1. Mutual Investment Club of Cornell General Growth Properties (GGP) 1 And its ugly step-sister… Melody Chu

2. Mutual Investment Club of Cornell Original Pitch Summary 2

3. Mutual Investment Club of Cornell Business 3 (1) Includes anchor GLA and the Company’s pro rata share of JV malls. (2) >400,000 employees including retail tenants.

4. Mutual Investment Club of Cornell Properties 4  Geographically well-diversified with malls in 44 states, Brazil, and Turkey  Has over 24,000 tenants with its largest tenant accounting for only 2.7% of revenue as of March 31, 2009  Quality assets with ‘A’ grade to 73 malls in GGP’s portfolio 1 (1) As rated by Green Street

5. Mutual Investment Club of Cornell Why Malls? 5

6. Mutual Investment Club of Cornell Company History (2008-Current) 6

7. Mutual Investment Club of Cornell Why did GGP declare bankruptcy? 7

8. Mutual Investment Club of Cornell What the Problem was… 8 Source: Bank of America Equity Research

9. Mutual Investment Club of Cornell “Fair and Equitable” 9

10. Mutual Investment Club of Cornell Per Share Value 10 Premium to Current 160% 652%

11. Mutual Investment Club of Cornell Take-Aways 11  When buying the equity at ~$4, one is getting the following for free: >90 non “A” malls 15 grocery-anchored strips GGMI MPC Hidden Asset Value  225 shares @ $4.00 per share = $900

12. Mutual Investment Club of Cornell Company Update 12

13. Mutual Investment Club of Cornell Update

14. Mutual Investment Club of Cornell Update

15. Mutual Investment Club of Cornell 2Q 2010 Earnings  Funds from operations was $93.6mm vs. $58.2mm in 2Q 2009  Earnings per share were a loss of $0.37 vs. a loss of $0.51 in 2Q 2009

16. Mutual Investment Club of Cornell 2Q 2010 Earnings (cont.)  GGP remains focused on 3 strategies:  Restructuring its balance sheet GGP will emerge with substantially less debt, satisfy debt and other claims in full, and implement a recapitalization with a minimum of $7.0bn of new equity capital  Realigning the Company’s property portfolio Restructured all of approximately $15bn of the project-level debt included in the bankruptcy with no restructured loan maturing before January 1, 2014  Reengineering operations to be more effective The Company has named four new executives to assume the roles of CFO and department heads for asset management, leasing and marketing/communications

17. Mutual Investment Club of Cornell 2Q 2010 Earnings (cont.)

18. Mutual Investment Club of Cornell 2Q 2010 Earnings (cont.)

19. Mutual Investment Club of Cornell Market Landscape Update 19

20. Mutual Investment Club of Cornell Since early 2009…

21. Mutual Investment Club of Cornell Since early 2009…

22. Mutual Investment Club of Cornell Since early 2009…  Mall REITs have regained access to capital  Simon Debt Issuances 01/19/10: Sale of $2.25bn of senior unsecured notes  Macerich Equity Issuance 04/15/10: Raised $1.23bn in equity, the largest secondary stock offering by a REIT on record 62% oversubscribed

23. Mutual Investment Club of Cornell Since early 2009…

24. Mutual Investment Club of Cornell GGP Post Chapter 11 24

25. Mutual Investment Club of Cornell Reorganization Timeline

26. Mutual Investment Club of Cornell Company Structure 26

27. Mutual Investment Club of Cornell Capital Structure 27

28. Mutual Investment Club of Cornell PF GGP

29. Mutual Investment Club of Cornell PF GGP

30. Mutual Investment Club of Cornell PF GGP

31. Mutual Investment Club of Cornell PF GGP

32. Mutual Investment Club of Cornell PF GGP

33. Mutual Investment Club of Cornell PF GGP

34. Mutual Investment Club of Cornell PF GGP

35. Mutual Investment Club of Cornell PF GGO

36. Mutual Investment Club of Cornell PF GGO

37. Mutual Investment Club of Cornell PF GGO

38. Mutual Investment Club of Cornell Conclusion

39. Mutual Investment Club of Cornell Q&A 39