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  "documentTitle": "Howard Hughes Holdings Inc. (HHH)",
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  "authorName": "William A. Ackman",
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  "notes": "Page 11 of a shareholder letter/proposal document.",
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      "text": "The Transaction Will Be Structured To Preserve The Board's Ability To Use Its Business Judgment",
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      "text": "The Pershing Square Funds will waive any management fees associated with HHH shares they retain post-Transaction to avoid charging our clients duplicative fees.",
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      "text": "HHC, the Company’s principal real estate operating subsidiary, will continue to operate effectively unchanged with the same long-term strategy, management team, and employees. We envision no changes in the employees at HHC including its accounting team, which we expect will continue to prepare the Company’s SEC and other financial reports.",
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      "text": "Pershing Square will maintain the Company’s NYSE listing and commit to not reduce the Company’s public float, whether through acquisition of additional shares or a “squeeze-out” of the minority stockholders without the approval of the unaffiliated members of the Company’s Board of Directors.",
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      "text": "The Pershing Square funds are buy-and-hold investors as demonstrated by our long-term relationship and investment in the Company where we have continuously remained the largest stockholder since Howard Hughes Corporation’s public offering in November 2010.",
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      "text": "In considering this proposal, you should know that if the Special Committee chooses not to recommend, or the public stockholders of the Company do not approve, the Transaction, our relationship with the Company would not be adversely affected. We would expect to remain a long-term shareholder of the Company subject to the duties we owe to our investment advisory clients.",
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      "text": "As a result of our long-term involvement with the Company and its predecessor, we already have a detailed understanding of the Company, its business and assets, and its directors and senior management, which will enable us to move quickly to negotiate and execute mutually acceptable definitive transaction documentation.",
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      "text": "We understand that the Board of Directors has appointed a Special Committee of independent directors to consider any proposal we may make. We are prepared to subject the Transaction to the prior approval of the Special Committee as well as to a non-waivable condition requiring the approval of holders of a majority of the common stock of the Company not owned by Pershing Square or parties affiliated with or advised by Pershing Square.",
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      "text": "operating companies within non-real estate verticals will generally be implemented through one or more other subsidiaries of the Company either on its own or with co-investments from other Pershing Square funds and investment vehicles.",
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