 GGP Limited Partnership B+G – 2006 Credit Facility (u) G – 2008 Credit Facility (s)

100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Westwood Champaign Colony Square Fox River Sooner Southlake GGP-Four Columbia Mall Fallbrook Vista Ridge Town East , LLC St. Cloud GGP Capital Market Mall L.L.C. GGP Shopping Fashion Mall Mall Seasons GGP 168th L.L.C. Square Rio West Mall, LLC Mall, LLC Mall, LLC St. Cloud Mall L.L.C. GGP 125, LLC Trust I Place L.L.C. Development, Center, LLC L.L.C. L.L.C. L.L.C Street, LLC Partners, L.L.C. B – 2008 Land L.L.C. B-2008 Credit LLC B-PLD L.L.C. B-PLD B-PLD B-PLD Credit Facility B-PLD B-PLD Facility (s) B-PLD B-PLD B-PLD B-PLD. (s)

0.001% GP 99.999% LP

Fallbrook Square Partners Limited Partnership

B-PLD

100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

The Shoppes GGP-Foothills Fallen Timbers Lakeland at the Square GGP Jordan GGP-Tucson Tucson L.L.C. Cannery Lincolnshire Shops, LLC Gateway Boise Town Coral Ridge GGP-Tucson Fallen Timbers Palazzo, Mall, LLC Creek L.L.C. GGP Mall L.L.C. Anchor AllenTowne Chicago, LLC Commons, LLC GGP Echelon Overlook Parke West, Square Anchor Natick Retail, Mall, LLC Land L.L.C. Shops II, LLC LLC International, Acquisition, Mall, LLC B – 2008 Place, LLC B – 2008 Business LLC Acquisition, LLC B-PLD LLC B-PLD LLC Credit Facility B-PLD Credit Facility Trust LLC B-PLD (s) (s) B-PLD B-PLD

100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% GGP- GGP GGP Hoover JV Holdco, L.L.C. Hunt Rogers Ventures Ventures GGP Macon, Wilson Graham Retail Brazil Costa Rica, LLC Macon VI, LLC Holding L.L.C. L.L.C. L.L.C. New Gateway ZW Galleria, LLC 50% 50% 50% 50% GGP- West Wilson 100% Newgate West Oaks Overlook GGP Turkey Newgate Oaks Mall New Galleria, Mall Land Anchor Borrower, LLC Investco, LLC Mall, LLC Trust Wilson Rogers Retail L.L.C. Acquisition, Acquisition, LLC Galleria, LLC LLC LLC 49% 50% 1% B-PLD B-PLD Shoppes at B-PLD GGP River Hoover Mall 100% 100% Brazil I Crossing, 1% 50% 49% Holding, L.L.C. L.L.C. LLC 100% Pinnacle Pinnacle Hills, Riverchase Anchor Hoover Mall Limited, South, LLC LLC Acquisition, LLC L.L.C. D-2 50% *Entities with bold borders are Debtors filed on April 16, 2009 Chart B Entities with dotted borders are Debtors filed on April 22, 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% 100% 100%

GGP 110 General Growth – General Growth 170 GGP 110, Inc. Holding L.L.C. Westlake (GP), Inc. (GP), LLC

100% 99.999% .001% 99.999% LP .001% GP 1% GP 99% LP 100%

Oklahoma Mall L.L.C. Mall St. Vincent, LLC. Greenwood Mall L.L.C. 99.5% .5% General Growth – Westlake, L.P. General Growth 170, LP B-PLD B-PLD

GGP 110 Riley Inc. L.L.C. 100% JCP Realty, d/b/a/ Riley Inc. Omega, Inc.

MSAB Holdings L.L.C. 1% 50% 49%

Development Resources Dayjay Associates Wacker, L.L.C. 100% AIL Investment L.P.

99% 1% Greenwood Mall Land, LLC

100%

GG DR, L.L.C. 50% 50% 50% 50% GP LP LP GP Quail Springs Mall, LLC

Westlake Retail Associates, Ltd. 170 Retail Associates, Ltd.

D-3 *Entities with bold borders are Debtors filed on April 16, 2009 Chart C Entities with dotted borders are Debtors filed on April 22, 2009

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

100%

Teachers’ Retirement Ivanhoe 117 Preferred System of the State of Illinois Equities V LP Stockholders

TRS JV HoldCo, LLC

51% common stock 49% common stock

50% 50%

GGP Ivanhoe, Inc. GGP-TRS L.L.C. (REIT)

100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Kenwood GGP- Mall Tyler Mall Holding, GGP-TRS L.L.C. GGP LLC Silver City Services, Clackamas Florence WV Sub, Ivanhoe Oaks Mall, Westroads Galleria Inc. Mall L.L.C. Mall L.L.C. LLC Services, Inc. LLC Mall L.L.C. L.L.C. (TRS) (TRS)

.5% GP 99.5% LP

100% Tyler Mall Limited Partnership

Kenwood Mall L.L.C.

D-4 *Entities with bold borders are Debtors filed on April 16, 2009 Chart D Entities with dotted borders are Debtors filed on April 22, 2009

GGP Limited Partnership B+G – 2006 Credit Facility (u) G – 2008 Credit Facility (s) 116 Preferred 100% Stockholders

GGP/Homart, Inc.

100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Chula Washington Vista Parks at Tysons Park Mall, Bay City NewPark GGP- Center, GGP GGP- GGP- Arlington, Galleria LLC Mall, LLC GGP Neshaminy NewPark Anchor Pembroke Superstition LLC Moreno Neshaminy Pembroke LLC L.L.C. Trust GP, LLC Acquisition, Lakes II, Springs, Inc. Valley GP, Trust Lakes, Inc. B-PLD B-PLD LLC Inc. B – 2008 LLC B-PLD B-PLD Credit Facility (s)

100% 100% 100% 50% GP 50% LP 80% GP 20% LP 99% LP 1% GP OTR affiliate of 50% Ohio State Moreno Brass Mill GP Deerbrook North Point Teachers Valley Center, Mall, LLC Mall, LLC. 100% Retirement Pembroke Mall, LP LLC System NewPark Lakes Mall B-PLD B-PLD Mall, LP Ltd. B-PLD B-PLD

50% LP B-PLD B-PLD

Westcor GGP- Neshaminy Realty 100% 100% Arrowhead, Mall Joint Limited 50% Inc. Venture 33.34% Partnership Limited Partnership JCP Steeplegate 33.33% GGP-North Realty, Mall, LLC Inc. Point Land 50% L.L.C. Superstition B-PLD Springs 33.33% Westcor Holding, JCP 33.33% Realty LLC Realty, East Mesa Limited Inc. Mall L.L.C. Partnership 100% B-PLD 100% 100% 100%

33.33% New River 33.33% Associates , GGP/ SEE CHART LLC Homart E FOR East Mesa The Woodlands Services SHARED Mall Associates, Land L.L.C. B – 2008 Credit Inc. (TRS) ENTITIES* Facility (s) LLC B-PLD

NOTE: * Shared entities between GGP/Homart, Inc. and GGP/Homart II L.L.C. are found on Chart E D-5 *Entities with bold borders are Debtors filed on April 16, 2009 Chart E Entities with dotted borders are Debtors filed on April 22, 2009 GGP Limited Partnership B+G – 2006 Credit Facility (u) G – 2008 Credit Facility (s)

New York State 116 Preferred Common Retirement Stockholders Fund 100% 50% 50%

GGP/Homart, Inc. GGP/Homart II L.L.C.

.5% 100% 99.5%

100% 99.5% .5%

GGP- Northbrook, Inc. Alderwood Mall GGP- Holding L.L.C. Buckland Hills One, Inc. Montclair Plaza L.L.C. .001% .5% 100%

99.999% 99.5% 99.5%

Northbrook Court L.L.C. Pavilions at Buckland Hills L.L.C. Alderwood Mall 99.5% L.L.C. 99.5% .5% .5% .5%

Northbrook Northbrook Court I Court II L.L.C. L.L.C.

Carolina Place L.L.C. 80% 20% B-PLD

Westcoast Estates

D-6 *Entities with bold borders are Debtors filed on April 16, 2009 Chart F Entities with dotted borders are Debtors filed on April 22, 2009

GGP Limited Partnership New York State Common B+G – 2006 Credit Facility (u) Retirement Fund G – 2008 Credit Facility (s)

50% 50% GGP/Homart II L.L.C.

100% 115 Preferred 100% 100% 100% 100% 100% 100% 100% Stockholders 100% common shares 100%

GGP-Natick Trust Willowbrook Glendale GGP Anchor Mall Willowbrook Stonbriar Altamonte SEE 100% First Colony Contractor, GGP- Acquisition, Anchor Mall Mall, Mall CHART E Mall, LLC Inc. Natick Acquisition (TX), LLC LLC L.L.C. FOR 100% 100% LLC (TRS) West (TX), LLC SHARED GGP- L.L.C. ENTITIES* GGP-Natick Glendale Otay Services, Inc. Holding, Inc. Ranch (TRS) L.L.C. 100% Glendale Holding 100% L.L.C. 99.5% LP

GGP-Glendale, .5% GP Inc.

Natick Mall, LLC 99.5% .5% GGP-Otay Ranch, L.P.

Glendale I Mall Associates, LLC

100% 100%

Glendale Ohrbach’s Glendale II Mall Associates, LLC 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 Chart G Entities with dotted borders are Debtors filed on April 22, 2009

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

117 Preferred Stockholders 100%

Victoria Ward, Limited

100% 100% 100% 100% 100% 100% 100%

Victoria Ward Ward Gateway- GGP-Maine Mall Victoria Victoria Ward Ward Plaza- Entertainment Industrial- Saint Louis Land Land L.L.C. Ward Center L.L.C. Warehouse, LLC Center L.L.C. Village, LLC L.L.C. Services, Inc. B-PLD (TRS) B-PLD B-PLD B-PLD B-PLD

100% 100% 100% 100% 100%

VW Land Trust Land Trust Condominium Land Trust Land Trust No. FHB- No. FHB- Development, No. 89433 No. 89434 TRES TRES LLC 200601 200602

D-8 *Entities with bold borders are Debtors filed on April 16, 2009 Chart H Entities with dotted borders are Debtors filed on April 22, 2009

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

100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Oakwood Southwest Stonestown Hills Mall, Spring Hill Redlands Saint Louis Denver Land Eden Prairie GGP-Maine Shopping LLC Piedmont Mall Mall L.L.C. Chapel Hills ER Land GGP- GGP- Land Galleria L.L.C. Anchor Coronado Mall L.L.C. Chico Mall Rogue Valley Center Lynnhaven L.L.C. Kapiolani Mall L.L.C. Acquisition Glenbrook Redlands Mall Acquisition L.L.C. Building Center L.L.C. L.L.C. Mall L.L.C. Holding L.L.C. Mall L.L.C. B – 2008 B – 2008 Retail, LLC L.L.C. Holding L.L.C. L.L.C. Company B – 2008 L.L.C. B-PLD Credit B-PLD Credit B-PLD L.L.C. B-PLD. Credit MB Facility (s) Facility (s) Facility (s)

99.5% 99.5% 99.5% LP LP LP

0.5% GP 0.5% GP 0.5% GP 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Birchwood Mall of the Southwest Saint Louis North Star Peachtree Sikes Senter, Chico Mall, Apache Mall, Redlands Mall, LLC Bluffs, LLC Augusta Mall, Plaza L.L.C. GGP- Galleria Stonestown Baybrook Coastland Anchor GGP-Mint Hill Mall L.L.C. LLC L.P. LLC Land LLC Redlands Mall Anchor , LLC Center, LLC Acquisition, L.L.C. Acquisition B – 2008 B – 2008 B – 2008 L.P. Acquisition Center L.L.C. LLC B-PLD B-PLD B-PLD Company L.P. Credit Credit B-PLD Credit L.L.C. B-PLD B-PLD Facility (s) Facility (s) Facility (s)

0.5% GP 99.5% LP 100% 100% 100% 100%

GGP- Stonestown GGP Kapiolani GGP Ala Glenbrook Redlands Shopping Development Moana L.L.C. L.L.C. Land Holding Center, L.P. LLC L.L.C. B-PLD B-PLD B-PLD B-PLD

D-9 *Entities with bold borders are Debtors filed on April 16, 2009 Chart I Entities with dotted borders are Debtors filed on April 22, 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%

100% 100% 100% 100% 100% 100% 100% 100%

100% GGP- Grandville Elk Grove Century Grandville II L.L.C. Mall II, Towne Plaza, Inc. Lockport 99.5% LP Bay Shore GP, LLC Center Mall of LLC Tracy MB L.L.C. L.L.C. MOL Holding Louisiana Mall Company, Land Holding, Partners 100% LLC LLC I, L.L.C. 99% MB .5% 100% 100% 100% 100% 99.5% 100% 100% 99% 100% 99.5% Grandville 99.5% 99.5% GP LP Mall, LLC .5% .5% 100% 99.5% LP GP 1% 100% 100% 100% 99.5% 1% .5% .5% .5% GGP-Mall .5% 100% of Mall of Mall of Louisiana Louisiana Louisiana Holding, Holding, Land, LP 1% LLC Inc. GP Grand GGP- Tracy Mall Lakeview Lansing GGP- Valley Bellis Fair Traverse Mall, Eagle Ridge Eden Prairie Knollwood Park Mall Kalamazoo Elk Grove Capital Mall MB Gateway Mall Partners, Square Mall, LLC Grandville Hills Mall 99% LP Mall, LLC LLC Pines Mall, Mall, LLC Mall L.L.C. Century Mall, LLC South Shore L.L.C. Mall L.L.C. Town L.L.C. L.L.C. L.P. Mall, LLC L.L.C. L.L.C. LLC Plaza L.L.C. Mall, L.L.C. Center, Bay Shore Mall, B-PLD B-PLD B-PLD B-PLD B-PLD B-PLD L.P. B-PLD B-PLD B-PLD B-PLD B-PLD B-PLD B-PLD B-PLD .5% LP 99.5% 100% B-PLD Mall of Louisiana, LLC

B-PLD

GGP- Grandville Land L.L.C.

D-10 *Entities with bold borders are Debtors filed on April 16, 2009 Chart J-1 Entities with dotted borders are Debtors filed on April 22, 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

Various holders 100% of limited Price Development Company, partnership Limited Partnership interests Price GP L.L.C. (See Drop Down A for properties held directly by this entity)

100% 26.666% LP 73.334% GP 1% GP 99% LP .5% 99.5% 100% Price-James JV HoldCo, JCP Price-Boise Price Financing Boise Towne Plaza L.L.C. Realty Inc. Drop Down A LLC Company, Ltd. Partnership, L.P. B-PLD Majestic JCP 25% LP 75% GP Partners- Realty Inc. Provo, 100% 100% LLC Burnham Thomas Foundation W. James Boise Mall, LLC Provo Mall Development North Town Mall, LLC 25% 75% GP Company, Ltd. B – 2008 Credit Facility (s) B-PLD Spokane Mall 25% 25% 50% Development Company 100% 100% Price Development Company, Limited Partnership – Limited Partnership Directly Owned Properties 500 West ______Price-James Company Provo Mall 100% Associates, L.L.C. LLC II. Community Centers Location Alameda Plaza Pocatello, Idaho Balley Hills Village Eugene, Oregon Spokane Mall L.L.C. KIDK – Idaho Falls (Baskin Robbins 17th Street) Idaho Falls, Idaho Cottonwood Square Salt Lake City, Utah Fremont Plaza Las Vegas, Nevada Plaza 800 Sparks, Nevada Plaza 800 – Skippers Sparks, Nevada Plaza 9400 Sandy, Utah Plaza 9400 – Shops Sandy, Utah Red Cliffs Plaza St. George, Utah Twin Falls Crossing Twin Falls, Idaho Yellowstone Square Idaho Falls, Idaho Yellowstone Shop Idaho Falls, Idaho

D-11 *Entities with bold borders are Debtors filed on April 16, 2009 Chart J-2 Entities with dotted borders are Debtors filed on April 22, 2009

100% 100% 100% 100% 100% 100% 100% 100% 100%

Pierre White Silver Bossier Mountain PDC Lake Mall, Gateway GGP-UC L.L.C. Mall, LLC Mall, LLC Orem Plaza Community LLC 500 West Crossing L.L.C. Center Centers L.L.C. Capital, L.C. L.L.C. B – 2008 B – 2008 B – 2008 Street, LLC B-PLD Credit 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Credit B-PLD Credit B-PLD Facility 99.5% .5% GP Facility (s) Facility (s) (s)

Visalia Mall, L.P. Country Cache Pine Sierra Vista North Plains PDC-Red PDC- B-PLD Hills Valley, LLC Ridge Three Rivers Fremont Plaza Mall, LLC Mall, LLC Cliffs Mall Eastridge River Price Plaza, Cottonwood Mall Mall L.L.C. Plaza 800 L.L.C. Mall L.L.C. Falls Mall, Development B – 2008 B – 2008 B – 2008 Mall, LLC 100% LLC L.L.C. TRS, Inc. L.L.C. L.L.C. Credit Credit Credit B-PLD LLC Facility (s) Facility (s) B-PLD B-PLD B-PLD Facility (s) B-PLD

Animas Grand Teton Salem , Mall, LLC Center, LLC LLC

B – 2008 B – 2008 B – 2008 Credit Credit Credit Facility (s) Facility (s) Facility (s)

D-12 *Entities with bold borders are Debtors filed on April 16, 2009 Chart K Entities with dotted borders are Debtors filed on April 22, 2009

The Rouse Company LP B - Rouse Notes (u)

120 Preferred Stockholders 100%

GGP Holding, Inc. (Private REIT) .0046918% common stock

1% 99% 99.9953082% common stock + 480 preferred shares 100% 119 Preferred Stockholders Burlington Town Center II LLC MB GGP Holding Services, 100% Inc. (TRS) GGP Holding II, Inc. (Private REIT) 100% 100% 100% 100% Northgate Mall L.L.C. GGP American Holdings Inc. The Burlington B-PLD GGP Ivanhoe IV Services, Inc. (TRS) (QRS) Town Center 99% 1% GGP Ivanhoe II, Inc. LLC 100% 100% B-PLD , LLC Caledonian Holding Company, Inc. (QRS) GGP American Properties Inc. (QRS) B-PLD G – 2006 Credit Facility (u) G – 2006 Credit Facility (u) 100%

100% 100% 100% 100% GGP Limited Partnership Park City ~3.1% ~6.2% B+G – 2006 Credit Facility (u) Center common common Grand Northridge GGP Meadows Mall L.L.C. G – 2008 Credit Facility (s) Eastridge Business Canal GP, LLC Shopping Trust B-PLD ~90.7% Center Shops II, L.L.C. LLC B-PLD 99% 1% 100% 100% B-PLD B-PLD GGPLP L.L.C. B – 2006 Credit Facility (u) GGP- Mayfair Mall, Landmark Mall L.L.C. G – 2008 Credit Facility (s) Northridge LLC Fashion Center, LP B – 2008 Credit 99.5% .5% 100% 100% 100% Facility (s) B-PLD Boulevard Mall, LLC Oak View B-PLD Cumberland Mall Mall, LLC U.K.- L.L.C. LaSalle, LLC B-PLD B-PLD

100% 100% 100% 0.9975% 100% 100% 100% 100% Southland GGP-La GGP GP, LLC Place, Inc. Regency Valley Plaza Oglethorpe GGP Square, LLC GP, LLC Mall L.L.C. 0.5% GP 99.5% LP Savannah 99.0025% Pecanland B-PLD 99.5% LP .5% GP L.L.C. Anchor B-PLD Southland Mall, Acquisition, 99.5% LP .5% GP .5% GP 99.5% LP La Place L.P. LLC Shopping, L.P. Valley Plaza B-PLD , , LP LLC Land, LP B-PLD B-PLD B-PLD D-13 *Entities with bold borders are Debtors filed on April 16, 2009 Chart L-1 Entities with dotted borders are Debtors filed on April 22, 2009

GGP Holding, Inc. (Private REIT)

100%

HRD Remainder, Inc. (QRS)

100% Columbia Mall, Inc. (QRS)

100% 100% 100% 100%

100% 100% 100% 100% 100% 100% 100% 100%

CMI Columbia Merriweather Corporate Forty Fifty Sixty Seventy Columbia Mall Business Post Business Parking Columbia Columbia Columbia Columbia HRD Parking Trust Trust Business Corporate Corporate Corporate Corporate ACB Management, TRC Inc. Deck Trust Center, Center, Center, Center, Parking Parking Business LLC LLC LLC LLC Business Business Trust Trust Trust 99% LP 100% 100% 100% 100% 100% 99% LP 100% 100% 99% LP 1% GP 99% LP 1% GP 1% GP 10 CCC 20 CCC 30 CCC Business Business Business Trust Trust Trust Seventy Parkside Park Square Columbia Corporate American City Lakefront 1% GP Limited Partnership Limited Partnership Center Limited Benson Park HRD Parking, North Wincopin Partnership Building Business Inc. Parking, Restaurant Corporation Trust (QRS) Inc. Business B-PLD (QRS) Trust

Parkview Office Building Limited 100% Partnership

White Marsh Mall Holding, LLC B-PLD

100% 100% 100% 100% The Mall in Columbia Holding, L.L.C. White Marsh B-PLD Running Brook Mall, LLC Town Center East Business Trust Business Trust 100% The Mall in Columbia Holding II, L.L.C. B-PLD

100% 100% 100% 100% 100% 100% 100%

The Mall in Mall CM Theatre CM-N CM-H Lot 48 Lot 49 Columbia Entrances Business Business Business Business Business Business Business Trust Trust Trust Trust Trust Trust Trust

D-14 *Entities with bold borders are Debtors filed on April 16, 2009 Chart L-2 Entities with dotted borders are Debtors filed on April 22, 2009

The Rouse Company LP GGP Holding, Inc. (Private REIT) B – Rouse Notes (u)

100% 100% The Hughes Corporation HRD Remainder, Inc. (QRS) (TRS 2) 100% 100% The Howard Hughes Company, LLC The Howard Research and Development Corporation (TRS)

100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Rouse-Fairwood Development Corporation

Oakland Ridge Rouse- Rouse- Bridgeland Columbia Gateway Bridgeland 100% Industrial Stone Lake. Phoenix Phoenix 30% LP Partner, Land Overlook III GP, LLC Gateway Development LLC Hotel Hotel LLC Holdings, Business Overlook II Corporation (TRS) Corporation Parking, Inc. Inc. (TRS) Trust Business Trust (TRS) (TRS) (TRS) Emerson 1% GP 99% LP 100% Land, LLC

70% GP 100% 100% 100% GGP Bridgeland, LP Cypress LA, LLC Fairwood Commercial Emerson Gateway Development Holding, LP Land Overlook II West Kendall Business Borrower, Holdings, LLC Trust LLC 54% LP 46% GP & LP

Fairwood Commercial Development Limited Partnership

100% 100% 100% 100% 100% 100% 100%

Merchantwired Rouse Interest, Town Center Harpers Transportation LLC LRVC Parcel C Parcel D Inc. (TRS) East Parking Choice Business Business Business Lot Business Business Trust Trust Trust Trust Trust 100%

Fairwood Outside Third Parties Commercial Front Foot 10.86% Benefit Company, 89.14% LLC

Merchant Wired, LLC

D-15 *Entities with bold borders are Debtors filed on April 16, 2009 Chart M Entities with dotted borders are Debtors filed on April 22, 2009

The Howard Hughes Company, LLC

100% 100%

MS/TWC Joint Venture TWC (Morgan Stanley) 100% 100% 100% 100% 100% Operating, LLC TWC Land Development, LLC

Westfield Simon 99% LP Rouse Tri- 100% Party TRS, 1% GP Inc. (TRS) 1% GP 99% LP MS TWC, Inc. Vista (Morgan Stanley) Red Rock 27.285% 43.2940% 29.4209% Clover Commons, TWC TWC Land Investment, Stichting Acquisition LLC Operating, LP Development, LP LLC Pension LLC Funds 100% 100% ABP Tri-Party Non-856 Assets, LLC 56.5% LP 1% GP 42.5% GP 42.5% GP 50% 50% 1% GP 56.5% LP

Hughes 1 Properties, Summa Rolim Associates The Woodlands Operating Company, LP TWLDC Holdings, L.P. Inc. Corporation (TRS) 100% 100% 100% 100% 100% 100% 100% The The Woodlands WECCR, Inc. Woodlands Corporation Brokerage, TWLDC Holdings GP LLC H-Tex, Inc. LLC 1% 1% 99% 99% RA RA RA 1% GP 99% LP 99% Hotel, CFH, West, 1% GP LLC Inc. Inc. Corporate WECCR The Woodlands Housing General 1 Commercial Partnership Partnership The Woodlands Land Development Company, LP Brokerage Company LP 100% 100% 100% 100% The Woodlands Woodlands The Woodlands Beverage, Inc. Acquisition, Custom Residential Town Center LLC Sales, LLC Development Company GP, LLC 100% 1% GP 99% LP 1% GP 99% LP Beverage The Woodlands Stewart Title Operations, Inc. Custom Sales, Management Town Center LP Company, Inc. Development (ownership Company, LP percentage unclear)

10101 Woodloch Forest LLC (ownership percentage unclear) 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 *Entities with bold borders are Debtors filed on April 16, 2009 Chart N-1 Entities with dotted borders are Debtors filed on April 22, 2009

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

99% LP 1% GP

The Rouse Company LP B – Rouse Notes (u)

100% 100% United The Rouse Company Health BT, LLC 6.8% TRC Co-Issuer, Inc. 93.2% B – Rouse Notes (u) 0.9999% GP 99.00001% LP

Summerlin Hospital The Rouse Company Operating Partnership LP Medical Center, L.P. 100%

The Hughes Corporation (TRS 2)

100% 100% The Howard Hughes Company, LLC

Princeton Land 100% 100% East, LLC Summerlin Rouse-Fairwood Development Corporation (TRS) Corporation (TRS 5) (MD)

100% 1% LP

99% GP 100% The Rouse 99.999505% 99.999505% Company Simon Westfield of Harbor Place 91% LP Louisiana, Associates LLC 100% 0.000495% 100% Limited 100% 0.000495% Partnership 1451 Center Crossing 100% Rouse-Abbey, Greengate Drive, LLC LLC Mall, Inc. (TRS) Rouse-New 100% Orleans, LLC 100% 29.4209% 43.2941% 27.285% 8% LP 1% GP Harborplace Rouse- New Orleans Borrower, Wincopin, Riverwalk Limited LLC LLC Partnership 1450 Center B-PLD Pioneer Office, Pioneer Place, Crossing Drive, LLC Abbey Acquisition, LLC LLC LLC 50% 50% B – 2008 Credit B – 2008 Credit Facility (s) Facility (s) New Orleans Riverwalk Associates

D-17 *Entities with bold borders are Debtors filed on April 16, 2009 Chart N-2 Entities with dotted borders are Debtors filed on April 22, 2009

The Hughes Corporation (TRS 2)

100%

The Howard Hughes Company, LLC

100% 100% 100%

Summerlin Corporation (TRS) Rouse-Fairwood Development THC-HRE, Corporation (TRS 5) LLC See Chart L-2

56.7059% 43.2941% The Rouse Company Operating Partnership LP

Hex Holding, LLC

94.423% LP 5.577% GP

Howard Hughes Properties, Limited Partnership 100% Common Stock

Hexalon Real Estate, LLC

See Chart Q for other subsidiaries

100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% HRD Jim JMB Remainder, 99% LP 1% GP Christensen Inc.

10000 1201/1281 1645 HHP Government 1251 Covington 1120/1140 Town Center Village Services, Limited Center 9950-9980 Cross, LLC Town Center Drive, LLC Center Partnership 9901-9921 GGP Staten Crossing, Covington Summerlin 50% 47% LP 47% LP Drive, LLC Circle, LLC 30.18% 69.75% 0.07% Covington Island Mall, LLC Cross, LLC Centre, LLC Cross, LLC LLC 53% GP 53% GP 50% 50% & LP & LP 50% Rouse F.S., LLC

100%

Maguire , LLC Lake Meade Maguire Trails Village Partners- 1635 & Buffalo Partners- 10190 B-PLD Center Co. Playa Vista 1551 Village Partnership Playa Vista Covington 1160/1180 Area C Hillshire Centre Cross, LLC Town Center Drive, LLC Circle, LLC Drive, LLC

D-18 *Entities with bold borders are Debtors filed on April 16, 2009 Chart P-1 Entities with dotted borders are Debtors filed on April 22, 2009

The Rouse Company Operating Partnership LP

The Rouse Company 100% 100% LP 100% 100% 100% 100% 100% 100% 100%

Howard Hughes The Rouse Company of Texas, LLC Properties, Inc. (TRS 3) 10450 West Rouse Rouse Office Columbia Arizona Rouse- Charleston Investing Management Crossing, Center Phoenix Boulevard, Company, of Arizona, LLC Parking, LLC Cinema, LLC LLC LLC LLC 100%

100% 100% 100% 100% 100%

La Cantera USAA Real 95% LP 99% LP Rouse- Austin Mall, Highland, Holding GP, Estate 100% 100% 100% LLC 100% 100% LLC Company LLC 99% LP Howard Howard 5% GP 1% GP Hughes Hughes Howard Properties IV, Properties V, Hughes 1% GP LLC LLC Centerpoint, LLC B-PLD B-PLD Austin Mall Limited 25% LP 25% LP Partnership Rouse- Rouse- Bayside Beachwood Harborplace Phoenix Phoenix CPI-Highland Marketplace, Place Mall, Terrapin Two Arizona Corporate 75% GP Management Theatre Associates, LP LLC LLC Acquisition, Center, LLC Center Limited Company, Limited Centerpoint LLC Partnership Mall St. LLC Partnership 75% GP Matthews 100% Management, B-PLD B-PLD 100% Company, LLC 50% GP 50% GP LLC 50% La Cantera Retail La Cantera Limited Specialty Retail, LP 50% Partnership 50% The Highland Mall Joint 1% Venture

49% Howard Hughes Center Pointe 0.5% GP 99% LP 0.5% GP Canyon Pointe Plaza LLC Q4, LLC

MSM Property Highland Mall Limited Partnership 10000 West L.L.C. Charleston Boulevard, B-PLD LLC

B-PLD

D-19 *Entities with bold borders are Debtors filed on April 16, 2009 Chart P-2 Entities with dotted borders are Debtors filed on April 22, 2009

The Rouse Company Operating Partnership LP

100% 100%

Chesapeake 100% 100% 100% Investors, Christiana LLC Holdings I, LLC

Christiana 100% Holdings II, 100% Fashion LLC Collin Creek Faneuil Hall Place Anchor 50% Marketplace, Anchor, Acquisition, 50% LLC Acquisition, LLC Rouse Commercial Properties, LLC LLC

Christiana Acquisition, LLC

100% 100% 100% 100% 100% Ridgedale Center, LLC 100% 100% Christiana Mall, LLC B-PLD Woodbridge Collin Creek Center Fashion Mall, LLC Property, Place, LLC 100% LLC B-PLD B-PLD B-PLD Seaport Princeton Marketplace, LLC Land, LLC CMA Access Company, LLC

5% GP 95% LP

South Street Seaport Seaport Limited Marketplace Partnership Theatre, LLC

D-20 *Entities with bold borders are Debtors filed on April 16, 2009 Chart P-3 Entities with dotted borders are Debtors filed on April 22, 2009

The Rouse Company Operating Partnership LP

100% 100% 100%

100% 100% 100% 100% JPMorgan & NYSTERS 100% Mizner JV O.M. Land Development, LLC Holdco, LLC Rouse- Mizner Park, LLC 64% LP 54% LP Hocker 35% 65% HMF Oxmoor, One Owings Two Owings Properties, LLC LLC Mills Mills Corporate Corporate B-PLD Henley Center, LLC Center, LLC Mizner Holding Four State Properties, LLC TTC Park Company AON Member, Holdings, LLC Inc. 100% 1% GP 1% GP Mizner Mizner 35% LP 45% LP 100% 50% 50% Office Mall 100% Holdings, Holdings, Inc. Inc. 100% 100% 99% 1% Southland Center, LLC Mizner Park Holdings V, Hulen Mall, 17.5% 32.5% 50% B-PLD LLC LLC One Owings Mills Two Owings Mills Park Meadows Rouse-Bridgewater Commons Mall, LLC Corporate Center Corporate Center Mall Holding, B-PLD Associates Limited Associates Limited LLC Rouse-, TTC SPE, LLC Mizner Park Venture, LLC Partnership Partnership LLC 100% B-PLD

99.5% 0.5% 100% Bridgewater Commons Mall, LLC 100% 100% 100% 100% 100% Towson TC, LLC 100% 100% Mizner Park Mizner Park Mizner Park Mizner Park Holdings I, Holdings II, Holdings III, Holdings IV, Park Meadows LLC LLC LLC LLC Mall, LLC 100%

50% GP 50% GP 1% GP 99% LP 99% LP 1% GP Bridgewater Bridgewater Commons Mall II, Commons Mall LLC Development, LLC Rouse-TTC Funding, LLC Crocker Downtown Crocker Mizner Crocker Mizner Development Associates Park III, Ltd. Park IV, Ltd.

B-PLD B-PLD B-PLD

D-21 *Entities with bold borders are Debtors filed on April 16, 2009 Chart P-4 Entities with dotted borders are Debtors filed on April 22, 2009

The Rouse Company Operating Partnership LP

100%

MS/TWC Joint 100% 100% 100% 100% 100% TWC Venture Commercial 100% 100% Properties, 100% LLC The Rouse Paramus Paramus Company 1% GP 99% LP Rouse Equities, The Rouse Company of Florida, LLC Tri-Party Park, LLC of MS/TWC, LLC TWC Miscellaneous, Georgia, Inc. LLC Commercial LLC Westfield Simon Properties, 100% JPMorgan LP 100% 1% GP 56.5% LP Merrick Park 42.5% GP 43.29% 29.42% GGP- Miscellaneous 50% Merrick Merrick 27.29% Paramus Income, LLC Park Park Park TWCPC Holdings, L.P. 50% Holding, Member, Mall, LLC LLC LLC Providence Governor’s 100% Tri-Party Miscellaneous, LLC 99.50% GP Place Square Mall, Holdings, CG 100% LLC LLC Merrick Perimeter CG 100% TWCPC .50% LP Park, LLC Mall Venture, B-PLD Merrick, Holdings 99% LP MB LLC LLC GP, LLC 60% 75% LP 40% 1% GP 30% 40% 30% 60%

100% 100%

The Woodlands Commercial Merrick Park Merrick Park, LLC Properties Company, LP Paramus Park Shopping Parking, LLC Owings Mills Center Limited Rouse Perimeter Mall, LLC Partnership Providence, Mall, LLC Oakwood LLC B-2008 Credit Shopping Center, B-PLD Facility (s) LLC B-PLD

25% GP B-PLD

Various 100% Interests1: Rouse- Woodlands Condo Assoc Orlando, LLC Office FV-93 Ltd Equities-95, (1%) B-PLD Ltd. OM Borrower, Timbermill-94 LLC Ltd (1%) Woodlands B-2008 Credit Sarofim #1 Facility (s) Ltd. (20%)

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 *Entities with bold borders are Debtors filed on April 16, 2009 Chart P-5 Entities with dotted borders are Debtors filed on April 22, 2009

The Rouse Company Operating Partnership LP

HRD Remainder, Inc. (See structure under GGP Holding, Inc.)

100% 100% 100% 98.88% 100% 100% 6.89% 100% Two Willow Rouse- 100% Company, Arizona 1.12% LLC The Rouse 100% Center, Rouse- Company of Columbia LLC Phoenix Washington, 100% Mall, Inc. Development LLC 100% 100% (See Company, Baltimore structure One LLC The Rouse Center, under HRD Willow Company of Ohio LLC Remainder, Company, LLC The Village of B-PLD Inc.) LLC 25% LP 25% LP Northwest JV Cross Keys, LLC Holdco, LLC 100% 93.11% 99% 99% NSMJV, 100% LP LP LLC 25% GP Salem Beachwood Caselmar, Rouse-Seattle, LLC 25% LP 1% 1% Mall, LLC Place, LLC LP GP GP 65% LP 99% Lakeside Mall 100% 25% GP 74.5% LP 32% LP 1% LP 1.16% 0.5% LP Holding, LLC 13.97% 1% GP 1% 1% LP 1% GP 27.93% 56.94% 49.5% LP 49.5% LP Baltimore Center Associates Limited Northwest Partnership Baltimore Center 100% Associates Rouse-Arizona Rouse- Garage Limited North Star Retail Center Phoenix Rouse-Westlake Limited Partnership Rouse-Westlake Limited Partnership II Partnership Limited Mall, LLC Master Partnership Willowbrook Mall Holding Company, LLC Limited B-PLD 17.66% B-PLD Partnership Lakeside Mall 82.34% Property, LLC Outside Third Parties 100% 100% CapStar B-PLD Mondawmin 67% Business Trust 33% VCK Business Trust 74.25% GP 24% LP B-2008 Credit Facility (s) & .75% LP 1% LP Willowbrook Mall, LLC B-PLD B-PLD 100% 100% Cross Keys VCK Property Business Village Square Westlake Center Associates LP Mondawmin Trust Condominium, Inc. Borrower, LLC B-PLD B-2008 Credit Facility (s) 100%

VCK Borrower, LLC B-PLD D-23 *Entities with bold borders are Debtors filed on April 16, 2009 Chart P-6 Entities with dotted borders are Debtors filed on April 22, 2009

The Rouse Company Operating Partnership LP

100% 100% 100% Westfield Hexalon Real Estate, LLC Rouse-Urban Rouse-Urban, (Structure shown under Acquisition, LLC LLC THHC) Simon

54.232% GP & LP The Rouse Company 16.6267% LP 0.1676% GP 1.4205% LP Protective Trust, Inc. 27.5533% GP & LP (TRS 8)

Head Acquisition, LP

100%

Class A & C Limited Partners RoPro TRS, Inc. (TRS)

94.4398% GP 5.5602% LP 100%

Urban Shopping Centers, LP

Rouse Oakbrook, LLC Industrial Mall Investors, LLC (CALPERS)

50% 50%

100% 835 Michigan, LP (Lucent & RREEF) UC Oakbrook Genpar, LLC 100% 55% GP 50.01% LP 45% GP 1% GP 48.99% LP

Water Tower Joint Venture Oak Brook Urban Venture, LP Southpoint Land, LLC

100% 100% 100% Southpoint Mall, LLC Oakbrook Facilities Corporation Water Tower, LLC Oakbrook Shopping Center, LLC (TRS)

D-24 *Entities with bold borders are Debtors filed on April 16, 2009 Chart Q Entities with dotted borders are Debtors filed on April 22, 2009

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

Hexalon Real Estate, LLC

99.80% 0.20%

General Growth Management, Inc. (TRS)

Perimeter J.P. 100% 2.38% 100% 100% 100% 100% 100% 100% 100% 100% 50% Center NYSTERS 35% Miscellaneous Morgan Income LLC

50% 32.5% 32.5%

GGP Turkey Hoover Mall Harborplace, MallFinder GGP Natick Rouse-West Faneuil Hall Valley Plaza Anchor The Learning Mall Kapiolani Condominium Perimeter Mall Four State Management, Services, Inc. Network LLC Residence LLC Dade, Inc. Beverage, LLC Acquisition, LLC L.L.C. Development, LLC Facilities, LLC Facility Corp (TRS) LLC L.L.C.

D-25 EXHIBIT 12-C

PROPOSED REORGANIZED GENERAL GROWTH ORGANIZATION CHART General Growth Properties, Inc. f/k/a New GGP, Inc. (REIT) Preferred Stockholders

GGP Real Estate Holding I, Inc. (REIT)

Preferred Preferred Stockholders 100% 100% Stockholders GGP, Inc. GGP Real Estate Holding II, Inc. f/k/a General Growth Properties, Inc. (REIT) (REIT)

%TBD LP

GGP Limited %TBD GP Partnership II

% TBD LP Outside Common & Preferred Partners GGP Limited 1% GP Partnership % TBD LP

The Rouse Company LLC GGP International, LLC

GGP Ventures Brazil Holding, LLC

The Rouse Company TRC Co-Issuer Inc. Non-related Entity Protective Trust, Inc. (TRS) (TRS 8) 100% ownership interest unless otherwise indicated GGP State of Formation for the Entities is unless otherwise indicated. Brazil 1 I, LLC US43510214_1.PPT GGP Limited Partnership

120 Preferred Stockholders

GGPLP Real Estate, Inc. f/k/a GGP Holding, Inc. (REIT)

99% Arizona Bay City Eastridge GGP 1% Retail U.K.- PDC Mall, LLC Shopping Fremont Moreno Northridge Center, LaSalle, Community Center GGP Fort Plaza L.L.C. Gateway Meadows Valley GP, GP, LLC LLC LLC 99% Centers L.L.C. L.L.C. Union II, Crossing Land, LLC (Multiple GGP-Buckland Northgate LLC L.L.C. LLC Mall Arizona Properties) Hills One, Inc. 1% GP 99% LP 1% Center (QRS) L.L.C. 1% GP 99% LP Master, LLC 99.999% 0.001% 50% Moreno GGP- Northridge Pavilions Valley Cumberland Fashion at Buckland Mall, LP Burnham Thomas Mall, LLC GGP GGP- Center, LP Foundation James Hills L.L.C. (CT) Meadows L.L.C. 25% Price-James 25% Trust Company (UT)

OTR 50%GP (affiliate of Ohio GGP-Arrowhead, State Teachers Inc. (QRS) Retirement System) Neshaminy Westcor Benson 20 Forty Sixty Mall Joint 50% LP Realty Park CCC Columbia Columbia 33.34% JCP Realty, Inc. Venture Limited Limited Business Business Corporate Corporate Partnership Trust (MD) Trust (MD) Center, LLC Center, LLC Partnership (IL) New 33.33% 33.33% River Associates (AZ) 10 30 Fifty Running CCC CCC Columbia Brook Business Business Corporate Business Trust (MD) Trust (MD) Center, LLC Trust (MD)

12.5% 12.5% 12.5% 12.5% 12.5% 12.5% 12.5% 12.5%

CCC Borrower, LLC

Non-related Entity

100% ownership interest unless otherwise indicated State of Formation for the Entities is Delaware unless otherwise indicated. 2

US43510214_1.PPT GGP Limited Partnership

120 Preferred Stockholders

GGPLP Real Estate, Inc. f/k/a GGP Holding, Inc. (REIT)

GGP- GGP- Park PDC- GGP Twin Falls University Washington City Center Pembroke Pembroke Plaza Plaza BR Steeplegate Yellowstone Red Cliffs Regency Crossing, Crossing Park Business Lakes, Inc. Lakes II, Inc. 800 L.L.C. 9400, LLC STCR, LLC Mall, LLC Square, LLC Mall L.L.C. Square, LLC LLC Shops, LLC Mall, LLC Trust (QRS) (QRS)

80% 20%

Superstition Westcor Springs, Inc. Realty Limited Partnership (QRS) 50% Pebroke GGP- Lakes Malls UC L.L.C. Ltd. (FL) Superstition 50% Springs Holding, LLC

East Westcor 33.34% Mesa Realty Limited JCP Realty, Inc. Land L.L.C. Partnership

33.33% East 33.33% Mesa Mall, L.L.C.

Non-related Entity

100% ownership interest unless otherwise indicated State of Formation for the Entities is Delaware unless otherwise indicated. 3

US43510214_1.PPT GGP Limited Partnership

120 Preferred Stockholders

GGPLP Real Estate, Inc. f/k/a GGP Holding, Inc. (REIT)

GGPLP Real Estate 2010 Loan Pledgor Holding, LLC

GGPLP Real Estate 2010 Loan Pledgee, LLC

50%

50% White The Mall in Columbiana , Marsh Mall Columbia Centre, LLC LLC Holding, LLC Holding L.L.C.

The White Mall Marsh Mall in Columbia Holding, LLC Holding II L.L.C

CM The Mall Mall CM-N CM-H Lot 48 Lot 49 Theatre in Columbia Entrances Business Business Business Trust Business Trust Business Trust Business Trust Business Trust Trust (MD) Trust (MD) (MD) (MD) (MD) (MD) (MD)

Non-related Entity

100% ownership interest unless otherwise indicated State of Formation for the Entities is Delaware unless otherwise indicated. 4

US43510214_1.PPT GGP Limited Partnership 120 Preferred Stockholders

GGPLP Real Estate, Inc. f/k/a GGP Holding

GGPLP Real Estate 2010 Loan GGP GGPLP 2010 Loan Pledger Holding, LLC Savannah Pledgor Holding, LLC L.L.C.

GGPLP Real Estate 2010 Loan Pledgee, LLC

GGPLP 2010 Loan The Pledgee, LLC NewPark Woodlands Grand North GGP- Tysons Mayfair NewPark Anchor Parks at Oglethorpe Canal Shops Point North Point Galleria Mall, LLC GP, LLC Acquisition, Arlington, LLC Mall L.L.C. Mall L.L.C. Associates, II, LLC Mall, LLC Land L.L.C. L.L.C. LLC 0.07% LLC

Fashion 99.93% Show 50% LP Mall, LLC 50% GP

NewPark Mall, LP

Non-related Entity

100% ownership interest unless otherwise indicated State of Formation for the Entities is Delaware unless otherwise indicated. 5

US43510214_1.PPT GGP Limited Partnership

120 Preferred Stockholders 98% LP 99% LP

GGPLP Real Estate, Inc. f/k/a GGP Holding, Inc. (REIT) Rouse- Seattle, LLC Baltimore Center, LLC 1% LP 1% 1% GP GP

25% GP .05% LP CMI GGPLP Rouse- Rouse Corporate Real Estate Westlake Westlake Baltimore Parking Business 2010 Loan Limited Limited Center Garage 74.5% LP Trust (MD) Holdco, LLC Partnership (MD) Partnership II Limited Non-related Entities Partnership (MD) 1% LP Columbia Land Holdings, Inc. (MD) (TRS) 75% GP 24% LP Brass Mill 25% GP 50% LP Center, LLC Westlake Baltimore Center Associates Center 25% LP Limited Partnership Associates (WA) Limited Partnership (MD)

The Rouse Company LLC GGPLP L.L.C.

99.5% 1.12% 98.84%

0.5% 98.88% 1.16% Seventy Boulevard North Star Willowbrook Columbia Mall, LLC Anchor Mall Holding, Corporate North Star Acquisition, LLC Company, LLC Center, LLC Mall, LLC

Willowbrook Non-related Entity Mall, LLC 100% ownership interest unless otherwise indicated State of Formation for the Entities is Delaware unless otherwise indicated. 6

US43510214_1.PPT GGP Limited Partnership

100%

Lakeland 9901-9921 West Beachwood Ridgedale 1120/1140 Southlake Southland Vista Ridge GGPLP Square Covington Oaks Mall The Place Mall, LLC Mall, LLC Center, LLC Town Mall L.L.C. Center, LLC Mall, LLC 2010 Loan Cross, LLC Trust Rouse Center Drive, LLC Holdco, LLC 100% Company of Texas, LLC (TX)

Columbia Lincolnshire The Shoppes at Mall L.L.C. Commons, LLC , LLC 100% GGP- New Wilson ZW New Wilson West Galleria, LLC Galleria, LLC Galleria, LLC Nevada Office, Inc. Four (AL) Oaks (AL) (AL) (TRS) Anchor Seasons Graham (former TRS3 properties) L.L.C. 50% 50% Acquisition, Holdings, LLC 49% 49% LLC GGP- Rogers 1% 1% Retail L.L.C. Rouse- J.B. Riverchase Hoover Hunt, LLC Anchor Highland, LLC Mall Holding, Acquisition, 50% L.L.C. Hunt LLC Graham VI, LLC Austin 50% Rogers Retail, L.L.C. Mall, LLC (MD)

Hoover 10000 West 10650 W. 10750 W. Canyon Centerpoint Mall Limited, Charleston Charleston, Charleston, Pointe Village Holding, LLC L.L.C. Boulevard, LLC LLC Center, LLC (NV) LLC (NV)

General Growth Pinnacle Pinnacle South, LLC Hills, LLC Management, Inc. (TRS) 50%GP

Centerpoint Management, CPI- LLC Perimeter Highland JP Morgan Center Miscellaneous The Valley Assoc. LP Income, LLC Learning Plaza Anchor 32.5% (JP Morgan) Mall, LLC Acquisition, LLC 50% Center Pointe 50% Plaza, LLC (NV) 50%GP 32.5% 50% 2.38% The 50% Perimeter Faneuil Rouse-West Highland NYSTERS MallFinder Harborplace, Inc. Mall Hall Dade, Inc. Network LLC (CO) (MD) (TRS) Mall Facilities, LLC Beverage, LLC (MD) (MD) (TRS) 0.50% GP Joint Venture (NY) 35%

0.50% GP Four State Facility 99%LP Corporation (TRS) Highland Mall Limited Partnership

Non-related Entity

100% ownership interest unless otherwise indicated State of Formation for the Entities is Delaware unless otherwise indicated. 7

US43510214_1.PPT GGP Limited Partnership

New York State Common 120 Preferred Retirement Fund Stockholders 51% Common

GGPLP Real Estate, Inc. GGP 50% f/k/a GGP Holding, GGP/ 117 Preferred Ivanhoe Capital Stockholders Equities V LP Inc. Homart II Teachers’ (REIT) Trust I Retirement System L.L.C. of the State of IL 50% GGP 49% Common Ivanhoe, Inc. (REIT) 50% GGPLP Real Estate GGP- Services, Inc 115 Preferred f/k/a GGP Holding Stockholders TRS L.L.C. GGP GGP-Natick Services, Inc. (TRS) Contractor, Inc. Trust (MA) (TRS) (REIT)

GGP Ivanhoe Services, Inc. Oaks Mall, LLC L.L.C. GGP-Natick (TRS) Services, Inc. (TRS)

100% 100%

GGP- Kenwood Silver GGP-TRS Clackamas Florence WV Services, Inc. Tyler Mall Mall City Mall L.L.C. Mall L.L.C. Sub L.L.C. (TRS) L.L.C. Holding, LLC Galleria L.L.C.

99.5% LP 100%

Tyler 0.5% GP Kenwood Mall Limited Mall L.L.C. Partnership

Non-related Entity

100% ownership interest unless otherwise indicated State of Formation for the Entities is Delaware unless otherwise indicated. 8

US43510214_1.PPT GGP Limited Partnership

50% New York State Common Retirement Fund Natick Retail, GGP/ 50% LLC Homart II L.L.C.

115 Preferred 100% Stockholders 100% Common Willowbrook Glendale GGP- Alderwood GGP GGP- Willowbrook Mall Anchor Altamonte Carolina First Colony Glendale Anchor Montclair Stonebriar Natick West Mall GGP-Natick Northbrook, Otay Ranch Mall (TX), LLC Acquisition Mall, LLC Place L.L.C. Mall, LLC Holding L.L.C. Acquisition, Plaza L.L.C. Mall, LLC L.L.C. Holding L.L.C. Trust (MA) LLC L.L.C. (DE) (TX), LLC (REIT) LLC (DE)

.5% 99.5%LP .5%GP

Glendale Holding, Inc. Natick (QRS) 99.5% Northbrook GGP-Otay Alderwood Mall, LLC Court L.L.C. Ranch L.P. Mall L.L.C.

GGP-Glendale, Inc. (QRS) 99.5%

.5% 99.5% .5% Northbrook Court I L.L.C. Glendale I Mall Associates, LLC

99.5% 100% 100% Northbrook .5% Court II L.L.C. 80%

Glendale Glendale II Mall Ohrbach’s 20% Westcoast Associates, Association, Estates (CA) LLC LLC

Non-related Entity

100% ownership interest unless otherwise indicated State of Formation for the Entities is Delaware unless otherwise indicated. 9

US43510214_1.PPT GGP Limited Partnership

GGPLP 2010 Loan Pledgor Holding, LLC

GGPLP 2010 Loan Pledgee, LLC

Caselmar, LP

Fallen Fallen Fallbrook GGP- Fox River GGP Owings Providence Sooner River Square Place Timbers Timbers Foothills Shopping HPA GP, LLC Jordan Creek 1% 99% Mills Fashion Hills Mall, Shops, LLC Shops II, LLC Partners, L.L.C. Center, LLC L.L.C. Mall, LLC Holdings, Mall L.L.C. LLC L.L.C. LLC

Northwest Associates .001% GP 99.999% LP 99% GP (MD) 82.34%

Fallbrook Harbor Place Square Associates Champaign Mondawmin OM Rouse Colony Partners Limited Market Business Borrower, Providence Westwood Square Mall Limited 1% LP Partnership Place L.L.C. 17.66% Trust (MD) LLC LLC Mall, LLC L.L.C. Partnership (MD)

Harborplace Borrower, Mondawmin LLC Borrower, LLC

Non-related Entity

100% ownership interest unless otherwise indicated State of Formation for the Entities is Delaware unless otherwise indicated. 10

US43510214_1.PPT 120 Preferred Stockholders GGP Limited Partnership

GGPLP Real Estate, Inc. GGPLP 2010 Loan Pledgor Holding, LLC Nevada Office, Inc. f/k/a GGP Holding,, Inc. (TRS) (REIT) (former TRS 3 properties)

GGPLP 2010 Loan Pledgee, LLC

The Rouse Company of Florida, LLC (FL) GGPLP Real Estate Loan Pledgor Holding, LLC Gateway Gateway Mall St Overlook II Overlook Matthews Business Trust (MD) Business Trust (MD) Company, LLC (Co-Guarantor) (Co-Guarantor) Rouse- GGPLP Orlando Real Estate LLC 2010 Loan Pledgee, LLC 99.999505% Gateway Gateway Overlook Overlook II Borrower, LLC Borrower, LLC Pioneer 50% 50% .000495% MSM Office, LLC Property L.L.C. 99.999505%

.000495% Pioneer 6.89% Place, LLC Merrick Lakeside Park Holding, Mall 93.11% LLC Holding, LLC (MI)

Merrick Park Miscellaneous CG Income, LLC Merrick LLC

40% CG Merrick 30% Lakeside Merrick 30% Park LLC Park Mall Member, LLC 30% 30% Property LLC Merrick 40% Merrick Park, Park Non-related Entity LLC (MD) Parking, LLC 100% ownership interest unless otherwise indicated State of Formation for the Entities is Delaware unless otherwise indicated. 11

US43510214_1.PPT GGP Limited Partnership

Outside preferred interests GGPLP LLC

Bailey Boise Chapel Country GGP- Pine Hills PDC- Glenbrook Park Red Three Augusta Bay Towne Hills Chico Hills Knollwood Lynnhaven Ridge Sikes Village Eastridge Holding Mall Piedmont Cliffs Rivers Mall, LLC Shore Plaza Mall Mall Plaza Mall, LLC Mall L.L.C. Mall Senter, Center, Mall L.L.C. L.L.C. L.L.C Mall, LLC Plaza, Mall GP, LLC L.L.C. L.L.C. L.L.C. L.L.C. L.L.C LLC LLC LLC L.L.C.

JCP 99%LP 73.334%GP 99.5%LP Realty, Inc.

Outside Limited 75%GP 25%LP 75%GP Partners GGP- Bay Price- Glenbrook Spokane Mall Chico Provo Mall Shore Boise Mall, L.P. L.L.C. Development 26.666%LP Provo Development Mall, LP Company, 0.5%GP Company 1%GP Company, LTD Development Limited Land, LLC Ltd. Partnership (UT) (UT)

Valley Hills Spokane Mall Mall L.L.C. 500 L.L.C. West Capital, L.C. (UT) Tracy Mall 500 West Provo Partners I Associates, L.L.C Mall LLC L.L.C. (UT)

Tracy 0.5%GP Mall 99.5%LP Partners, L.P. 12

US43510214_1.PPT GGP Limited Partnership Outside preferred interests GGPLP L.L.C.

GGPLP LLC 2010 Loan Pledgor Holding, LLC

GGPLP LLC 2010 Loan Pledgee, LLC

GGP GGP Pierre Saint Saint Stonestown Kapiolani Mall of North Town Salem Silver Lake Southwest Southwest White Ala Moana Birchwood Coastland Coronado Peachtree Bossier Louis Louis Galleria Sierra Vista Shopping Development the Bluffs, LLC Mall, LLC Center, LLC Mall, LLC Plaza L.L.C Denver Land Mountain L.L.C. Mall, LLC Center, LLC Center L.L.C. Mall L.L.C. Mall, LLC Land L.L.C. L.L.C. Mall, LLC Center L.L.C. L.L.C Mall, LLC Holding L.L.C.

Stonestown 99.5% LP Shopping Center L.L.C

GGP- 0.5% GP Animas GGP- North Spring Maine Oakwood Valley Cache Maine Plains Mall, Hill Mall Land Hills Mall, LLC Mall, LLC Valley, LLC Mall L.L.C. LLC Mall L.L.C. L.L.C. Stonestown Shopping Center, L.P.

Non-related Entity

100% ownership interest unless otherwise indicated State of Formation for the Entities is Delaware unless otherwise indicated. 13

US43510214_1.PPT GGP, Inc. f/k/a General Growth Properties, Inc.

1% GP GGP Limited Partnership GGP, Inc. f/k/a General Growth Properties, Inc. Outside Limited 1% GP Partners Outside preferred ~4% LP interests GGP Limited Partnership Outside preferred interests

GGPLP The GGPLP L.L.C. L.L.C. Rouse Company of Texas, LLC (TX)

1% Lakeview 99% Square Mall, LLC GGPLPLLC

2010 Loan La Cantera 1% Grand 99% Pledgor Holding GP, Traverse Holding, LLC LLC Mall, LLC USAA Real Estate Company 0.5% Eagle 99.5% Ridge 25% LP 75% GP Mall, LLC GGPLPLLC La Cantera Specialty 2010 Loan Retail, LP (TX) 0.001% Mall St. 99.999% Pledgee, LLC Vincent, LLC

99.50%

MOL Holding 25% LP 75% GP Company, LLC GGP La Cantera 0.50% Grand Retail Limited Mall of Partnership (TX) Louisiana Teton Holding, LLC Mall, LLC Mall of Louisiana Holding, Inc. (QRS)

99.50%

0.50% Mall of Non-related Entity Louisiana, LLC

100% ownership interest unless otherwise indicated State of Formation for the Entities is Delaware unless otherwise indicated. 14

US43510214_1.PPT The Rouse Company LLC

Boise Eden Fashion Town Coral Faneuil Eden GGP- Chula GGP- Christiana Prairie Boise Square Lansing Ridge Kalamazoo Hall Prairie Gateway Grandville Holdings I, Vista Mall, Anchor Mall, Anchor Place, Anchor Land L.L.C. LLC Mall, Mall Marketplace, Mall Mall GP, LLC Acquisition, Prime LLC Building LLC Acquisition, Property LLC L.L.C. LLC L.L.C. L.L.C. LLC LLC L.L.C. LLC Fund

50% Christiana Holdings II, LLC Grandville Collin Mall II, Christiana Collin Greenwood LLC Holdings I, Creek St. Cloud St. Cloud Hulen HMF 50% Creek Mall LLC Anchor Mall Land Mall, Properties, Mall, Land, Acquisition, L.L.C. L.L.C. LLC LLC LLC LLC Valley Plaza LLC Burlington GP, LLC Town Center II LLC Christiana 99%LP Mall GGP- Holding, Grandville Grandville II LLC 99.5%LP 99.5%LP Mall, LLC L.L.C. Apache Bayside Baybrook Bellis Fair Capital Governor’s Greenwood 1%GP Chula Mall, Marketplace, Mall Square Mall, Mall, Mall Vista LLC LLC LLC L.L.C. Mall, LLC L.L.C. Center, The LLC Valley Plaza Valley Plaza LLC Burlington Land, LP Mall, LP Town 0.5%GP Christiana Center Mall, LLC LLC

99.5% 0.5% GGP- Arizona One Two Arizona Grandville Arizona L.L.C. Center Cinema, Center, Center, Parking, CMA Access LLC LLC LLC LLC Company, LLC (MD) 1450 1451 10450 West Nevada Center Center Charleston Crossing Crossing Boulevard, Office Drive, LLC Drive, LLC LLC (NV) Holding, LLC

JMB 1635 1645 1201-1281 1160/1180 Jim Christensen 10000 10190 9950-9980 1251 NV 1551 GGP Village Village Town Town Covington Covington Covington Center Government Hillshire 50% 50% Centre Center Center Center 50% Cross, Cross, Cross, Crossing, Services, Drive, 47% LP 47% LP 50% Mall, Circle, Circle, Drive, Drive, LLC LLC LLC LLC LLC LLC LLC LLC LLC LLC 53% GP & LP Lake LLC Maguire Maguire Mead and Trails Village Partners- Partners- Buffalo Center Co Playa Vista Playa Vista Partnership (NV) Area C (CA) (CA) (NV)

Non-related Entity

100% ownership interest unless otherwise indicated State of Formation for the Entities is Delaware unless otherwise indicated. 15

US43510214_1.PPT The Rouse Company LLC

MCA Mall Investors LLC 1% Rouse- Rouse Rouse- Urban The Oakbrook, Urban, Acquisition, Rouse Paramus CalPERS LLC LLC (MD) LLC (MD) Company Equities, Rouse-Mizner 99% of Georgia, LLC LLC (TX) Park, LLC Hexalon (GA) 16.6267% (Spinco). Institutional 50% 0.1676% GP Mall of Mall Investors, 1.4205% Perimeter Paramus Mizner LLC Louisiana 50% Mall Acquisition Park, LLC Park Holdings, Inc. 50% (MD) Henley 54.232% Westfield Land, LLC LLC (JP Morgan) 50% Holding Company (Cayman Islands) Class A & UC Head C Limited Perimeter 50% GGP- Oakbrook Acquisition, Partners Mall Paramus Genpar, LLC LP 27.5533% 50% Venture, LLC Park Mall, LLC Mizner Park Simon Congen 99.5%GP Holdings V, LLC 5.6% Properties, Inc. 1% GP 94.4% (Cigna) Paramus Urban Park 48.99% RoPro TRS, Inc. .50% LP Shopping (TRS) Shopping Capital interest only Mizner Mizner Centers, LP Center Office Mall Perimeter Oak Brook (IL) Limited Holdings, Inc. Holdings, Inc. 50.01% Mall, LLC Partnership (NJ) Urban (MD) Venture, LP (IL) Mizner Park Venture, 17.5% 32.5% LLC

Oakbrook Facilities Oakwood Oakbrook GGP- Newgate Lockport Shopping Shopping Corporation (TRS) Land Mall, LLC Center, Center, LLC (MD) Mall, LLC Acquisition, LLC LLC

Mizner O.M. One O.M. Two Mizner Park Mizner Park Mizner Park Park Holdings Land Owings Land Owings Holdings I, LLC Holdings II, LLC Holdings III, LLC IV, LLC Development, Mills Corporate Development, Mills Corporate LLC (MD) Center, LLC (MD) LLC (MD) Center, LLC (MD) 835 Michigan LP

Hocker Pecanland Pecanland Oxmoor, LLC Mall, LLC Anchor 50% GP 50% GP 1% GP 1% GP Acquisition, LLC 55%GP 1%GP AON 1%GP AON Risk Services Inc. Risk Services Inc. Crocker One Two Water Owings Mills Owings Mills Downtown Crocker Mizner Crocker Mizner 45%GP Development Park III, Ltd., (FL Park IV, Ltd. Tower 64% LP Corporate 35% LP 54% LP Corporate 45% LP Joint Venture Center Center Associates (FL LP) 99% LP (FL LP) 99%LP GP) (IL) Associates Associates Southpoint Southpoint Limited Limited Land, LLC Mall, LLC Partnership (MD) Partnership (MD)

Water Tower, LLC

Non-related Entity

100% ownership interest unless otherwise indicated State of Formation for the Entities is Delaware unless otherwise indicated. 16

US43510214_1.PPT The Rouse Company LLC

Prince Riverlands Pines Fourmall Kuhio River Falls Shopping The Mall, LLC Acquisition, LLC Plaza, LLC Mall, LLC Center, LLC Southland Visalia Mall Village GP, LLC L.L.C. of Cross Keys, (JPMorgan & NYSTERS) LLC (MD)

TTC 35% 65% 99.5%LP 99.5%LP Member, LLC (MD) VCK Four State Properties, LLC Rouse Business Rogue South Commercial Town Trust (MD) Valley Mall Shore Properties, LLC .5% GP .5% GP L.L.C. Mall, LLC East Mall, LLC. GGP- Southland Visalia (MD) Macon, LLC Mall, L.P. Mall, L.P. 99%

Rouse- 1% Park Bridgewater VCK TTC SPE, Towson Wilson Macon, LLC Meadows Mall Commons, Property LLC (MD) Town Center Holding, LLC LLC (MD) 50% Business Trust LLC (MD) (MD)

GGP- GGP- Tucson Woodbridge Vista Tucson Land Anchor Shoppes at Center Commons, LLC 50% L.L.C. L.L.C. Acquisition, LLC Property, LLC River Crossing, LLC 0.5% 99.5% Park Bridgewater VCK Meadows Commons Mall, Borrower, LLC Mall, LLC LLC (MD) Towson TC, LLC (MD)

Rouse-Abbey, Columbia LLC (MD) H-Tex Incorporation Crossing, LLC Rouse- (TX) (TRS) Bridgewater Wincopin, Bridgewater Rouse Rouse- Commons Mall LLC (MD) Commons Tri-Party TTC Development, LLC Funding, LLC Mall II, LLC Miscellaneous, (MD) (MD) 27.285% LLC (MD)

Westfield Simon Rouse Tri-Party TRS, Inc. (MD) (TRS) 27.29% Abbey 43.2941% Acquisition LLC NV Properties, Inc. 29.4209% Westfield f/k/a Hughes Properties, Inc. Simon 27.285% (NV) (inactive) (TRS) Tri-Party 43.29% Miscellaneous, LLC (MD) 29.42% Westfield Tri-Party Simon Oklahoma Mall L.L.C. Non-856 Assets, LLC 43.294% 29.4209%

Riley, Inc. 50% d/b/a Riley JCP 50%GP Realty, Inc. Omega, Inc (JCP) Stichting Pension DayJay Funds ABP Associates Rolim 1% (OK) 49% 50%GP Associates

Non-related Entity

100% ownership interest unless otherwise indicated Quail State of Formation for the Entities is Delaware unless RA West, Inc. RA Hotel, Inc. Springs Mall, LLC 17 otherwise indicated. RA- US43510214_1.PPT CFH, LLC EXHIBIT 12-D

PROPOSED SPINCO ORGANIZATION CHART Spinco, Inc.

100%

The Howard Research and Development Corporation (Misc. Commercial Land, Columbia, MD) (Outparcel at Oviedo Marketplace, FL)

See Charts A, C, D

100% TWC Commercial MS/TWC Joint Venture Properties (Morgan Stanley) LLC 100%

1% GP 99% LP 100% 100% 100% 110 Holding, TWC 0.001% LLC MS/TWC Joint Venture 99.999% Commercial (Morgan Stanley) Properties LP Bridgeland Bridgeland Partner, 0.5% GP, LLC 99.5% LLC 99.5%

42.5% GP 56.5% LP 1% GP Westlake 0.5% 170 Retail 110 Wacker, Retail Holding, LLC LLC 1% GP 99% LP 100% Holding, LLC

TWCPC Holdings, LP

100% Development Century Plaza, AIL 99% Resources TWCPC LLC Investment Wacker, Holdings Bridgeland0.5% , Cypress 50% GP (Century Plaza GP L.P. LLC GP, LLC LP (MD) LA, redevelopment, 99% LP (Bridgeland LLC Birmingham, 1% GP 1% MPC Land, 50% GP 50% LP 50% LP AL) The Woodlands Commercial Houston, Properties Company, LP TX) (Conference Center, GG DR, L.L.C. 75% LP Westlake Retail (IL) undeveloped MPC land) 170 Retail Associates, Ltd. Associates, Ltd. (110 N. Wacker (Circle T Ranch Power 25% GP (The Shops at Circle T Building, Center land, Westlake, Ranch Chicago, IL) TX) Various Interests w/ Woodlands Office Westlake, TX) outside 3rd parties. Equities-95 Ltd. Ownership % not readily (Office Properties @ The available: Woodlands)

= Third-party Chart A

Spinco, Inc.

100% The Howard Research and Development Corporation (Misc. Commercial Land, Columbia, MD) (Outparcel at Oviedo Marketplace, FL)

100% 100% 100%

100%

Cottonwood Square, LLC Parke-West LLC Rio West L.L.C. (Cottonwood (Park West, (Rio West Mall Square, Peoria, AZ) Gallup, NM) 100% 100% Seaport 100% Salt Lake City, UT) Marketplace, LLC

5% GP 95% LP

Alameda Plaza, LLC Landmark Mall Seaport Marketplace South Street Seaport Limited Partnership (Alameda Plaza & L.L.C. Theatre, LLC (South Street Seaport Ground Lease, adjacent vacant (Landmark Mall, (Historic Theatre New York, NY) parcel, Pocatello, Alexandria, VA) Building Ground Lease, ID) New York, NY) Chart B

Spinco, Inc.

100% The Howard Research and Development Corporation (Misc. Commercial Land, Columbia, MD) (Outparcel at Oviedo Marketplace, FL)

100%

The Hughes Corporation

100%

Preferred Stockholders The Howard Hughes Company, LLC

100% Victoria Ward, Limited THC-HRE, LLC (REIT) (Ward properties, Maui Ranch, Honolulu, ) 56.7059% 43.2941% Hex Holding, LLC

100% 100%

Hexalon Real Estate, LLC 1.4205% preferred interest in Head Acquisition, L.P. Victoria Ward Services, Inc. 100% 100% 100% 100% (TRS)

Victoria Ward Victoria Ward Center Ward Plaza-Warehouse Ward Gateway Industrial Entertainment Center 100% L.L.C. LLC Village LLC L.L.C.

VW Condominium Development, LLC 100% 100% 100% 100% (Future condo development @ Ward Center) Land Trust No. FHB-TRES Land Trust No. FHB-TRES 200601 Land Trust No. 89433 Land Trust No. 89434 200602 Property adjacent to Ward Ward Center Ward Entertainment Center Various properties Center Plaza, adjacent to Ward Center Warehouse & Parking (Honolulu, Hawaii) (Honolulu, Hawaii) (Honolulu, HI) (Honolulu, HI) Chart C

Spinco, Inc.

100% The Howard Research and Development Corporation (Misc. Commercial Land, Columbia, MD) (Outparcel at Oviedo Marketplace, FL)

100% 100%

Merchantwired Interest, Inc. 100% Harper’s (MD) 100% Choice 100% 100% Business Trust 100% Outside (MD) Third (Dealer 10.86% Parties 100% parcel, 100% Natick Columbia Residence, , MD) Allen Towne Mall, Elk Grove LLC West Kendall (Condos at LLC Town Center Holdings, 89.14% Nouvelle at LRVC (Future Mall L.L.C. LLC (MD) Business Development Natick, (Kendall Natick, MA) Trust Allen, TXI) Town Center Town Center (MD) 100% 100% Development, East Parking (Dealer 0.5% GP , FL) Lot Business parcel, Merchant 99.5% LP Trust (MD) Columbia, UHS Holding Wired, (parking lot MD) Company, LLC Inc. parcels, Redlands Price Columbia, MD) Development Elk Grove Land Acquisition TRS, Inc. Town Center Howard Hughes L.P. Company Properties, Inc. (Cottonwood L.L.C. Residential (Land in Elk Summerlin North 93.2% GP Development) 100% Grove, CA) Vacant Land Summerlin South 6.8% LP 99.5% LP Vacant land

0.5% GP 100% 100% Summerlin Cottonwood Mall, Hospital LLC Medical (Cottonwood Mall Center, L.P. Redevelopment, Mint Hill Redlands Land Holladay, UT) Acquisition Development, LLC Volo, LLC Company, L.P. (The Bridges @ (40 acre vacant (Redlands Mall & Mint Hill parcel, Development Development, Volo, IL) Mint Hill, NC) Redlands, ) Chart D

Spinco, Inc.

100% The Howard Research and Development Corporation (Misc. Commercial Land, Columbia, MD) (Outparcel at Oviedo Marketplace, FL)

100% 100% 100% 100% 100% 100% 100%

HRD Parking ACB Parking Deck Business Stone Lake, LLC Business Gateway Trust (MD) (MD) Trust Parcel C Emerson Overlook III (Columbia Inn Columbia (Stone Lake (MD) Business Land, LLC Business 100% Parking Deck, 100% Land Community 100% (American 100% Trust (MD) Trust (MD) Wiscopin Circle 100% Holdings, Inc. Founder) City Building (Lot C, (Columbia 100% Parking Deck (MD) parking lot) Columbia, Gateway Lot 21 portion) (Parcel E-2) MD) MPC Land, 100% Columbia, Town Center MD) East Business Trust (MD) (Association (C.A.), Exhibit, 100% Ridgely Buildings & Wincopin Circle Parking Deck lot Merriweather 5 portion) Post Business Trust (MD) Wincopin Oakland Ridge (Merriweather Restaurant Business Trust Emerson Land Industrial Post Pavilion) American City HRD Parking, (MD) Business Trust Development Building Parcel D Inc. (Copeland’s (MD) Corporation Corporation Business (MD) Restaurant) (Emerson (MD) (MD) Trust (MD) (Operations MPC Land, (Dealer (American City (Lot D, relating to HRD Columbia, MD) participation building Columbia, parking lots) land) leasehold) MD) Chart E Spinco, Inc.

100%

The Howard Research and Development Corporation (Misc. Commercial Land, Columbia, MD) (Outparcel at Oviedo Marketplace, FL)

100% 100%

The Hughes Corporation Princeton Land, LLC (West Windsor NJ land) 100% 100%

Clover Acquisitions, LLC 100% Princeton Land East, LLC (Columbia MD (West Windsor NJ land) Regional Office)

The Howard Hughes Company, LLC

100% 100% TWC Operating, TWC Land MS/TWC Joint Venture Development, LLC (Morgan Stanley) 100% 100% LLC 1% 99% 99% LP 1% GP GP LP Fairwood Commercial Development Corporation (MD) MS/TWC, Inc. TWC Land TWC (Morgan Stanley) Development, LP Operating, LP

1% GP 1% GP 30% LP 70% GP 42.5% LP 56.5% LP 56.5% LP 42.5% GP

100% Red Rock Fairwood Commercial Investment, 100% The Woodlands Operating Company, LP TWLDC Holdings, L.P. Development Holding, LP LLC 46% GP

100% 100% 100% 100%

Greengate 100% The TWLDC Holdings 54% LP Mall, 96% Woodlands WECCR, Inc. Corporation GP, LLC Inc. The Summerlin Woodlands 99% 1% 99% LP Fairwood Commercial Development Limited Corporation Brokerage, 1% 99% 1% LLC Partnership 4% (TPC @ GP LP GP Summerlin) Corporate WECCR The Woodlands Land Development Company, LP Housing General Riverwalk Marketplace, LLC 1% GP Partnership Partnership 100% 100% 100% 100% (Riverwalk Marketplace, New Orleans, LA) 100% The Town Center Woodlan Development ds Woodlands The Custom 99% LP Company 99% LP 99% LP Acquisitio GP, LLC Woodlands n, LLC Residential 50% Fairwood Commercial Front Foot Benefit Summerlin Beverage, Sales, LLC 1% GP Company, LLC Center, LLC Inc. (Summerlin Mall The Woodlands Town Center Stewart Title Commercial Brokerage 100% Development Management (Install/construct public/private water and development Company, LP Company, LP Company Inc. sewer systems and to assess, bill and Summerlin, Las Beverage 1% GP collect utility charges for developments until Vegas) Operations, Inc. turned over to the owners.) The JV entities The Woodlands Operating Company, LP and TWLDC Holdings, LP and Woodlands Other Interests w/ outside their subs maintained by The Woodlands Development Company Custom 3rd parties. Ownership % Sales, LP not readily available