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Press release from Business Wire

General Growth Properties Files Amended Registration Statement on Form S-11

<p class=' bwalignc'> <b>GGP Files Amended S-11 For the Purpose of a Post-Emergence Common Stock Offering</b> </p> <p class=' bwalignc'> <b>Company Eliminates Staggered Board Structure for New GGP Board of Directors</b> </p>

Friday, October 15, 2010

General Growth Properties Files Amended Registration Statement on Form S-1118:24 EDT Friday, October 15, 2010 CHICAGO (Business Wire) -- General Growth Properties, Inc. (NYSE: GGP) today announced its subsidiary, New GGP, Inc. (the “Issuer”), has filed an amended registration statement on Form S-11 with the Securities and Exchange Commission. GGP has revised its previously contemplated offering of mandatorily exchangeable notes prior to the company's emergence from bankruptcy to a post-emergence offering of common stock. The company currently expects to emerge from bankruptcy on or about November 8, 2010. “With this amended S-11 filing, we draw even closer to the completion of the successful restructuring of General Growth Properties,” said Adam Metz, chief executive officer of GGP. “We are extremely pleased with our progress to date and see a clear path to confirmation at our court hearing on October 21. In addition, we have enhanced our corporate governance policies by eliminating the staggered board structure at GGP and moving to annual elections of all directors. We look forward to completing these transactions and moving forward as a financially strong, focused company.” On October 11, 2010, GGP gave notice to The Fairholme Funds, Pershing Square Capital Management and Teacher Retirement System of Texas that New GGP preserved the right to repurchase within 45 days after emergence up to 155 million shares of New GGP common stock to be issued to The Fairholme Funds and Pershing Square and up to approximately 24.4 million shares of New GGP common stock to be issued to Teacher Retirement System of Texas with the proceeds of the offering. This offering will be made only by means of a prospectus. A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. The registration statement on Form S-11 may be accessed through the Securities and Exchange Commission's website at www.sec.gov. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. ABOUT GGP GGP currently has ownership and management interest in more than 200 regional shopping malls in 43 states, as well as ownership in planned community developments and commercial office buildings. The Company's portfolio totals approximately 200 million square feet of retail space and includes more than 24,000 retail stores nationwide. The Company's common stock is traded on the New York Stock Exchange under the symbol GGP. FORWARD LOOKING STATEMENTS This press release contains forward-looking statements. Actual results may differ materially from the results suggested by these forward-looking statements, for a number of reasons, including, but not limited to, our ability to successfully complete our plan of reorganization and emerge from bankruptcy, our ability to refinance, extend, restructure or repay our near and intermediate term debt, our substantial level of indebtedness, our ability to raise capital through equity issuances, asset sales or the incurrence of new debt, retail and credit market conditions, impairments, our liquidity demands and retail and economic conditions. Readers are referred to the documents filed by General Growth Properties, Inc. with the Securities and Exchange Commission, which further identify the important risk factors which could cause actual results to differ materially from the forward-looking statements in this release. The Company disclaims any obligation to update any forward-looking statements.