INVESTOR PRESENTATION

NOVEMBER 20 17

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Overview▪ GGP’s mission is to create engaging environments and

experiences at its properties located throughout the United States

▪ GGP’s 1,800 employees share a common set of five core values- Humility, Attitude, Do the Right Thing, Together and Own It

▪ GGP is an S&P 500 company with a total enterprise value of approximately $37 billion as of September 30, 2017

SANDEEPMATHRANIChief ExecutiveOfficer

SHOBIKHANPresident andChief Operating Officer

MICHAELBERMANExecutive Vice Presidentand Chief Financial Officer

JAREDCHUPAILAExecutive Vice President, Leasing

RICHARDPESINExecutive Vice President,Anchors, Development and Construction

ROSEMARYFEITExecutive Vice President, GeneralCounsel

BRIANMcCARTHYExecutive Vice President, AssetManagement

TARAMARSZEWSKISenior Vice President,Chief Accounting Officer

HEATHFEARExecutive Vice President, Finance

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Management Team▪ GGP is led by an executive leadership team that, on average, has

20 years of experience in the real estate industry

HILARYHOSEKSenior Vice Presidentand Chief Human ResourcesOfficer

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U.S. Retail GLA Overview

85%

15%

Open-AirCenters Malls

(a) Source:ICSC.

(b) Source: GGP analysis of Mall and Strip Center quality rankings within Green Street Advisors database.

8%

92%

▪ Nearly 7.6 billion square feet of retail GLA, encompassing 115,000 properties, exists in the U.S. today (a)

▪ Since 1970, retail GLA in the U.S. has increased over 400%, while the U.S. population has increased 50%, leading to an oversupply of retail properties and migration to higher-quality locations by businesses and consumers(a)

▪ Only 8% of total retail GLA in the U.S. is considered high quality and GGP owns, or has an interest in, approximately 17% (b)

TotalRetail Square Feet Quality Snapshot

High-Quality All Else

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Property Portfolio▪ GGP’s portfolio spans the United States, providing tenants with

opportunity for national scale and consumers access to today’smost desired shops, restaurants and entertainmentvenues

Same Store Portfolio Metrics (NOI Weighted) (a)

Quality PropertiesNOI

ContributionNOI %Change

Sales Contribution

Sales Per Square Foot

Class A 75 74% 3.4% 78% $789

Total 123 100% 2.0% 100% $708

(a) NOI Contribution and NOI % Change are for the nine months ended September 30, 2017.

Sales Contribution, Sales Per Square Foot, Occupancy Cost, and Suite-to-Suite Lease Spreads are for the rolling 12 months ended September 30, 2017.

NOI is a non-GAAP measure. Please refer to the Information slide within this presentation for additional information.

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Continuous Evolution

11%

41%

35%

15%17%13%

7% 8% 7% 7% 6% 6% 6% 6%3% 4% 2% 3% 2% 2%

Apparel F&B Electronics Beauty &PersonalServices

Shoes Jewelry Other Home Furnishings

Sporting Goods

Entertainment

▪ Thoughtful and insightful curation of each property ultimatelyleads to market share capture and drives profitability fortenants

▪ Over the past 5 years the sales contribution by major category has evolved to meet the changing interests of theconsumer

2012 Sales Contribution 2017 Sales Contribution

U.S. Retail Sales▪ In 2015, total retail sales in the U.S. were $3.6 trillion(a)

• Retail sales have grown, on average, 2.0% annually during the five years ending 2015

• Sales sourced from brick-and-mortar have grown, on average, 1.3% over the same time period, and represented 91% of total retail sales in 2015

• Sales sourced from E-commerce have also grown, on average, 11.3% over the same time period, and represented 9% of total retail sales in 2015

▪ Total sales volume within GGP’s Class A portfolio havegrown 2.7% over the same time period, representing growth in the portfolio’s market share

(a) U.S. Census Bureau. Total retail sales, excluding motor vehicle and parts dealers.

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Diverse Demand▪ GGP’s properties are home to a diverse array of brands providing

consumers with one, central place for nearlyeverything

▪ Successful brands are consolidating store fleets to focus onhigher quality shopping centers

APPAREL HOME FURNISHINGS BEAUTY TECH

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Diverse Demand - continued

BIG BOX SUPERMARKET F&B ENTERTAINMENT

Anchor Redevelopments▪ Since 2011, GGP has invested approximately $2.4 billion

throughout its portfolio in various redevelopmentopportunities, primarily made possible through anchor boxacquisitions

• 115 anchor and big box locations complete or in some phase of redevelopment

• Encompasses approximately 9 million squarefeet

• Stabilized NOI yield of approximately9%(a)

▪ Anchor boxes are potential future locations forsupermarkets, cinemas, entertainment venues and other large-scale users, adding uses consumers want in one, convenient location

(a) NOI is a non-GAAP measure. Please refer to the Information slide within this presentation for additional information.

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Live, Work & Play▪ GGP’s portfolio includes a number of properties that have the

potential to add other uses, such as residential, hospitalityand office

▪ GGP seeks to partner with developers specialized in each respective asset class, generally forming a 50/50 joint venture to develop, manage and profit from theactivity

▪ Recent examples of densification projects include:• WeWork at Pioneer Place, Portland,OR• Regus at NorthPoint Mall, Alpharetta,GA• Park Lane at Ala Moana Center, Honolulu, HI (venture with MacNaughton

Group and The KobayashiGroup)• Le Meridien Chicago at Oakbrook Center, OakBrook, IL• Hotel at Shops at Merrick Park, Coral Gables, FL (venture with Hersha

Hospitality Trust)• Residential at Alderwood Mall, Lynnwood, WA (venture withAvalonBay

Communities)

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Capital Allocation▪ Since 2011, GGP has invested approximately $7.7 billion acquiring

its stock, redeveloping assets and acquiring assets

• $2.1 billion acquiring stock and warrants at $19.03 per share, on average

• $2.4 billion into redeveloping and expanding existing properties; stabilized NOI yield of approximately 9%(b)

• $3.2 billion of acquisitions

▪ During the same period, GGP disposed of approximately $9.0 billion of assets(a), refining the portfolio to high-quality assets

(a) Includes approximately $5.9 billion for sales of partial interests in properties and portfolio spin-off.

(b) NOI is a non-GAAP measure. Please refer to the Information slide within this presentation for additional information.

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Balance Sheet & Liquidity Profile▪ GGP’s financial profile has significantly improved over the past six

years, providing financial flexibility to execute upon its business plan2011 2017(a)

Total Debt $20.1 billion $19.0 billion

Total Debt / Enterprise Value 58% 51%

Interest Rate 5.24% 4.13%

% Fixed Rate 87% 78%

% Variable Rate 13% 22%

Years to Maturity 5.1 years 4.8 years

Net debt-to-EBITDA Ratio 9.9x 8.0x(b)

Interest Coverage Ratio 1.8x 2.8xAvailable Capital Resources(c)

Cash and cash equivalents

Line of credit availability

Dividend Payout Ratio

$500 million

$1,050 million

68%

(b) Represents an estimate for year-end 2017.(c) Available Capital Resources represents an estimate for year end 2017.

▪ Common dividends have grown, on average, 12% annually since 2011▪ Dividends are funded entirely by operating cash flow▪ GGP dividend yield is 4%; S&P 500 dividend yield is 1.9% (a)

(a) As of September 30, 2017.

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Sustainability

In October 2016, the Solar IndustriesEnergy Association (“SEIA”) ranked GGP 9th among all U.S. companies based on installed solar generation capacity & ranked GGP 3rd based on the solar capacity it installed in calen-dar year 2016.

Reduced its carbon footprint by 25,600 metric tons of carbon dioxide equivalents; the equivalent ofremoving approximately 19,800 cars from U.S.roads.

Diverted more than 55,200 tons ofwaste from landfills; enoughto fill more than 6,200 garbage trucks.

Completed lighting and HVAC up-grades with projected savings of 80.4 million kilowatt hours of electricity annually; the equivalent of removing 8,300 homes from the grid.

Composted an additional 160tonsof food waste

Since 2011,reduced grid-purchased electricity consumption by 267.9 million kilowatt hours; enough electricity to power all of the homes in Napa, CA for oneyear.

§ 2014 Sector Leader; 2014 & 2017 Green Star Recipient

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Information▪ 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 anyforward-looking statement are based on reasonable assumption, it can give no assurance that its expectations will beattained, and it is possible that actual results may differ materially from those indicated by these forward-lookingstatements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to, theCompany’s ability to refinance, extend, restructure or repay near and intermediate term debt, its indebtedness, itsability to raise capital through equity issuances, asset sales or the incurrence of new debt, retail and credit marketconditions, impairments, its liquidity demands, and economic conditions. The Company discusses these and other risksand uncertainties in its annual and quarterly periodic reports filed with the Securities and Exchange Commission. TheCompany may update that discussion in its periodic reports, but otherwise takes no duty or obligation to update orrevise 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 websiteat www.ggp.com. From time to time, the Company updates the Investor Presentation and when it does, it will be postedon the Investors section of its website at www.ggp.com. It is possible that the updates could include information deemedto be material information. Therefore, the Company encourages investors, the media and others interested in theCompany to review the information posted on the Investors section of its website at www.ggp.com from time to time.

▪ For a reconciliation of the non-GAAP measures shown to their respective GAAP measure please refer to GGP’s earningsrelease and Supplemental Information available at www.ggp.com and as furnished with the Securities and ExchangeCommission.

▪ Investor Contact Information

Kevin BerrySVP Investor & Public Relations

kevin.berry@ggp.com

(312) 960-5529

A RE TA IL RE A L ESTATE CO M P A NY