2019 Performance Review

HHC's Three Pillar Transformation Plan I. Streamlined Organizational Structure $50mm per annum reduction in overhead expenses Decentralized regional management supported by a lean corporate footprint Overhead expense savings increase free-cash-flow generation and reduce reliance on land sales in the event of a potential downturn in the economy II. Sale of Non-Core Assets ~$2bn of non-core asset sales, expected to generate net proceeds of -$600mm Proceeds will be redeployed into MPC development and share buybacks III. Accelerated growth in core MPC business Extensive, unexploited demand for near- to intermediate-term developments Recently announced $565mm acquisition of premium office space and commercial land for development in The Woodlands 47

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