A RETAIL REAL ESTATE COMPANY

GLENDALE GALLERIA

SOUTHWEST PLAZA FASHION SHOW WILLOWBROOK (NJ)

INVESTOR PRESENTATION MARCH 2017 OVERVIEW

S&P 500 REAL ESTATE INVESTMENT TRUST (a) MISSION STATEMENT Headquarters Own and operate best-in-class retail properties that provide an outstanding environment and Retail Properties 127 experience for our Communities, Retailers, Employees, Consumers and Shareholders. States 40 CORE VALUES Inline & Freestanding GLA 56 million • H – Humility Total Retail GLA 121 million • A – Attitude • Equity Market Cap $22 billion D – Do The Right Thing Enterprise Value $40 billion • T – Together • O – Own It

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WATER TOWER PLACE

a) As of December 31, 2016. 2 EXECUTIVE TEAM

Marvin Levine, Sandeep Mathrani, Executive Vice President and Chief Executive Officer Chief Legal Officer

Shobi Khan, Brian McCarthy President and Executive Vice President, Chief Operating Officer Asset Management

Michael Berman, Julie Knudson, Executive Vice President and Senior Vice President and Chief Financial Officer Chief Human Resources Officer

Alan Barocas, Tara Marszewski, Senior Executive Vice President, Leasing Senior Vice President, Chief Accounting Officer

Richard Pesin, Executive Vice President, Anchors, Development and Construction 3 IRREPLACEABLE RETAIL REAL ESTATE IN THE U.S. GGP owns 100 of the top 500 regional shopping centers in the U.S.

Sales and NOI Contribution(a)

Top Retail Properties Sales PSF <10K SF(b) % of Company NOI(c)

Top 10 $835 24% Top 30 $737 51% Top 50 $664 69% Top 100 $582 96%

a) Retail properties ranked by trailing 12 months NOI ending December 31, 2016. Table excludes . b) Sales per square foot for trailing 12 months ended December 31, 2016 for comparable tenants occupying space less than 10,000 square feet. 4 c) Company NOI for 2016 HIGH QUALITY RETAIL PROPERTIES

TOTAL U.S. RETAIL REAL ESTATE GLA GLA % of Total SF Per Capita (in millions) High Quality GLA High Quality(a) Regional Shopping Centers 495 1.6 40% High Quality(b) Open-Air Centers 732 2.3 60% Total 1,227 3.9 100%

Type Quality

Regional High Quality Shopping Centers Retail Real Estate 1.1 Billion SF 1.2 Billion SF 3.4 SF Per Capita 3.9 SF Per Capita

Mid to Low Quality High Quality Retail Real Estate Open-Air Centers 6.3 Billion SF High Quality Open-Air Centers 19.7 SF Per Capita Regional Shopping 6.4 Billion SF Centers 20.2 SF Per Capita

GGP controls 8.2% of all High Quality Retail Real Estate

a) “High Quality” represents malls rated B+ or better by Green Street Advisors. b) “High Quality” represents strip centers rated with a Trade Area Power score of 75-100 by Green Street Advisors. 5 THE U.S. IS OVER RETAILED

U.S. has the highest GLA per capita by far among all developed countries

(a) RETAIL REAL ESTATE GLA AND SALES PER CAPITA 30 $14,614 $16,000

$14,000 25 24 $10,953 $12,000 20 $9,239 $8,437 $10,000 15 $8,000 16 $6,495 $6,323 $6,000 10 11 $3,282 $4,000 RETAIL SF PER CAPITA 5 5 $2,000 4 RETAIL SALES PER CAPITA 3 2 0 $0 U.S. Canada Australia U.K. France China Germany Retail SF per Capita Retail Sales per Capita (in U.S. Dollars)

U.S. Regional Productivity Average Center Sales/SF (b) At Current $493 Assuming Reduction of GLA by 25% $602

a) ICSC Country Fact Sheets. b) At Current” is the average center sales per square foot data from Green Street Advisors, while “Assuming Reduction of GLA by 25%” removes 25% of lowest quality centers by 6 productivity and redistributes sales to remaining centers. CHANGING THE VOCABULARY RETAIL REAL ESTATE

Retailers, restaurants and entertainment venues are property type agnostic and want to be in high quality retail locations that attract heavy traffic.

Services Entertainment

Restaurants Grocery RETAIL REAL ESTATE Sources of Demand

7 CHANGING THE VOCABULARY RETAIL REAL ESTATE Shoppers want to see new uses at regional shopping centers

% OF CUSTOMERS WHO WOULD LIKE TO SEE RETAIL TYPE IN A REGIONAL SHOPPING CENTER 57% 55% 54%

49%

Bowling Alley Spa Grocery Store Brewery

GGP is adding these new uses to centers

Source: GGP Strategy & Analytics, 2017. Sample Size= 14,000 8 HIGH QUALITY CENTERS DRAW MORE TRAFFIC

GGP began tracking property-level traffic during the 2016 holiday shopping season.

Within the GGP portfolio, A properties draw 1.6X more shoppers than B+ properties and 2.1X more shoppers than B properties.

AVERAGEAverageWEEKLY WeeklyTRAFFIC Traffic BYby CenterMALL GGradeRADE BLACKBlackFRIDAY Friday2016 2016- – JANUARY January2017 2017

Sources: GGP proprietary traffic cameras installed in 95 properties. 9 REGIONAL SHOPPING CENTERS DRAW BETWEEN 50% AND 150% MORE MARKET RESIDENTS Within the largest U.S. markets, regional shopping centers consistently draw more market residents than other retail property types. AVERAGE VISITS TO CENTER PER QUARTER (a) BASED ON RESIDENTS AGE 18+ IN TOP 10 DMAS; CENTER GRADE BY GREEN STREET GGP REGIONAL SHOPPING CENTERS OTHER TYPES

695K Analysis of 371 retail centers covered in Nielsen Local data within the 10 most-populated DMAs in the United States reveals that residents (age 18+) 613K shop regional shopping centers nearly 2 times more often than lifestyle centers or strip centers, depending on the grade of center as determined by Green Street Advisors.

GGP centers within these markets draw approximately 2.5 times the number of residents compared to lifestyle or strip centers on a 376K quarterly basis.

265K 276K 238K

NUMBER OF 24 81 84 48CENTERS 62 72 GGP A CENTERS B CENTERS C OR LOWER LIFESTYLE STRIP CENTERS CENTERS CENTERS CENTERS

(a) Source for visits data is Nielsen Local 2014, 2015 Notes: DMAs Used: Atlanta, Boston, Chicago, Dallas, Houston, Los Angeles, City, Philadelphia, San Francisco/San Jose, , DC. Excludes Mills and outlet properties 10 RETAIL CATEGORY SHARE OF GLA

U.S. retail is over-indexed in department stores and under-indexed in entertainment, food & beverage, and big box compared to other regions

Retail Category Share of Total GLA

50% 47% 46% 45%

40% 40% 36%

29% 30% 27% 23% 21% 20% 17% 17% 15% 15% 16% 15% 13% 13% 13% 11% 11% 10% 8% 8% 10% 6% 6%

0% Department Store Mini Major/Big Box Entertainment & Specialty Food & Beverage Non-Retail

USA UK Australia Asia Middle East

Cistri/Urbis. Regional data represents centers larger than 300,000 sf. 11 CURATION IS KEY TO PERFORMANCE RESTAURANTS PERSONAL CARE

HOME FURNISHINGS ENTERTAINMENT

APPAREL BIG BOX

ELECTRONICS GROCERY

12 EXPERIENTIAL RETAILING Experiences and changing consumption patterns are having a major impact on retail formats. In response to this change, GGP looks for opportunities to update centers by remerchandising and refreshing to maintain a differentiated consumer experience and thus a sustainable competitive advantage for the future.

Events & Social Sustainable Relevance Cycle Environment

Unique Curating the Food & Product Retail Entertainment Offerings Experience Differentiated Dominance in Experience Trade Area

Technology Sustainable Constant Competitive Evolution Advantage

13 OAKBROOK CENTER DEVELOPMENT CASE STUDY

Master Renovation (2012 & 2013 & 2014) Building H (2013) • Full mall common area space cosmetic update • Redevelop Bloomingdale's Home into The Container Store, Pirch, • Construction of three glass box pavilions ideal for and inline GLA. incubating newer retail concepts • Development Cost: $13.8M • Installation of a video screen in the common area for • Yield: 11% community events

Development 2011-2016 Development Results Development Pipeline

14 OAKBROOK CENTER DEVELOPMENT CASE STUDY

Neiman Marcus Restaurant Development (2013) Hotel (2014) • Convert lower level of Neiman Marcus into 2 restaurants, • Ground lease of existing hotel site to new operator for remodel. followed by multi-million dollar interior renovation of Neiman Marcus store.

Development 2011-2016 Development Results Development Pipeline

15 OAKBROOK CENTER DEVELOPMENT CASE STUDY

Parking Improvements (2016) Theater (2016) • Enhance customer experience and path-to-purchase through • Addition of new theater and food hall along with Building G parking improvements (aesthetic, architectural, and technological common area renovation. elements).

Development 2011-2016 Development Results Development Pipeline

16 OAKBROOK CENTER DEVELOPMENT CASE STUDY

Net value creation of $470M assuming a 3.75% cap rate on incremental NOI

2011 2017 Forecast Total Change % Change

Total Sales $349M $479M $130M 37% Sales PSF <10K SF $694 $992 $298 43%

Development 2011-2016 Development Results Development Pipeline

17 OAKBROOK CENTER DEVELOPMENT CASE STUDY

Continuing the Evolution of Oakbrook + Edutainment Provider + Fitness Center Redevelop Sears box into downsized Sears, inline GLA, and an edutainment provider. Fitness center concept to replace Sears Auto Center footprint.

rendering subject to change

Development 2011-2016 Development Results Development Pipeline

18 REDEVELOPMENT ACTIVITIES

$1.3 billion of projects under construction or in the pipeline Anticipated spend of $300 million to $400 million annually to acquire and redevelop anchor boxes

GGP’s Total GGP’s Expected Stabilized Property Description Projected Share Investment Return on Year of Cost ($) to Date ($)(a) Investment(b) (in millions, at share) Under Construction Mall Expansion 231 28 7-9% 2019 Staten Island, NY Other Projects Redevelopment projects at various 394 236 6-8% 2017-2018 properties Total Projects Under Construction 625 264 Projects in Pipeline

New Mall Ground up mall development 285 51 8-10% 2020 Development Norwalk, CT Other Projects Redevelopment projects at various 368 70 8-9% TBD properties Total Projects In The Pipeline 653 121

(a) Expected costs and investments to date exclude capitalized interest and overhead. 19 (b) Return on investment represents first year stabilized cash-on-cash return, based on budgeted assumptions. Actual costs may vary. STATEN ISLAND REDEVELOPMENT The existing center will be extended by 285K sf and will include Dave & Buster’s, Zara, restaurants, inline space, and a new food court

20 BRICK AND MORTAR CAPTURES 93% OF RETAIL SALES

Omnichannel Sales

Buy Online, Non Merchandise Receipts Total Sales % of Total Fulfill in Store $38 $23(shipping & handling, (billions) Sales Buy Online, auction commissions, (0.8%) (0.5%)and other costs) Fulfill From$43 $131Mail Order & $4,221 89.7% Direct brick and mortar sales Warehouse(0.9%) (2.8%)E-Commerce Auction Sales Online sales from retailers with Pure Play$151 + $143 3.0% brick and mortar presence E-commerce(3.3%) (Omnichannel Sales) Sales Brick and mortar related $4,364 92.7% retail sales Mail order and e-commerce + $144 3.1% auction sales Non-merchandise receipts + $26 0.6% (including shipping, electronic auction commissions)

Brick and Mortar Sales + $173 3.7% Pure-play e-commerce

$4,708 100% Total retail sales

Source: ICSC analysis of 2015 U.S. Census data 21 ONE-CHANNEL GENERATES HIGHER SALES

Source: “Shopping Centers: America’s First and Foremost Marketplace,” ICSC, October 2014. 22 E-COMMERCE EXPANSION INTO BRICK AND MORTAR

2017 and 1994 2007 2008 20102011 2012 2013 2016 Beyond Source

100 Bonobos First Guideshop 30 Guideshops Guideshops Wall Stree launches online launches in NYC across the U.S. across the U.S. Journal by 2020

Warby Parker 6 showrooms 47 Showrooms 800-1,000 Wall Street launches online launch across across the U.S. physical locations Journal the U.S. in the future

30 Kiosks Amazon Go Amazon to Amazon launch in announced, open 5 launches regional and Amazon additional Amazon.co online shopping Books opens Amazon centers. 3 locations Books, for a total of 8.

Fabletics 18 locations Fabletics.co launches across the U.S. online

Sugarfina First location 21 locations Sugarfina.co launches opens across the U.S. online

Athleta acquired Athleta opens by Gap Athleta first flagship expands to GapInc.com location in Online and mail 120 locations San Francisco order only.

Sources: Company websites and/or public statements 23 SUSTAINABILITY

Commitment to environmental responsibility

Awarded the 2015 Green Star and recognized as the North American leader in the Retail – Large Cap Sector by GRESB in 2014

2015 IMPACT AT A GLANCE

Top 10 U.S. company by solar Eliminated 23,200 metric tons of Diverted 54,300 tons of waste from capacity. carbon dioxide equivalents, equal to landfills; enough waste to fill over taking 4,700 cars off U.S. roads. 4,500 garbage trucks.

Reduced water consumption by 64 Upgrades to power saved 44.5 Since 2011, reduced electricity million gallons;enoughwatertofill million kilowatt hours annually; consumption by 215.8 million almost 100 Olympic-size swimming equal to removing 4,200 homes kilowatt hours;enoughelectricityto pools. from the electrical grid. power all the homes in Coral Gables, FL for one year.

24 GGP’S DIGITAL INITIATIVES

PRODUCT SEARCH PARKING

GGP has invested in digital initiatives to solve customer pain points in the shopping process, such as parking and locating desired products.

25 DEBT PROFILE

Overview as of 12/31/2016 Debt Maturity Ladder(a) ($ in millions at GGP share) ($ in billions at GGP share) Fixed Rate $14,759

Variable Rate $3,575

$2.8 $3.0 Total Debt $18,335 $2.4 $2.1 $1.9 $1.6 $1.7 (a) Remaining Term 5.5 Years $0.5 $0.5 $0.5 $0.1

Total Debt / Enterprise Value 45.5% 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 +

Net Debt / EBITDA (b) 7.9x

Interest Coverage 2.8x

a) Assumes maturity extension options are exercised and approved. b) Refer to page 4 for Company Ebitda, and page 27 for Net Debt in GGP’s Fourth Quarter 2016 Supplemental available at Investor.GGP.com 26 Contact Information:

Michael Berman Kevin Berry Executive Vice President and Senior Vice President Chief Financial Officer Investor & Public Relations [email protected] [email protected]

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.Fromtimetotime,theCompanyupdatestheInvestorPresentationandwhenitdoes,itwillbepostedonthe Investors section of its website at www.ggp.com.Itispossiblethattheupdatescouldinclude 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.

27 A RETAIL REAL ESTATE COMPANY