2019 Performance Review

Creating Value Through Activism Howard Hughes THE HOWARD HUGHES CO MEXICA OTLE FICAN OR NGRILL ORATION Bill has served as Chairman of HHC's Board since 2010 After a thorough strategic review process, the Board announced, in October 2019, that the company will execute a transformation plan Appointed Paul Layne as new CEO, and announced $2bn in asset sales and a greater than one-third reduction in G&A expenses Ali Namvar and Matthew Paull joined the board in December 2016 Brian Niccol joined as CEO in 2018 and has successfully implemented an organizational transformation to turn around the company Early stages of executing on an extensive pipeline of growth initiatives ADP Remained actively engaged with ADP following the 2017 proxy contest, holding ADP accountable for achieving its potential ADP realized accelerated margin expansion and earnings growth following their decision to embrace a business transformation In addition to these more visible examples of our activism, Pershing Square continually engages constructively, behind-the-scenes, with the management teams and boards of our portfolio companies to effectuate long-term value creation Note: Additionally, Pershing Square was actively involved on the board of Platform Specialty Products until exiting the position in February 2019 25

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