Document:

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                                                                    Exhibit 4.16

                          REGISTRATION RIGHTS AGREEMENT

                                     between

                        GENERAL GROWTH PROPERTIES, INC.,

                                MARTIN BUCKSBAUM,

                               MATTHEW BUCKSBAUM,

                          GENERAL GROWTH VENTURE L.P.,

                                      and

                        APPLETON TRUST, FALLBROOK TRUST,
             MARTIN INVESTMENT TRUST A, MARTIN INVESTMENT TRUST B,
             MARTIN INVESTMENT TRUST C, MARTIN INVESTMENT TRUST D,
             MARTIN INVESTMENT TRUST E, MARTIN INVESTMENT TRUST F,
            MATTHEW INVESTMENT TRUST A, MATTHEW INVESTMENT TRUST B,
            MATTHEW INVESTMENT TRUST C, MATTHEW INVESTMENT TRUST D,
            MATTHEW INVESTMENT TRUST E, MATTHEW INVESTMENT TRUST F,
           MBA TRUST, MBB TRUST, MBC TRUST, FALLBROOK INVESTORS, M.B.
                  CAPITAL PARTNERS and MB CAPITAL PARTNERS II

                          Dated: As of April 15, 1993

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                                TABLE OF CONTENTS

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                                    ARTICLE I
                              CERTAIN DEFINITIONS
1.1 Business Day ........................................................     1
1.2 Eligible Securities .................................................     1
1.3 Person ..............................................................     2
1.4 Permitted Transferees ...............................................     2
1.5 Registration Expenses ...............................................     2
1.6 SEC .................................................................     3
1.7 Securities Act ......................................................     3

                                 ARTICLE II
                    EFFECTIVENESS OF REGISTRATION RIGHTS
2.1 Effectiveness of Registration Rights ................................     3

                                   ARTICLE III
                              REGISTRATION REQUEST
3.1 Notices .............................................................     4
3.2 Registration Expenses ...............................................     5
3.3 Third Person Shares .................................................     5

                                   ARTICLE IV
                            INCIDENTAL REGISTRATION
4.1 Notice and Registration .............................................     7
4.2 Registration Expenses ...............................................     9

                                    ARTICLE V
                            REGISTRATION PROCEDURES
5.1 Registration and Qualification ......................................     9
5.2 Underwriting ........................................................    11
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5.3 Blackout Periods ....................................................    12
5.4 Qualification for Rule 144 Sales ....................................    13

                                   ARTICLE VI
                      PREPARATION: REASONABLE INVESTIGATION
6.1 Preparation; Reasonable Investigation ...............................    13

                                   ARTICLE VII
                        INDEMNIFICATION AND CONTRIBUTION
7.1 Indemnification and Contribution ....................................    14

                                  ARTICLE VIII
                         BENEFITS OF REGISTRATION RIGHTS
8.1 Benefits of Registration Rights .....................................    15

                                   ARTICLE IX
                                 MISCELLANEOUS
9.1 Captions ............................................................    16
9.2 Severability ........................................................    16
9.3 Governing Law .......................................................    16
9.4 Modification and Amendment ..........................................    16
9.5 Counterparts ........................................................    16
9.6 Entire Agreement ....................................................    16
9.7 Notices .............................................................    16

SIGNATURES ..............................................................    18
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                          REGISTRATION RIGHTS AGREEMENT

          This REGISTRATION RIGHTS AGREEMENT is made as of the 15th day of
April 1993 (this "Agreement"), among GENERAL GROWTH PROPERTIES,
INC., a Delaware corporation (the "Company"). MARTIN BUCKSBAUM, MATTHEW
BUCKSBAUM, GENERAL GROWTH VENTURE L.P., APPELTON TRUST, FALLBROOK TRUST, MARTIN
INVESTMENT TRUST A, MARTIN INVESTMENT TRUST B, MARTIN
INVESTMENT TRUST C, MARTIN INVESTMENT TRUST D, MARTIN
INVESTMENT TRUST E, MARTIN INVESTMENT TRUST F, MATTHEW
INVESTMENT TRUST A, MATTHEW INVESTMENT TRUST B, MATTHEW
INVESTMENT TRUST C, MATTHEW INVESTMENT TRUST D, MATTHEW
INVESTMENT TRUST E, MATTHEW INVESTMENT TRUST F, MBA TRUST,
MBB TRUST, MBC TRUST, FALLBROOK INVESTORS, M.B. CAPITAL
PARTNERS and MB CAPITAL PARTNERS, II (each an "Investor" and collectively the
"Investors").

                                  WITNESSETH:

          WHEREAS, the Investors will hold an aggregate of 1,315,671 shares
(the "Investor Shares") of common stock, par value $.10 per share, of the
Company (the "Common Stock") and a 44.4% limited partnership interest
(the "LP Interests") in GGP Limited Partnership, a Delaware limited partnership,
which may be converted into shares of Common stock; and

          WHEREAS, the Company has agreed to provide Investors with certain
registration rights as set forth herein;

          NOW, THEREFORE, in consideration of the mutual covenants and
undertakings contained herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, and subject to and
on the terms and conditions herein set forth, the parties hereto agree as
follows:

                                    ARTICLE I

                              CERTAIN DEFINITIONS.

          1.1. "Business Day" means any day on which the New York Stock Exchange
is open for trading.

          1.2. "Eligible Securities" means all or any portion of the Investors
Shares and any shares of Common Stock acquired by the Investors upon conversion
of the LP Interests.

          As to any proposed offer or sale of Eligible Securities, such
securities shall cease to be Eligible Securities with respect to such proposed
offer or sale when (i) a registration statement with respect to the sale of

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such securities shall have become effective under the Securities Act and such
securities shall have been disposed of in accordance with such registration
statement or (ii) such securities are permitted to be distributed pursuant to
Rule 144(k) (or any successor provision to such Rule) under the Securities Act
to be confirmed in a written opinion of counsel to the Company addressed to the
Investors, or (iii) such securities shall have been otherwise transferred
pursuant to an applicable exemption under the Securities Act, new certificates
for such securities not bearing a legend restricting further transfer shall have
been delivered by the Company and such securities shall be freely transferable
to the public without registration under the Securities Act.

          1.3. "person" means an individual, a partnership (general or limited),
corporation, joint venture, business trust, cooperative, association or other
form of business organization, whether or not regarded as a legal entity under
applicable law, a trust (inter vivos or testamentary), an estate of a deceased,
insane or incompetent person, a quasi-governmental entity, a government or any
agency, authority, political subdivision or other instrumentality thereof, or
any other entity.

          1.4. "Permitted Transferees" with respect to each Investor shall mean
any Affiliates of such Investor, as defined in the Agreement of Limited
Partnership of GGP Limited Partnership, dated April ____, 1993.

          1.5. "Registration Expenses" means all expenses incident to the
Company's performance of or compliance with the registration requirements set
forth in this Agreement including, without limitation, the following: (i) the
fees, disbursements and expenses of the Company's counsel(s) (United States and
foreign), accountants and experts in connection with the registration of
Eligible Securities to be disposed of under the Securities Act; (ii) all
expenses in connection with the preparation, printing and filing of the
registration statement, any preliminary prospectus or final prospectus, any
other offering document and amendments and supplements thereto and the mailing
and delivering of copies thereof to the underwriters and dealers; (iii) the cost
of printing or producing any agreement(s) among underwriters, underwriting
agreement(s) and blue sky or legal investment memoranda, any selling agreements
and any other documents in connection with the offering, sale or delivery of
Eligible Securities to be disposed of; (iv) all expenses in connection with the
qualification of Eligible

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Securities to be disposed of for offering and sale under state securities laws,
including the fees and disbursements of counsel for the underwriters in
connection with such qualification and in connection with any blue sky and legal
investment surveys; (v) the filing fees incident to securing any required review
by the National Association of Securities Dealers, Inc. of the terms of the sale
of Eligible Securities to be disposed of; and (vi) fees and expenses incurred in
connection with the listing of Eligible Securities on each securities exchange
on which securities of the same class are then listed; provided, however, that
Registration Expenses with respect to any registration pursuant to this
Agreement shall not include underwriting discounts or commissions attributable
to Eligible Securities, SEC or blue sky registration fees attributable to
Eligible Securities or transfer taxes applicable to Eligible Securities.

          1.6. "SEC" means the Securities and Exchange Commission.

          1.7. "Securities Act" shall mean the Securities Act of 1933, as
amended, and the rules and regulations of the SEC thereunder, all as the same
shall be in effect at the relevant time.

                                   ARTICLE II

                      EFFECTIVENESS OF REGISTRATION RIGHTS

          2.1 Effectiveness of Registration Rights. This Agreement shall become
effective immediately, provided, however, that the exercise of any registration
rights granted pursuant to Articles 3 and 4 hereof prior to the third
anniversary of the date of the prospectus to be used by the Company in its
initial public offering of shares of Common Stock (the "IPO") shall be subject
to the Investors first having received written consent from the Company and
Goldman, Sachs & Co. to the waiver of the restrictions on transfer of the Common
Stock held by the Investors under the terms of the letter agreement restricting
such transfers, to be entered by the Investors and the underwriters in
connection with the IPO.

                                       -3-
<PAGE>

                                   ARTICLE III

                              REGISTRATION REQUEST

          3.1 NOTICE. Upon written notice front an Investor requesting that the
Company effect the registration under the Securities Act of all or part of the
Eligible Securities held by such Investor, which notice shall specify the
intended method or methods of disposition of such Eligible Securities, the
Company will use all reasonable efforts to effect (at the earliest possible
date) the registration, under the Securities Act, of such Eligible Securities
for disposition in accordance with the intended method or methods of disposition
stated in such request, provided that:

          (a) if the Company shall have previously effected a registration with
     respect to Eligible Securities pursuant to Article 4 hereof, the Company
     shall not be required to effect a registration pursuant to this Article 3
     until a period of one hundred twenty (120) days shall have elapsed from the
     effective date of the most recent such previous registration;

          (b) if, upon receipt of a registration request pursuant to this
     Article 3, the Company is advised in writing (with a copy to the Selling
     Shareholders (as defined below)) by a nationally recognized independent
     investment banking firm selected by the Company to act as lead underwriter
     in connection with a public offering of securities by the Company that, in
     such firm's opinion, a registration at the time and on the terms requested
     would materially adversely affect such public offering of securities by the
     Company (other than an offering in connection with employee benefit and
     similar plans) (a "Company Offering") that had been contemplated by the
     Company prior to the notice by the Investors who initially requested
     registration, the Company shall not be required to effect a registration
     pursuant to this Article 3 until the earliest of (i) three months after
     the completion of such Company Offering, (ii) the termination of any "black
     out" period, if any, required by the underwriters to be applicable to the
     Selling Investors (as defined below) in connection with such Company
     Offering and agreed to in writing by the Selling Investors, (iii) promptly
     after abandonment of such Company Offering or (iv) four months after the
     date of written notice from the Investor who initially requested
     registration;

                                      -4-

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          (c) if, while a registration request is pending pursuant to Article 3,
     the Company determines in the good faith judgment of the Board of Directors
     of the Company, with the advice of counsel, that the filing of a
     registration statement would require the disclosure of non-public material
     information the disclosure of which would have a material adverse effect on
     the Company or would otherwise adversely affect a material financing,
     acquisition, disposition, merger or other comparable transaction, the
     Company shall deliver a certificate to such effect signed by its President
     or any Vice President to the Selling Shareholders and the Company shall not
     be required to effect a registration pursuant to this Article 3 until the
     earlier of (i) the date upon which such material information is disclosed
     to the public or ceases to be material or (ii) 60 days after the Company
     makes such good faith determination; and

          (d) the Company shall not be required to effect more than one
     registration pursuant to this Article 3 in any calendar year. No
     registration of Eligible Securities under this Article 3 shall relieve the
     Company of its obligation (if any) to effect registrations of Eligible
     Securities pursuant to Article 4.

          3.2. Registration Expenses. With respect to the registrations
requested pursuant to this Article 3 and any registration arising from an
exercise of a Blackout Termination Right (as defined below), the Company shall
pay all Registration Expenses.

          3.3. Third Person Shares. (a) Upon receipt of the written notice from
an Investor requesting registration under Section 3.1, the Company shall give
written notice to each other Investor, the other parties (the "Primary Third
Parties") entitled to substantially similar registration rights under a
Registration Rights Agreement entered into by the Company on the date hereof and
the parties (the "Incidental Parties") entitled only to incidental registration
rights pursuant to an Incidental Registration Rights Agreement entered into by
the Company on the date hereof. The Company shall have the right to cause the
registration of securities for sale for the account of any Person in any
registration of Eligible Securities requested pursuant to this Article 3 who has
delivered written notice to the Company within fifteen (15) business days (which
notice shall specify the number of shares to be disposed of

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and the intended method of disposition), provided that the Company shall not
have the right to cause the registration of all of such securities if the
Investor who requested such registration is advised in writing (with a copy to
the Company) by a nationally recognized independent investment banking firm
selected by such Investor that, in such firm's opinion, registration of all of
such securities would adversely affect the offering and sale of Eligible
Securities then contemplated by such Investor. The Investor or Investors and any
other Persons who elect to participate in an offering pursuant to registration
rights are referred to herein as the "Selling Shareholders". The Investor or
Investors who initially requested registration pursuant to Section 3.1 and each
other Investor who elects to participate in such offering are herein referred to
as the "Selling Investors".

          (b) If the Company cannot, pursuant to the terms of this Section 3.3,
register all of the shares requested to be registered, the Company shall
register the Maximum Amount (as defined below), and such amount shall be
allocated among the Persons requesting registrations follows:

          (i) if the Selling Investors and the Principal Third Parties each
     exercise registration rights on the same day, the Maximum Amount shall be
     allocated between such Persons pro rata according to the number of shares
     for which registration was initially requested by each such Person; and

          (ii) in all other cases in which both Selling Investors and the
     Principal Third Parties seek to register shares, the Maximum Amount shall
     be allocated pro rata according to the total number of shares of Common
     Stock owned by the Investors taken as a whole on the one hand and the
     Principal Third Party on the other hand on the day the Company first
     received the demand request with respect to such registration.

For purposes of this Section, "Maximum Amount" shall mean the largest number of
shares (if any) which, after deducting any shares for which registration is
requested by any Incidental Parties, in the opinion of the nationally recognized
underwriter selected by the Investors for purposes of Section 3.3(a), could be
offered to the public without adversely affecting the offering and sale of
Eligible Securities as then contemplated by the Selling Investors.
Notwithstanding anything to the contrary contained herein, if any Incidental
Party seeks to register

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shares in a registration that was initiated by the Selling Investors under this
Article 3, such Incidental Party shall not suffer any reduction in the number of
shares it seeks to register pursuant to the foregoing provisions of this Section
3.3(b).

          (c) In the event that both Selling Investors taken as a whole on the
one hand and the Principal Third Parties on the other hand exercise registration
rights on the same day, the party (as between such two parties) who initially
requested registration of the larger number of shares shall be entitled to
select the lead underwriter for such registered offering. In all other cases,
the first Person to exercise registration rights with respect to any
registration demand shall be entitled to select the lead underwriter for such
registered offering.

                                   ARTICLE IV

                            INCIDENTAL REGISTRATION.

          4.1. Notice and Registration. If the Company proposes to register any
shares of Common Stock or other securities issued by it having terms
substantially similar to Eligible Securities ("Other Securities") for public
sale under the Securities Act (whether proposed to be offered for sale by the
Company or by any other Person) on a form and in a manner which would permit
registration of Eligible Securities for sale to the public under the Securities
Act, it will give prompt written notice to Investors of its intention to do so,
and upon the written request of Investors delivered to the Company within
fifteen (15) Business Days after the giving of any such notice (which request
shall specify the number of Eligible Securities intended to be disposed of by
Investors and the intended method of disposition thereof) the Company will use
all reasonable efforts to effect, in connection with the registration of the
Other Securities, the registration under the Securities Act of all Eligible
Securities which the Company has been so requested to register by the Selling
Investors, to the extent required to permit the disposition (in accordance with
the intended method or methods thereof as aforesaid) of Eligible Securities so
to be registered, provided that:

          (a) if, at any time after giving such written notice of its intention
     to register any Other Securities and prior to the effective date of the

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<PAGE>

     registration statement filed in connection with such registration, the
     Company shall determine for any reason not to register the Other
     Securities, the Company may, at its election, give written notice of such
     determination to Investors and thereupon the Company shall be relieved of
     its obligation to register such Eligible Securities in connection with the
     registration of such Other Securities (but not from its obligation to pay
     Registration Expenses to the extent incurred in connection therewith as
     provided in Section 4.2), without prejudice, however, to the rights (if
     any) of Investors immediately to request that such registration be effected
     as a registration under Article 3;

          (b) The Company will not be required to effect any registration
     pursuant to this Article 4 if the Company shall have been advised in
     writing (with a copy to the Selling Investors) by a nationally recognized
     independent investment banking firm selected by the Company to act as lead
     underwriter in connection with the public offering of securities by the
     Company that, in such firm's opinion, a registration at that time would
     materially and adversely affect the Company's own scheduled offering,
     provided, however, that if an offering of some but not all of the shares
     requested to be registered by Investor would not adversely affect the
     Company's offering, the aggregate number of shares requested to be included
     in such offering by the Selling Shareholders (other than the Incidental
     Persons, whose requests shall not be reduced under this proviso) shall be
     reduced pro rata according to the total number of shares of Common Stock
     owned by the Investor on the one hand and the Principal Third Parties taken
     as a whole on the other hand on the day the Company first delivered its
     notice to the Investors of its proposed offering;

          (c) The Company shall not be required to effect any registration of
     Eligible Securities under this Article 4 incidental to the registration of
     any of its securities in connection with mergers, acquisitions, exchange
     offers, subscription offers, dividend reinvestment plans or stock options
     or other employee benefit plans.

No registration of Eligible Securities effected under this Article 4 shall
relieve the Company of its obligation (if

                                       -8-

<PAGE>

any) to effect registrations of Eligible Securities pursuant to Article 3.

          4.2. Registration Expenses. The Company (as between the Company and
the Selling Investors) shall be responsible for the payment of all Registration
Expenses in connection with any registration pursuant to this Article 4.

                                    ARTICLE V

                            REGISTRATION PROCEDURES.

          5.1. Registration and Qualification. If and whenever the Company is
required to use all reasonable efforts to effect the registration of any
Eligible Securities under the Securities Act as provided in Articles 3 or 4, the
Company will as promptly as is practicable:

          (a) prepare, file and use all reasonable efforts to cause to become
     effective a registration statement under the Securities Act regarding the
     Eligible Securities to be offered;

          (b) prepare and file with the SEC such amendments and supplements to
     such registration statement and the prospectus used in connection therewith
     as may be necessary to keep such registration statement effective and to
     comply with the provisions of the Securities Act with respect to the
     disposition of all Eligible Securities until the earlier of such time as
     all of such Eligible Securities have been disposed of in accordance with
     the intended methods of disposition by the Selling Investors set forth in
     such registration statement or the expiration of twelve months after such
     Registration Statement becomes effective;

          (c) furnish to the Selling Investors and to any underwriter of such
     Eligible Securities such number of conformed copies of such registration
     statement and of each such amendment and supplement thereto (in each case
     including all exhibits), such number of copies of the prospectus included
     in such registration statement (including each preliminary prospectus and
     any summary prospectus), in conformity with the requirements of the
     Securities Act, such documents incorporated by reference in such
     registration statement or prospectus, and such other documents as the
     Selling Investors or such underwriter may reasonably request;

                                       -9-
<PAGE>

          (d) use all reasonable efforts to register or qualify all Eligible
     Securities covered by such registration statement under such other
     securities or blue sky laws of such jurisdictions as the Selling Investors
     or any underwriter of such Eligible Securities shall reasonably request,
     and do any and all other acts and things which may be reasonably requested
     by the Selling Investors or any underwriter to consummate the disposition
     in such jurisdictions of the Eligible Securities covered by such
     registration statement, except the Company shall not for any such purpose
     be required to qualify generally to do business as a foreign corporation in
     any jurisdiction wherein it is not so qualified, or to subject itself to
     taxation in any jurisdiction where it is not then subject to taxation, or
     to consent to general service of process in any jurisdiction where it is
     not then subject to service of process;

          (e) use all reasonable efforts to list the Eligible Securities on each
     national securities exchange on which the Common Stock is then listed, if
     the listing of such securities is then permitted under the rules of such
     exchange;

          (f) (i) furnish to the Selling Investors, an opinion of counsel for
     the Company, addressed to them, dated the date of the closing under the
     underwriting agreement, and (ii) use all reasonable efforts to furnish to
     the Selling Investors, addressed to them, a "comfort letter" signed by
     the independent public accountants who have certified the Company's
     financial statements included in such registration statement, addressed to
     them, each such document covering substantially the same matters with
     respect to such registration statement (and the prospectus included
     therein) and, in the case of such accountants' letter, with respect to
     events subsequent to the date of such financial statements, as are
     customarily covered in opinions of issuer's counsel and in accountants'
     letters delivered to underwriters in underwritten public offerings of
     securities and such other matters as the Selling Investors may reasonably
     request; and

          (g) immediately notify the Selling Investors at any time when a
     prospectus relating to a registration pursuant to Article 3 or 4 hereof is
     required to be delivered under the Securities Act of the happening of any
     event as a result of which the prospectus included

                                      -10-

<PAGE>

     in such registration statement, as then in effect, includes an untrue
     statement of a material fact or omits to state any material fact required
     to be stated therein or necessary to make the statements therein, in the
     light of the circumstances under which they were made, not misleading, and
     at the request of the Selling investors prepare and furnish to the Selling
     Investors as many copies of a supplement to or an amendment of such
     prospectus as the Selling Investors reasonably request so that, as
     thereafter delivered to the purchasers of such Eligible Securities, such
     prospectus shall not include an untrue statement of a material fact or omit
     to state a material fact required to be stated therein or necessary to make
     the statements therein, in light of the circumstances under which they were
     made, not misleading.

The Company may require the Selling Investors to furnish the Company such
information regarding the Selling Investors and the distribution of such
securities as the Company may from time to time reasonably request in writing
and as shall be required by law or by the SEC in connection with any
registration.

          5.2. Underwriting. (a) If requested by the underwriters for any
underwritten offering of Eligible Securities pursuant to a registration
requested hereunder, the Company will enter into and perform its obligations
under an underwriting agreement with such underwriters for such offering, such
agreement to contain such representations and warranties by the Company and such
other terms and provisions as are customarily contained in underwriting
agreements with respect to secondary distributions, including, without
limitation, indemnities and contribution to the effect and to the extent
provided in Article 7 hereof and the provision of opinions of counsel and
accountants' letters to the effect and to the extent provided in Section 5.l(f).
The holders of Eligible Securities on whose behalf Eligible Securities are to be
distributed by such underwriters shall be parties to any such underwriting
agreement and the representations and warranties by, and the other agreements on
the part of, the company to and for the benefit of such underwriters shall also
be made to and for the benefit of such holders of Eligible Securities.
Notwithstanding the foregoing, any Selling Investor may elect, in writing prior
to the effective date of the registration statement filed in connection with
such registration, not to register such Eligible Securities in connection with
such registration.

                                      -11-

<PAGE>

          (b) In the event that any registration pursuant to Article 4 hereof
shall involve, in whole or in part, an underwritten offering, the Company may
require Eligible Securities requested to be registered pursuant to Article 4 to
be included in such underwriting on the same terms and conditions as shall be
applicable to the Other Securities being sold through underwriters under such
registration. In such case, the holders of Eligible Securities on whose behalf
Eligible Securities are to be distributed by such underwriters shall be parties
to any such underwriting agreement. Such agreement shall contain such
representations and warranties by the Selling Investors and such other terms and
provisions as are customarily contained in underwriting agreements with respect
to secondary distributions, including, without limitation, indemnities and
contribution to the effect and to the extent provided in Article 7. The
representations and warranties in such underwriting agreement by, and the other
agreements on the part of, the Company to and for the benefit of such
underwriters shall also be made to and for the benefit of such holders of
Eligible Securities.

          5.3 Blackout Periods. (a) At any time when a registration statement
effected pursuant to Article 3 relating to Eligible Securities is effective,
upon written notice from the Company to Investors that the Company determines in
the good faith judgment of the Board of Directors of the Company, with the
advice of counsel, that Selling Investors' sale of Eligible Securities pursuant
to the registration statement would require disclosure of non-public material
information the disclosure of which would have a material adverse effect on the
Company (an "Information Blackout"), the Selling Investors shall suspend sales
of Eligible Securities pursuant to such registration statement until the earlier
of:

               (X) (A) the date upon which such material information is
          disclosed to the public or ceases to be material or (B) 60 days after
          the Company makes such good faith determination, and

               (Y) such time as the Company notifies the Selling Investors that
          sales pursuant to such registration statement may be resumed (the
          number of days from such suspension of sales by the Selling Investors
          until the day when such sales may be resumed hereunder is hereinafter
          called a "Sales Blackout Period").

                                      -12-
<PAGE>

          (b) Any delivery by the Company of notice of an Information Blackout
during the 90 days immediately following effectiveness of any registration
statement effected pursuant to Article 3 hereof shall give the Investors the
right, by written notice to the Company within 20 Business Days after the end of
such blackout period, to cancel such registration and obtain one additional
registration right during such calendar year (a "Blackout Termination Right")
under Section 3.1(d).

          (c) If there is an Information Blackout and the Investors do not
exercise their cancellation right, if any, pursuant to (b) above, or, if such
cancellation right is not available, the time period set forth in Section 5.l(b)
shall be extended for a number of days equal to the number of days in the Sales
Blackout Period.

          5.4. QUALIFICATION FOR RULE 144 SALES. The Company will take all
actions reasonably necessary to comply with the filing requirements described in
Rule 144(c)(l) so as to enable the Investors to sell Eligible Securities without
registration under the Securities Act and, upon the written request of any
Investor, the Company will deliver to such Investor a written statement as to
whether it has complied with such filing requirements.

                                   ARTICLE VI

                     PREPARATION: REASONABLE INVESTIGATION.

          6.1. PREPARATION: REASONABLE INVESTIGATION. In connection with the
preparation and filing of each registration statement registering Eligible
Securities under the Securities Act, the Company will give the Selling Investors
and the underwriters, if any, and their respective counsel and accountants,
drafts of such registration statement for their review and comment prior to
filing and such reasonable and customary access to its books and records and
such opportunities to discuss the business of the Company with its officers and
the independent public accountants who have certified its financial statements
as shall be necessary, in the opinion of the Selling Investors and such
underwriters or their respective counsel, to conduct a reasonable investigation
within the meaning of the Securities Act.

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<PAGE>

                                   ARTICLE VII

                       INDEMNIFICATION AND CONTRIBUTION.

          7.1. INDEMNIFICATION AND CONTRIBUTION. (a) In the event of any
registration of any Eligible Securities hereunder, the Company will enter into
customary indemnification arrangements to indemnify and hold harmless each
Investor who exercises his registration rights hereunder and, to the extent
applicable, its directors and officers, its partners, its trustees and each
Person who controls any of such Persons, each Person who participates as an
underwriter in the offering or sale of such securities, and each Person, if any,
who controls such underwriter within the meaning of the Securities Act against
any losses, claims, damages, liabilities and expenses, joint or several, to
which such Person may be subject under the Securities Act or otherwise insofar
as such losses, claims, damages, liabilities or expenses (or actions or
proceedings in respect thereof) arise out of or are based upon (i) any untrue
statement or alleged untrue statement of any material fact contained in any
registration statement under which such securities were registered under the
Securities Act, any preliminary prospectus or final prospectus included therein,
or any amendment or supplement thereto, or any document incorporated by
reference therein, or (ii) any omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements
therein not misleading, and the Company will promptly reimburse each such Person
for any legal or any other expenses reasonably incurred by such Person in
connection with investigating or defending any such loss, claim, damage,
liability, action or proceeding; provided that the Company shall not be liable
in any such case to the extent that any such loss, claim, damage, liability (or
action or proceeding in respect thereof) or expenses arises out of or is based
upon an untrue statement or alleged untrue statement or omission or alleged
omission made in such registration statement, any such preliminary prospectus or
final prospectus, amendment or supplement in reliance upon and in conformity
with written information furnished to the Company by such Selling Investors or
such underwriter expressly for use in the registration statement. Such indemnity
shall remain in full force and effect regardless of any investigation made by or
on behalf of Investors or any such Person and shall survive the transfer of such
securities by the Investors. The Company also shall agree to provide provision
for contribution as shall be reasonably

                                      -14-

<PAGE>

requested by the investors or any underwriters in circumstances where such
indemnity is held unenforceable.

          (b) The Selling Investors, by virtue of exercising their registration
rights hereunder, agree and undertake to enter into customary indemnification
arrangements to severally and not jointly indemnify and hold harmless (in the
same manner and to the same extent as set forth in clause (a) of this Article 7)
the Company, each director of the Company, each officer of the Company who shall
sign such registration statement, each Person who participates as an underwriter
in the offering or sale of such securities, each Person, if any, who controls
the Company or any such underwriter within the meaning of the Securities Act,
with respect to any statement in or omission from such registration statement,
any preliminary prospectus or final prospectus included therein, or any
amendment or supplement thereto, but only to the extent that such statement or
omission was made in reliance upon and in conformity with written information
furnished by such Selling Investors to the Company expressly for use in the
registration statement. Such indemnity shall remain in full force and effect
regardless of any investigation made by or on behalf of the Company or any such
director, officer or controlling Person and shall survive the transfer of the
registered securities by the Selling Investors and the expiration of this
Agreement. The Selling Investors also shall agree to provide provision for
contribution as shall be reasonably requested by the Company or any underwriters
in circumstance where such indemnity if held unenforceable.

          (c) Indemnification and contribution similar to that specified in the
preceding subdivisions of this Article 7 (with appropriate modifications) shall
be given by the Company and the Selling Investors with respect to any required
registration or other qualification of such Eligible Securities under any
federal or state law or regulation of governmental authority other than the
Securities Act.

                                  ARTICLE VIII

                        BENEFITS OF REGISTRATION RIGHTS.

          8.1. BENEFITS OF REGISTRATION RIGHTS. Subject to the limitations of
Sections 3.1 and 4.1, Investors and any Permitted Transferees of Eligible
Securities may severally or jointly exercise the registration rights hereunder
in

                                      -15-
<PAGE>

such manner and in such proportion as they shall agree among themselves.

                                   ARTICLE IX

                                  MISCELLANEOUS

          9.1 CAPTIONS. The captions or headings in this Agreement are for
convenience and reference only, and in no way define, describe, extend or limit
the scope or intent of this Agreement.

          9.2 SEVERABILITY. If any clause, provision or section of this
Agreement shall be invalid or unenforceable, the invalidity or unenforceability
of such clause, provision or section shall not affect the enforceability or
validity of any of the remaining clauses, provisions or sections hereof to the
extent permitted by applicable law.

          9.3 GOVERNING LAW. This Agreement shall be construed and enforced in
accordance with the internal laws of the State of Delaware, without reference to
its rules as to conflicts or choice of laws.

          9.4 MODIFICATION aND AMENDMENT. This Agreement may not be changed,
modified, discharged or amended, except by an instrument signed by all of the
parties hereto.

          9.5 COUNTERPARTS. This Agreement may be executed in counterparts, each
of which shall be an original, but all of which together shall constitute one
and the same instrument.

          9.6 ENTIRE AGREEMENT. This Agreement constitutes the entire agreement
and understanding among the parties and supersedes any prior understandings
and/or written or oral agreements among them respecting the subject matter
herein.

          9.7. NOTICES. All notices, requests, demands, consents and other
communications required or permitted to be given pursuant to this Agreement
shall be in writing and delivered by hand, by overnight courier delivery service
or by certified mail, return receipt requested, postage prepaid. Notices shall
be deemed given when actually received, which shall be deemed to be not later
than the next Business Day if sent by overnight courier or after five

                                      -16-

<PAGE>

(5) Business Days if sent by mail. Notice to Investors shall be made to the
address listed on the stock transfer records of the Company.

                                      -17-

<PAGE>

          IN WITNESS WHEREOF, the parties hereto have executed this Agreement or
caused this Agreement to be executed as of the day and year first above written.

                                        GENERAL GROWTH PROPERTIES, INC.

                                        By: /s/ Matthew Bucksbaum
                                            ------------------------------------
                                        Name: Matthew Bucksbaum
                                        Title: President

                                        By: /s/ Martin Bucksbaum
                                            ------------------------------------
                                            Martin Bucksbaum

                                        By: /s/ Matthew Bucksbaum
                                            ------------------------------------
                                            Matthew Bucksbaum

APPELTON TRUST                         FALLBROOK TRUST

By:  GENERAL TRUST COMPANY,            By:  GENERAL TRUST COMPANY,
     Trustee                                Trustee

By: /s/ Michael Greaves                    By: /s/ Michael Greaves
    -----------------------                    --------------------------

    Name: Michael Greaves                  Name: Michael Greaves

    Title: VP                              Title: VP

MARTIN INVESTMENT TRUST A              MARTIN INVESTMENT TRUST B

By:  GENERAL TRUST COMPANY,            By:  GENERAL TRUST COMPANY,
     Trustee                                Trustee

By: /s/ Michael Greaves                    By: /s/ Michael Greaves
    -----------------------                    --------------------------

    Name: Michael Greaves                  Name: Michael Greaves

    Title: VP                              Title: VP

MARTIN INVESTMENT TRUST C              MARTIN INVESTMENT TRUST D

By:  GENERAL TRUST COMPANY,            By:  GENERAL TRUST COMPANY,
     Trustee                                Trustee

By: /s/ Michael Greaves                    By: /s/ Michael Greaves
    -----------------------                    --------------------------

    Name: Michael Greaves                  Name: Michael Greaves

    Title: VP                              Title: VP

MARTIN INVESTMENT TRUST E              MARTIN INVESTMENT TRUST F

By:  GENERAL TRUST COMPANY,            By:  GENERAL TRUST COMPANY,
     Trustee                                Trustee

By: /s/ Michael Greaves                    By: /s/ Michael Greaves
    -----------------------                    --------------------------

    Name: Michael Greaves                  Name: Michael Greaves

    Title: VP                              Title: VP

MATTHEW INVESTMENT TRUST A             MATTHEW INVESTMENT TRUST B

By:  GENERAL TRUST COMPANY,            By:  GENERAL TRUST COMPANY,
     Trustee                                Trustee

By: /s/ Michael Greaves                    By: /s/ Michael Greaves
    -----------------------                    --------------------------

    Name: Michael Greaves                  Name: Michael Greaves

    Title: VP                              Title: VP

                                      -18-

<PAGE>

MATTHEW INVESTMENT TRUST C             MATTHEW INVESTMENT TRUST D

By:  GENERAL TRUST COMPANY,            By:  GENERAL TRUST COMPANY,
     Trustee                                Trustee

     By: /s/ Michael Greaves               By: /s/ Michael Greaves
         -----------------------               --------------------------

     Name: Michael Greaves                 Name: Michael Greaves

     Title: VP                             Title: VP

MATTHEW INVESTMENT TRUST E             MATTHEW INVESTMENT TRUST F

By:  GENERAL TRUST COMPANY,            By:  GENERAL TRUST COMPANY,
     Trustee                                Trustee

By: /s/ Michael Greaves                    By: /s/ Michael Greaves
    -----------------------                    --------------------------

    Name: Michael Greaves                  Name: Michael Greaves

    Title: VP                              Title: VP

MBA TRUST                              MBB TRUST

By:  GENERAL TRUST COMPANY,            By:  GENERAL TRUST COMPANY,
     Trustee                                Trustee

By: /s/ Michael Greaves                    By: /s/ Michael Greaves
    -----------------------                    --------------------------

    Name: Michael Greaves                  Name: Michael Greaves

    Title: VP                              Title: VP

MBC TRUST                              FALLBROOK INVESTORS, a
                                       California general
                                       partnership

By:  GENERAL TRUST COMPANY,            By:  MATTHEW FAMILY TRUST A,
     Trustee                                a partner

                                       By:  GENERAL TRUST COMPANY,
                                            Trustee

     By: /s/ Michael Greaves               By: /s/ Michael Greaves
         -----------------------               --------------------------

     Name: Michael Greaves                 Name: Michael Greaves

     Title: VP                             Title: VP

                                      -19-
<PAGE>
M.B. CAPITAL PARTNERS,                 MB CAPITAL PARTNERS, II,
  a South Dakota general                  a South Dakota general
  partnership                             partnership

By:  MBA TRUST, a partner              By:  MBA TRUST, a partner

By:  GENERAL TRUST COMPANY,            By:  GENERAL TRUST COMPANY,
     Trustee                                Trustee

     By: /s/ Michael Greaves               By: /s/ Michael Greaves
         -----------------------               --------------------------

     Name: Michael Greaves                 Name: Michael Greaves

     Title: VP                             Title: VP

GENERAL GROWTH VENTURE L.P.

By:  M.B. VENTURE CORPORATION

     By: /s/ Martin Bucksbaum
         -----------------------

     Name: Martin Bucksbaum

     Title: President<PAGE>
                                                                    EXHIBIT 4.18

                          REGISTRATION RIGHTS AGREEMENT

            THIS REGISTRATION RIGHTS AGREEMENT (this "Agreement") is made and
entered into as of April 17, 2002 by and between GENERAL GROWTH PROPERTIES,
INC., a Delaware corporation (the "Company"), and GSEP 2002 REALTY CORP., a
Delaware corporation (the "Holder").

            WHEREAS, the Holder is receiving on the date hereof Preferred Units
of limited liability company interest ("Units") in GGPLP L.L.C, a Delaware
limited liability company (the "LLC");

            WHEREAS, in connection therewith, the Company has agreed to grant to
the Holder the Registration Rights (as defined in Section 1 hereof);

            NOW, THEREFORE, the parties hereto, in consideration of the
foregoing and the mutual covenants and agreements hereinafter set forth, hereby
agree as follows:

SECTION 1. REGISTRATION RIGHTS

            If Holder receives REIT Preferred Shares (including depositary
shares representing fractions of REIT Preferred Shares) or Common Shares (each
as defined in the Second Amended and Restated Operating Agreement of the LLC
dated as of the date hereof (as amended from time to time, the "Operating
Agreement")) of the Company upon exchange of Units (the "Covered Shares")
pursuant to the Operating Agreement, then, unless such Covered Shares are issued
to the Holder pursuant to an Issuer Registration Statement as provided in
Section 2 below, Holder shall be entitled to offer for sale pursuant to a shelf
registration statement, the Covered Shares, subject to the terms and conditions
set forth in Section 3 hereof (the "Registration Rights").

SECTION 2. ISSUER REGISTRATION STATEMENT

            Anything contained herein to the contrary notwithstanding, in the
event that the Covered Shares are issued by the Company to Holder pursuant to an
effective registration statement (an "Issuer Registration Statement") filed with
the Securities and Exchange Commission (the "Commission"), the Company shall be
deemed to have satisfied all of its registration obligations under this
Agreement with respect to such Covered Shares.

SECTION 3. DEMAND REGISTRATION RIGHTS

            3.1 (a) Registration Procedure. Unless such Covered Shares are
issued pursuant to an Issuer Registration Statement as provided in Section 2
hereof, then subject to Sections 3.1(c) and 3.2 hereof, if the Holder desires to
exercise Registration Rights with respect to the Covered Shares, the Holder
shall deliver to the Company a written
<PAGE>
                                                   Registration Rights Agreement

notice (a "Registration Notice") informing the Company of such exercise and
specifying the number of shares to be offered by such Holder (such shares to be
offered, and all additional REIT Preferred Shares and Common Shares obtainable
upon exchange of Units which the Company elects to register in a registration
hereunder, being referred to herein as the "Registrable Securities"). Such
notice may be given at any time on or after the date a notice of exchange is
delivered by the Holder to the LLC pursuant to the Operating Agreement, but must
be given at least fifteen (15) Business Days prior to the date on which the
Holder proposes to consummate the sale of Registrable Securities. As used in
this Agreement, a "Business Day" is any Monday, Tuesday, Wednesday, Thursday or
Friday other than a day on which banks and other financial institutions are
authorized or required to be closed for business in the State of New York. Upon
receipt of the Registration Notice, the Company, if it has not already caused
the Registrable Securities to be included as part of an existing shelf
registration statement (prior to the filing of which the Company shall have
given ten (10) Business Days notice to the Holder) and related prospectus that
the Company then has on file with the Commission (the "Shelf Registration
Statement") (in which event the Company shall be deemed to have satisfied its
registration obligation under this Section 3), will cause to be filed with the
Commission as soon as reasonably practicable after receiving the Registration
Notice a new registration statement and related prospectus that may include only
the Covered Shares that are the subject of the Registration Notice or, at the
election of the Company, all REIT Preferred Shares and Common Shares obtainable
upon exchange of Units (in which event the Company shall be deemed to have
satisfied its registration obligation under this Section 3 with respect to such
shares and all such shares shall constitute Registrable Securities hereunder and
any person receiving such shares upon exchange of Units shall thereupon be a
Holder hereunder) (a "New Registration Statement") that complies as to form in
all material respects with applicable Commission rules providing for the sale by
the Holder of the Registrable Securities, and agrees (subject to Section 3.2
hereof) to use its reasonable best efforts to cause such New Registration
Statement to be declared effective by the Commission as soon as practicable. (As
used herein, "Registration Statement" and "Prospectus" refer to the Shelf
Registration Statement and related prospectus (including any preliminary
prospectus) or the New Registration Statement and related prospectus (including
any preliminary prospectus), whichever is utilized by the Company to satisfy
Holder's Registration Rights pursuant to this Section 3, including in each case
any documents incorporated therein by reference.)

            The Holder agrees to provide in writing in a timely manner
information regarding the proposed plan of distribution by the Holder of the
Registrable Securities and such other information reasonably requested by the
Company in connection with the preparation of and for inclusion in the
Registration Statement. The Company agrees (subject to Section 3.2 hereof) to
use its reasonable best efforts to keep the Registration Statement effective
(including the preparation and filing of any amendments and supplements
necessary for that purpose) until the earlier of (i) the date on which the sale
of all of the Registrable Securities registered under the Registration Statement
is consummated or (ii) the date on which all of the Registrable Securities are
eligible for

                                      -2-
<PAGE>
                                                   Registration Rights Agreement

sale pursuant to Rule 144(k) (or any successor provision) or in a single
transaction pursuant to Rule 144(e) (or any successor provision) under the
Securities Act of 1933, as amended (the "Act"). The Company agrees to provide to
Holder a reasonable number of copies of the final Prospectus and any amendments
or supplements thereto.

            Notwithstanding the foregoing, the Company may at any time, in its
sole discretion and prior to receiving any Registration Notice from the Holder,
include all of Holder's Covered Shares or any portion thereof in any Shelf
Registration Statement. In connection with any Registration Statement utilized
by the Company to satisfy Holder's Registration Rights pursuant to this Section
3, Holder agrees that it will respond in writing within ten (10) Business Days
to any request by the Company to provide or verify information regarding Holder
or Holder's Registrable Securities as may be required to be included in such
Registration Statement pursuant to the rules and regulations of the Commission.

            (b) Offers and Sales. All offers and sales by the Holder under the
Registration Statement referred to in this Section 3 shall be completed within
the period during which the Registration Statement is required to remain
effective pursuant to Section 3.1(a) of this Section 3, and upon expiration of
such period Holder will not offer or sell any Registrable Securities under the
Registration Statement. If directed by the Company, the Holder will return all
undistributed copies of the Prospectus in its possession upon the expiration of
such period.

            (c) Limitations on Registration Rights. Each exercise by the Holder
of a Registration Right shall be with respect to a minimum of the lesser of (i)
an amount of Common Shares or depositary shares of REIT Preferred Shares having
a sale price of at least $350,000 or (ii) the total number of Covered Shares
held by the Holder at such time, in each case plus the number of Covered Shares
that may be issued upon exchange of Units by Holder. The right of the Holder to
deliver a Registration Notice commences upon the first date the Holder is
permitted to exchange Units pursuant to the Operating Agreement. The right of
the Holder to deliver a Registration Notice shall expire on the date on which
all of the Covered Shares held by the Holder or issuable upon redemption of
Units held by the Holder are eligible for sale pursuant to Rule 144(k) (or any
successor provision) or in a single transaction pursuant to Rule 144(e) (or any
successor provision) under the Act. The Registration Rights granted pursuant to
this Section 3.1 may be exercised in connection with an underwritten public
offering; provided, that the Company shall have the right to select the
underwriter or underwriters in connection with such public offering, which shall
be subject to the reasonable approval of the Holder.

            3.2 Suspension of Offering. Upon any notice by the Company, either
before or after the Holder has delivered a Registration Notice, that a
negotiation or consummation of a transaction by the Company or any of its
subsidiaries is pending or an event has occurred, which negotiation,
consummation or event would require additional disclosure by the Company in a
Registration Statement of material information which the

                                      -3-
<PAGE>
                                                   Registration Rights Agreement

Company has a bona fide business purpose for keeping confidential and the
nondisclosure of which in the Registration Statement might cause the
Registration Statement to fail to comply with applicable disclosure requirements
(a "Materiality Notice"), Holder agrees that (a) it will immediately discontinue
offers and sales of the Registrable Securities under the Registration Statement,
until Holder receives copies of a supplemented or amended Prospectus that
corrects the misstatement(s) or omission(s) referred to above and receives
notice that any post-effective amendment has become effective or (b) its rights
to require the Company to take action with respect to the registration or sale
of any Registrable Securities pursuant to the Registration Statement shall be
suspended for the period described in the Materiality Notice; provided, that the
Company may delay, suspend or withdraw the Registration Statement for such
reason for no more than 90 days after delivery of the Materiality Notice at any
one time and only once in any 180 day period. If so directed by the Company,
Holder will deliver to the Company all copies of the Prospectus covering the
Registrable Securities current at the time of receipt of any Materiality Notice.

            3.3 Qualification. The Company agrees to use its reasonable best
efforts to register or qualify the Registrable Securities by the time the
applicable Registration Statement is declared effective by the Commission under
all applicable state securities or "blue sky" laws of such jurisdictions as
Holder shall reasonably request in writing, to keep each such registration or
qualification effective during the period such Registration Statement is
required to be kept effective or during the period offers or sales are being
made by Holder after delivery of a Registration Notice to the Company, whichever
is shorter, and to do any and all other acts and things which may be reasonably
necessary or advisable to enable Holder to consummate the disposition in each
such jurisdiction of the Registrable Securities owned by Holder; provided,
however, that the Company shall not be required to (x) qualify generally to do
business in any jurisdiction or to register as a broker or dealer in such
jurisdiction where it would not otherwise be required to qualify but for this
Section 3.3, (y) subject itself to taxation in any such jurisdiction or (z)
submit to the general service of process in any such jurisdiction.

            3.4 Actions by the Company. Whenever the Company is required to
effect the registration of Covered Shares under the Act pursuant to Section 3.1
of this Agreement, subject to Section 3.2 hereof, the Company shall:

            (a) prepare and file with the Commission (as soon as reasonably
practical after receiving the Registration Notice, and in any event within 60
days after receipt of such Registration Notice) the requisite Registration
Statement to effect such registration, which Registration Statement shall comply
as to form in all material respects with the requirements of the applicable form
and include or incorporate by reference all financial statements required by the
Commission to be filed therewith, and the Company shall use its reasonable best
efforts to cause such Registration Statement to become effective; provided,
however, that before filing a Registration Statement or Prospectus or any
amendments or supplements thereto, or comparable statements under securities or

                                      -4-
<PAGE>
                                                   Registration Rights Agreement

blue sky laws of any jurisdiction, the Company shall (i) provide Holder with an
adequate and appropriate opportunity to provide written comments with respect to
such Registration Statement and each Prospectus included therein (and each
amendment or supplement thereto or comparable statement) to be filed with the
Commission and (ii) not file any such Registration Statement or Prospectus (or
amendment or supplement thereto or comparable statement) with the Commission to
which Holder's counsel or any underwriter shall have reasonably objected on the
grounds that such filing does not comply in all material respects with the
requirements of the Act or of the rules or regulations thereunder;

            (b) prepare and file with the Commission such amendments and
supplements to such Registration Statement and the Prospectus used in connection
therewith as may be necessary (i) to keep such Registration Statement effective
and (ii) to comply with the provisions of the Act with respect to the
disposition of the Covered Shares covered by such Registration Statement, in
each case until such time as all of such Covered Shares have been disposed of in
accordance with the intended methods of disposition by the seller(s) thereof set
forth in such Registration Statement; provided, that except with respect to any
Shelf Registration Statement, such period need not extend beyond six months
after the effective date of the Registration Statement; and provided further,
that with respect to any Shelf Registration Statement, such period need not
extend beyond the time period provided in Section 3.1(a), and which periods, in
any event, shall terminate when all the Covered Shares covered by such
Registration Statement have been sold (but not before the expiration of the time
period referred to in Section 4(3) of the Act and Rule 174 thereunder, if
applicable);

            (c) furnish, without charge, to the Holder and each underwriter, if
any, of the exchange shares covered by such Registration Statement, such number
of copies of such Registration Statement, each amendment and supplement thereto
(in each case including all exhibits), and the Prospectus included in such
Registration Statement (including each preliminary Prospectus), and other
documents, as the Holder and such underwriter may reasonably request in order to
facilitate the public sale or other disposition of the Covered Shares owned by
the Holder;

            (d) promptly notify the Holder and the sole or lead managing
underwriter, if any: (i) when the Registration Statement, any pre-effective
amendment, the Prospectus or any prospectus supplement related thereto or
post-effective amendment to the Registration Statement has been filed, and, with
respect to the Registration Statement or any post-effective amendment, when the
same has become effective, (ii) of any request by the Commission or any state
securities or blue sky authority for amendments or supplements to the
Registration Statement or the Prospectus related thereto or for additional
information, (iii) of the issuance by the Commission of any stop order
suspending the effectiveness of the Registration Statement or the initiation or
threat of any proceedings for that purpose, (iv) of the receipt by the Company
of any notification with respect to the suspension of the qualification of any
Covered Shares for sale under

                                      -5-
<PAGE>
                                                   Registration Rights Agreement

the securities or blue sky laws of any jurisdiction or the initiation of any
proceeding for such purpose, (v) of the existence of any fact of which the
Company becomes aware or the happening of any event which results in (A) the
Registration Statement containing an untrue statement of a material fact or
omitting to state a material fact required to be stated therein or necessary to
make any statements therein not misleading or (B) the Prospectus included in
such Registration Statement containing an untrue statement of a material fact or
omitting to state a material fact required to be stated therein or necessary to
make any statements therein, in the light of the circumstances under which they
were made, not misleading and (vi) of the Company's reasonable determination
that a post-effective amendment to a Registration Statement would be appropriate
or that there exist circumstances not yet disclosed to the public which make
further sales under such Registration Statement inadvisable pending such
disclosure and post-effective amendment; and, if the notification relates to an
event described in any of the clauses (v) or (vi) of this Section 3.4(e),
subject to Section 3.2, the Company shall promptly prepare a supplement or
post-effective amendment to such Registration Statement or related Prospectus or
any document incorporated therein by reference or file any other required
document so that (1) such Registration Statement shall not contain any untrue
statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading and
(2) as thereafter delivered to the purchasers of the Covered Shares being sold
thereunder, such Prospectus shall not include an untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary
to make the statements therein, in the light of the circumstances under which
they were made, not misleading (and shall furnish to the Holder and each
underwriter, if any, a reasonable number of copies of such Prospectus so
supplemented or amended); and if the notification relates to an event described
in clauses (ii) through (iv) of this Section 3.4(e), the Company shall use its
reasonable best efforts to remedy such matters;

            (e) make reasonably available for inspection by the Holder, any sole
or lead managing underwriter participating in any disposition pursuant to such
Registration Statement, Holder's counsel and any attorney, accountant or other
agent retained by any such seller or any underwriter material financial and
other relevant information concerning the business and operations of the Company
and the properties of the Company and any subsidiaries thereof as may be in
existence at such time as shall be necessary, in the reasonable opinion of such
Holder's and such underwriters' respective counsel, to enable them to conduct a
reasonable investigation within the meaning of the Act, and cause the Company's
and any subsidiaries' officers, directors and employees, and the independent
public accountants of the Company, to supply such information as may be
reasonably requested by any such parties in connection with such Registration
Statement;

            (f) obtain an opinion from the Company's counsel and a "cold
comfort" letter from the Company's independent public accountants who have
certified the Company's financial statements included or incorporated by
reference in such

                                      -6-
<PAGE>
                                                   Registration Rights Agreement

Registration Statement in customary form and covering such matters as are
customarily covered by such opinions and "cold comfort" letters delivered to
underwriters in underwritten public offerings, which opinion and letter shall be
reasonably satisfactory to the sole or lead managing underwriter, if any, and to
the Holder, and furnish to the Holder participating in the offering and to each
underwriter, if any, a copy of such opinion and letter addressed to the
underwriter;

            (g) in the case of an underwritten offering, make generally
available to its security holders as soon as practicable, but in any event not
later than eighteen months after the effective date of the Registration
Statement (as defined in Rule 158(c)), an earnings statement of the Company and
its subsidiaries (which need not be audited) complying with Section 11(a) of the
Act and the rules and regulations of the Commission thereunder (including, at
the option of the Company, Rule 158);

            (h) use its reasonable best efforts to cause all such Covered Shares
to be listed (i) on the national securities exchange on which the Company's
common shares are then listed or (ii) if common shares of the Company are not at
the time listed on any national securities exchange (or if the listing of
Covered Shares is not permitted under the rules of such national securities
exchange on which the Company's common shares are then listed), on another
national securities exchange;

            (i) furnish to the Holder and the sole or lead managing underwriter,
if any, without charge, at least one manually signed copy of the Registration
Statement and any post-effective amendments thereto, including financial
statements and schedules, all documents incorporated therein by reference and
all exhibits (including those deemed to be incorporated by reference);

            (j) if requested by the sole or lead managing underwriter or the
Holder of Covered Shares, incorporate in a prospectus supplement or
post-effective amendment such information concerning the Holder, the
underwriters or the intended method of distribution as the sole or lead managing
underwriter or the Holder reasonably requests to be included therein and as is
appropriate in the reasonable judgment of the Company, including, without
limitation, information with respect to the number of Covered Shares being sold
to the underwriters, the purchase price being paid therefor by such underwriters
and any other terms of the underwritten offering of the Covered Shares to be
sold in such offering; and

            (k) use its reasonable best efforts to take all other steps
necessary to expedite or facilitate the registration and disposition of the
Covered Shares contemplated hereby, including obtaining necessary governmental
approvals and effecting required filings; entering into customary agreements
(including customary underwriting agreements, if the public offering is
underwritten); cooperating with the Holder and any underwriters in connection
with any filings required by the National Association of Securities Dealers,
Inc. (the "NASD"); providing appropriate certificates not bearing

                                      -7-
<PAGE>
                                                   Registration Rights Agreement

restrictive legends representing the Covered Shares; and providing a CUSIP
number and maintaining a transfer agent and registrar for the Covered Shares.

            3.5 Indemnification by the Company. The Company agrees to indemnify
and hold harmless the Holder and each person, if any, who controls the Holder
within the meaning of Section 15 of the Act or Section 20 of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), as follows:

                  (i) against any and all loss, liability, claim and damage
            whatsoever, as incurred, arising out of or based upon any untrue
            statement or alleged untrue statement of a material fact contained
            in any Registration Statement (or any amendment thereto) pursuant to
            which the Registrable Securities were registered under the Act,
            including all documents incorporated therein by reference, or the
            omission or alleged omission therefrom of a material fact required
            to be stated therein or necessary to make the statements therein not
            misleading or arising out of or based upon any untrue statement or
            alleged untrue statement of a material fact contained in any
            Prospectus (or any amendment or supplement thereto), including all
            documents incorporated therein by reference, or the omission or
            alleged omission therefrom of a material fact necessary in order to
            make the statements therein, in the light of the circumstances under
            which they were made, not misleading;

                  (ii) against any and all loss, liability, claim and damage
            whatsoever, as incurred, to the extent of the aggregate amount paid
            in settlement of any litigation, or investigation or proceeding by
            any governmental agency or body, commenced or threatened, or of any
            claim whatsoever based upon any such untrue statement or omission,
            or any such alleged untrue statement or omission, if such settlement
            is effected with the written consent of the Company; and

                  (iii) against any and all expenses reasonably incurred, as
            incurred (including reasonable fees and disbursements of counsel),
            in investigating, preparing or defending against any litigation, or
            investigation or proceeding by any governmental agency or body,
            commenced or threatened, in each case whether or not a party, or any
            claim whatsoever based upon any such untrue statement or omission,
            or any such alleged untrue statement or omission, to the extent that
            any such expense is not paid under subparagraph (i) or (ii) above;

provided, however, that the indemnity provided pursuant to this Section 3.5 does
not apply with respect to any loss, liability, claim, damage or expense to the
extent arising out of (A) any untrue statement or omission or alleged untrue
statement or omission made in reliance upon and in conformity with written
information furnished to the Company by

                                      -8-
<PAGE>
                                                   Registration Rights Agreement

the Holder expressly for use in the Registration Statement (or any amendment
thereto) or the Prospectus (or any amendment or supplement thereto) or (B) the
Holder's failure to deliver an amended or supplemental Prospectus provided to
the Holder by the Company if such loss, liability, claim, damage or expense
would not have arisen had such delivery occurred.

            3.6 Indemnification by the Holder. The Holder (and each permitted
assignee of the Holder, on a several basis) agrees to indemnify and hold
harmless the Company, and each of its trustees/directors and officers (including
each trustee/director and officer of the Company who signed a Registration
Statement), and each person, if any, who controls the Company within the meaning
of Section 15 of the Act or Section 20 of the Exchange Act, as follows:

                  (i) against any and all loss, liability, claim, damage and
            expense whatsoever, as incurred, arising out of or based upon any
            untrue statement or alleged untrue statement of a material fact
            contained in any Registration Statement (or any amendment thereto)
            pursuant to which the Registrable Securities were registered under
            the Act, including all documents incorporated therein by reference,
            or the omission or alleged omission therefrom of a material fact
            required to be stated therein or necessary to make the statements
            therein not misleading or arising out of or based upon any untrue
            statement or alleged untrue statement of a material fact contained
            in any Prospectus (or any amendment or supplement thereto),
            including all documents incorporated therein by reference, or the
            omission or alleged omission therefrom of a material fact necessary
            in order to make the statements therein, in the light of the
            circumstances under which they were made, not misleading;

                  (ii) against any and all loss, liability, claim, damage and
            expense whatsoever, as incurred, to the extent of the aggregate
            amount paid in settlement of any litigation, or investigation or
            proceeding by any governmental agency or body, commenced or
            threatened, or of any claim whatsoever based upon any such untrue
            statement or omission, or any such alleged untrue statement or
            omission, if such settlement is effected with the written consent of
            the Holder; and

                  (iii) against any and all expense whatsoever, as incurred
            (including reasonable fees and disbursements of counsel), reasonably
            incurred in investigating, preparing or defending against any
            litigation, or investigation or proceeding by any governmental
            agency or body, commenced or threatened, in each case whether or not
            a party, or any claim whatsoever based upon any such untrue
            statement or omission, or any such alleged untrue statement or
            omission, to the extent that any such expense is not paid under
            subparagraph (i) or (ii) above;

                                      -9-
<PAGE>
                                                   Registration Rights Agreement

provided, however, that the indemnity provided pursuant to this Section 3.6
shall only apply with respect to any loss, liability, claim, damage or expense
to the extent arising out of (A) any untrue statement or omission or alleged
untrue statement or omission made in reliance upon and in conformity with
written information furnished to the Company by the Holder expressly for use in
the Registration Statement (or any amendment thereto) or the Prospectus (or any
amendment or supplement thereto) or (B) the Holder's failure to deliver an
amended or supplemental Prospectus provided to the Holder by the Company if such
loss, liability, claim, damage or expense would not have arisen had such
delivery occurred. Notwithstanding the provisions of this Section 3.6, the
Holder and any permitted assignee shall not be required to indemnify the
Company, its officers, trustees/directors or control persons with respect to any
amount in excess of the amount of the gross proceeds to the Holder or such
permitted assignee, as the case may be, from sales of the Registrable Securities
of the Holder under the Registration Statement.

            3.7 Conduct of Indemnification Proceedings. An indemnified party
hereunder shall give reasonably prompt notice to the indemnifying party of any
action or proceeding commenced against it in respect of which indemnity may be
sought hereunder, but failure to so notify the indemnifying party (i) shall not
relieve it from any liability which it may have under the indemnity agreement
provided in Section 3.5 or 3.6 above, unless and to the extent it did not
otherwise learn of such action and the lack of notice by the indemnified party
results in the forfeiture by the indemnifying party of substantial rights and
defenses, and (ii) shall not, in any event, relieve the indemnifying party from
any obligations to the indemnified party other than the indemnification
obligation provided under Section 3.5 or 3.6 above. If the indemnifying party so
elects within a reasonable time after receipt of such notice, the indemnifying
party may assume the defense of such action or proceeding at such indemnifying
party's own expense with counsel chosen by the indemnifying party and approved
by the indemnified party, which approval shall not be unreasonably withheld;
provided, however, that the indemnifying party will not settle any such action
or proceeding without the written consent of the indemnified party unless, as a
condition to such settlement, the indemnifying party secures the unconditional
release of the indemnified party; and provided further, that if the indemnified
party reasonably determines that a conflict of interest exists where it is
advisable for the indemnified party to be represented by separate counsel or
that, upon advice of counsel, there may be legal defenses available to it which
are different from or in addition to those available to the indemnifying party,
then the indemnifying party shall not be entitled to assume such defense and the
indemnified party shall be entitled to separate counsel at the indemnifying
party's expense. If the indemnifying party is not entitled to assume the defense
of such action or proceeding as a result of the second proviso to the preceding
sentence, the indemnifying party's counsel shall be entitled to conduct the
indemnifying party's defense and counsel for the indemnified party shall be
entitled to conduct the defense of the indemnified party, it being understood
that both such counsel will cooperate with each other to conduct the defense of
such action or proceeding as efficiently as possible. If the indemnifying party
is not so entitled to assume the defense of such action or does not assume such
defense, after having received

                                      -10-
<PAGE>
                                                   Registration Rights Agreement

the notice referred to in the first sentence of this paragraph, the indemnifying
party will pay the reasonable fees and expenses of counsel for the indemnified
party. In such event, however, the indemnifying party will not be liable for any
settlement effected without the written consent of the indemnifying party. If an
indemnifying party is entitled to assume, and assumes, the defense of such
action or proceeding in accordance with this paragraph, the indemnifying party
shall not be liable for any fees and expenses of counsel for the indemnified
party incurred thereafter in connection with such action or proceeding.

            3.8 Contribution. In order to provide for just and equitable
contribution in circumstances in which the indemnity agreement provided for in
Sections 3.5 and 3.6 above is for any reason held to be unenforceable by the
indemnified party although applicable in accordance with its terms, the Company
and the Holder shall contribute to the aggregate losses, liabilities, claims,
damages and expenses of the nature contemplated by such indemnity agreement
incurred by the Company and the Holder, (i) in such proportion as is appropriate
to reflect the relative fault of the Company on the one hand and the Holder on
the other, in connection with the statements or omissions which resulted in such
losses, claims, damages, liabilities or expenses or (ii) if the allocation
provided by clause (i) above is not permitted by applicable law, in such
proportion as is appropriate to reflect not only the relative fault of, but also
the relative benefits to, the Company on the one hand and the Holder on the
other, in connection with the statements or omissions which resulted in such
losses, claims, damages, liabilities or expenses, as well as any other relevant
equitable considerations. The relative benefits to the indemnifying party and
indemnified party shall be determined by reference to, among other things, the
gross proceeds received by the indemnifying party and indemnified party in
connection with the offering to which such losses, claims, damages, liabilities
or expenses relate. The relative fault of the indemnifying party and indemnified
party shall be determined by reference to, among other things, whether the
action in question, including any untrue or alleged untrue statement of a
material fact or omission or alleged omission to state a material fact, has been
made by, or relates to information supplied by, the indemnifying party or the
indemnified party, and the parties' relative intent, knowledge, access to
information and opportunity to correct or prevent such action.

            The parties hereto agree that it would not be just or equitable if
contribution pursuant to this Section 3.8 were determined by pro rata allocation
or by any other method of allocation which does not take account of the
equitable considerations referred to in the immediately preceding paragraph.
Notwithstanding the provisions of this Section 3.8, the Holder shall not be
required to contribute any amount in excess of the amount of the gross proceeds
to the Holder from sales of the Registrable Securities of the Holder under the
Registration Statement.

            Notwithstanding the foregoing, no person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Act) shall be
entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. For purposes of this Section 3.8, each person, if any, who
controls the Holder within the

                                      -11-
<PAGE>
                                                   Registration Rights Agreement

meaning of Section 15 of the Act shall have the same rights to contribution as
the Holder, and each trustee/director of the Company, each officer of the
Company who signed a Registration Statement and each person, if any, who
controls the Company within the meaning of Section 15 of the Act shall have the
same rights to contribution as the Company.

SECTION 4. EXPENSES

            The Company shall pay all expenses incident to the performance by
the Company of the Company's registration obligations under Sections 2 and 3,
including (i) all stock exchange, Commission and state securities registration,
listing and filing fees, (ii) all expenses incurred in connection with the
preparation, printing and distributing of any Issuer Registration Statement or
Registration Statement and Prospectus and (iii) fees and disbursements of
counsel for the Company and of the independent public accountants of the
Company. The Holder shall be responsible for the payment of any brokerage and
sales commissions, fees and disbursements of the Holder's counsel, accountants
and other advisors and any transfer taxes relating to the sale or disposition of
the Registrable Securities by the Holder pursuant to Section 3 or otherwise.

SECTION 5. RULE 144 COMPLIANCE

            The Company covenants that it will use its reasonable best efforts
to timely file the reports required to be filed by the Company under the Act and
the Exchange Act so as to enable the Holder to sell Registrable Securities
pursuant to Rule 144 under the Act. In connection with any sale, transfer or
other disposition by the Holder of any Registrable Securities pursuant to Rule
144 under the Act, the Company shall cooperate with the Holder to facilitate the
timely preparation and delivery of certificates representing Registrable
Securities to be sold and not bearing any Act legend, and enable certificates
for such Registrable Securities to be for such number of shares and registered
in such names as Holder may reasonably request at least ten (10) Business Days
prior to any sale of Registrable Securities hereunder.

SECTION 6. MISCELLANEOUS

            6.1 Integration; Amendment. This Agreement constitutes the entire
agreement among the parties hereto with respect to the matters set forth herein
and supersedes and renders of no force and effect all prior oral or written
agreements, commitments and understandings among the parties with respect to the
matters set forth herein. Except as otherwise expressly provided in this
Agreement, no amendment, modification or discharge of this Agreement shall be
valid or binding unless set forth in writing and duly executed by the Company
and the Holder.

            6.2 Waivers. No waiver by a party hereto shall be effective unless
made in a written instrument duly executed by the party against whom such waiver
is sought to be enforced, and only to the extent set forth in such instrument.
Neither the waiver by

                                      -12-
<PAGE>
                                                   Registration Rights Agreement

any of the parties hereto of a breach or a default under any of the provisions
of this Agreement, nor the failure of any of the parties, on one or more
occasions, to enforce any of the provisions of this Agreement or to exercise any
right or privilege hereunder shall thereafter be construed as a waiver of any
subsequent breach or default of a similar nature, or as a waiver of any such
provisions, rights or privileges hereunder.

            6.3 Assignment; Successors and Assigns. This Agreement and the
rights granted hereunder may not be assigned by the Holder without the written
consent of the Company; provided, however, that the Holder may assign its rights
and obligations hereunder, following at least ten (10) days prior written notice
to the Company, (i) to Goldman Sachs 2002 Exchange Place Fund, L.P. ("Holder's
Parent") or to the direct equity owners (e.g., partners or members) or
beneficiaries of Holder's Parent in connection with the transfer of the Holder's
Units to Holder's Parent or to the equity owners or beneficiaries of Holder's
Parent (provided such transfer is made in accordance with the Operating
Agreement and in compliance with applicable federal and state securities laws)
and (ii) to a permitted transferee in connection with a transfer of the Holder's
Units in accordance with the terms of the Operating Agreement, if, in the case
of (i) and (ii) above, such persons agree in writing to be bound by all of the
provisions hereof and any of such assignees shall be deemed to be a Holder
hereunder. This Agreement shall inure to the benefit of and be binding upon the
successors and permitted assigns of all of the parties hereto.

            6.4 Burden and Benefit. This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective heirs,
executors, personal and legal representatives, successors and, subject to
Section 6.3 above, assigns.

            6.5 Notices. All notices called for under this Agreement shall be in
writing and shall be deemed to have been delivered (i) on the date personally
delivered or (ii) one Business Day after being properly sent by recognized
overnight courier, addressed to the respective parties at their address set
forth in this Agreement or (iii) on the day (or if not a Business Day on the
first Business Day thereafter) transmitted by facsimile so long as a
confirmation copy is simultaneously forwarded by recognized overnight courier,
in each case addressed to the respective parties at their address set forth on
Schedule A. Either party hereto may designate a different address by providing
written notice of such new address to the other party hereto as provided above.

            6.6 Specific Performance. The parties hereto acknowledge that the
obligations undertaken by them hereunder are unique and that there would be no
adequate remedy at law if either party fails to perform any of its obligations
hereunder, and accordingly agree that each party, in addition to any other
remedy to which it may be entitled at law or in equity, shall be entitled to (i)
compel specific performance of the obligations, covenants and agreements of the
other party under this Agreement in accordance with the terms and conditions of
this Agreement and (ii) obtain preliminary injunctive relief to secure specific
performance and to prevent a breach or contemplated

                                      -13-
<PAGE>
                                                   Registration Rights Agreement

breach of this Agreement in any court of the United States or any State thereof
having jurisdiction.

            6.7 Governing Law. This Agreement shall be governed by the laws of
the State of New York, without regard, to the fullest extent permitted by law,
to the conflict of laws rules thereof which might result in the application of
the laws of any other jurisdiction.

            6.8 Headings. Section and subsection headings contained in this
Agreement are inserted for convenience of reference only, shall not be deemed to
be a part of this Agreement for any purpose, and shall not in any way define or
affect the meaning, construction or scope of any of the provisions hereof.

            6.9 Pronouns. All pronouns and any variations thereof shall be
deemed to refer to the masculine, feminine, neuter, singular or plural, as the
identity of the person or entity may require.

            6.10 Execution in Counterparts. To facilitate execution, this
Agreement may be executed in as many counterparts as may be required. It shall
not be necessary that the signature of or on behalf of each party appears on
each counterpart, but it shall be sufficient that the signature of or on behalf
of each party appears on one or more of the counterparts. All counterparts shall
collectively constitute a single agreement. It shall not be necessary in any
proof of this Agreement to produce or account for more than a number of
counterparts containing the respective signatures of or on behalf of both of the
parties.

            6.11 Severability. If fulfillment of any provision of this
Agreement, at the time such fulfillment shall be due, shall transcend the limit
of validity prescribed by law, then the obligation to be fulfilled shall be
reduced to the limit of such validity; and if any clause or provision contained
in this Agreement operates or would operate to invalidate this Agreement, in
whole or in part, then such clause or provision only shall be held ineffective,
as though not herein contained, and the remainder of this Agreement shall remain
operative and in full force and effect.

                                      -14-
<PAGE>
      IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement
to be duly executed on its behalf as of the date first herein above set forth.

                                        GENERAL GROWTH PROPERTIES, INC.

                                        By:  /s/  Bernard Freibaum
                                             -----------------------------------
                                             Name:  Bernard Freibaum
                                             Title: Executive Vice President

                                        GSEP 2002 REALTY CORP.

                                        By:  /s/  Eric Lane
                                             -----------------------------------
                                             Name:  Eric Lane
                                             Title: President and CEO

[Signature Page to Registration Rights Agreement]
<PAGE>
                                   SCHEDULE A

General Growth Properties, Inc
110 W. Wacker Drive
Chicago, Illinois 60606.
Attention:  John Bucksbaum

    With a copy to:

    Neal, Gerber & Eisenberg
    Two North LaSalle Street
    Chicago, Illinois 60602
    Attention: Marshall E. Eisenberg, Esq.

GSEP 2002 Realty Corp.
c/o Goldman, Sachs & Co.
One New York Plaza, 40th Floor
New York, New York 10004
Attention: Eric Lane

    With a copy to:

    Fried, Frank, Harris, Shriver & Jacobson
    One New York Plaza
    New York, NY 10004
    Attention: Lawrence Barshay, Esq.

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