Feb 18 (Reuters) - Pershing Square:

* PERSHING SQUARE ANNOUNCES REVISED PROPOSAL TO HOWARD

HUGHES

HOLDINGS

* PERSHING SQUARE: IN NEW PROPOSAL OWNERSHIP WOULD INCREASE

FROM

37.6% TO 48% OF SHARES

* PERSHING SQUARE: BILL ACKMAN WOULD BECOME CHAIRMAN AND CEO

OF

HHH

* PERSHING SQUARE: PROPOSES TO PAY $90 PER SHARE TO ACQUIRE

10,000,000 NEWLY ISSUED SHARES OF HHH

* PERSHING SQUARE: WILL FUND ITS $900 MILLION INVESTMENT

FROM CASH

ON ITS BALANCE SHEET

* PERSHING SQUARE: BEN HAKIM WOULD BECOME PRESIDENT OF HHH

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