If The Woodlands acquisition had occurred on January 1, 2011, total revenues of the Company for the year ended December 31, 2011, would have been approximately $357.5 million, on a pro forma basis, compared to $376.9 million for the year ended December 31, 2012. The principal reason for the $19.4 million increase in revenues, on a pro forma basis, is increases in Master Planned Community land sales, Minimum rents, and Resort and conference center revenues. For a more complete comparison of operating results between periods, please refer Item 7 beginning on page 38 of The Howard Hughes Corporation Consolidated and Combined Financial Statements contained in our Form 10-K for the year ended December 31, 2012

David R. Weinreb, CEO of The Howard Hughes Corporation, stated, “During 2012, we made tremendous progress in advancing the development of our most important assets. Our master planned communities also generated strong performance, and the Las Vegas housing market, where our Summerlin MPC is located, appears to be in a sustainable and strengthening recovery. We have the balance sheet, financial and human capital to realize the full potential of our irreplaceable assets.”

Mr. Weinreb continued, “2013 will be a pivotal year, as we begin construction on several of our new developments and redevelopments, such as the South Street Seaport. I believe that our visibility in the markets will increase significantly as construction activities begin, and we will be able to provide more financial information about each project as they get underway.”

Business Segment Operating Results

For comparative purposes, Master Planned Communities land sales and Operating Assets NOI relating to The Woodlands, and a discussion of results as if we consolidated The Woodlands during the year ended December 31, 2011, are presented in this earnings release in our Supplemental Information. For a reconciliation of Operating Assets NOI to Operating Assets real estate property earnings before taxes (“REP EBT”), Operating Assets REP EBT to GAAP-basis income (loss), and segment-basis MPC land sales revenue to GAAP-basis land sales revenue, refer to the Supplemental Information contained in this earnings release.

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