Howard Hughes : 1Q 2024 INVESTOR PRESENTATION

The HHH Opportunity

1Q 2024

Forward-Looking Statements

Statements made in this presentation that are not historical facts, including statements accompanied by words such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "likely," "may," "plan," "project," "realize," "should," "transform," "would," and other statements of similar expression and other words of similar expression, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934.

These statements are based on management's expectations, estimates, assumptions and projections as of the date of this presentation and are not guarantees of future performance. Actual results may differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ materially are set forth as risk factors in our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission. In this presentation, forward-looking statements include, but are not limited to, expectations about the performance of our Master Planned Communities segment and other current income-producing properties and future liquidity, development opportunities, development spending and management plans. We caution you not to place undue reliance on the forward-looking statements contained in this presentation and do not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this presentation except as required by law.

Non-GAAP Financial Measures

We define NOI as operating revenues (rental income, tenant recoveries, and other revenues) less operating expenses (real estate taxes, repairs and maintenance, marketing, and other property expenses). NOI excludes straight-line rents and amortization of tenant incentives, net; interest expense, net; ground rent amortization; demolition costs; other income (loss); depreciation and amortization; development- related marketing costs; gain on sale or disposal of real estate and other assets, net; loss on extinguishment of debt; provision for impairment; and equity in earnings from unconsolidated ventures. This amount is presented as Operating Assets NOI. Total Operating Assets NOI represents NOI as defined above with the addition of our share of NOI from unconsolidated ventures.

We believe that net operating income or NOI is a useful supplemental measure of the performance of our Operating Assets segment because it provides a performance measure that reflects the revenues and expenses directly associated with owning and operating real estate properties. We use NOI to evaluate our operating performance on a property-by-property basis because NOI allows us to evaluate the impact that property-specific factors such as rental and occupancy rates, tenant mix, and operating costs have on our operating results, gross margins, and investment returns.

Although we believe that NOI provides useful information to the investors about the performance of our segments, due to the exclusions noted above, NOI should only be used as an additional measure of the financial performance of such assets and not as an alternative to GAAP net income (loss).

We define In-Place NOI as forecasted current year NOI for all properties included in the Operating Assets segment as of the end of the current period. Estimated Stabilized NOI is initially projected prior to the development of the asset based on market assumptions and is revised over the life of the asset as market conditions evolve. On a quarterly basis, each asset's In-Place NOI is compared to its Estimated Stabilized NOI in conjunction with forecast data to determine if an adjustment is needed. Adjustments to Estimated Stabilized NOI are made when changes to the asset's long-term performance are thought to be more than likely and permanent. No reconciliation of In-Place NOI or Estimated Stabilized NOI is included in this presentation because we are unable to quantify certain forecasted amounts that would be required to be included in the GAAP measure without unreasonable efforts and we believe such reconciliations would imply a degree of precision that would be confusing or misleading to investors.

For reconciliations of NOI to the most directly comparable GAAP measure, please see the Reconciliation to Non-GAAP Measures on the Company's Investor Relations websitein the Quarterly Results section under Financial Performance.

HOWARD HUGHES

2

HHH at a Glance

Howard Hughes is the country's premier developer

of large-scale master planned communities

1. Portfolio Highlights

Proven track record of developing the most sought-after places to live in the nation

Self-funding business cycle, using proceeds from land sales, condo sales and NOI to fund new developments

Equipped with a superior balance sheet, allowing for quick execution to meet underlying demand

Exceptional reputation staffed with industry experts across HHH's various regions

Amassed a diversified real estate portfolio that generates significant recurring income

6.8M SF

Office

5,855 Units

Multi-Family

8

Communities

9%

Historical

YOC

2.6M SF

Retail

2,697 Units

Condos Closed

35k Acres

Raw Land

18%

Historical

ROE

HOWARD HUGHES Source: Company filings and data.	3
Note: As of March 31, 2024.

HHH Segments at a Glance
Master Planned	Strategic	Operating	Seaport
Communities	Developments	Assets
Residential &	Condo projects and	Diversified real estate	472k SF of culinary,
commercial land	development of future	portfolio primarily in	entertainment, and
sales in large-scale	operating assets	mixed-use	mixed-use assets in
master planned		environments	Lower Manhattan
communities
$341M	$48M	$244M	$82M
2023 EBT	2023 Condo Sales	2023 Total NOI	2023 Revenue
HOWARD HUGHES			4

Source: HHH Company filings. As of December 31, 2023.

Building the Most Sought-After Communities in the Nation

Best-in-Class Community Offerings

• Universal quality with a focus on safety and community
• Top-tierpublic and private K-12 school systems
• Variety of housing options
• Wide selection of shopping and dining
• Premier office space for residents and tenants
• Top-ratedhospitals, police, and fire stations
• Various houses of worship
• Open green space, parks, and integrated trail systems

HOWARD HUGHES Source: Company filings and data.

5

HHH MPCs are Situated in Affluent and Growing Markets…

HOUSTON

The Woodlands, Bridgeland,

The Woodlands Hills

LAS VEGAS

Summerlin

PHOENIX

Teravalis

MARYLAND

Downtown Columbia

HAWAII

Ward Village

• Over 40,000 acres with population of 140,000+
• In the pathway of Houston's significant growth
• Strategically located nine miles from Las Vegas Strip
• 22,500 acres with total population of 120,000+
• Poised to capture the growth migrating to Phoenix's West Valley
• 37,000 acres entitled for 100k homes and 55M SF of commercial development
• Located between D.C. and Baltimore
• Howard County median household income of ~$125,000 with 63% of adults holding college degrees
• • 60 acres of property along the coast of Oahu
  • Average condo price of ~$1.0M with 93% of units closed or under contract

HOWARD HUGHES Source: Company filings and data.

6

…and are Consistently Recognized as Exceptional Communities

• Top 3 Best City to Live in America - Niche.com (2021 - 2024)
• Best City to buy a home (2023-2024)
• Largest MPC in world to receive LEED Precertification
• #5 Best-selling MPC in the country - RCLCO (2023)
• Master-PlannedCommunity of the Year - NAHB (2024)
• Received LEED Precertification
• Top 10 Best-selling MPC in the country - RCLCO (2018 - 2023)
• Master-PlannedCommunity of the Year - NAHB (2020)
• Top 3 Safest City in America - WalletHub (2018 - 2024)
• Top 5 Best City to Live in America - Niche.com (2021 - 2024)
• Best planned community of the year - National Association of Home Builders (2018)
• LEED-NDPlatinum Certified

HOWARD HUGHES Source: Company filings and data. Niche, RCLCO, NAHB, USGBC, Wallethub.com

7

Master Planning Process

Initial Master Planning

Rental Cash

Flow funds

future horizontal

development

Develop Office

Buildings and

Commercial Centers

HOWARD HUGHES

Infrastructure

Development

Develop Neighborhood

Retail, and Grocery

Stores

Land Sales to Home

Builders

Land Sales fund

future vertical development

Commercial land sales

for Churches and

Community Services

History of Delivering Outsized Results

Commercial

Robust Operating Asset NOI Growth

Total Operating Asset NOI (in $ millions)

Commercial amenities increase value of HHH's residential land

Residential

Significant Land Price Appreciation(1)

Residential Price Per Acre (in $ thousands)

The Woodlands

Summerlin

$46

$239$244 $252

52%	$227
$217
+4

$191

$180

$159

$140

$119

$71

$58 $55

New residents

spark demand for

commercial amenities

+525%	$2,273					$1,321
		+126%
				$584
$364
2011		1Q'24	2017		1Q'24
	Bridgeland				The Woodlands Hills
+52%	$574	+37%	$428
$377			$313

2011 2012 2013 2014 2015 2016 2017 2018 2019	2020	2021 2022	2023
			1Q'24

2017

1Q'24

2017

1Q'24

HOWARD HUGHES	Source: Company filings and data.	9
	(1) Includes Residential Land Sales and is a TTM calculation

Land Appreciation Offsets Shrinking Land Bank

MPC Gross Asset Value

2017 GAV

Since 2017

2024 GAV(2)

3,447

X

$599k

=

$2.1B

$131

$328

Total

Weighted-

Total

Acres

Avg. Price

Land

Sales

(1)

Sold

Per Acre

Revenue

$592

$708

$3.7B $1,695

Residential Price Per Acre

$4.1B

Summerlin

Bridgeland

The

$875

$2,453

$1,321

Woodlands

+126%

+52%

$574

+37%

Hills

$428

$922

$377

$313

$584

2017

1Q'24

2017

1Q'24

2017

1Q'24

Source: Company filings and data.
HOWARD HUGHES Note: GAV in $ millions. Price per acre in $ thousands. As of March 31, 2024.	10

(1) Land sales revenue excludes deferred revenue and SID bond revenue. (2) Excludes value of Teravalis for an apples-to-apples comparison.