General Growth Properties Granted Extension of Exclusivity Period to File a Plan of Reorganization

General Growth Properties, Inc. ("GGP") today announced the Bankruptcy Court has approved an extension of the exclusivity period during which GGP has the right to file a plan of reorganization through July 15, 2010, and an extension of the period to solicit acceptances of a plan of reorganization through September 15, 2010. During the exclusivity period, no other party is permitted to file a competing plan of reorganization.

“We are pleased with the Bankruptcy Court's decision today,” said Adam Metz, chief executive officer of GGP. “The extension is consistent with our timeline for evaluating all alternatives for emergence and recognizes our tremendous accomplishments in these large and complex Chapter 11 cases in a short amount of time. We are looking forward to emerging from bankruptcy as soon as reasonably possible and we are committed to continuing to work hard to achieve the best outcome for all of our stakeholders,” continued Mr. Metz.

ABOUT GGP

GGP currently has ownership interest in, or management responsibility for, over 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 over 24,000 retail stores nationwide. The Company’s common stock is currently traded in the over-the-counter securities market operated by Pink OTC Markets Inc. using the symbol GGWPQ. The Company’s common stock is expected to commence trading on the New York Stock Exchange on March 5, 2010, under the symbol GGP.

GGP Inc. (NYSE:GGP)
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