Pershing Square sells its interest in Sears Canada

Client(s) Pershing Square Capital Management, L.P.

Jones Day advised Pershing Square Capital Management, L.P. in its CAD$560 million (US$558 million) sale of 18,660,880 Common Shares of Sears Canada Inc. to Sears Holdings Corporation, the biggest U.S. department-store company. The shares sold represent approximately 17.57% of the outstanding shares of Sears Canada.