IR October 2O16

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IR October 2O16 REITs US REIT 3016 Earnings Preview GOP Esrey* Company FRYsh °pinging Melee Occitcancy (Total male commencedl ere ch WY ch SS initial rent spiced fa 2018 commencement Tenant Salies/sql Total Malls. TIM. <10ksti Tenan1 sates 'all less anchor yAr chi SS NOl growth vty Note consensus e sti mates are based on Thomson compiled data as of 10/14/16 • Commentary, rationale and expectations around ARO deal with SPG and ABG • Update on retailer environment, store closings, releasing activity • Update on the 3 remaining large format Sports Authority locations • Update on expectations around PSUN, as of 2016, 6 expected to vacate by year end, with 65 stores retained. • Update on Sears JV and plans • Update on progress on projects within the -'$500M active development pipeline, and detail on plans for other projects to backfill. Update preleasing at the Norwalk development. • Update on department store health and potential for taking back more space or doing more JV deals • Update on opportunities to monetize Street retail and remaining non core assets • Update on Miami Design District and Miami outlook overall • 3Q company FFO guidance is $0.34.0.36 (DB at $0.36 ) and NAREIT FFO/sh guidance is $03340.35 (DB at $0.35) • GGP typically provides its preliminary company FF0 guidance for the following fiscal year in 3Q. Both DB and consensus are at $1.60 3O15 Actual 5036 Aatal 95.4% 90bp 30bp 94% 5593 3 7% 5 1% 2O16 Acts SO 35 Actual 95 1% •10bp 606p 127% 4583 28% 40% 3016 Actual O5• SO 36 Coro SO 36 Actual Dee 95 1% Obp 30bp 2016 Pm 3O Gas Poe 30 Guido OBa Caro SI 51 SI 55 SI I:4 SI 53 Pro 30 Guide Poe 30 Guide NU 9' 4"., .1 IOW and -4% San. Dana@ ant. (*fly..,/ a" +nanny, Page 24 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092951 CONFIDENTIAL SDNY_GM_00239135 EFTA01388947