Investor Presentation

September 2015

2

S&P 500 Real Estate Company

a) As of June 30, 2015.

Portfolio comprised of high-quality regional malls

complemented by flagship urban retail properties

131 properties located coast-to-coast with total enterprise

value of approximately $42 billion(a)

Senior leadership team with nearly 30 years on average of

experience in retail leasing, development and management

Results FFO per share has grown 13% and dividends have grown

13% on average annually since 2010

Team

Scale

Assets

Core Values - Humility, Attitude, Do the Right Thing, Together and Own It.

3

National Presence

Portfolio Metrics (as of June 30, 2015)

• Over $20 Billion of Sales Volume

• 13.2% Occupancy Cost

• 96% Leased

• $595 Sales per Square Foot

122 Regional Malls 9 Urban Retail Properties

Of the 1,100 malls in the U.S. today, 425 are high-quality - GGP owns ~25%

Scale is critical – allows retailers, restaurants, and entertainment venues to

efficiently expand throughout the U.S.

High-quality regional malls are shopping hubs within their trade areas

Urban retail assets provide retailers with valuable flagship stores in gateway

cities

4

Shopping Centers

Shopping center GLA per capita is highest in the U.S. relative to other select

countries

Expectations for new supply are at historic lows, keeping retailer demand for

space in high-quality retail properties high

Country Shopping Center GLA

(sq ft in millions)

Population (millions) GLA per Capita

U.S. 7,527 319 24

Canada 542 36 15

U.K. 318 64 5

France 264 64 4

Italy 171 60 3

Spain 142 46 3

Germany 195 80 2

Source: ICSC.

Evolution of Brick & Mortar Stores

5

95% of all retail sales are by retailers with a physical store presence

Successful retailers provide customers with ability to shop when and where

they want

Retailers are embracing Omni-channel to grow revenues and build brand

loyalty

Traditional on-line retailers are opening physical stores to achieve scale

and brand recognition

Physical stores represent a powerful point-of-distribution for retailers given

nationwide footprint

Omni-Channel Generates Higher Sales

6

Source: ICSC.

Consumer-Centric Strategy

7

Key Drivers of Consumer Engagement

Clothes & Shoes 26%

Instant Gratification 13%

Dining 12%

Discovery 8%

Atmosphere 14%

Likes the Mall 15%

Feel Good 12%

Increased Patronage

Traffic & Sales

Trade Area Visitation

Conversion & Number of Stores Visited

Average Spend, Market Share & Wallet

Share

Visit Frequency & Duration

Likelihood to Return & Recommend

Strategic

Objectives

Curate the Retailer Mix

Drives 59% of Overall

Consumer Engagement

Make Shopping

Hassle-Free Drives 41% of Overall

Consumer Engagement

8

Curate the Mall with Brands Shoppers Want

9

Our Focus: Improve Guest Experiences Across the Path-to-Purchase

10

Digital Experience Path-to-Purchase Example

Urban Retail Properties

11

730 5th Avenue, New York City

Miami Design District, Miami

Target markets include New York City,

Chicago, Miami, Boston, Washington,

D.C., San Francisco and L.A.

Retailers highly demand and covet

flagship/iconic stores in our target

markets

• Generates high sales levels

• Creates brand value and recognition

• Increases exposure to consumers

Our strategy is to acquire assets with

significant unrealized growth potential

• Releasing space at higher market rents

• Converting space to retail use

• Leasing vacant space

Urban Retail Properties

12

a) Amounts are at GGP share and stated in millions. Purchase Price excludes costs capitalized subsequent to purchase and reflects

partial dispositions.

b) Represents 2015 NOI divided by purchase price.

c) Represents first year expected stabilized NOI divided by Purchase Price.

Purchase NOI Yield Stabilized Partner Loans

Year Price(a) in 2015(b) NOI Yield(c) Debt(a) Equity(a) Amount(a) Rate

2013 $300 4% 7% $160 $140 $30 5%

2014 650 0% 5% - 6% 340 310 150 7%

2015 710 1% 5% - 6% 490 220 210 10%

Total $1,660 1% 5% - 6% $990 $670 $390 9%

1

1

1

6

Chicago

New York City

Miami

San Francisco

Nine urban assets acquired since 2013 for $1.65 billion total purchase price at

share

Expected to generate stabilized yield of 5% to 6% generally within three years of

acquisition

Urban Retail Properties – Case Studies

One Stockton / Stockton & Geary, Union Square, San Francisco

• Acquired 50% interest in 2013 for $82 million at 4% yield

• Fully leased to Apple, Bulgari, Loro Piana and Lacoste

• Opportunity to lease Apple space at higher rents

• Leased Apple space to T-Mobile

• 6% expected stabilized yield in 2017

830 North Michigan Avenue, Magnificent Mile, Chicago

• Acquired in 2013 for $166 million at 3% yield

• 50% leased to Top Shop, Columbia and Ghirardelli

• Opportunity to lease existing vacancy

• Leased 60,000 square feet to Uniqlo, expected to open Fall 2015

• 5% expected stabilized yield in 2016

200 Lafayette, SoHo, New York City

• Acquired in 2013 for $150 million at 3% yield

• Fully leased to JCPenney

• Opportunity to recapture lower floors for retail

• Leased lower floors to Pirch, expected to open in 2016

• Sold office portion in April 2015 for $125 million

• 15% expected stabilized yield in 2018

13

14

Developments(a)

Parking

Structure

Park Lane Condo

Small

Shops

Ala Moana Center – Expansion Plan

Ala Moana Center – Completion

a) Projected costs and investments exclude capitalized interest and overhead.

b) Return on investment represents first year stabilized cash-on-cost return, based upon budgeted

assumptions.

c) Value creation based on applying 4% capitalization rate to stabilized first year cash basis

expected return on total estimated cost, less total estimated cost.

$2.4 billion total projected share of cost

expected to generate 9% to 11% return

on investment (ROI)(b) upon stabilization

• $440 million complete

• Over $1 billion under construction and $960 million in pipeline

• Significant value creation given expected returns and implied value of high-quality regional malls

Ala Moana Center

• $410 million (at share) expansion/renovation

• 9% to10% expected return

• ~$500 million at share of value creation(c)

Status Major Redevelopments

Total Projected

Share of Cost(a)

Expected Return

on Investment(b)

Expected

Stabilization

Open $442 12% 2015

• Glendale Galleria

• Fashion Show

• The Woodlands

Under Construction 1,045 8% to10% 4Q 2017

• Ala Moana Center

• Ridgedale

• Baybrook

• Southwest Plaza

Pipeline 957 8% to10% TBD

• Norwalk

• Staten Island Mall

• Sears Boxes

Total $2,444 9% to 11%

15

Developments

a) Represents GGP’s share of total projected costs. Amounts presented in millions.

b) Represents first year stabilized cash on cost return, based upon budgeted assumptions. Actual costs may vary.

Developments stabilize generally within 12 to 18 months of opening

Yields range from 9% to 11% on $2.4 billion total projected costs, at share,

with ~85% invested in Class A Malls

16

Annual EBITDA Growth of 4% to 5%

2% - 3%

1%

1.5%

0.5%

(1%)

Contractual Fixed

Increase in Rents

Positive Releasing

Spreads

Expense Growth

Developments

Acquisitions

17

(a) The guidance reflects management’s view of current and future market conditions, including assumptions with respect to Same Store NOI growth, rental rates, occupancy

levels, retail sales, variable expenses, interest rates and the earnings impact of the events referenced in the Company’s 2nd quarter 2015 earnings press release and

previously disclosed. The guidance also reflects management’s view of capital market conditions. The estimates do not include possible future gains or losses, or the impact

on operating results from other possible future property acquisitions or dispositions or capital markets activity. Earnings per share estimates may be subject to fluctuations as

a result of several factors, including any gains or losses associated with disposition activity. By definition, FFO and Company FFO do not include real estate-related

depreciation and amortization, provisions for impairment, or gains or losses associated with property disposition activities. This guidance is a forward-looking statement and is

subject to the risks and other factors described in the Company’s 2nd quarter 2015 earnings press release and in the Company’s annual and quarterly periodic report filed

with the Securities and Exchange Commission. Actual results for 2015 could vary materially from the amounts presented if any of management’s assumptions are incorrect.

Each amount shown represents the approximate midpoint of a range of possible outcomes and reflects management’s best estimate of the most likely outcome. Full year

2015 guidance is current as of August 3, 2015, the date of GGP’s 2nd quarter 2015 earnings conference call. For a reconciliation of the non-GAAP measures shown to their

respective GAAP measure please refer to GGP’s 2nd quarter 2015 earnings release and Supplemental Information available at www.ggp.com and as furnished with the

Securities and Exchange Commission.

Amounts stated in billions, except per share

Full Year 2015

Guidance

Full Year 2014

Actual Change

Same Store Net Operating Income $2.3 $2.2 4.75%

Company Net Operating Income 2.3 2.2 5%

Company Earnings Before Interest, Taxes,

Depreciation and Amortization 2.1 2.0 5%

Company Funds From Operations (“Company FFO”) 1.4 1.3 9%

Company FFO per Diluted Share $1.43 $1.32 8%

Earnings Guidance

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

4

Financial Flexibility

(in

mill

ion

s)

18 a) As of June 30, 2015 and presented at GGP’s proportionate share. Maturities in 2022 include $1.05 billion for Ala Moana Center.

The maturity ladder schedule assumes maturity extension options are exercised and approved.

• 4.05% weighted average interest rate

• 85% of debt is fixed interest rate

• ~7 year weighted average remaining term

Financing philosophy

• Obtain property-secured debt

• Minimize corporate recourse and cross-collateralization

• Laddered maturity schedule

• Adhere to investment-grade secured debt levels upon refinancing

Laddered maturities mitigate refinancing risk and earnings volatility(a)

19

(Amounts stated in millions, except per share) 2016 2017 2018

Fixed Interest Rate Debt:

Amount Maturing by Year $241 $557 $306

Interest Rate 4.40% 5.37% 3.72%

Current Market Rate(a) 4.25% 4.25% 4.25%

Incremental Interest Expense(b) if Current Market Rate Increases 100 bps $2 $(1) $5

Variable Interest Rate Debt(c)

Incremental Interest Expense(b) if LIBOR Increases 25 bps 8 8 8

Total Incremental Interest Expense $10 $8 $13

Impact to FFO per share $(0.01) $(0.01) $(0.01)

a) Represents management’s current estimate of current interest rates for secured borrowing on high-quality malls.

b) Incremental Interest Expense related to Fixed Interest Rate Debt assumes the Amount Maturing is refinanced at the beginning of the year at the Current Market

Rate plus 100 basis points. The Incremental Interest Expense related to Variable Interest Rate Debt assumes LIBOR increases 25 basis points at the beginning of the

year and remains at that level for the entire year. The Total Incremental Interest Expense is not cumulative and only represents the impact in the specific year

shown.

c) As of June 30, 2015, total outstanding variable rate debt was approximately $3.3 billion.

Limited Exposure to Rising Interest Rates

Sustainability

20

a) GRESB stands for Global Real Estate Sustainability Benchmark.

Committed to being an environmentally responsible

business

Concentrated on investments that increase

environmental performance in key areas such as:

• Solar power generation

• Heating and cooling

• Lighting

• Water usage

• Waste Management

Awarded the 2015 GreenStar and recognized as the

North American leader in the Retail – Large Cap

Sector by GRESB in 2014(a)

FORWARD-LOOKING STATEMENTS Certain statements made in this presentation may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in any forward-looking statement are based on reasonable assumption, it can give no assurance that its expectations will be attained, and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to, the Company's ability to refinance, extend, restructure or repay near and intermediate term debt, its indebtedness, its ability to raise capital through equity issuances, asset sales or the incurrence of new debt, retail and credit market conditions, impairments, its liquidity demands, and economic conditions. The Company discusses these and other risks and uncertainties in its annual and quarterly periodic reports filed with the Securities and Exchange Commission. The Company may update that discussion in its periodic reports, but otherwise takes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise. Investors and others should note that the Company posts this Investor Presentation on the Investors page of its website at www.ggp.com. From time to time, the Company updates the Investor Presentation and when it does, it will be posted on the Investors section of its website at www.ggp.com. It is possible that the updates could include information deemed to be material information. Therefore, the Company encourages investors, the media and others interested in the Company to review the information posted on the Investors section of its website at www.ggp.com from time to time.

21

Contact Information:

Michael Berman

Executive Vice President and

Chief Financial Officer

michael.berman@ggp.com

(312) 960-5044

Kevin Berry

Vice President

Investor Relations

kevin.berry@ggp.com

(312) 960-5529