GGP Ggp Inc. (delisted)

General Growth Properties, Inc. (NYSE: GGP) (the "Company") today announced its subsidiary, The Rouse Company LP (�TRCLP�), has extended the expiration date for its previously announced consent solicitation to 5:00�p.m., New York City time, on March 27, 2009. In the solicitation, TRCLP is seeking consents from the holders of TRCLP�s unsecured notes (five series with an aggregate outstanding principal amount of approximately $2.25 billion at December 31, 2008) (the �TRCLP Notes�) to forbear from exercising remedies with respect to various payment and other defaults under the TRCLP Notes through December 31, 2009.

As of 5:00 p.m. on March 20, 2009, consents had been validly delivered (and not validly revoked) with respect to the following amounts of TRCLP Notes:

� � � 3.625% Notes due 2009: � � � $165,801,000 � � � 42.0% � � 8% Notes due 2009: $134,784,000 67.4% 7.20% Notes due 2012: $340,058,000 85.0% 5.373% Notes due 2013: $310,930,000 69.1% 6 3/4 Notes due 2013: $625,410,000 79.5%

�In light of the fact that during the initial extension of the consent solicitation, we received an increased level of consents from bondholders in all series and due to difficulties that we understand some holders experienced in obtaining the consent solicitation materials, we have decided to extend the solicitation for an additional period,� said Adam Metz, CEO. �We continue to believe that giving the Company time to work with its creditors to develop a comprehensive restructuring plan without the threat and distraction of ongoing defaults is in the best interests of the Company and all of its constituencies.�

The minimum acceptance levels for each series of the TRCLP Notes are: 90% of the 3.625% Notes due 2009 and the 8% Notes due 2009; 75% of the 7.20% Notes due 2012, the 5.375% Notes due 2013 and the 6 3/4% Notes due 2013. Holders of TRCLP Notes who have previously validly delivered consents will continue to have the right to revoke their consents through the extended expiration date.

GGP INFORMATION

General Growth Properties, Inc. is a U.S.-based, publicly traded Real Estate Investment Trust. The Company currently has an ownership interest in or management responsibility for more than 200 regional shopping malls in 44 states, as well as ownership in master planned community developments and commercial office buildings. The Company portfolio totals approximately 200 million square feet of retail space and includes more than 24,000 retail stores nationwide. The Company is listed 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, a potential bankruptcy filing, our ability to refinance, extend or repay our near and intermediate term debt, our substantial level of indebtedness and interest rates, retail and credit market conditions, impairments, land sales in the Master Planned Communities segment, the cost and success of development and re-development projects and our ability to successfully manage our strategic and financial review and our liquidity demands. 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 that 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.

This press release is not an offer of securities for sale or an offer to purchase securities or a solicitation of consents. The consent solicitation is being made by means of a Consent Solicitation Statement that may be obtained by contacting Financial Balloting Group LLC, which is acting as the Information Agent for the Consent Solicitation at (646) 282-1800.