<SEC-DOCUMENT>0000921895-22-000793.txt : 20220307
<SEC-HEADER>0000921895-22-000793.hdr.sgml : 20220307
<ACCEPTANCE-DATETIME>20220307171000
ACCESSION NUMBER:		0000921895-22-000793
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220307
DATE AS OF CHANGE:		20220307

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:		22718949

	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>dfan14a11142006_03072022.htm
<TEXT>
<HTML>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Washington,
D.C. 20549</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SCHEDULE
14A</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Rule
14a-101)</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">INFORMATION REQUIRED IN PROXY STATEMENT</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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: 0; margin-bottom: 0">&nbsp;&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%; text-align: center; vertical-align: top; border-bottom: Black 0.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">KOHL&rsquo;S CORPORATION</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top"><P>(Name of Registrant as Specified in Its Charter)</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top; border-bottom: Black 0.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">MACELLUM BADGER FUND, LP</P>

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">CRAIG M. YOUNG</P>
</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top"><P>(Name of Persons(s) Filing Proxy Statement, if Other Than the Registrant)</P>

</TD></TR>
</TABLE>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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: 0; margin-bottom: 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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: 0; margin-bottom: 0">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



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

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

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

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

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

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

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

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

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

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

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

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Filing Party:</TD></TR></TABLE>

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

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

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Date Filed:</TD></TR></TABLE>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; 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, has filed 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 12pt; text-align: justify; text-indent: 0.5in">Item 1: On March 7, 2022,
Jonathan Duskin, Chief Executive Officer of Macellum Capital Management, LLC, was quoted in the following article published by CNBC:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #0563C1"><B><U>Kohl&rsquo;s, facing activist pressure, plans to
open smaller shops and aims to make Sephora a $2 billion business</U></B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>March 7, 2022</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Kohl&#8217;s issued fresh long-term financial targets for its business, including growing sales by a low-single-digit percentage annually.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The retailer, which is facing pressure from activist investors, announced that it aims to grow its Sephora business to more than $2
billion in annual sales</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Kohl&#8217;s also said it aims to open 100 smaller-format shops over the next four years.</TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Kohl&rsquo;s on Monday issued fresh long-term financial targets, including
growing sales by a low-single-digit percentage annually, as the retailer faces pressure from activists to consider a sale and unlock value
from its real estate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Ahead of a planned virtual meeting with investors, Kohl&rsquo;s announced
that it aims to grow its Sephora business to more than $2 billion in annual sales. Kohl&rsquo;s has opened about 200 of the Sephora shop-in-shops
inside its brick-and-mortar locations, so far, and is on track to hit 850 by next year. The company hasn&rsquo;t previously broken out
Sephora revenue on its earnings reports.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Kohl&rsquo;s also said it&rsquo;s on pace to open more than 100 smaller-format
shops over the next four years, in a bid to attract new customers. Chief Executive Michelle Gass said in an interview that the smaller
stores are about 35,000 square feet, on average, with one of the first being tested in the Seattle area. For comparison, the typical Kohl&rsquo;s
store can span around 80,000 square feet.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;This year is a big year for us,&rdquo; she said over the phone.
 &ldquo;The framework that we&rsquo;ve put out there for investors ... it&rsquo;s a very thoughtful guide for us.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Gass added that Kohl&rsquo;s is undergoing a significant transformation
of its business model, to be the retailer of choice in the active and casual lifestyle categories.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">In addition to the longer-term revenue goal, Kohl&rsquo;s said it will
be targeting operating margins of between 7% and 8% annually; per-share earnings growth of a mid-to-high single-digit percentage; and
operating cash flow of over $5.5 billion, with roughly $2.5 billion of free cash flow between 2022 to 2024.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Monday&rsquo;s meeting with investors and analysts is under a bigger spotlight
as the retailer faces amplified pressure from activist groups, one of which is seeking to take control of the retailer&rsquo;s board.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Last month, Kohl&rsquo;s rejected the takeover offers that were on the
table, which it said undervalued its business. In recent weeks, though, Kohl&rsquo;s said it has been working with bankers and other financial
advisors to consider unsolicited bids and also to make some proactive outreach to potential buyers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Activists Macellum Advisors and Engine Capital have argued that Kohl&rsquo;s
has underperformed other off-mall retailers such as Target and TJ Maxx, and even some department store chains including Macy&rsquo;s.
Kohl&rsquo;s shares are only up about 6% over the past 12 months, compared with Macy&rsquo;s stock, which is up about 65%. The firms also
have urged Kohl&rsquo;s to consider selling some of its real estate and leasing it back, in order to unlock capital.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">On Friday, Macellum called Kohl&rsquo;s recently released fiscal fourth-quarter
results disappointing, saying it remained skeptical of the retailer&rsquo;s future given the current board of directors and management
configuration.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;Why were sales uniquely hampered by supply chain issues compared
to many other retailer peers?&rdquo; asked Macellum Managing Partner Jonathan Duskin.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">For the three-month period ended Jan. 29, Kohl&rsquo;s reported revenue
of $6.22 billion, which was slightly short of analysts&rsquo; estimates, but it issued a more upbeat revenue outlook for 2022 despite
ongoing supply chain obstacles. The retailer also said it planned to double its annual dividend and buy back at least $1 billion of its
stock this year.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">On Monday, Kohl&rsquo;s emphasized its plans to keep growing its assortment
of active and casual apparel and accessories. The company said it also hopes to significantly grow its women&rsquo;s dress business, while
also expanding outdoor and swim wear, and expanding its selection of inclusive sizes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Over the long term, Kohl&rsquo;s is projecting its digital business to
bring in $8 billion in annual revenue, in part thanks to its ongoing efforts to make it easier for visitors to find brands and shop on
its website. Kohl&rsquo;s total revenue in fiscal 2021 amounted to $19.4 billion, up from $16 billion a year earlier.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&ldquo;We&rsquo;ve demonstrated that we have a very strong agenda of growth
drivers that are going to have a long tailwind ahead of us, so that gives us confidence,&rdquo; Gass said.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The company also said it will be rolling out a self-service buy online,
pick up in store option to all locations this year, while it continues to test self-service returns and check-out offerings in stores.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Kohl&rsquo;s virtual investor day is set to kick off at 9 am ET.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Find the full press release from Kohl&rsquo;s here.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Item 2: On March 7, 2022, Jonathan
Duskin was quoted in the following article published by the Milwaukee Journal Sentinel:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Kohl&rsquo;s Corp. executives to use Investor Day
to highlight company success, while activist investors plot a takeover</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>March 7, 2022</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each side is making their pitch to Kohl&rsquo;s Corp.
investors ahead of the company&rsquo;s Investor Day on Monday.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Kohl&rsquo;s executives are promoting positive fourth-quarter
numbers heading into 2022.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Activist investors are suggesting the company&rsquo;s
board of directors be &ldquo;refreshed&rdquo; to take Kohl&rsquo;s in a different, more profitable direction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">According to Kohl&rsquo;s&rsquo; website, the agenda
for Investor Day includes discussions on the company strategy and path forward, casual and active product portfolio, engaging customers,
the omnichannel platform, financial framework and capital allocation strategy.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The company also plans to highlight record-high earnings
per share of $7.33 and total revenue of $19.4 billion at the event.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&ldquo;This team has navigated an extraordinary couple
of years and to be able to post record results like this is fantastic,&rdquo; Kohl&rsquo;s CEO Michelle Gass said in a recent interview
with the Milwaukee Journal Sentinel.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Investor Day is not the annual shareholder meeting,
which has not been set yet, but that isn&rsquo;t stopping each side from making their argument to shareholders and investors to illustrate
their plans.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At stake is the future of a key Wisconsin company
that employs thousands of workers across the state and country.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Kohl&rsquo;s doubled its quarterly dividend to $2
per share, and the board of directors approved a $3 billion share repurchase program, which includes $1 billion to buy back shares this
year.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&ldquo;Our conviction and confidence in the business
is reflected in how we&rsquo;re returning capital to shareholders,&rdquo; Gass said. &ldquo;We&rsquo;re growing. We&rsquo;re doing that
profitably and we&rsquo;re returning capital to shareholders.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">However, activist investors have been pushing the
company to consider spinning off its e-commerce website into a different company, selling properties and renting them back.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Kohl&rsquo;s has been fighting off activist investors
for months, including adopting a shareholder rights plan often referred to as a &ldquo;poison pill,&rdquo; allowing shareholders with
10% or more of company stock to purchase additional shares at a 50% discount.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In January, Kohl&rsquo;s received a $9 billion offer
from activist hedge fund Starboard Value LP, but the company rejected the offer, saying it was too low.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Macellum Capital Management is also planning on nominating
10 new board members in addition to two board members it got following a similar campaign last year.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Jonathan Duskin, managing partner for Macellum, released
a statement on Friday critical of Kohl&rsquo;s&rsquo; growth compared with other retailers and the company&rsquo;s plans to manage costs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&ldquo;While management celebrated its success and
made dismissive excuses about the Company&rsquo;s considerable loss of market share to its retail peer group, we see the fourth quarter
fiscal year 2021 results through a different lens,&rdquo; Duskin said. &ldquo;We remain skeptical of Kohl&rsquo;s&rsquo; future with the
current board of directors and management configuration.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Kohl&rsquo;s opened 200 Sephora stores within its
stores last year and plans to add 400 in 2022.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Gass called 2021 a &ldquo;pivotal year&rdquo; with
the partnership of Sephora adding a &ldquo;mid-single digit lift&rdquo; of traffic to the stores with Sephora.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&ldquo;Not only around the earnings results, but also
setting us up for future sustained and profitable growth,&rdquo; Gass said. &ldquo;Introducing this game-changing partnership with Sephora,
bringing in these new brands, restructuring the business for profitability, and what gives me hope is we see these things working as we
speak.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Macellum agrees the partnership with Sephora is a
positive for the company but wonders if Kohl&rsquo;s is investing too much in the deal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&ldquo;We are supportive of the addition of Sephora
shops and believe they can drive traffic to Kohl&rsquo;s stores, but we remain concerned about the Company spending excessively and the
ultimate accretion to the bottom line,&rdquo; Macellum stated. &ldquo;It would appear from the increase in capital expenditures necessary
to build out the Sephora shops that each shop is costing close to $1 million.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Item 3: On March 7, 2022, Macellum
Badger was quoted in the following article published by Chain Store Age:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Kohl&rsquo;s to open 100-plus smaller-format shops
during next four years</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>March 7, 2022</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Kohl&rsquo;s Corp. on Monday gave an update on its
growth initiatives and long-term financial plan as the company continues to face pressure from activist investors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&ldquo;Kohl&rsquo;s is undergoing a significant transformation
of our business model and brand to be the retailer of choice for the active and casual lifestyle,&rdquo; said CEO Michelle Gass. &ldquo;We
have fundamentally restructured our business to drive sustainable and profitable growth, while providing a strong return to shareholders.
We have laid the foundation for our winning strategy and have started to implement key initiatives that will scale and accelerate our
growth in the years ahead.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The department store retailer said it plans to open
more than 100 smaller-format stores during the next four years. Kohl&rsquo;s is currently testing the new format, which will average about
35,000 sq. ft., in the Seattle area, reported CNBC. (Most Kohl&rsquo;s stores average roughly 80,000 sq. ft.)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The company also plans to roll out self-serve buy
online, pick up in store to all stores in 2022. And it will continue to test self-serve returns and check-out.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In other initiatives, Kohl&rsquo;s is looking to grow
its Sephora business to more than $2 billion in annual sales. In February, the company said it plans to add 400 Sephora at Kohl&rsquo;s
shops in 2022. There are currently 200 Sephora at Kohl&rsquo;s locations, with a goal of 850 shops by 2023.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Kohl&rsquo;s also said it plans to keep growing its
active and casual apparel categories and to significantly grow its women&rsquo;s dress business, while also expanding outdoor and swimwear,
and expanding its selection of inclusive sizes. It also plans to introduce a co-branded credit card in 2023.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Long-term, Kohl&rsquo;s said it aims to deliver low-single
digits percent sales growth and operating margins of between 7% and 8% annually. It also is targeting per-share earnings growth of a mid-to-high
single-digit percentage and operating cash flow of over $5.5 billion, with roughly $2.5 billion of free cash flow between 2022 to 2024.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Kohl&rsquo;s is under pressure from activist investor
Macellum Advisors, which is looking to take control of the department store retailer&rsquo;s board. The company has criticized Kohl&rsquo;s
in recent years for not performing as well as it could and wants it to explore a sale. In February, Kohl&rsquo;s said it would reject
the takeover offers it received and adopted a shareholder rights plan, commonly knowns as a &ldquo;poison pill,&rdquo; to avert a hostile
takeover of its business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On Friday, Macellum described Kohl&rsquo;s fourth-quarter
results as &ldquo;disappointing&rdquo; and once again criticized the company&rsquo;s current board of directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Gass said that Kohl&rsquo;s delivered record EPS in
2021 and achieved its operating margin goal two years ahead of schedule, reflecting our progress to drive more profitable growth.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&ldquo;The initiatives we are announcing today, including
plans to drive the Sephora business to $2 billion, are further positioning us for long-term value creation,&rdquo; she said.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Item 4: On March 7, 2022, Macellum
Badger was quoted in the following article published by Footwear News:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Kohl&rsquo;s Plans to Open 100 New Smaller-Format
Stores Over Four Years</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>March 7, 2022</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Kohl&rsquo;s is looking to diversify its store fleet.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The department store retailer announced on Monday
a plan to open more than 100 new smaller-format Kohl&rsquo;s stores over the next four years. The news was announced along with updated
financial targets and goals for the company&rsquo;s shop-in-shop Sephora business ahead of the retailer&rsquo;s investor day.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Focusing on smaller stores could help Kohl&rsquo;s
leverage its existing consumer base and attract more shoppers with services such as buy online, pick up in-store, as well as self check-out.
Kohl&rsquo;s currently operates more than 1,100 stores across the U.S.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Other department store retailers have also announced
plans for smaller, more-efficient store locations in recent years. Target last week announced a plan to open 30 small-format to midsize
locations across city centers in the U.S. throughout 2022, to further engage with consumers in various neighborhoods. Macy&rsquo;s has
tested a similar strategy via its smaller-format Market by Macy&rsquo;s concept stores in Texas.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&ldquo;We&rsquo;re evolving our position from a department
store,&rdquo; said Kohl&rsquo;s CEO Michelle Gass in a call with investors on Monday. She added that smaller-format stores give the company
the chance to enter a market that could not support full-size store locations. They also allow Kohl&rsquo;s to roll out localized experiences
that reflect consumer preferences in different markets.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition to the new store announcement, Kohl&rsquo;s
said it plans to expand the company&rsquo;s Sephora shop-in-shop business from 200 to 850 stores and grow it to a $2 billion business.
The company expects low-single-digit percentage sales growth in 2022, with mid- to high-single-digit percentage growth in EPS.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The announcement comes as Kohl&rsquo;s faces mounting
pressure from activist investors that have been publicly critical of Kohl&rsquo;s management for months. Macellum Advisors, which owns
nearly 5% of shares at Kohl&rsquo;s, said on Friday that it is skeptical about the future of Kohl&rsquo;s, given its current board of
directors and performance compared with retail peers. Last month, Macellum said that it would nominate 10 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: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Macellum has also asked Kohl&rsquo;s to consider taking
an offer to sell its business and previously sent an open letter calling out Kohl&rsquo;s for &ldquo;mismanaging&rdquo; the business and
 &ldquo;failing to implement necessary operational, financial and strategic improvements.&rdquo; Kohl&rsquo;s rejected the offers to acquire
the company and said they did &ldquo;not adequately reflect the company&rsquo;s value in light of its future growth and cash flow generation.&rdquo;
Kohl&rsquo;s also instituted a &ldquo;limited-duration shareholder rights plan,&rdquo; effective until February 2023, to help the company
avoid an unwanted takeover.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Kohl&rsquo;s last week said it hit an all-time record
of adjusted earnings per share of $7.33 in 2021, with an operating margin of 8.6% that surpassed its goal of 7% to 8% two years ahead
of schedule. Kohl&rsquo;s also posted a better-than expected Q4 EPS of $2.20 versus an expected $2.12. Q4 revenues reached $6.22 billion,
short of a predicted $6.54 billion, according to analysts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In light of the results, Kohl&rsquo;s shared an optimistic
outlook for 2022 and expects net sales to increase 2% to 3% over 2021. The company expects EPS between $7 and $7.50.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Item 5: On March 7, 2022, Jonathan Duskin took part
in an interview with CNBC&rsquo;s Fast Money Halftime Report. Portions of the transcript of the interview discussing the Company are
pasted below:&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Jon Duskin has been pushing that company to make significant
changes for more than a year. He is with us live now in a CNBC exclusive. Thought it was timely to have you back since the company's meeting
the analyst. Welcome back.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Thanks so much for having me Scott, good to be back
again.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">It's good to have you. So the company lays its plan
out today. Low single digit sales growth, 100 new but smaller stores, and they want to make Sephora a $2 billion brand. Your reaction?</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">You know, it doesn't change much for us. I think the
stock response is telling. We had a lot of skepticism that we've been sharing with people and I think investors are voting with their
feet today. It seems like people are as disappointed as we are. You know, it&rsquo;s interesting to think about, you know, the plan that
they're giving us is just getting back, three years from now, to where they were last year in terms of EBIT. So it's really very understandable
to see why people are not excited about this, why it doesn't feel like there's a lot of confidence in what management is telling us the
future looks like. We don't really see much margin improvement. Again, last year they did an 8.6% EBIT margin, this year they took that
down to 7.3%, and three years from now if they hit their guidance at the midpoint they'll be at 7.5%. Most of their EPS growth is coming
from share purchases, which we like share repurchases of course but using the shareholder money to grow that should be additive. The business
should be growing a lot better than low single digit EBIT.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I, I mean, obviously had a feeling that you were going
to seize on the fact that the stock is down significantly today to suggest that investors are rejecting what the company had to say today.
It's hard to counter that given what the stock is doing. However, March 1st when the company reported earnings I think you'll admit those
earnings weren't bad. I mean, the earnings beat ... The margins were better than expected. You mention the capital return plan, 100% increase
in the dividend and they plan to buy back a billion dollars in shares in 2022. Now most investors would look at that and they would say,
 &quot;Well the shares are up 12% year to date,&quot; and that also accounts for today's decline versus an XRT which is down 17% and a
very challenging environment, and say, &quot;Okay, I'm willing to give this company the benefit of the doubt and more of a runway to figure
out, and execute, their plan.&quot; What's so difficult about that?</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Well Scott I look at the report through a little bit
of a different lens. I don't think the numbers were that great. This is a company at its most basic level is losing market share to all
their competitors, sales aren't growing versus 2019. They'll probably be one of the only retailers who will not have sales growth versus
2019 in what's one of the most robust economic consumer environments we've had in a very long time. Even if you have given the company
credit for having, every store have a Sephora in it, they still would not have grown sales, or maybe just barely met 2019 sales levels.
So, this is really a high-risk strategy. They're talking about taking capital expenditures materially, they're talking about building
inventories materially, they're talking about growing SG&amp;A. And all just hopefully waiting for sales growth to happen. And this is
a company that's not been able to grow same-store sales for a decade. And, so, I think it's a very high-risk strategy and there's little
margin for error. If they miss anything on the top line, they'll miss these projections substantially because they're spending so much
money and spending so much more Cap X.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">And to us it really just speaks to the idea that this
is a company that needs to go private. They didn't talk about the real estate value. There's $8 billion of real estate value here that's
idling on the balance sheet and they're just not doing enough. You mentioned a billion dollar share buyback, that's not enough. They have
$8 billion of real estate value on the balance sheet, it's more than the market cap of the company. So we really ... While they're doing,
I'd say, small steps, baby steps, I don't think they're doing enough to create value. And they haven't to date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">You said, &quot;Should we give them some time?&quot;
This is the same story if we go back to the Greatness Agenda in 2014 that wasn't successful. They launched a plan in October of '20 that
didn't generate shareholder value. So it's not like these are a whole new set of initiatives and the company hasn't been trying. They've
tried for a long time and I think it's just ... It's time for shareholders to see some regime change here. Sorry.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">It sounds to me though that outside of a sale that
you're not really willing to entertain anything that Michelle Gass has to say. Who, by the way, is going to be on the Closing Bell this
afternoon. I think she may be watching this now, so you have a chance to speak directly to her after she spoke to the analysts that cover
this company. What do you say directly to that?</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Well, Michelle and I have a very good, constructive
dialogue. We've been talking to Michelle for a very long time now. I think Michelle very much knows how we feel, that more needs to be
done. I think they're missing some of the basics with inventory turn, the merchandise architecture, the merchandise assortment, the value
proposition that I don't think they're addressing. Again, think about this, we've added Calvin, Tommy, Eddie Bauer, Nike, Adidas, Under
Armour, exited brands that weren't performing. We still can't grow the top line, so it's very troubling. A sale's not the only path forward.
We've mentioned this a couple other times, a couple other letters, that material change on the board, change of control on the board and
getting the right people in there with the right expertise to oversee a transformation. We do think the company can generate material
shareholder returns and grow EBIT much faster than this current board and management team configuration is projecting.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">They also lay out in their live Q&amp;A, which I'm
not sure if you heard this, had the opportunity to hear it or not but nonetheless I'll read it to you, that they expect the Sephora investment
to pay back in three and a half years. And they see it as both a creative from the operating margin level and the profit level. Are you
supportive of what the company's trying to do with a very popular brand like Sephora?</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We've always said that we like the Sephora initiative.
I do believe it'll bring a different customer in the store, it should drive traffic. We think all those things are positive. But, again,
I think we questioned in the letter we put out last week- at what expense? I don't doubt that the company thinks it's accretive but it's
just hard to make the math work, right? They're going to spend $2.5 billion of CapX that's almost 800 million a year and it's a lot more
than they've been spending. And if you think about it and lay that over the number of stores that are going to have Sephora it's almost
$1 million per Sephora store. It's a significant amount of CapX to roll out. And we're challenged to find a way for that to be accretive.
They'll say it's accretive but they really won't share the math and the numbers behind it, so it's always difficult. And there's been
a lot of skepticism. Amazon was supposed to be accretive. Well, we never saw it be a creative to the bottom line.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Proof's going to be in the-</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">So there's a lot of skepticism-</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Proof's going to be in the pudding. There's no doubt
about that. Michelle's going to be asked about it on the Closing Bell, as I mentioned when she joins-</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">... so I know she's looking forward to that interview
as we are as well. Let me ask you quickly before I let you run, it's a bit of a turn obviously but Bed Bath &amp; Beyond, you still have
a small position in there from what I understand? What do you think about Ryan Cohen?</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">... trying to shake things up now? You still have
some of your board peeps in the boardroom.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Yeah. Let me just say we've always highlighted that
we thought Baby was a tremendous value. At this point probably worth more than the whole company. I have complete faith and trust in Mark.
I think Mark's done an excellent job. I think he's hit a couple speed bumps. I think he's been quick to acknowledge that himself. I think
he's addressed those and I think he's on the right track. Ryan obviously has a bit of a cult following, so I'm not surprised to see the
stock reacting as well as it is. But I think the company is well on the way to achieving their three-year plan. I think Mark's doing a
good job and I'm sure they'll actively engage with Ryan. I don't know Ryan personally but I'm sure they'll actively engage with Ryan and
listen to his suggestions and concerns.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Are you going to wait around to see what happens?
Or are you going to take advantage of the pop in the stock to just get out today?</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I've always thought the stock was worth a lot more,
even after today's boom, so we're long-term shareholders and I'll be here to see the long-term unfold.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All right. It's good talking to you as always. Jon
Duskin I appreciate it.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Thanks Scott. Thanks for having me on.</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Yep. Again, the Kohl's CEO Michelle Gass is going
to be on the closing bell again this afternoon. Don't want to miss that interview. Her response, perhaps her rebuttal, to what you just
heard.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Item 6: On March 7, 2022, Jonathan
Duskin was quoted in the following article published by Forbes:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Kohl&rsquo;s Doubles Down On Bricks And Mortar
In Face Of Pressure From Activist Investors</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>March 7, 2022</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Kohl&rsquo;s is putting up a staunch defense of bricks
and mortar, ignoring calls to sell hundreds of locations for cash and saying it will expand its fleet by opening more than 100 small-format
stores.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The defense, mounted at its investor day on Monday,
comes as activist investors pressure the chain to monetize its real estate portfolio and make other other changes to juice shareholder
value. Kohl&rsquo;s operates over 1,100 stores, the vast majority of which are located outside of shopping malls.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&ldquo;Our business is built on a strong store base,&rdquo;
CEO Michelle Gass said in a presentation on Monday. &ldquo;I&rsquo;ve consistently shared my belief in the important role stores have
in retail.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Eighty percent of the population lives within 15 miles
of its stores, the company said, and those who shop both online and in store spend six times what online-only customers do. Plus, the
retailer says it fulfills 40% of its online orders from its stores.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&ldquo;To be blunt about it, without stores Kohl&rsquo;s
is nothing,&rdquo; said Neil Saunders, managing director of GlobalData&rsquo;s retail division.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Kohl&rsquo;s has held onto its stores while competitors
have scaled back and closed hundreds of locations in recent years. Macy&rsquo;s is down to 576 stores, from 643 in 2019. JCPenney has
shuttered more than 150 stores since filing for bankruptcy in the early days of the pandemic. Nordstrom now has about 350 stores &mdash;
some two-thirds of which are Nordstrom Rack &mdash; down from 380 in 2019. Meanwhile, Kohl&rsquo;s has the same number of stores it did
five years ago.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All those locations, in strip centers and with a smaller
footprint, have become increasingly desirable. The real estate &ldquo;sitting idly&rdquo; on its balance sheet presents an &ldquo;opportunity
cost,&rdquo; Jonathan Duskin, managing partner at Macellum Capital Management, which has a roughly 5% stake in Kohl&rsquo;s, wrote in
a January letter to fellow shareholders. He argued that the property should be sold for an estimated $7 billion to $8 billion and leased
back. Kohl&rsquo;s owns about 400 of its stores.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">While Kohl&rsquo;s says it has a healthy, productive
store base, it has little to show for it. Sales have flatlined in recent years and a share of the company&rsquo;s stock is worth no more
today than it was a decade ago.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&ldquo;It&rsquo;s not a store problem,&rdquo; said
GlobalData&rsquo;s Saunders. &ldquo;It&rsquo;s what Kohl&rsquo;s does with its stores. And Kohl&rsquo;s doesn&rsquo;t do enough with them
and they aren&rsquo;t good enough. That&rsquo;s the root of the problem.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Kohl&rsquo;s has been leaning heavily on partnerships
to draw in customers, like installing Sephora shops in 200 of its locations, with plans to build it into a $2 billion business by bringing
the beauty brand to 850 stores. The Sephora partnership has been a &ldquo;gamechanger,&rdquo; Gass said. Kohl&rsquo;s also said its partnership
with Amazon to accept returns has helped it acquire millions of new customers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Kohl&rsquo;s is now investing in its stores to make
them feel more modern. By the 2022 holiday season, it plans to offer a self-serve pickup option for online orders across all of its locations.
It&rsquo;s also piloting self-serve returns in 100 stores. It said the products in its stores will increasingly be determined by data
that it collects for each locale.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">It also plans to expand its store count, opening more
than 100 smaller-format stores in the next four years. They will be 35,000 square feet, compared to its typical stores of 90,000 square
feet, and use data to stock shelves with products likely to appeal to people in that particular city. For instance, one of its first such
stores will be in Seattle and go heavy on outdoor apparel.</P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><B><U>CERTAIN INFORMATION CONCERNING THE PARTICIPANTS</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Macellum Badger Fund, LP, a Delaware limited partnership
(&ldquo;Macellum Badger&rdquo;), together with the other participants named herein, has filed 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: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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&rsquo;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&rsquo; PROXY SOLICITOR.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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 6,338,528 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 6,338,528 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 6,338,528 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 6,338,528 shares of Common Stock beneficially owned directly by Macellum
Badger II.</P>

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

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

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

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