The Howard Hughes Corporation® (NYSE: HHC) announced that it has priced an underwritten public offering of 2,000,000 shares of the Company's common stock, at a price per share to the public of $50, for estimated aggregate net proceeds (after deducting estimated underwriting discounts and commissions and estimated offering expenses) of $94,000,000. The Company also has granted the joint bookrunners an option to purchase an additional 300,000 shares of common stock at the same price.

In addition, the Company entered into a purchase agreement with Pershing Square Capital Management, L.P., a Delaware limited partnership, acting as investment advisor to funds that it manages, including Pershing Square Holdings, Ltd., Pershing Square International, Ltd., and Pershing Square, L.P. (collectively, the "Pershing Square Funds"), pursuant to which, the Pershing Square Funds will purchase, at the same price as the offering price, an aggregate of 10,000,000 shares of the Company's common stock, for estimated aggregate net proceeds of $488,000,000.

The Company expects to use the net proceeds of the offering and the net proceeds of the concurrent private placement for general corporate purposes, including to strengthen the balance sheet and provide liquidity.

BofA Securities, JPMorgan and Wells Fargo Securities acted as joint bookrunners for the offering. The offering is being made pursuant to an effective shelf registration statement, prospectus and prospectus supplement filed by the Company.

About The Howard Hughes Corporation®

The Howard Hughes Corporation owns, manages and develops commercial, residential and mixed-use real estate throughout the U.S. Its award-winning assets include the country's preeminent portfolio of master planned cities and communities, as well as operating properties and development opportunities including: the Seaport District in New York; Columbia, Maryland; The Woodlands®, The Woodlands Hills®, and Bridgeland® in the Greater Houston, Texas area; Summerlin®, Las Vegas; and Ward Village® in Honolulu, Hawai?i. The Howard Hughes Corporation's portfolio is strategically positioned to meet and accelerate development based on market demand, resulting in one of the strongest real estate platforms in the country. Dedicated to innovative placemaking, the company is recognized for its ongoing commitment to design excellence and to the cultural life of its communities. The Howard Hughes Corporation is traded on the New York Stock Exchange as HHC. For additional information visit www.howardhughes.com.