Affiliates of Brookfield Asset Management Acquired General Growth Properties Warrants Held by Affiliates of Pershing Square

Brookfield Asset Management

has informed General Growth Properties

that affiliates of Brookfield acquired the GGP warrants held by affiliates of Pershing Square Capital Management, L.P. ("Pershing Square").  The warrants represent the right to acquire 18,432,855 shares of GGP common stock, par value $0.01 per share ("Common Stock").  Brookfield has offered the board of directors the ability to acquire, in the next 30 days, the same warrants for the same purchase price paid by Brookfield ($271,884,611).  The details of Brookfield's purchase of warrants from Pershing Square are set forth in the amendment to Brookfield's Schedule 13D filed today. In connection with these transactions, Brookfield advised GGP that Pershing Square delivered certain undertakings to Brookfield relating to GGP.  Pursuant to Pershing Square's undertaking to Brookfield, Pershing Square agreed that, for a period of four years Pershing Square will refrain from undertaking any of the types of transactions with respect to GGP that are subject to disclosure under paragraphs (a)-(j) of item 4 of Schedule 13D. Pershing Square has further acknowledged the 9.9% ownership limitation in GGP's certificate of incorporation and agreed not to acquire shares of GGP, directly or indirectly, that would