General Growth Properties Becomes First Shopping Center Developer to Offer Themed Gift Cards from American Express

American Express, the nation's largest seller of "open" gift cards, and General Growth Properties (GGP) today announced that GGP will offer a line of themed American Express Gift Cards for special occasions, the first shopping center developer and management company to do so. At ten U.S. properties, the American Express Gift Cards Especially for Kids, Especially for Teens, and Especially for Birthdays are already being offered to customers along with two past favorites: the GGP Mall Gift Card and the classic American Express Gift Card. More shopping centers will add the themed Gift Cards during the summer. "The strength of our relationship with GGP, as well as other partners in the shopping mall, retailing and banking industries, helped us set a record in 2006, when sales of American Express Gift Cards exceeded all previous years combined," said Alpesh Chokshi, senior vice president and general manager, North America, American Express Travelers Cheques and Prepaid Services. "GGP led its industry in recognizing the potential of open gift cards to generate new revenue, foster shopper loyalty and improve tenant satisfaction. We're delighted that as part of the recent renewal of our Gift Card partnership, GGP became the first developer to offer our latest innovations – our 'Especially For' Gift Cards with the special offers program." GGP shoppers can now take advantage of American Express Gift Card cardholder-only special offers at participating merchants including Build-A-Bear Workshop®, f.y.e., KB Toys, Kid's Foot Locker, and California Pizza Kitchen. Gift Card special offers and a list of participating partners can be viewed by visiting www.americanexpress.com/specialoffers.* The themed American Express Gift Cards will be offered at Lakeland Square (Lakeland, Florida), Regency Square (Jacksonville, Florida), Altamonte Mall (Altamonte Springs, Florida), North Point Mall (Alpharetta, GA), Oglethorpe Mall (Savannah, GA), Florence Mall (Florence, KY), Greenwood Mall (Bowling Green, KY), Valley Hills Mall (Hickory, NC), Carolina Place Mall (Pineville, NC) and Lynn Haven Mall (Virginia Beach, VA). GGP Fashion Show Offers American Express Gift Card An additional GGP property, Fashion Show, in Las Vegas, will now offer the classic American Express Gift Card along with its own GGP Mall Gift Card. Fashion Show is not included among the locations offering the themed Gift Cards. "Fashion Show is one of the nation's premier shopping destinations, and shoppers there deserve to have the option of buying a premier gift card," said Wally Brewster, senior vice president for marketing and communications, General Growth Properties. "We choose to extend our alliance with American Express to this property because of its leadership and strategic presence in the gift card market and the additional shopping power that it offers our customers at the largest shopping destination on Las Vegas Boulevard." American Express Gift Cards can be redeemed at U.S. retailers and restaurants that accept the American Express Card. They also available online at http://www.americanexpress.com/gift, and nationwide at tens of thousand of locations, including supermarkets, drug stores, shopping centers, banks and American Express Travel Service offices. If the Gift Card is lost or stolen, the unused balance can be refunded or replaced. American Express Gift Cards let the gift recipient choose from millions of gifts and experiences offered at retail, making it a popular gift choice for all occasions.* About American Express American Express Company (www.americanexpress.com) is a leading global payments, network and travel company founded in 1850. American Express is a leader in consumer prepaid products. In addition to the 115-year old American Express Travelers Cheque - the preeminent brand welcomed worldwide - the Company issues other prepaid products including the Travelers Cheque Card, Cheques for Two, Gift Cards, Gift Cheques, and a range of corporate incentive prepaid products through American Express Incentive Services. About General Growth Properties General Growth Properties, Inc. is the second largest U.S.-based publicly traded real estate investment trust (REIT) based upon market capitalization. General Growth has ownership interest or management responsibility for a portfolio of more than 200 regional shopping malls in 45 states, as well as ownership interest in master-planned community developments and commercial office centers. General Growth's international portfolio includes ownership and management interest in shopping centers in Brazil and Turkey. The Company's portfolio totals approximately 200 million square feet and includes more than 24,000 retail stores nationwide. General Growth Properties, Inc. is listed on the New York Stock Exchange under the symbol GGP. * Terms and conditions apply to gift cards. Subject to applicable law, a monthly service fee of $2.00 is waived for the initial 12 months after purchase. A $5.95 replacement fee may apply if a Gift Card is lost or stolen. American Express Gift Cards are not for use at car rental, cruise lines, casinos or ATMs. Offers are subject to change without notice.