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The Buck’s Rebound Begins Here 
May 27, 2009 
Pershing Square Capital Management, L.P.
 
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Disclaimer 
The analysis and conclusions of Pershing Square Capital Management, L.P. ("Pershing Square")regarding General Growth Properties, Inc. and its affiliates (collectively, “GGP”or the “Company”)are based on publicly available information. Pershing Square recognizes that there may beconfidential or otherwise non-public information in the possession of the Company that could leadthe Company to disagree with Pershing Square’s conclusions.The analyses provided include certain estimates and projections prepared with respect to, amongother things, the historical and anticipated operating performance of the Company. Suchstatements, estimates, and projections reflect various assumptions by Pershing Square concerninganticipated results that are inherently subject to significant economic, competitive, and otheruncertainties and contingencies and have been included solely for illustrative purposes. Norepresentations, express or implied, are made as to the accuracyor completeness of suchstatements, estimates or projections or with respect to any other materials herein. Actual resultsmay vary materially from the estimates and projected results contained herein.Pershing Square advises funds that are in the business of trading -buying and selling -publicsecurities. Pershing Square owns GGP equity, total return swaps,and GGP unsecured debt. It ispossible that there will be developments in the future that cause such funds to change theirpositions regarding the Company and possibly increase, reduce, dispose of, or change the form oftheir investment in the Company.
 
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Agenda
Why We Like General Growth Properties
A Brief History
Not Your Typical Bankruptcy
GGP’sAssets Are Greater Than Its Liabilities
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