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Pershing Square, L.P. Establishes 10b5-1 Trading Plan For A Portion Of Its Stake In The Howard Hughes Corporation


Pershing Square, L.P. (“PSLP”) today has established a non-discretionary trading plan to sell a portion of its common stock in The Howard Hughes Corporation (NYSE:HHC) over a period of time that will end no later than November 30, 2018, in accordance with guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934 (the “1934 Act”). None of the other Pershing Square funds are participating in the program as their HHC position is appropriately sized.

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Pershing Square Howard Hughes Corporation

PSLP is selling shares in HHC for portfolio management purposes only. These sales do not represent a change in Pershing Square’s view that HHC remains an attractive long-term investment. Pershing Square continues to believe that HHC is substantially undervalued at its current share price.

The 10b5-1 program provides that PSLP will sell up to 875,000 shares at prices at or above $125 per share, and will be limited to a maximum of 9.8% of each trading day’s volume.

Assuming the 10b5-1 program is completed on or before its end date of November 30, 2018, it is expected that in total, the Pershing Square funds will beneficially own 3.1% of HHC. In addition, Pershing Square Holdings, Ltd., Pershing Square International, Ltd. and Pershing Square II L.P. will continue to own total return swaps on 4,229,933 million shares, or 9.8% of HHC. Assuming the 10b5-1 program is completed, the Pershing Square funds will then have total economic exposure, including common stock and total return swaps, of 12.9% of HHC.

In accordance with Section 16 of the 1934 Act, within two days of each day’s execution under the 10b5-1 program, Pershing Square will disclose that day’s trading in a Form 4 filing with the SEC. The initial Form 4 filing, in addition to potential sales under this program, will disclose the sale of a portion of a total return swap held by Pershing Square International Ltd., which was not part of the 10b5-1 program.

About Pershing Square Capital Management, L.P.

Pershing Square Capital Management, L.P. ("Pershing Square"), based in New York City, is a SEC-registered investment advisor to investment funds.


Pershing Square Capital Management, L.P.

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