based publicly traded Real Estate Investment Trust

(NYSE:GGP) announced that the lawsuit brought byCaruso Affiliated Holdings LLC relating to Glendale Galleria, a California mallowned by the Companys GGP/Homart II joint venture, has been settled for $48million. The Company will not be reimbursed for any portion of this payment byits fifty percent joint venture partner in GGP/Homart II, and it will alsoreimburse $5.5 million of costs to such joint venture partner in connection withthe settlement. The lawsuit, which was being appealed by the Company, was commenced by Caruso inFebruary 2004 and resulted in a judgment of $89.2 million in compensatory andpunitive damages in December 2007. The Company paid the settlement and costsusing a portion of the cash collateral held as security for the appeal.

As aresult of the settlement, previously recorded expenses equal to the judgmentamount and certain related expenses will be reversed to the extent necessary toreflect the settlement. Such adjustments will result in an increase in FundsFrom Operations of approximately $0.16 per fully diluted share and an increasein earnings per share - diluted of approximately $0.19 for the fourth quarter of2008. Adam Metz, interim Chief Executive Officer of General Growth, stated that,"Settlement allows us to put this matter behind us and focus on the Companysongoing operations and strategic evaluations." GGP also announced that MB Capital Units LLC, pursuant to the Rights Agreementdated July 27, 1993, converted 42,350,000 common partnership units held in theCompanys operating partnership, GGP Limited Partnership, into 42,350,000 sharesof GGP common stock. As a result of this conversion, there are approximately311.3 million shares of GGP common stock issued and outstanding General Growth is a U.S. based, publicly traded Real Estate Investment Trust.The Company currently has an ownership interest in or management responsibilityfor a portfolio of more than 200 regional shopping malls in 44 states, as wellas ownership in master planned community developments and commercial officebuildings. The Company portfolio totals approximately 200 million square feet ofretail space and includes over 24,000 retail stores nationwide. The Company islisted on the New York Stock Exchange under the symbol "GGP".

For moreinformation, please visit the Company Web site at This press release contains forward-looking statements. Actual results maydiffer materially from the results suggested by these forward-lookingstatements, for a number of reasons, including, but not limited to, ourliquidity and refinancing demands, our ability to successfully manage ourstrategic and financial review, our level of indebtedness and interest rates,retail and credit market conditions, tenant occupancy and tenant bankruptcies,impairments, land sales in the Master Planned Communities segment, and the costand success of development and re-development projects. with the SEC, whichfurther identify the important risk factors which could cause actual results todiffer materially from the forward-looking statements in this release. TheCompany disclaims any obligation to update any forward-looking statements. General Growth Properties, IncTim Goebel, 312-960-5199 Copyright Business Wire 2009. In what was the ugliest game of the 2009-2010 NHL season, the Devils last night beat the Canadiens in a game neither team deserved to win.