GGP Ggp Inc. (delisted)

General Growth Properties, Inc. (NYSE: GGP) today announced that janitors at the company�s 194 owned regional shopping centers nationwide will receive access to affordable health insurance and market-based wage rates under new standards it established for its vendors. Under the program, third-party cleaning service vendors who do business with General Growth will be required to sign a commitment to meet minimum standards with respect to important compensation elements and treatment of their employees. While particular wages and benefits will continue to be determined by the individual vendors, certain components will be consistent among them all: Individual and family health plans with affordable premiums that are 75 percent employer-paid and ultimately borne by General Growth. More than 3,000 janitors who are employed 20 hours or more per week at General Growth centers will be eligible. Competitive wages within the regional market in which each mall is located. Wage increases will be based upon a survey of wages for comparable workers. An employee complaint resolution process to ensure that janitors are given the opportunity to have concerns addressed and are treated by their employers with the respect and dignity they deserve. �As a company, we want to encourage our vendors to do the right thing for the people who show up every day and make our malls the special places they are,� said John Bucksbaum, chief executive officer of General Growth Properties. �It is important to us that the janitorial staff in our malls has access to affordable healthcare for themselves and their families. I�m proud to announce this new initiative.� Beginning Labor Day, Sept. 3, 2007, the new program will be phased in as vendor contracts expire over the next 12-24 months. Vendors began implementing wage increases early this year and by October 2007 janitors at over 40 GGP malls will enjoy these improvements. The amount of the wage increase will be based on regional market conditions and for most will be in the range of 20 to 25 percent. In addition to providing access to affordable quality healthcare and better wages, General Growth is committed to the use of cleaning products that are environment-friendly. These include �Green Seal� products that are biodegradable, low in volatile organic compounds, low in aquatic and human toxicity, and free of such things as ammonia, phosphates and reproductive toxins. Green Seal is an independent non-profit organization that certifies environmentally friendly products and services. ABOUT GENERAL GROWTH PROPERTIES General Growth Properties, Inc. is the second largest U.S.-based publicly traded real estate investment trust (REIT) based upon market capitalization. General Growth has ownership interest or management responsibility for a portfolio of more than 220 regional shopping malls in 45 states, as well as ownership interest in master-planned community developments and commercial office centers. General Growth�s international portfolio includes ownership and management interest in shopping centers in Brazil and Turkey. The Company�s portfolio totals approximately 200 million square feet and includes more than 24,000 retail stores nationwide. General Growth Properties, Inc. is listed on the New York Stock Exchange under the symbol GGP. For more information, please visit http://www.ggp.com.