Pershing to Invest in HHH

Howard Hughes Holdings Inc. (NYSE: HHH) and Pershing Square Holdco, L.P. and its wholly owned subsidiary, Pershing Square Capital Management, L.P., today announced an agreement pursuant to which Pershing Square will today invest $900 million to acquire 9,000,000 newly issued shares of HHH. Pershing Square’s investment will enable HHH to become a diversified holding company by acquiring controlling stakes in high-quality, durable growth public and private operating companies while continuing to invest in and grow the Company’s core real estate development and Master Planned Communities business.Pershing Square’s acquisition of $900 million of newly issued shares of HHH common stock for $100.00 per share represents a premium of 48% to HHH’s closing share price on Friday, May 2. Pershing Square will now own 46.9% of HHH shares outstanding. Pershing Square has generally agreed to limit its voting power to 40% and its beneficial ownership to 47%.Pershing Square’s CEO Bill Ackman has been named the Executive Chairman of the HHH Board of Directors. Ryan Israel, Pershing Square’s Chief Investment Officer, will become HHH’s Chief Investment Officer, a new senior leadership role at the Company. The HHH leadership team, led by CEO David O’Reilly, will remain unchanged with expanded roles and responsibilities. HHH’s other employees will remain unchanged.HHH shares opened Monday ahead $3.53, or 5.2%, to $71.00.