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GGP Responds to Simon's Response

This one is short and sweet.

General Growth Properties Responds To Simon Property Group Letter Received February 17

CHICAGO, IL (February 18 2010) — General Growth Properties, Inc. (“GGP”) today sent the following letter to David Simon, chairman and CEO of Simon Property Group, Inc. in response to Simon's letter of February 17, 2010.

The full text of GGP's letter to Simon follows:

February 18, 2010

Mr. David Simon, Chairman of the Board and

Chief Executive Officer

Simon Property Group, Inc.

225 West Washington Street

Indianapolis, IN 46204

Dear David:

Reference is made to your letter dated February 17. As we have previously stated, our objective is to maximize value for the company and its stakeholders and we are engaging in a process that is intended to accomplish that result in an expeditious manner. Understandably, your objectives are not aligned with ours. We hope you will, nonetheless, participate in our process.

Sincerely,

Adam Metz

Chief Executive Officer

General Growth Properties, Inc.

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