November 5, 2003

ALA MOANA CENTER SERVING UP MORE RESTAURANT SPACE

Prime location being developed to expand Ala Moana’s success as dining mecca

HONOLULU - Ala Moana Center -- one of the world’s largest, highest-volume, open-air shopping centers -- is expanding to allow for the growth of its highly successful mix of dining and shopping options. The center is developing approximately 200,000 square feet of prime space to accommodate new dining, shopping and entertainment establishments. The project will expand the bustling restaurant area and will be available in late 2004.

The retail heart of Honolulu, Ala Moana Center boasts one of the highest per-square-foot retail sales in the nation. The center is a destination in its own right, a shopping mecca that attracts over 42 million visitors annually -- local residents and tourists alike, including droves of Japanese shoppers. The center is a multi-faceted mix of shopping experiences, offering everything from haute couture and a range of made-in-Hawaii products to stores that meet the full range of local residents’ daily needs.

The center’s 240 stores, anchored by Macy’s, Neiman-Marcus and Sears, are complemented by an equally diverse group of 71 eating establishments that include some of the most successful chain restaurants in the country, including Morton’s The Steakhouse, Bubba Gump Shrimp Co., and California Pizza Kitchen -- all of which have outperformed many of their sister establishments across the nation.

The latest addition to this successful mix is Jackie’s Kitchen, the first U.S. restaurant in the international chain owned by world-renowned martial artist/actor/stunt-man Jackie Chan; it is scheduled to open in November 2003.

The chain restaurants are complemented by a wide variety of local, established restaurateurs, including several whose chefs have achieved a renown that extends well beyond Hawaii’s shores -- Alan Wong’s Pineapple Room, Longhi’s and Assaggio’s.

"We have a diverse mix of restaurants" said Kay Day, regional vice president of leasing for Ala Moana Center. "Restaurateurs recognize that the location, the mix of local and visitor traffic, abundant parking and our fabulous facilities cannot be matched anywhere else in Hawaii."

Ala Moana Center is owned and managed by General Growth Properties, Inc. General Growth Properties is the country’s second-largest shopping center owner, manager and developer. General Growth currently has ownership interest in, or management responsibility for, a portfolio of 164 regional shopping malls in 39 states. The company portfolio totals approximately 145 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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