GENERAL GROWTH RECEIVES LOAN EXTENSION

CHICAGO — General Growth announced that its syndicate of lenders has granted
the REIT a loan extension for the $900 million Fashion Show and Palazzo
mortgage loans. It entered into a Forbearance and Waiver agreement with the
lenders that extends the term of the loans until February 12, 2009. General
Growth also entered into a Forbearance and Waiver agreement with the
syndicate of lenders for its 2006 Senior Credit Agreement. This new
negotiation extends the agreement until January 30, 2009. As part of the
extension, General Growth agreed to certain restrictions and covenants
during the forbearance period.