April 14, 2025

Pershing Square Capital Management, L.P.

787 Eleventh Avenue, 9th Floor

New York, New York  10019

Attn:  William A. Ackman

Ladies and Gentlemen:

Reference is made to that certain letter agreement by and between Howard Hughes Holdings Inc. and Pershing Square Capital Management, L.P., dated March 2, 2025 (as amended, the “Standstill Agreement”).  The parties to the Standstill Agreement hereby agree to delete “April 15, 2025” in the first clause of Section 1 and replace it with “April 30, 2025”.

Other than as set forth herein, all of the terms and conditions of the Standstill Agreement shall continue in full force and effect.

If you agree with the terms of this letter agreement, please sign below and return this letter with your signature to Howard Hughes Holdings Inc.

	Very truly yours,
	Howard Hughes Holdings Inc.
	By:	/s/ David O’Reilly
	Name: David O’Reilly
	Title: Chief Executive Officer

The foregoing is agreed to and accepted:

Pershing Square Capital Management, L.P.
By:	/s/ William A. Ackman
Name: William A. Ackman
Title: Chief Executive Officer

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