Pershing Square reports acquisition of Sears Canada shares

    NEW YORK, Oct. 6 /CNW/ - Pershing Square Capital Management, L.P.
("Pershing Square") announced today that funds advised by it acquired 673,500
common shares of Sears Canada Inc. ("Sears Canada") on October 3, 2008 on the
Toronto Stock Exchange ("TSX") at a price of Cdn$16.78 per share. This
purchase represents approximately 0.626% 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 18,630,185 common shares, or approximately 17.3% of the
outstanding shares of Sears Canada.
    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, 42nd
Floor, New York, N.Y., 10019, (212) 813-3700

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Pershing Square Capital Management, L.P.

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