NYSE: HHC Supplemental Information For the quarterly period ended September 30, 2017 The Howard Hughes Corporation 13355 Noel Road, 22nd Floor Phone: 214.741.7744 Dallas, TX 75240 www.howardhughes.com South Street Seaport New York, NY 110 N. Wacker Chicago, IL Downtown Columbia Columbia, MD

Forward Looking Statements This presentation includes forward-looking statements. Forward-looking statements give our current expectations relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward -looking statements by the fact that they do not relate strictly to current or historical facts. These statements may include words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “likely,” “may,” “plan,” “project,” “realize,” “should,” “transform,” “would,” and other statements of similar expression. Forward -looking statements should not be relied upon. They give our expectations about the future and are not guarantees. These statements involve known and un known risks, uncertainties and other factors that may cause our actual results, performance and achievements to materially differ from any future results, performance and achievements expressed or implied by such forward-looking statements. For a discussion of the risk factors that could have an impact these forward-looking statements, see our Annual Report on Form 10-K for the fiscal year ended December 31, 2016 . The statements made herein speak only as of the date of this presentation and we do not undertake to update this information except as required by law. Past performance does not guarantee future results. Performance during time periods shown is limited and may not reflect the performance for the full year or future years, as well as in different economic and market cycles. Non-GAAP Financial Measures Our financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP), however, we use certain non-GAAP performance measures in this presentation, in addition to GAAP measures, as we believe these measures improve the understanding of our operational re sults and makes comparisons of operating results among peer companies more meaningful. Management continually evaluates the usefulness, relevance, limitations, and calculation of our re ported non-GAAP performance measures to determine how best to provide relevant information to the public, and thus such reported measures could change. The non -GAAP financial measures used in this presentation are funds from operations, or FFO, core funds from operations, or Core FFO, adjusted funds from operations, or AFFO, and net operating income, or NOI. FFO is defined by the National Association of Real Estate Investment Trust (NAREIT) as net income calculated in accordance wi th GAAP, excluding gains or losses from real estate dispositions, plus real estate depreciation and amortization and impairment charges (which we believe are not indicative of the performance of o ur operating portfolio). We calculate FFO in accordance with NAREIT’s definition. Since FFO excludes depreciation and amortization and gains and losses from depreciable property dispositions, and impairments, it can provide a performance measure that, when compared year over year, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, acquisition and development activities, and financing costs. This provides a perspective of our financial performance not immediately apparent from net income determined in accordance with GAAP. Core FFO is calculated by adjusting FFO to exclude the impact of certain non -cash and/or nonrecurring income and expense items, as set forth in the calculation herein. These items can vary greatly from period to pe riod, depending upon the volume of our acquisition activity and debt retirements, among other factors. We believe that by excluding these items, Core FFO serves as a useful, supplementary measur e of the ongoing operating performance of the core operations across all segments, and we believe it is used by investors in a similar manner. Finally, AFFO adjusts our Core FFO operating measu re to deduct cash spent on recurring tenant improvements and capital expenditures of a routine nature to present an adjusted measure of Core FFO. Core FFO and AFFO are non -GAAP and non-standardized measures and may be calculated differently by other peer companies. Herein, we define NOI as operating revenues (rental income, tenant recoveries and other revenue) less operating expenses (rea l estate taxes, repairs and maintenance, marketing and other property expenses), plus our share of NOI from equity investees. NOI excludes straight -line rents and amortization of tenant incentives, net interest expense, ground rent amortization, demolition costs, amortization, depreciation, development-related marketing costs and Equity in earnings from Real Estate and Other Affiliates. W e use NOI to evaluate our operating performance on a property -by-property basis because NOI allows us to evaluate the impact that factors, which vary by property, such as lease structure, le ase rates and tenant bases, have on our operating results, gross margins and investment returns. We believe that NOI is a useful supplemental measure of the performance of our Operating Assets becau se it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating real estate properties and the impact on operations from trends in rental and occupancy rates and operating costs. While FFO, Core FFO, AFFO and NOI are relevant and widely used measures of operating performance of real estate companies, th ey do not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating our liquidity or operating perfor mance. FFO, Core FFO, AFFO and NOI do not purport to be indicative of cash available to fund our future cash requirements. Further, our computations of FFO, Core FFO, AFFO and NOI may not be com parable to FFO, Core FFO, AFFO and NOI reported by other real estate companies. We have included a reconciliation of FFO, Core FFO and AFFO to GAAP net income in this presentation. Non -GAAP financial measures should not be considered independently, or as a substitute, for financial information presented in accordance with GAAP. Additional Information Our website address is www.howardhughes.com. Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other publicly filed documents are available and may be accessed free of charge through the “Investors” section of our website under the SEC Filings subsection, as soon as re asonably practicable after those documents are filed with, or furnished to, the SEC. Also available through our Investors section of our website are beneficial ownership reports filed by our directors and executive officers on Forms 3, 4 and 5. 1 www.howardhughes.com Cautionary Statements

FINANCIAL OVERVIEW PORTFOLIO OVERVIEW PORTFOLIO PERFORMANCE DEBT & OTHER Company Profile (cont'd) 4 Portfolio Key Metrics 11 Stabilized Properties 13 Property-Level Debt 22 Financial Summary 5 Stabilized Properties (cont'd) 14 Ground Leases 23 Balance Sheet 6 Unstabilized Properties 15 Definitions 24 Statement of Operations 7 Under Construction Properties 16 Reconciliation of Non-GAAP 25 Income Reconciliation 8 Acquisitions / Dispositions 17 NOI by Region 9 MPC Land 18 Ward Village Condos 19 Other Assets 20 2www.howardhughes.com Company Profile3 MPC Portfolio10 Lease Expirations12 Debt Summary21 Table of Contents

LAS VEGAS--(BUSINESS WIRE)--Oct. 10, 2017--The Howard Hughes Corporation® (NYSE: HHC) announced today its plans to develop and construct a baseball stadium in Downtown Summerlin® on approximately eight acres just south of City National Arena, the National Hockey League practice facility for the Vegas Golden Knights. The new stadium, to be named the Las Vegas Ballpark, will be the future home of the Las Vegas 51s, the city’s professional baseball team. The team, a member of the Pacific Coast League (PCL) and a Triple-A affiliate of the New York Mets, is wholly owned by The Howard Hughes Corporation, which acquired full ownership interest earlier this year. NEW YORK--(BUSINESS WIRE)--Oct. 10, 2017--The Howard Hughes Corporation® (NYSE: HHC) announced today that ESPN will occupy approximately 19,000-square-feet of rentable space within its waterfront development at Pier 17, part of the company’s revitalization of Seaport District NYC in Lower Manhattan. The long-term lease has been executed with ESPN’s studio provider at the Seaport, NEP Imaging Group, LLC. In celebration of the announcement, Pier 17’s façade was lit “ESPN red” yesterday evening, marking the first time the building has been fully illuminated. The grand opening of the Pier 17 rooftop is scheduled for summer 2018. DALLAS--(BUSINESS WIRE)--Oct. 5, 2017--The Howard Hughes Corporation® (NYSE:HHC) announced today that it has entered into a new employment agreement with President, Grant Herlitz, for a term of ten years through 2027. In addition, Mr. Herlitz completed the acquisition of 87,951 warrants with a strike price of $117.01 and a term of six years at fair market value by making a payment of $2.0 million to the company. The warrant cannot be sold or hedged for five years except in the event of a change in control, termination without cause or the separation of the executive from the company for good reason. Mr. Herlitz’s agreement follows the recent announcement that the company finalized a 10-year employment agreement with Chief Executive Officer, David R. Weinreb. As part of that agreement, Mr. Weinreb invested an additional $50 million into the company in the form of warrants. Exchange / Ticker Share Price - September 30, 2017 Diluted Earnings / Share FFO / Diluted Share Core FFO / Diluted Share AFFO / Diluted Share NYSE: HHC $ $ $ $ $ 117.93 0.24 1.05 1.39 1.29 For more press releases, please visit www.howardhughes.com/press $ in millions $ in millions Ae`o 77% Summerlin 83% Q3-17 MPC EBT $40.5M Q3-17 Condo Gross Profit $27.3M Waiea -27% Bridgeland 17% Anaha 50% 3 www.howardhughes.com Q3-17 Condo Gross Profit Waiea ($7.3) Anaha 13.6 Ke Kilohana - Ae`o 21.0 Total $27.3 Q3-17 MPC EBT Bridgeland $7.0 Columbia (0.3) Summerlin 34.3 The Woodlands (0.5) Total $40.5 Q3-17 MPC & Condominium Results Operating Portfolio by Region Recent Company Highlights Company Overview - Q3-17 Company Profile - Summary & Results

$ in millions Hotel 3% $ in millions $ in millions $ in millions Retail 29% Retail 27% Retail 12% Hotel 29% Hotel 13% Hotel 4% Other 8% Multifamily 11% Retail 33% Projected Stabilized NOI $44.2M Projected Stabilized NOI $124.7M Projected Stabilized NOI $261.5M Projected Stabilized NOI $92.6M Other 5% Office 58% Multifamily 13% Other 2% Multifamily 27% Office 27% Office 43% Office 48% 9% $ in millions $ in millions $ in millions $ in millions Retail 34% Retail 37% Hotel 27% Hotel 11% Other Multifamily Hotel Q3-17 Under Construction NOI $0.0M Q3-17 Total NOI $37.5M Q3-17 Unstabilized NOI $11.7M Q3-17 Stabilized NOI $25.8M Retail 44% 9% 4% Other 4% Multifamily 10% Office 17% Office 39% Mult amily Office 49% Note: Path to Projected Annual Stabilized NOI charts exclude Seaport NOI until we have greater clarity with respect to the performance of our tenants, however the operating portion of Seaport is included in Q3 Operating Results by Property Type. See page 16 for Stabilized NOI Yield and other project information. 4 www.howardhughes.com Total Currently Stabilized Currently Unstabilized Currently Under Construction Q3-17 - Operating Results by Property Type Retail & Office S.F. 7,661,369 Multifamily Units 2,619 Hotel Keys 979 Other Units 1,438 Projected Stabilized NOI $261.5 Retail & Office S.F. 4,489,724 Multifamily Units 1,109 Hotel Keys 205 Other Units - Projected Stabilized NOI $124.7 Retail & Office S.F. 2,027,045 Multifamily Units 514 Hotel Keys 708 Other Units 1,438 Projected Stabilized NOI $92.6 Retail & Office S.F. 1,144,600 Multifamily Units 996 Hotel Keys 66 Other Units - Projected Stabilized NOI $44.2 Total Currently Stabilized Currently Unstabilized Currently Under Construction Path to Projected Annual Stabilized NOI Company Profile - Summary & Results (cont'd)

Company Profile Share price1 Market Capitalization2 Enterprise Value3 Weighted avg. shares - basic Weighted avg. shares - diluted Total diluted share equivalents outstanding1 $117.93 $5.1b $7.5b 42,845 43,267 43,380 $122.84 $5.3b $7.7b 40,373 43,051 43,401 $117.25 $5.1b $7.3b 39,799 42,757 43,194 $114.10 $4.9b $6.9b 39,492 42,753 42,973 $114.50 $4.9b $7.1b 39,502 42,760 43,030 $117.93 $5.1b $7.5b 40,860 43,098 43,380 $114.50 $4.9b $7.1b 39,489 42,719 43,030 Earnings Profile Operating Segment Income Revenues Expenses Company's Share of Equity Method Investments NOI and Cost Basis Invesment Net Operating Income4 Avg. NOI margin $77,878 ($41,554) $1,186 $79,848 ($42,198) $1,385 $79,856 ($39,265) $4,129 $76,000 ($38,340) $888 $71,240 ($39,918) $569 $237,582 ($123,019) $6,700 $207,057 ($113,311) $6,797 $37,510 $39,035 $44,720 $38,548 $31,891 $121,263 $100,543 48% 49% 56% 51% 45% 51% 49% MPC Segment Earnings Total revenues Total expenses5 Interest income, net6 Equity in earnings in Real Estate and Other Affiliates MPC Segment EBT6 $64,929 ($37,299) $6,355 $6,480 $78,076 ($40,762) $5,990 $9,792 $68,706 ($35,357) $5,557 $5,280 $77,902 ($41,592) $5,468 $20,928 $52,762 ($32,178) $5,253 $13,700 $211,711 ($113,418) $17,902 $21,552 $175,403 ($96,818) $15,617 $22,574 $40,465 $53,096 $44,186 $62,706 $39,537 $137,747 $116,776 Condo Gross Profit Revenues7 Expenses7 Condo Net Income Debt Summary Total debt payable8 Fixed rate Weighted avg. rate - fixed Variable rate Weighted avg. rate - variable Short term condominium financing Weighted avg. rate - short term condominium financing Leverage ratio (debt to enterprise value) $113,852 ($86,531) $148,211 ($106,195) $80,145 ($60,483) $123,021 ($81,566) $115,407 ($83,218) $342,208 ($253,209) $362,613 ($237,759) $27,321 $42,016 $19,662 $41,455 $32,189 $88,999 $124,854 $3,014,280 $1,508,746 4.99% $1,310,265 3.67% $195,269 7.98% 39.90% $3,023,122 $1,514,192 5.06% $1,324,125 3.64% $184,805 7.92% 39.10% $2,771,492 $1,324,634 4.94% $1,309,169 3.45% $137,689 7.68% 38.04% $2,708,460 $1,184,141 5.89% $1,363,472 3.33% $160,847 7.47% 38.95% $2,865,456 $1,152,897 5.99% $1,425,276 3.08% $287,283 7.28% 39.92% $3,014,280 $1,508,746 4.99% $1,310,265 3.67% $195,269 7.98% 39.90% $2,865,456 $1,152,897 5.99% $1,425,276 3.08% $287,283 7.28% 40.00% (1) Presented as of period end date (2) Market capitalization = Closing share price at of the last trading day of the respective period times total diluted share equivalents outstanding as of the date presented. (3) Enterprise Value = (Market capitalization+ book value of debt + noncontrolling interest) - cash and equivalents. (4) Net Operating Income = Operating Assets NOI excluding properties sold or in redevelopment + Company's Share of Equity Method Investments NOI and the annual Distribution from our Cost Basis Investment. (5) Expenses include both actual and estimated future costs of sales allocated on a relative sales value to land parcels sold, including MPC-level G&A and real estate taxes on remaining residential and commercial land. (6) MPC Segment EBT (Earnings before tax, as discussed in our GAAP financial statements), includes negative interest expense relating to capitalized interest for the segment relating to debt held in other segments and at corporate. (7) Revenues represent "Condominium rights and unit sales" and expenses represent "Condominium rights and unit cost of sales" as stated in our GAAP financial statements, based on the percentage of completion method ("POC"). (8) Represents Total mortgages, notes, and loans payable, as stated in our GAAP financial statements, excluding unamortized deferred financing costs and bond issuance costs. 5 www.howardhughes.com Q3 YTD 2016 Q3 YTD 2017 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Financial Summary

(In thousands) ASSETS (1) Stock options assume net share settlement calculated for the year-to-date period presented. (2) Warrants assume net share settlement and incremental shares for dilution calculated as of the date presented. 6 www.howardhughes.com Investment in real estate: Unaudited Unaudited Master Planned Community assets $ 1,667,496 $ 1,660,523 Buildings and equipment 2,155,071 1,900,172 Less: accumulated depreciation (303,887) (242,034) Land 314,383 314,400 Developments 1,124,079 976,209 Net property and equipment 4,957,142 4,609,270 Investment in Real Estate and Other Affiliates 89,155 78,890 Net investment in real estate 5,046,297 4,688,160 Cash and cash equivalents 601,934 653,041 Accounts receivable, net 9,654 38,310 Municipal Utility District receivables, net 193,100 171,691 Deferred expenses, net 76,692 64,053 Prepaid expenses and other assets, net 796,019 820,240 Property held for sale — 34,888 $ 1,669,561 $ 1,642,842 2,027,363 1,772,401 (245,814) (232,969) 320,936 322,462 961,980 1,036,927 4,734,026 4,541,663 76,376 57,811 4,810,402 4,599,474 665,510 445,301 10,038 11,626 150,385 139,946 64,531 61,804 666,516 463,431 — — Total Assets $ 6,723,696 $ 6,470,383 $ 6,367,382 $ 5,721,582 LIABILITIES AND EQUITY Liabilities Mortgages, notes and loans payable $ 2,993,448 $ 2,847,002 Deferred tax liabilities 237,013 156,882 Warrant liabilities — 329,390 Uncertain tax position liability — 19,987 Accounts payable and accrued expenses 462,853 603,237 $ 2,690,747 $ 2,443,962 200,945 89,221 332,170 307,760 — 1,396 572,010 515,354 Total Liabilities $ 3,693,314 $ 3,956,498 $ 3,795,872 $ 3,357,693 Equity Preferred stock: $.01 par value; 50,000,000 shares authorized, none issued $ — $ — Common stock: $.01 par value; 150,000,000 shares authorized 432 398 Additional paid-in capital 3,295,587 2,856,335 Accumulated deficit (258,629) (321,507) Accumulated other comprehensive loss (9,017) (23,818) Treasury stock, at cost, 16,382 shares as of September 30, 2017 and 12,061 shares as of December 31, 2016 (1,763) (1,295) Total stockholders' equity 3,026,610 2,510,113 Noncontrolling interests 3,772 3,772 $ — $ — 398 398 2,853,269 2,847,823 (277,912) (480,215) (6,786) (7,889) (1,231) — 2,567,738 2,360,117 3,772 3,772 Total Equity $ 3,030,382 $ 2,513,885 $ 2,571,510 $ 2,363,889 Total Liabilities and Equity $ 6,723,696 $ 6,470,383 $ 6,367,382 $ 5,721,582 Share Count Details (in thousands) Shares outstanding at end of period 43,207 39,839 Dilutive effect of stock options1 171 299 Dilutive effect of warrants2 2 2,892 39,790 39,715 289 316 2,894 2,873 Total Diluted Share Equivalents Outstanding 43,380 43,030 42,973 42,904 FY 2015 FY 2016 Q3 2016 Q3 2017 Balance Sheet

7 www.howardhughes.com (In thousands) Revenues: Unaudited Unaudited Condominium rights and unit sales $ 113,852 $ 115,407 Master Planned Community land sales 54,906 44,128 Minimum rents 44,654 44,910 Tenant recoveries 11,586 11,657 Hospitality revenues 17,776 14,088 Builder price participation 5,472 4,483 Other land revenues 4,561 4,053 Other rental and property revenues 5,929 3,538 Unaudited Unaudited $ 342,208 $ 362,613 177,531 147,168 136,053 128,255 34,627 33,108 57,190 46,126 14,613 15,631 19,606 12,225 17,309 11,335 Total revenues $ 258,736 $ 242,264 $ 799,137 $ 756,461 Expenses: Condominium rights and unit cost of sales 86,531 83,218 Master Planned Community cost of sales 29,043 21,432 Master Planned Community operations 8,180 10,674 Other property operating costs 21,354 16,535 Rental property real estate taxes 7,678 7,033 Rental property maintenance costs 3,380 3,332 Hospitality operating costs 13,525 12,662 Provision for doubtful accounts 448 1,940 Demolition costs 175 256 Development-related marketing costs 5,866 4,716 General and administrative 22,362 21,128 Depreciation and amortization 35,899 23,322 253,209 237,759 88,288 66,128 24,881 30,454 60,153 47,513 21,765 21,110 10,016 9,217 41,534 37,379 1,728 4,629 303 1,218 14,787 15,586 63,423 61,505 96,193 71,246 Total expenses $ 234,441 $ 206,248 $ 676,280 $ 603,744 Operating income before other items $ 24,295 $ 36,016 Other: Provision for impairment — (35,734) Gains on sales of properties 237 70 Other (loss) income, net (160) 432 $ 122,857 $ 152,717 — (35,734) 32,452 140,549 750 9,858 Total other $ 77 $ (35,232) $ 33,202 $ 114,673 Operating Income $ 24,372 $ 784 Interest income 1,764 196 Interest expense (17,241) (16,102) Loss on redemption of senior notes due 2021 — — Warrant liability loss — (7,300) Gain on acquisition of joint venture partner's interest — 27,087 Equity in earnings from Real Estate and Other Affiliates 7,467 13,493 Income before taxes 16,362 18,158 Provision for income taxes (5,846) (10,162) Net income 10,516 7,996 Net income attributable to noncontrolling interests (12) (23) $ 156,059 $ 267,390 3,171 900 (49,547) (48,628) (46,410) — (43,443) (21,630) 5,490 27,087 25,821 35,700 51,141 260,819 (31,846) (102,088) 19,295 158,731 (12) (23) Net income attributable to common stockholders $ 10,504 $ 7,973 $ 19,283 $ 158,708 Basic income per share $ 0.25 $ 0.20 Diluted income per share $ 0.24 $ 0.19 $ 0.47 $ 4.02 $ 0.45 $ 3.72 YTD Q3 2016 YTD Q3 2017 Q3 2016 Q3 2017 Comparative Statement of Operations: Total Portfolio

8www.howardhughes.com (In thousands) RECONCILIATION OF NET INCOME TO FFO Net income attributable to common shareholders$10,504$7,973 Add: Segment real estate related depreciation and amortization33,97921,463 Gains on sales of properties(237)(70) Income tax expense (benefit) adjustments - deferred Gains on sales of properties8326 Impairment of depreciable real estate properties—35,734 Reconciling items related to noncontrolling interests1223 Our share of the above reconciling items included in earnings from unconsolidated joint ventures963589 $19,283$158,708 90,342 66,760 (32,452)(140,549) 12,16452,732 —35,734 1223 2,8963,442 FFO$45,304$65,738 $92,245$176,850 Adjustments to arrive at Core FFO: Acquisition expenses$—$526 Loss on redemption of senior notes due 2021—— Gain on acquisition of joint venture partner's interest—(27,087) Warrant loss—7,300 Severance expenses3612 Non-real estate related depreciation and amortization1,9201,859 Straight-line amortization(2,257)(3,045) Deferred income tax expense (benefit) 6,897 9,698 Non-cash fair value adjustments related to hedging instruments68356 Share based compensation1,6632,238 Other non-recurring expenses (development related marketing and demolition costs)6,0414,972 Our share of the above reconciling items included in earnings from unconsolidated joint ventures132366 $32$526 46,410— (5,490)(27,087) 43,44321,630 2,449200 5,8514,486 (6,903)(11,943) 19,28042,920 3991,099 5,3526,755 15,09016,804 423471 Core FFO$60,129$62,923 $218,581$232,711 Adjustments to arrive at AFFO: Tenant and capital improvements$(3,541)$(4,602) Leasing Commissions(738)(1,082) $(10,156)$(9,343) (2,027)(1,717) AFFO$55,850$57,239 $206,398$221,651 FFO per diluted share value$1.05$1.54 Core FFO per diluted share value$1.39$1.47 AFFO per diluted share value$1.29$1.34 $2.14$4.14 $5.07$5.45 $4.79$5.19 YTD Q3 2016 YTD Q3 2017 Q3 2016 Q3 2017 Reconciliation of Net Income to FFO, Core FFO and AFFO

Dollars in thousands Total 3Q17 SF/Units 3Q17 SF/Units 3Q17 3Q17 Stabilized Property Ownership Annualized NOI Stabilize Stabilized Properties Office - Houston Office - Columbia Office - Other (d) Retail - Houston Retail - Columbia Retail - Hawaii Retail - Other Multi-Family - Houston Multi-Family - Columbia Multi-Family - New York Hospitality - Houston Other Assets (e) Total Stabilized Properties (f) 100% 100% 100% 100% 100% 100% 100% 100% 50% 100% 100% NA 1,484,906 1,087,523 226,000 233,362 89,199 1,027,316 341,418 707 380 22 205 NA 1,425,460 969,506 226,000 225,635 89,199 956,105 325,386 674 340 21 169 NA 1,433,360 975,216 226,000 230,083 89,199 962,317 335,355 695 353 21 NA NA 96% 89% 100% 97% 100% 93% 95% 95% 89% 95% 82% NA 97% 90% 100% 99% 100% 94% 98% 98% 93% 95% NA NA $38,272 $13,372 ($333) $7,992 $1,440 $19,384 $6,521 $5,907 $2,869 $419 $4,251 $10,506 $39,605 $14,761 $6,100 $7,195 $2,200 $19,460 $7,200 $9,100 $3,500 $600 $4,500 $10,506 NA NA NA NA NA NA NA NA NA NA NA NA $110,599 $124,727 NA Unstabilized Properties Office - Houston Office - Columbia Office - Summerlin Retail - Houston (g) Retail - Summerlin Multi-Family - Houston Multi-Family - Summerlin Hospitality - Houston Self Storage - Houston Total Unstabilized Properties 100% 100% 100% 100% 100% 100% 50% 100% 100% 652,569 207,254 206,279 158,135 802,808 390 124 708 1,438 321,117 98,412 160,871 113,831 666,821 364 109 438 335 370,131 130,049 191,449 127,592 760,911 374 118 49% 47% 78% 72% 83% 93% 88% 62% 23% 57% 63% 93% 81% 95% 96% 95% NA 23% $3,222 $1,133 $3,476 $2,461 $17,396 $4,647 $992 $12,750 $8 $14,500 $5,100 $5,700 $3,797 $26,300 $7,500 $1,100 $27,000 $1,600 3.0 3.0 1.0 0.5 1.0 1.0 1.0 3.0 2.0 335 $46,084 $92,597 2.3 Under Construction Properties Office - Houston Office - Columbia Office - Summerlin Retail - Houston Retail - Hawaii Multi-Family - Houston Multi-Family - Columbia Multi-Family - Summerlin Hospitality - New York Total Under Construction Properties 100% 100% 100% 100% 100% 100% 50% 100% 35% 203,000 450,000 325,000 60,300 106,300 292 437 267 66 - - - - - - - - - 203,000 72,523 196,000 35,000 88,400 - 25 - - NA NA NA NA NA NA NA NA NA 100% 16% 60% 58% 83% 0% 6% 0% 0% NA NA NA NA NA NA NA NA NA $5,100 $12,800 $7,600 $1,668 $3,790 $3,500 $4,000 $4,400 $1,300 2.0 5.4 2.5 3.0 2.3 2.0 2.0 3.0 1.0 NA $44,158 3.1 Total/ Wtd. Avg for Portfolio $156,683 $261,483 2.8 Notes (a) Includes our share of NOI for our joint ventures. (b) Annualized 3Q17 NOI includes distribution received from cost method investment in 1Q17. For purposes of this calculation, this one time annual distribution is not annualized. (c) Table above excludes Seaport NOI until we have greater clarity with respect to the performance of our tenants. See page 16 for Stabilized NOI Yield and other project information. (d) Represents NOI at 110 N. Wacker for 3Q17 and is not shown annualized. The 3Q17 operating loss is the result of terminating the existing lease with our current tenant to begin re-development in early 2018. (e) Other assets are primarily made up of Kewalo Basin, Summerlin Baseball and Summerlin Hockey ground lease, and our share of other equity method investments not included in other categories. (f) For Stabilized Properties, the difference between 3Q17 NOI and Stabilized NOI is attributable to a number of factors which may include timing, free rent or other temporary abatements, tenant turnover and market factors. (g) Retail - Houston is inclusive of retail in The Woodlands and Bridgeland. 9 www.howardhughe s.com %3Q17Time to (a)SF / UnitsOccupiedLeased% Occupied% Leased(b)NOI (c)(Years) NOI by Region

Commercial 19% Commercial 37% Master Planned Communities - ReRmeaminianigniSnagleSaable AbclreesA(car)es Commercial 100% Residential 63% Residential 81% Stabilized 8% InIcnocmoemPer-oPdruocdinugciAnsgsAetsss-ets Stabilized & Unstabilized Stabilized 49% Unstabilized 50% Stabilized 50% Unstabilized 51% Unstabilized 92% ($ in thousands) MPC Performance - 3Q17 & 3Q16 MPC Net Contribution (3Q17) (b) MPC Net Contribution (3Q16) (b) Operating Asset Performance - 2017 & Future Annualized 3Q17 In-Place NOI Est. Stabilized NOI (Future) Wtd. Avg. Time to Stab. (yrs.) Note (a) Commercial acres may be developed internally or sold. (b) Reconciliation from GAAP MPC segment earnings before tax (EBT) measure to MPC Net Contribution for the three months ended September 30, 2017 is found on Reconciliation of Non-GAAP Measures on page 25. (c) Total excludes NOI from non-core operating assets, and NOI from core assets within Hawaii and New York as these regions are not defined as master planned communities. 10 www.howardhughes.com $130,525 $222,866 — $19,556 $43,104 3.5 $84,949 $130,506 2.2 $26,020 $49,256 1.8 $18,975 $18,062 ($314) ($298) ($11,440) ($1,984) $30,726 $20,344 Total (c) Maryland Texas Nevada MPC Portfolio

MPC Regions Non-MPC Regions Operating - Stabilized Properties Office s.f. Retail s.f. Multifamily units Hotel Rooms Self Storage Operating - Unstabilized Properties Office s.f. Retail s.f. (a) Multifamily units Hotel rooms Self Storage Operating - Under Construction Properties Office s.f. Retail s.f. (b) Multifamily units Hotel rooms Self Storage Residential Land Total gross acreage/condos (c) Current Residents (c) Remaining saleable acres/condos Estimated price per acre (d) Commercial Land Total acreage remaining Estimated price per acre (e) Notes Portfolio Key Metrics herein include square feet, units and rooms included in joint venture projects. Sq. ft. and units are not shown at share. (a) Retail s.f. within the Summerlin region excludes 381,767 sq. ft. of anchors. (b) Retail s.f. within New York region excludes Pier 17 and Uplands, pending final plans for this project. (c) Acreage and current residents shown as of December 31, 2016. (d) Residential pricing: average 2016 acreage pricing for Bridgeland, Summerlin and The Woodlands. Summerlin avarage pricing excludes the sale of approximately 117 acres to Pulte with an atypical economic structure. Pro forma acreage pricing for The Woodlands Hills. (e) Commercial pricing: estimate of current value based upon recent sales, third party appraisals and third party MPC experts. The Woodlands Hills commercial is valued at cost. 11 www.howardhughes.com Hawaii Honolulu, HI Seaport New York, NY Other Total Non-MPC - - 226,000 1,027,316 - 341,418 - 22 - - - - - - - - - - - - - - - - - - - - - - - - - 106,300 - - - - - - 66 - - - - 1,381 n.a. n.a. n.a. n.a. n.a. 153 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 226,000 1,368,734 22 - - - - - - - - 106,300 - 66 - 1,381 - 153 - - Woodlands Houston, TX Woodlands Hills Houston, TX Bridgeland Houston, TX Summerlin Las Vegas, NV Columbia Columbia, MD Total MPC Regions 1,484,906 - - - 1,087,523 233,362 - - - 89,199 707 - - - 380 205 - - - - - - - - - 652,569 - - 206,279 207,254 74,669 - 83,466 802,808 - 390 - - 124 - 708 - - - - 1,438 - - - - 203,000 - - 325,000 450,000 60,300 - - - - 292 - - 267 437 - - - - - - - - - - 28,475 ac. 2,055 ac. 11,400 ac. 22,500 ac. 16,450 ac. 115,000 - 8,300 107,000 112,000 257 1,439 2,432 3,550 n.a. $560 $207 $372 $577 n.a. 743 171 1,530 826 107 $957 $552 $394 $759 $316 2,572,429 322,561 1,087 205 - 1,066,102 960,943 514 708 1,438 978,000 60,300 996 - - 80,880 ac. 342,300 7,678 3,377 Portfolio Key Metrics

Office and Retail Lease Expirations Total Office and Retail Portfolio as of September 30, 2017 30% 25% Years 20% 15% 10% 5% 0% Office Expirations Retail Expirations Wtd. Avg. Wtd. Avg. Annualized Cash Rent Per Leased Sq. Ft. Annualized Cash Rent Per Leased Sq. Ft. Annualized Cash Rent ($ in thousands) Percentage of Annualized Cash Rent Annualized Cash Rent ($ in thousands) Percentage of Annualized Cash Rent Expiration Year 2017(1) 2018 2019 2020 2021 2022 2023 2024 2025 2026 Thereafter $3,004 3,897 7,455 8,294 5,189 7,568 10,940 10,537 9,599 947 12,217 3.77% 4.89% 9.36% 10.41% 6.51% 9.50% 13.74% 13.23% 12.05% 1.19% 15.34% $3,868 8,543 5,362 6,578 6,632 5,365 6,872 4,643 25,391 5,580 20,762 3.88% 8.58% 5.38% 6.60% 6.66% 5.39% 6.90% 4.66% 25.49% 5.60% 20.85% $34.56 23.46 28.18 27.58 32.90 10.54 29.25 24.52 33.78 35.99 29.98 $29.41 39.59 34.35 49.21 27.81 48.09 37.01 35.59 54.70 38.09 24.35 $79,647 100.00% $99,596 100.00% Total (1) Represents remaining lease expirations in 2017. % of Annualized Cash Rent Expiring 12www.howardhughes.com Weighte D.C. - 7 d Avg. Years Lease Term N.Y. - 12 Blended - 10 y ears Office Retail 2017 Office Retail 2018 Office Retail 2019 Office Retail 2020 Office Retail 2021 Office Retail 2022 Office Retail 2023 Office Retail 2024 Office Retail 2025 Office Retail 2026 Office Retail 2027+ HoustonLas VegasColumbiaHawaiiOther Office Retail Lease Expirations

Dollars in thousands Office 100% 197,714 96% 96% 5,621 6,000 Two Hughes Landing Houston, TX 100% 24,119 100% 100% 3 NA 2201 Lake Woodlands Houston, TX 100% 95,078 100% 100% 2,251 2,251 3831 Technology Forest Houston, TX 100% 218,551 100% 100% 6,856 6,856 4 Waterway Square Houston, TX 100% 888,307 91% 92% 10,706 12,400 10-70 Columbia Corporate Center Columbia, MD 100% 97,671 100% 100% 1,861 1,861 One Mall North Columbia, MD 100% 7,900 0% 100% (28) (28) 2000 Woodlands Parkway (a) Houston, TX Total Office 2,798,429 $51,311 $60,466 Retail 100% 12,376 64% 100% 261 400 1701 Lake Robbins Houston, TX 100% 21,513 100% 100% 761 800 Waterway Garage Retail Houston, TX 100% 89,199 100% 100% 1,440 2,200 Columbia Regional Columbia, MD 100% 77,080 93% 96% 660 700 Cottonwood Square Salt Lake City, UT Total Retail 1,691,295 $35,337 $36,055 Notes (a) Lease was signed in Q2 2017 and tenant will occupy the space in November 2017. 13www.howardhughes.com Outlet Collection at RiverwalkNew Orleans, LA100%264,33896%99%5,8616,500 Ward Village RetailHonolulu, HI100%1,027,31684%84%19,38419,460 One Lakes Edge RetailHouston, TX100%23,28093%93%975NA 20/25 Waterway AvenueHouston, TX100%50,062100%100%1,8911,891 Hughes Landing RetailHouston, TX100%126,13199%99%$4,104$4,104 110 N. WackerChicago, IL100%226,000100%100%(333)6,100 Columbia Office PropertiesColumbia, MD100%101,54561%61%805500 1400 Woodloch ForestHouston, TX100%95,66797%97%1,8901,890 3 Waterway SquareHouston, TX100%232,021100%100%6,9006,900 9303 New TrailsHouston, TX100%97,96758%58%8431,800 1735 Hughes Landing BoulevardHouston, TX100%318,170100%100%7,6967,696 One Hughes LandingHouston, TX100%197,719100%100%$6,240$6,240 3Q17 % Leased 3Q17 % Occ. Rentable Sq. Ft. / Units % Ownership Location Property Annualized Est. Stab. NOI Annualized 3Q17 NOI Stabilized Properties

Dollars in thousands Residential 100% 393 95% 97% 2,649 4,600 Millennium Waterway Apartments Houston, TX 50% 380 89% 93% 2,867 3,500 The Metropolitan Columbia, MD Total Residential 1,109 $9,194 $13,200 Hotel Total Hotel 205 $4,251 $4,500 Other 100% NA NA NA 1,637 1,637 Woodlands Ground Leases Houston, TX Lease NA NA NA 215 215 Kewalo Basin Harbor Honolulu, HI 100% NA NA NA 358 358 Clark County LV Stadium Las Vegas, NV Total Other NA NA NA $10,506 $10,506 Total Stabilized $110,599 $124,727 14www.howardhughes.com Other AssetsVarious100%NANANA1,7041,704 Hockey Ground LeaseLas Vegas, NV100%NANANA483483 Summerlin Hospital DistributionLas Vegas, NV100%NANANA3,3823,382 Sarofim Equity InvestmentHouston, TX20%NANANA$2,727$2,727 Embassy Suites at Hughes LandingHouston, TX100%20582%NA$4,251$4,500 85 South StreetNew York, NY100%2295%95%419600 Millennium Six Pines ApartmentsHouston, TX100%31496%100%$3,259$4,500 3Q17 % Leased 3Q17 % Occ. Rentable Sq. Ft. / Units % Ownership Location Property Annualized Est. Stab. NOI Annualized 3Q17 NOI Stabilized Properties (cont'd)

Dollars in thousands Office 100% 331,754 67% 69% 53,994 74,994 3,746 6,900 2020 1725 Hughes Landing Houston, TX One Summerlin (c) Las Vegas, NV 100% 206,279 78% 93% — — 3,476 5,700 2018 Total Office 1,066,102 $185,125 $243,343 $7,831 $25,300 Retail 100% 83,466 60% 72% 13,278 16,274 613 1,700 2018 Lakeland Village Center Houston, TX 960,943 $448,411 $453,357 $19,857 $30,097 Total Retail Residential 50% 124 88% 95% 20,760 20,760 992 1,100 2018 Constellation Las Vegas, NV 514 $102,489 $102,489 $5,639 $8,600 Total Residential Hotel 100% 302 71% NA 91,602 97,224 5,436 10,500 2020 The Westin at The Woodlands Houston, TX 708 $163,962 $169,584 $12,749 $27,000 Total Hotel Other 100% 784 21% 21% 7,688 8,476 (49) 800 2020 HHC 2978 Self-Storage Houston, TX 1,438 $15,762 $17,083 $8 $1,600 Total Other Total Unstabilized $915,749 $985,856 $46,084 $92,597 Notes (a) With the exception of Hotel properties, Percentage Occupied and Percentage Leased are as of September 30, 2017. Each Hotel property Percentage Occupied is the average for Q3 2017. (b) Company estimates of stabilized NOI are based on current leasing velocity, excluding inflation and organic growth. (c) One Summerlin development costs are combined with Downtown Summerlin. 15www.howardhughes.com HHC 242 Self-StorageHouston, TX100%65426%26%$8,074$8,607$57$8002020 The Woodlands Resort & Conference CenterHouston, TX100%40655%NA$72,360$72,360$7,313$16,5002020 One Lakes EdgeHouston, TX100%39093%96%$81,729$81,729$4,647$7,5002018 Downtown Summerlin (c)Las Vegas, NV100%802,80883%95%419,354421,30417,39626,3002018 Creekside Village GreenHouston, TX100%74,66986%91%$15,779$15,779$1,848$2,0972017 One MerriweatherColumbia, MD100%207,25448%63%66,33978,1871,1335,1002020 Three Hughes LandingHouston, TX100%320,81531%44%$64,792$90,162($524)$7,6002020 Est. Stab. Date 3Q17 % Leased (a) 3Q17 % Occ. (a) Rentable Sq. Ft. / Units % Ownership Location Project Name Annualized Est. Stab. NOI (b) Annualized 3Q17 NOI Est. Total Cost (Excl. Land) Develop. Costs Incurred Unstabilized Properties

Dollars in thousands, except per sq. ft. and unit amounts Owned & Managed Office 130,000 Two Merriweather Columbia, MD 100% 58% Under construction Q3 2016 Q2 2020 21,105 40,941 3,685 9% 145,000 Two Summerlin Las Vegas, NV 100% 11% Under construction Q2 2017 2020 4,010 49,320 3,500 7% Total Office 978,000 $37,775 $338,400 $25,518 Retail Seaport - Uplands / Pier 173 Lake Woodlands Crossing New York, NY 100% 446,773 53% Under construction Q4 2013 Q1 2021 $427,271 $731,000 $43,000 - $58,000 6% - 8% 60,300 58% Houston, TX 100% Pending Construction Q4 2017 Q4 2020 248 15,381 1,700 11% Total Retail 507,073 $427,519 $746,381 $44,700 - $59,700 Multifamily m.flats/Ten.M Building4 437 $1,982 Columbia, MD 50% Under construction Q1 2016 Q3 2019 90,038 109,345 8,100 7% Total Multifamily 996 $102,106 $210,732 $15,999 Total Under Construction $567,400 $1,295,513 $86,217 - $101,217 (1) With the exception of Two Summerlin and Three Merriweather, represents leases signed as of September 30, 2017 and is calculated as the total leased square feet divided by total leasable square feet, expressed as a percentage. (2) Represents management's estimate of the first quarter of operations in which the asset may be stabilized. (3) Seaport - Uplands / Pier 17 Estimated Rentable sq. ft. and costs are inclusive of the Tin Building, the status of which is still pending. Develop. Costs Incurred and Est. Total Costs are shown net of insurance proceeds of approximately $55 million. (4) Total Develop. Costs Incurred, Est. Total Cost, and Est. Stabilized NOI shown gross, not at share. 16 www.howardhughes.com Downtown Summerlin Apartments Las Vegas, NV 100% 267 $1,928 Pending Construction Q4 2017 Q3 2020 1,283 59,276 4,400 7% Creekside Apartments Houston, TX 100% 292 $1,538 Under construction Q1 2017 Q4 2019 $10,785 $42,111 $3,499 8% Project Status Est. Number of Units % Ownership City, State Project Name Stabilized NOI Yield Est. Stabilized NOI Est. Total Cost (Excl. Land) Develop. Costs Incurred Est. Stabilized Date2 Const. Start Date Monthly Est. Rent Per Unit Three Merriweather Columbia, MD 100% 320,000 50% Pending Construction Q1 2018 2023 1,806 138,200 9,200 7% Aristocrat Las Vegas, NV 100% 180,000 100% Under construction Q2 2017 Q1 2019 3,575 46,661 4,071 9% 100 Fellowship Dr Houston, TX 100% 203,000 100% Under construction Q2 2017 Q4 2019 $7,279 $63,278 $5,062 8% Project Status Percent Pre-Leased1 Est. Rentable Sq. Ft. % Ownership City, State Project Name Stabilized NOI Yield Est. Stabilized NOI Est. Total Cost (Excl. Land) Develop. Costs Incurred Est. Stabilized Date2 Const. Start Date Under Construction Properties

In thousands, except rentable sq. ft. and acres 3Q 2017 Acquisitions Ownership Sq. Ft./ Acres Price No acquisition activity in 3Q17 3Q 2017 Dispositions Sale Price Ownership Sq. Ft./ Acres 8/15/2017 Lakemoor (Volo) Land NA 100% Lakemoor, IL 40.0 $600 17www.howardhughes.com Date Sold Property Type of % Ownership Location Rentable Date Acquired Property Type of % Ownership Location RentableAcquisition Acquisition / Disposition Activity

Woodlands Woodlands Hills Bridgeland Summerlin Maryland Total Dollars in thousands Revenues: Residential land sale revenues Commercial land sale revenues Builder price participation Other land sale revenues $7,493 - 125 1,738 $10,582 - 102 1,553 $0 - - 7 $0 - - 2 $6,458 2,234 49 162 $4,687 2,523 160 96 $38,521 199 5,298 2,231 $26,181 155 4,221 2,087 $0 - - 413 $0 - - 413 $52,472 2,433 5,472 4,551 $41,450 2,678 4,483 4,151 Total revenues $9,356 $12,237 $7 $2 $8,904 $7,466 $46,249 $32,644 $413 $413 $64,929 $52,762 Expenses: Cost of sales - residential land Cost of sales - commercial land Real estate taxes Land sales operations Depreciation and amortization ($3,722) - (1,493) (3,366) (30) ($5,619) - (1,194) (4,199) (30) $0 - (24) (239) - $0 - (23) (87) - ($2,187) (647) (582) (1,203) (19) ($1,524) (731) (411) (1,373) (23) ($22,373) (113) 1,671 (d) (2,241) (24) ($13,489) (69) (629) (2,115) (16) $0 - (154) (549) (1) $0 - (160) (483) (3) ($28,282) (760) (582) (7,598) (74) ($20,632) (800) (2,417) (8,257) (72) Total Expenses ($8,612) ($11,042) ($263) ($110) ($4,638) ($4,062) ($23,080) ($16,318) ($704) ($646) ($37,297) ($32,178) Net interest capitalized (expense) Equity in earnings from real estate affiliates (1,092) - (1,240) - 133 - 148 - 2,698 - 2,366 - 4,617 6,480 3,982 13,699 - - (3) 6,356 6,480 5,253 13,699 - EBT ($348) ($45) ($123) $40 $6,963 $5,770 $34,266 $34,007 ($291) ($236) $40,467 $39,536 Key Performance Metrics: Residential Total acres closed in current period Price per acre achieved Avg. gross margins Commercial Total acres closed in current period Price per acre achieved Avg. gross margins Avg. combined before-tax net margins 11.1 $675 50% 19.9 $532 47% - NM NM - NM NM 17.5 $369 66% 12.2 $384 67% 57.7 $546 42% 31.7 $521 48% - NM NM - NM NM - NM NM 50% - NM NM 47% - NM NM NM - NM NM NM - NM NM NM - NM NM NM - NM NM NM - NM NM NM - NM NM NM - NM NM NM Woodlands Woodlands Hills Bridgeland Summerlin Maryland Key Valuation Metrics: Remaining saleable acres Residential Commercial Projected est. % superpads / lot size Projected est. % single-family detached lots / lot size Projected est. % single-family attached lots / lot size Projected est. % custom homes / lot size Estimated builder sale velocity (blended total - TTM) (b) Gross margin range (GAAP), net of MUDs (c) Gross margin range (Cash), net of MUDs (c) Residential sellout / Commercial buildout date estimate Residential Commercial 257 743 / / / / 36 50.3% 97.0% 1,439 171 / / / / — NM 80.0% 2,432 1,530 / / / / 47 NM 85.5% 3,550 826 / / / / 82 NM 66.8% NM 107 (a) NM NM NM NM NM NM NM 0% 72% 28% 0% — 0.29 ac 0.08 ac — 0% 87% 13% 0% — 0.32 ac 0.13 ac — 0% 89% 10% 1% — 0.16 ac 0.12 ac 1.0 ac 79% 0% 0% 21% 0.25 ac — — 0.4 ac 2022 2025 2029 2028 2036 2045 2035 2039 — 2020 Notes (a) Does not include 31 commercial acres held in the Strategic Development segment in Downtown Columbia. (b) Represents the average monthly builder homes sold over the last twelve months ended September 30, 2017. (c) GAAP gross margin is based on GAAP revenues and expenses which exclude revenues deferred on sales closed where revenue did not meet criteria for recognition, and includes revenues previously deferred that met criteria for recognition in the current period. Gross margin for each MPC may vary from period to period based on the locations of the land sold and the related costs associated with developing the land sold. Projected cash gross margin includes all future projected revenue less all future projected development costs, net of expected reimbursable costs, and capitalized overhead, taxes and interest. (d) Summerlin property taxes for 3Q 2017 are shown net of a $2.4M property tax abatement. 18 www.howardhughes.com 3Q 2017 3Q 2016 3Q 2017 3Q 2016 3Q 2017 3Q 2016 3Q 2017 3Q 2016 3Q 2017 3Q 2016 3Q 2017 3Q 2016 Master Planned Community Land

Key Metrics Development progress Financial Summary (Dollars in thousands, except per sq. ft.) Deposit Reconciliation (Dollars in thousands) Notes (a) We began delivering units at Waiea in November 2016. As of September 30, 2017, we've closed 158 units, we have 7 under contract, and 9 units remaining to be sold. (b) Ke Kilohana consists of 375 workforce units and 49 market rate units. (c) Total deposits held for future use are shown in Other Assets on the balance sheet. U/C = Under Construction 19 www.howardhughes.com Type of building Ultra-Luxury Luxury Upscale Workforce Number of units 174 317 466 424 Avg. unit s.f. 2,174 1,417 836 694 Condo s.f. 378,238 449,205 389,368 294,273 Street retail s.f. 8,200 16,100 68,300 21,900 Stabilized retail NOI ($ in thousands) $453 $1,152 $1,557 $1,081 Stabilization year 2017 2019 2019 2020 Status Opened U/C U/C U/C Start date (actual or est.) 2Q14 4Q14 1Q16 4Q16 Completion date (actual or est.) Complete 4Q17 4Q18 2019 Total development cost ($m) $417.3 $401.3 $428.5 $218.9 Cost-to-date ($m) $396.7 $364.3 $167.6 $48.7 1,381 1,094 1,511,084 114,500 $4,243 $1,466.0 $977.3 Remaining to be funded ($m) $20.6 $37.0 $260.9 $170.2 $488.7 # of units closed or under contract through 3Q17 165 307 367 388 Total % of units closed or under contract 94.8% 96.8% 78.8% 91.5% Number of units closed or under contract (current quarter) 0 5 46 1 Square footage closed or under contract (total) 340,061 419,187 291,279 257,644 Total % square footage closed or under contract 89.9% 93.3% 74.8% 87.6% Target condo profit margin at completion (excl. land cost) — — — — Total cash received (closings & deposits) — — — — Total GAAP revenue recognized — — — — Expected avg. price per sq. ft. $1,900 - $1,950 $1,100 - $1,150 $1,300 - $1,350 $700 - $750 Expected construction costs per retail sq. ft. — — — — Deposits from sales commitment spent towards construction $117,916 $80,803 $48,858 $12,411 held for future use (c) $13,772 $232,447 $40,078 $6,941 Total deposits from sales commitment $131,688 $313,249 $88,936 $19,352 1,227 88.8% 52 1,308,171 86.6% ~30% $1,026,602 $1,202,160 $1,300 - $1,325 ~$1,100 $259,987 $293,238 $553,225 Total Ke Kilohana (b) Ae'o Anaha Waiea (a) Ward Village Condominiums

Planned Future Development Landmark Mall Alexandria, VA 100% 33 Plan to transform the mall into an open-air, mixed-use community. In January 2017, we acquired the 11.4 acre Macy's site for $22.2 million. Mall is completely vacant. We are evaluating potential redevelopment opportunities. Century Plaza Mall Birmingham, AL 100% 59 Kendall Town Center Kendall, FL 100% 70 Zoned for 730,000 Sq. Ft. of commercial space. Currently undergoing re-entitlement process. AllenTowne Allen, TX 100% 238 Located 27 miles north of Downtown Dallas. Agricultural property tax exemptions are in place for most of the property, which reduces carrying costs. Maui Ranch Land Maui, HI 100% 20 Two, non-adjacent, ten-acre parcels zoned for native vegetation. 20 www.howardhughes.com Fashion Show Air Rights Las Vegas, NV 80% N/A Air rights above the Fashion Show Mall located on the Las Vegas Strip. Bridges at Mint Hill Charlotte, NC 91% 210 Zoned for approximately 1.3 million Sq. Ft. of commercial uses. West Windsor West Windsor, NJ 100% 658 Zoned for approximately 6 million Sq. Ft. of commercial uses. Circle T Ranch and Power Center Westlake, TX 50% 207 50/50 joint venture with Hillwood Development Company. Sold 72-acres to an affiliate of Charles Schwab Corporation. Cottonwood Mall Holladay, UT 100% 54 Under contract to sell in separate parcels. First closing expected in 2018. The Elk Grove Collection Elk Grove, CA 100% 64 Plan to build a 400,000 Sq. Ft. outlet retail center. Recently sold 36 acres for $36 million in total proceeds. Notes Acres % Own City, State Property Name Other Assets

(In thousands) Fixed-rate debt: Collateralized mortgages, notes and loans payable Special Improvement District bonds Variable-rate debt: Collateralized mortgages, notes and loans payable, excluding condominium financing Condominium financing Mortgages, notes and loans payable Deferred financing costs, net Unamortized bond issuance costs Total consolidated mortgages, notes and loans payable Total unconsolidated mortgages, notes and loans payable at pro-rata share Total Debt $ 1,476,480 32,266 $ 1,140,118 44,023 1,310,265 195,269 1,363,472 160,847 $ 3,014,280 (7,089) (13,743) $ 2,708,460 (5,779) (11,934) $ 2,993,448 $ 2,690,747 $ 80,931 $ 55,481 $ 3,074,379 $ 2,746,228 Net Debt on a Segment Basis, at share (In thousands) Segment Basis (a) $ Mortgages, notes and loans payable, excluding condominium financing (a) Condominium financing Less: cash and cash equivalents (a) Special Improvement District receivables Municipal Utility District receivables Net Debt $ 244,379 — (105,552) (55,841) (193,100) 1,591,472 — (63,231) — — $ 55,956 195,269 (23,505) — — $ 1,891,807 195,269 (192,288) (55,841) (193,100) $ 987,303 — (450,145) — — $ 2,879,110 195,269 (642,433) (55,841) (193,100) $ (110,114) $ 1,528,241 $ 227,720 $ 1,645,847 $ 537,158 $ 2,183,005 Consolidated Debt Maturities and Contractual Obligations by Final Due Date (b) (In thousands) Mortgages, notes and loans payable Interest Payments Ground lease and other leasing commitments Total consolidated debt maturities and contractual obligations $ 29,752 139,073 9,885 $ 824,684 353,065 14,504 $ 544,861 164,611 11,830 $ 1,614,983 204,420 293,377 $ 3,014,280 861,169 329,596 $ 178,710 $ 1,192,253 $ 721,302 $ 2,112,780 $ 4,205,045 (a) Each segment includes our share of related cash and debt balances for all joint ventures included in Investments in Real estate and Other Affiliates. Please see our Liquidity and Capital Resources discussion in the Form 10-Q for Q3 2017 for further details. (b) Mortgages, notes and loans payable and condominium financing are presented based on extended maturity date. Extension periods generally can be exercised at our option at the initial maturity date, subject to customary extension terms that are based on property performance as of the initial maturity date and/or extension date. Such extension terms may include, but are not limited to, minimum debt service coverage, minimum occupancy levels or condominium sales levels, as applicable, and other performance criteria. We may have to pay down a portion of the loan in order to obtain the extension if we are not in compliance with the respective covenants. 21 www.howardhughes.com Total 5 years and thereafter 3-5 years 2-3 years 1 year Total Non-Segment Amounts Segment Totals Strategic Developments Operating Assets Master Planned Communities December 31, 2016 September 30, 2017 Debt Summary

The Woodlands Master Credit Facility (b) $150,000 L+275 Floating 3.98% Apr-20 / Apr-21 $215,000 Outlet Collection at Riverwalk $54,325 L+275 Floating 3.98% Oct-17 / Oct-18 The Westin at The Woodlands $57,946 L+265 Floating 3.88% Aug-18 / Aug-19 Three Hughes Landing $43,661 L+235 Floating 3.58% Dec-17 / Dec-19 Embassy Suites at Hughes Landing $31,245 L+250 Floating 3.73% Oct-18 / Oct-20 One Merriweather $41,271 L+215 Floating 3.38% Feb-20 / Feb-21 HHC 242 Self-Storage $6,137 L+260 Floating 3.83% Oct-19 / Oct-21 70 Columbia Corporate Center $20,000 L+200 Floating 3.23% May-20 / May-22 10-60 Corporate Centers $80,000 L+175 Floating / Swap 3.20% May-20 / May-22 Millennium Waterway Apartments $55,344 3.75% Fixed 3.75% Jun-22 9303 New Trails $12,098 4.88% Fixed 4.88% Dec-23 3831 Technology Forest Drive $22,088 4.50% Fixed 4.50% Mar-26 Millennium Six Pines Apartments $42,500 3.39% Fixed 3.39% Aug-28 One Hughes Landing $52,000 4.30% Fixed 4.30% Dec-29 One Lakes Edge $69,440 4.50% Fixed 4.50% Mar-29 / Mar-31 Columbia Regional Building $25,000 4.48% Fixed 4.48% Feb-37 Strategic Developments Ke Kilohana $0 L+325 Floating 4.48% Dec-19 / Dec-20 Ae'o $1 L+400 Floating 5.23% Dec-19 / Dec-21 $207,203 Total (d) $1,966,790 Notes (a) Extended maturity assumes all extension options are exercised. (b) The Woodlands Master Credit Facility and Downtown Summerlin have been extended to 2021. (c) Subsequent to quarter end, the loan was fully repaid on October 27, 2017. (d) Excludes JV debt, Corporate level debt, and SID bond debt related to Summerlin MPC & Retail. 22www.howardhughes.com 100 Fellowship Drive $1 L+150 Floating 2.73% May-22 Two Merriweather $11,932 L+250 Floating 3.73% Oct-20 / Oct-21 Waiea and Anaha (c) $195,269 L+675 Floating 7.98% Nov-17 / Nov-19 $1,544,587 Hughes Landing Retail $35,000 3.50% Fixed 3.50% Dec-36 Two Hughes Landing $48,000 4.20% Fixed 4.20% Dec-30 3 Waterway Square $50,647 3.94% Fixed 3.94% Aug-28 Kewalo Basin Harbor $0 L+275 Floating 3.98% Sep-27 4 Waterway Square $35,431 4.88% Fixed 4.88% Dec-23 Ward Village $238,718 L+250 Floating / Swap 3.69% Sep-21 / Sep-23 20/25 Waterway Avenue $13,708 4.79% Fixed 4.79% May-22 One Mall North $14,463 L+225 Floating 3.48% May-20 / May-22 HHC 2978 Self-Storage$5,521 L+260 Floating 3.83% Jan-20 / Jan-22 Downtown Summerlin (b) $275,883 L+225 Floating 3.38% Sep-20 / Sep-21 The Woodlands Resort & Conference Center $67,000 L+325 Floating 4.48% Dec-18 / Dec-20 Lakeland Village Center at Bridgeland $11,292 L+235 Floating 3.58% May-18 / May-20 110 N. Wacker $19,870 5.21% Fixed / Swap 5.21% Oct-19 1725-35 Hughes Landing Boulevard$115,999 L+165 Floating 2.88% Jun-18 / Jun-19 Operating Assets Bridgeland Credit Facility $65,000 4.60% Fixed 4.60% Nov-20 / Nov-22 Q3 2017 Contract Interest Rate Current Annual Initial / Extended Asset Principal Balance Interest Rate Hedge Interest Rate Maturity (a) Master Planned Communities Property Level Debt

Minimum Contractual Ground Lease Payments ($ in thousands) Future Cash Payments Year Ended December 31 Pro-Rata Share Three months ended 2016 Remaining 2017 2018 Thereafter Total Ground Leased Asset Expiration Date September 30, 2017 Riverwalk (a) Seaport Kewalo Basin Harbor 100% 100% 100% 2045-2046 2031 (b) 2049 $786 392 75 $3,300 1,429 300 $1,012 392 75 $2,718 1,594 300 $59,599 205,641 9,200 $63,329 207,627 9,575 $5,029 $1,479 $4,612 $274,440 $280,531 (a) Includes base ground rent, deferred ground rent and the participation rent floor, as applicable. (b) Initial expiration is 12/30/2031 but subject to extension options through 12/31/2072. owardhughes.com 23www.h Summary of Ground Leases

Under Construction - Projects in the Strategic segment for which construction has commenced as of September 30, 2017, unless otherwise noted. This excludes MPC and condominium development. Unstabilized - Properties in the Operating segment that have not been in service for more than 36 months and do not exceed 90% occupancy. If an office, retail or multi-family property has been in service for more than 36 months but does not exceed 90% occupancy, the asset is considered underperforming and is included in Stabilized. Stabilized - Properties in the Operating segment that have been in service for more than 36 months or have reached 90% occupancy, which ever occurs first. If an office, retail or multifamily property has been in service for more than 36 months but does not exceed 90% occupany, the asset is considered underperforming. Net Operating Income (NOI) - We define NOI as operating cash revenues (rental income, tenant recoveries and other revenue) less operating cash expenses (real estate taxes, repairs and maintenance, marketing and other property expenses), including our share of NOI from equity investees. NOI excludes straight-line rents and amortization of tenant incentives, net interest expense, ground rent amortization, demolition costs, amortization, depreciation, development-related marketing costs and, unless otherwise indicated, Equity in earnings from Real Estate and Other Affiliates. We use NOI to evaluate our operating performance on a property-by-property basis because NOI allows us to evaluate the impact that factors, which vary by property, such as lease structure, lease rates and tenant base have on our operating results, gross margins and investment returns. We believe that net operating income (“NOI”) is a useful supplemental measure of the performance of our Operating Assets because it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating real estate properties and the impact on operations from trends in rental and occupancy rates and operating costs. 24www.howardhughes.com Definitions

Reconciliation of Operating Assets segment EBT to Total NOI: (In thousands) Total Operating Assets segment EBT $ (13,162) $ (9,068) $ 7,922 $ 5,191 $ (35,943) $ (14,308) $ (28,175) Straight-line lease amortization Demolition costs Development-related marketing costs Depreciation and Amortization Provision for impairment Write-off of lease intangibles and other Other income, net Equity in earnings from Real Estate Affiliates Interest, net Total Operating Assets NOI - Consolidated 1,421 (34) (1,067) (33,885) — (41) (249) 317 (15,940) 1,816 (63) (832) (32,244) — (15) 162 37 (15,540) 1,961 (65) (418) (22,789) — (27) (178) 3,385 (14,524) 1,057 (194) (46) (21,767) — (61) 1,475 185 (13,458) 2,551 — (457) (20,732) (35,734) — 11 (210) (12,903) 5,198 (162) (2,317) (88,918) — (83) (265) 3,739 (46,004) 9,632 — (902) (64,546) (35,734) 35 3,126 2,616 (36,968) 36,316 37,611 40,577 38,000 31,531 114,504 94,566 Redevelopments Landmark Mall Total Operating Asset Redevelopments NOI — — — (150) (202) — (526) — — — (150) (202) — (526) Dispositions Park West Total Operating Asset Dispositions NOI (8) (39) (14) 490 411 (61) 1,346 (8) (39) (14) 490 411 (61) 1,346 Consolidated Operating Assets NOI excluding properties sold or in redevelopment $ 36,324 $ 37,650 $ 40,591 $ 37,660 $ 31,322 $ 114,565 $ 93,746 Company's Share NOI - Equity investees $ 1,186 $ 1,385 $ 746 $ 888 $ 569 $ 3,315 $ 4,181 Distributions from Summerlin Hospital Investment — — 3,383 — — 3,383 2,616 Total NOI $ 37,510 $ 39,035 $ 44,720 $ 38,548 $ 31,891 $ 121,263 $ 100,543 (a) - Effective January 1, 2017, we moved South Street Seaport assets under construction and related activities out of the Operating Assets segment into the Strategic Developments segment. Amounts for all 2016 periods presented have been adjusted from previous filings to reflect this change. Reconciliation of MPC Land Sales Closed to GAAP Land Sales Revenue: (In thousands) Total residential land sales closed in period Total commercial land sales closed in period Net recognized (deferred) revenue: Bridgeland Summerlin Total net recognized (deferred) revenue Special Improvement District bond revenue Total land sales revenue - GAAP basis $ 45,467 — $ 31,793 — 2,234 3,166 2,523 7,649 5,400 10,172 4,039 2,163 $ 54,906 $ 44,128 Total MPC segment revenue - GAAP basis $ 64,929 $ 52,762 Reconciliation of MPC segment EBT to MPC Net Contribution: (In thousands) Three Months Ended September 30, MPC segment EBT Plus: Cost of sales - land Depreciation and amortization MUD and SID bonds collections, net Less: MPC development expenditures MPC land acquisitions Equity in earnings in Real Estate and Other Affiliates MPC Net Contribution $ 40,465 $ 39,537 29,043 76 1,643 21,432 72 6,544 (45,772) — (6,480) (35,823) — (13,700) $ 18,975 $ 18,062 Reconciliation of Segment EBTs to Net Income (In thousands) Three Months Ended September 30, MPC segment EBT Operating Assets segment EBT Strategic Developments segment EBT Corporate and other items Income before taxes Provision for income taxes Net income Net income attributable to noncontrolling interests Net income attributable to common stockholders $ 40,465 (13,162) 26,249 (37,190) $ 39,537 (35,943) 30,904 (16,340) 16,362 (5,846) 18,158 (10,162) 10,516 7,996 (12) (23) $ 10,504 $ 7,973 25 www.howardhughes.com 2016 2017 2016 2017 Q3 2016 Q3 2017 Q3 YTD 2016 (a) Q3 YTD 2017 Q3 2016 (a) Q4 2016 (a) Q1 2017 Q2 2017 Q3 2017 Reconciliation of Non-GAAP Measures