NEWS RELEASE                                     GENERAL GROWTH PROPERTIES, INC.
                                                 110 North Wacker Drive
                                                 Chicago, IL 60606
                                                 (312) 960-5000
                                                 FAX (312) 960-5475


FOR IMMEDIATE RELEASE                            CONTACT:  Bernie Freibaum
---------------------                                      (312) 960-5252

                                                           Beth Coronelli
                                                           (312) 960-2750

             GENERAL GROWTH PROPERTIES, INC. ANNOUNCES THREE-FOR-ONE
                    STOCK SPLIT AND A 25% DIVIDEND INCREASE

CHICAGO, ILLINOIS, OCTOBER 1, 2003 -- General Growth Properties (NYSE: GGP)
announced today that its Board of Directors has approved a three-for-one split
of the company's common stock, subject to stockholder approval of the stock
split and an increase in the number of authorized shares of common stock under
the company's charter from 210 million to 875 million. The company also today
declared a dividend of $0.90 per share, payable to common stock shareholders of
record on October 15, 2003, with payment on October 31, 2003. The current
dividend represents an increase of 25% over the previous quarterly dividend of
$0.72 per share.

The company will hold a special meeting of stockholders on November 20, 2003, to
vote on the increase in the number of authorized shares and the stock split. The
record date for the special meeting will be October 20, 2003. Subject to
receiving such stockholder approval, the record date for the stock split will be
November 20, 2003, with a distribution date of December 5, 2003. As proposed,
the stock split will increase the number of outstanding shares from
approximately 71.5 million to 214.5 million shares.

General Growth Properties, Inc. is the sole general partner of GGP Limited
Partnership. The partnership currently has more than 20 million common units
outstanding that may be exchanged by their holders, under certain circumstances,
for shares of GGP common stock on a one-for-one basis, thereby increasing the
company's percentage ownership of GGP Limited Partnership. These common units
would also be split on a three-for-one basis so that they would continue to be
exchangeable on a one-for-one basis into shares of common stock.

General Growth Properties is the country's second largest shopping center owner,
developer and manager of regional shopping malls. General Growth currently has
ownership interests in, or management responsibility for, a portfolio of 163
regional shopping malls in 39 states. The company portfolio totals more than 142
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 http://www.generalgrowth.com.

This release may contain forward-looking statements that involve risks and
uncertainties. All statements other than statements of historical fact are
statements that may be deemed forward-looking statements, which are subject to a
number of risks, uncertainties and assumptions. Representative examples of these
risks, uncertainties and assumptions include (without limitation) general
industry and economic conditions, interest rate trends, cost of capital and
capital requirements, availability of real estate properties, competition from
other companies and venues for the sale/distribution of goods and services,
changes in retail rental rates in the company's markets, shifts in customer
demands, tenant bankruptcies or store closures, changes in vacancy rates at the
company's properties, changes in operating expenses, including employee wages,
benefits and training, governmental and public policy changes in applicable
laws, rules and regulations (including changes in tax laws), the ability to
obtain suitable equity and/or debt financing, and the continued availability of
financing in the amounts and on the terms necessary to support the company's
future business. Readers are referred to the documents filed with the SEC,
specifically the most recent reports on Forms 10-K and 10-Q, which identify
important risk factors which could cause actual results to differ from those
contained in the forward-looking statements.

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