$$ GGP Names Board

General Growth Properties, Inc. (NYSE: GGP) today announced individuals that will comprise the nine-member Board of Directors of the new GGP. The Board will assume its responsibilities following GGP’s emergence from bankruptcy, currently scheduled for early November.

“I am honored to lead the board of directors at the start of this exciting new chapter for GGP. The company is well positioned to pursue its attractive future growth prospects upon emergence,” said Bruce Flatt, who will serve as Chairman of the Board effective post emergence. “I am also looking forward to working with such a talented group of board members, who bring a variety of industry as well as financial expertise to the table.”

The following individuals will be members of the GGP Board of Directors:

• Ric Clark – Chief Executive Officer of Brookfield Properties
• Mary Lou Fiala – Former Chairman and current member of the Board of Trustees of International Council of Shopping Centers (ICSC); Member of the Board of Directors at Macquarie Global Growth Trust; Member of the Board of Directors at Build-A-Bear Workshop; Member of the Board of Directors at Flat Out Crazy, an Asian restaurant; Former President and Chief Operating Officer of Regency Centers Corporation
• Bruce Flatt – Senior Managing Partner and Chief Executive Officer of Brookfield Asset Management
• John Haley – Current member of GGP’s Board of Directors; Retired Partner, Transaction Advisory Services (TAS) at Ernst & Young LLP
• Cyrus Madon -Senior Managing Partner at Brookfield Asset Management responsible for restructuring and lending activities
• Adam Metz – Chief Executive Officer of General Growth Properties, Inc.
• David Neithercut – President and Chief Executive Officer and a member of the Board of Trustees of Equity Residential, one of the nation’s largest REITs as measured by equity market capitalization
• Sheli Rosenberg – Currently lead director of General Growth Properties; Retired Chief Executive Officer, President and Vice Chairwoman of Equity Group Investments, Inc., a Chicago-based, privately held investment company
• John G. Schreiber – President of Centaur Capital Partners, Inc. and a Partner and Co-Founder of Blackstone Real Estate Advisors; Former Chairman and CEO of JMB Urban Development Co.

REIT followers will recognize many of the names on this list. It is an excellent group. GGP shareholders have to like both Clark and Flatt on the Board and Flatt as Chairman of new GGP.

Operating results at BPO under Clark barely suffered during the ’08-’09 meltdown. That alone ought to give comfort that there will be a discipline at GGP going forward that was absent before. Remember, BAM had been trying to enter the regional mall market in the US for years. Rather than overpaying at the peak of it for property (see Rouse acquisition by GGP) BAM waited patiently and ended up with GGP at the bottom. One has to expect Clark/Flatt will bring that same type of patience to GGP.