To: "gil.shochat@cbc.ca" <gil.shochat@cbc.

ca>
Cc:

Gil Shochat

CBC

Mr. Shochat,

I am responding on behalf of Eddie Lampert to the email you sent (copied below).

We appreciate you following up with these questions and can confirm that Mr. Lampert will not be available for an on-
camera interview.

As you may already be aware, Mr. Lampert has written and posted blogs that addressed the bankruptcy of Sears Canada
in detail. Please see relevant posts here and here. His interview with the Toronto Star further elaborates on the topic of
Sears Canada, including the company’s dividends and its ultimate bankruptcy. As you will see, Mr. Lampert addresses
the questions your raised in detail and with substance and important context. I also feel it is important to clarify two key
misunderstandings that seem to underlie your questions:

Mr. Lampert was never a member of the Board of Directors or an officer of Sears Canada. Accordingly, he has
never had decision-making authority with respect to any of the dividends issued by Sears Canada, determinations
as to funding of the pension plan or any other business decisions. All of these decisions were made and duly
authorized by Sears Canada’s management and Board. All inquiries regarding the reasoning behind those
decisions should be directed to the members of the Board of Directors, who ultimately made the decisions. The
assertions that Mr. Lampert made or directed such decisions is simply inaccurate.

Neither Mr. Lampert himself nor his investment firm, ESL Investments, held or managed any shares in Sears
Canada until November of 2012. As such, Mr. Lampert and ESL received no dividends from Sears Canada prior to
2012. Moreover, Mr. Lampert and ESL participated in a rights offering in 2014 through which they purchased more
than USD $168.5 million of additional shares in Sears Canada. This purchase alone belies any suggestions of
"asset-stripping" or a lack of confidence in the future of the Sears Canada business.

I hope that your reporting accurately reflects those facts, all of which are verifiable by external sources. Feel free to call
me if you would like to discuss.

Take care,

Robert

Teneo Holdings
Robert Mead
Vice Chairman