The Howard Hughes Corporation® (NYSE: HHC) announced the launch of a public offering of the Company's common stock. The Company will grant the joint bookrunners an option to purchase up to an additional 15% of the shares of common stock sold in the offering.

In addition, 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"), has indicated to the Company that the Pershing Square Funds intend to purchase, in a concurrent private placement, up to $500 million of shares of the Company's common stock at the offering price, but such funds are not obligated in any way to do so, and no assurance can be given that such funds will purchase any shares of the Company's common stock. The offering is not conditioned on the completion of the potential concurrent private placement.

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

BofA Securities, J.P. Morgan and Wells Fargo Securities are acting as joint bookrunners for the offering.

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.