X0306 4 2016-03-02 0 0001628063 Seritage Growth Properties SRG 0001214344 BERKOWITZ BRUCE R C/O FAIRHOLME CAPITAL MANAGEMENT, L.L.C. 4400 BISCAYNE BOULEVARD, 9TH FLOOR MIAMI FL 33137 0 0 1 0 Class A Common Shares, $0.01 par value 2016-03-02 4 S 0 30700 41.81 D 3480300 I See Footnote Class A Common Shares, $0.01 par value 2016-03-03 4 S 0 87850 41.88 D 3392450 I See Footnote Class C Non-Voting Common Shares, $0.01 par value 6277185 I See Footnote Class C Non-Voting Common Shares, $0.01 par value 35850 D The securities were held in an account managed indirectly by Mr. Bruce R. Berkowitz (the "Reporting Person") and were sold pursuant to client instructions. The Reporting Person does not have any direct or indirect pecuniary interest in the managed account because the Reporting Person (i) does not receive any incentive compensation from the managed account and (ii) does not have a direct or indirect interest in the managed account. The securities may be deemed to be beneficially owned by the Reporting Person because he controls the sole member of a registered investment adviser, which may be deemed to have beneficial ownership of the securities because it serves as the investment manager to separate series of a registered investment company and certain private funds and managed accounts. The Reporting Person disclaims beneficial ownership in the securities reported on this Form 4 except to the extent of his pecuniary interest, if any, therein, and this report shall not be deemed to be an admission that the Reporting Person is the beneficial owner of such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose. Due to a contractual restriction on the sale of the Class C Non-Voting Common Shares, $0.01 par value ("Class C Shares"), the account sold Class A Common Shares, $0.01 par value ("Class A Shares") in the market while effecting a conversion of its Class C Shares to Class A Shares (via a transfer agent). The amount reported in Column 5 accounts for 4,700 shares now held in accounts over which the Reporting Person no longer has beneficial ownership. Bruce R. Berkowitz, By: /s/ Paul Thomson (Attorney-in-fact) 2016-03-04