Howard Hughes Holdings Inc to Acquire Vantage Group Holdings Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Alexander Goldfarb - Piper Sandler - Analyst : Great. And I guess, congrats, Bill, on this. I know you've been working hard. Two questions. The first is clearly a lot of macro uncertainty right now in the market's concerned about AI valuations, S&P, et cetera. How do we get comfortable you guys transitioning the Vantage portfolio and putting money to work right now and certainly all the talking heads have diverging opinions on the state of the markets today?

Question: Alexander Goldfarb - Piper Sandler - Analyst : Okay. And then the second question is, David and his team have done a phenomenal job on the MPCs, defying the high interest rates, et cetera. But that said, can the real estate compete with the investment returns, meaning like from a capital perspective, will the real estate still be able to get Howard Hughes capital or the way that you guys look at it, the insurance business is so much more productive from an ROI perspective that will see less capital to real estate more to insurance? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 18, 2025 / 1:30PM, HHH.N - Howard Hughes Holdings Inc to Acquire Vantage Group Holdings

Question: Anthony Paolone - JPMorgan Chase & Co - Analyst : Congrats on getting this announced. I guess first question is just when I step back, a lot of what you talked about was buying a business that over the next few years as you execute your plan will be worth a lot more than what you paid for it. I think you can probably say the same thing about a lot of the real estate investments you made, but the stock still -- it never really seem to reflect credit for that. I mean, what -- in your mind, do you think will change it with this and stands out to you as something the market will latch on to and give you more credit in the future than what you've gotten in the past on the real estate side?

Question: Anthony Paolone - JPMorgan Chase & Co - Analyst : Got it. And then just one, maybe a follow-up more technically perhaps for Carlos. Just what should we expect to see when you give guidance? And how do we think about what you'll be guiding to with this transaction in motion?

Question: Meyer Shields - Keefe Bruyette & Woods Inc - Analyst : I was hoping you could share how you're thinking about maybe using additional M&A activity to either scale up Vantage or to just build a broader array of portfolio assets sort of similar to the way Berkshire Hathaway has done?

Question: Ryan Shelley - Bank of America - Analyst : This is Ryan Shelley from BofA. I just wanted to ask about the funding strategy going forward here. Obviously, you guys have a few tranches of unsecured outstanding at the HHH holdco level. Do you guys plan on continuing to issue there to fund both Vantage and Howard Hughes communities going forward? Just any thoughts about how we should be thinking about that from the credit side?

Question: Jonathan Petersen - Jefferies LLC - Analyst : Congratulations, guys. Maybe just actually to continue on that last line of question just to make sure I understand it. So because I'm not terribly familiar with the holding company strategy and how this works. The retained cash flow inside of each of these subsidiaries, will there be some kind of dividend that's paid to the holding company? Or will any of that cash flow move up to the holding company to fund future growth? Or do we think about it all staying inside the subsidiary?

Question: Jonathan Petersen - Jefferies LLC - Analyst : I guess if we think about this business long-term and you have multiple subsidiaries in here, is the right way to think about it, you have a balance of companies that generate a lot of excess cash flow to grow the holding company and then a balance of other companies that have a lot of reinvestment themselves like Vantage. Is that kind of the right way to think about the balance if we're thinking 10 years in the future?