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Stockholder defends General Growth Properties

June 18, 2004

As a longtime La Canada Flintridge resident, I shop occasionally in

Glendale and have followed with great interest the developing sage of

the Glendale Town Center. Since most of the "letters" printed in the

Community Commentary have been highlighted with a contrasting color,

I have been unsure about their commercial support, but they have been

very well written and have done an excellent job of supporting Caruso

and the city of Glendale.

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The June 3 commentary ("General Growth survey full of misleading

information") reads almost like a script from a TV court drama and

carried my interest right to the last line. At that point, I was

attacked personally and feel obligated to defend myself. As a retired

senior citizen, I have been a stockholder of General Growth

Properties for many years. The company was started by two brothers in

Des Moines, Iowa (my hometown), over a half-century ago and has

always been greatly admired for its business skills and community

involvement. Based on their annual reports, the move of corporate

headquarters to Chicago and steady growth haven't changed their

support for both communities and stockholders.

The commentary writer seems to feel that General Growth is guilty

of crime because they have stockholders and are concerned about their

well-being. Perhaps she is unaware that a huge percentage of those

stockholders is dependent on the fact that an extremely well-managed

General Growth Properties passes along more than 75% of the profits

to stockholders.

I can't claim that I speak for all the old retired guys who depend

on those dividends, but I bet most of us are confident that General

Growth will continue to conduct their business in Glendale and across

the United States "for the betterment of stockholders."

MAYFIELD MARSHALL

La Canada Flintridge

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