Coach and General Growth Properties Announce Program to Advance Store Growth; About 25 New Coach Stores to Open at General Growth Properties Over Two Years.

NEW YORK -- Coach, Inc. (NYSE: COH), a leading marketer of modern classic American accessories and General Growth Properties, Inc. (NYSE: GGP), the country's second largest owner, developer and manager of high quality retail regional malls, announced today that they have formed an alliance to open or expand Coach retail stores in General Growth's premiere malls and lifestyle centers over a two year period beginning this fall.

This agreement encompasses a total of about 35 'deals in principle' and will include opening about 25 new Coach retail stores and expanding and/or renewing an additional 10 locations over a two-year period.

Lew Frankfort, Chairman and Chief Executive Officer of Coach, Inc. said, "We are particularly pleased about our alliance with General Growth, which will allow us to capitalize on some outstanding real estate opportunities in many of their best malls. Some of Coach's highest volume stores are in General Growth-owned shopping centers in the U.S. - such as Natick Mall, outside of Boston, Beachwood Place and Kenwood Towne Centre, both in Ohio - all of which will be targeted for expansion under the new arrangement. In addition, this more structured type of multi-property agreement will allow Coach to better execute our growth strategy to reach more customers in both new and existing markets."

"Our partnership with Coach fits perfectly with our blueprint to create world-class shopping and entertainment destinations," said John Bucksbaum, chief executive officer of General Growth Properties. "Coach is a brand partner that complements our strategy. We are both committed to providing only the best in retail and customer service."

Coach, with headquarters in New York, is a leading American marketer of fine accessories and gifts for women and men, including handbags, women's and men's small leathergoods, business cases, weekend and travel accessories, footwear, watches, outerwear, scarves, sunwear and related accessories. Coach is sold worldwide through Coach stores, select department stores and specialty stores, through the Coach catalog in the U.S. by calling 1-800-223-8647 and through Coach's website at www.coach.com. Coach's shares are traded on The New York Stock Exchange under the symbol COH.

General Growth Properties, Inc. is the second largest U.S.-based publicly traded Real Estate Investment Trust (REIT). General Growth currently has an ownership interest in or management responsibility for a portfolio of more than 200 shopping malls in 44 states, as well as ownership in planned community developments and commercial office buildings. The portfolio totals approximately 200 million square feet of retail space 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. For more information, please visit the Company Web site at http://www.generalgrowth.com.