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Ackman’s Letter to Howard Hughes Shareholders

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Rail Traffic Surges and Temp. Employment Climbs

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“Help Wanted” Ads Surge

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Subs: Miscellaneous

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Subs: “No Disruptions”

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New Mall Space at Lowest Levels Recorded

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St. Joe Approved to Monetize Another 60k Acres

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“Bust It Up” or Just “Run it Right” ?

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Subs: Miscellaneous

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Employment Breaks Out of Range

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AutoNation on Japan

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Ford……wow (Updated w/SEC filing at end)

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Ford March Sales in Canada Surge 16%

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St. Joe’s Land “Sale”

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Subs: Loyalty and “If You Price It Right, They’ll Buy”

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