EX-99.1 2 d107481dex991.htm EX-99.1

Exhibit 99.1 Executing Strategy to Drive Significant Shareholder Value March 2021Exhibit 99.1 Executing Strategy to Drive Significant Shareholder Value March 2021

Cautionary Statement Regarding Forward-Looking Information This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as believes, anticipates, plans, may, intends, will, should, expects, and similar expressions are intended to identify forward-looking statements. Forward-looking statements include, but are not limited to, comments about Kohl's future financial plans, capital generation, management and deployment strategies, adequacy of capital resources and the competitive environment. Such statements are subject to certain risks and uncertainties, which could cause Kohl's actual results to differ materially from those anticipated by the forward looking statements. These risks and uncertainties include, but are not limited to, those described in Item 1A in Kohl's Annual Report on Form 10-K, and in Item 1A of Part II in the Company's Quarterly Report on Form 10-Q for the quarter ended May 2, 2020, which are expressly incorporated herein by reference, and other factors as may periodically be described in Kohl's filings with the SEC. Any number of risks and uncertainties could cause actual results to differ materially from those Kohl’s expresses in its forward-looking statements, including the short and long-term impact of COVID-19 on the economy and the pace of recovery thereafter. Forward-looking statements speak as of the date they are made, and Kohl’s undertakes no obligation to update them.   Non-GAAP Financial Measures In addition, this presentation contains non-GAAP financial measures, including adjusted operating income, free cash flow, adjusted ROI, and leverage ratio. Reconciliations of all non-GAAP measures to the most directly comparable GAAP measures are included in the Appendix of this presentation. 2Cautionary Statement Regarding Forward-Looking Information This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as believes, anticipates, plans, may, intends, will, should, expects, and similar expressions are intended to identify forward-looking statements. Forward-looking statements include, but are not limited to, comments about Kohl's future financial plans, capital generation, management and deployment strategies, adequacy of capital resources and the competitive environment. Such statements are subject to certain risks and uncertainties, which could cause Kohl's actual results to differ materially from those anticipated by the forward looking statements. These risks and uncertainties include, but are not limited to, those described in Item 1A in Kohl's Annual Report on Form 10-K, and in Item 1A of Part II in the Company's Quarterly Report on Form 10-Q for the quarter ended May 2, 2020, which are expressly incorporated herein by reference, and other factors as may periodically be described in Kohl's filings with the SEC. Any number of risks and uncertainties could cause actual results to differ materially from those Kohl’s expresses in its forward-looking statements, including the short and long-term impact of COVID-19 on the economy and the pace of recovery thereafter. Forward-looking statements speak as of the date they are made, and Kohl’s undertakes no obligation to update them. Non-GAAP Financial Measures In addition, this presentation contains non-GAAP financial measures, including adjusted operating income, free cash flow, adjusted ROI, and leverage ratio. Reconciliations of all non-GAAP measures to the most directly comparable GAAP measures are included in the Appendix of this presentation. 2

Important Shareholder Information and Where You Can Find It Kohl’s has filed a preliminary proxy statement and form of BLUE proxy card with the SEC in connection with the solicitation of proxies for Kohl’s 2021 Annual Meeting of shareholders (the “Preliminary Proxy Statement” and such meeting the “2021 Annual Meeting”). Kohl’s, its directors and certain of its executive officers will be participants in the solicitation of proxies from shareholders in respect of the 2021 Annual Meeting. Information regarding the names of Kohl’s directors and executive officers and their respective interests in Kohl’s by security holdings or otherwise is set forth in the Preliminary Proxy Statement. To the extent holdings of such participants in Kohl’s securities have changed since the amounts described in the Preliminary Proxy Statement, such changes have been reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC or will be filed within the time period specified by Section 16 of the Securities Exchange Act of 1934, as amended, and the regulations thereunder. Details concerning the nominees of Kohl’s Board of Directors for election at the 2021 Annual Meeting are included in the Preliminary Proxy Statement. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SHAREHOLDERS OF KOHL’S ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING KOHL’S DEFINITIVE PROXY STATEMENT TO BE FILED IN CONNECTION WITH THE 2021 ANNUAL MEETING, ANY SUPPLEMENTS THERETO AND THE ACCOMPANYING BLUE PROXY CARD BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and shareholders will be able to obtain a copy of the Preliminary Proxy Statement and other documents filed by Kohl’s free of charge from the SEC’s website, www.sec.gov. Copies will also be available at no charge on the Kohl’s website at investors.kohls.com. 3Important Shareholder Information and Where You Can Find It Kohl’s has filed a preliminary proxy statement and form of BLUE proxy card with the SEC in connection with the solicitation of proxies for Kohl’s 2021 Annual Meeting of shareholders (the “Preliminary Proxy Statement” and such meeting the “2021 Annual Meeting”). Kohl’s, its directors and certain of its executive officers will be participants in the solicitation of proxies from shareholders in respect of the 2021 Annual Meeting. Information regarding the names of Kohl’s directors and executive officers and their respective interests in Kohl’s by security holdings or otherwise is set forth in the Preliminary Proxy Statement. To the extent holdings of such participants in Kohl’s securities have changed since the amounts described in the Preliminary Proxy Statement, such changes have been reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC or will be filed within the time period specified by Section 16 of the Securities Exchange Act of 1934, as amended, and the regulations thereunder. Details concerning the nominees of Kohl’s Board of Directors for election at the 2021 Annual Meeting are included in the Preliminary Proxy Statement. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SHAREHOLDERS OF KOHL’S ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING KOHL’S DEFINITIVE PROXY STATEMENT TO BE FILED IN CONNECTION WITH THE 2021 ANNUAL MEETING, ANY SUPPLEMENTS THERETO AND THE ACCOMPANYING BLUE PROXY CARD BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and shareholders will be able to obtain a copy of the Preliminary Proxy Statement and other documents filed by Kohl’s free of charge from the SEC’s website, www.sec.gov. Copies will also be available at no charge on the Kohl’s website at investors.kohls.com. 3

Executive Summary • Kohl’s has strengthened its financial and competitive position during period of profound change in the retail industry Well Positioned in Retail Industry • Broader retail industry facing margin pressures from increased digital penetration and cost inflation That Is Undergoing • Kohl’s continues to actively and thoughtfully invest in strengthening its foundation to differentiate itself and support future growth Profound Change • Kohl’s introduced a strategic framework in October 2020 that is focused on creating long-term shareholder value Compelling Strategy • Strategy is focused on driving top line growth and expanding operating margin to 7% to 8% to Drive Significant • Already making significant progress with recent results exceeding expectations and announcement of key strategic partnerships and Sustainable Shareholder Value • Kohl’s game-changing partnership with Sephora will drive significant beauty sales and new customer acquisition beginning in 2021 • Kohl’s Board has and will continue to serve as agents of change, focused on ensuring improved performance and creating shareholder value Strong, Diverse • Kohl’s Board formulated an orderly succession for a new CEO with extensive industry expertise in 2018 and provided oversight for Board with the the development of the Company’s new strategic plan as well as targeted investment in the Company’s omnichannel and digital capabilities Right Skills and Experience • Kohl’s Board has extensive retail and digital leadership experience • Six new directors have been added since 2016 4Executive Summary • Kohl’s has strengthened its financial and competitive position during period of profound change in the retail industry Well Positioned in Retail Industry • Broader retail industry facing margin pressures from increased digital penetration and cost inflation That Is Undergoing • Kohl’s continues to actively and thoughtfully invest in strengthening its foundation to differentiate itself and support future growth Profound Change • Kohl’s introduced a strategic framework in October 2020 that is focused on creating long-term shareholder value Compelling Strategy • Strategy is focused on driving top line growth and expanding operating margin to 7% to 8% to Drive Significant • Already making significant progress with recent results exceeding expectations and announcement of key strategic partnerships and Sustainable Shareholder Value • Kohl’s game-changing partnership with Sephora will drive significant beauty sales and new customer acquisition beginning in 2021 • Kohl’s Board has and will continue to serve as agents of change, focused on ensuring improved performance and creating shareholder value Strong, Diverse • Kohl’s Board formulated an orderly succession for a new CEO with extensive industry expertise in 2018 and provided oversight for Board with the the development of the Company’s new strategic plan as well as targeted investment in the Company’s omnichannel and digital capabilities Right Skills and Experience • Kohl’s Board has extensive retail and digital leadership experience • Six new directors have been added since 2016 4

-430 bps -410 bps -100 bps Retail apparel industry has been undergoing profound change Industry Evolution and Significant Industry Sales Store Closures and Bankruptcies 1 Consumer-Driven Trends Shift to Digital 2 • 67,750 retail store closings since 2010 26.3% 2 • Another 100,000 expected by 2025 23.3% 21.9% • Shift to Digital Shopping: Significant industry 19.9% 17.8% • Growing list of retail bankruptcies 16.1% disruption with customers’ rapid adoption of 14.3% 12.5% 11% digital shopping 9.8% 2010A 2011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A • Investments in Omnichannel: To support new shopping preferences, retailers invested Digital Apparel Sales as a % of Total Apparel Sales in U.S. heavily to build new capabilities (e.g. digital, mobile, store fulfillment) Broad retail industry • Cost Headwinds: Wage inflation and higher 2 EBIT Margin contraction costs to fulfill digitally placed orders 2010 2019 • Heightened Focus on Value: Consumers are 14.4% 12.2% placing increased importance on value 11.1% 11.2% 10.2% 10.1% 9.6% 5.5% • Trend Towards Casualization: Consumers adopting more active and casual lifestyles Specialty Oﬀ-Price Retail Dept. Stores Branded (Relatively isolated from eCommerce risk) Average EBIT Margin (Sales-Weighted) 5 Source: 1.) eMarketer, 2.) Wall Street research Digital penetration increased 2.5x+-430 bps -410 bps -100 bps Retail apparel industry has been undergoing profound change Industry Evolution and Significant Industry Sales Store Closures and Bankruptcies 1 Consumer-Driven Trends Shift to Digital 2 • 67,750 retail store closings since 2010 26.3% 2 • Another 100,000 expected by 2025 23.3% 21.9% • Shift to Digital Shopping: Significant industry 19.9% 17.8% • Growing list of retail bankruptcies 16.1% disruption with customers’ rapid adoption of 14.3% 12.5% 11% digital shopping 9.8% 2010A 2011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A • Investments in Omnichannel: To support new shopping preferences, retailers invested Digital Apparel Sales as a % of Total Apparel Sales in U.S. heavily to build new capabilities (e.g. digital, mobile, store fulfillment) Broad retail industry • Cost Headwinds: Wage inflation and higher 2 EBIT Margin contraction costs to fulfill digitally placed orders 2010 2019 • Heightened Focus on Value: Consumers are 14.4% 12.2% placing increased importance on value 11.1% 11.2% 10.2% 10.1% 9.6% 5.5% • Trend Towards Casualization: Consumers adopting more active and casual lifestyles Specialty Oﬀ-Price Retail Dept. Stores Branded (Relatively isolated from eCommerce risk) Average EBIT Margin (Sales-Weighted) 5 Source: 1.) eMarketer, 2.) Wall Street research Digital penetration increased 2.5x+

Kohl’s leadership actively responded to industry challenges by investing for future success Shift to Digital Investments in Heightened Trend towards Shopping Omnichannel Cost Headwinds Focus on Value Casualization • Invested in building digital, • Kohl’s invested in technology • To help offset cost • Kohl’s has built an industry • Kohl’s pivoted strategy to mobile, and personalization and omnichannel capabilities headwinds, focused on leading loyalty program that expand Active business in capabilities to support shift to support digital growth operational excellence to is a key value differentiator 2013 and nearly doubled in consumer preferences reduce costs by more than sales to 20% of business by • Leaned into Kohl’s Cash and $250 million during 2017 2019 • Investment in fulfillment growing its iconic status with to 2019 • Supported more than 500% network to support digital customers growth in digital sales since demand, including building • Introduced Under Armour in 2010, as penetration four new fulfillment centers • Corporate restructuring 2017 and expanded • Grew loyalty program to increased from 4% in 2010 to actions in 2020 reduced assortment of Nike and 30M members (who spend 40% in 2020 annualized costs by more Adidas, as well as increased • Transformed stores as a 2x more than non-loyalty than $100 million space in stores given its high omnichannel hub to fulfill customers) following 2014 productivity • Enhanced mobile capabilities more than 40% of digital launch and enhanced Kohl’s support 75% of digital traffic sales (e.g. ship from store, • Upfront investments taken to Rewards in 2020 and more than 50% of digital BOPUS, BOSS, Store Drive build capabilities to improve • New strategy further pivots sales Up) long-term efficiency and to • Kohl’s Card, our private label toward active and casual strengthen foundation (e.g. credit card has highest sales lifestyle with goal of Active technology, store penetration in retail sector growing to 30% of sales • Developed world-class • Elevate the store productivity) and provides more shopping App that has 16 experience: ease, shopability, opportunities for customers million users brand portfolio and to save (highest tier Kohl’s innovative services (e.g. Card customers spend 10x Amazon Returns) more than non-loyalty customers) 6Kohl’s leadership actively responded to industry challenges by investing for future success Shift to Digital Investments in Heightened Trend towards Shopping Omnichannel Cost Headwinds Focus on Value Casualization • Invested in building digital, • Kohl’s invested in technology • To help offset cost • Kohl’s has built an industry • Kohl’s pivoted strategy to mobile, and personalization and omnichannel capabilities headwinds, focused on leading loyalty program that expand Active business in capabilities to support shift to support digital growth operational excellence to is a key value differentiator 2013 and nearly doubled in consumer preferences reduce costs by more than sales to 20% of business by • Leaned into Kohl’s Cash and $250 million during 2017 2019 • Investment in fulfillment growing its iconic status with to 2019 • Supported more than 500% network to support digital customers growth in digital sales since demand, including building • Introduced Under Armour in 2010, as penetration four new fulfillment centers • Corporate restructuring 2017 and expanded • Grew loyalty program to increased from 4% in 2010 to actions in 2020 reduced assortment of Nike and 30M members (who spend 40% in 2020 annualized costs by more Adidas, as well as increased • Transformed stores as a 2x more than non-loyalty than $100 million space in stores given its high omnichannel hub to fulfill customers) following 2014 productivity • Enhanced mobile capabilities more than 40% of digital launch and enhanced Kohl’s support 75% of digital traffic sales (e.g. ship from store, • Upfront investments taken to Rewards in 2020 and more than 50% of digital BOPUS, BOSS, Store Drive build capabilities to improve • New strategy further pivots sales Up) long-term efficiency and to • Kohl’s Card, our private label toward active and casual strengthen foundation (e.g. credit card has highest sales lifestyle with goal of Active technology, store penetration in retail sector growing to 30% of sales • Developed world-class • Elevate the store productivity) and provides more shopping App that has 16 experience: ease, shopability, opportunities for customers million users brand portfolio and to save (highest tier Kohl’s innovative services (e.g. Card customers spend 10x Amazon Returns) more than non-loyalty customers) 6

Kohl’s has built a powerful foundation Customers Digital Digital sales 40% penetration in 2020 Active Customers 65M Website visits 1.6B in 2020 Loyalty Members 30M Kohl’s App user 18% growth in Q4 2020 Kohl’s Charge Stores 29M Card holders $5.9B 90% 95% $4.5B $4B of stores of Kohl’s stores $3.6B generated $1M+ in are off-mall $3B $2.7B 4-wall cash flow Accessible and Aspirational Brand 1,162 80% 2015 2016 2017 2018 2019 2020 Portfolio stores in of Americans live Digital Sales Growth 49 states at within 15 miles of a year end 2020 Kohl’s store 43% 10% of digital sales higher digital sales fulfilled by stores in markets In 2020 with stores 600M store visits 7 * All figures are 2019 except as noted 17% CAGRKohl’s has built a powerful foundation Customers Digital Digital sales 40% penetration in 2020 Active Customers 65M Website visits 1.6B in 2020 Loyalty Members 30M Kohl’s App user 18% growth in Q4 2020 Kohl’s Charge Stores 29M Card holders $5.9B 90% 95% $4.5B $4B of stores of Kohl’s stores $3.6B generated $1M+ in are off-mall $3B $2.7B 4-wall cash flow Accessible and Aspirational Brand 1,162 80% 2015 2016 2017 2018 2019 2020 Portfolio stores in of Americans live Digital Sales Growth 49 states at within 15 miles of a year end 2020 Kohl’s store 43% 10% of digital sales higher digital sales fulfilled by stores in markets In 2020 with stores 600M store visits 7 * All figures are 2019 except as noted 17% CAGR

Agile, accountable & inclusive culture We are evolving how we work Kohl’s is committed to to accelerate our path forward ESG Leadership Excellence Award Recipient 2020 • Kohl’s management, led by CEO Michelle Gass, is committed to fostering a diverse, • Kohl’s ESG journey began more than a equitable, and inclusive environment for the Company’s associates, customers and decade ago suppliers. • Kohl’s is committed to the environment and has • A diversity and inclusion framework was established in 2020, which includes a number of established 2025 goals related to climate key initiatives across three pillars: Our People, Our Customers, and Our Communities. change, waste and recycling, and sustainable sourcing. • Committed to strong culture (ethics, governance, talent acquisition and associate development, Business Resource Groups) • The Company’s ESG efforts have earned frequent recognition • Kohl’s and Kohl’s Cares have donated nearly $785 million since program inception benefiting various national and hometown organizations 8Agile, accountable & inclusive culture We are evolving how we work Kohl’s is committed to to accelerate our path forward ESG Leadership Excellence Award Recipient 2020 • Kohl’s management, led by CEO Michelle Gass, is committed to fostering a diverse, • Kohl’s ESG journey began more than a equitable, and inclusive environment for the Company’s associates, customers and decade ago suppliers. • Kohl’s is committed to the environment and has • A diversity and inclusion framework was established in 2020, which includes a number of established 2025 goals related to climate key initiatives across three pillars: Our People, Our Customers, and Our Communities. change, waste and recycling, and sustainable sourcing. • Committed to strong culture (ethics, governance, talent acquisition and associate development, Business Resource Groups) • The Company’s ESG efforts have earned frequent recognition • Kohl’s and Kohl’s Cares have donated nearly $785 million since program inception benefiting various national and hometown organizations 8

Our Strategy The most trusted retailer of choice for the active and casual lifestyle Expand Disciplined Strong Operating Capital Organizational Margin Management Core Drive Top Line Growth Destination for Differentiated Agile, Active & Casual Leading with Omni-channel Operating Margin Maintain Strong Accountable & Lifestyle Loyalty & Value Experience Goal of 7% to 8% Balance Sheet Inclusive Culture Expand Active and Outdoor Best-in-class loyalty Healthy store base in End-to-end supply chain Sustain Investment Grade Innovative and adaptive • • • • • • evolving landscape transformation rating learning approach Reignite growth in Women’s Drive productivity • • through deeper Modernize the store SG&A efficiency through Solid cash flow Focused on diversity • • • • Build a sizable Beauty • engagement experience store labor, marketing, generation and inclusion business and technology Deliver personalized Continue digital growth Committed to returning ESG stewardship • • • • Drive category productivity • experiences Operational excellence capital to shareholders • and inventory turn Further enhance omni- • channel capabilities Capture market share from • retail industry disruption Creating Long-term Shareholder Value Expand operating margin Return to growth Solid cash flow generation Return capital to shareholders Maintain strong balance sheet 9Our Strategy The most trusted retailer of choice for the active and casual lifestyle Expand Disciplined Strong Operating Capital Organizational Margin Management Core Drive Top Line Growth Destination for Differentiated Agile, Active & Casual Leading with Omni-channel Operating Margin Maintain Strong Accountable & Lifestyle Loyalty & Value Experience Goal of 7% to 8% Balance Sheet Inclusive Culture Expand Active and Outdoor Best-in-class loyalty Healthy store base in End-to-end supply chain Sustain Investment Grade Innovative and adaptive • • • • • • evolving landscape transformation rating learning approach Reignite growth in Women’s Drive productivity • • through deeper Modernize the store SG&A efficiency through Solid cash flow Focused on diversity • • • • Build a sizable Beauty • engagement experience store labor, marketing, generation and inclusion business and technology Deliver personalized Continue digital growth Committed to returning ESG stewardship • • • • Drive category productivity • experiences Operational excellence capital to shareholders • and inventory turn Further enhance omni- • channel capabilities Capture market share from • retail industry disruption Creating Long-term Shareholder Value Expand operating margin Return to growth Solid cash flow generation Return capital to shareholders Maintain strong balance sheet 9

Our strategy is producing results Q3 2020 and Q4 2020 Earnings We believe the rollout of Sephora shop-in-shops and new brands Results Exceeded Expectations (incl Calvin Klein) are big wins that can drive top-line performance (and help attract new brands, creating a virtuous circle). • Sales showed continued sequential improvement during pandemic - Citi, March 2, 2021 • Gross Margin trend has improved in Q3 2020 and Q4 2020, benefiting from disciplined inventory management With additional details provided on the path to 7.0%-8.0% EBIT and optimizing pricing and promotional strategies; margins by 2023 and numerous top-line initiatives underway inventory turnover was a 5 year high in Q3 2020 and 10 including the women’s apparel revamp, expansion of active and year high in Q4 2020 outdoor, as well as the August 1st launch of Sephora, we remain constructive on shares and credit management for improving the • Expenses: Q3 2020 and Q4 2020 SG&A expenses declined company's cost structure, pricing optimization strategy, and 8% including and 10% excluding COVID-19 expenses approach to customer engagement. - Deutsche Bank, March 2, 2021 • Strong cash flow of $1.3 billion and free cash flow of $908 million for full year 2020 We came away from KSS's 4Q EPS call with a greater level of • Further solidified financial position ending the year with confidence in management's medium-term outlook. Recall, Cowen's $2.3 billion of cash upgrade thesis is predicated on increasing relevance with younger shoppers through active, beauty, and women's reset, leveraging • Resuming capital allocation strategy in 2021: reinstating stores as hubs, and upside to Street's conservative outlook. dividend, planning share repurchases, and employing liability management strategies, including debt repurchases - Cowen, March 3, 2021 10 * Free Cash Flow is a non-GAAP financial measure. For reference, the reconciliation can be found in the appendix.Our strategy is producing results Q3 2020 and Q4 2020 Earnings We believe the rollout of Sephora shop-in-shops and new brands Results Exceeded Expectations (incl Calvin Klein) are big wins that can drive top-line performance (and help attract new brands, creating a virtuous circle). • Sales showed continued sequential improvement during pandemic - Citi, March 2, 2021 • Gross Margin trend has improved in Q3 2020 and Q4 2020, benefiting from disciplined inventory management With additional details provided on the path to 7.0%-8.0% EBIT and optimizing pricing and promotional strategies; margins by 2023 and numerous top-line initiatives underway inventory turnover was a 5 year high in Q3 2020 and 10 including the women’s apparel revamp, expansion of active and year high in Q4 2020 outdoor, as well as the August 1st launch of Sephora, we remain constructive on shares and credit management for improving the • Expenses: Q3 2020 and Q4 2020 SG&A expenses declined company's cost structure, pricing optimization strategy, and 8% including and 10% excluding COVID-19 expenses approach to customer engagement. - Deutsche Bank, March 2, 2021 • Strong cash flow of $1.3 billion and free cash flow of $908 million for full year 2020 We came away from KSS's 4Q EPS call with a greater level of • Further solidified financial position ending the year with confidence in management's medium-term outlook. Recall, Cowen's $2.3 billion of cash upgrade thesis is predicated on increasing relevance with younger shoppers through active, beauty, and women's reset, leveraging • Resuming capital allocation strategy in 2021: reinstating stores as hubs, and upside to Street's conservative outlook. dividend, planning share repurchases, and employing liability management strategies, including debt repurchases - Cowen, March 3, 2021 10 * Free Cash Flow is a non-GAAP financial measure. For reference, the reconciliation can be found in the appendix.

Driving top line growth Grow Active to Beauty Growth Reignite Extend Casual 30% of Sales with Sephora Women’s Growth Lifestyle to Home • Fuel growth with key national • Highly complementary strategic • New organization structure and • Expand soft home category brands, Nike, Under Armour and partnership to establish Kohl’s as leadership to drive improved (e.g. Koolaburra by Ugg, Sonoma) Adidas a leading beauty destination performance • Expand underdeveloped • Expand Active space by at least • Comprehensive digital launch • Significant portfolio reinvention categories (e.g. decor, kid’s 20% in 2021 August 2021 with exit of 10 downtrending brands bedroom, storage) • Drive athleisure through launch of • Launch in 200 stores Fall 2021 • Refresh and differentiate a more • Lean into healthy home FLX, our new private brand, Calvin and expand to at least 850 stores focused portfolio of private brands (e.g. sleep and cookware) Klein basics and loungewear, and by 2023 (e.g. Sonoma, So, LC Lauren expand assortment of Champion Conrad) • Assortment will include 100+ • Grow outdoor through expansion of emerging and established brands • Distort denim opportunity Lands’ End and launch of Eddie emulating freestanding Sephora (e.g. Levi’s, key private brands) Bauer store • Improving merchandising and • Expected to drive significant traffic clarity through significant choice and acquisition of new younger count reduction and building depth customer 11Driving top line growth Grow Active to Beauty Growth Reignite Extend Casual 30% of Sales with Sephora Women’s Growth Lifestyle to Home • Fuel growth with key national • Highly complementary strategic • New organization structure and • Expand soft home category brands, Nike, Under Armour and partnership to establish Kohl’s as leadership to drive improved (e.g. Koolaburra by Ugg, Sonoma) Adidas a leading beauty destination performance • Expand underdeveloped • Expand Active space by at least • Comprehensive digital launch • Significant portfolio reinvention categories (e.g. decor, kid’s 20% in 2021 August 2021 with exit of 10 downtrending brands bedroom, storage) • Drive athleisure through launch of • Launch in 200 stores Fall 2021 • Refresh and differentiate a more • Lean into healthy home FLX, our new private brand, Calvin and expand to at least 850 stores focused portfolio of private brands (e.g. sleep and cookware) Klein basics and loungewear, and by 2023 (e.g. Sonoma, So, LC Lauren expand assortment of Champion Conrad) • Assortment will include 100+ • Grow outdoor through expansion of emerging and established brands • Distort denim opportunity Lands’ End and launch of Eddie emulating freestanding Sephora (e.g. Levi’s, key private brands) Bauer store • Improving merchandising and • Expected to drive significant traffic clarity through significant choice and acquisition of new younger count reduction and building depth customer 11

Driving top line growth Investing in Omni-channel Loyalty Members are Transforming the Role Enhance Digital Capabilities More Productive of the Store to Drive Growth • Recently launched Kohl’s Rewards loyalty • Modernizing the store experience through refresh • Continue to invest in the evolution of the digital program, adding new features, enhancing program and category reflow to highlight outsized experience (e.g. Kohls.com, App) personalization and simplifying rewards in growth businesses • Expanding digital brand portfolio (e.g. Fanatics, Kohl’s Cash • Simplified and edited shopping experience through Sephora, Lands’ End, Eddie Bauer) fixture de-densification (standard to small strategy) • Kohl’s Cash: Iconic and differentiated loyalty device that provides a fly-wheel effect on • New e-commerce fulfillment center opening in 2021 • Inspired solutions and product storytelling through customer return visits will be significantly more productive continued investments in merchandising (e.g. expanding the learnings from the Outfit Bar concept) • Kohl’s Card: Provides more opportunities for customers to save • Evolve existing omni experiences: BOPUS/BOSS, Store Drive Up, Amazon Returns • Continue to pursue innovation and discovery (e.g. Curated by Kohl’s, emerging brands) 30 million loyalty members spend 2x more than non-loyalty members and Omni-customer is 4x more productive than highest tier Kohl’s Card members store-only shopper and 6x more productive (“Most Valuable Customer”) spend 10x more than non-loyalty members than digital-only customer 12Driving top line growth Investing in Omni-channel Loyalty Members are Transforming the Role Enhance Digital Capabilities More Productive of the Store to Drive Growth • Recently launched Kohl’s Rewards loyalty • Modernizing the store experience through refresh • Continue to invest in the evolution of the digital program, adding new features, enhancing program and category reflow to highlight outsized experience (e.g. Kohls.com, App) personalization and simplifying rewards in growth businesses • Expanding digital brand portfolio (e.g. Fanatics, Kohl’s Cash • Simplified and edited shopping experience through Sephora, Lands’ End, Eddie Bauer) fixture de-densification (standard to small strategy) • Kohl’s Cash: Iconic and differentiated loyalty device that provides a fly-wheel effect on • New e-commerce fulfillment center opening in 2021 • Inspired solutions and product storytelling through customer return visits will be significantly more productive continued investments in merchandising (e.g. expanding the learnings from the Outfit Bar concept) • Kohl’s Card: Provides more opportunities for customers to save • Evolve existing omni experiences: BOPUS/BOSS, Store Drive Up, Amazon Returns • Continue to pursue innovation and discovery (e.g. Curated by Kohl’s, emerging brands) 30 million loyalty members spend 2x more than non-loyalty members and Omni-customer is 4x more productive than highest tier Kohl’s Card members store-only shopper and 6x more productive (“Most Valuable Customer”) spend 10x more than non-loyalty members than digital-only customer 12

We are confident in our ability to expand operating margin to 7% to 8% by 2023 SG&A Gross Margin Expense Rate ~36% Goal ~27% to ~28% Goal +20 to +40 basis points +70 to +150 basis points increase 7.0% to 8.0% improvement 6.1% Inventory Digital Stores management penetration / Marketing cost of shipping Sourcing Technology Pricing / Promo Corporate optimization Wage inflation Supply chain transformation FY 2019 Gross Margin SG&A FY 2023 Adj. Operating Margin * 13 * Adjusted Operating Margin is a non-GAAP financial measure. For reference, the reconciliation can be found in the Appendix.We are confident in our ability to expand operating margin to 7% to 8% by 2023 SG&A Gross Margin Expense Rate ~36% Goal ~27% to ~28% Goal +20 to +40 basis points +70 to +150 basis points increase 7.0% to 8.0% improvement 6.1% Inventory Digital Stores management penetration / Marketing cost of shipping Sourcing Technology Pricing / Promo Corporate optimization Wage inflation Supply chain transformation FY 2019 Gross Margin SG&A FY 2023 Adj. Operating Margin * 13 * Adjusted Operating Margin is a non-GAAP financial measure. For reference, the reconciliation can be found in the Appendix.

Focused on expanding gross margin through four key initiatives Targeting 20 basis points to 40 basis points improvement in gross margin to ~36.0% as compared to 35.7% in 2019 • Merchandise margin improvement will more than oﬀset cost of shipping headwind at digital sales penetration of 40% of sales • Inventory Optimizing Price / Supply Chain Management Sourcing Promotion Strategies Transformation • Optimal inventory deployment: • Increase inventory turnover: Goal of • Reduce product costs: Goal of • Simplifying pricing: Reducing Leveraging real-time demand insight at least 4.0x lowering costs of proprietary brands number of general promotional and improving supply chain visibility to by $125M to $175M by 2022 offers and stackable offers, while allocate goods closer to demand, • De-densification strategy: Executing increasing usage of price-led events resulting in increased sell-through and standard to small initiative across • Enable centralized sourcing to offer more value everyday inventory turn balance of chain in 2021 to improve • Insource direct factory negotiations customer experience as we lean into • Optimizing promotions: Increasing • Minimize fulfillment costs: Manage more productive categories. Key deployment of targeted and fulfillment costs lower (e.g. new EFC 6) • Reduce reliance on 3rd part agents driver of improved gross margin and personalized offers (e.g. > 50%) and and further leverage stores to drive inventory turn in 2017-2018 (500 introduction of real-time offers to customer pickup and get closer to the stores). drive customer behavior customer • Improving clarity: Reducing choice • Better insight: Continued investment • Enhancing sourcing engine: Optimize count through brand portfolio in consumer data and analytics to units per carton, proximity to transformation and building depth drive offer efficiency customer, and markdown and stock out avoidance • Better inventory allocation: Leveraging technology to drive • Demand shaping: Creating better dynamic inventory allocation leading connections between digital customer to higher regular sell through and demand and local/regional supply, to reduced clearance levels fulfill orders more profitably 14Focused on expanding gross margin through four key initiatives Targeting 20 basis points to 40 basis points improvement in gross margin to ~36.0% as compared to 35.7% in 2019 • Merchandise margin improvement will more than oﬀset cost of shipping headwind at digital sales penetration of 40% of sales • Inventory Optimizing Price / Supply Chain Management Sourcing Promotion Strategies Transformation • Optimal inventory deployment: • Increase inventory turnover: Goal of • Reduce product costs: Goal of • Simplifying pricing: Reducing Leveraging real-time demand insight at least 4.0x lowering costs of proprietary brands number of general promotional and improving supply chain visibility to by $125M to $175M by 2022 offers and stackable offers, while allocate goods closer to demand, • De-densification strategy: Executing increasing usage of price-led events resulting in increased sell-through and standard to small initiative across • Enable centralized sourcing to offer more value everyday inventory turn balance of chain in 2021 to improve • Insource direct factory negotiations customer experience as we lean into • Optimizing promotions: Increasing • Minimize fulfillment costs: Manage more productive categories. Key deployment of targeted and fulfillment costs lower (e.g. new EFC 6) • Reduce reliance on 3rd part agents driver of improved gross margin and personalized offers (e.g. > 50%) and and further leverage stores to drive inventory turn in 2017-2018 (500 introduction of real-time offers to customer pickup and get closer to the stores). drive customer behavior customer • Improving clarity: Reducing choice • Better insight: Continued investment • Enhancing sourcing engine: Optimize count through brand portfolio in consumer data and analytics to units per carton, proximity to transformation and building depth drive offer efficiency customer, and markdown and stock out avoidance • Better inventory allocation: Leveraging technology to drive • Demand shaping: Creating better dynamic inventory allocation leading connections between digital customer to higher regular sell through and demand and local/regional supply, to reduced clearance levels fulfill orders more profitably 14

Focused on lowering our SG&A expense rate through four key areas Targeting 70 basis points to 150 basis points improvement in SG&A expense rate to ~27% to ~28% from 28.6% in 2019 • SG&A expense initiatives to more than oﬀset ongoing wage inﬂation assumed at rate experienced in recent years • Transform Lower Marketing Store Labor Expense Rate Technology Efficiency Corporate Cost Actions • Increase self service: Goal to grow • Reduce spend rate: Goal of • More efficient future: Leveraging • 2020 organizational restructuring self service (e.g. checkout, returns, marketing to sales rate of 4.0% tech investments made in recent actions: Annualized expense savings and order pickup) to more than 25% or below years to support future growth and of more than $100 million of total in-store transactions drive improved profitability • Increase marketing ROI: Shifting • Ongoing focus on efficiency: Will • Localized operating hours: more of spend towards digital and • Rebalancing technology staffing: continue to leverage operational Improving cost efficiency by improving response from existing Shifted to a more balanced internal excellence discipline to seek cost operating with localized hours channels like direct mail (e.g. versus external model efficiencies across the business targeting, personalization) • Improve store fulfillment efficiency: • Evolving technology vision: • Reduced management layers and Leveraging technology to improve • In-house capabilities: Driving Increased discipline around streamlined processes to more fully associate productivity (e.g. finding significant efficiency with in-house investments and greater agility will empower our teams and picking orders) digital marketing capabilities be key contributors to improved ROIC • Leveraging technology: Accelerating use of machine learning algorithms to drive customer productivity through behavior and product preferences insight 15Focused on lowering our SG&A expense rate through four key areas Targeting 70 basis points to 150 basis points improvement in SG&A expense rate to ~27% to ~28% from 28.6% in 2019 • SG&A expense initiatives to more than oﬀset ongoing wage inﬂation assumed at rate experienced in recent years • Transform Lower Marketing Store Labor Expense Rate Technology Efficiency Corporate Cost Actions • Increase self service: Goal to grow • Reduce spend rate: Goal of • More efficient future: Leveraging • 2020 organizational restructuring self service (e.g. checkout, returns, marketing to sales rate of 4.0% tech investments made in recent actions: Annualized expense savings and order pickup) to more than 25% or below years to support future growth and of more than $100 million of total in-store transactions drive improved profitability • Increase marketing ROI: Shifting • Ongoing focus on efficiency: Will • Localized operating hours: more of spend towards digital and • Rebalancing technology staffing: continue to leverage operational Improving cost efficiency by improving response from existing Shifted to a more balanced internal excellence discipline to seek cost operating with localized hours channels like direct mail (e.g. versus external model efficiencies across the business targeting, personalization) • Improve store fulfillment efficiency: • Evolving technology vision: • Reduced management layers and Leveraging technology to improve • In-house capabilities: Driving Increased discipline around streamlined processes to more fully associate productivity (e.g. finding significant efficiency with in-house investments and greater agility will empower our teams and picking orders) digital marketing capabilities be key contributors to improved ROIC • Leveraging technology: Accelerating use of machine learning algorithms to drive customer productivity through behavior and product preferences insight 15

We have a history of investing in our business and generating strong free cash flow Capex ($ in millions) Solid Free Cash Flow ($ in millions) Adjusted ROI Base Capital $1,403 Omnichannel Store Strategies $855 Technology 14.0% 14.0% 13.4% $672 $881 $908 $578 $700 $334 4.9% 2017 2018 2019 2020 2017 2018 2019 2020 2017 2018 2019 2020 • Remain committed to investing in the business • Focused on driving free cash flow • Investments have been focused on driving technology and omni-channel initiatives • More than $2.0 billion cumulative Capex during • $3.0 billion cumulative free cash flow generated 2017-2019, of which ~70% supported our omni- from 2017 through 2019 • Stores have been upgraded and digital channel strategy capabilities have been enhanced • Strong free cash flow generation of $908 million • Reduced Capex in 2020 due to COVID-19 during 2020 pandemic • Expectation that adjusted ROI will return to prior pandemic year high levels with achievement of 7% to 8% operating margin • 2021 Capex expected to be in range of $550 to $600 million with installation of 200 Sephora at • 2020 Adjusted ROI was significantly impacted Kohl's and new digital fulfillment center being by the COVID-19 pandemic key drivers 16 * Free Cash Flow and Adjusted ROI are non-GAAP financial measures. For reference, the reconciliations can be found in the Appendix.We have a history of investing in our business and generating strong free cash flow Capex ($ in millions) Solid Free Cash Flow ($ in millions) Adjusted ROI Base Capital $1,403 Omnichannel Store Strategies $855 Technology 14.0% 14.0% 13.4% $672 $881 $908 $578 $700 $334 4.9% 2017 2018 2019 2020 2017 2018 2019 2020 2017 2018 2019 2020 • Remain committed to investing in the business • Focused on driving free cash flow • Investments have been focused on driving technology and omni-channel initiatives • More than $2.0 billion cumulative Capex during • $3.0 billion cumulative free cash flow generated 2017-2019, of which ~70% supported our omni- from 2017 through 2019 • Stores have been upgraded and digital channel strategy capabilities have been enhanced • Strong free cash flow generation of $908 million • Reduced Capex in 2020 due to COVID-19 during 2020 pandemic • Expectation that adjusted ROI will return to prior pandemic year high levels with achievement of 7% to 8% operating margin • 2021 Capex expected to be in range of $550 to $600 million with installation of 200 Sephora at • 2020 Adjusted ROI was significantly impacted Kohl's and new digital fulfillment center being by the COVID-19 pandemic key drivers 16 * Free Cash Flow and Adjusted ROI are non-GAAP financial measures. For reference, the reconciliations can be found in the Appendix.

Committed to balanced capital allocation strategy with long-term objective of maintaining Investment Grade rating Dividend ($ in millions) Share Repurchases ($ in millions) Long-term Debt ($ in millions) $2,797 $470 $423 $400 $396 $368 $2,451 $306 $1,861 $1,856 $108 $8 2017 2018 2019 2020 2017 2018 2019 2020 2017 2018 2019 2020 • Long-term commitment to paying a dividend • Thoughtful execution of share repurchases over • Modest pre-COVID-19 debt structure (2.5x time, including reducing share count by more leverage at year-end 2019) in relation to cash • Prior to pandemic-driven suspension in 2020, than 50% since 2007 flow generation distributed $3.2 billion in dividends from inception in 2011 • Repurchased shares valued at $1.1 billion from • Reduced debt by over $940 million in 2018-2019 2017 to 2019 • Reinstated a $0.25 per share quarterly dividend • Sought capital in early 2020 to manage the payable on March 31, 2021 • Program suspended in 2020 due to COVID-19 uncertainty related to the COVID-19 pandemic pandemic • Committed to growing our dividend over time • Employing liability management strategies in • Plan to resume share repurchase program in 2021 to improve leverage ratio, including debt 2021: $200 million to $300 million repurchases 17 * Leverage ratio refers to adjusted debt to adjusted EBITDAR and is a non-GAAP financial measure. For reference, the reconciliation can be found in the Appendix.Committed to balanced capital allocation strategy with long-term objective of maintaining Investment Grade rating Dividend ($ in millions) Share Repurchases ($ in millions) Long-term Debt ($ in millions) $2,797 $470 $423 $400 $396 $368 $2,451 $306 $1,861 $1,856 $108 $8 2017 2018 2019 2020 2017 2018 2019 2020 2017 2018 2019 2020 • Long-term commitment to paying a dividend • Thoughtful execution of share repurchases over • Modest pre-COVID-19 debt structure (2.5x time, including reducing share count by more leverage at year-end 2019) in relation to cash • Prior to pandemic-driven suspension in 2020, than 50% since 2007 flow generation distributed $3.2 billion in dividends from inception in 2011 • Repurchased shares valued at $1.1 billion from • Reduced debt by over $940 million in 2018-2019 2017 to 2019 • Reinstated a $0.25 per share quarterly dividend • Sought capital in early 2020 to manage the payable on March 31, 2021 • Program suspended in 2020 due to COVID-19 uncertainty related to the COVID-19 pandemic pandemic • Committed to growing our dividend over time • Employing liability management strategies in • Plan to resume share repurchase program in 2021 to improve leverage ratio, including debt 2021: $200 million to $300 million repurchases 17 * Leverage ratio refers to adjusted debt to adjusted EBITDAR and is a non-GAAP financial measure. For reference, the reconciliation can be found in the Appendix.

Our strong Board has the right skills and highly relevant experience Significant Board experience in key executive roles Of the 12 Board members, five are current or former CEOs of public companies • Established Board leadership in retail or consumer-facing industries • Board includes members who are leaders across a variety of industries, with all 12 directors having retail or consumer-facing industry experience Right Board in place focused on improving performance and creating shareholder value • Board actively supported the development of the Company’s new strategic plan, announced in October 2020, with the goal of accelerating revenue growth and enhancing long-term profitability Highly Engaged and Active • Board formulated an orderly succession for a new CEO with extensive industry expertise in 2018 • Board provided oversight for significant, targeted investment in company’s omnichannel and digital capabilities to strengthen competitive positioning 18 18Our strong Board has the right skills and highly relevant experience Significant Board experience in key executive roles Of the 12 Board members, five are current or former CEOs of public companies • Established Board leadership in retail or consumer-facing industries • Board includes members who are leaders across a variety of industries, with all 12 directors having retail or consumer-facing industry experience Right Board in place focused on improving performance and creating shareholder value • Board actively supported the development of the Company’s new strategic plan, announced in October 2020, with the goal of accelerating revenue growth and enhancing long-term profitability Highly Engaged and Active • Board formulated an orderly succession for a new CEO with extensive industry expertise in 2018 • Board provided oversight for significant, targeted investment in company’s omnichannel and digital capabilities to strengthen competitive positioning 18 18

Kohl’s has a strong and diverse Board of Directors Board Refreshment New Board % Members 50 Directors Departed Michael Bender Peter Boneparth Steven A. Burd Yael Cosset +6 Directors -4 Added 2016 2021 Gender / Ethnic Diversity H. Charles Floyd Michelle Gass Robbin Mitchell Jonas Prising 42% 5 /12 30% 3 /10 2016 2021 John E. Schlifske Adrianne Shapira Frank V. Sica Stephanie A. Streeter 19 19Kohl’s has a strong and diverse Board of Directors Board Refreshment New Board % Members 50 Directors Departed Michael Bender Peter Boneparth Steven A. Burd Yael Cosset +6 Directors -4 Added 2016 2021 Gender / Ethnic Diversity H. Charles Floyd Michelle Gass Robbin Mitchell Jonas Prising 42% 5 /12 30% 3 /10 2016 2021 John E. Schlifske Adrianne Shapira Frank V. Sica Stephanie A. Streeter 19 19

Kohl’s Board of Directors are serving as agents of positive change Thoughtful Board Composition with Adrianne Michelle Shapira Gass (CEO) Yael Cosset Correct Set of Skills and Experience 2017 2019 2021 added to the added to the added to the Board Board Board S&P 500 92% Independence 86% Above Avg. H. Charles Michael Robbin Floyd added Bender added Mitchell added 2016 2018 2020 9 Tenure (Years) 9 to the Board to the Board to the Board In Line 59 Age 63 Below Avg. • Refreshed the Board and thoughtfully added skills needed to drive strategy change 33% Gender Diversity (% Women) 29% Above Avg. • Appointment of Michelle Gass as CEO in 2018 to drive fundamental change across the organization 6 new Board Members added since 2016 • Supporting the development of the Company’s new strategic plan, announced in October 2020, with the goal of accelerating revenue growth and enhancing No Director sits on more than two outside Boards long-term profitability • Providing oversight of significant, targeted investment in our omnichannel and Seven of 12 Directors are current or former CEOs, e-commerce capabilities to strengthen our competitive positioning CFOs, COOs of public companies 20Kohl’s Board of Directors are serving as agents of positive change Thoughtful Board Composition with Adrianne Michelle Shapira Gass (CEO) Yael Cosset Correct Set of Skills and Experience 2017 2019 2021 added to the added to the added to the Board Board Board S&P 500 92% Independence 86% Above Avg. H. Charles Michael Robbin Floyd added Bender added Mitchell added 2016 2018 2020 9 Tenure (Years) 9 to the Board to the Board to the Board In Line 59 Age 63 Below Avg. • Refreshed the Board and thoughtfully added skills needed to drive strategy change 33% Gender Diversity (% Women) 29% Above Avg. • Appointment of Michelle Gass as CEO in 2018 to drive fundamental change across the organization 6 new Board Members added since 2016 • Supporting the development of the Company’s new strategic plan, announced in October 2020, with the goal of accelerating revenue growth and enhancing No Director sits on more than two outside Boards long-term profitability • Providing oversight of significant, targeted investment in our omnichannel and Seven of 12 Directors are current or former CEOs, e-commerce capabilities to strengthen our competitive positioning CFOs, COOs of public companies 20

Strong board with relevant and complementary skill sets Skill or Expertise Bender Boneparth Burd Cosset Floyd Gass Mitchell Prising Schlifske Shapira Sica Streeter Current or Former Public Company CEO Senior Leadership Experience Public Company Board Experience (other than Kohl’s) Board Diversity (Gender or Racial/Ethnic Diversity) Retail or Consumer-Facing Industries Finance, Accounting or Financial Reporting Experience Technology, E-Commerce or Digital Experience Marketing, Public Relations or Brand Management Experience Operations Management Experience Human Capital, Culture or Compensation Experience - Four current or former retail CEOs 21Strong board with relevant and complementary skill sets Skill or Expertise Bender Boneparth Burd Cosset Floyd Gass Mitchell Prising Schlifske Shapira Sica Streeter Current or Former Public Company CEO Senior Leadership Experience Public Company Board Experience (other than Kohl’s) Board Diversity (Gender or Racial/Ethnic Diversity) Retail or Consumer-Facing Industries Finance, Accounting or Financial Reporting Experience Technology, E-Commerce or Digital Experience Marketing, Public Relations or Brand Management Experience Operations Management Experience Human Capital, Culture or Compensation Experience - Four current or former retail CEOs 21

Kohl’s Board outmatches Investor Group’s nominees in key skills Investor Kohl’s Group Board Nominees Public Company Board Experience 12 5 Kohl’s Board has broader Current or Former Public Company CEO 5 1 and deeper experience … Retail or Consumer-Facing Industries 12 8 … while the Activist Finance, Accounting or Financial Reporting 10 4 Investors’ slate has Experience overseen significant value destruction, including 9 Technology, E-Commerce or Digital Experience 10 3 companies which filed for bankruptcy Marketing, Public Relations or Brand Management 10 4 Experience Operations Management Experience 10 3 22 22Kohl’s Board outmatches Investor Group’s nominees in key skills Investor Kohl’s Group Board Nominees Public Company Board Experience 12 5 Kohl’s Board has broader Current or Former Public Company CEO 5 1 and deeper experience … Retail or Consumer-Facing Industries 12 8 … while the Activist Finance, Accounting or Financial Reporting 10 4 Investors’ slate has Experience overseen significant value destruction, including 9 Technology, E-Commerce or Digital Experience 10 3 companies which filed for bankruptcy Marketing, Public Relations or Brand Management 10 4 Experience Operations Management Experience 10 3 22 22

The Activist Investors’ actions to date raise concerns about their real long term interest in Kohl’s We engaged constructively We reject the Activist to find common ground Investors' short-termism The Company engaged in multiple discussions The Activist Investors presented no ideas which with the Activist Investors and responded to the company was not already pursuing or had several information requests considered and rejected The Activist Investors are focused on financial Calls with Kohl’s Investor engineering at the expense of sustainable 10+ Relations team operating and financial success The Activist Investors are pushing for a larger Meetings with Kohl’s short-term cash payout at a time when 4 Management maintaining financial discipline is critical The Activist Investors are advancing a proxy contest for control of Kohl's that threatens to Discussions with Kohl’s 7 disrupt Kohl's strong business momentum Directors We will continue to engage on matters that can increase shareholder value, but reject the Activist Investors’ efforts to take control of Kohl’s 23 23The Activist Investors’ actions to date raise concerns about their real long term interest in Kohl’s We engaged constructively We reject the Activist to find common ground Investors' short-termism The Company engaged in multiple discussions The Activist Investors presented no ideas which with the Activist Investors and responded to the company was not already pursuing or had several information requests considered and rejected The Activist Investors are focused on financial Calls with Kohl’s Investor engineering at the expense of sustainable 10+ Relations team operating and financial success The Activist Investors are pushing for a larger Meetings with Kohl’s short-term cash payout at a time when 4 Management maintaining financial discipline is critical The Activist Investors are advancing a proxy contest for control of Kohl's that threatens to Discussions with Kohl’s 7 disrupt Kohl's strong business momentum Directors We will continue to engage on matters that can increase shareholder value, but reject the Activist Investors’ efforts to take control of Kohl’s 23 23

Appendix 24Appendix 24

Sale-Leaseback Considerations As an investment grade rated company, sale-leaseback transactions are typically an inefficient means to accessing capital Company has readily available and more optimal financial alternatives • Company has utilized sale-leaseback transactions in the past when it was a clear efficient cost of capital (e.g. May 2020) • A sale-leaseback transaction would add operating risk and likely negatively impact our investment grade rated status • Transaction would significantly increase rent expense and is contrary to Company's focus on expanding operating margin • Transaction would also increase Company's leverage, which would likely result in a credit downgrade to high yield • Both outcomes would raise the Company's overall cost of capital Company has a robust capital return strategy that will not be enhanced by a sale-leaseback • Company generates significant annual cash flow and it has a long history of returning a meaningful portion to shareholders • Prior to suspending the dividend due to the pandemic, Company distributed $3.2 billion in dividends since inception in 2011 • Company's share repurchase program reduced share count by more than 50% since 2007 • Sale-leaseback transactions would divert cash flow to addressing higher rent and interest expense Company's bond indenture has restrictions on its ability to execute sale-leaseback transactions • Covenant on consolidated net tangible assets ( CNTA ) is a common feature in the bond indentures of many of the Company's retail peers • CNTA of 15% provides a lien basket that currently is mostly utilized by the Company's $1.5 billion revolver and sale-leaseback transaction last year • Inability to skirt covenant due to past legal precedent and need for high percentage of bond investors consent on each tranche of debt 25 25Sale-Leaseback Considerations As an investment grade rated company, sale-leaseback transactions are typically an inefficient means to accessing capital Company has readily available and more optimal financial alternatives • Company has utilized sale-leaseback transactions in the past when it was a clear efficient cost of capital (e.g. May 2020) • A sale-leaseback transaction would add operating risk and likely negatively impact our investment grade rated status • Transaction would significantly increase rent expense and is contrary to Company's focus on expanding operating margin • Transaction would also increase Company's leverage, which would likely result in a credit downgrade to high yield • Both outcomes would raise the Company's overall cost of capital Company has a robust capital return strategy that will not be enhanced by a sale-leaseback • Company generates significant annual cash flow and it has a long history of returning a meaningful portion to shareholders • Prior to suspending the dividend due to the pandemic, Company distributed $3.2 billion in dividends since inception in 2011 • Company's share repurchase program reduced share count by more than 50% since 2007 • Sale-leaseback transactions would divert cash flow to addressing higher rent and interest expense Company's bond indenture has restrictions on its ability to execute sale-leaseback transactions • Covenant on consolidated net tangible assets ( CNTA ) is a common feature in the bond indentures of many of the Company's retail peers • CNTA of 15% provides a lien basket that currently is mostly utilized by the Company's $1.5 billion revolver and sale-leaseback transaction last year • Inability to skirt covenant due to past legal precedent and need for high percentage of bond investors consent on each tranche of debt 25 25

Reconciliations Adjusted Operating Income Free Cash Flow ($ in millions) ($ in millions) 2019 2018 2017 2019 2020 Net cash provided by Operating Income $ 1,099 $ 1,691 $ 2,107 $ 1,657 $ 1,338 operating activities Impairments, store Acquisition of property 113 (672) (578) (855) (334) closing, and other and equipment Finance lease and Adjusted Operating 1,212 financing obligation (138) (126) (113) (105) Income payments Proceeds from financing Total Revenue $ 19,974 — — 11 9 obligations Adjusted Operating Free cash flow $ 881 $ 1,403 $ 700 $ 908 Income as a % of 6.1% Total Revenue 26Reconciliations Adjusted Operating Income Free Cash Flow ($ in millions) ($ in millions) 2019 2018 2017 2019 2020 Net cash provided by Operating Income $ 1,099 $ 1,691 $ 2,107 $ 1,657 $ 1,338 operating activities Impairments, store Acquisition of property 113 (672) (578) (855) (334) closing, and other and equipment Finance lease and Adjusted Operating 1,212 financing obligation (138) (126) (113) (105) Income payments Proceeds from financing Total Revenue $ 19,974 — — 11 9 obligations Adjusted Operating Free cash flow $ 881 $ 1,403 $ 700 $ 908 Income as a % of 6.1% Total Revenue 26

Reconciliations Adjusted ROI ($ in millions) 2017 2018 2019 2020 Operating income 1,416 1,361 1,099 (262) Depreciation and amortization 991 964 917 874 Rent expense 293 301 314 314 EBITDAR 2,700 2,626 2,330 926 Impairments, store closing and other costs - 104 113 89 (Gain) on Sale of real estate - - - (127) Adjusted EBITDAR 2,700 2,730 2,443 888 Average: (a) Total assets 13,467 13,161 14,802 15,288 Cash equivalents and long-term investments (b) (629) (753) (393) (1,704) Other assets (32) (33) (31) (30) Accumulated depreciation and amortization 7,217 7,812 6,854 7,414 Accounts payable (1,548) (1,580) (1,495) (1,559) Accrued liabilities (1,213) (1,235) (1,264) (1,193) Other long-term liabilities (674) (658) (231) (275) Capitalized rent (c) 2,767 2,831 - - Gross investment ( AGI ) 19,355 19,545 18,242 17,941 ROI (d) 14.0% 13.4% 12.8% 5.2% Adjusted ROI (d) 14.0% 14.0% 13.4% 4.9% (a) - Represents average of five most recent quarter-end balances. For 2019, fourth quarter 2018 balances were adjusted to reflect the impact of the new lease accounting standard. (b) - Represents excess cash not required for operations. (c) - Represents ten times store rent and five times equipment/other rent. This is not applicable in 2020 & 2019 as operating leases are now recorded on the balance sheet due to the adoption of the new lease accounting standard. 27 (d) - EBITDAR or adjusted EBITDAR, as applicable, divided by gross investment.Reconciliations Adjusted ROI ($ in millions) 2017 2018 2019 2020 Operating income 1,416 1,361 1,099 (262) Depreciation and amortization 991 964 917 874 Rent expense 293 301 314 314 EBITDAR 2,700 2,626 2,330 926 Impairments, store closing and other costs - 104 113 89 (Gain) on Sale of real estate - - - (127) Adjusted EBITDAR 2,700 2,730 2,443 888 Average: (a) Total assets 13,467 13,161 14,802 15,288 Cash equivalents and long-term investments (b) (629) (753) (393) (1,704) Other assets (32) (33) (31) (30) Accumulated depreciation and amortization 7,217 7,812 6,854 7,414 Accounts payable (1,548) (1,580) (1,495) (1,559) Accrued liabilities (1,213) (1,235) (1,264) (1,193) Other long-term liabilities (674) (658) (231) (275) Capitalized rent (c) 2,767 2,831 - - Gross investment ( AGI ) 19,355 19,545 18,242 17,941 ROI (d) 14.0% 13.4% 12.8% 5.2% Adjusted ROI (d) 14.0% 14.0% 13.4% 4.9% (a) - Represents average of five most recent quarter-end balances. For 2019, fourth quarter 2018 balances were adjusted to reflect the impact of the new lease accounting standard. (b) - Represents excess cash not required for operations. (c) - Represents ten times store rent and five times equipment/other rent. This is not applicable in 2020 & 2019 as operating leases are now recorded on the balance sheet due to the adoption of the new lease accounting standard. 27 (d) - EBITDAR or adjusted EBITDAR, as applicable, divided by gross investment.

Reconciliations Adjusted Debt to Adjusted EBITDAR 2019 ($ in millions) Finance lease and financing obligations $ 1,491 Long-term cebt 1,856 Total debt $ 3,347 Operating leases 2,777 Rent x8 — Adjusted debt $ 6,124 Operating income $ 1,099 Depreciation and amortization 917 Rent expense 314 EBITDAR 2,330 Impairments, store closings and other costs 113 Adjusted EBITDAR $ 2,443 Adjusted debt to adjusted EBITDAR 2.51 28Reconciliations Adjusted Debt to Adjusted EBITDAR 2019 ($ in millions) Finance lease and financing obligations $ 1,491 Long-term cebt 1,856 Total debt $ 3,347 Operating leases 2,777 Rent x8 — Adjusted debt $ 6,124 Operating income $ 1,099 Depreciation and amortization 917 Rent expense 314 EBITDAR 2,330 Impairments, store closings and other costs 113 Adjusted EBITDAR $ 2,443 Adjusted debt to adjusted EBITDAR 2.51 28