895648--3/1/2010--GENERAL_GROWTH_PROPERTIES

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We filed for protection under Chapter 11 of the Bankruptcy Code Our DIP Credit Agreement may not provide sufficient liquidity during the remaining Chapter 11 Cases Operating under Chapter 11 may restrict our ability to pursue our business strategies The pursuit of the Chapter 11 Cases has consumed and will consume a substantial portion of the time and attention of our corporate management and will impact how our business is conducted, which may have an adverse effect on our business and results of operations Our employees are facing considerable distractions and uncertainty due to the Chapter 11 Cases The Company's business could suffer from the Chapter 11 Cases The Company's businesses could suffer from a long and protracted restructuring Our ability to emerge from the Chapter 11 Cases will depend on obtaining sufficient exit financing or capital or the pursuit of a change of control transaction We may not have sufficient cash to maintain our operations and fund our emergence costs We may be subject to claims that will not be discharged in the Chapter 11 Cases We may not be able to raise capital through the sale of properties We may not be able to refinance, extend or repay our portion of substantial indebtedness at our Unconsolidated Properties, which could have a material adverse affect on our business, financial condition, results of operations and common stock price Our substantial indebtedness adversely affects our financial health and operating flexibility Refinanced debt contains restrictions and less attractive covenants Trading in our securities during the pendency of the Chapter 11 Cases is highly speculative and poses substantial risks. It is possible our common stock will be cancelled and that holders of such common stock will not receive any distribution with respect to, or be able to recover any portion of, their investments Our common stock was delisted from the Exchange and is not listed on any other national securities exchange Risks of trading in an over the counter market If holders of common stock recover any portion of their investment they may be subject to substantial dilution as a result of future issuances of our common stock Economic conditions, especially in the retail sector, may have an adverse affect on our revenues and available cash It may be difficult to buy and sell real estate quickly, and transfer restrictions apply to some of our properties We invest primarily in regional shopping centers and other properties, which are subject to a number of significant risks which are beyond our control We develop and expand properties, and this activity is subject to various risks We may incur costs to comply with environmental laws We are in a competitive business Some of our properties are subject to potential natural or other disasters Possible terrorist activity or other acts of violence could adversely affect our financial condition and results of operations Some potential losses are not insured Inflation may adversely affect our financial condition and results of operations We have certain ownership interests outside the United States which may increase in relative significance over time Payments by our direct and indirect subsidiaries of dividends and distributions to us may be adversely affected by prior payments to these subsidiaries' creditors and preferred security holders We share control of some of our properties with other investors and may have conflicts of interest with those investors Bankruptcy of joint venture partners could impose delays and costs on us with respect to the jointly owned retail properties We are impacted by tax-related obligations to some of our partners We may not maintain our status as a REIT An ownership limit and certain anti-takeover defenses and applicable law may hinder any attempt to acquire us

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895648--3/1/2010--GENERAL_GROWTH_PROPERTIES_INC