THE HOWARD HUGHES CORPORATION® BREAKS GROUND ON LAKELAND VILLAGE CENTER, FIRST COMMERICAL DEVELOPMENT IN BRIDGELAND®

CVS/pharmacy® will Serve as Anchor of Highly-Anticipated Lakeland Village Center

Cypress, TX (June 15, 2015) – Executives from The Howard Hughes Corporation® (NYSE:HHC), Bridgeland® and The Woodlands® Development Company broke ground today on Lakeland Village Center in which CVS/pharmacy® will be the anchor retail tenant. Lakeland Village Center is the first commercial development in Bridgeland, an award-winning master planned community in Cypress.

Set on 20 acres along Fry Road, Lakeland Village Center will include 84,000 square feet of mixed-use development in Phase One consisting of retail, restaurants, and professional and medical offices. The center will feature abundant landscaping, views of two bordering lakes and expansive sidewalks. The contractor for the project is VCC, LLC. Completion of Phase One of Lakeland Village Center is slated for spring 2016.

Lakeland Village Center is within walking distance for residents of Lakeland Heights®, a traditional neighborhood development in Bridgeland, and provides easy accessibility for those in the remaining enclaves of Lakeland Village, the first of four villages planned for the community.

"We are excited to announce Lakeland Village Center as the inaugural commercial venture in Bridgeland. The new village can be accessed through Fry Road and is in close proximity to the Grand Parkway and Highway 290,” said Paul Layne, Executive Vice President of Master Planned Communities for The Howard Hughes Corporation. "Having CVS/pharmacy as the anchor will offer even more convenience to residents and nearby communities.”

The 15,300-square-foot CVS/pharmacy will feature a drive-thru pharmacy along with a wide assortment of health, beauty and personal care products and best in class pharmacy care. Construction is expected to begin in mid-July of this year, and the store is scheduled to open in early 2016. Genesis Design Group is the Architect for CVS/pharmacy.

"We are pleased that our next Cypress store will be part of Lakeland Village Center,” said Roger Francis, Area Vice President of CVS/pharmacy in Texas. "We are looking forward to joining this exciting development and bringing our pharmacy products and services to the Bridgeland community to help them on their path to better health.”

First Hartford Realty-Preferred Developer represented CVS/pharmacy®. Rip Reynolds, Director of Leasing & Commercial Land for The Howard Hughes Corporation, and the J. Beard Real Estate Company represented Bridgeland in the lease transaction. Both Rip Reynolds and Zak Hudnall, Leasing Associate for The Woodlands Development Company, handle leasing for Lakeland Village Center.

"The debut of Lakeland Village Center and CVS/pharmacy really solidifies the Main Street concept we envisioned for the first commercial site in Bridgeland,” said Peter Houghton, Vice President of Master

Planned Communities for Bridgeland. "Bridgeland’s walkability and easily accessible amenities are distinguishing features of the community, and we’re excited to see Lakeland Village Center further that precedent.”

Learn more about Bridgeland, a wholly-owned subsidiary of The Howard Hughes Corporation and managed by The Woodlands Development Company, at www.bridgeland.com or www.facebook.com/BridgelandCommunity.

Photo Caption: Executives and the contractor, designer and architect teams broke ground today on Lakeland Village Center in Bridgeland, the first commercial development in the master planned community, where CVS/pharmacy® will serve as the anchor retail tenant. Pictured from left to right are John Davenport, Vice President, VCC, LLC; Travis Walla, Senior Project Manager, The Woodlands Development Company (TWDC); Zak Hudnall, Leasing Associate with TWDC; Tim Gullick, Project Superintendent, VCC, LLC; Paul Layne, Executive Vice President of Master Planned Communities for The Howard Hughes Corporation; Roger Patatanian, Pharmacy Supervisor for CVS/pharmacy; Eric Gentile, District Manager for CVS/pharmacy; David Sears, Architect of Project and President, The Wingfield/Sears Group, Inc.; Jim Carman, Director of Building Development, The Howard Hughes Corporation; Hossein Oskouie, Designer of Project and President, Urbangroup Design and Building Services; Alex Sutton, Co- President, TWDC; Chelsey Fisher, Project Manager, VCC, LLC; Rip Reynolds, Director of Leasing & Commercial Land for The Howard Hughes Corporation; Kyle Gunn, Project Engineer, VCC, LLC; and Peter Houghton, Vice President of Master Planned Communities for Bridgeland.

About Bridgeland®
Bridgeland is an 11,400-acre master planned community in Cypress, Texas, located between U.S. 290 and Interstate 10 on Fry Road and bisected by a segment of the Grand Parkway. Managed by The Woodlands Development Company, Bridgeland and The Woodlands share the same development philosophy and benefit from The Woodlands’ 40 years of successful real estate development. Both communities are listed among the top-selling master planned communities in Texas and the nation and offer a wide variety of housing options, extensive outdoor recreation and a focus on environmental preservation. For more information, visit www.bridgeland.com.

About The Howard Hughes Corporation®
The Howard Hughes Corporation owns, manages and develops commercial, residential and mixed-use real estate throughout the U.S. Our properties include master planned communities, operating properties, development opportunities and other unique assets spanning 16 states from New York to Hawai‘i. The Howard Hughes Corporation is traded on the New York Stock Exchange as HHC and is headquartered in Dallas, TX. For additional information about HHC, visit www.howardhughes.com.

Safe Harbor Statement
Statements made in this press release that are not historical facts, including statements accompanied by words such as "will,” "believe,” "expect,” "enables,” "realize”, "plan,” "intend,” "assume,” "transform” and other words of similar expression, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s expectations, estimates, assumptions, and projections as of the date of this release 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 The Howard Hughes Corporation’s filings with the Securities and Exchange Commission, including its Quarterly and Annual Reports. The Howard Hughes Corporation cautions you not to place undue reliance on the

forward-looking statements contained in this release. The Howard Hughes Corporation does 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 release.

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Contact
Audrey Roeder
The Howard Hughes Corporation 281-213-1131
audrey.roeder@howardhughes.com

Lona Shipp
The Howard Hughes Corporation 281-213-1117 or 713-851-4264
lona.shipp@howardhughes.com

Caryn Kboudi
The Howard Hughes Corporation 214-741-7744
caryn.kboudi@howardhughes.com