The Howard Hughes Corporation Update 01/12/22

The Howard Hughes Corporation Appoints Carlos Olea as Chief Financial Officer

The Howard Hughes Corporation® (NYSE: HHC) today announced that Carlos Olea has been appointed as the company's Chief Financial Officer, effective January 12, 2022. Mr. Olea becomes CFO at a time of escalating growth and strong financial performance across the company's acclaimed portfolio of large-scale master planned communities (MPC) and mixed-use properties.

Mr. Olea has been with The Howard Hughes Corporation since 2017 and has served as the company's Chief Accounting Officer since 2019, overseeing the financial accounting strategy for the nation's largest portfolio of MPCs during a time of outstanding growth. Prior to joining HHC, Mr. Olea served as Chief Accounting Officer at Carr Properties, a Washington, D.C.-based owner-operator and developer. Previously, he was a Senior Manager with the Advisory Services practice of Ernst and Young and a Director of Technical Accounting and Financial Reporting with AvalonBay Communities in Arlington, Virginia.

caros olea

Mr. Olea has a Master's in Real Estate degree with a concentration in finance from Georgetown University, and a B.S. in Accounting and Finance from ITESM, in Mexico.

"Carlos has been an integral part of HHC's senior team for the past four years, and we are fortunate to have him as our Chief Financial Officer," said David O'Reilly, Chief Executive Officer of The Howard Hughes Corporation. "What Carlos brings to the table goes far beyond his vast knowledge of our company and of our industry—his collaborative spirit and inspirational leadership style are invaluable assets for the entire HHC team."

Mr. Olea succeeds Correne Loeffler, who assumed the company's CFO role in 2021 after HHC's then-CFO, David O'Reilly, was appointed as Chief Executive Officer.

"We are grateful for the expertise and dedication that Correne brought to HHC as she helped lead us through a time of transition," said O'Reilly. "Correne helped drive the outstanding results that we have experienced and has positioned HHC for continued growth ahead. We are fortunate to have had Correne's leadership, and we wish her continued success going forward."

The Howard Hughes Corporation's development pipeline is the largest in company history, with last year's announcement of over 2,000,000 square feet of new development across the portfolio—including in Downtown Columbia®, Maryland; Ward Village® in Honolulu; Summerlin® in Las Vegas; and Bridgeland® in the Greater Houston region—followed by HHC's recent acquisition of Douglas Ranch, its new 37,000-acre MPC in Phoenix's West Valley.

"I am excited for the opportunity to serve as HHC's Chief Financial Officer and help drive the company's success as we continue to accelerate growth across our portfolio," said Mr. Olea. "With HHC's world-class assets and incredibly robust balance sheet, we are poised to continue to propel the momentum we have been experiencing as we create long-term value in our MPCs and mixed-use developments, and deliver outsized, risk-adjusted returns to our investors."

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