<SEC-DOCUMENT>0000921895-22-000419.txt : 20220210
<SEC-HEADER>0000921895-22-000419.hdr.sgml : 20220210
<ACCEPTANCE-DATETIME>20220210172719
ACCESSION NUMBER:		0000921895-22-000419
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220210
DATE AS OF CHANGE:		20220210

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KOHLS Corp
		CENTRAL INDEX KEY:			0000885639
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-DEPARTMENT STORES [5311]
		IRS NUMBER:				391630919
		STATE OF INCORPORATION:			WI
		FISCAL YEAR END:			0129

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11084
		FILM NUMBER:		22615457

	BUSINESS ADDRESS:	
		STREET 1:		N56 W17000 RIDGEWOOD DR
		CITY:			MENOMONEE FALLS
		STATE:			WI
		ZIP:			53051
		BUSINESS PHONE:		262 703 7000

	MAIL ADDRESS:	
		STREET 1:		N56 W17000 RIDGEWOOD DR
		CITY:			MENOMONEE FALLS
		STATE:			WI
		ZIP:			53051

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KOHLS CORPORATION
		DATE OF NAME CHANGE:	19930328

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Macellum Advisors GP, LLC
		CENTRAL INDEX KEY:			0001640326
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		99 HUDSON STREET
		STREET 2:		5TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10013
		BUSINESS PHONE:		212.958.3008

	MAIL ADDRESS:	
		STREET 1:		99 HUDSON STREET
		STREET 2:		5TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10013
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>e621282_dfan14a-macellum.htm
<TEXT>
<HTML>
<HEAD>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Rule 14a-101)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">Information
Required in Proxy Statement</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">Schedule
14a Information</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Amendment No. )</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed by the Registrant &#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed by a Party other than the Registrant &#9746;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD>Preliminary Proxy Statement</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD>Confidential, for Use of the Commission Only (as permitted
by Rule 14a-6(e)(2))</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD>Definitive Proxy Statement</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD>Definitive Additional Materials</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9746;</TD><TD>Soliciting Material Under Rule 14a-12</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="text-transform: uppercase">Kohl&rsquo;s
Corporation</FONT></P>

</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Name of Registrant as Specified in Its Charter)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <DIV STYLE="padding: 0in">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">MACELLUM BADGER FUND, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">MACELLUM BADGER FUND II, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">MACELLUM ADVISORS, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">MACELLUM ADVISORS GP, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">JONATHAN DUSKIN</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">GEORGE R. BROKAW</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FRANCIS KEN DUANE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PAMELA J. EDWARDS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">STACY HAWKINS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">JEFFREY A. KANTOR</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PERRY M. MANDARINO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CYNTHIA S. MURRAY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">KENNETH D. SEIPEL</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CRAIG M. YOUNG</P>

</DIV>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Name of Persons(s) Filing Proxy Statement, if Other Than the Registrant)</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payment of Filing Fee (Check the appropriate box):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9746;</TD><TD>No fee required.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD>Fee computed on table below per Exchange Act Rules 14a-6(i)(1)
and 0-11.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD>Title of each class of securities to which transaction applies:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD>Aggregate number of securities to which transaction applies:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(3)</TD><TD>Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(4)</TD><TD>Proposed maximum aggregate value of transaction:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(5)</TD><TD>Total fee paid:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Wingdings">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD>Fee paid previously with preliminary materials:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Wingdings">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check
box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee
was paid previously. Identify the previous filing by registration statement number, or the form or schedule and the date of its filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD>Amount previously paid:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD>Form, Schedule or Registration Statement No.:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(3)</TD><TD>Filing Party:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(4)</TD><TD>Date Filed:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="border-top: Black 0.5pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Macellum Badger Fund, LP,
a Delaware limited partnership (&ldquo;Macellum Badger&rdquo;), together with the other participants named herein, intends to file a preliminary
proxy statement and accompanying WHITE proxy card with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) to be used to solicit
votes for the election of its slate of highly-qualified director nominees at the 2022 annual meeting of shareholders of Kohl&rsquo;s Corporation,
a Wisconsin corporation (the &ldquo;Company&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 10, 2022, Macellum
Badger issued the following press release:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Macellum Nominates Ten Highly Qualified and Independent
Candidates for Election to the Kohl&rsquo;s Board of Directors</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Issues Letter Regarding the Need for Substantial
and Urgent Boardroom Change Following the Company&rsquo;s Most Recent Anti-Shareholder Actions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NEW YORK--(BUSINESS WIRE)--Macellum Advisors GP,
LLC (together with its affiliates, &ldquo;Macellum&rdquo; or &ldquo;we&rdquo;), a long-term holder of nearly 5% of the outstanding common
shares of Kohl&rsquo;s Corporation (NYSE: KSS) (&ldquo;Kohl&rsquo;s&rdquo; or the &ldquo;Company&rdquo;), today announced that it has
nominated a slate of ten highly qualified and independent candidates for election to the Company&rsquo;s Board of Directors (the &ldquo;Board&rdquo;)
at the 2022 Annual Meeting of Shareholders (the &ldquo;Annual Meeting&rdquo;). In connection with its nomination, Macellum issued an open
letter to fellow shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">***</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fellow Shareholders,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the wake of the troubling press release issued
by Kohl&rsquo;s last Friday, we are convinced &ndash; now more than ever &ndash; that a majority of the Company&rsquo;s Board needs to
be refreshed. The Board&rsquo;s decision to hastily reject at least two recent expressions of interest to acquire the Company, both of
which included sizable premiums, suggests it is no longer operating with impartiality and objectivity. The fact that the Board simultaneously
adopted what appears to be an onerous, two-tiered poison pill indicates to us it is also no longer prioritizing shareholders&rsquo; interests.
In our view, any directors that support such patently anti-shareholder maneuvers cannot be trusted to credibly evaluate potentially value-maximizing
alternatives versus management&rsquo;s perpetually ineffective plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As noted last week, we doubt that prospective
acquirers were given adequate consideration or enough access to management, data rooms and information required to inform upward adjustments
to bids. After all, the Company only confirmed receipt of the expressions of interest late last month. We also doubt that the Board has
been directing its bankers to aggressively canvass the market and initiate substantive conversations with additional suitors. To the contrary,
it seems to us the Board is doing everything in its power to chill a normal-course sale process and quell interest from other bidders
during what we view as a unique window of opportunity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With reports now swirling about the Company&rsquo;s
jet recently flying to Seattle, Washington, where Amazon is headquartered, we hope the incumbents are not losing sight of their fiduciary
duties. We need to question whether the Board is fully cognizant of its obligations given it has yet to announce the Company will run
an open, fair and fulsome process to evaluate all potential offers that could maximize value for shareholders. We believe anything short
of that, including the prospective pursuit of a sweetheart deal that unjustifiably favors existing executives and directors, simply validates
our view that the Company&rsquo;s current leadership is putting its own interests before shareholders&rsquo; interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We feel compelled to share our blunt concerns
because the Board&rsquo;s approach to honoring its fiduciary duties leaves a lot to be desired. Notably, the poison pill adopted by the
Board seems like it was structured to chill a sale process. The pill prevents a potential acquirer from bringing an offer directly to
shareholders without risking substantial dilution. In fact, simply <B><I>announcing an intent to commence a tender offer</I></B> (as opposed
to consummating one) triggers the pill. While the Board may claim it has built in a &ldquo;qualified offer&rdquo; exception, the numerous
requirements to be deemed a &ldquo;qualified offer&rdquo; all but ensure that no unsolicited offer will ever be made. The requirements
include that an offer must be fully-financed with committed capital, not subject to any due diligence and not arbitrarily deemed &ldquo;inadequate&rdquo;
by the Company&rsquo;s retained investment bank. To add insult to injury, the Board has also not committed to submitting the pill for
shareholder approval, despite having an opportunity to do so at the upcoming Annual Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On the heels of its brazen actions and following
another year of underperformance, the Board is still telling shareholders to patiently wait until next month&rsquo;s analyst day to learn
about what is likely to be the latest in a long line of unsuccessful plans prepared by management and overseen by the Board. We find it
incredibly arrogant for the Board to tell shareholders to sit idly by as long-tenured officers and directors, who have presided over years
of underperformance, waste time and resources coming up with another strategy to try to justify their control. It is important to remember
that until we issued our press release on January 18, 2022 and Acacia Research Corporation submitted a proposal to acquire Kohl&rsquo;s
days later, the Company had underperformed both the S&amp;P 500 and SPDR S&amp;P Retail ETF over the one-year, three-year, five-year and
ten-year periods.<SUP>1</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are equally disturbed to see lame duck Chairman
Frank Sica, who is not standing for reelection this year as a result of our 2021 settlement with Kohl&rsquo;s, continue to speak on behalf
of the Board. It is alarming that the Company has designated an outgoing Chairman with a 34-year tenure as the voice of the future. If
anything, we view Mr. Sica as a symbol of the entrenchment and obstructionism that must be removed from the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Given the growing list of issues and red flags
in the boardroom, we believe substantial and urgent change is needed. Kohl&rsquo;s is at a pivotal inflection point now that it has a
window to source and consider potentially value-maximizing acquisition proposals &ndash; a window that will not be open indefinitely as
the market environment and macro circumstances evolve. <B><U>That is why we are nominating a slate of ten highly qualified and independent
director candidates for election at this year&rsquo;s Annual Meeting. Our slate possesses the right mix of corporate governance acumen,
consumer and retail expertise, mergers and acquisitions experience, and independent ownership perspectives.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If elected, our nominees will bring fresh viewpoints
and open minds to the Board. They will also bring a firm commitment to assessing all paths to maximizing value for shareholders. This
means evaluating sale opportunities relative to a new strategic, operational and financial plan for pursuing market share growth and enhanced
earnings. After more than two decades of stagnation at Kohl&rsquo;s, it is long past time for a reconstituted Board to have an opportunity
to pursue superior value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Naturally, we anticipate the current Board and
management will defensively adopt aspects of our platform at next month&rsquo;s analyst day. We expect a long, platitude-filled presentation
that is short on detailed specifics, but full of promises regarding top-line growth, margin expansion, real estate sales, balance sheet
optimization and greater share repurchases. We contend, however, that relying on the Company&rsquo;s present Board and executive team
to finally deliver on promises would be akin to doubling down after a string of already bad bets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Keep in mind that Kohl&rsquo;s has not generated
same-store sales growth for a decade. After failing to grow sales versus 2019, when trillions of government stimulus had been pumped into
the economy and multiple competitors shut down, we certainly do not trust current leadership to deliver on any long-term targets set next
month. We are equally skeptical of any attempts by leadership to rationalize the balance sheet and monetize real estate. Do not forget
that the Board, which now appears to be botching a sale process, summarily rejected our calls for these logical steps last year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT> Underperformance
reflects Macellum&rsquo;s analysis as of January 14, 2022, one trading day prior to Macellum&rsquo;s press release.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In sum, the time for substantial boardroom change
at Kohl&rsquo;s has come. We fear the opportunities in front of the Company right now may not exist a year from now. Our nominees are
the right directors at the right time:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>George Brokaw </U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mr. Brokaw possesses extensive experience in
investment banking, mergers and acquisitions and the broader capital markets. He also has valuable experience serving on the boards of
directors of public companies across sectors. We believe Mr. Brokaw's background as an investment banker, investor and director can help
the Board run a credible sale process and explore all paths to enhanced value creation. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Currently a director at DISH
Network Corporation (NASDAQ: DISH), CTO Realty Growth, Inc. (NYSE: CTO) and Alico, Inc. (NASDAQ: ALCO).</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Former Managing Director (Mergers
&amp; Acquisitions) at Lazard Fr&egrave;res &amp; Co. LLC, where he advised a variety of companies on successful transactions.<BR>
<BR></I></FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Former Managing Director of the
Highbridge Growth Equity Fund at Highbridge Principal Strategies, LLC and former Managing Director and Head of Private Equity at Perry
Capital, LLC.</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Received a Bachelor of Arts from
Yale University and a J.D. and M.B.A from the University of Virginia, and is a member of the New York Bar.</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Jonathan Duskin</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mr. Duskin brings capital markets acumen, significant
retail sector investing experience and independent shareholder perspectives to the Macellum slate. He also previously worked as an investment
banker. We believe he has the right background to help the Board pursue and evaluate all paths to maximizing value for shareholders.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right">&bull;</TD><TD STYLE="width: 5pt"></TD><TD>Chief Executive Officer of Macellum Capital Management, an investment management firm, with
more than 20 years of experience investing in retail and consumer sectors.</TD>
</TR></TABLE>

<P></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right">&bull;</TD><TD STYLE="width: 5pt"></TD><TD>Former Managing Director at Prentice Capital Management, LP and Managing Director at S.A.C.
Capital Associates LLC.</TD>
</TR></TABLE>

<P></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right">&bull;</TD><TD STYLE="width: 5pt"></TD><TD>Former Chairman of the Investment Committee in the Research Department at Lehman Brothers
Inc.</TD>
</TR></TABLE>

<P></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right">&bull;</TD><TD STYLE="width: 5pt"></TD><TD>Currently serves on the Board of Directors of Citi Trends, Inc. (NASDAQ: CTRN), a growing
specialty value retailer of apparel, accessories and home trends.</TD>
</TR></TABLE>

<P></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right">&bull;</TD><TD STYLE="width: 5pt"></TD><TD>Holds a Bachelor of Arts from The University of Massachusetts Amherst.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Francis Ken Duane</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mr. Duane has more than three decades of experience
as a C-suite executive at leading public companies in the retail industry. We believe he has the right background to help management establish
a new strategic plan that pursues greater operational efficiency, more aligned executive compensation and a properly optimized balance
sheet.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Former Executive Vice Chairman
at PVH Corp. (NYSE: PVH), one of the world's largest fashion companies owning brands such as Tommy Hilfiger, Warner's, Olga and True
&amp; Co., where he helped grow revenues from $1 billion to $10 billion and led the development and launch of Calvin Klein, which currently
represents nearly 50% of PVH Corp.'s total revenue.</I></FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>At PVH Corp., Mr. Duane was the
former Chief Executive Officer of Heritage Brands and former President of IZOD.</I></FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Former President, Worldwide of
Guess?, Inc. (NYSE: GES) and former senior executive at Nautica Enterprises, Inc. (formerly NASDAQ: NAUT), Hugo Boss AG and Burberry
Group plc.</I></FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Previously served on the Board
of Governors of GS1 US, an information standards organization that brings industry communities together to solve supply chain problems,
and on the Board of Directors of Ariat International, Inc., a leading manufacturer of innovative performance equestrian footwear, apparel
and belts.</I></FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Holds a Bachelor of Science and
Honorary Doctorate from Merrimack College.</I></FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Pamela J. Edwards</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Ms. Edwards possesses business and financial
planning expertise and extensive executive-level experience in finance, strategy and operations across a variety of retail brands and
sectors. We believe she has the right background to help improve the Company's balance sheet and objectively assess standalone strategic
growth plans.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right">&bull;</TD><TD STYLE="width: 5pt"></TD><TD>Chief Financial Officer and Executive Vice President of Citi Trends, Inc. (NASDAQ: CTRN),
a growing specialty value retailer of apparel, accessories and home trends (retiring from CTRN in April 2022).</TD>
</TR></TABLE>

<P></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right">&bull;</TD><TD STYLE="width: 5pt"></TD><TD>Former executive at L Brands Inc. (n/k/a Bath &amp; Body Works, Inc. (NYSE: BBWI)), one of
the world&rsquo;s leading specialty retailers, where she held C-level roles at Mast Global, Victoria&rsquo;s Secret (n/k/a Victoria&rsquo;s
Secret &amp; Co. (NYSE: VSCO)) &ndash; where she established a business strategy that contributed to the ~$7 billion brand achieving
50% profit growth &ndash; and Express (n/k/a Express, Inc. (NYSE: EXPR)).</TD>
</TR></TABLE>

<P></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right">&bull;</TD><TD STYLE="width: 5pt"></TD><TD>Currently serves on the Board of Directors of Neiman Marcus Group, LLC, an American chain
of luxury department stores, where she serves as Chair of the Audit Committee.</TD>
</TR></TABLE>

<P></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right">&bull;</TD><TD STYLE="width: 5pt"></TD><TD>Was named one of Savoy Magazine&rsquo;s 2021 Most Influential Black Corporate Directors.</TD>
</TR></TABLE>

<P></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right">&bull;</TD><TD STYLE="width: 5pt"></TD><TD>Holds a Bachelor of Science from Florida A&amp;M University and an M.B.A from the Fuqua School
of Business at Duke University.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Stacy Hawkins</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Ms. Hawkins has comprehensive experience as
a diversity consultant across multiple sectors, vast legal expertise and a strong knowledge of public company governance. We believe she
has the right background to help the Board meaningfully improve its diversity initiatives &ndash; particularly in the senior management
ranks &ndash; as well as enhance its corporate governance practices and executive compensation policies and objectively diligence all
available strategic alternatives.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right">&bull;</TD><TD STYLE="width: 5pt"></TD><TD>Vice Dean of Rutgers Law School, the largest public law school in the Northeast, and has
served as a Professor of Law at Rutgers since 2018, as well as an independent diversity and employment practices consultant since 2007.</TD>
</TR></TABLE>

<P></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right">&bull;</TD><TD STYLE="width: 5pt"></TD><TD>Previously held roles in diversity counseling at Ballard Spahr Andrews &amp; Ingersoll, LLP,
Holland &amp; Knight LLP and Littler Mendelson, PC, a U.S.-based law firm that handles labor and employment litigation.</TD>
</TR></TABLE>

<P></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right">&bull;</TD><TD STYLE="width: 5pt"></TD><TD>Holds a Bachelor of Arts from the University of Virginia and a J.D. from the Georgetown University
Law Center.</TD>
</TR></TABLE>

<P></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Jeffrey A. Kantor</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mr. Kantor possesses nearly 40 years of experience
in the retail industry, where he oversaw merchandising, planning, private label development, on-line, retail and stores. We believe he
has the right background to help the Board turn around the Company's continued underperformance, pursue strategic and business improvements
and earn back market share.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right">&bull;</TD><TD STYLE="width: 5pt"></TD><TD>Former senior executive at Macy&rsquo;s, Inc. (NYSE: M), an American department store chain,
including as Chief Merchandising Officer and Chief Stores Officer.</TD>
</TR></TABLE>

<P></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right">&bull;</TD><TD STYLE="width: 5pt"></TD><TD>Former Chairman of Macys.com, Macy's ecommerce division, and Chief Executive Officer and
President of the Hecht&rsquo;s Company, a large chain of department stores.</TD>
</TR></TABLE>

<P></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right">&bull;</TD><TD STYLE="width: 5pt"></TD><TD>Currently serves as President of JAK Consulting, a consulting services firm focused on retail
and wholesale business strategy, and on the Board of Directors of Ronald McDonald House New York, a children&rsquo;s charity that provides
temporary accommodation for medical patients.</TD>
</TR></TABLE>

<P></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right">&bull;</TD><TD STYLE="width: 5pt"></TD><TD>Holds a Bachelor of Business Administration from The University of Massachusetts Amherst.</TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Perry M. Mandarino</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mr. Mandarino is a proven investment banker
with relevant experience advising stakeholders on business and financial strategy across various industries, including retail and consumer.
We believe he has the right background to help the Board capitalize on the Company's strong brand, significant value creation potential
and ample real estate assets through a sale or improved standalone plan. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right">&bull;</TD><TD STYLE="width: 5pt"></TD><TD>Co-Head of Investment Banking, Head of Restructuring and Senior Managing Director of B. Riley
Securities, Inc., a full-service investment bank and broker-dealer that provides corporate finance, sales, trading and equity research
to institutional clients and that is a subsidiary of B. Riley Financial, Inc. (NASDAQ: RILY).</TD>
</TR></TABLE>

<P></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right">&bull;</TD><TD STYLE="width: 5pt"></TD><TD>Former Partner and U.S. Practice Leader of Business Recovery Services for PricewaterhouseCoopers
LLP and Senior Managing Director of Traxi LLC, where he provided audit, tax, corporate restructuring and consulting services to large
corporations.</TD>
</TR></TABLE>

<P></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right">&bull;</TD><TD STYLE="width: 5pt"></TD><TD>Has advised buyers and sellers of more than 30 retailers with an aggregate 5,500 store count
as well as billions of dollars in revenue and value.</TD>
</TR></TABLE>

<P></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right">&bull;</TD><TD STYLE="width: 5pt"></TD><TD>Currently serves on the Board of Directors of bebe stores, inc. (OTCMKTS: BEBE), a global
specialty retailer of women&rsquo;s apparel and accessories.</TD>
</TR></TABLE>

<P></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right">&bull;</TD><TD STYLE="width: 5pt"></TD><TD>Holds a Bachelor of Science from Seton Hall University.</TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><BR>
<B><U>Cynthia S. Murray</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Ms. Murray has significant executive expertise
in the retail and apparel sector, with more than 20 years of experience leading business turnarounds, share price growth and long-term
strategy. We believe she has the right background to help the Board properly oversee the Company's business operations and strategy.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right">&bull;</TD><TD STYLE="width: 5pt"></TD><TD>Former President of Chico&rsquo;s Brand, FAS, Inc. (NYSE: CHS), a women&rsquo;s clothing
chain, where she led consistent same-store sales growth in addition to dramatically higher profitability. </TD>
</TR></TABLE>

<P></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right">&bull;</TD><TD STYLE="width: 5pt"></TD><TD>Former President of Full Beauty Brands, a plus size women&rsquo;s and men&rsquo;s apparel
and home goods holding company.</TD>
</TR></TABLE>

<P></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right">&bull;</TD><TD STYLE="width: 5pt"></TD><TD>Former executive at Talbots, Inc., a specialty retailer for women&rsquo;s apparel, and Saks
Off Fifth, an off-price division of Saks Fifth Avenue responsible for all women&rsquo;s apparel.</TD>
</TR></TABLE>

<P></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right">&bull;</TD><TD STYLE="width: 5pt"></TD><TD>Previously served on the Board of Directors of Francesca&rsquo;s Collections prior to its
initial public offering in 2011.</TD>
</TR></TABLE>

<P></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right">&bull;</TD><TD STYLE="width: 5pt"></TD><TD>Currently serves as Founder and Chief Executive Officer of Stanmore Partners, a senior leadership
consultancy for CEOs, private equity firms and start-ups.</TD>
</TR></TABLE>

<P></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right">&bull;</TD><TD STYLE="width: 5pt"></TD><TD>Holds a Bachelor of Science from the Florida State University.</TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Kenneth D. Seipel</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mr. Seipel has a strong track record of helping
grow and turn around retail companies, as well as Fortune 500 brands. We believe he has the right background to help the Board oversee
enhancements to the Company's operations, including streamlining its value proposition, creating a compelling merchandise assortment and
rationalizing distribution.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right">&bull;</TD><TD STYLE="width: 5pt"></TD><TD>Former Chief Executive Officer of Gabriel Brothers, Inc. (n/k/a Gabe&rsquo;s), a value department
store retailer, where he led a turnaround resulting in rapid sales and profit growth.</TD>
</TR></TABLE>

<P></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right">&bull;</TD><TD STYLE="width: 5pt"></TD><TD>Former President and Chief Operating Officer of Wet Seal, Inc. (n/k/a The Wet Seal, LLC),
a fast fashion retailer and President and Chief Merchandise/Marketing Officer of Pamida Discount Stores LLC, a regional discount chain
of department stores.</TD>
</TR></TABLE>

<P></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right">&bull;</TD><TD STYLE="width: 5pt"></TD><TD>Former Executive Vice President of Stores, Operations and Store Design of Old Navy, an American
clothing and accessories company owned by Gap, Inc. (NYSE: GPS)</TD>
</TR></TABLE>

<P></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right">&bull;</TD><TD STYLE="width: 5pt"></TD><TD>Currently serves as Principal of Retail Business Optimization LLC, a consulting firm focused
on helping retailers optimize their business model execution, and on the Board of Directors of Citi Trends, Inc. (NASDAQ: CTRN), a growing
specialty value retailer of apparel, accessories and home trends, and as Lead Independent Director of West Marine, Inc., where he oversaw
massive value creation efforts.</TD>
</TR></TABLE>

<P></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right">&bull;</TD><TD STYLE="width: 5pt"></TD><TD>Holds a Bachelor of Arts from the University of Wisconsin-Green Bay.</TD>
</TR></TABLE>

<P></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Craig M. Young</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mr. Young has strong real estate investment,
mergers and acquisitions and capital markets experience. We believe he has the right background to help the Board evaluate sale opportunities
or optimize the Company&rsquo;s real estate relative to a new strategic, operational and financial plan.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right">&bull;</TD><TD STYLE="width: 5pt"></TD><TD>Founder and Managing Principal of Tidewater Capital, LLC, a real estate private equity firm
with approximately $1 billion of assets under management.</TD>
</TR></TABLE>

<P></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right">&bull;</TD><TD STYLE="width: 5pt"></TD><TD>President of Chain of Lakes Capital, Inc., a venture investing platform.</TD>
</TR></TABLE>

<P></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right">&bull;</TD><TD STYLE="width: 5pt"></TD><TD>Previously worked at JBG Companies, LLC (n/k/a JBG SMITH Properties) (NYSE: JBGS), a property
investment company, Sembler Investments, a diversified real estate investment and development company, and Deutsche Bank AG (NYSE: DB).</TD>
</TR></TABLE>

<P></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt; text-align: right">&bull;</TD><TD STYLE="width: 5pt"></TD><TD>Holds a Bachelor of Arts from Brown University and an M.B.A from Harvard Business School.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Thank you for your consideration. We look forward
to sharing more detail pertaining to our slate&rsquo;s analysis and strategic vision in the weeks to come.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Jonathan Duskin</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Managing Partner</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Macellum Capital Management</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">***</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>About Macellum</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Macellum Capital Management is an activist investment
firm, with deep expertise in the retail and consumer sectors, founded in 2009 by Jonathan Duskin. Macellum invests in undervalued companies
that it believes can appreciate significantly in value as a result of a change in corporate strategy or improvements in operations, capital
allocation or corporate governance. Macellum&rsquo;s investment team, advisors and network of industry experts draw upon their extensive
strategic, operating and boardroom experience to assist companies in designing and implementing initiatives to improve long-term shareholder
value. Macellum prefers to constructively engage with management to improve its governance and performance for the benefit of all stockholders.
However, when management is entrenched, Macellum has run successful proxy contests to effectuate meaningful change. Macellum has run successful
election contests to effectuate meaningful change at many companies, including at The Children&rsquo;s Place Inc., Citi Trends, Inc.,
Bed Bath and Beyond and Big Lots, Inc. Learn more at&nbsp;<FONT STYLE="color: #499ED6">www.macellumcapitalmanagement.com</FONT><FONT STYLE="color: #444444">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Certain Information Concerning the Participants</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Macellum Badger Fund, LP, a Delaware limited partnership
(&ldquo;Macellum Badger&rdquo;), together with the other participants named herein, intends to file a preliminary proxy statement and
accompanying WHITE proxy card with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) to be used to solicit votes for the election
of its slate of highly-qualified director nominees at the 2022 annual meeting of shareholders of Kohl&rsquo;s Corporation, a Wisconsin
corporation (the &ldquo;Company&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">MACELLUM BADGER STRONGLY ADVISES ALL SHAREHOLDERS
OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.
SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC'S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS IN THIS
PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD
BE DIRECTED TO THE PARTICIPANTS' PROXY SOLICITOR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The participants in the proxy solicitation are
anticipated to be Macellum Badger, Macellum Badger Fund II, LP, a Delaware limited partnership (&ldquo;Macellum Badger II&rdquo;), Macellum
Advisors, LP, a Delaware limited partnership (&ldquo;Macellum Advisors&rdquo;), Macellum Advisors GP, LLC, a Delaware limited liability
company (&ldquo;Macellum GP&rdquo;), Jonathan Duskin, George R. Brokaw, Francis Ken Duane, Pamela J. Edwards, Stacy Hawkins, Jeffrey A.
Kantor, Perry M. Mandarino, Cynthia S. Murray, Kenneth D. Seipel and Craig M. Young.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date hereof, Macellum Badger directly
beneficially owns 216,204 shares of Common Stock, $0.01 par value per share, of the Company (the &ldquo;Common Stock&rdquo;), including
1,000 shares in record name. As of the date hereof, Macellum Badger II directly beneficially owns 6,738,528 shares of Common Stock. As
the investment manager of Macellum Badger and Macellum Badger II, Macellum Advisors may be deemed to beneficially own the 216,204 shares
of Common Stock beneficially directly owned by Macellum Badger and 6,738,528 shares of Common Stock beneficially owned directly by Macellum
Badger II. As the general partner of Macellum Badger, Macellum Badger II and Macellum Advisors, Macellum GP may be deemed to beneficially
own the 216,204 shares of Common Stock beneficially owned directly by Macellum Badger and 6,738,528 shares of Common Stock beneficially
owned directly by Macellum Badger II. As the sole member of Macellum GP, Mr. Duskin may be deemed to beneficially own the 216,204 shares
of Common Stock beneficially owned directly by Macellum Badger and 6,738,528 shares of Common Stock beneficially owned directly by Macellum
Badger II.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date hereof, none of George R. Brokaw,
Francis Ken Duane, Pamela J. Edwards, Stacy Hawkins, Jeffrey A. Kantor, Perry M. Mandarino, Cynthia S. Murray, Kenneth D. Seipel or Craig
M. Young own beneficially or of record any securities of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Contacts</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For Investors:<BR>
<BR>
Saratoga Proxy Consulting<BR>
John Ferguson / Joe Mills, 212-257-1311<FONT STYLE="color: #444444"><BR>
</FONT><FONT STYLE="color: #499ED6">info@saratogaproxy.com</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For Media:<BR>
<BR>
Longacre Square Partners<BR>
Greg Marose / Casie Connolly / Bela Kirpalani, 646-386-0091<FONT STYLE="color: #444444"><BR>
</FONT><FONT STYLE="color: #499ED6">macellum@longacresquare.com</FONT></P>

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