BORDERS GROUP INC
SECOND AMENDMENT TO CREDIT AGREEMENT
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<TYPE>EX-10.7
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<DESCRIPTION>SECOND AMENDMENT TO CREDIT AGREEMENT
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<P align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><B>Exhibit 10.7</B></U></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECOND AMENDMENT TO THE SENIOR SECURED CREDIT AGREEMENT, dated as of February 13, 2009 (this &#147;</FONT><U><FONT face="TimesNewRomanPSMT,Times New &#13;&#10;Roman,Times,serif">Amendment</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#148;), made by and among (a) Borders Group, Inc., a Michigan corporation (the &#147;</FONT><U><FONT face="TimesNewRomanPSMT,Times New &#13;&#10;Roman,Times,serif">Borrower</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#148;), (b) Pershing Square Credit Partners LLC, a Delaware limited liability company (&#147;</FONT><U><FONT face="TimesNewRomanPSMT,Times New &#13;&#10;Roman,Times,serif">Pershing Square</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#148; or a &#147;</FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Lender</FONT></U><FONT face="TimesNewRomanPSMT,Times New &#13;&#10;Roman,Times,serif">), (c) PSRH, Inc., a Cayman Islands exempted company (a &#147;</FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Lender</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#148;, and collectively with Pershing Square, the &#147;</FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Lenders</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#148;), and (d) Pershing Square Capital Management, L.P., a Delaware limited partnership (the &#147;</FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Collateral Agent</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#148; and the &#147;</FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Administrative Agent</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#148;). Capitalized terms used herein and not otherwise defined herein shall have the meanings set forth in the Credit Agreement (as hereinafter defined).</FONT></P>
<P align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">RECITALS</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">WHEREAS, the Borrower, the Lenders, the Collateral Agent, the Administrative Agent and certain other parties entered into that certain Senior Secured Credit Agreement, dated as of April 9, 2008 as amended by the First Amendment to the Senior Secured Credit Agreement, dated as of December 22, 2008 (the &#147;</FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Credit Agreement</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#148;);</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">WHEREAS, the Borrower, the Lenders, the Collateral Agent and the Administrative Agent desire to amend the Credit Agreement in accordance with Section 14.12 of the Credit Agreement in the manner set forth in this Amendment in order to extend the Maturity Date until April 15, 2009;</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">NOW, THEREFORE, in order to carry out their intent as expressed above and in consideration of the mutual agreements hereinafter contained, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:</FONT></P>
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     <TD vAlign=top noWrap><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">1.</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Section 1.1 of the Credit Agreement is hereby amended by deleting the definition of &#147;Maturity Date&#148; and replacing it in its entirety with the following new definition:</FONT> </TD></TR>
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     <TD width="100%"><I><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#147;Maturity Date. </FONT></I><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">April 15, 2009.&#148;</FONT> </TD></TR>
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     <TD vAlign=top noWrap><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">2.</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">References in the Credit Agreement to &#147;this Credit Agreement&#148; or any particular Section thereof shall be deemed to refer to the Credit Agreement or such Section as amended hereby.</FONT> </TD></TR>
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     <TD vAlign=top noWrap><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">3.</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Borrower has agreed to reimburse Pershing Square for its expenses in connection with amendments to the Credit Agreement pursuant to Section 14.2 of the Credit Agreement.</FONT> </TD></TR>
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     <TD vAlign=top noWrap><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">4.</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Except as expressly amended hereby, the Credit Agreement remains unmodified and is in full force and effect.</FONT> </TD></TR>
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     <TD vAlign=top noWrap><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">5.</FONT>&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD width="100%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">This Amendment may be executed in two or more counterparts, each of which constitutes an original and all of which, when taken together, constitute one agreement. This Amendment may be delivered by facsimile and when executed and so delivered, shall be an original for all purposes.</FONT> </TD></TR>
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     <TD vAlign=top noWrap><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">6.</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.</FONT> </TD></TR>
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<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; day and year first above written.</FONT></P>
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     <TD align=left width="99%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">BORROWER:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD></TR>
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     <TD noWrap align=left width="74%">BORDERS GROUP, INC.&nbsp;</TD></TR>
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     <TD align=left width="74%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">By:</FONT>&nbsp;&nbsp; <U>/s/ Mark Bierley</U>&nbsp;</TD></TR>
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     <TD align=left width="99%" colSpan=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp; Mark Bierley</TD></TR>
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     <TD align=left width="99%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title:</FONT>&nbsp; EVP and Chief Financial</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD></TR>
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     <TD align=left width="99%" colSpan=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;Officer&nbsp;</TD></TR></TABLE></DIV><BR>
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     <TD align=left width="99%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">LENDERS:</FONT></TD></TR>
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     <TD noWrap align=left width="74%">PERSHING SQUARE CREDIT&nbsp;</TD></TR>
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     <TD noWrap align=left width="20%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT> </TD>
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     <TD noWrap align=left width="74%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">PARTNERS LLC</FONT>&nbsp;&nbsp;</TD></TR>
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     <TD align=left width="99%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PERSHING SQUARE CAPITAL</FONT>&nbsp; </TD></TR>
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     <TD align=left width="99%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>MANAGEMENT, L.P., its Managing</FONT>&nbsp; </TD></TR>
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     <TD align=left width="74%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">By:</FONT>&nbsp;&nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Member</FONT>&nbsp;&nbsp;</TD></TR>
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     <TD align=left width="99%" colSpan=3>&nbsp; </TD></TR>
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     <TD align=left width="99%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>PS MANAGEMENT GP, LLC, its</FONT>&nbsp; </TD></TR>
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     <TD align=left width="74%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">By:</FONT>&nbsp;&nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">General Partner</FONT>&nbsp;&nbsp;&nbsp;</TD></TR>
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     <TD align=left width="74%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">By:</FONT>&nbsp;&nbsp; <U>/s/ William A. Ackman</U>&nbsp;</TD></TR>
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     <TD align=left width="99%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Name:</FONT> <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">William A. Ackman</FONT>&nbsp; </TD></TR>
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     <TD align=left width="99%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Title:</FONT> <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Managing Member</FONT>&nbsp; </TD></TR>
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     <TD align=left width="74%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">PSRH, INC.</FONT>&nbsp;</TD></TR>
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     <TD align=left width="99%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>PERSHING SQUARE CAPITAL</FONT>&nbsp; </TD></TR>
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     <TD align=left width="99%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>MANAGEMENT, L.P., its Authorized</FONT>&nbsp; </TD></TR>
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     <TD align=left width="74%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">By:</FONT>&nbsp;&nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Representative</FONT>&nbsp;&nbsp;</TD></TR>
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     <TD align=left width="99%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp; PS MANAGEMENT GP, LLC, its</FONT>&nbsp; </TD></TR>
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     <TD align=left width="74%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">By:</FONT>&nbsp;&nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">General Partner</FONT>&nbsp;&nbsp;</TD></TR>
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     <TD align=left width="74%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">By:</FONT>&nbsp;&nbsp; <U>/s/ William A. Ackman</U>&nbsp;</TD></TR>
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     <TD align=left width="99%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name:</FONT> <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">William A. Ackman</FONT>&nbsp; </TD></TR>
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     <TD align=left width="99%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Title:</FONT> <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Managing Member</FONT>&nbsp; </TD></TR></TABLE></DIV><BR>
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     <TD noWrap align=left width="99%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">ADMINISTRATIVE</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="99%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">AGENT/COLLATERAL AGENT:</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="74%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">MANAGEMENT, L.P.</FONT>&nbsp;&nbsp;&nbsp;</TD></TR>
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     <TD noWrap align=left width="99%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PS MANAGEMENT GP, LLC, its</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="74%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">By:&nbsp;&nbsp; General Partner</FONT>&nbsp;&nbsp;</TD></TR>
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     <TD align=left width="74%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">By:&nbsp;&nbsp; <U>/s/ William A. Ackman</U></FONT>&nbsp;</TD></TR>
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     <TD align=left width="99%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name:</FONT> <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">William A. Ackman</FONT>&nbsp; </TD></TR>
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     <TD align=left width="99%" colSpan=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Title:</FONT> <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Managing Member</FONT>&nbsp; </TD></TR></TABLE></DIV><BR>
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