Change in Holdings of Pershing Square

http://www.sec.gov/Archives/edgar/data/1336528/000117266109000911/pers1q09.txt

Pershing Square		Shares Owned	Shares Owned
Position	Ticker	12/31/2008	3/31/2009	Bought(Sold)
Apartment Investment and Mgmt*	AIV	500,000	8,126,734	7,626,734
Alexanders	ALX	8,205	8,205	0
Borders Group	BGP	10,597,880	10,597,980	100
Dr. Pepper Snapple	DPS	10,824,220	0	(10,824,220)
EMC Corp	EMC	58,619,033	58,619,033	0
General Growth	GGP	20,080,690	23,261,369	3,180,679
Greenlight Capital	GLRE	250,000	250,000	0
Sears Holdings	SHLD	302,936	0	(302,936)
Target*	TGT	28,767,604	26,886,129	(1,881,475)
Visa	V	7,135,608	2,205,464	(4,930,144)
Wendy's Arby's	WEN	47,044,509	32,324,580	(14,719,929)
Yum Brands	YUM	0	1,554,315	1,554,315
*Originally bought AIV on 4/22
*Target shares include call options