Investor Presentation

May 2016
GGP Overview
S&P 500 Real Estate Investment Trust(a)
NYSE Ticker GGP
Headquarters Chicago
Employees 1,700
Retail Properties 128
States 40
Total Retail GLA 121 million
Enterprise Value $46.1 billion Natick Mall, Natick, MA

The Woodlands Mall, Houston, Texas

a) As of March 31, 2016. 2
GGP Mission & Values
Own and operate Best-in-Class retail properties that provide an
outstanding environment and experience for our Communities, Retailers,
Employees, Consumers and Shareholders.

Ridgedale Center, Minnetonka, MN Operating Highlights(a)

Nordstrom Grand Opening October 2015
Tenant Sales Growth(b) 4.0%

Occupancy Cost 13.7%

Leased 95.9%
Lease Spreads(c) 12.0%

H Humility Shops at Merrick Park, Coral Gables, FL

A Attitude
D Do The Right Thing
T Together
O Own It
a) All Same Store operating metrics as of March 31, 2016.
b)
c)
All tenant sales less anchors on a rolling 12 months ended March 31, 2016. Inline sales growth is 2.1% including Christiana Mall, which has had unusual changes in sales productivity.
Lease spreads are suite-to-suite and represent 2016 commencements.
3
Irreplaceable Retail Properties in the U.S.
GGP owns 100 of the top 500 malls in the U.S.

Malls Sales and NOI Percentage by Rank(a)

Top Retail Properties 2016 Sales PSF(b) % of Company NOI(c)
Top 10 $799 23%
Top 30 $688 48%
Top 50 $681 66%
Top 100 $597 95%
Total Retail Properties $584 100%
78 Class A Retail Properties $690 77%

a) Retail properties ranked by 2016 YTD NOI

b) Sales per square foot for trailing 12 months ended March 31, 2016 for comparable tenants occupying space less than 10,000 square feet. 4
c) For 2016 YTD ending March 31, 2016.
 GGP Outpaces U.S. Retail Growth Nearly
2-To-1 With A Centers Driving The
Majority Of Growth
GAFO Sales Growth; Total Market vs GGP GGP Portfolio Productivity
2010 to 2015; Excluding Department Stores

Sales
Volume

Total United States (From U.S. Census) 13%

GGP Portfolio (Inline, Comp, <10k) 23%

Source: U.S. Census Nov. 2015 and GGP. GAFO stands for General Merchandise, Apparel and Accessories, Furniture and Other Sales.
5
Traffic Across The GGP Portfolio Is Steady,
With YoY Increases Across All Classes Of
Assets Estimated Total Visits to GGP Centers

Sales Per Square Foot Line Graph

Traffic (in millions) Bar Graph

Year-Over-Year Traffic Growth

2012 2013 2014 2015

4% 3% - 2%

Source: GGP.
6
Redevelopment of Department Store Boxes
Since 2011, 82 of 83 vacant department stores have been redeveloped for a
total cost of $1.4 billion generating an 11% annual return
17 department stores - Nordstrom (3), Von Maur (3), Macys (2), Boscovs (2),
Dillards (2), Belk, Lord & Taylor, Bloomingdales, Carsons and Bon Ton
10 entertainment venues - theaters (3), trampoline parks (2), Dave & Busters (3)
and Round One (2)
11 sporting goods stores Dicks Sporting Goods / Field & Stream (5), Sports
Authority (4) and Scheels (2)
5 fast fashion retailers - Forever 21 (3) and H&M (2)
4 restaurants Perrys, Yard House, Old Town Pour House and Harry Carays
4 grocery stores - Sprouts, Fresh Market, Wegmans and Total Wine
3 fitness centers 24 Hour Fitness, City Sports and Family Fitness
3 DSW
3 Container Stores
2 Pirch
185,000 square feet of inline space including, but not limited to, Apple, Nike,
Lululemon, Tommy Bahama and Aritzia
20 other uses including, but not limited to, Nordstrom Rack, Crate& Barrel, Petco,
Ulta and HH Gregg
7
Department Store Performance
Over the past decade, department store performance has lagged that of inline shops
within the GGP portfolio.

On a rolling 12 month basis as of March 2016, Anchor sales are down 1.9% while total inline
sales are up 4.0%.(a)

DEPARTMENT STORES vs. GGP INLINE SHOPS

2005-2015

Total Sales in GGP Portfolio 2005-2015 % Change

Total Non-Anchor GAFO Sales, Comp Basis +33%
Sales-Reporting Anchor/Department Stores -10%

Total Industry Sales 2005-2015 % Change

GAFO Sales excluding Department Stores +30%
Department Stores excluding Leased -23%
Departments

a) Inline sales growth is 2.1% including Christiana Mall, which has had unusual changes in sales productivity.
Sources & Notes: U.S. Census Bureau, FactSet, GGP Intel, GGP Strategy & Analytics. Years reflect calendar years. 8
GGP figures reflect properties consistently open from 2005 to 2015.
 Regional Mall Visitation by Generation
Millennials have the highest propensity of any generation to visit regional malls on a
regular basis.

PROPENSITY TO SHOP AT LEAST ONCE EVERY THREE MONTHS, 100 = AVG SHOPPER
140

120 116
107

100 92
83
80

60

40

20

0
Millennials Gen Xers Baby Boomers Silents
18-34 35-49 50-65 Over 65

Sources: GGP Strategy & Analytics, Nielsen Local, 2014-2015. 400,489 respondents.

9
Department Store Consolidation Timeline
SELECTED RETAILERS
Associated Dry Goods Allied Federated May Carter Hawley Hale Mercantile Dillard's

Lord & Taylor Jordan Marsh A&S Famous Barr Broadway Bacon's
JW Robinston Bon March Lazarus Kaufmann's Emporium Castner Knott
Goldwater's Donaldson's Filene's Hecht's Thalheimers Gayfers Acquired
Stix Baer Fuller Block Bloomingdale's G Fox Wanamakers Glass Block Lowensteins
Denver Dry Goods Joske's Burdine's Meier & Frank Neiman Marcus JB White Diamonds
Robinsons FL Maas Brothers Rich's Strawbridge's Bergdorf Goodman Jones Store Joske's
LS Ayres Miller & Rhoad's Foley's ZCMI Joslins Higbee's
Horne's Pomeroy's Sanger Harris Lion DH Holmes
Caldor Stern's Bullocks Maison Blanche Ivey's
I Magnin Acquired by Federated McAlpins
Acquires Associated in 1995
in 1986 Neiman Group spun
1986 Sold to May Dept. 1986 Acquired by Campeau to General Cinema Aquired Mercantile
Acquired Allied in Sold to Dillard's 1998
1988 1998
Acquires Dayton Hudson
Becomes Federated 1988 Acquired by Federated Marshall Field's Becomes Macy's, Inc.
2005 in 2004 2007 Operate as Dillard's
Acquired Macy's in
1994
Becomes Macy's, Inc.
Becomes Macy's, Inc. 2007 Sold to Federated At the peak of department
2007 2005
Becomes Macy's, Inc. store nameplates, there were
2007 56 different department store
Becomes Macy's, Inc.
brands
2007

APPROXIMATE CURRENT STORE COUNTS

Hudsons Bay Neiman
Macys Dillards Nordstrom
Company (US) Marcus
775 270 90 40 120
10
Oakbrook Center

Conversions
Former Store New Stores
Sears TBD Dining/Entertainment
Pirch, Aritzia, Boss, lululemon,
Bloomingdale's
Tommy Bahama
Neiman Marcus Perry's Steakhouse,
(Lower Lev el) Old Town Pour House

Productivity
Store Category 2010 2015 Change
I nline Retail $668 $911 +36%
Anchors $233 $271 +17%
11
Natick Mall

Conversions
Former Store New Stores
JCPenney Wegmans
Sears TBD Entertainment

Productivity
Store Category 2010 2015 Change
I nline Retail $552 $671 +22%
Anchors $181 $201 +11% 12
Cumberland Mall

Conversions
Former Store New Stores
JCPenney Costco

Buffalo Wild Wings,

Cheesecake Factory, Chico's, H&M,
Dav ison's
Maggiano's, P.F. Chang's, Soma,
Stoney Riv er, Ted's Montana Grill

Productivity
Store Category 2010 2015 Change
I nline Retail $379 $610 +61%
Anchors $275 $306 +12% 13
Omni-Channel Generates Higher Sales

Source: ICSC
14
 eCommerce Retailers are Opening Brick
and Mortar Stores
Electronics Furniture/Home Apparel Consumers still desire a sensory, tactile
Apple Essentia Trunk Club experience, particularly when shopping
Microsoft ModCloth for goods for which comfort is a
Dyson Accessories NastyGal paramount point of consideration.
Warby Parker Rent the Runway
Sportswear Just Fab Combatant The conversion rate of browsers to
Athleta Shinola Gentlemen buyers is multiples higher in a physical
Fabletics Classic Specs Duluth Trading Co. store environment versus a digital
Adore Me Refinery29
environment averaging around 20%
Beauty The Tie Bar 1701 Bespoke
Birchbox
(and as high as 60% depending on store
Raden Weddington Way
The Honest Frank & Oak type) compared to less than 5% online
Company Jewelry Untuckit resulting in significantly lower customer
Baublebar Chubbies acquisition costs and SG&A per unit.
Food/Candy Blue Nile Everlane
Vosges Indochino Physical stores play an increasingly
Haut-Chocolat Other Bonobos pivotal role in fulfilling shoppers need
Try the World Amazon for discovery and instant gratification
through reserve-online/buy-online and
Childrens Apparel pick-up in-store models and/or
Services Grocery
Monica & Andy distributed fulfillment across the store
network while reducing retailers initial
outlays for inventory, reducing out-of-
stock incidents, and avoiding
aggressive markdowns at the end of
Restaurants Entertainment seasonal cycles.

Sources of Mall
Demand

15
In the Press
I was reading all these reports that were down on
retail brick and mortar, saying its all about
online I think brick-and-mortar is an amazing
opportunity to use our stores and our store staff as
a vehicle to truly engage with the community in a
way no other retailers are doing. Jim Brett,
President, West Elm
Retail observers have been significantly
overestimating our use of online and digital
technology for shopping we like shopping in
stores. Nicole Flasch-Mihalko of LIM College,
which carried out a survey with the National Retail
Federation that found the shopping habits of 18- to
25-year-olds suggest that just over two thirds of them
prefer to shop in stores for clothing and shoes.
Weve been blown away by the
economics of our stores. Dave
Gilboa, co-chief executive of Warby
Parker
My company is an extension of me,
so when I designed my stores I wanted
people to feel that they were in my
home. Tory Burch
Weve found that many customers
want to engage with the merchandise
before buying it. And theres a level of
service and personalization that just isnt
possible on the desktop. A lot of people
see Internet as next generation and
brick-and-mortar as being traditional.
The way we see it is as a physical space
that we can leverage to communicate
our brand value Ethan Song, CEO of
Frank & Oak
16
In the Press
Its hard for brands to engage with their customers in a purely digital way. Simon Mottram,
CEO of Ralpha
When you look at retailers who are striving in
this environment, its the brands focused on
delivering a strong service experience. It is one
of the ironies of our time that a digital medium,
the Internet, is making the in-person shopping
experience a more humane one. Andy Dunn,
founder and chief executive of Bonobos
It can be hard and expensive to get
noticed online now. But if you spring up
offline even for a short time shoppers will
love the interaction and share their
experience of going there by tweeting or
sharing an image online. You can create a
storm. Ross Bailey, founder and chief
executive of Appear Here
The heart of our business is online, but we
have a channel agnostic approach, which
is where the world is moving to. Bec
Clarke, founder and chief executive of
Astley Clarke
17
Annual EBITDA Growth of 4% to 5%

Contractual Fixed
Increase in Rents + 2% - 3%
Occupancy Growth

Positive Releasing
1%
Spreads

Expense Growth (1%)

Developments 1.5%

Acquisitions 0.5%

18
Durable, Long-Term Cash Flow Growth
High-quality malls continue to be in demand by retailers, restaurants and
entertainment venues
Virtually no new supply of mall space since 2006 and negligible amount
expected to deliver over next 10 years primarily from expansions

Nearly no long-term vacancy and laddered lease expirations form durable

foundation for long-term revenue growth
Financial & Operational Highlights
2016 2015 2014 2013 2012
Guidance(a) Actual Reported Reported Reported Average
Same Store NOI 4% - 5% 4.8% 4.5% 6.0% 4.2% 4.8%
SS NOI Margin 75% 74% 74% 73% 72% 73%
NOI 8% - 9% 5.0% 4.1% 5.0% 5.1% 5.5%
EBITDA 8% - 9% 5.4% 4.9% 4.3% 7.0% 6.0%

Sales PSF <10k SF $588 $570 $564 $545

Growth 3.0% 1.0% 3.6% 6.6%
Occupancy Cost 13.4% 13.4% 13.0% 13.2%
Lease Spreads(b) 10.8% 18.3% 12.3% 10.2%
Perm Occupancy 92.3% 93.0% 92.0% 89.6%
Total Occupancy 96.5% 96.7% 96.4% 94.9%
a) Figures represent mid-point of guidance that is current as of May 3, 2016, the date of GGPs 1st quarter 2016 earnings call.
b) Lease spreads are suite-to-suite.
19
Cash Flow & Dividends

2016 2015 2014 2013 2012

Guidance(a) Actual Reported Reported Reported CAGR

Company FFO per Diluted Share $1.52 - $1.56 $1.44 $1.32 $1.16 $0.98 11.7%

AFFO per Diluted Share $1.21 $1.09 $1.00 $0.88 $0.72 13.7%

Dividends $0.80 $0.71 $0.63 $0.51 $0.42 17.5%

AFFO Payout Ratio 66% 65% 63% 58% 58%

a) Figures represent mid-point of guidance that is current as of May 3, 2016, the date of GGPs 1st quarter 2016 earnings call.
20
Financial Flexibility
Financing philosophy
Obtain property-secured debt; minimize corporate recourse and cross-collateralization

Laddered maturities mitigate refinancing risk and earnings volatility

Debt Overview(a) ($ in millions at GGP share) Debt Maturity Ladder(c) ($ in billions at GGP share)

Fixed Rate(b) $16,098

Variable Rate(b) $3,469 $3.1

$2.8
Total Debt $19,567 $2.5
$2.1 $2.0
$1.9 $1.7
Remaining Term 5.9 Years

Total Debt / Enterprise Value 42% $0.2

$0.5 $0.5

Net Debt / EBITDA 8.4x

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Interest Coverage 2.8x

a) As of March 31, 2016. Net Debt / EBITDA based on Net Debt as of March 31, 2016 and guidance for 2016 EBITDA as issued on May 2, 2016. Interest
Coverage and Fixed Charge Coverage are based on estimate for 2016.
b) Fixed rate debt has a weighted average interest rate of 4.4% and variable rate debt has a weighted average interest rate of 2.6%.
c) As of March 31, 2016, and additionally including the $1.4B term loan extension discussed on May 3, 2016, the date of GGPs 1st quarter 2016 earnings
call. The Debt Maturity Ladder schedule assumes maturity extension options are exercised and approved. 21
Sustainability
Committed to being an environmentally responsible
business

Concentrated on investments that increase

environmental performance in key areas such as:

Solar power generation

Heating and cooling

Lighting

Water usage

Waste Management

Awarded the 2015 GreenStar and recognized as the

North American leader in the Retail Large Cap
Sector by GRESB in 2014(a)

By the close of 2016, GGP is expected to be one of

the top ten solar energy producers in the U.S.

22
a) GRESB stands for Global Real Estate Sustainability Benchmark.
2016 Earnings Guidance
Current as of May 3, 2016, the date of GGPs 1st quarter 2016 earnings conference
call.

Company FFO per Diluted Share $1.52 to $1.56

Adjustments (0.04)
NAREIT FFO per Diluted Share $1.48 to $1.52
Depreciation (0.94)
Net Income Attributable to Common Stockholders $0.54 to $0.58
Preferred Stock Dividends 0.02
Net Income Attributable to GGP $0.56 to $0.60

Key Growth Rate Assumptions:

Same Store NOI 4% to 5%
EBITDA Growth 8% to 9%

The guidance reflects managements view of current and future market conditions, including assumptions with respect to Same Store NOI growth, rental rates, occupancy levels, retail
sales, variable expenses, interest rates and the earnings impact of the events referenced in the Companys 1st quarter 2016 earnings press release and previously disclosed. The
guidance also reflects managements view of capital market conditions. The estimates do not include possible future gains or losses, or the impact on operating results from other
possible future property acquisitions or dispositions or capital markets activity. Earnings per share estimates may be subject to fluctuations as a result of several factors, including any
gains or losses associated with disposition activity. By definition, FFO and Company FFO do not include real estate-related depreciation and amortization, provisions for impairment, or
gains or losses associated with property disposition activities. This guidance is a forward-looking statement and is subject to the risks and other factors described in the Companys 1st
quarter 2016 earnings press release and in the Companys annual and quarterly periodic report filed with the Securities and Exchange Commission. Actual results for 2016 could vary
materially from the amounts presented if any of managements assumptions are incorrect. Each amount shown represents the approximate midpoint of a range of possible outcomes
and reflects managements best estimate of the most likely outcome. For a reconciliation of the non-GAAP measures shown to their respective GAAP measure please refer to GGPs
1st quarter 2016 earnings release and Supplemental Information available at www.ggp.com and as furnished with the Securities and Exchange Commission. 23
Contact Information:

Michael Berman Kevin Berry

Executive Vice President and Senior Vice President
Chief Financial Officer Investor & Public Relations
michael.berman@ggp.com kevin.berry@ggp.com
(312) 960-5044 (312) 960-5529

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. From time to time, the Company updates the Investor Presentation and when it does, it will be
posted on the Investors section of its website at www.ggp.com. It is possible that the updates could include 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.

24