December 16, 2003

GENERAL GROWTH PROPERTIES DEVELOPS INTERNSHIP PROGRAM AT ALA MOANA CENTER

College students receive mentoring through "GGP Prodigies" program

HONOLULU - With the ever-growing competition to hire and retain qualified talent, General Growth Properties (GGP), one of the country’s largest mall owners and developers, has developed "GGP Prodigies," a corporate-wide initiative committed to developing a source of human capital. "GGP Prodigies" is an internship program designed to give college juniors and seniors hands-on experience in the shopping center industry while creating a talent pool for the company’s shopping centers and regional offices.

"In order to continue creating value to our C.O.R.E. - customers, owners, retailers and employees - GGP Prodigies provides the company with new talent while minimizing recruiting costs," said John Bucksbaum, chief executive officer of GGP. "Through this internship program, GGP will not only gain a leading edge over the competition in attracting and retaining employees, but will continue our reputation of being a leader in the shopping center industry."

Students enrolled in the program receive college credit while gaining valuable skills in a variety of areas in the industry, including retail management, marketing, public relations, leasing, finance, accounting and technology. "GGP Prodigies" interns work under the guidance of business professionals and mentors who are responsible for the day-to-day business operations involved in managing shopping centers throughout the nation. Students also assist in planning and strategizing long-term business goals for the centers.

In Hawaii, GGP’s Ala Moana Center has forged strong working relationships with the University of Hawaii and Hawaii Pacific University. Ala Moana’s management office is currently interviewing prospective candidates for the internship program, which is open to all college students in the area. Interested students should contact Cynthia Tanaka, human capital manager, at 808-946-2811 for more information, or apply online at www.generalgrowth.com.

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 146 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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