General Growth Announces Continued Discussions with TRCLP Bond Holders` Ad Hoc Committee and 2006 Senior Credit Agreement Lenders

CHICAGO--(Business Wire)--
General Growth Properties, Inc. (NYSE: GGP) (the "Company") today announced it
was continuing discussions with the ad hoc committee of the holders of all
series of The Rouse Company LP ("TRCLP") unsecured notes (the "TRCLP Notes") and
its syndicate of lenders under the 2006 Senior Credit Agreement, since TRCLP did
not achieve the minimum acceptance levels for the previously announced consent
solicitation from the holders TRCLP Notes to forbear from exercising remedies
with respect to various payment and other defaults under the TRCLP Notes.
Accordingly, the consent solicitation expired as of 5:00 p.m., New York City
time, on March 27, 2009 in accordance with its terms.

"Although we did not achieve the minimum acceptance levels for each series of
notes, we did receive a significant number of consents from the holders of all
five series," said Adam Metz, CEO. "We are grateful for the support we received
from the holders of the TRCLP Notes and we are working with the representatives
of the TRCLP Notes and the 2006 Senior Credit Agreement lenders to address the
credit crisis facing the Company."

GGP INFORMATION

General Growth Properties, Inc. is a U.S.-based, publicly traded Real Estate
Investment Trust. The Company currently has an ownership interest in, or
management responsibility for, more than 200 regional shopping malls in 44
states, as well as ownership in master planned community developments and
commercial office buildings. The Company portfolio totals approximately 200
million square feet of retail space and includes over 24,000 retail stores
nationwide. The Company is listed 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, a potential
bankruptcy filing, our ability to refinance, extend or repay our near and
intermediate term debt, our substantial level of indebtedness and interest
rates, retail and credit market conditions, impairments, land sales in the
Master Planned Communities segment, the cost and success of development and
re-development projects and our ability to successfully manage our strategic and
financial review and our liquidity demands. 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.

General Growth Properties, Inc
David Keating, 312-960-6325

Copyright Business Wire 2009