General Growth Properties Buys Warrants Held by Blackstone, Fairholme

General Growth Properties, Inc.

announced today the purchase of warrants held by affiliates of The Blackstone Group ("Blackstone") and Fairholme Funds, Inc. ("Fairholme") for approximately $633 million. The Company will fund the transactions using its available cash resources. The warrants were exercisable into approximately 52 million common shares of the Company at a weighted average exercise price of approximately $9.37 per share. The warrants were scheduled to expire in November 2017. Effective with these transactions, Blackstone and Fairholme no longer hold any warrants to acquire the Company's common shares. In addition, pursuant to an offer previously made by Brookfield Asset Management Inc. ("Brookfield") to the Company, the independent members of the Company's Board of Directors decided not to purchase the warrants recently acquired by Brookfield from affiliates of Pershing Square Capital Management, L.P. ("Pershing Square"). Brookfield is now the sole holder of the Company's remaining outstanding warrants which are currently exercisable into approximately 83 million common shares of the Company at a weighted average exercise price of approximately $9.53 per share.