<p><span style="line-height: 1.6;">Pershing Square started purchasing the common stock of Sears Roebuck &amp; Company in June 2004. In addition to purchasing Sears common stock for its own account, Pershing Square approached Vornado Realty Trust</span><span style="line-height: 1.6;">&nbsp;real estate investment company, to induce it to consider a potential strategic transaction with Sears.</span></p>