GeneralGrowthProperties

Inconsistencies andErrors inPershing

SquaresAnalysis
January21,2010

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HovdeCapitalAdvisorsLLC

TableofContents

OurGoals
InconsistentCalculationofNOI
FlawedCapRateAnalysis
InconsistentCalculationofLeverage
InconsistentComparisonofDebtCosts
IrreconcilableValuationofDevelopmentAssets
IrreconcilableValuationofCash
IrreconcilableValuationofOtherAssets
BankruptcyRisks
RecentRetailandConsumerData
Summary
Appendix
Disclosures

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HovdeCapitalAdvisorsLLC

(p.3)
(p.410)
(p.1112)
(p.1317)
(p.1821)
(p.2225)
(p.2627)
(p.2829)
(p.3032)
(p.3334)
(p.3539)
(p.4041)
(p.4243)

OurGoals

WecontinuetoreceivenumerousfollowupinquiriesintotheGeneralGrowth
situation,whichhascausedustoexaminethePershingSquareanalysispublished
onDecember22,2009,inevengreaterdetail.Wehavealsoreceivedinquiriesas
tosourcedataforfundamentaloperatingandtransactionaldata,whichwehave
providedinthispresentationforreference.

Uponfurtherreview,webelievePershingSquaresanalysisisnotonlydeeply
fundamentallyflawed,butitcontainsnumerousfactualerrorsand
methodologicalinconsistencies,whichwedetailinthispresentation,thatcause
ittobemateriallymisleadinginitsconclusions.

Webelievethemarketismadeupofdifferingviewsoftheworldandwe
appreciatethisdiversityofopinionandanalyticalinterpretation itisthe
lifebloodofmarkets.Wecanagreetodisagreeonmattersofopinion,butwhen
thefactsaremisrepresentedeitherthroughattemptedsleightofhandor
negligence,webelievethisneedstobebroughttoinvestorsattention.

Wecontinuetoencourageinvestorstodotheirownanalysisandduediligence
andcheckthefactsofanythirdpartyanalysis.

NOTE:FUNDSADVISEDBYHOVDECAPITALADVISORS,LLCANDONEOFITSPRINCIPALSHAVESHORTPOSITIONSINGGWPQASWELL
ASANOTHERCOMPANYMENTIONEDINTHISPRESENTATION.SEEADDITIONALIMPORTANTDISCLOSURESATPAGE43.
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InconsistentCalculationofNOI

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WhyDoesPershingSquareCalculateNOIDifferently
WhenComparingGGPandSPG?

WhencalculatingandcomparingNOI,PershingSquareusesasreported
NOIforbothcompaniesasthestartingpointforitscalculation,whichit
adjustsforseveralnoncashitems.However,eachcompanyreportsNOI
usingadifferentmethodology;sothisanalysisisbasedoninconsistency
fromthestart.

SPGincludescorporate(termedhomeandregionalofficecosts),general
andadministrativeexpensesincalculatingitsreportedNOI.

GPPexcludestheseexpensesincalculatingitsreportedNOI.SinceGGPis
anationalmallplatformaccordingtoPershingSquare,theexpensesthat
goalongwithmanagingthisplatformshouldbeincludedastheyarein
SPGscalculation,ortheseexpensesshouldbedeductedinthecalculation
ofSPGsNOI.

PershingSquarestatesthattheiranalysisisappletoapples although
wehaveshownwhyitisclearlynot.

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SPGsDefinitionofNOI

HovdeCommentary
SPGsdefinitionofNOIstartswithoperatingincomewhichincludescorporate
expenses,G&Aexpenses,andpropertymanagementexpenses,whichGeneral
GrowthEXCLUDESasshownonthefollowingpages.

*Source:SPGQ309supplementalfinancialfiling.
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SPGsReconciliationofNOI

*Source:SPGQ309supplementalfinancialfiling.
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GGPsDefinitionofNOI

*Source:ExcerptfromGGWPQQ309supplementalfinancialfiling;emphasisadded.
January21,2010

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GGPsReconciliationofNOI

*Source:GGWPQQ309supplementalfinancialfiling;emphasisadded.
January21,2010

HovdeCapitalAdvisorsLLC

BasedonPershingSquaresMethodologyandComparableNOI,
SPGsCalculatedNOIIs$3.4Billion,Not$3.2Billion
HovdeAnalysis(1)

PershingSquareAnalysis*

Startwith:
SPGLTMNOI(Pershingcalc.)
Plus:LTMHomeandRegionalOfficeCosts
Plus:LTMG&ACosts

ComparableLTMNOI

$3,227
149
20

$3,396

*PershingSquareCapitalManagement,L.P.LLCADetailedResponseto
HovdesShortThesisonGeneralGrowthPropertiesDecember22,2009,page
23.
(1)Source:SPGQ309andQ408supplementalfinancialfilings.

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10

FlawedCapRateAnalysis

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11

BasedonPershingSquaresMethodologyandComparably
CalculatedNOI,SPGsImpliedCapRateWas7.1%,NOT6.7%
HovdeAnalysis(1)

PershingSquareAnalysis*

SPGLTMNOI(millions)
Plus:LTMHomeandRegionalOfficeCosts
Plus:LTMGeneralandAdministrativeCosts

$3,227
149
20

ComparableLTMNOI
ImpliedCapRate

$3,396
7.1%

HovdeCommentary
Basedonaconsistentmethodologywith
thewayGGPcalculatesitsNOI,SPGs
NOIwouldbe$3.396billionandwould
implyacaprateof7.1%,not6.7%.

*PershingSquareCapitalManagement,L.P.LLCADetailedResponseto
HovdesShortThesisonGeneralGrowthPropertiesDecember22,2009,page
23.
(1)Source:SPGQ309andQ408supplementalfinancialfilings.

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Inconsistent CalculationofLeverage

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13

WhyDoesPershingSquareCalculateLeverage
DifferentlyWhenComparingGGPandSPG?

Whencomparingleverage,PershingSquare
deductscashincalculatingdebtforGGP,but
doesnotforSPG,whichhasover$4billion*
ofcashonhand.
WhydoesPershingSquarenotprovideany
detailontheircalculationsinthissectionof
theiranalysis?
*Source:SPGQ309supplementalfinancialfiling.
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14

WhyDoesPershingSquareCalculateLeverage
DifferentlyWhenComparingGGPandSPG?
PershingSquareAnalysis*

HovdeCommentary
Thecalculationoftheseratiosis
notconsistent.ForGGP,net
debtisbeingused,whilefor
SPG,grossdebtisbeingused.
Asnotedpreviously,Pershing
Squareassumestheconversion
ofunsecureddebtforcomparing
leveragebutdoesnotassume
theconversionforvaluation
purposes.

*PershingSquareCapitalManagement,L.P.LLCADetailedResponsetoHovdesShortThesisonGeneralGrowthPropertiesDecember22,2009,page25.

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WhyDoesPershingSquareCalculateLeverage
DifferentlyWhenComparingGGPandSPG?

HovdeAnalysis
(figuresinmillions)

(Pershing Square

Current
GGP
Total Debt (w/JV @ Share)

Using

assumption of

Pershing

Pershing

Using

unsecured

Square

Square

Comparable

conversion)
GGP (1)

Presentation
SPG (1)

NOI Method
SPG

NOI Method
SPG

27,868

27,868

25,041

25,041

25,041

Less: Unsecured Debt

(6,382)

Less: Preferred Stock

(121)

(46)

(46)

Less: Cash

(692)

(4,066)

(4,066)

NOI (1)

2,478

2,478

3,227

3,227

3,396

Leverage

11.2x

8.3x

7.8x

6.5x

6.2x

Clearlythesepresentquitedifferent
pictures,andtheinconsistencyinthe
methodologyofcalculationisobvious.
(1)PershingSquareCapitalManagement,L.P.LLCADetailedResponsetoHovdesShortThesisonGeneralGrowthPropertiesDecember22,2009,page25.

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16

SummaryofNOI,Leverage,andCapRateCalculation

PershingSquarecalculatesNOIandleveragedifferentlyforGGPandSPG
andthencomparesthemasapplestoapples whichtheyarenot.

Asaresultofthisinconsistency,webelievemostofPershingSquares
assertionsasitrelatestovaluationandleverageareinaccurateand
misleading.

Youcanthaveitbothways:
EitherGGPsNOIislowerthanPershingSquarepresentsbecauseitexcludes
corporateandG&AexpensesorSPGsNOIishigherbecauseitincludesthese
expenseitems.
EitherGGPsleverageishigherifitisgrossedupforitscashbalanceandlower
NOIorSPGsleverageislowerifitscashisnettedoutofitsdebtanditsNOIis
higher.
EitherGGPtradesatamuchlowerimpliedcapratethanPershingSquare
presentsorSPGtradesatamuchhigherimpliedcapratethanpresented.

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InconsistentComparisonofDebtCosts

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WhyDoesPershingSquareCompareRateson
MortgageDebttoRatesonUnsecuredDebt?
PershingSquareAnalysis*

HovdeCommentary
Thiscomparisonisnot
applestoapples.When
comparingmortgagedebtto
mortgagedebt,SPGhas
moreattractivelypriced
mortgagedebt,witha
weightedaveragerateof
5.17% perpage46ofSPGs
Q309supplementalfinancial
report.Seenextpage.

*PershingSquareCapitalManagement,L.P.LLCADetailedResponsetoHovdesShortThesisonGeneralGrowthPropertiesDecember22,2009,page25.

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SPGsSecuredDebtIsLowerCost
ThanGGPs
SPGActualBalanceSheetData

PershingSquareAnalysis*

Source:SPGQ309supplementalfinancialfiling,p.46.

*PershingSquareCapitalManagement,L.P.LLCADetailedResponsetoHovdesShortThesisonGeneralGrowthPropertiesDecember22,2009,page25.

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SPGsUnsecuredDebtTradesatMoreAttractiveYields
ThanEvenGGPsSecuredDebt
HovdeCommentary
SPGsunsecureddebtof
comparablematurityto
GGPssecureddebttrades
ataLOWERyieldto
maturity(4.59%),
suggestingSPGcould
refinancethisdebtata
morefavorablecostthan
GGPsfinancing.In
addition,GGPssecured
debtrequiresamortization.

*Source:Bloomberg,asof1/14/2010.

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Irreconcilable ValuationofDevelopment
Assets

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22

WeCannotReconcilePershingSquaresCalculationof
DevelopmentPipelineAssets
PershingSquareAnalysis*

HovdeCommentary
PershingSquarestatesthatitappliesa
35%discounttotheseassets;however,
perpages3335thecompanysQ309
supplementalreport,theseassetstotal
$1.05billion,whichwouldimplya
valueof$653millionusinga35%
discountasopposedtothe$779
millionPershingSquareusesinits
analysis.Wasthisacalculator
malfunction?

*PershingSquareCapitalManagement,L.P.LLCADetailedResponsetoHovdesShortThesisonGeneralGrowthPropertiesDecember22,2009,page26.

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PershingSquareAppliesa35%DiscounttoGGPs
DevelopmentPipeline TheCompanyItselfThinks
53%ofTheseAssetsMayNeedToBeWrittenOff
PershingSquareAnalysis

HovdeCommentary
Ofthe$1.05billionofdevelopmentprojects,$536.6million(53%)
aresignificantdeferreddevelopmentprojects,whichthecompany
discussesinfootnote(d)onpage35ofitsQ309supplemental.The
footnotereads: Inlate2008,wesuspendedourElkGrove

Promenade,TheShopsatSummerlinCentre(SM)andother
developments.AsofSeptember30,2009,wehadincurred
$459.7Mofdevelopmentcostsassociatedwiththese
developments,withthemajorityofthecostsbeingincurred
priortosuspension.Wearecurrentlyobligatedunderexisting
contractualobligationstolocaljurisdictionsandprospective
tenantstospendanadditional$23.8M.Adecisionabout
whethertoproceedandcompletethesedevelopmentswill
dependontheCompany'sliquidityposition,marketconditions
andsuchcontractualobligations.Adecisiontoabandon
completionofthesedevelopmentswouldlikelyresultinthe
marketingforsaleofsuchproject,potentiallyresultingina
writeoffofasubstantialportionofthecostsincurredtodate.
(emphasisadded)

*PershingSquareCapitalManagement,L.P.LLCADetailedResponsetoHovdesShortThesisonGeneralGrowthPropertiesDecember22,2009,page26.

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PershingSquareAppliesa35%DiscounttoGGPs
DevelopmentPipeline TheCompanyItselfThinks
53%ofTheseAssetsMayNeedToBeWrittenOff
PershingSquareAnalysis

HovdeCommentary
Of the $1.05 billion of development
projects, $536.6 million (53%) are
significant
deferred
development
projects, which the company discusses in
footnote (d) on page 35 of its Q309
supplemental.
If the company itself
believes 53% of these assets may need to
be written off completely, does 35%
seem like an appropriate way to discount
this possibility?
Assuming these
deferred assets are written off, another
$266 million would need to be
subtracted.

*PershingSquareCapitalManagement,L.P.LLCADetailedResponsetoHovdesShortThesisonGeneralGrowthPropertiesDecember22,2009,page26.

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25

Irreconcilable ValuationofCash

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26

WeJustDontKnowWhatElseToSayAboutThis
PershingSquareAnalysis*

HovdeCommentary
Everyonemakesmistakessometimes?

Source:GGWPQQ309supplementalfinancialfiling.

*PershingSquareCapitalManagement,L.P.LLCADetailedResponsetoHovdesShortThesisonGeneralGrowthPropertiesDecember22,2009,page25.

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Irreconcilable ValuationofOtherAssets

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WeCannotReconcilePershingSquaresCalculationof
OtherAssets
GGPsActualBalanceSheet(1)

PershingSquareAnalysis*

*PershingSquareCapitalManagement,L.P.LLCADetailedResponsetoHovdesShortThesisonGeneralGrowthPropertiesDecember22,2009,page25.
(1)Source:GGWPQform10Q93009,p.3.

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BankruptcyRisks

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BankruptcyRisks
Astockpriceisnotnecessarilyanindicationofsolvency.
Publiclytradedcomparablesarenottheonlyfactorsconsideredinabankruptcyvaluation
analysis;therefore,privatemarkettransactionswherecapratesaremuchhigherarelikelyto
beconsideredintheanalysis.
Webelievetherelativeeaseofconsensusontheplanofemergencerelatedtosecured
creditorsthusfarhasbeendrivenbythefactthatmuchofthedebtincludedinthisplanwas
CMBSloans,wheretheserviceristypicallycontractuallyobligatedtoliquidateassetswithina
specifiedperiodoftimeuponforeclosure,whichwouldlikelyleadtovaluedestruction.In
addition,servicershaveeconomicincentivesnottoforecloseonassetsandrisklosingfee
income.Thisisincontrasttoothersecuredlendersandunsecuredlenders,whichcan(and
oftenwantto)ownandoperateassetstomaximizerecoveryvaluesand,therefore,havemore
negotiatingleverage.
AccordingtoCRTCapitalGroupLLC,postpetitioninterestonthebondsandtheunsecured
termloancouldamounttonearly$500millionassumingemergencebyMay1,2010,which
wouldfurtherjeopardizeanyequityrecovery(1).
Webelieveunsecuredcreditorswouldbeoutoftheirmindstoallowthemselvestobe
equitizedataninflatedvalueandhavetheirclaimdiluted.Webelievethecreditorsarelikely
torejectanyproposedplanvaluethatallowscurrentequityholderstoretainasignificant
stakeinthecompany.
(1)Source:DottingtheI'sandCrossingtheT'sKevinStarke,CFA,CRTCapitalGroupLLC,12/28/09.

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31

BankruptcyRisks
Inouropiniontimeisnotonequityholdersside:
Thelongerthecompanyremainsinbankruptcy,themore
difficultitbecomesforthecompanytorenewleases,
attractnewtenants,anddemandbetterpricinginlease
negotiations.
Thelongerthisdynamiccontinues,themoreextendedthe
declineinthecashflowstreamthatwillbecome
embeddedinthecompanyovertime.
GGPishighlyleveraged;therefore,smallchangesinNOI
canleadtosubstantialchangesinvalueandweakens
chancesforanequityrecovery.
Legalfees,otherbankruptcycosts,andunpaidinterest
continuetoaccrue,erodinganypotentialequityrecovery.
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RecentRetailandConsumerData

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RecentRetailandConsumerDataConfirm
OngoingWeaknessinMallFundamentals
OveragerentsinGGPsNovemberoperatingstatementshowedan
insignificantincreasefromOctober,confirmingourviewthatmany
retailersarelikelygeneratingsalesbelowthresholdlevelsnecessary
togeneratesignificantlevelsofoveragerents.(1)
Consumercreditshoweditslargestcontractiononrecord,declining
$17.5billioninthemonthofNovember.(2)
Decemberretailsalesdeclined0.3%,missingexpectationsforan
increase.Traditionallymallbasedcategoriessuchasconsumer
electronicsandappliancesandmiscellaneousretailersshowed
exceptionalweakness,falling2.6%and1.0%,respectively.(3)
Footlocker(NYSE:FL)announcedplanstoclose117storesin
January2010.(4)
WilliamsSonoma(NYSE:WSM)announceditplanstoreduceits
squarefootageby12%in2010andisactivelyrenegotiatingmore
favorableleasetermsfromlandlords.(5)
(1)

GGWPQNovembermonthlyoperatingstatement.(2)FederalReserveBoardofGovernors,ConsumerCredit,1/8/2010.(3)USCENSUSBUREAUADVANCEMONTHLYSALESFORRETAILANDFOOD
SERVICES,1/14/2010.(4)Companypressrelease,1/8/2010.(5)Companypressrelease,1/14/2010.

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Summary

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35

Summary

Basedontheforegoingpointsinthispresentationandothermaterial
flawswehavehighlightedpreviously,webelievePershingSquares
analysisisfactuallyinaccurateandmisleading,regardlessofones
opinionofthecompanyorpotentialoutcomeofthebankruptcyprocess.

GiventhatPershingSquarehasarepresentativeonGGPsBoardof
Directors,howcanGGPsBoardofDirectorsallowPershingSquareto
disseminatesuchinaccurateandmisleadingdata?

HowcaninvestorsblindlyfollowtherecommendationsofPershing
Squarewithoutscrutinizingthefactualaccuracyofthesupporting
analysis,whichwehaveshowntobefaulty?

Wecontinuetoencourageinstitutionalandretailinvestorsinthese
typesofinvestmentstobewaryofselfinterestedthirdparties
promotingstocksbasedoninaccurateandmisleadinganalysis.We
encourageinvestorstodotheirownanalysisandduediligenceand
checkthefactsofanypotentialinvestment.

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36

WeBelieveOurAnalysisIsGenerousTowardstheCompany
andThatItIsQuestionableWhetherThereWillBeValuefor
CurrentShareholdersUsingCapRatesWeThinkAreTooLow
Assumes 10% Decline in NOI (1)
Pershing Square Analysis Framework (2)
($ in millions, except per share data)
Cash NOI
Cap Rate
Implied Value of GGP's REIT

Low
$ 2,000
8.5%
23,529

High
$ 2,000
7.5%
26,667

Pro Rata for JVs:

Less: Total Debt
Less: Preferred Debt
Less: Other Liabilities
Plus: Cash (3)
Plus: Other Assets
Plus: Development Pipeline
Implied Equity Value

(28,174)
(121)
(1,766)
1,448
653
$ (4,431)

(28,174)
(121)
(1,766)
1,448
653
$ (1,294)

Per Share

$ (13.86)

$ (4.05)

(1)SeecalculationofNOIonpage30ofGeneralGrowthProperties,FoolsGold,HovdeCapitalAdvisors,LLC,December15,2009.
(2)AnalysistakenfromTheBucksReboundBeginsHeredatedMay27,2009 PershingSquareCapitalManagement,L.P.(p.56),updatedforQ309financialstatements.
(3)HovdeCapitalAdvisorsanalysisassumescashNOIof$2.0billionand,unlikePershingSquare,assumescashispaidoutin feestosecuredandunsecuredcreditors.

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37

WeBelieveOurAnalysisIsGenerousTowardstheCompany
andThatItIsQuestionableWhetherThereWillBeValuefor
CurrentShareholdersUsingCapRatesWeThinkAreTooLow
Best Case Assumes Conversion and No
Decline in NOI (1)

Realistic Case - Assumes Conversion and No

Decline in NOI (1)

Conversion Price Range $5-$8

Conversion Price Range $3-$6

($ in millions, except per share data)

LTM Cash NOI

2,200

Cap Rate
Implied Value of GGP's REIT

2,200

2,200

2,200

2,200

2,200

2,200

2,200

7.5%

7.5%

7.5%

7.5%

8.5%

8.5%

8.5%

8.5%

29,333

29,333

29,333

29,333

25,882

25,882

25,882

25,882

(21,174)

(21,174)

(21,174)

(21,174)

(21,174)

(21,174)

(21,174)

(21,174)

(121)

(121)

(121)

(121)

(121)

(121)

(121)

(121)

(1,766)
-

(1,766)
-

(1,766)
-

(1,766)
-

(1,766)
-

(1,766)
-

(1,766)
-

(1,766)
-

1,448

1,448

1,448

1,448

1,448

1,448

1,448

1,448

Pro Rata for JVs:

Less: Total Debt
Less: Preferred Debt
Less: Other Liabilities
Plus: Cash (2)
Plus: Other Assets
Plus: Development Pipeline
Implied Equity Value

Per Share

653
8,373

4.87

653
8,373

5.63

653
8,373

6.34

653
8,373

7.01

653
4,922

1.86

653
4,922

2.38

653
4,922

2.86

653
4,922

3.31

Assumedconversionprice: $5.00$6.00 $7.00$8.00$3.00$4.00$5.00$ 6.00

(1) Seecalculationonpage24ofGeneralGrowthProperties,FoolsGold,HovdeCapitalAdvisors,LLC,December15,2009. Assumesunsecureddebtwouldrequireamoderatediscounttoconvert,althoughit

isquestionableinourviewwhethertherewillbeanyvalueforexistingshareholdersgiventhatwebelievethevalueofthedebtexceedsthatoftheassets.
(2) Assumes cash is paid out to creditors in forbearance fees and reimbursement of legal expenses.

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38

CommercialRealEstateValuesHave
Dropped43%SincethePeakin2007
HovdeAnalysis
General Growth Implied Market Value Analysis
($millions)

As of 12/31/2007
Total Assets

Calculation

28,814,319

(A)

3,605,199

(B)

Total Liabilities

26,884,779

(C)

Stockholders Equity
Adjusted Total Assets
Adjusted Stockholders Equity

1,456,696
32,419,518
5,061,895

(D)
( E ) = ( A ) + (B )
(F)= (B)+(D)

Mark-to-Market Adjusted Total Assets

Total Liabilities

18,479,125
26,884,779

( G ) = ( E ) * (1 - 43%)
(C)

Accumulated Depreciation

Implied Market Value of Equity

(8,405,654) = ( G ) - ( C )

HovdeCommentary

Source:Moodys/REALCommercialPropertyIndex,RealCapital
Analytics.

Applying the Moodys/Real Commercial Property Index Data to General

Growths balance sheet implies a substantial equity value shortfall based
on todays asset values. While we appreciate there are certain assets that
have been held for a long period of time, we would note that roughly half
the companys total assets were acquired in the Rouse acquisition near
peak cycle prices.
Balancesheetdataasof12/31/07perGGPSECfilingsform10K.

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Appendix

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ReferenceMaterialsandResources
CommercialRealEstateFundamentalResearchandData (actualprivatemarketdata
depictingthedeterioratingtrendsinretailrentalratesandoccupancyaswellas
decliningcommercialrealestateassetprices)

www.cbre.com CBRichardEllis(nationalandregionaloccupancy,leasing,anddemographictrends)
www.colliers.com ColliersInternational(nationalandregionaloccupancy,leasing,anddemographic
trends)
www.reis.com Reis(marketdataonoccupancy,supply,absorption,etc.)
www.costar.com CoStarGroup(propertyleveldataonoccupancy,rentalrates,etc.)
www.rcanalytics.com RealCapitalAnalytics(comprehensiveCREtransactionaldatabase)
http://www.pwc.com/us/en/assetmanagement/realestate/index.jhtml Pricewaterhouse
Coopers(comprehensiveCREmarketdata,surveys,andforecasts)

PublicREITCompanyData (financialstatementsandoperationaldata)

http://www.sec.gov/edgar/searchedgar/companysearch.html publiccompanyfilings
www.ggp.com GeneralGrowthswebsitewithlinkstosupplementalfinancialreports
www.simon.com SimonPropertyGroupswebsitewithlinkstosupplementalfinancialreports

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Disclosures

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Disclosures

FundsadvisedbyHovdeCapitalAdvisors,LLCand/oroneofitsprincipalshaveestablished
shortpositionsinthecommonstockofGeneralGrowthProperties(OTC:GGWPQ)and
WilliamsSonoma(NYSE:WSM).Theirpositionsinthesestocksandothersmaychange
withoutfurthernotice.
NeitherthefundsadvisedbyoranyaffiliatesofHovdeCapitalAdvisors,LLCholdpositionsin
anycompaniesmentionedinthisdocumentotherGeneralGrowthPropertiesandWilliams
Sonoma.
Theopinionsandviewsexpressedinthisdocumentandtheanalysissetforthhereinmay
changeandHovdeCapitalAdvisors,LLCisnotundertakingtoupdateitsopinions,viewsor
analysis.
Althoughthefactualinformationcontainedinthisdocumentisbelievedtobeaccurate,
HovdeCapitalAdvisors,LLCdoesnotwarrantitsaccuracyorcompleteness.
Thisdocumentisnotintendedtobe,andshouldnotbeconstruedas,investmentadviceora
recommendationtobuyortosellanysecurity.

January21,2010

HovdeCapitalAdvisorsLLC

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