GGP Ggp Inc. (delisted)

General Growth Properties, Inc. (NYSE:GGP) announced today the offering of 22,829,355 shares of its Common Stock at $36.00 per share. The approximately $821.9 million of net proceeds from the offering will be used to repay GGP�s revolving credit facility and other debt and for other general corporate purposes. The offering is expected to close on March 28, 2008. This offering includes 2,445,000 shares of Common Stock that are being sold to MB Capital Partners III, which is an affiliate of Matthew Bucksbaum, our Chairman Emeritus, and John Bucksbaum, the Chairman of the Board of Directors and our Chief Executive Officer. The proceeds to be obtained from this offering are in addition to the various potential transactions totaling more than $4.25 billion described in the Company�s March 19, 2008 press release. A shelf registration on Form S-3 relating to these securities was filed with the Securities and Exchange Commission on February 26, 2002. A copy of the prospectus supplement and related base prospectus relating to the offer may be obtained, when available, from the Director, Investor Relations of General Growth Properties, Inc., 110 North Wacker Drive, Chicago, Illinois 60606-1511, or by telephone at 312-960-5199 or by email at tgoebel@ggp.com. This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. GGP is one of the largest U.S.-based publicly traded Real Estate Investment Trusts (REIT) based upon market capitalization. The Company currently has ownership interest in, or management responsibility for, a portfolio of more than 200 regional shopping malls in 45 states, as well as ownership in master planned community developments and commercial office buildings. The Company�s portfolio totals approximately 200 million square feet and includes over 24,000 retail stores nationwide. The Company is listed on the New York Stock Exchange under the symbol GGP. For more information, please visit the Company website at http://www.ggp.com. This press release contains forward-looking statements, including information regarding our expected liquidity and future financing transactions that have not yet closed. Actual results may differ materially from the results suggested by these forward-looking statements, for a number of reasons, including, but not limited to, the retail market, tenant occupancy and tenant bankruptcies, the level of indebtedness and interest rates, market conditions, land sales in the Master Planned Communities segment, the cost and success of development and re-development projects and our ability to successfully manage growth. Readers are referred to the documents filed by General Growth Properties, Inc. with the SEC, specifically the most recent report on Form 10-K, 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.