Seaport Entertainment Group Completes Separation from Howard Hughes Holdings

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Las Vegas Aviators

Seaport Entertainment Group Completes Separation from Howard Hughes Holdings

August 2, 2024 - Pacific Coast League (PCL)
Las Vegas Aviators News Release


NEW YORK, NY - Seaport Entertainment Group Inc. (NYSE American: SEG) (the

"Seaport Entertainment Group" or "Company"), a newly formed company positioned at the intersection of entertainment and real estate, announced today that it has completed its previously announced separation (the "Separation") from its predecessor Howard Hughes Holdings Inc. (NYSE: HHH) ("Howard Hughes") and is now an independent, standalone publicly traded company. The Company expects its common stock to begin trading today on the NYSE American LLC under the ticker symbol SEG.

Seaport Entertainment Group's portfolio is anchored by the historic Seaport neighborhood in Lower Manhattan, which includes 478,000 square feet of primarily retail, restaurant and entertainment offerings, the 3,500-person concert venue on The Rooftop at Pier 17, a mixed-use development site at 250 Water Street, and the Tin Building by Jean-Georges, an immersive culinary marketplace. The Company's portfolio also includes Las Vegas Ballpark in downtown Summerlin, NV; the Las Vegas Aviators, the Triple-A Minor League Baseball Affiliate of the Oakland Athletics; a 25% ownership interest in Jean-Georges Restaurants; and an interest in and to 80% of the air rights above the Fashion Show mall in Las Vegas.

Seaport Entertainment Group is led by Anton D. Nikodemus, the Company's President, Chief Executive Officer, and Chairman of its Board of Directors. Mr. Nikodemus is an industry veteran with a proven track record of developing and operating some of the entertainment industry's premiere destinations and brands, including overseeing MGM Resorts International's The Cosmopolitan of Las Vegas, Vdara Hotel & Spa, ARIA Resort and Casino, Bellagio Hotel & Casino, and Park MGM Las Vegas, as well as the creation and development of MGM National Harbor Hotel & Casino in Maryland and MGM Springfield in Massachusetts, and the redevelopment and management of the Boca Raton Resort & Club in Boca Raton, Florida.

"Today is an exciting milestone for Seaport Entertainment Group as we begin this new phase as an independent public company. We've built a team of experienced industry professionals, with the goal of creating a best-in-class entertainment organization underpinned by our quality portfolio in top-tier, high-barrier-to-entry markets," said Mr. Nikodemus. "We are committed to redefining the entertainment experience for our guests, and I'm confident our unique assets, strong partnerships, and newly constructed team are capable of creating long-term value."

The Separation was accomplished through the pro rata distribution of 100% of the outstanding shares of Seaport Entertainment Group common stock to holders of Howard Hughes common stock, which occurred after the market closed on July 31, 2024, with Howard Hughes stockholders receiving one share of Seaport Entertainment Group common stock for every nine shares of Howard Hughes common stock held at the close of business on July 29, 2024, the record date for the distribution (the "Record Date"). Stockholders who held Howard Hughes common stock on the Record Date were entitled to receive either a book-entry account statement or a credit to their

brokerage account reflecting their ownership of Seaport Entertainment Group common stock. Fractional shares of Seaport Entertainment Group common stock will be aggregated and sold in the open market, with the net proceeds distributed pro rata in cash payments to Howard Hughes stockholders who otherwise would have received fractional shares of Seaport Entertainment Group common stock.

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