Pershing Square sells its interest in Sears Canada

NEW YORK, April 23 /CNW/ - Pershing Square Capital Management, L.P. ("Pershing Square") announced today that funds advised by it have agreed to sell all of the 18,660,880 common shares of Sears Canada Inc. ("Sears Canada") held by them in a negotiated transaction through the Toronto Stock Exchange ("TSX") to Sears Holdings Corporation on April 27, 2010 at a price of Cdn$30.00 per share. The shares to be sold represent approximately 17.57% of the outstanding shares of Sears Canada. Following the sale of these shares, no Pershing Square fund will own any shares of Sears Canada.

In the future, Pershing Square or funds managed by it may acquire common shares of Sears Canada depending upon a number of factors including, among others, strategic objectives, general market and economic conditions, the financial condition, results of operations and prospects of Sears Canada, and other investment and business opportunities available to it and the funds which it advises.

For further information: or to receive a copy of the early warning report issued in connection with this press release, please contact: Roy J. Katzovicz, Pershing Square Capital Management, L.P., 888 Seventh Avenue, 42nd Floor, New York, N.Y., 10019, [phone]