September 19, 2003

GENERAL GROWTH PROPERTIES HAWAII
TO MANAGE MAUI’S QUEEN KAAHUMANU CENTER

Scott Crockford named senior general manager, Leslie Harrington Brown named senior leasing manager

HONOLULU — General Growth Properties, Inc. (GGP) has been awarded the management, leasing and marketing contracts for Queen Kaahumanu Center in Maui.  Currently the owners and operators of Ala Moana Center and Victoria Ward Properties in Honolulu, and Prince Kuhio Plaza in Hilo, GGP will immediately assume the management, leasing and marketing responsibilities of Maui’s largest retail and entertainment center.

"Queen Kaahumanu Center is Maui's town center and an important part of the community," said Scott Crockford, the Center's senior general manager.  "I'm looking forward to working with our new management team as we move forward with Center operations and developing plans to maximize the potential of the Center."

Crockford, a resident of Maui for 27 years, remains as the Center’s senior general manager and continues to oversee the operations of the property.  He is also responsible for providing leadership to the new management team during and after the transition.  He possesses a CSM designation (certified shopping center manager) from the International Council of Shopping Centers (ICSC), and has served as the organization’s state director, state operations chairman, program committee chair and speaker.

Joining the Queen Kaahumanu Center staff is Leslie Harrington Brown, who will serve as senior leasing manager.  She also currently handles the senior leasing manager responsibilities for Victoria Ward Properties in Honolulu.  Brown has 12 years of experience in shopping center leasing, including four in Maui and five in Honolulu.  She is a licensed real estate broker, with a CCIM designation, and is a member of the ICSC and the National Association of Industrial and Office Properties.

Queen Kaahumanu Center is Maui’s largest retail and entertainment center.  The 572,900 square foot regional mall is anchored by Macy’s, Sears and a new Macy’s Men’s, Children’s and Home store and features a mix of more than 100 stores, restaurants theatres and services.  Queen Kaahumanu Center was recently purchased by Somera Investment Partners, LLC, a division of Somera Capital Management, a private equity real estate investment company based in Santa Barbara, California.

General Growth Properties is the nation’s second-largest shopping center owner, developer and manager.  General Growth currently has ownership interest in, or management responsibility for, a portfolio of 160 regional shopping malls in 39 states.  The company portfolio totals approximately 140 million square feet of retail space and includes over 16,000 retailers nationwide.  A publicly traded Real Estate Investment Trust (REIT), General Growth Properties is listed on the New York Stock Exchange under the symbol GGP.  For more information on General Growth Properties and its portfolio of malls, please visit the company Web site at www.generalgrowth.com.

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