General Growth Announces Continued Discussions with TRCLP Bond Holders’ Ad Hoc Committee & 2006 Senior Credit Agreement Len...

General Growth Properties, Inc. (NYSE: GGP) (the �Company�) today announced it was continuing discussions with the ad hoc committee of the holders of all series of The Rouse Company LP (�TRCLP�) unsecured notes (the �TRCLP Notes�) and its syndicate of lenders under the 2006 Senior Credit Agreement, since TRCLP did not achieve the minimum acceptance levels for the previously announced consent solicitation from the holders TRCLP Notes to forbear from exercising remedies with respect to various payment and other defaults under the TRCLP Notes. Accordingly, the consent solicitation expired as of 5:00 p.m., New York City time, on March 27, 2009 in accordance with its terms.

�Although we did not achieve the minimum acceptance levels for each series of notes, we did receive a significant number of consents from the holders of all five series,� said Adam Metz, CEO. �We are grateful for the support we received from the holders of the TRCLP Notes and we are working with the representatives of the TRCLP Notes and the 2006 Senior Credit Agreement lenders to address the credit crisis facing the Company.�

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 over 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 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.

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