<SEC-DOCUMENT>0000921895-22-000428.txt : 20220211
<SEC-HEADER>0000921895-22-000428.hdr.sgml : 20220211
<ACCEPTANCE-DATETIME>20220211171410
ACCESSION NUMBER:		0000921895-22-000428
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220211
DATE AS OF CHANGE:		20220211

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:		22622670

	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>e621326_dfan14a-macellum.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0pt">&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<BR>
(Rule 14a-101)<BR>
<BR>
INFORMATION REQUIRED IN PROXY STATEMENT<BR>
<BR>
SCHEDULE 14A INFORMATION<BR>
<BR>
Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934<BR>
(Amendment No. )</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">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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Preliminary Proxy Statement</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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Definitive Proxy Statement</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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Definitive Additional Materials</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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9746;</TD><TD>Soliciting Material Under Rule 14a-12</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: center; border-bottom: Black 0.5pt solid"><FONT STYLE="text-transform: uppercase">Kohl&rsquo;s
Corporation</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Registrant as Specified in Its Charter)</P>

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

<DIV STYLE="padding: 0in; border-bottom: Black 0.5pt solid">

<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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Persons(s) Filing Proxy Statement, if
Other Than the Registrant)</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; text-indent: 0.5in">Payment of Filing Fee (Check
the appropriate box):</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9746;</TD><TD>No fee required.</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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</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 0pt 1in; text-align: justify; text-indent: -0.5in">Title of each class
of securities to which transaction applies:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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 0.75pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">Aggregate number
of securities to which transaction applies:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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 0.75pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">Per unit price or
other underlying value of transaction computed pursuant to<BR>
Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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 0.75pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">Proposed maximum
aggregate value of transaction:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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 0.75pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">Total fee paid:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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 0.75pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<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">&#9744; Fee paid
previously with preliminary materials:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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 0.75pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<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">&#9744; 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-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; 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 0.75pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">Form, Schedule
or Registration Statement No.:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; 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 0.75pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; 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 0.75pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="border-top: black 0.75pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->



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

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

<!-- Field: Page; Sequence: 1 -->
    <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 0pt 0.5in; 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">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">Item 1: On February 10,
2022, Jonathan Duskin, Chief Executive Officer of Macellum Capital Management, LLC, was quoted in the following article published by
MarketWatch:</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"><B>Activist investors to nominate new Kohl's board members, suggest
Kohl's visited Amazon</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>February 10, 2022</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; text-align: justify">Activist investor group Macellum Advisors GP LLC
has named the slate of 10 board members that it will nominate at Kohl's Corp.'s KSS, +1.36% next investor day, scheduled for March 7,
including Stacy Hawkins, a Rutgers Law School educator and diversity consultant; Jeffrey Kantor, former Macy's Inc. M, +2.89% executive
with 40 years of retail experience; and Perry Mandarino, co-head of investment banking, head of restructuring and senior managing director
of B. Riley Securities, Inc. In a lengthy letter, Macellum Managing Partner Jonathan Duskin criticized the poison pill that Kohl's put
in place last week, and once again noted the department store retailer's ongoing &quot;underperformance.&quot; Duskin is also one of Macellum's
nominees. Macellum also suggested that Kohl's has paid a visit to Amazon.com Inc. AMZN, -0.14% &quot;With reports now swirling about the
Company's jet recently flying to Seattle, Washington, where Amazon is headquartered, we hope the incumbents are not losing sight of their
fiduciary duties,&quot; the letter said. &quot;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.&quot; Kohl's has rejected the buyout offers it received. Company executives maintain that Kohl's is on a turnaround path.
The stock rose 2.3% in Thursday premarket trading, and has run up 24% over the last year. The ProShares Decline of the Retail Store ETF
EMTY, -1.01% is down 19.3%. And the S&amp;P 500 index SPX, +1.45% has gained 17.3% over the last 12 months. Kohl's is scheduled to report
fourth-quarter results on March 1, according to FactSet.</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; text-indent: 0.5in">Item 2: On February 10, 2022,
Jonathan Duskin was quoted in the following article published by Bloomberg:</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"><B>Macellum Ups Pressure on Kohl&rsquo;s to Sell With 10-Director
Slate<BR>
Bloomberg<BR>
By Scott Deveau</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>February 10, 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<BR>
(Bloomberg) -- Activist investor Macellum Capital Management has nominated 10 directors in an effort to take control of Kohl&rsquo;s
Corp.&rsquo;s board, arguing the retailer&rsquo;s leadership &ldquo;appears to be botching a sale process.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<BR>
Jonathan Duskin, Macellum&rsquo;s managing partner, said in a letter to shareholders Thursday that the board&rsquo;s rejection of two
takeover proposals at a substantial premium last week, along with the adoption of an &ldquo;onerous&rdquo; poison pill, suggests it&rsquo;s
no longer acting impartially or objectively.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<BR>
&ldquo;Given the growing list of issues and red flags in the boardroom, we believe substantial and urgent change is needed,&rdquo; Duskin
said in the letter, which was reviewed by Bloomberg News.<BR></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"></P>

<!-- Field: Page; Sequence: 2 -->
    <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"><BR>
&ldquo;Kohl&rsquo;s is at a pivotal inflection point now that it has a window to source and consider potentially value-maximizing acquisition
proposals -- a window that will not be open indefinitely as the market environment and macro circumstances evolve,&rdquo; he said.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<BR>
A representative for Kohl&rsquo;s, based in Menomonee Falls, Wisconsin, wasn&rsquo;t immediately available for comment.</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">Kohl&rsquo;s said last week that the board had rejected offers because
they were too low and that it had hired Goldman Sachs Group Inc. and PJT Partners Inc. to field interest from potential buyers. It also
adopted the so-called poison pill that makes a takeover more difficult without the board&rsquo;s consent.<BR>
<BR>
<B>Sycamore, Acacia</B><BR>
<BR>
Both Sycamore Partners and Acacia Research Corp., a suitor backed by hedge fund Starboard Value LP, had engaged with Kohl&rsquo;s about
a potential deal, Bloomberg News has reported. Acacia said in a regulatory filing that it had offered $64 a share, or about $9 billion,
for the company.&nbsp;</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"><BR>
&ldquo;We need to question whether the board is fully cognizant of its obligations given it has yet to announce that the company will
run an open, fair and fulsome process to evaluate all potential offers that could maximize value for shareholders,&rdquo; Duskin said
in the letter. Anything short of that would validate Macellum&rsquo;s view that the company&rsquo;s current leadership is putting its
own interests before those of shareholders, he said.</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">Macellum contends its slate, which includes Duskin, would give the
14-member board fresh viewpoints, as well as a firm commitment to assess all paths for maximizing shareholder value.<BR>
<BR>
Macellum&rsquo;s nominees include former Lazard Freres &amp; Co. banker George Brokaw, former PVH Corp. executive Francis Ken Duane and
Citi Trends Inc. Chief Financial Officer Pamela Edwards. The other six are Stacy Hawkins, Jeffrey Kantor, Perry Mandarino, Cynthia Murray,
Kenneth Seipel and Craig Young.</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; text-indent: 0.5in">Item 3: On February 10, 2022,
Macellum Badger was quoted in the following article published by Seeking Alpha:</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"><B>Kohl's gains amid board and M&amp;A intrigue</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>February 10, 2022</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Macellum Advisors announced on Thursday morning that it nominated a slate of ten independent candidates for election to the Kohl's
Corporation (NYSE:KSS) board of directors.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The activist firm says it is convinced that a majority of the Kohl's board needs to be refreshed after it hastily rejected at least
two potential acquirers.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&quot;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.&quot;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Kohl's Corp. (KSS) rose 1.55% in premarket trading on a report that private equity firm Leonard Green is interested in bidding for
the department store chain.</TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 3 -->
    <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-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Item 4: On February 10, 2022,
Jonathan Duskin was quoted in the following article published by CNBC:</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"><B>Activist Macellum seeks to take control of Kohl&rsquo;s board,
nominates 10 directors</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>February 10, 2022</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">Activist group Macellum has amplified the pressure on Kohl&rsquo;s
as it seeks to take control of the retailer&rsquo;s board by nominating 10 directors.</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">Macellum, led by Jonathan Duskin, has criticized Kohl&rsquo;s for not
performing as well as it could in recent years. Last month, it called for the company to consider selling itself.</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">A representative from Kohl&rsquo;s didn&rsquo;t immediately respond
to CNBC&rsquo;s request for comment.</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">This is the second time that Macellum has nominated directors at Kohl&rsquo;s.
Last year, it pushed Kohl&rsquo;s to expand its 11-member board by three directors.</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">Earlier this month, Kohl&rsquo;s rejected two takeover offers that
it said undervalued its business, and it also adopted a &ldquo;poison pill&rdquo; plan to avoid a hostile takeover. Duskin said Thursday
that, &ldquo;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.&rdquo;</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">He also said that reports have been circulating about Kohl&rsquo;s
jet recently flying to Seattle, where Amazon is headquartered.</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">Kohl&rsquo;s shares were unchanged in premarket trading, having risen
about 25% year to date.</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">Read the full letter from Macellum here.</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; text-indent: 0.5in">Item 5: On February 10, 2022,
Jonathan Duskin was quoted in the following article published by Reuters:</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"><B>Macellum nominates 10 to retailer Kohl's board-sources</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>By Svea Herbst-Bayliss</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>February 10, 2022</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">Activist investment firm Macellum Advisors GP LLC is seeking to take
control of retailer Kohl's Corp's (KSS.N) board and has nominated 10 directors, according to two people familiar with the matter.</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">Macellum, led by Jonathan Duskin, has criticized Kohl's for not doing
enough to improve its business and has publicly called for the company to consider putting itself up for sale.</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"></P>

<!-- Field: Page; Sequence: 4 -->
    <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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Duskin has said privately that Kohl's 14-member board is too large
and too entrenched to make the changes needed to push up the company's lagging share price. He also said that the company needs to have
a shareholder on the board and he nominated himself along with nine others.</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">Bloomberg first reported that Macellum had nominated 10 people on Thursday.</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">This marks the second time that Macellum has nominated directors at
Kohl's after it was part of a consortium that sought to replace nine board members last year.</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">The investors agreed to drop that challenge when Kohl's expanded its
11-member board by three directors in 2021.</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">Reuters reported in December that Macellum was planning to nominate
directors and in January that the firm was pressing Kohl's for at least one board seat and a public statement that the company is reviewing
strategic alternatives. read more</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">Last week Kohl's rejected two takeover offers that would have valued
the company at roughly $9 billion. Duskin said he was &quot;disappointed and shocked by Kohl's hasty rejection of confirmed indications
of interest.&quot;</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; text-indent: 0.5in">Item 6: On February 10, 2022,
Macellum Badger was quoted in the following article published by Law360:</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"><B>Activist Blasts Kohl's For Poison Pill, Rejection Of $9B Offer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Law360</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>February 10, 2022</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">Activist investment firm Macellum Advisors, represented by Olshan Frome,
said Thursday that it is nominating a slate of 10 candidates to serve on the Kohl's board of directors, blasting the department store
chain's newly adopted shareholder rights plan as overkill and calling on the company to consider a sale.</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">The outcry from Macellum Advisors GP LLC, which owns a stake of almost
5% in Kohl's, came in the form of an open letter to shareholders that was made public Thursday. According to Macellum, Kohl's has done
a poor job of handling recent takeover approaches, one of which is worth a total of almost $9 billion. Kohl's said last week that its
board of directors has reviewed multiple &quot;expressions of interest,&quot; but that the proposals undervalue the company.</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">In addition, Macellum said the shareholder rights plan, or poison pill,
that Kohl's has put in place, is doing nothing but making it difficult for shareholders to receive maximum value for their investment
in the company. The poison pill takes effect if 10% of Kohl's shares are acquired by another company. Such shareholder rights plans are
typically put in place to fend off buyers seeking to try a hostile takeover of a business at a low valuation. In particular, Macellum
noted that the Kohl's board hasn't committed to submitting the poison pill for shareholder approval.</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">&quot;We feel compelled to share our blunt concerns because the board's
approach to honoring its fiduciary duties leaves a lot to be desired,&quot; the letter said. &quot;Notably, the poison pill adopted by
the board seems like it was structured to chill a sale process.&quot;</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"></P>

<!-- Field: Page; Sequence: 5 -->
    <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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With that in mind, Macellum detailed a slate of 10 director candidates
it intends to nominate to the company's board. The list of candidates includes people with many years of experience in areas including
retail and mergers and acquisitions, such as George Brokaw, who is currently a director at Dish Network Corp., CTO Realty Growth Inc.
and Alico Inc. and is a former managing director of M&amp;A at Lazard Freres &amp; Co. LLC, as well as Jeffrey A. Kantor, who previously
worked as a senior executive at Macy's Inc.</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">&quot;In sum, the time for substantial boardroom change at Kohl's has
come,&quot; Macellum's letter said. &quot;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.&quot;</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">Macellum's letter represents an escalation of the activist's tactics.
On Jan. 18, Macellum issued a letter to Kohl's shareholders alleging that the company was performing poorly compared to its peers, and
indicated it was considering a slate of director nominees.</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">Not long after that, Kohl's confirmed on Jan. 24 that it was being
courted by potential buyers. One of the takeover bids was put forth by Starboard Value-backed Acacia Research and is worth $64 per share
in cash. Kohl's has also reportedly been approached with a potential takeover offer by private equity firm Sycamore Partners.</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">Macellum is represented by Olshan Frome Wolosky LLP, with a team that
includes Elizabeth Gonzalez-Sussman, Rebecca Van Derlaske, Nikoleta Jaupi and Jack Meara.</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">Legal counsel information for Kohl's was not available, and a representative
for the company did not immediately respond to a request for further information.</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-indent: 0.5in">Item 7: On February 10, 2022, Macellum Badger was
quoted in the following article published by Women&rsquo;s Wear Daily:</P>

<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"><B>Activist Increases Pressure on Kohl's With Board Nominees</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Women&rsquo;s Wear Daily</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>February 10, 2022</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"><I>Macellum Advisors has nominated 10 candidates to the retailer's
board of directors.</I></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">Macellum Advisors, the activist shareholder that owns nearly 5 percent
of Kohl&rsquo;s Corp., is putting more heat on the retailer by nominating 10 candidates to the board of directors.</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">Macelllum&rsquo;s move is a reaction to last week&rsquo;s rejection
by Kohl&rsquo;s of at least two takeover offers &mdash; including from Acacia Research Corp. and reportedly from Sycamore Partners &mdash;
and the retailer&rsquo;s enactment of a poison pill.</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 months, Macellum has been pushing for changes at Kohl&rsquo;s in
what it claims is an effort to bolster the financial performance of the company and raise shareholder value. Last year, Macellum was successful
in getting two individuals of its choice placed on the board, and a third person was added to the board by mutual agreement between the
activist and Kohl&rsquo;s. Now Macellum hopes to completely overhaul the Kohl&rsquo;s board through a vote which would be tallied at the
retailer&rsquo;s next annual meeting of shareholders.</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">The board candidates nominated by Macellum include several from the
retail and fashion industry and was expected. Last week, Macellum said it planned to add a slate of candidates for the board who will
be &ldquo;open-minded when it comes to pursuing all paths to maximizing value.&rdquo;</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"></P>

<!-- Field: Page; Sequence: 6 -->
    <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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;In the wake of the troubling press release issued by Kohl&rsquo;s
last Friday, we are convinced &mdash; now more than ever &mdash; that a majority of the company&rsquo;s board needs to be refreshed,&rdquo;
Macellum wrote in a letter to shareholders on Thursday, which was signed by Jonathan Duskin, Macellum&rsquo;s chief executive officer
and managing partner. He&rsquo;s also on the slate of nominees to the Kohl&rsquo;s board.</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">&ldquo;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.&rdquo;</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">Macellum wrote that it believes Kohl&rsquo;s is doing &ldquo;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.&rdquo;</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">The activist also cited speculation that Kohl&rsquo;s corporate jet
recently flew to Seattle, where Amazon is headquartered, implying a potential &ldquo;pursuit of a sweetheart deal that unjustifiably favors
existing executives and directors.&rdquo; There has been speculation that Amazon could bid for Kohl&rsquo;s, and that the online giant
would be interested in some of Kohl&rsquo;s store locations to convert to warehouses and that Kohl&rsquo;s concentration in casual and
activewear could benefit Amazon&rsquo;s apparel business. Kohl&rsquo;s and Amazon have close ties stemming from Kohl&rsquo;s having sites
in its store for Amazon returns.</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">The Menomonee Falls, Wisc.-based value department store chain last
Friday rejected a bid by Acacia, which is controlled by activist hedge fund Starboard Value LP, to acquire 100 percent of the outstanding
shares of Kohl&rsquo;s for $64 a share in cash, valuing the company at $9 billion. It is also believed that Kohl&rsquo;s rejected a $64
to $65 offer from Sycamore Partners, a private equity firm that has Belk, Loft, Express, Hot Topic, Ann Taylor and other retailers in
its portfolio.</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">The poison pill makes it more expensive to take over a company through
a dilution of shares.</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">Kohl&rsquo;s will disclose its fourth-quarter and year-end earnings
on March 1 and has scheduled an investor&rsquo;s meeting on March 7. Details about the company emanating from those events could factor
into whether Kohl&rsquo;s gets sold or not.</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">Macellum has run activist campaigns and brought change to The Children&rsquo;s
Place Inc., Citi Trends Inc., Bed Bath &amp; Beyond and Big Lots Inc.</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">Macellum&rsquo;s nominees, aside from Duskin, are:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>George Brokaw, director at Dish Network, CTO Realty Growth and Alico; former managing director at Lazard Fr&egrave;res, Highbridge
Growth Equity Fund and head of private equity at Perry Capital.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Francis Ken Duane, former executive vice chairman at PVH Corp.; former president of Guess; executive roles at Nautica, Hugo Boss and
Burberry.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Pamela J. Edwards, chief financial officer and executive vice president of Citi Trends; former executive at Bath &amp; Body Works,
Mast Global, Victoria&rsquo;s Secret and Express, and board member at Neiman Marcus Group.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Stacy Hawkins, a diversity consultant and vice dean of Rutgers Law School.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Jeffrey A. Kantor, president of JAK Consulting and former Macy&rsquo;s chief merchandising officer and chief stores officer, and former
chairman of macys.com.</TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 7 -->
    <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="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Perry M. Mandarino, senior managing director of B. Riley Securities; former partner at PricewaterhouseCoopers, and board member at
Bebe Stores.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Cynthia S. Murray, founder and CEO of Stanmore Partners; former president of Chico&rsquo;s and Full Beauty Brands; former executive
at Talbots and Saks Off 5th.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Kenneth D. Seipel, principal of Retail Business Optimization consulting; Citi Trends board member; formerly Gabriel Brothers CEO;
former president at Wet Seal and Pamida Discount Stores.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Craig M. Young, founder/managing principal, Tidewater Capital; president of Chain of Lakes Capital, and former executive at JBG Companies;
Sembler Investments, and Deutsche Bank.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Item 8: On February 10, 2022, Macellum Badger was
quoted in the following article published by Barron&rsquo;s:</P>

<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"><B>Kohl&rsquo;s Activist Macellum Nominates Slate of 10 Director Candidates</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>February 10, 2022</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">Activist investor Macellum Capital Management said in a letter to shareholders
Thursday it nominated a slate of 10 director candidates for Kohl&rsquo;s , saying that &ldquo;a majority of the Company&rsquo;s Board
needs to be refreshed.&rdquo; The current board &ldquo;appears to be botching a sale process,&rdquo; Macellum alleged.</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">&ldquo;The Board&rsquo;s decision to hastily reject at least two recent
expressions of interest to acquire the Company&hellip;suggests it is no longer operating with impartiality and objectivity,&rdquo; Macellum
wrote. Kohl&rsquo;s (ticker: KSS) recent adoption of a so-called poison pill meant to deter a hostile takeover &ldquo;indicates to us
it is also no longer prioritizing shareholders&rsquo; interests,&rdquo; it added.</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">Macellum owns a stake of nearly 5% in the department-store chain. Its
10 candidates for Kohl&rsquo;s board include Macellum CEO Jonathan Duskin, Citi Trends ( CTRN ) Chief Financial Officer Pamela J. Edwards,
and Jeffrey A. Kantor, a former Macy&rsquo;s (M) executive. Kohl&rsquo;s board currently includes 14 directors.</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">Kohl&rsquo;s told Barron&rsquo;s it didn&rsquo;t immediately have a
comment on the matter, but would release a statement later today. Macellum didn&rsquo;t immediately respond to request for comment beyond
the letter.</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">Kohl&rsquo;s stock is about flat in Thursday morning trading, compared
with about a 1% drop in the S&amp;P 500 index.</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">Last week, Kohl&rsquo;s said the unsolicited offers it has received
undervalue the company. There&rsquo;s a $64-per-share offer from Acacia Research, which is controlled by activist hedge fund Starboard
Value, and an offer from Sycamore Partners.</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"></P>

<!-- Field: Page; Sequence: 8 -->
    <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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Item 9: On February 10, 2022, Jonathan Duskin was
quoted in the following article published by 13D Monitor Daily Recap:</P>

<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"><B>Macellum Nominates 10 to Retailer Kohl's Board-Sources </B><BR>
<I>&quot;Reuters (02/10/22) Bayliss-Herbst, Svea&quot;</I></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">Macellum Advisors GP LLC said on Thursday that it is seeking to take
control of retailer Kohl's Corp's (KSS) board and has nominated 10 directors. Macellum, led by Jonathan Duskin, has criticized Kohl's
for not doing enough to improve its business and has publicly called for the company to consider putting itself up for sale. He also criticized
the company for rejecting two takeover offers and for having adopted a defense tactic to prevent a hostile takeover. &quot;Any directors
that support such patently anti-shareholder maneuvers cannot be trusted to credibly evaluate potentially value-maximizing alternatives
versus management's perpetually ineffective plans,&quot; he wrote in a letter that details the nominations. Kohl's said &quot;Macellum's
effort to take control of the board is unjustified and counterproductive&quot; and called the hedge fund's claim that the board isn't
able to review sales opportunities &quot;groundless.&quot; It also said Macellum's comments on the shareholder rights plan, also called
a poison pill, are &quot;misleading.&quot; Duskin has said privately that Kohl's 14-member board is too large and too entrenched to make
the changes needed to push up the company's lagging share price. He also said that the company needs to have a shareholder on the board
and he nominated himself along with nine others with expertise in retail and investment banking. &quot;Given the growing list of issues
and red flags in the boardroom, we believe substantial and urgent change is needed,&quot; Duskin wrote. This marks the second time that
Macellum has nominated directors at Kohl's after it was part of a consortium that sought to replace nine board members last year. The
investors agreed to drop that challenge when Kohl's expanded its 11-member board by three directors in 2021.</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-indent: 0.5in">Item 10: On February 10, 2022, Jonathan Dusking
was quoted in the following article published by the Milwaukee Business Journal:</P>

<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"><B>Activist investor Macellum nominates slate of 10 candidates for
Kohl's board</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>February 10, 2022</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">As promised, Kohl&rsquo;s Corp. activist investor Macellum Advisors
GP, LLC nominated what it called a slate of 10 highly qualified and independent candidates, including a former Macy's senior executive,
for election to the Kohl&rsquo;s board at the 2022 annual shareholders meeting.</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">Macellum also sent a letter to other shareholders stating the board&rsquo;s
rejection of offers to sell indicate the board is &ldquo;anti-shareholder.&rdquo;</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">The candidate list also included Macellum's managing partner Jonathan
Duskin, who said in a letter Thursday morning that the board needs to be refreshed.</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">&ldquo;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,&rdquo; Duskin said. &ldquo;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.&rdquo;</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">Duskin said the Kohl&rsquo;s board &ldquo;cannot be trusted to credibly
evaluate potentially value-maximizing alternatives versus management&rsquo;s perpetually ineffective plans.&rdquo;</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">A Kohl's spokeswoman could not immediately be reached for comment.</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">The nominees from Macellum, besides Duskin, are:</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"></P>

<!-- Field: Page; Sequence: 9 -->
    <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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull; George Brokaw, a former managing director at Lazard Fr&egrave;res
&amp; Co. LLC. Brokaw is a director at DISH Network Corp. (Nasdaq: DISH), CTO Realty Growth Inc. (NYSE: CTO) and Alico Inc. (Nasdaq: ALCO);</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">&bull; Francis Ken Duane, a former executive vice chairman at fashion
company PVH Corp. (NYSE: PVH, and the former CEO of Heritage Brands and former president of IZOD;</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">&bull; Pamela Edwards, chief financial officer and executive vice president
of Citi Trends Inc. (Nasdaq: CTRN), a specialty value retailer of apparel, accessories and home trends and former executive at L Brands
Inc.;</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">&bull; Stacy Hawkins, vice dean of Rutgers Law School and an independent
diversity and employment practices consultant;</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">&bull; Jeffrey Kantor, a former senior executive at Macy&rsquo;s Inc.
(NYSE: M), former chairman of Macys.com, Macy's ecommerce division, and CEO and president of the Hecht&rsquo;s Company, a large chain
of department stores;</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">&bull; Perry Mandarino, co-head of investment banking and head of restructuring
and senior managing director of B. Riley Securities Inc. that is a subsidiary of B. Riley Financial Inc. (Nasdaq: RILY);</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">&bull; Cynthia Murray, a former president of Chico&rsquo;s Brand, FAS
Inc. (NYSE: CHS), former president of Full Beauty Brands, and former executive at Talbots Inc.;</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">&bull; Kenneth Seipel, former CEO of Gabriel Brothers Inc. a value
department store retailer; former president and chief operating officer of Wet Seal Inc. and former president and of Pamida Discount Stores
LLC and;</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">&bull; Craig Young, founder and managing principal of Tidewater Capital
LLC, a real estate private equity firm with approximately $1 billion of assets under management.</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-indent: 0.5in">Item 11: On February 10, 2022, Jonathan Duskin
was quoted in the following article published by the New York Post:</P>

<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"><B>Activist investor Macellum trying to grab control of Kohl&rsquo;s
board</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>February 10, 2022</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">The pressure is growing on Kohl&rsquo;s to shake up its board.</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">Activist investor Macellum &mdash; which holds a big stake in the midprice
retailer and is pressing for change &mdash; wants to install 10 new directors to jumpstart growth at the chain, which it says is lagging
behind competitors.</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">Macellum argues in a letter to shareholders Thursday that Kohl&rsquo;s
is thumbing its nose at solid offers to acquire the Menomonee Falls, Wisconsin, based company. The letter also flagged what Macellum said
was a recent mysterious trip by the Kohl&rsquo;s corporate jet to Seattle, where Amazon is based.</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"></P>

<!-- Field: Page; Sequence: 10 -->
    <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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Led by Jonathan Duskin, who is nominating himself to serve on the board,
Macellum&rsquo;s latest move comes on the heels of Kohl&rsquo;s activating a poison pill last week to ward off hostile takeovers &mdash;
a measure Duskin says didn&rsquo;t take investors into account.</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">&ldquo;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,&rdquo; Duskin writes.</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">Kohl&rsquo;s has said it will lay out its strategic plans at its annual
meeting next month.</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">But Macellum, which had urged the company to put itself up for sale
earlier this year, poured cold water on the initiative.</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">&ldquo;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,&rdquo; Duskin writes.</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">In a statement, Kohl&rsquo;s said that Macellum&rsquo;s attempt to
take over the retailer&rsquo;s board was &ldquo;unjustified and counterproductive.&rdquo;</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">&ldquo;The Board reaffirms its commitment to maximizing the long-term
value of the Company,&rdquo; the statement said. &ldquo;It will continue to pursue all reasonable opportunities to drive value, consistent
with its fiduciary obligations.&rdquo;</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">Meantime, it&rsquo;s the second time Macellum has advocated for a board
shake-up. Last year, the investor along with other activists successfully advocated for several new board members.</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">Last week when Kohl&rsquo;s adopted its poison pill, which expires
Feb. 2, 2023, Kohl&rsquo;s chairman Frank Sica, said in a statement, &ldquo;We have a high degree of confidence in Kohl&rsquo;s transformational
strategy, and we expect that its continued execution will result in significant value creation,&rdquo; adding that the board &ldquo;will
continue to closely evaluate any opportunities to create value.&rdquo;</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">The company did not immediately respond for comment on Macellum&rsquo;s
demand for 10 new directors.</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">Kohl&rsquo;s shares were little-changed on Thursday, gaining about
0.3% to trade at $62.19 each &mdash; outperforming the broader market, which was down about 0.3%. Over the past year, Kohl&rsquo;s stock
is up about 25%.</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-indent: 0.5in">Item 12: On February 10, 2022, Jonathan Duskin
was quoted in the following article published by Sourcing Journal:</P>

<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"><B>Latest Kohl&rsquo;s Board Attack: Chain Hasn&rsquo;t Generated
&lsquo;Same-Store Sales Growth for a Decade&rsquo;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>By Vicki M. Young</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>February 10, 2022</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">The battle for Kohl&rsquo;s board birthed a new skirmish Thursday.</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">Activist investor Macellum Advisors fired back at the retailer&rsquo;s
recent dismissal of buyout offers by nominating 10 board candidates for election at the department store company&rsquo;s upcoming shareholders
meeting.</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"></P>

<!-- Field: Page; Sequence: 11 -->
    <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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In a letter to shareholders, Macellum Capital Management managing partner
and CEO Jonathan Duskin said the board&rsquo;s hasty rejection of two takeover bids &ldquo;suggests it is no longer operating with impartiality
and objectivity.&rdquo;</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">&ldquo;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,&rdquo; Duskin
wrote, referring to the shareholder rights plans that many companies adopt to prevent hostile takeovers. &ldquo;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.&rdquo;</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">Duskin believes Kohl&rsquo;s might be pursuing a &ldquo;sweetheart
deal&rdquo; that would benefit the existing board and executives instead of maximizing shareholder value.</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">He also reiterated claims about Kohl&rsquo;s failure to generate on
the financial front, accusing the company of &ldquo;underperform[ing] 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.&rdquo;</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">The activist last year led a group of investors that aired some ideas
about maximizing shareholder value, namely urging the company to get creative with its real estate assets. The parties&rsquo; eventual
settlement added Macellum-backed Margaret Jenkins and Thomas Kingsbury and Kohl&rsquo;s-approved Christine Day, former CEO of Lululemon,
to the board. The truce staved off a proxy fight at Kohl&rsquo;s annual shareholders meeting last year.</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">But Macellum last month reactivated its push for a board shakeup at
the Menomonee Falls, Wisc.-based retailer. Subsequent to that, Kohl&rsquo;s late last month received acquisition offers. According to
a regulatory filing with the Securities and Exchange Commission, one offer was from Acacia Research, backed by activist hedge fund Starboard
Value, who is behind a consortium that offered $9 billion, or $64 a share in cash, to acquire the retailer. The other reportedly is from
private equity firm Sycamore Partners at $65 a share. Kohl&rsquo;s already faced an activist push in December from Engine Capital Management
to separate e-commerce from the store operation, or put itself up for sale.</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">Not seeing any improvement over the past year, Macellum stepped up
its board attack.</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">&ldquo;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&mdash;a window that will not be open indefinitely as the market environment
and macro circumstances evolve,&rdquo; Duskin wrote. &ldquo;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.&rdquo;</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">Duskin said he expects Kohl&rsquo;s upcoming analyst day presentation
to be &ldquo;short on detailed specifics, but full of promises.&rdquo; He reminded shareholders that the retailer &ldquo;has not generated
same-store sales growth for a decade.&rdquo; And he took credit for trying to effect change last year: &ldquo;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,&rdquo; he wrote.</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">In addition to nominating himself to the board slate, the letter revealed
the other nine nominees. They include George Brokaw, a former investment banker and current director at DISH Network, CTO Realty Growth
Inc. and Alico Inc.; Pamela J. Edwards, CFO at specialty retailer Citi Trends Inc. and former executive at L Brands Inc. and Express Inc.,
as well as chair of the audit committee at the Neiman Marcus Group board.</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"></P>

<!-- Field: Page; Sequence: 12 -->
    <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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The proposal also nominated attorney Stacy Hawkin, who is currently
vice dean of Rutgers Law School; Jeffrey A. Kantor, former c-suite executive at Macy&rsquo;s Inc. and current board member of Ronald McDonald
House New York; Perry Mandarino, an investment banker at B. Riley Securities, who also has restructuring expertise and is on the board
of Bebe Stores Inc.; Cynthia S. Murray, former president at Chico&rsquo;s FAS and at Full Beauty Brands and former retail executive at
Talbots and Saks Off Fifth, who was a board member at Francesca&rsquo;s collections and is currently founder and CEO at leadership consultancy
firm Stanmore Partners.</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">Rounding out the nominees are Kenneth D. Seipel, former CEO of value
department store Gabriel Brothers Inc., former president and chief operating officer of fast fashion chain Wet Seal Inc. and former executive
vice president of stores, operations and store design at Old Navy, as well as current board member at Citi Trends, and Craig M. Young,
founder and managing principal of real estate private equity firm Tidewater Capital and president of venture investing firm Chain of Lakes
Capital Inc.</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">A spokeswoman from Kohl&rsquo;s did not immediately return a request
for comment.</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-indent: 0.5in">Item 13: On February 10, 2022, Macellum Badger
was quoted in the following article published by Retail TouchPoints:</P>

<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"><B>Macellum Advisors Nominates 10 Directors to Kohl&rsquo;s Board,
Questions Rejection of Acquisition Bids</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>February 10, 2022</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">Activist investor Macellum Advisors has nominated a slate of 10 independent
candidates for the Kohl&rsquo;s Board of Directors as the firm continues pressuring Kohl&rsquo;s to seek strategic alternatives for its
business. Macellum has questioned the retailer&rsquo;s recent decisions, including the rejection of two acquisition offers and the adoption
of a poison pill to prevent hostile takeovers.</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">&ldquo;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,&rdquo; said Macellum in a letter sent to shareholders.</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">The investor, which holds a 5% stake in Kohl&rsquo;s, doubted that
the &ldquo;prospective acquirers were given adequate consideration or enough access to management, data rooms and information required
to inform upward adjustments to bids.&rdquo; Macellum noted that Sycamore Partners&rsquo; and Acacia Research&rsquo;s bids &ldquo;included
sizable premiums&rdquo; and that Kohl&rsquo;s quick rejection &ldquo;suggests it is no longer operating with impartiality and objectivity.&rdquo;</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">Macellum stated that this is a &ldquo;unique window of opportunity&rdquo;
for the retailer to pursue a sale. The activist investor cited Kohl&rsquo;s poor performance in recent years and cast doubt on the retailer&rsquo;s
ability to turn its fortunes around on its own.</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">&ldquo;Keep in mind that Kohl&rsquo;s has not generated same-store
sales growth for a decade,&rdquo; said Macellum. &ldquo;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.&rdquo;</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"></P>

<!-- Field: Page; Sequence: 13 -->
    <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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The slate of advisors was created to &ldquo;bring fresh viewpoints
and open minds to the Board,&rdquo; according to Macellum. Some of the nominated advisors include:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>George Brokaw, former Managing Director (Mergers &amp; Acquisitions) at Lazard Fr&egrave;res &amp; Co. LLC, whose experience could
help in pursuit of a successful acquisition;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Francis Ken Duane, former CEO of Heritage Brands and former President of IZOD, who could leverage three decades of retail experience
to help achieve greater operational efficiency;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Stacy Hawkins, Vice Dean of Rutgers Law School, whose experience as an independent diversity and employment practices consultant could
help the retailer boost diversity in senior management; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Jonathan Duskin, CEO of Macellum, who would bring capital markets acumen, retail sector investing experience and independent shareholder
perspectives to the role.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The revised board would significantly shake up the strategy Kohl&rsquo;s
is currently pursuing. &ldquo;This means evaluating sale opportunities relative to a new strategic, operational and financial plan for
pursuing market share growth and enhanced earnings,&rdquo; said Macellum. &ldquo;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.&rdquo;</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">Macellum was part of a group of investors that pushed for a new board
in early 2021, which ultimately resulted in the election of three new directors (compared to the nine initially proposed).</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-indent: 0.5in">Item 14: On February 10, 2022, Jonathan Duskin
was quoted in the following article published by the Milwaukee Business Journal:</P>

<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"><B>Kohl's calls activist investor's proposals 'unjustified' as another
possible bidder emerges</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>February 10, 2022</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">Kohl&rsquo;s Corp. called an activist investor's proposal to nominate
new board directors and take control of the retailer &ldquo;unjustified and counterproductive&rdquo; even as a report emerged of private
equity firm Leonard Green &amp; Partners showing interest in a possible acquisition of Kohl&rsquo;s.</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">Macellum Advisors, of New York City, announced early Thursday a slate
of 10 board nominees including several with experience as retail executives. Jonathan Duskin, the managing partner of Macellum, which
holds about 5% of the stock in Kohl&rsquo;s (NYSE: KSS), pilloried the Kohl&rsquo;s board for rejecting takeover offers of $64 to $65
per share and adopting a &ldquo;poison pill&rdquo; shareholder rights plan.</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">&ldquo;Macellum&rsquo;s claim that Kohl&rsquo;s board is not equipped
to evaluate sale opportunities is groundless,&rdquo; Kohl&rsquo;s said in a press release issued Thursday morning about four hours after
Macellum'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">The Menomonee Falls-based department store chain pointed out that it
appointed two of Macellum&rsquo;s designees, along with an additional mutually agreed upon designee, to the Kohl&rsquo;s board under an
April 2021 settlement agreement with Macellum and other shareholders.</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">All members of the Kohl&rsquo;s board, other than its CEO, are independent,
the company said.</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"></P>

<!-- Field: Page; Sequence: 14 -->
    <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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Kohl&rsquo;s board launched its finance committee, which is comprised
entirely of independent directors, under the settlement with Macellum and other investors. The finance committee, which includes one of
Macellum&rsquo;s 2021 designees, is leading at review of any expressions of interest in Kohl&rsquo;s, the company reiterated.</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">Kohl&rsquo;s also reminded shareholders that the company and the board
hired financial advisers, including Goldman Sachs and PJT Partners, and asked Goldman Sachs to engage with parties interested in Kohl&rsquo;s.</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">Macellum&rsquo;s claim that it is &ldquo;disappointed and shocked&rdquo;
by Kohl&rsquo;s rejection of the recent unsolicited takeover offers &ldquo;is disingenuous,&rdquo; Kohl&rsquo;s said. The retailer points
out that Duskin has on multiple occasions stated publicly that Kohl&rsquo;s is worth &ldquo;at least $100 per share,&rdquo; which is significantly
higher than the reported $64 and $65 bids.</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">Kohl&rsquo;s called &ldquo;misleading&rdquo; Macellum&rsquo;s comments
on the Kohl&rsquo;s board adopting a limited-duration shareholder rights plan, also known as a poison pill.</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">&ldquo;The board adopted the rights plan to protect shareholder value
by ensuring that the board can conduct an orderly review of any expressions of interest and by preventing any person or group from gaining
control of Kohl's through open market accumulation,&rdquo; Kohl&rsquo;s said.</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">The shareholder rights plan does not preclude the board from considering
&ldquo;any offers that recognize the value of the company,&rdquo; Kohl's said.</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">Macellum&rsquo;s announcement Thursday demonstrates that the shareholder
rights plan does not impact shareholders&rsquo; ability to initiate a proxy contest, Kohl&rsquo;s noted.</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">The Kohl&rsquo;s board reaffirmed its commitment to maximizing the
long-term value of the company. Kohl&rsquo;s said the board will continue &ldquo;to pursue all reasonable opportunities to drive value,
consistent with its fiduciary obligations.&rdquo;</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">The Kohl&rsquo;s press release Thursday also reiterated the board&rsquo;s
belief that the company&rsquo;s current business strategy under CEO Michelle Gass is delivering financial results.</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">The company&rsquo;s efforts to fundamentally restructure the business
allowed Kohl&rsquo;s to achieve a nine-year high operating margin in the fiscal third quarter that ended in October 2021. The company
said it is positioned to achieve significantly enhanced profitability.</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">Those financial results reflect the company's strategic focus on transforming
the operating model and making Kohl&rsquo;s the leading omnichannel destination for the active and casual lifestyle, the company said.</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">&ldquo;We are optimistic about significant value creation in both the
near and long term as a result of our transformational strategy,&rdquo; Kohl&rsquo;s said.</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">One example of the strategy is Kohl&rsquo;s rolling out 200 in-store
Sephora shops with an expectation of launching an additional 650 shops in the next two years, including over 400 in 2022. Kohl&rsquo;s
said that more than 25% of Sephora shoppers are new to Kohl&rsquo;s.</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">Kohl's said it will share additional details on the progress with its
growth strategy at the previously announced Investor Day on March 7. The company is scheduled to release its fiscal year-end and fourth
quarter financial results on March 1.</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"></P>

<!-- Field: Page; Sequence: 15 -->
    <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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The company typically holds its annual shareholders meeting in May.
Shareholders vote on board nominees at annual meetings and at this point that would include a slate supported by the company and the separate
list of nominees from Macellum.</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">As for private-equity firm Leonard Green, the New York Times' DealBook
reported Thursday that the firm &ldquo;has expressed an interest in bidding&rdquo; for Kohl&rsquo;s.</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">&ldquo;The firm may not submit an offer, but its interest is notable,
given its expertise in retail,&rdquo; DealBook reported. Leonard Green declined to comment to DealBook.</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">Leonard Green&rsquo;s website lists its consumer products and retail
holdings include The Container Store, Joann Fabric stores and Signet Jewelers as well as apparel line Lucky Brand.</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-indent: 0.5in">Item 15: On February 10, 2022, Jonathan Duskin
was quoted in the following article published by BizTimes:</P>

<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"><B>Activist investor nominates 10 candidates for election to Kohl&rsquo;s
board</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>February 10, 2022</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"><I>Retailer continues to defend its bid evaluation process, strategic
plan</I></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">In an effort to overhaul Kohl&rsquo;s 14-person board, activist investor
Macellum Capital Management Thursday morning announced a slate of 10 director nominees for election at the retailer&rsquo;s 2022 annual
meeting this spring.</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">Macellum, which owns a 5% stake in Menomonee Falls-based Kohl&rsquo;s
Corp., has put pressure on the company since last year to improve its board representation in order boost shareholder value, or to seriously
consider a full sale of the company.</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">The hedge fund is now taking action, as promised, following Kohl&rsquo;s
unexpected rejection last week of two purchase offers, one for $64 per share and the other for $65 per share, and adoption of a shareholder
rights plan or &ldquo;poison pill&rdquo; to prevent a hostile takeover. However, that does not prevent the board from considering qualified
purchase offers.</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">Kohl&rsquo;s stock price has risen 7% over the past five days, opening
Thursday at $62.56.</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">The way Macellum sees it, Kohl&rsquo;s recent decisions indicate that
its current board is &ldquo;no longer operating with impartiality and objectivity&rdquo; and &ldquo;no longer prioritizing shareholders&rsquo;
interests,&rdquo; managing partner Jonathan Duskin wrote in a letter to shareholders Thursday.</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">Arguing that Kohl&rsquo;s current board is in need of additional retail
expertise and shareholder representation, Macellum has nominated the following 10 candidates.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>George Brokaw</B> &ndash; Board director at DISH Network Corp., CTO Realty Growth, Inc., and Alico, Inc.; and former managing director
at financial services company Lazard Fr&egrave;res &amp; Co. LLC.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Jonathan Duskin</B> &ndash; Managing partner and chief executive officer at Macellum Capital Management; and board director at
retailer Citi Trends, Inc.</TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 16 -->
    <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="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Francis Ken Duane</B> &ndash; Former executive vice chairman at PVH Corp., which includes fashion brands such as Tommy Hilfiger,
Warner&rsquo;s, Olga and True &amp; Co., and Calvin Klein; and board director at apparel manufacturer Ariat International, Inc.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Pamela Edwards</B> &ndash; Chief financial officer and executive vice president at Citi Trends, Inc.; and board director at luxury
department store chain Neiman Marcus Group, LLC.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Stacy Hawkins</B> &ndash; Vice dean and professor at Rutgers Law School.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Jeffrey Kantor</B> &ndash; Former senior executive at Macy&rsquo;s, Inc.; former chairman of Macy&rsquo;s.com; and president of
retail and wholesale consulting firm JAK Consulting.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Perry Mandarino</B> &ndash; Co-head of investment banking, head of restructuring and senior managing director at investment banking
firm B. Riley Securities, Inc.; and board director at retailer Bebe Stores Inc.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Cynthia Murray</B> &ndash; Former president at women&rsquo;s clothing chain Chico&rsquo;s Brand, FAS, Inc.; former president at
plus-size apparel company Full Beauty Brands; former executive at women&rsquo;s apparel retailer Talbots, Inc.; and founder and chief
executive officer of senior leadership consultancy Stanmore Partners.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Kenneth Seipel</B> &ndash; Former chief executive officer at department store chain Gabriel Brothers, Inc.; former president and
chief operating officer at fast fashion brand Wet Seal, Inc.; former executive vice president of stores, operations and store design at
Old Navy.; principal of Retail Business Optimization LLC; and board director at Citi Trends, Inc.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Craig Young</B> &ndash; Founder and managing principal of real estate private equity firm Tidewater Capital, LLC; and president
of venture investing platform Chain of Lakes Capital, Inc.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This is not the first time Macellum has attempted to take control of
Kohl&rsquo;s board. The firm was part of the activist investor group that launched a proxy war against the retailer last year. That effort
amounted to a settlement consisting of three new board directors. Two were appointed by the group: Margaret Jenkins, former chief marketing
officer at Denny&rsquo;s Inc. and Thomas Kingsbury, former chief executive officer at Burlington Stores. And one by Kohl&rsquo;s, Christine
Day, former CEO of Lululemon Athletica. The board also agreed to expand its share repurchase authorization from $300 million to $2 billion.</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">Macellum said its nominees, if elected this time around, will explore
all avenues of maximizing shareholder value, including sale opportunities.</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">Responding in a statement Thursday morning, Kohl&rsquo;s fought back.
It called Macellum&rsquo;s overhaul effort &ldquo;unjustified and counterproductive&rdquo; and pointed to the 2021 settlement agreement.
Kohl&rsquo;s also highlighted the recent appointment of its independent finance committee to lead a review of any purchase offers, as
well as its engagement with financial advisors Goldman Sachs and PJT Partners.</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">&ldquo;The board reaffirms its commitment to maximizing the long-term
value of the company. It will continue to pursue all reasonable opportunities to drive value, consistent with its fiduciary obligations,&rdquo;
the retailer said.</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">It also pointed to recent financial performance, which saw net sales
for the first three quarters of 2021 catch up to pre-pandemic levels, prompting Kohl&rsquo;s to twice raise its guidance for the full
year. Plus, the company&rsquo;s Q3 operating margin was 8.4%, marking the highest Q3 operating margin in nine years. Kohl&rsquo;s has
also seen single-digit in-store sales growth since launching its Sephora shop-in-shop partnership last fall, so far in 200 stores.</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">This progress, Macellum argues, can only be attributed to the economy&rsquo;s
reopening from the pandemic, considering Kohl&rsquo;s stock and top-line growth has lagged behind industry peers including Dillard&rsquo;s
and Macy&rsquo;s over the past year.</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"></P>

<!-- Field: Page; Sequence: 17 -->
    <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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Kohl&rsquo;s plans to give a full update on its turnaround plans at
its March 7 investor day and is to release its fourth quarter 2021 earnings on March 1.</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">In the meantime, the board will present its recommendation to re-elect
the current board through proxy statements filed with the U.S. Securities and Exchange Commission.</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">Shareholders will vote at the 2022 Annual Meeting on a date yet-to-be-announced.</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-indent: 0.5in">Item 16: On February 10, 2022, Macellum Badger
was quoted in the following article published by the New York Times:</P>

<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"><B>Kohl&rsquo;s faces renewed pressure to sell itself as new bidders
emerge.</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>February 10, 2022</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"><I>An activist investment firm that has been fighting for changes at
the company for more than a year has proposed a slate of candidates to the company&rsquo;s board.</I></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">The retailer Kohl&rsquo;s is under increasing pressure on multiple
fronts. On Thursday, the activist investment firm Macellum Advisors, which has been fighting for changes at the company for more than
a year, sought to take over the retailer&rsquo;s board as part of its push to persuade the company to sell itself.</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">Kohl&rsquo;s has recently received takeover approaches but rejected
them as too low. Last week, it said that it has hired the investment bank PJT Partners and Goldman Sachs to field any further interest.
It also put in a place a &ldquo;poison pill&rdquo; provision that makes it harder for an acquirer to put a bid directly to Kohl&rsquo;s
shareholders. It made an exception for &ldquo;qualified&rdquo; offers, which requires the bids to be fully financed, among other conditions.</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">In its push for a sale, Macellum said that it was convinced &ldquo;more
than ever&rdquo; that the retailer&rsquo;s board needed to be refreshed &mdash; it has proposed a slate of 10 candidates. Macellum, which
owns about 5 percent of Kohl&rsquo;s shares, struck a settlement with the retailer last April that included the addition of three new
directors to its 14-seat board. All members of Kohl&rsquo;s board, aside from its chief executive, Frank Sica, are independent. Mr. Sica
is not standing for re-election to the board.</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">Kohl&rsquo;s called Macellum&rsquo;s effort to take control of its
board &ldquo;unjustified and counterproductive.&rdquo;</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">Several potential suitors for Kohl&rsquo;s have recently emerged:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Acacia Research Corporation, which is backed by the activist investment firm Starboard Value, last month offered $9 billion to acquire
Kohl&rsquo;s, which was 37 percent higher than its market value at the time.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The private equity firm Sycamore Partners has also expressed interest in bidding for Kohl&rsquo;s.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Leonard Green &amp; Partners, a private equity firm, has reached out to Kohl&rsquo;s about a potential bid, first reported by the
DealBook newsletter. The firm, which has deep retail expertise, previously tried to lead a management buyout of the retailer Nordstrom.</TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 18 -->
    <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-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Like most department stores, Kohl&rsquo;s has struggled to fend off
competition from online retailers and brands themselves, which are increasingly sidestepping department stores all together. It has worked
to carve out a place for itself by focusing in part on athleisure wear, which now makes up more than a quarter of its sales. Analysts
have lauded Kohl&rsquo;s for creative use of its real estate, like partnerships with Amazon and Sephora, to rethink profitability of its
more than 1,000 stores. But they have also warned about the potential impact of supply chain challenges on sales.</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">Kohl&rsquo;s in November reported a 16 percent jump in quarterly revenue.
Its shares are up more than 20 percent this year, fueled by the takeover interest.</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-indent: 0.5in">Item 17: On February 10, 2022, Macellum Badger
was quoted in the following article published by Footwear News:</P>

<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"><B>An Activist Investor Is Nominating 10 Directors to the Kohl&rsquo;s
Board to Fix the Business</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>February 10, 2022</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">Kohl&rsquo;s is going head-to-head with one of its investors.</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">Macellum Advisors GP, LLC, which holds almost 5% of outstanding common
shares at Kohl&rsquo;s, said that it will nominate ten candidates for election to the company&rsquo;s board of directors at the annual
shareholder meeting this year.</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">The announcement comes shortly after Kohl&rsquo;s rejected two offers
from two firms looking to acquire the company, an action Macellum strongly supported. In rejecting the offers, Kohl&rsquo;s stated that
they did &ldquo;not adequately reflect the Company&rsquo;s value in light of its future growth and cash flow generation.&rdquo;</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">Kohl&rsquo;s also instituted a &ldquo;limited-duration shareholder
rights plan&rdquo; to help the company avoid an unwanted takeover, which is effective until February 2023.</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">&ldquo;We are convinced &ndash; now more than ever &ndash; that a majority
of the company&rsquo;s Board needs to be refreshed,&rdquo; Macellum wrote in an open letter. &ldquo;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.&rdquo;</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">Kohl&rsquo;s said Macellum&rsquo;s most recent actions were &ldquo;unjustified
and counterproductive.&rdquo; Macellum entered into a settlement with Kohl&rsquo;s last year, which involved two board seats and other
changes. Recently, Macellum has said it believes that more shareholder representation is crucial to help Kohl&rsquo;s do better. The investor
also said it supports a move for the company to separate its digital and brick-and-mortar businesses into two separate entities, a recently
popular move among traditional department store retailers.</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">Led by Jonathan Duskin, Macellum has been publicly critical of Kohl&rsquo;s
management for months. In January, Macellum sent an open letter to other shareholders to call out Kohl&rsquo;s for &ldquo;mismanaging&rdquo;
the business and &ldquo;failing to implement necessary operational, financial and strategic improvements.&rdquo;</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">The letter said Kohl&rsquo;s had &ldquo;produced some of the worst
revenue numbers in its retail peer group since the economy began reopening in 2021.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Macellum is not the only investor to pressure Kohl&rsquo;s to make
changes in recent months. In early December, investor Engine Capital LP, which owns 1% of outstanding shares at Kohl&rsquo;s, asked the
company to separate its physical store business from its e-commerce business. Engine also asked the company to run a market test to determine
how much certain financial sponsors would pay per share for the company.&ldquo;Given leadership&rsquo;s failure to create value through
operational excellence and strategic initiatives over long periods of time, it is time for the Board to accept the fact that the public
market is not appreciating Kohl&rsquo;s in its current form,&rdquo; wrote Engine in the letter. &ldquo;Even the most patient long-term
shareholders cannot be expected to endure the punishing underperformance and perpetual value disconnect seen at Kohl&rsquo;s.</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"></P>

<!-- Field: Page; Sequence: 19 -->
    <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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Item 18: On February 10, 2022, Jonathan Duskin
was quoted in the following article published by Activist Insight:</P>

<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"><B>Macellum targets 10 director spots at Kohl&rsquo;s</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>February 10, 2022</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">Macellum Advisors has kicked off a new proxy contest at Kohl&rsquo;s,
advancing a majority 10-person slate that includes the activist&rsquo;s own Jonathan Duskin. Last year, Macellum settled with Kohl&rsquo;s
for three board positions, including two nominated by the activist and its allies.</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">In a Thursday open letter, the near-5% shareholder criticized the company&rsquo;s
board for not doing enough to grow the business and cold-shouldering potential suitors.</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">Macellum listed several governance issues it sees at Kohl&rsquo;s,
including the recently enacted poison pill, to argue that a majority of the board needs to be replaced so that it can &ldquo;credibly
evaluate potentially value-maximizing alternatives versus management&rsquo;s perpetually ineffective plans.&rdquo;</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">Last week, Kohl&rsquo;s said that its board had rejected takeover bids
for failing to &ldquo;adequately reflect the company&rsquo;s value.&rdquo; The retailer did not name the bidders but previously Acacia
Research, a company backed by Starboard Value, revealed making a $64 per share in cash offer, and rumors surfaced buyout shop Sycamore
Partners was working on a $65 per share proposal.</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">&ldquo;Kohl&rsquo;s is at a pivotal inflection point now that it has
a window to source and consider potentially value-maximizing acquisition proposals -- a window that will not be open indefinitely as the
market environment and macro circumstances evolve,&rdquo; wrote Duskin, managing partner at the activist firm, Thursday.</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">Duskin said he was seeking a board spot for himself because Kohl&rsquo;s
needs to have a shareholder on the board. The other nine candidates bring expertise in retail and investment banking, the Thursday letter
reads.</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">In a statement Thursday, the retailer called Macellum&rsquo;s board
push &ldquo;unjustified and counterproductive,&quot; saying that it was actively evaluating takeover interest. Kohl&rsquo;s also said
it was &ldquo;disingenuous&rdquo; of Macellum to criticize it for rejecting recent offers since the activist previously said the business
was worth &ldquo;at least $100 per share.&rdquo;</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">The activist&rsquo;s slate includes former Macy&rsquo;s senior executive
Jeffrey Kantor, B. Riley Securities co-head of investment banking Perry Mandarino, and Craig Young, managing principal of real estate
private equity firm Tidewater Capital.</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"></P>

<!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<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">Shares in Kohl&rsquo;s were up slightly at $62.20 each in morning trading
Thursday, which gives the retailer a market value of about $8.6 billion.</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">Macellum&rsquo;s fresh board push comes after a campaign last year
that targeted nine seats at Kohl&rsquo;s. The activist was part of an alliance at the time that included Ancora Advisers, Legion Partners
Asset Management, and 4010 Capital, and controlled 9.3% of the retailer&rsquo;s share capital. The activist group dropped the contest
after Kohl&rsquo;s expanded its 11-member board by three directors.</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-indent: 0.5in">Item 19: On February 10, 2022, Macellum Badger
was quoted in the following article published by Home Textiles Today:</P>

<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"><B>Kohl&rsquo;s slaps back at activist investor claims</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>February 10, 2022</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"><I>Calls Macellum Advisors&rsquo; comments disingenuous</I></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">Menomonee Falls, Wis. &ndash; The war of words continues between Kohl&rsquo;s
Corporation and an investor group pushing for the company to accept a takeover offer.</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">This morning, the retailer issued a statement characterizing Macellum
Advisors&rsquo; effort to wrest control of its board of directors as &ldquo;unjustified and counterproductive.&rdquo; Kohl&rsquo;s noted
that last year it appointed two of Macellum&rsquo;s designees to the board along with a third, mutually selected board member.</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">&ldquo;Macellum&rsquo;s claim that Kohl&rsquo;s board is not equipped
to evaluate sale opportunities is groundless. The board designated its Finance Committee, which is comprised entirely of independent directors,
was formed pursuant to the settlement with Macellum and includes one of Macellum&rsquo;s 2021 designees, to lead the review of any expressions
of interest. Additionally, the company and the board have engaged financial advisors, including Goldman Sachs and PJT Partners, and have
asked Goldman Sachs to engage with interested parties,&rdquo; Kohl&rsquo;s stated.</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">Late last week, Macellum issued a statement accusing Kohl&rsquo;s board
members of lacking objectivity after the company rejected a $9 billion buy-out offer of approximately $64 per share. Kohl&rsquo;s did
so, directors said, because the offer undervalued the company.</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">&ldquo;Macellum&rsquo;s claim to be &lsquo;disappointed and shocked&rsquo;
by Kohl&rsquo;s rejection of the previously disclosed expressions of interest is disingenuous,&rdquo; the retailer asserted in its latest
comments on the matter. &ldquo;Macellum has on multiple occasions stated publicly that Kohl&rsquo;s is worth &lsquo;at least $100 per
share.&rsquo;&rdquo;</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">The private equity group on Feb. 4 criticized the board&rsquo;s adoption
of a shareholder rights plan, or poison pill provision, describing it as an action designed to &ldquo;derail a credible process and kill
interest among the growing crop of possible buyers of Kohl&rsquo;s.&rdquo;</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">Kohl&rsquo;s pushed back on that today, arguing that the rights plan
will protect shareholder value by allowing the board to conduct an orderly review of bids for the company and would prevent any person
or group from gaining control of Kohl&rsquo;s through open market accumulation.</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">&ldquo;Macellum itself publicly acknowledged on February 4 that the
shareholder rights plan Kohl&rsquo;s adopted is &lsquo;still a stop, look and listen mechanism.&rsquo; As demonstrated by Macellum&rsquo;s
latest announcement, the rights plan also does not impact shareholders&rsquo; ability to initiate a proxy contest,&rdquo; Kohl&rsquo;s
stated.</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"></P>

<!-- Field: Page; Sequence: 21 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<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">The activist group recently announced plans to put forward its own
slate of directors. Kohl&rsquo;s this morning reiterated that it will share details on its financial progress and growth strategy during
its Investor Day on March 7.</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-indent: 0.5in">Item 20: On February 10, 2022, Macellum Badger
was quoted in the following article published by Retail Dive:</P>

<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"><B>Activists suggest Kohl's met with Amazon</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>February 10, 2022</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"><B>Dive Brief:</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Macellum Advisors on Thursday said it has nominated a slate of 10 candidates to Kohl's board of directors, slamming the current board
for what it called a hasty rejection of recent sale offers and adoption of a &quot;poison pill&quot; against a hostile takeover.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The activist investor also expressed alarm over rumors of Kohl's leadership &quot;flying to Seattle, Washington, where Amazon is headquartered,&quot;
saying, &quot;we hope the incumbents are not losing sight of their fiduciary duties.&quot;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&quot;Macellum's effort to take control of the Board is unjustified and counterproductive,&quot; Kohl's said in a statement Thursday,
noting that last year it already appointed two Macellum candidates, plus another mutually agreed on, and that all board members, except
its CEO, are independent. Kohl's didn't immediately respond to questions about any meeting with Amazon, nor did it address Amazon in its
statement.</TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Despite some unique efforts and attributes, Kohl's, like other department
stores, has become a target for financial firms looking to extract value from its real estate and/or e-commerce operations.</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">So far Kohl's has held firm. Kohl's previously acknowledged two bids
&ndash; one from Acacia Research, owned by activist firm Starboard Value, for $64 per share; another for an undisclosed amount, rumored
to be from Sycamore Partners &ndash; then said they are inadequate. Its board earlier this month said it rejected the bids following an
independent review and promised updates on &quot;ongoing strategic initiatives and capital allocation plans&quot; at its March 7 shareholders
meeting. For good measure, the board adopted a shareholder rights plan, also known as a &quot;poison pill&quot; designed to prevent a
hostile takeover, which is in effect now and expires in a year.</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">That has prompted Macellum to dial up the pressure. &quot;We feel compelled
to share our blunt concerns because the Board's approach to honoring its fiduciary duties leaves a lot to be desired,&quot; the firm said
in an open letter to shareholders. &quot;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 announcing an intent to commence a tender offer (as opposed to consummating one) triggers the pill.&quot;</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">Macellum, citing a &quot;growing list of issues and red flags in the
boardroom,&quot; called for &quot;substantial and urgent change,&quot; including a board overhaul. Its candidates, who hail from the retail,
financial, real estate and legal sectors, possess &quot;the right mix of corporate governance acumen, consumer and retail expertise, mergers
and acquisitions experience, and independent ownership perspectives,&quot; per the letter.</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"></P>

<!-- Field: Page; Sequence: 22 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<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">They include: George Brokaw, who has worked at various financial firms
including in mergers and acquisitions; Macellum CEO Jonathan Duskin; former PVH Corp. executive Francis Ken Duane; former L Brands executive
Pamela Edwards; Rutgers Law School vice dean and diversity and employment practices consultant Stacy Hawkins; former Macy's chief merchant
and e-commerce chief Jeffrey Kantor, also previously CEO of Hecht's department stores; investment banker and B.Riley executive Perry Mandarino;
former Chico's FAS executive Cynthia Murray; business consultant Kenneth Seipel, previously executive at Gap Inc. and Wet Seal, among
other retailers; and Craig Young, founder and managing principal of real estate private equity firm Tidewater Capital.</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">Meanwhile, Macellum seemed displeased with the idea of a meeting between
Amazon and Kohl's.</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">The e-commerce giant for years has often been floated as an ideal candidate
to take over Kohl's, and to some it seems even more logical now that the two have a working relationship, with the mid-tier department
store handling Amazon returns at all of its stores. And Kohl's presence at strip-style shopping centers is seen by many as an ideal location
setup for many of Amazon's brick-and-mortar stores. Those include not just bookstores and a variety of grocery stores, but also an apparel
store that is likely to compete directly with Kohl's.</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">Along with location, Kohl's offers Amazon an opportunity to grow its
Prime customer base, as just 62% of Kohl's customers are Prime members, and expand in apparel, which is the bulk of Kohl's business, according
to Guggenheim analysts led by Robert Drbul.</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">Still, while Guggenheim acknowledged strategic value for Amazon in
aquiring Kohl's, Drbul called that scenario &quot;a long shot in today's regulatory environment.&quot;</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-indent: 0.5in">Item 21: On February 10, 2022, Macellum Badger
was quoted in the following article published by Retail Info Systems:</P>

<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"><B>Kohl&rsquo;s Calls Activist Macellum&rsquo;s Move to Control Board
&lsquo;Unjustified and Counterproductive&rsquo;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>By Jamie Grill-Goodman</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>February 11, 2022</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"><I>Activist group Macellum seeks to take control of Kohl&rsquo;s board
by nominating 10 directors. Learn what Kohl&rsquo;s has to say about the move.</I></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">Activist group Macellum seeks to take control of Kohl&rsquo;s board
by nominating 10 directors.</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">Among Macellum&rsquo;s list of nominees are Cynthia Murray, former
president of Chico&rsquo;s; Kenneth Seipel, former EVP of stores at Old Navy and CEO of Gabriel Brothers, a value department store retailer;
Francis Duane, a former executive vice chairman at PVH Corp.; and Jeffrey Kantor, a former Macy&rsquo;s executive.</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">Kohl&rsquo;s responded that the retailer believes Macellum&rsquo;s
effort is &ldquo;unjustified and counterproductive.&rdquo;</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">&ldquo;Kohl&rsquo;s appointed two of Macellum&rsquo;s designees, along
with an additional mutually agreed upon designee, to its board pursuant to the 2021 settlement agreement with Macellum and certain other
shareholders,&rdquo; the retailer said in a statement Thursday. &ldquo;All members of the Kohl&rsquo;s board, other than its CEO, are
independent.&rdquo;</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"></P>

<!-- Field: Page; Sequence: 23 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<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">Kohl&rsquo;s came under fire from activist investor Macellum Advisors,
when on January 18, the company, which holds nearly 5% of the outstanding common shares of Kohl&rsquo;s, issued an open letter to its
fellow shareholders.</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">Kohl&rsquo;s rejected two takeover offers, which it said do not reflect
the company&rsquo;s value, considering its future growth and cash flow generation. The retailer then adopted a shareholder rights plan,
also known as a &ldquo;poison pill.&rdquo;</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">In reaction to this, Macellum said &ldquo;we are convinced &ndash;
now more than ever &ndash; that a majority of the company&rsquo;s board needs to be refreshed.&rdquo; In a letter to shareholders, Macellum
said, &ldquo;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.&rdquo;</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">&ldquo;Macellum&rsquo;s claim that Kohl&rsquo;s Board is not equipped
to evaluate sale opportunities is groundless,&rdquo; Kohl&rsquo;s said in a statement on Thursday. &ldquo;The board designated its finance
committee &ndash; which is comprised entirely of independent directors, was formed pursuant to the settlement with Macellum and includes
one of Macellum&rsquo;s 2021 designees &ndash; to lead the review of any expressions of interest. Additionally, the company and the board
have engaged financial advisors, including Goldman Sachs and PJT Partners, and have asked Goldman Sachs to engage with interested parties.</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">&quot;Furthermore, Macellum&rsquo;s claim to be &lsquo;disappointed
and shocked&rsquo; by Kohl&rsquo;s rejection of the previously disclosed expressions of interest is disingenuous. Macellum has on multiple
occasions stated publicly that Kohl&rsquo;s is worth &lsquo;at least $100 per share.&rsquo;&rdquo;</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">One of the unsolicited offers was for $64 a share in cash, by a group
led by Acacia Research Corp., which activist hedge fund Starboard Value LP controls. The other bid was for an undisclosed amount and rumored
to be from Sycamore Partners.</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-indent: 0.5in">Item 22: On Februrary 11, 2022, Jonathan
Duskin took part in an interview with Yahoo! Finance. Portions of the transcript of the interview discussing the Company are pasted below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Karina Mitchell: </B>Alright, we are going to shift gears and now
bring in our next guest. Activist investor Macellum seeks to take over Kohl's board with the nomination of ten directors.</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">Yahoo! Finance's Brian Sozzi is joined by Macellum CEO Jonathan Duskin
for more. Brian, take it away.</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"><B>Brian Sozzi: </B>Alright, thanks so much Karina. Jonathan, always
good to get some time with you. So, you had a very interesting Thursday. Come out here in the morning, nominate ten new directors to Kohl&rsquo;s'
ginormous fourteen member boards. Now, they came back a little bit after that, saying what you have proposed is &ldquo;unjustified and
counterproductive.&rdquo;</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">How do you respond to that?</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"><B>Jonathan Duskin: </B>Not an unusual response from the company, right?
I don&rsquo;t think very many boards would say that replacing the board members was justified, right? Of course, they are going to be
defensive here. Obviously, we think it&rsquo;s way overdue. We ran a campaign last year, you know, we were I think very reasonable, we
added two directors and gave it time to play out and, unfortunately, we had probably one of the worst years of, you know, for any retailer
last year &ndash; for Kohl&rsquo;s, from a top-line perspective and from the stock performance perspective. And when we see the maneuvers
they've made &ndash; putting in a poison pill, rejecting bona fide offers. We hear the level of interest that&rsquo;s out there, we really
see a board that we think is behaving somewhat disingenuously, they seem very self-serving, very entrenched, they seem intent on you know,
protecting their jobs over creating shareholder value and exploring ways to create shareholder value. So, we really do think control is
warranted here. Again, we tried to work very constructively with them over the last year. We waited patiently and, you know, unfortunately,
it is not going very well, and I think the time for material change is upon us.</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"></P>

<!-- Field: Page; Sequence: 24 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<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"><B>Brian Sozzi: </B>Isn&rsquo;t it supposed to be a board&rsquo;s job,
Jonathan, to maximize shareholder value? And as someone with a lot of retail experience such as yourself, and a lot of activist experience,
what is it about this board that they could be looking away from wanting to take some pretty decent offers out there?</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"><B>Jonathan Duskin: </B>It's really hard to know. I don't sit in the
boardroom. I think it probably stems from the idea that they might be overly optimistic about the company's plans. Remember, this is a
company whose stock price has been in the same place for two decades. This is a company that put out a very rosy plan, a strategic agenda
&ndash; the greatest agenda they called it in 2014 and missed those objectives by a wide margin. They rolled out a plan in October of
2020 to generate materiel shareholder value and obviously, that didn't come to fruition. So, it's always hard to know, but from the outside
looking in, it appears there's a board that, you know, hope always spring eternal and they also think that value creation is just around
the corner and I don't know that they have the right expertise on the board and the right experience on the board to really objectively
analyze a plan and understand it at a detailed level enough to judge whether or not it's viable.</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"><B>Brian Sozzi: </B>Well, I recognize one person that list we're showing
right now, Jonathan, that's you. You nominated yourself to join the Kohl's board. If you were to join the Kohl's board, what would be
some of your first actions?</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"><B>Jonathan Duskin: </B>Well, you know, I think it's really important
to have a shareholder representative in the room. I worked with a lot of great operators over the course of my career, and they bring
a ton of experience and a ton of wisdom and knowledge about the industry, and I think they are really able to separate between what are
the right initiatives and the wrong initiatives, and how to prioritize the initiatives. But I do think it is really important to have
a shareholder perspective in the room to look at every initiative through the shareholders' lens. I think a shareholder brings a certain
urgency that sometimes even the greatest executives in the country might not share the same sense of urgency, particularly when shareholders
have suffered for as long as they have.</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">You know, as for the first thing I would do, I think we have to get
under the hood and do one of two things, you know, understand what the internal plan to create value looks like and understand what these
offers look like and determine what the maximum reasonable sale process might be able to generate and compare that to what we think we
can achieve on a standalone basis. Obviously, we've pointed to the real estate value here as something we think is a suppressed asset.
Unlocking the real estate value is not great unless you know you're going to turn the business around. You know, you want to be able to
buy your stock back today with the proceeds from sales back knowing that you'll have an improved business into the future, and so I think
it's really incumbent upon myself and whoever else is in the boardroom at that time to make sure we have a plan that can generate materiel
shareholder value and, if not, then look to see what the best possible price we can achieve through the sale process is.</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"></P>

<!-- Field: Page; Sequence: 25 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

<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"><B>Brian Sozzi: </B>You know, I mentioned before, the last time we
spoke to you just a couple of weeks ago, when you put out another letter, but you have considerable experience in activist investing.
You know, I went back and I looked back at what you did at Bed Bath &amp; Beyond, drove a lot of change there. Do you think this is your
toughest activist battle yet?</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"><B>Jonathan Duskin: </B>I don't know, it&rsquo;s a tough question.
You know, the company that I am the lead director of today, a company called Citi Trends. You know, we ran a campaign in 2017, I joined
the board as one director, and it taught me that it's really hard to be in the small minority in the boardroom and make a difference and
I think, perhaps, that's what happened to the directors that we added last year. You know, there are two directors of fourteen, it's really
hard to effectuate change when you have such a large and cumbersome, unwieldy board. So, is it the toughest? You know, I don&rsquo;t know.
At Citi Trends, we came back and ran another campaign and ultimately replaced the majority of the directors and went on to generate tremendous
shareholder value. In Kohl's, you know, it's difficult. We tried to engage constructively with them and that obviously hasn't worked.
They told us under no uncertain terms that they would consider adding any shareholder representatives or adding any new directors to the
board at the beginning of the year. And we were somewhat shocked by that considering the performance and disappointed. So, you know, I
think the facts speak for themselves. Or maybe, in one regard it's not a difficult campaign. I think all shareholders, or a lot of shareholders,
are seeing the facts and the numbers the way that we're seeing it and are going to demand change and I think everybody's curious to see
what a real robust sales process will yield in terms of price. You know, they rejected these offers they got, and they used the plural
of offer, offers, so we know it's more than one, and then obviously, Leonard Green was rumored or reported to be interested as well earlier
this week. You know, they rejected these offers in two weeks. It's really hard to think that they ran a robust process. It&rsquo;s hard
to think that they gave the interested parties information that might inform their bids, that might be able to get them to raise their
bids. It's hard to imagine they were able to get access to management and really do a deep dive here and see if they could offer more
for the company. So you know, we'll wait and see how this develops, but we were obviously disappointed by that.</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"><B>Brian Sozzi: </B>Been fascinating to watch this one play out. Always
appreciate you hopping on with us to talk. Macellum Capital Management CEO Jonathan Duskin, have a great weekend and enjoy the big game.</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: 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: center"><B>CERTAIN INFORMATION CONCERNING THE PARTICIPANTS</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">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"></P>

<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

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

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
