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                                                                     EXHIBIT 4.3

               CERTIFICATE OF DESIGNATIONS, PREFERENCES AND RIGHTS

                                       OF

              8.75% CUMULATIVE REDEEMABLE PREFERRED STOCK, SERIES D

                                       OF

                         GENERAL GROWTH PROPERTIES, INC.

 PURSUANT TO SECTION 151 OF THE GENERAL CORPORATE LAWS OF THE STATE OF DELAWARE

         General Growth Properties, Inc., a Delaware company (the "Company"),
hereby certifies that pursuant to the authority contained in Article IV of its
Second Amended and Restated Certificate of Incorporation, as amended (the
"Certificate of Incorporation"), and in accordance with Section 151 of the
General Corporate Law of the State of Delaware (the "DGCL"), its Board of
Directors (the "Board of Directors"), on June 28, 2002, adopted the following
resolution creating a series of its preferred stock, par value $100 per share,
liquidation preference $1,000 per share, designated as the "8.75% Cumulative
Redeemable Preferred Stock, Series D";

         WHEREAS, the Board of Directors is authorized, within limitations and
restrictions stated in its Certificate of Incorporation, to provide for the
issuance of preferred stock in series and to establish the number of shares to
be included in such series and to fix the designation, powers, preferences and
rights of the shares of such series and the qualifications, limitations and
restrictions thereof; and

         WHEREAS, it is the desire of the Board of Directors, pursuant to its
authority as aforesaid, to authorize and fix the terms of the preferred stock to
be designated the "8.75% Cumulative Redeemable Preferred Stock, Series D" and
the number of shares constituting such preferred stock.

         NOW, THEREFORE, BE IT RESOLVED, that there is hereby authorized the
"8.75% Cumulative Redeemable Preferred Stock, Series D" on the terms and with
the provisions herein set forth.

         Section 1. Designation and Number. A series of preferred stock,
designated the "8.75% Cumulative Redeemable Preferred Stock, Series D" (the
"Series D Preferred Stock") is hereby established. The number of shares of
Series D Preferred Stock shall be 12,750.

         Section 2. Rank. The Series D Preferred Stock will, with respect to
distributions and rights upon voluntary or involuntary liquidation, winding-up
or dissolution of the Company, or both, rank senior to all classes or series of
Common Stock (as defined in the Certificate of Incorporation) and to all classes
or series of equity securities of the Company now or hereafter authorized,
issued or outstanding, other than any class or series of equity securities of
the Company expressly designated as ranking on a parity with or senior to the
Series D Preferred Stock as to distributions and rights upon voluntary or
involuntary liquidation, winding-up or dissolution of the Company. For purposes
of this Certificate of Designations, Preferences and Rights, the term "Parity
Preferred Stock" shall be used to refer to the 7.25% Preferred Income Equity
Redeemable Stock, Series A, the 8.95% Cumulative Redeemable Preferred Stock,
Series B, the 8.5% Cumulative Preferred Stock, Series C, the 8.95% Cumulative
Redeemable

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Preferred Stock, Series E, the 8.75% Cumulative Redeemable Preferred Stock,
Series F, the 8.95% Cumulative Redeemable Preferred Stock, Series G, and any
class or series of equity securities of the Company now or hereafter authorized,
issued or outstanding expressly designated by the Company to rank on a parity
with Series D Preferred Stock with respect to distributions and rights upon
voluntary or involuntary liquidation, winding-up or dissolution of the Company
or both, as the context may require. The term "equity securities" does not
include debt securities.

         Section 3. Distributions.

              (a) Payment of Distributions. For purposes of this Certificate of
Designations, Preferences and Rights, the following terms shall have the
meanings set forth herein: (i) "Liquidation Preference" shall mean, with respect
to the Series D Preferred Stock, $1,000 per share of Series D Preferred Stock,
plus the amount of any accumulated and unpaid Series D Priority Return (as
hereinafter defined) with respect to such share, whether or not declared, to the
date of payment and (ii) "Series D Priority Return" shall mean an amount equal
to 8.75% per annum of the Liquidation Preference per share of Series D Preferred
Stock, commencing on the date of issuance of such share of Series D Preferred
Stock, determined on the basis of a 360-day year of twelve 30-day months (or
actual days for any month which is shorter than a full monthly period),
cumulative to the extent not distributed on any Series D Preferred Stock
Distribution Payment Date. Subject to the rights of holders of Parity Preferred
Stock as to the payment of distributions, holders of Series D Preferred Stock
shall be entitled to receive, when, as and if declared by the Board of Directors
of the Company, out of funds legally available for the payment of distributions,
the Series D Priority Return. Such distributions shall be cumulative, shall
accrue from the original date of issuance of the relevant shares of Series D
Preferred Stock and will be payable (A) quarterly (such quarterly periods for
purposes of payment and accrual will be the quarterly periods ending on the last
day of each calendar quarter) in arrears, on March 31, June 30, September 30 and
December 31 commencing on the first of such dates to occur after the original
date of issuance of the relevant shares of Series D Preferred Stock and, (B) in
the event of a redemption, on the redemption date (each a "Series D Preferred
Stock Distribution Payment Date"). If any Preferred Stock Distribution Payment
Date is not a Business Day, then payment of the distribution to be made on such
date shall be made on the Business Day immediately preceding such Preferred
Stock Distribution Payment Date in each case with the same force and effect as
if made on such date. Distributions on the Series D Preferred Stock will be made
to the holders of record of the Series D Preferred Stock on the relevant record
dates to be fixed by the Board of Directors of the Company, which record dates
shall in no event exceed 15 Business Days prior to the relevant Preferred Stock
Distribution Payment Date (each a "Distribution Record Date").

              The term "Business Day" shall mean each day, other than a Saturday
or a Sunday, which is not a day on which banking institutions in New York, New
York are authorized or required by law, regulation or executive order to close.

              (b) Prohibition on Distributions. No distributions on Series D
Preferred Stock shall be authorized by the Board of Directors of the Company or
paid or set apart for payment by the Company at any such time as the terms and
provisions of any agreement of the Company, including any agreement relating to
indebtedness, prohibits such authorization, payment or setting apart for payment

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or provides that such authorization, payment or setting apart for payment would
constitute a breach thereof or a default thereunder, or to the extent that such
authorization or payment shall be restricted or prohibited by law.

              (c) Distributions Cumulative. Distributions on the Series D
Preferred Stock will accrue whether or not the terms and provisions of any
agreement of the Company, including any agreement relating to its indebtedness,
at any time prohibit the current payment of distributions, whether or not the
Company has earnings, whether or not there are funds legally available for the
payment of such distributions and whether or not such distributions are
authorized or declared. Accrued but unpaid distributions on the Series D
Preferred Stock will accumulate as of the Preferred Stock Distribution Payment
Date on which they first become payable. Distributions on account of arrears for
any past distribution periods may be declared and paid at any time, without
reference to a regular Preferred Stock Distribution Payment Date to holders of
record of the Series D Preferred Stock on the record date fixed by the Board of
Directors which date shall not be more than 15 Business Days prior to the
payment date. Accumulated and unpaid distributions will not bear interest.

         (d) Priority as to Distributions.

              (i) So long as any Series D Preferred Stock is outstanding, no
distribution of cash or other property shall be authorized, declared, paid or
set apart for payment on or with respect to any class or series of Common Stock
or any class or series of other stock of the Company ranking junior as to the
payment of distributions or rights upon voluntary or involuntary dissolution,
liquidation or winding-up of the Partnership to the Series D Preferred Stock
(such Common Stock or other junior stock, collectively, "Junior Stock"), nor
shall any cash or other property be set aside for or applied to the purchase,
redemption or other acquisition for consideration of any Series D Preferred
Stock, any Parity Preferred Stock or any Junior Stock, unless, in each case, all
distributions accumulated on all Series D Preferred Stock and all classes and
series of outstanding Parity Preferred Stock have been paid in full. The
foregoing sentence shall not prohibit (A) distributions payable solely in Junior
Stock, (B) the conversion of Series D Preferred Stock, Junior Stock or Parity
Preferred Stock into stock of the Company ranking junior to the Series D
Preferred Stock as to distributions, and (C) purchase by the Company of such
Series D Preferred Stock, Parity Preferred Stock or Junior Stock pursuant to
Article IV of the Certificate of Incorporation to the extent required to
preserve the Company's status as a real estate investment trust.

              (ii) So long as distributions have not been paid in full (or a sum
sufficient for such full payment is not irrevocably deposited in trust for
payment) upon the Series D Preferred Stock, all distributions authorized and
declared on the Series D Preferred Stock and all classes or series of
outstanding Parity Preferred Stock with respect to distributions shall be
authorized and declared so that the amount of distributions authorized and
declared per share of Series D Preferred Stock and such other classes or series
of Parity Preferred Stock shall in all cases bear to each other the same ratio
that accrued distributions per share on the Series D Preferred Stock and such
other classes or series of Parity Preferred Stock (which shall not include any
accumulation in respect of unpaid distributions for prior distribution periods
for any such class or series of Parity Preferred Stock which does not have
cumulative distribution rights) bear to each other.

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              (e) If, for any taxable year, the Company elects to designate as
"capital gains distributions" (as defined in Section 857 of the Internal Revenue
Code of 1986, as amended, or any successor revenue code or section (the "Code"))
any portion (the "Capital Gains Amount") of the total distributions (as
determined for federal income tax purposes) paid or made available for the year
to holders of all classes of capital stock (the "Total Distributions"), then the
portion of the Capital Gains Amount that shall be allocable to holders of Series
D Preferred Stock shall be in the same proportion that the Total Distributions
paid or made available to the holders of Series D Preferred Stock for the year
bears to the Total Distributions.

              (f) No Further Rights. Holders of Series D Preferred Stock shall
not be entitled to any distributions, whether payable in cash, other property or
otherwise, in excess of the full cumulative distributions described herein.

         Section 4. Liquidation Preference.

              (a) Payment of Liquidating Distributions. Subject to the rights of
holders of Parity Preferred Stock with respect to rights upon any voluntary or
involuntary liquidation, dissolution or winding-up of the Company and subject to
equity securities ranking senior to the Series D Preferred Stock with respect to
rights upon any voluntary or involuntary liquidation, dissolution or winding-up
of the Company, the holders of Series D Preferred Stock shall be entitled to
receive out of the assets of the Company legally available for distribution or
the proceeds thereof, after payment or provision for debts and other liabilities
of the Company, but before any payment or distributions of the assets shall be
made to holders of Common Stock or any other class or series of shares of the
Company that ranks junior to the Series D Preferred Stock as to rights upon
liquidation, dissolution or winding-up of the Company, an amount equal to the
Liquidation Preference per share of Series D Preferred Stock. If upon such
voluntary or involuntary liquidation, dissolution or winding-up, there are
insufficient assets to permit full payment of liquidating distributions to the
holders of Series D Preferred Stock and any Parity Preferred Stock as to rights
upon liquidation, dissolution or winding-up of the Company, all payments of
liquidating distributions on the Series D Preferred Stock and such Parity
Preferred Stock shall be made so that the payments on the Series D Preferred
Stock and such Parity Preferred Stock shall in all cases bear to each other the
same ratio that the respective rights of the Series D Preferred Stock and such
other Parity Preferred Stock (which shall not include any accumulation in
respect of unpaid distributions for prior distribution periods if such Parity
Preferred Stock does not have cumulative distribution rights) upon liquidation,
dissolution or winding-up of the Company bear to each other.

              (b) Notice. Written notice of any such voluntary or involuntary
liquidation, dissolution or winding-up of the Company, stating the payment date
or dates when, and the place or places where, the amounts distributable in such
circumstances shall be payable, shall be given by (i) fax and (ii) first class
mail, postage pre-paid, not less than 30 and not more than 60 days prior to the
payment date stated therein, to each record holder of the Series D Preferred
Stock at the respective addresses of such holders as the same shall appear on
the share transfer records of the Company.

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              (c) No Further Rights. After payment of the full amount of the
liquidating distributions to which they are entitled, the holders of Series D
Preferred Stock will have no right or claim to any of the remaining assets of
the Company.

              (d) Consolidation, Merger or Certain Other Transactions. The
voluntary sale, conveyance, lease, exchange or transfer (for cash, shares of
stock, securities or other consideration) of all or substantially all of the
property or assets of the Company to, or the consolidation or merger or other
business combination of the Company with or into, any corporation, trust or
other entity (or of any corporation, trust or other entity with or into the
Company) or a statutory share exchange shall not be deemed to constitute a
liquidation, dissolution or winding-up of the Company.

         Section 5. Optional Redemption.

              (a) Right of Optional Redemption. The Series D Preferred Stock may
not be redeemed prior to April 23, 2004. On or after such date, the Company
shall have the right to redeem the Series D Preferred Stock, in whole (but not
in part), at any time, upon not less than 30 nor more than 60 days' written
notice, at a redemption price, payable in cash, equal to the Liquidation
Preference (the "Series D Redemption Price") to the date of redemption.

              (b) Limitation On Redemption. The redemption price of the Series D
Preferred Stock (other than the portion thereof consisting of accumulated but
unpaid distributions) will be payable solely out of the sale proceeds of equity
securities of the Company and from no other source.

              (c) Procedures For Redemption.

                   (i) Notice of redemption will be (A) faxed, and (B) mailed by
the Company, postage prepaid, not less than 30 nor more than 60 days prior to
the redemption date, addressed to the respective holders of record of the Series
D Preferred Stock to be redeemed at their respective addresses as they appear on
the transfer records of the Company. No failure to give or defect in such notice
shall affect the validity of the proceedings for the redemption of any Series D
Preferred Stock except as to the holder to whom such notice was defective or not
given. In addition to any information required by law or by the applicable rules
of any exchange upon which the Series D Preferred Stock may be listed or
admitted to trading, each such notice shall state: (u) the redemption date, (v)
the redemption price, (w) the number of shares of Series D Preferred Stock to be
redeemed, (x) the place or places where such shares of Series D Preferred Stock
are to be surrendered for payment of the redemption price, (y) that
distributions on the Series D Preferred Stock to be redeemed will cease to
accumulate on such redemption date and (z) that payment of the redemption price
and any accumulated and unpaid distributions will be made upon presentation and
surrender of such Series D Preferred Stock. If fewer than all of the shares of
Series D Preferred Stock held by any holder are to be redeemed, the notice
mailed to such holder shall also specify the number of shares of Series D
Preferred Stock held by such holder to be redeemed.

                   (ii) If the Company gives a notice of redemption in respect
of Series D Preferred Stock (which notice will be irrevocable) then, by 12:00
noon, New York City time, on

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the redemption date, the Company will deposit irrevocably in trust for the
benefit of the Series D Preferred Stock being redeemed funds sufficient to pay
the applicable Series D Redemption Price, and will give irrevocable instructions
and authority to pay such Series D Redemption Price to the holders of the Series
D Preferred Stock being redeemed upon surrender of the certificate evidencing
the Series D Preferred Stock being redeemed by such holders at the place
designated in the notice of redemption. On and after the date of redemption,
distributions will cease to accumulate on the Series D Preferred Stock called
for redemption, unless the Company defaults in the payment thereof. If any date
fixed for redemption of Series D Preferred Stock is not a Business Day, then
payment of the redemption price payable on such date will be made on the next
succeeding day that is a Business Day (and without any interest or other payment
in respect of any such delay) except that, if such Business Day falls in the
next calendar year, such payment will be made on the immediately preceding
Business Day, in each case with the same force and effect as if made on such
date fixed for redemption. If payment of the Series D Redemption Price or any
accumulated or unpaid distributions in respect of the Series D Preferred Stock
is improperly withheld or refused and not paid by the Company, distributions on
such Series D Preferred Stock will continue to accumulate from the original
redemption date to the date of payment, in which case the actual payment date
will be considered the date fixed for redemption for purposes of calculating the
applicable Series D Redemption Price.

              (d) Status of Redeemed or Repurchased Stock. Any Series D
Preferred Stock that shall at any time have been redeemed or repurchased shall,
after such redemption, have the status of authorized but unissued preferred
stock, until such shares are once more designated as part of a particular class
or series by the Board of Directors.

         Section 6. Voting Rights.

              (a) General. Holders of the Series D Preferred Stock will not have
any voting rights, except as set forth below.

              (b) Right To Elect Directors.

                   (i) If at any time distributions shall be in arrears with
respect to six (6) prior quarterly distribution periods (including quarterly
periods on the Series A Preferred Units of Price Development Company, Limited
Partnership ("Series A Preferred Units") prior to the exchange into Series D
Preferred Stock), whether or not consecutive, and shall not have been paid in
full (a "Preferred Distribution Default"), the authorized number of members of
the Board of Directors shall automatically be increased by two and the holders
of record of such Series D Preferred Stock, voting together as a single class
with the holders of each class or series of Parity Preferred Stock upon which
like voting rights have been conferred and are exercisable, will be entitled to
fill the vacancies so created by electing two additional directors to serve on
the Company's Board of Directors (the "Preferred Stock Directors") at a special
meeting called in accordance with Section 6(b)(ii) hereof and at the next annual
meeting of stockholders, and at each subsequent annual meeting of stockholders
or special meeting held in place thereof, until all such distributions in
arrears and distributions for the current quarterly period on the Series D
Preferred Stock and each such class or series of Parity Preferred Stock have
been paid in full.

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                   (ii) At any time when such voting rights shall have vested, a
proper officer of the Company may, and, upon written request (addressed to the
Secretary at the principal office of the Company) of holders of record of at
least 10% of the outstanding shares of Series D Preferred Stock, shall, call or
cause to be called a special meeting of the holders of Series D Preferred Stock
and all the series of Parity Preferred Stock upon which like voting rights have
been conferred and are exercisable (collectively, the "Parity Securities") by
notice in accordance with the By-laws of the Company for a special meeting of
the stockholders of the Company or as required by law to such holders a notice
of such special meeting to be held not less than ten and not more than 45 days
after the date such notice is given. The record date for determining holders of
the Parity Securities entitled to notice of and to vote at such special meeting
will be the close of business on the third Business Day preceding the day on
which such notice is mailed. At any such special meeting, all of the holders of
the Parity Securities, by plurality vote, voting together as a single class
without regard to series will be entitled to elect two directors on the basis of
one vote per $25 of liquidation preference to which such Parity Securities are
entitled by their terms (excluding amounts in respect of accumulated and unpaid
dividends) and not cumulatively. The holder or holders of one-third of the votes
of the Parity Securities then outstanding, present in person or by proxy, will
constitute a quorum for the election of the Preferred Stock Directors except as
otherwise provided by law. Notice of all meetings at which holders of the Series
D Preferred Stock shall be entitled to vote will be given to such holders at
their addresses as they appear in the transfer records. At any such meeting or
adjournment thereof in the absence of a quorum, subject to the provisions of any
applicable law, the holders of a majority of the Parity Securities present in
person or by proxy shall have the power to adjourn the meeting for the election
of the Preferred Stock Directors, without notice other than an announcement at
the meeting, until a quorum is present. If a Preferred Distribution Default
shall terminate after the notice of a special meeting has been given but before
such special meeting has been held, the Company shall, as soon as practicable
after such termination, mail or cause to be mailed notice of such termination to
holders of the Series D Preferred Stock that would have been entitled to vote at
such special meeting.

                   (iii) If and when all accumulated distributions and the
distribution for the current distribution period on the Series D Preferred Stock
shall have been paid in full or a sum sufficient for such payment is irrevocably
deposited in trust for payment, the holders of the Series D Preferred Stock
shall be divested of the voting rights set forth in Section 6(b)(i) herein
(subject to revesting in the event of each and every Preferred Distribution
Default) and, if all distributions in arrears and the distributions for the
current distribution period have been paid in full or set aside for payment in
full on all other classes or series of Parity Preferred Stock upon which like
voting rights have been conferred and are exercisable, the term and office of
each Preferred Stock Director so elected shall terminate. Any Preferred Stock
Director may be removed at any time with or without cause by the holders of
record of a majority of the votes of the outstanding Parity Securities entitled
to vote on such matter voting together as a single class (and shall not
otherwise be removed). So long as a Preferred Distribution Default shall
continue, any vacancy in the office of a Preferred Stock Director may be filled
by written consent of the Preferred Stock Director remaining in office, or if
none remains in office, by a vote of the holders of record of a majority of the
votes of the outstanding Parity Securities entitled to vote on such matter
voting together as a single class. The Preferred Stock Directors shall each be
entitled to one vote per director on any matter.

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                   (c) Certain Voting Rights. So long as any Series D Preferred
Stock or Series A Preferred Units exchangeable into Series D Preferred Stock
remain outstanding, the Company shall not, without the affirmative vote of the
holders of at least two-thirds of the Series D Preferred Stock outstanding at
the time (i) designate or create, or increase the authorized or issued amount
of, any class or series of shares ranking prior to the Series D Preferred Stock
with respect to payment of distributions or rights upon liquidation, dissolution
or winding-up or reclassify any authorized shares of the Company into any such
shares, or create, authorize or issue any obligations or security convertible
into or evidencing the right to purchase any such shares, (ii) designate or
create, or increase the authorized or issued amount of, any Parity Preferred
Stock or reclassify any authorized shares of the Company into any such shares,
or create, authorize or issue any obligations or security convertible into or
evidencing the right to purchase any such shares, but only to the extent such
Parity Preferred Stock is issued to an affiliate of the Company, or (iii) either
(A) consolidate, merge into or with, or convey, transfer or lease its assets
substantially as an entirety, to any corporation or other entity, or (B) amend,
alter or repeal the provisions of the Company's Certificate of Incorporation or
By-laws, whether by merger, consolidation or otherwise, in each case that would
materially and adversely affect the powers, special rights, preferences,
privileges or voting power of the Series D Preferred Stock or the holders
thereof; provided, however, that with respect to the occurrence of a merger,
consolidation or a sale or lease of all of the Company's assets as an entirety,
so long as (y) the Company is the surviving entity and the Series D Preferred
Stock remains outstanding with the terms thereof unchanged, or (z) the
resulting, surviving or transferee entity is a corporation organized under the
laws of any state and substitutes for the Series D Preferred Stock other
preferred stock having substantially the same terms and same rights as the
Series D Preferred Stock, including with respect to distributions, voting rights
and rights upon liquidation, dissolution or winding-up, then the occurrence of
any such event shall not be deemed to materially and adversely affect such
rights, preferences, privileges or voting powers of the holders of the Series D
Preferred Stock; and provided, further, that any increase in the amount of
authorized preferred stock or the creation or issuance of any other class or
series of preferred stock, or any increase in an amount of authorized shares of
each class or series, in each case ranking either (I) junior to the Series D
Preferred Stock with respect to payment of distributions and the distribution of
assets upon liquidation, dissolution or winding-up, or (II) on a parity with the
Series D Preferred Stock with respect to payment of distributions or the
distribution of assets upon liquidation, dissolution or winding-up to the extent
such preferred stock is not issued to an affiliate of the Company, shall not be
deemed to materially and adversely affect such rights, preferences, privileges
or voting powers.

         Section 7. No Conversion Rights. The holders of the Series D Preferred
Stock shall not have any rights to convert such shares into shares of any other
class or series of stock or into any other securities of, or interest in, the
Company.

         Section 8. No Sinking Fund. No sinking fund shall be established for
the retirement or redemption of Series D Preferred Stock.

         Section 9. No Preemptive Rights. No holder of the Series D Preferred
Stock of the Company shall, as such holder, have any preemptive rights to
purchase or subscribe for additional shares of stock of the Company or any other
security of the Company which it may issue or sell.

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         Section 10. Ownership Limitations. The shares of Series D Preferred
Stock are subject to the restrictions on transferability and ownership
provisions described in Article IV of the Certificate of Incorporation. The
ownership limit as described in Article IV of the Certificate of Incorporation
(the "Ownership Limit") shall mean the ownership of more than 7.5% of the value
of the outstanding shares of equity securities of the Company, including the
Series D Preferred Stock, is restricted in order to preserve the Company's
status as a REIT for U.S. federal income tax purposes. Subject to certain
limitations described in Article IV of the Certificate of Incorporation, the
Board of Directors may modify the Ownership Limit, though the Ownership Limit
may not be increased by the Board of Directors to more than 9.8%. In addition,
Article IV of the Certificate of Incorporation limits the ownership of "Existing
Holders" and also limits transfers that would cause the Company to become
"closely held" within the meaning of Section 856(h) of the Code. Notwithstanding
anything to the contrary contained herein, the provisions hereof shall not limit
or prohibit the purchase by the Company of shares of any class or series of
equity securities pursuant to Article IV of the Certificate of Incorporation.

                  IN WITNESS WHEREOF, the Company has caused this Certificate of
Designations to be executed in its name and on its behalf and attested to by its
duly authorized officers on this 10th day of July, 2002.

                                GENERAL GROWTH PROPERTIES, INC.

                                By: /s/ Bernard Freibaum
                                    ------------------------
                                    Name:  Bernard Freibaum
                                    Title: Executive Vice President

WITNESS:

By: /s/ Marshall E. Eisenberg
    -----------------------------------------
    Name:  Marshall E. Eisenberg
    Title: Secretary<PAGE>
                                                                     EXHIBIT 4.4

               CERTIFICATE OF DESIGNATIONS, PREFERENCES AND RIGHTS

                                       OF

              8.95% CUMULATIVE REDEEMABLE PREFERRED STOCK, SERIES E

                                       OF

                         GENERAL GROWTH PROPERTIES, INC.

 PURSUANT TO SECTION 151 OF THE GENERAL CORPORATE LAWS OF THE STATE OF DELAWARE

         General Growth Properties, Inc., a Delaware corporation (the
"Company"), hereby certifies that pursuant to the authority contained in Article
IV of its Second Amended and Restated Certificate of Incorporation, as amended
(the "Certificate of Incorporation"), and in accordance with Section 151 of the
General Corporate Law of the State of Delaware (the "DGCL"), its Board of
Directors (the "Board of Directors"), on June 28, 2002, adopted the following
resolution creating a series of its preferred stock, par value $100 per share,
liquidation preference $1,000 per share, designated as the "8.95% Cumulative
Redeemable Preferred Stock, Series E";

         WHEREAS, the Board is authorized, within limitations and restrictions
stated in its Certificate of Incorporation, to provide for the issuance of
preferred stock in series and to establish the number of shares to be included
in such series and to fix the designation, powers, preferences and rights of the
shares of such series and the qualifications, limitations and restrictions
thereof; and

         WHEREAS, it is the desire of the Board, pursuant to its authority as
aforesaid, to authorize and fix the terms of the preferred stock to be
designated the "8.95% Cumulative Redeemable Preferred Stock, Series E" and the
number of shares constituting such preferred stock.

         NOW, THEREFORE, BE IT RESOLVED, that there is hereby authorized the
"8.95% Cumulative Redeemable Preferred Stock, Series E" on the terms and with
the provisions herein set forth.

         Section 1. Designation and Number. A series of Preferred Stock,
designated the 8.95% Cumulative Redeemable Preferred Stock, Series E (the
"Series E Preferred Stock") is hereby established. The number of shares of
Series E Preferred Stock shall be 95,000.

         Section 2. Rank. The Series E Preferred Stock will, with respect to
distributions and rights upon voluntary or involuntary liquidation, winding-up
or dissolution of the Company, rank senior to all classes or series of Common
Stock(as defined in the Certificate of Incorporation) and to all classes or
series of equity securities of the Company now or hereafter authorized, issued
or outstanding, other than any class or series of equity securities of the
Company expressly designated as ranking on a parity with or senior to the Series
E Preferred Stock as to distributions and rights upon voluntary or involuntary
liquidation, winding-up or dissolution of the Company. For purposes of this
Certificate of Designations, Preferences and Rights, the term "Parity Preferred
Stock" shall be used to refer to the 7.25% Preferred Income Equity Redeemable
Stock, Series A, the 8.95% Cumulative Redeemable Preferred Stock, Series B, the

<PAGE>

8.5% Cumulative Preferred Stock, Series C, the 8.75% Cumulative Redeemable
Preferred Stock, Series D, the 8.75% Cumulative Redeemable Preferred Stock,
Series F, the 8.95% Cumulative Redeemable Preferred Stock, Series G, and any
class or series of equity securities of the Company now or hereafter authorized,
issued or outstanding expressly designated by the Company to rank on a parity
with Series E Preferred Stock with respect to distributions and rights upon
voluntary or involuntary liquidation, winding-up or dissolution of the Company.
The term "equity securities" does not include debt securities.

         Section 3. Distributions.

                  (a) Payment of Distributions. Subject to the rights of holders
of Parity Preferred Stock as to the payment of distributions and holders of
equity securities ranking senior to the Series E Preferred Stock as to payment
of distributions, holders of Series E Preferred Stock will be entitled to
receive, when, as and if declared by the Board of Directors of the Company, out
of funds legally available for the payment of distributions, cumulative
preferential cash distributions at the rate per annum of 8.95% of the $1,000
liquidation preference per share of Series E Preferred Stock. Such distributions
shall be cumulative, shall accrue from the original date of issuance of the
relevant shares of Series E Preferred Stock and will be payable (i) quarterly in
arrears, on March 31, June 30, September 30 and December 31 of each year
commencing on the first of such dates to occur after the original date of
issuance of the relevant shares of Series E Preferred Stock, and (ii) in the
event of a redemption, on the redemption date (each, a "Series E Preferred Stock
Distribution Payment Date"). The amount of the distribution payable for any
period will be computed on the basis of a 360-day year of twelve 30-day months
and for any period shorter than a full quarterly period for which distributions
are computed, the amount of the distribution payable will be computed based on
the ratio of the actual number of days elapsed in such period to ninety (90)
days. If any date on which distributions are to be made on the Series E
Preferred Stock is not a Business Day (as defined herein), then payment of the
distribution to be made on such date will be made on the next succeeding day
that is a Business Day (and without any interest or other payment in respect of
any such delay) except that, if such Business Day is in the next succeeding
calendar year, such payment shall be made on the immediately preceding Business
Day, in each case with the same force and effect as if made on such date.
Distributions on the Series E Preferred Stock will be made to the holders of
record of the Series E Preferred Stock on the relevant record dates, to be fixed
by the Board of Directors of the Company, which record dates shall in no event
exceed fifteen (15) Business Days prior to the relevant Series E Preferred Stock
Distribution Payment Date (each, a "Series E Preferred Stock Distribution Record
Date"). Notwithstanding anything to the contrary set forth herein, each share of
Series E Preferred Stock shall also continue to accrue all accrued and unpaid
distributions up to the exchange date on any Series B Preferred Unit (as defined
in the Second Amendment to the Second Amended and Restated Agreement of Limited
Partnership of Price Development Company, Limited Partnership, dated as of July
15, 1999, as amended through the date hereof (the "Partnership Agreement"))
validly exchanged into such share of Series E Preferred Stock in accordance with
the provisions of such Partnership Agreement.

                  The term "Business Day" shall mean each day, other than a
Saturday or a Sunday, which is not a day on which banking institutions in New
York, New York are authorized or required by law, regulation or executive order
to close.

                                      -2-
<PAGE>

                  (b) Limitation On Distributions. No distributions on the
Series E Preferred Stock shall be declared by the Board of Directors or paid or
set apart for payment by the Company at such time as the terms and provisions of
any agreement of the Company, including any agreement relating to indebtedness,
prohibits such declaration, payment or setting apart for payment or provides
that such declaration, payment or setting apart for payment would constitute a
breach thereof or a default thereunder, or if such declaration, payment or
setting apart for payment shall be restricted or prohibited by law.

                  (c) Distributions Cumulative. Notwithstanding the foregoing,
distributions on the Series E Preferred Stock will accrue whether or not the
terms and provisions of any agreement of the Company, including any agreement
relating to indebtedness, at any time prohibit the current payment of
distributions, whether or not the Company has earnings, whether or not there are
funds legally available for the payment of such of such distributions and
whether or not such distributions are authorized or declared. Accrued but unpaid
distributions on the Series E Preferred Stock will accumulate as of the Series E
Preferred Stock Distribution Payment Date on which they first become payable.
Distributions on account of arrears for any past distribution periods may be
declared and paid at any time, without reference to a regular Series E Preferred
Stock Distribution Payment Date to holders of record of the Series E Preferred
Stock on the record date fixed by the Board of Directors which date shall not be
more than 15 Business Days prior to the payment date. Accumulated and unpaid
distributions will not bear interest.

                  (d) Priority As To Distributions.

                           (i) So long as any Series E Preferred Stock is
outstanding, no distribution of cash or other property shall be authorized,
declared, paid or set apart for payment on or with respect to any class or
series of Common Stock or any class or series of other stock of the Company
ranking junior as to the payment of distributions or as to rights upon voluntary
or involuntary dissolution, liquidation or winding up of the Partnership to the
Series E Preferred Stock (such Common Stock or other junior stock are,
collectively, "Junior Stock"), nor shall any cash or other property be set aside
for or applied to the purchase, redemption or other acquisition for
consideration of any Series E Preferred Stock, any Parity Preferred Stock or any
Junior Stock, unless, in each case, all distributions accumulated on all Series
E Preferred Stock and all classes and series of outstanding Parity Preferred
Stock as to payment of distributions have been paid in full. The foregoing
sentence will not prohibit (A) distributions payable solely in Junior Stock, (B)
the conversion of Junior Stock or Parity Preferred Stock into stock of the
Company ranking junior to the Series E Preferred Stock as to distributions and
upon liquidation, winding-up or dissolution, and (C) purchase by the Company of
such Series E Preferred Stock, Parity Preferred Stock with respect to
distributions or Junior Stock pursuant to Article IV of the Certificate of
Incorporation to the extent required to preserve the Company's status as a real
estate investment trust.

                           (ii) So long as distributions have not been paid in
full (or a sum sufficient for such full payment is not irrevocably deposited in
trust for payment) upon the Series E Preferred Stock, all distributions
authorized and declared on the Series E Preferred Stock and all classes or
series of outstanding Parity Preferred Stock shall be authorized and declared so
that the amount of distributions authorized and declared per share of Series E
Preferred Stock and such other classes or series of Parity Preferred Stock shall
in all cases bear to each other the same

                                      -3-
<PAGE>

ratio that accrued distributions per share on the Series E Preferred Stock and
such other classes or series of Parity Preferred Stock (which shall not include
any accumulation in respect of unpaid distributions for prior distribution
periods for any such class or series of Parity Preferred Stock which does not
have cumulative distribution rights) bear to each other.

                  (e) If, for any taxable year, the Corporation elects to
designate as "capital gain distributions" (as defined in Section 857 of the
Internal Revenue Code of 1986, as amended, or any successor revenue code or
section (the "Code")) any portion (the "Capital Gains Amount") of the total
distributions (as determined for federal income tax purposes) paid or made
available for the year to holders of all classes of capital stock (the "Total
Distributions"), then the portion of the Capital Gains Amount that shall be
allocable to holders of Series E Preferred Stock shall be in the same proportion
that the Total Distributions paid or made available to the holders of Series E
Preferred Stock for the year bears to the Total Distributions.

                  (f) No Further Rights. Holders of Series E Preferred Stock
shall not be entitled to any distributions, whether payable in cash, other
property or otherwise, in excess of the full cumulative distributions described
herein.

         Section 4. Liquidation Preference.

                  (a) Payment Of Liquidating Distributions. Subject to the
rights of holders of Parity Preferred Stock with respect to rights upon any
voluntary or involuntary liquidation, dissolution or winding-up of the Company
and subject to equity securities ranking senior to the Series E Preferred Stock
with respect to rights upon any voluntary or involuntary liquidation,
dissolution or winding-up of the Company, the holders of Series E Preferred
Stock shall be entitled to receive out of the assets of the Company legally
available for distribution or the proceeds thereof, after payment or provision
for debts and other liabilities of the Company, but before any payment or
distributions of the assets shall be made to holders of Common Stock or any
other class or series of shares of the Company that ranks junior to the Series E
Preferred Stock as to rights upon liquidation, dissolution or winding-up of the
Company, an amount equal to the sum of (i) a liquidation preference of $1,000
per share of Series E Preferred Stock, and (ii) an amount equal to any
accumulated and unpaid distributions thereon, whether or not declared, to the
date of payment. In the event that, upon such voluntary or involuntary
liquidation, dissolution or winding-up, there are insufficient assets to permit
full payment of liquidating distributions to the holders of Series E Preferred
Stock and any Parity Preferred Stock as to rights upon liquidation, dissolution
or winding-up of the Company, all payments of liquidating distributions on the
Series E Preferred Stock and such Parity Preferred Stock shall be made so that
the payments on the Series E Preferred Stock and such Parity Preferred Stock
shall in all cases bear to each other the same ratio that the respective rights
of the Series E Preferred Stock and such other Parity Preferred Stock (which
shall not include any accumulation in respect of unpaid distributions for prior
distribution periods if such Parity Preferred Stock does not have cumulative
distribution rights) upon liquidation, dissolution or winding-up of the Company
bear to each other.

                  (b) Notice. Written notice of any such voluntary or
involuntary liquidation, dissolution or winding-up of the Company, stating the
payment date or dates when, and the place or places where, the amounts
distributable in such circumstances shall be payable, shall be given

                                      -4-
<PAGE>

by (i) fax and (ii) first class mail, postage pre-paid, not less than thirty
(30) and not more than sixty (60) days prior to the payment date stated therein,
to each record holder of the Series E Preferred Stock at the respective
addresses of such holders as the same shall appear on the share transfer records
of the Company.

                  (c) No Further Rights. After payment of the full amount of the
liquidating distributions to which they are entitled, the holders of Series E
Preferred Stock will have no right or claim to any of the remaining assets of
the Company.

                  (d) Consolidation, Merger or Certain Other Transactions. The
voluntary sale, conveyance, lease, exchange or transfer (for cash, shares of
stock, securities or other consideration) of all or substantially all of the
property or assets of the Company to, or the consolidation or merger or other
business combination of the Company with or into, any corporation, trust or
other entity (or of any corporation, trust or other entity with or into the
Company), or a statutory share exchange, shall not be deemed to constitute a
liquidation, dissolution or winding-up of the Company.

         Section 5. Optional Redemption.

                  (a) Right Of Optional Redemption. The Series E Preferred Stock
may not be redeemed prior to July 28, 2004. On or after such date, the Company
shall have the right to redeem the Series E Preferred Stock, in whole or in
part, at any time or from time to time, upon not less than thirty (30) nor more
than sixty (60) days' written notice, at a redemption price, payable in cash,
equal to $1,000 per share of Series E Preferred Stock plus accumulated and
unpaid distributions, whether or not declared, to the date of redemption. If
fewer than all of the outstanding shares of Series E Preferred Stock are to be
redeemed, the shares of Series E Preferred Stock to be redeemed shall be
selected pro rata among the holders (as nearly as practicable without creating
fractional units).

                  (b) Limitation On Redemption.

                           (i) The redemption price of the Series E Preferred
Stock (other than the portion thereof consisting of accumulated but unpaid
distributions) will be payable solely out of the sale proceeds of capital stock
of the Company and from no other source. For purposes of the preceding sentence,
capital stock means any equity securities (including Common Stock and preferred
stock), shares, participation or other ownership interests (however designated)
and any rights (other than debt securities convertible into or exchangeable for
equity securities) or options to purchase any of the foregoing.

                           (ii) Subject to the Ownership Limits, the Company may
not redeem fewer than all of the outstanding shares of Series E Preferred Stock
unless all accumulated and unpaid distributions have been paid on all
outstanding Series E Preferred Stock for all quarterly distribution periods
terminating on or prior to the date of redemption.

                  (c) Procedures For Redemption.

                           (i) Notice of redemption will be (A) faxed, and (B)
mailed by the Company, postage prepaid, not less than thirty (30) nor more than
sixty (60) days prior to the

                                      -5-
<PAGE>

redemption date, addressed to the respective holders of record of the Series E
Preferred Stock to be redeemed at their respective addresses as they appear on
the transfer records of the Company. No failure to give or defect in such notice
shall affect the validity of the proceedings for the redemption of any Series E
Preferred Stock except as to the holder to whom such notice was defective or not
given. In addition to any information required by law or by the applicable rules
of any exchange upon which the Series E Preferred Stock may be listed or
admitted to trading, each such notice shall state: (u) the redemption date, (v)
the redemption price, (w) the number of shares of Series E Preferred Stock to be
redeemed, (x) the place or places where such shares of Series E Preferred Stock
are to be surrendered for payment of the redemption price, (y) that
distributions on the Series E Preferred Stock to be redeemed will cease to
accumulate on such redemption date and (z) that payment of the redemption price
and any accumulated and unpaid distributions will be made upon presentation and
surrender of such Series E Preferred Stock. If fewer than all of the shares of
Series E Preferred Stock held by any holder are to be redeemed, the notice
mailed to such holder shall also specify the number of shares of Series E
Preferred Stock held by such holder to be redeemed.

                           (ii) If the Company gives a notice of redemption in
respect of Series E Preferred Stock (which notice will be irrevocable) then, by
12:00 noon, New York City time, on the redemption date, the Company will deposit
irrevocably in trust for the benefit of the Series E Preferred Stock being
redeemed funds sufficient to pay the applicable redemption price, plus any
accumulated and unpaid distributions, if any, on such shares to the date fixed
for redemption, without interest, and will give irrevocable instructions and
authority to pay such redemption price and any accumulated and unpaid
distributions, whether or not declared, if any, on such shares to the holders of
the Series E Preferred Stock being redeemed upon surrender of the certificate
evidencing the Series E Preferred Stock being redeemed by such holders at the
place designated in the notice of redemption. If fewer than all shares of Series
E Preferred Stock evidenced by any certificate are being redeemed, a new
certificate shall be issued upon surrender of the certificate evidencing all
such Series E Preferred Stock, which new certificate shall evidence the
unredeemed Series E Preferred Stock and be issued without cost to the holder
thereof. On and after the date of redemption, distributions will cease to
accumulate on the Series E Preferred Stock or portions thereof called for
redemption, unless the Company defaults in the payment thereof. If any date
fixed for redemption of Series E Preferred Stock is not a Business Day, then
payment of the redemption price payable on such date will be made on the next
succeeding day that is a Business Day (and without any interest or other payment
in respect of any such delay) except that, if such Business Day falls in the
next calendar year, such payment will be made on the immediately preceding
Business Day, in each case with the same force and effect as if made on such
date fixed for redemption. If payment of the redemption price or any accumulated
or unpaid distributions in respect of the Series E Preferred Stock is improperly
withheld or refused and not paid by the Company, distributions on such Series E
Preferred Stock will continue to accumulate from the original redemption date to
the date of payment, in which case the actual payment date will be considered
the date fixed for redemption for purposes of calculating the applicable
redemption price and any accumulated and unpaid distributions.

                  (d) Status of Redeemed or Repurchased Stock. Any Series E
Preferred Stock that shall at any time have been redeemed or repurchased shall,
after such redemption or repurchase, have the status of authorized but unissued
preferred stock, until such shares are once more designated as part of a
particular class or series by the Board of Directors.

                                      -6-
<PAGE>

         Section 6. Voting Rights.

                  (a) General. Holders of the Series E Preferred Stock will not
have any voting rights, except as set forth below.

                  (b) Right to Elect Directors.

                           (i) If at any time full distributions shall be in
arrears with respect to any six (6) prior quarterly distribution periods,
whether or not consecutive, and shall not have been paid in full (a "Preferred
Distribution Default"), the authorized number of members of the Board of
Directors shall automatically be increased by two (2) and the holders of record
of such Series E Preferred Stock, voting together as a single class with the
holders of each class or series of Parity Preferred Stock upon which like voting
rights have been conferred and are exercisable, will be entitled to fill the
vacancies so created by electing two additional directors to serve on the
Company's Board of Directors (the "Preferred Stock Directors") at a special
meeting called in accordance with Section 6(b)(ii) hereof and at the next annual
meeting of stockholders, and at each subsequent annual meeting of stockholders
or special meeting held in place thereof, until all such distributions in
arrears and distributions for the current quarterly period on the Series E
Preferred Stock and each such class or series of Parity Preferred Stock have
been paid in full.

                           (ii) At any time when such voting rights shall have
vested, a proper officer of the Company may, and, upon written request
(addressed to the Secretary at the principal office of the Company) of holders
of record of at least 10% of the outstanding Shares of Series E Preferred Stock,
shall, call or cause to be called a special meeting of the holders of Series E
Preferred Stock and all the series of Parity Preferred Stock upon which like
voting rights have been conferred and are exercisable (collectively, the "Parity
Securities") by notice in accordance with the By-Laws of the Company for a
special meeting of the stockholders or as required by law to such holders a
notice of such special meeting to be held not less than ten (10) and not more
than forty-five (45) days after the date such notice is given. The record date
for determining holders of the Parity Securities entitled to notice of and to
vote at such special meeting will be the close of business on the third Business
Day preceding the day on which such notice is mailed. At any such special
meeting, all of the holders of the Parity Securities, by plurality vote, voting
together as a single class without regard to series will be entitled to elect
two directors on the basis of one vote per $25 of liquidation preference to
which such Parity Securities are entitled by their terms (excluding amounts in
respect of accumulated and unpaid dividends) and not cumulatively. The holder or
holders of one-third of the votes of the Parity Securities then outstanding,
present in person or by proxy, will constitute a quorum for the election of the
Preferred Stock Directors except as otherwise provided by law. Notice of all
meetings at which holders of the Series E Preferred Stock shall be entitled to
vote will be given to such holders at their addresses as they appear in the
transfer records. At any such meeting or adjournment thereof in the absence of a
quorum, subject to the provisions of any applicable law, the holders of a
majority of the Parity Securities present in person or by proxy shall have the
power to adjourn the meeting for the election of the Preferred Stock Directors,
without notice other than an announcement at the meeting, until a quorum is
present. If a Preferred Distribution Default shall terminate after the notice of
a special meeting has been given but before such special meeting has been held,
the Company shall, as soon as practicable after such termination,

                                      -7-
<PAGE>

mail or cause to be mailed notice of such termination to holders of the Series E
Preferred Stock that would have been entitled to vote at such special meeting.

                           (iii) If and when all accumulated distributions and
the distribution for the current distribution period on the Series E Preferred
Stock shall have been paid in full or a sum sufficient for such payment is
irrevocably deposited in trust for payment, the holders of the Series E
Preferred Stock shall be divested of the voting rights set forth in Section
6(b)(i) herein (subject to revesting in the event of each and every Preferred
Distribution Default) and, if all distributions in arrears and the distributions
for the current distribution period have been paid in full or set aside for
payment in full on all other classes or series of Parity Preferred Stock upon
which like voting rights have been conferred and are exercisable, the term and
office of each Preferred Stock Director so elected shall terminate. Any
Preferred Stock Director may be removed at any time with or without cause by the
holders of record of a majority of the votes of the outstanding Parity
Securities entitled to vote on such matter voting together as a single class
(and shall not otherwise be removed). So long as a Preferred Distribution
Default shall continue, any vacancy in the office of a Preferred Stock Director
may be filled by written consent of the Preferred Stock Director remaining in
office, or if none remains in office, by a vote of the holders of record of a
majority of the votes of the outstanding Parity Securities entitled to vote on
such matter voting together as a single class. The Preferred Stock Directors
shall each be entitled to one vote per director on any matter.

                  (c) Certain Voting Rights. So long as any Series E Preferred
Stock remains outstanding, the Company shall not, without the affirmative vote
of the holders of at least two-thirds of the Series E Preferred Stock
outstanding at the time (i) designate or create, or increase the authorized or
issued amount of, any class or series of shares ranking prior to the Series E
Preferred Stock with respect to payment of distributions or rights upon
liquidation, dissolution or winding-up or reclassify any authorized shares of
the Company into any such shares, or create, authorize or issue any obligations
or security convertible into or evidencing the right to purchase any such
shares, (ii) designate or create, or increase the authorized or issued amount
of, any Parity Preferred Stock or reclassify any authorized shares of the
Company into any such shares, or create, authorize or issue any obligations or
security convertible into or evidencing the right to purchase any such shares,
but only to the extent such Parity Preferred Stock is issued to an affiliate of
the Company, or (iii) either (A) consolidate, merge into or with, or convey,
transfer or lease its assets substantially as an entirety, to any corporation or
other entity, or (B) amend, alter or repeal the provisions of the Company's
Certificate of Incorporation or By-laws, whether by merger, consolidation or
otherwise, in each case that would materially and adversely affect the powers,
special rights, preferences, privileges or voting power of the Series E
Preferred Stock or the holders thereof; provided, however, that with respect to
the occurrence of a merger, consolidation or a sale or lease of all of the
Company's assets as an entirety, so long as (y) the Company is the surviving
entity and the Series E Preferred Stock remains outstanding with the terms
thereof unchanged, or (z) the resulting, surviving or transferee entity is a
corporation organized under the laws of any state and substitutes for the Series
E Preferred Stock other preferred stock having substantially the same terms and
same rights as the Series E Preferred Stock, including with respect to
distributions, voting rights and rights upon liquidation, dissolution or
winding-up, then the occurrence of any such event shall not be deemed to
materially and adversely affect such rights, preferences, privileges or voting
powers of the holders of the Series E Preferred Stock; and provided further that
any increase in the amount of

                                      -8-
<PAGE>

authorized preferred stock or the creation or issuance of any other class or
series of preferred stock, or any increase in an amount of authorized shares of
each class or series, in each case ranking either (I) junior to the Series E
Preferred Stock with respect to payment of distributions and the distribution of
assets upon liquidation, dissolution or winding-up, or (II) on a parity with the
Series E Preferred Stock with respect to payment of distributions or the
distribution of assets upon liquidation, dissolution or winding-up to the extent
such preferred stock is not issued to an affiliate of the Company, shall not be
deemed to materially and adversely affect such rights, preferences, privileges
or voting powers.

         Section 7. No Conversion Rights. The holders of the Series E Preferred
Stock shall not have any rights to convert such shares into shares of any other
class or series of stock or into any other securities of, or interest in, the
Company.

         Section 8. No Sinking Fund. No sinking fund shall be established for
the retirement or redemption of Series E Preferred Stock.

         Section 9. No Preemptive Rights. No holder of the Series E Preferred
Stock of the Company shall, as such holder, have any preemptive rights to
purchase or subscribe for additional shares of stock of the Company or any other
security of the Company which it may issue or sell.

         Section 10. Ownership Limitations. The shares of Series E Preferred
Stock are subject to the restrictions on transferability and ownership
provisions described in Article IV of the Certificate of Incorporation. The
ownership limit as described in Article IV of the Certificate of Incorporation
(the "Ownership Limit") shall mean the ownership of more than 7.5% of the value
of the outstanding shares of equity securities of the Company, including the
Series E Preferred Stock, is restricted in order to preserve the Company's
status as a REIT for U.S. federal income tax purposes. Subject to certain
limitations described in Article IV of the Certificate of Incorporation, the
Board may modify the Ownership Limit, though the Ownership Limit may not be
increased by the Board to more than 9.8%. In addition, Article IV of the
Certificate of Incorporation limits the ownership of "Existing Holders" and also
limits transfers that would cause the Company to become "closely held" within
the meaning of Section 856(h) of the Code. Notwithstanding anything to the
contrary contained herein, the provisions hereof shall not limit or prohibit the
purchase by the Company of shares of any class or series of equity securities
pursuant to Article IV of the Certificate of Incorporation.

                                      -9-
<PAGE>

                  IN WITNESS WHEREOF, the Company has caused this Certificate of
Designations to be executed in its name and on its behalf and attested to by
duly authorized officers on this 10th day of July, 2002.

                                    GENERAL GROWTH PROPERTIES, INC.

                                    By: /s/ Bernard Freibaum
                                        ---------------------------
                                        Name:   Bernard Freibaum
                                        Title:  Executive Vice President

WITNESS:

By: /s/ Marshall E. Eisenberg
    ------------------------------------------
    Name:   Marshall E. Eisenberg
    Title:  Secretary

                                      -10-

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