General Growth Properties’ Disclosure Statement Approved by Bankruptcy Court

General Growth Properties, Inc. (NYSE: GGP) today announced its Disclosure Statement, as amended, and related voting solicitation procedures have been approved by the United States Bankruptcy Court for the Southern District of New York for use to solicit the vote on the Company’s Amended Plan of Reorganization. The Court also scheduled a hearing regarding confirmation of the Company's Plan of Reorganization for October 21, 2010.

“Approval of our Disclosure Statement moves us one step closer to the successful completion of GGP’s restructuring,” said Adam Metz, chief executive officer of GGP. “Prior to our Chapter 11 filing, GGP had almost $28 billion of mostly short-term debt and a broad range of real estate assets. We are now positioned to emerge from bankruptcy as two focused companies with $15 billion of extended maturities and approximately $7 billion of equity capital provided by our new investors. One entity, GGP, will remain one of the nation's largest REITs with a more focused business strategy concentrating on high-quality regional shopping centers. The other, Spinco, will have a diverse collection of assets with attractive development opportunities and a new Board and management team whose sole focus will be to maximize the long-term potential of those properties. We are confident our Plan will be confirmed and GGP will emerge from Chapter 11 as scheduled.”

UBS Investment Bank and Miller Buckfire & Co., LLC are serving as financial advisors to General Growth Properties, and Weil, Gotshal & Manges LLP and Kirkland & Ellis LLP are acting as legal counsel to the Company.

ABOUT GGP

GGP currently has ownership interest in and management responsibility for more than 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 more than 24,000 retail stores nationwide. The Company’s common stock is traded 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, our ability to successfully complete our plan of reorganization and emerge from bankruptcy, our ability to refinance, extend, restructure or repay our near and intermediate term debt, our substantial level of indebtedness, our ability to raise capital through equity issuances, asset sales or the incurrence of new debt, retail and credit market conditions, impairments, our liquidity demands and retail and economic conditions. 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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