Pershing Square Reports Acquisition of Sears Canada Shares

    NEW YORK, NY, Jan. 31 /CNW/ - Pershing Square Capital Management, L.P.
("Pershing Square") announced today that funds advised by it acquired 150,000
common shares of Sears Canada Inc. ("Sears Canada") this afternoon on the
Toronto Stock Exchange ("TSX"). This purchase represents approximately 0.14%
of the outstanding shares of Sears Canada. Taking into account this purchase,
previous purchases made on the TSX and the over the counter market and prior
holdings, the Pershing Square funds own a total of 16,394,285 common shares,
or approximately 15.23% of the outstanding shares of the company.
    The common shares were acquired for investment purposes. In the future,
Pershing Square or funds managed by it may acquire or dispose of 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

For further information:

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, 29th
Floor, New York, N.Y., 10019, (212) 813-3700

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Pershing Square Capital Management, L.P.

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