General Growth Properties Reorganization Plan Confirmed by Court

General Growth Properties, Inc.

today announced Judge Allan Gropper of the U.S. Bankruptcy Court for the Southern District of New York confirmed the Company's plan of reorganization. GGP expects to emerge from Chapter 11 restructuring on or about the 8th of November. GGP will emerge from its financial restructuring with a strong balance sheet and substantially less debt, providing it with a solid financial foundation on which to execute its growth strategy. Upon emergence, GGP will have a significantly improved capital structure, having secured $6.8 billion in equity commitments from Brookfield Asset Management, Fairholme Funds, Pershing Square Capital Management, Blackstone and The Teacher Retirement System of Texas. GGP has also successfully and consensually restructured approximately $15 billion in project-level debt, renegotiating terms and extending maturity dates. In addition, all pre-petition GGP creditors will be satisfied in full.