Pershing Square Extends Standstill with Howard Hughes Holdings

Pershing Square Holdco, L.P. ("Pershing Square"), the parent holding company of Pershing Square Capital Management, L.P. ("PSCM"), today announced that PSCM has further extended the term of its standstill agreement with Howard Hughes Holdings Inc. (NYSE:HHH) ("HHH") to facilitate ongoing discussions regarding the proposal previously announced by Pershing Square on February 18, 2025 and potential alternatives. On April 5, 2025, the term of the standstill agreement was extended from 5:00 p.m. (Eastern Time) on April 7, 2025 to 5:00 p.m. (Eastern Time) on April 15, 2025.

There can be no assurance that the foregoing will result in any particular outcome, and Pershing Square does not intend to comment further on these matters until Pershing Square determines that additional disclosure is appropriate or required by law.

Important Additional Information and Where to Find It

This communication is not a recommendation to buy, sell or exchange any securities, and it does not constitute an offer to sell or buy or the solicitation of an offer to buy or sell any securities. Information about Pershing Square and certain of the matters discussed in this press release is described in Pershing Square's Schedule 13D relating to HHH available at the SEC's website at www.sec.gov.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this release. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Pershing Square assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Pershing Square does not give any assurance that Pershing Square will achieve its expectations. The inclusion of any statement in this press release does not constitute an admission by Pershing Square or any other person that the events or circumstances described in such statement are material.

About Pershing Square and PSCM

Pershing Square is the parent holding company of PSCM, a New York-based SEC-registered investment advisor to investment funds.

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Pershing Square

Francis McGill

[email protected]

212-909-2455