Davies | Pershing Square Capital Management L.P., Knott Partners Management, LLC and Hawkeye Capital Management, LLC

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October 12, 2008

Pershing Square Capital Management L.P., Knott Partners Management, LLC and Hawkeye Capital Management, LLC

Transaction Summary

Counsel to US funds managers Pershing Square Capital Management L.P., Knott Partners Management, LLC and Hawkeye Capital Management, LLC in connection with active shareholder opposition to the take-over of Sears Canada Inc. by Sears Holdings Corp.

2006