<SEC-DOCUMENT>0000921895-22-000809.txt : 20220308
<SEC-HEADER>0000921895-22-000809.hdr.sgml : 20220308
<ACCEPTANCE-DATETIME>20220308170003
ACCESSION NUMBER:		0000921895-22-000809
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220308
DATE AS OF CHANGE:		20220308

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:		22722530

	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_03082022.htm
<TEXT>
<HTML>
<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

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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"><FONT STYLE="text-transform: uppercase">Kohl&rsquo;s Corporation</FONT></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="margin-top: 0; margin-bottom: 0">&nbsp;</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: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 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: 0 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, 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: 0"><U>Host</U>:</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">Let's bring in Yahoo Finance's Brian Sozzi, who's speaking with activist
investor Jonathan Duskin from Macellum Capital Management&rsquo;s CEO.</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"><U>Brian Sozzi</U>:</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">Thanks so much. Jonathan, look, the stock Kohl&rsquo;s shares got absolutely
thrashed going into the close. What went wrong here?</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"><U>Jonathan Duskin</U>:</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">Hey, look, obviously the market was under a little bit of pressure today.
But that notwithstanding, they're not many stocks on my screen down 13%. I think investors were disappointed. This has been something
that we've been told to wait for a number of months, and that there was an exciting plan, and then we're going to hear a lot more. I think
we were skeptical coming into it, as I think most people know, and raised some issues and concerns that we had. Unfortunately, I think
a lot of those were reinforced by this analyst day. I don't think the objectives were targets that a public company should be setting,
growing EBIT low single digits is not great. And in fact, growing EBIT low single digits from a starting point that was down from last
year. So I don't know, Brian, you probably remember this, this year's guidance, '22s guidance for EBIT is down from '21's guidance. So
if this plan works, in three years we might be back to where they were last 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"><U>Brian Sozzi</U>:</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">That sounds, well, not so encouraging. Jonathan, maybe you can make sense
of this for me, because Kohl's laid out... I think they put about three bullet points on their press release. They want to leverage data
science. What does that mean for them?</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"><U>Jonathan Duskin</U>:</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">You'll have to ask them. Not to be trite, data is very important, right,
how we buy inventory, how we manage planning and allocation, early reads on best sellers when things hit the website. I mean, there is
a lot of data that exists within retail that I think can be used very profitably to help be predictive in terms of, like I said, inventory
buys and how to manage stores, payroll hours. I mean, so many things can be measured better with data. So I don't doubt that there's an
opportunity to use data to improve the business. I don't know that it's revolutionary. I think most companies have been doing this for
many years now.</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"><U>Brian Sozzi</U>:</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">One of the biggest numbers that Kohl's touted today was $8 billion in sales
from Sephora by opening 850 shops in its stores. What do you think about that plan, and are these shops profitable?</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></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"><U>Jonathan Duskin</U>:</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">And by the way, it might have been two billion, but-</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"><U>Brian Sozzi</U>:</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">Two billion. My apologies. That was the online number.</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"><U>Jonathan Duskin</U>:</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">No worries, sorry. They talked about a large number, regardless. Look,
I think what matters is how it all comes out in the blender, right? If you add up every one of the things that they said were going to
contribute to growth, you can't get to their growth numbers. So things are deteriorating. And I think that's been a problem that Kohl's
has for many years. While they might have one strategy that works, they'll say, &quot;Oh, active is growing,&quot; the problem is their
other businesses are declining as quickly as the one that's growing is growing. So they never have sales growth. So to look at one thing
in isolation and talk about its growth trajectory, I don't think it's terribly helpful. I think to look at the whole picture and is the
pie growing and is EBIT growing, I think is the most important thing.</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">And again, if you're talking about low single digit sales growth, remember,
they've not been able to grow same-store sales for a decade. They didn't grow same-store sales last year when almost every retailer without
exception grew versus 2019 in what was one of the most robust consumer environments we've had in a long time. It's hard to build out a
financial model where that's credible. And again, I think we saw a lot of that response today, shareholders voting with their feet about
their disappointment. And it's a very high-risk strategy, Brian.</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">I don't know if you've looked at it through this lens, but it would be
great to see better cost containment, better gross margin gains through better inventory turns. They're going in the opposite direction.
They're talking about bringing up inventories. They're talking about increasing their CapEx, which is going to obviously increase their
DNA, which is again, going to make it hard for EBIT to grow. So this is a risky plan that relies on something that hasn't happened at
Kohl's for a decade. And if they miss their sales line, there's no margin for error. The results will be a lot worse than we're anticipating.
And I think when you compare this to the offers that are out there for $65, you kind of... the opening offers that are out there for $65,
you kind of scratch your head and wonder what the board must be thinking.</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"><U>Brian Sozzi</U>:</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">What's next for you here?</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"><U>Jonathan Duskin</U>:</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">Obviously, the shareholder meeting is coming up. They haven't set a date
yet. They haven't put their proxy materials out yet, but hopefully we'll see that soon. Last year the meeting was in May. So for us, nothing's
really changed. We think this board needs to be completely revamped. There needs to be a new majority in the room that's putting a credible
plan together with real retail experts that can actually create shareholder value. And that needs to be weighed against what a sale looks
like. So we're one shareholder. The AGM is coming up, like I said, sometime in May. And we're going to put it to a vote and let the shareholders
weigh in and express what I believe is their disappointment about what's happened here over the last decade, last two decades, and what
the future is, and have them vote for change and have them vote to replace the majority at the board with what we believe is an incredible
slate of directors that can really come in here and make a difference.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></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"><U>Brian Sozzi</U>:</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">Jonathan, we're very fortunate to have you on here today because you and
your team were the ones who led the successful activist campaign against Bed Bath &amp; Beyond. Now, I'm sure you saw what Ryan Cohen
came out here in his articulating with a 9.8% stake. What do you think about what he is proposing, just to sell off those assets at Bed
Bath, and would you want to join his campaign?</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"><U>Jonathan Duskin</U>:</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">You know, Brian, Ryan obviously has a great following. He's very well respected.
I interpreted his letter a little bit differently. I don't know that he wants to sell the whole thing. I think he's talking about exploring
strategic alternatives that might include something with Baby and maybe it also includes selling the business. I think we've articulated
that there's a lot of value in Baby for a long time. If you look back to some of our early letters we wrote years ago, we thought Baby
was worth more than the whole business, and we believe that even more firmly now. Remember, Baby was struggling when Mark and the new
board stepped in here, and they really did a great job of turning Baby around. Now it's comping, I think last they told us, it was comping
15%, and they have plans to grow the footprint, the number of stores significantly.</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">So, Baby's a tremendous asset and they definitely have to do something
more to monetize that. I don't think that's a surprise. And I think they are planning, I hope... I believe they are planning on doing
something along those lines, and we look forward to hearing more about that. And I'm sure the board will listen to Ryan and listen to
his suggestions. He's obviously been successful, and I'd like to say ... I think Mark is doing a good job. He's hit some speed bumps.
I think he's been the first to acknowledge that. But I really do believe they've addressed those and they're well on their way to achieving
their billion-dollar EBITDA run rate that they laid out last year for their three-year plan.</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"><U>Brian Sozzi</U>:</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">So Jonathan, real quickly, you haven't talked to Ryan Cohen. Would you
want to get involved with this?</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"><U>Jonathan Duskin</U>:</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">I don't know Ryan. Seems like a smart guy. Again, seems very successful.
So always happy to listen and see if there's an opportunity to work with someone.</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"><U>Brian Sozzi</U>:</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">All right, we'll leave it there. Jonathan. Duskin over at Macellum. Always
good to get some time with you. We'll talk to you soon. Brad, back to you<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">.</FONT></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">Item 2: On March 7, 2022,
Jonathan Duskin was quoted in the following article published by Bloomberg:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Macellum CEO Says He&rsquo;s Disappointed With Kohl&rsquo;s Analyst
Day</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(Bloomberg) -- Macellum CEO Jonathan Duskin says the retailer&rsquo;s three-year
plan, &ldquo;if successful, will only get back to last year&rsquo;s EBIT.&rdquo;</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; font-size: 10pt">&#183;</FONT></TD><TD>&#8220;This seems like a high-risk plan that has the company increasing SG&amp;A, growing Cap Ex and building inventory,&#8221; Duskin
said in an emailed statement. &#8220;It leaves little room for error and can result in materially lower EBIT if sale growth -- something
the company hasn&#8217;t achieved in a decade -- doesn&#8217;t materialize.&#8221;</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; font-size: 10pt">&#183;</FONT></TD><TD>Says company should run a &#8220;robust sale process&#8221;</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; font-size: 10pt">&#183;</FONT></TD><TD>NOTE: Kohl&#8217;s Targets Long-Term EPS Growth in Mid-to-High Single Digits</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">NOTE</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; font-size: 10pt">&#183;</FONT></TD><TD>Kohl&#8217;s Corp. rose 2.4% in postmarket trading to $52.37 as of 6:01 p.m. New York time</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD>The average 12-month price target of $65.08 is 24.3% above the current price</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD>6 buys, 6 holds, 2 sells</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: justify; text-indent: 0.5in">Item 3: On March 7, 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: 0"><B>Kohl's stock falls nearly 13% after investor day sales pitch</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">On a day when all major stock indexes declined, Kohl&rsquo;s Corp. dropped
more steeply than the averages despite an investor day pitch from executives that the retailer&rsquo;s future looks bright.</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">Shares of Kohl&rsquo;s (NYSE: KSS) closed at $51.15 per share on Monday,
which was nearly 13% lower than the stock&rsquo;s opening price of $58.31 per share. The trading volume of 3.9 million shares for Kohl&rsquo;s
was the third-highest it has been since Feb. 10, which was the day after the company announced rejecting unsolicited bids to sell and
enacted a poison pill anti-takeover policy.</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 S&amp;P 500 closed Monday down nearly 3%, while the Dow Jones declined
2.4% and the Nasdaq fell 3.62%. Among other retail chain stocks, Macy's fared worse than Kohl's but others didn't fall as much as Kohl's,
including Dick's Sporting Goods, Bed Bath &amp; Beyond, TJX Companies and Nordstrom.</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">Activist investor Jonathan Duskin of Macellum Advisors told the Milwaukee
Business Journal Monday afternoon that he was disappointed with the Kohl&rsquo;s management team&rsquo;s virtual investor day presentation
from Monday morning and &ldquo;it seems like other people are disappointed.&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">&ldquo;They&rsquo;ve kind of long touted this investment day as something
we should really look forward to and lay out this great road map to create value and it doesn&rsquo;t seem like there are a lot of believers,&rdquo;
Duskin said.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></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">Duskin also discussed his reaction to the Kohl&rsquo;s investor day on
CNBC&rsquo;s &ldquo;Halftime Report&rdquo; program Monday that aired at 11 a.m. Milwaukee time shortly after the end of the Kohl's presentation.</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">Duskin told the Business Journal he was nonplussed by two of the major
announcements from Kohl&rsquo;s during the investor day. One, the company plans to open about 100 small-format stores the next four years,
and two, that the Kohl&rsquo;s partnership with Sephora will generate $2 billion revenue once all 850 locations are up and running in
spring 2023.</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;The problem is when you put it all in the blender, what did it spit
out?&rdquo; Duskin said. &ldquo;All the initiatives they&rsquo;re confident in are fine, but it doesn&rsquo;t result in an EBIT (earnings
before interest and taxes) growth trajectory that can be exciting.&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">Robert W. Baird &amp; Co. analyst Mark Altschwager took a more sanguine
view of Monday&rsquo;s investor day and the stock&rsquo;s double-digit percentage decline.</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;Today's update showcased a team on offense, with a well-rounded
growth plan,&rdquo; Altschwager said in an update Monday afternoon. &ldquo;We suspect the market is taking some issue with fairly modest
growth aspirations despite a sizable (capital projects) investment agenda.&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">Kohl&rsquo;s has announced plans to spend $2.5 billion the next three years
with the bulk of that going to building out Sephora beauty stores inside existing Kohl&rsquo;s locations, updating existing stores and
building new stores. Kohl&rsquo;s executives on Monday reiterated a goal of achieving 2% to 3% annual sales growth.</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 bottom line as of Monday was that Kohl&rsquo;s stock is inexpensive
vis a vis the upsides of the company&rsquo;s business strategy, Altschwager 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">Michelle Gass, CEO of Kohl&rsquo;s, appeared on CNBC Monday afternoon and
made many of the same points she presented during the investor day.</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 have tremendous conviction in the business model and in our capital
allocation strategies,&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 Kohl&rsquo;s management team has restructured the business for profitability
and is delivering higher returns to investors as evidenced by the March 1 announcement Kohl&rsquo;s will double its dividend and buy back
at least $1 billion worth of stock this year, 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">Gass said Sephora will be one of the biggest drivers of the company&rsquo;s
revenue growth and the partnership just started to show an impact in late 2021, when 200 Kohl&rsquo;s stores included Sephora shops.</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 Kohl&rsquo;s board takes its fiduciary responsibility seriously and
plans to deliver shareholder value in the years to come, 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">As for Duskin&rsquo;s continuing criticism that the Kohl&rsquo;s board
isn&rsquo;t open to ideas such as selling and leasing back its real estate and considering a sale of the company, Gass said the board
is &ldquo;always open to ideas that are going to create shareholder value.&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">&ldquo;We did have unsolicited bidders earlier this year,&rdquo; she said,
referring to two rejected bids in the $64-$65 per share range. &ldquo;We&rsquo;re doing our fiduciary duty as a board to look at those
opportunities against the very strong plan that we shared today.&rdquo;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></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 said the company was to disclose more details on those processes in
its proxy statement that the company filed Monday afternoon after her remarks.</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-indent: 0.5in">Item 4: On March 7, 2022, Jonathan Duskin was quoted
in the following article published by Fortune:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>With her back against the wall, Kohl&rsquo;s CEO is trying to ward off
a restless activist investor</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Kohl's CEO Michelle Gass laid out her plan on Monday to finally shake the
company's stagnating sales and share performance. In a webcast presentation to investors, she argued that the company should continue
investing in winning categories like activewear and pursue brand partnerships, despite a heightened push from an activist investor to
overhaul the embattled retailer's board and find 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">As part of her proposal, which is more of an update to Kohl's late 2020
turnaround plan than anything radically new, Gass intends to open 100 stores, in the next four years, in markets traditionally too small
for a Kohl's. She also projected that Sephora shops, set to open at 850 Kohl's stores, are on pace to become a $2 billion-a-year business
by 2025, based on initial results from current 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's announced last week some $18.5 billion in total net sales for 2021.
That's about 2% under its pre-pandemic net sales, marking a sizable recovery after the business was decimated by lockdowns in 2020. But
the company has hovered around $19 billion in annual sales for about a decade and seems unable to surpass that figure despite Gass' various
growth initiatives. They include a major foray into activewear and a partnership with Amazon to handle the e-commerce giant's returns
at Kohl's 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">While Kohl's has fared better than rivals like Macy's, J.C. Penney and
Sears in the last decade, its performance coming out of the pandemic has been well below that of competitors in or near strip malls where
many of Kohl's stores are located, particularly Target, Ulta Beauty, Dick's Sporting Goods and even Walmart. Kohl's stock has been on
a roller coaster ride since the pandemic broke out. Before Monday's investor presentation, it was about 15% below its 2018 share price
when Gass became CEO. Kohl's stock fell another 13% after the presentation in a sign that Wall Street is skeptical of the retailer's plans.</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">This kind of sales and stock performance inevitably attracts activist investors.
Macellum Capital Management, which owns 5% of Kohl's shares, recently proposed a slate of 10 new board members, and is pressing the company
to consider a sale of the company.</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">But Gass insists the newer roadmap will finally do the trick.</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">&quot;We have initiatives in our hand that we've never had before,&quot;
Gass told Fortune in an interview ahead of Kohl's investor day. Many of those are customer-facing, such as the deal she struck with Sephora
in late 2020 to set up beauty boutiques at about 73% of Kohl's 1,160 stores, and a continued push into activewear, which now makes up
20% of sales.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Kohl's gets a makeover</B></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's' nicely maintained but low frills stores have lured shoppers seeking
brand names at a discount, for decades. But in the last five years or so, Kohl's relevancy has declined as stores like Target, Ulta and
Amazon have proven more adept at winning younger shoppers. It has also paid a price for lacking a sizable beauty business, crucial to
getting customers to Kohl's stores, despite several attempts.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></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, a marketing wunderkind who worked at Starbucks before joining Kohl's,
calls the Sephora collaboration, which can be found in 250 stores nationwide, &quot;transformational.&quot; She says it's drummed up store
visits and, more crucially, brings in newer, younger shoppers that have long eluded Kohl's and many of its rivals. Reaching a younger
subset was also the premise for Gass' lauded 2018 return service partnership with Amazon, which she says has brought Kohl's about 2 million
new customers.</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 notes that the company has made progress on its cost structure. And
indeed, in the fourth quarter of 2021, which includes the holiday season, Kohl's reported its best operating income margin in years. She
adds that Kohl's uses brick-and-mortar stores to a greater degree to fill and deliver e-commerce orders, leading to higher profitability
for its online business. &quot;We have completely restructured our business for profitability,&quot; she says.</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">Yet for all of Gass' initiatives, Kohl's is treading water. Target, Dick's
and Ulta are all well above pre-pandemic sales levels and have taken market share from rivals, including Kohl's. The retailer's big gains
in some areas have been offset by weakness in others, such as women's apparel, the top category at Kohl's. Gass acknowledges this. &quot;The
single biggest opportunity that we have to improve is the women's business,&quot; she says.</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 has shed a number of weak store brands in women's, going from
16 brands to six, but has beefed up the remaining six. But Kohl's still has not proven that it is able to create or refresh store brands
that attract customers in the same way its competitors do. Gass promised investors the company will begin to do so. &quot;It's a big bet
for us,&quot; she says.</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">Macellum's managing partner Jon Duskin, who first pushed Kohl's to make
changes in 2021, argues that the company's board and executives had years to show improvement. &quot;This board and this management team
together cannot get the stock above where it is now,&quot; he told Fortune after Kohl's presentation Monday.</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">His submission of a board slate that would swap out most directors at Kohl's
upcoming spring shareholder meeting came just a few weeks after Acacia Research submitted an unsolicited offer of $64 per share, or $9
billion. Kohl's rejected the offer and initiated a poison pill to prevent a future hostile takeover. But it also hired investment bankers
to field bids.</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">Duskin says Kohl's tactics are &quot;anti-shareholder,&quot; adding that
his panel of potential board members includes directors with M&amp;A experience as well as retail veterans. For its part, Kohl's has refreshed
its 14-director board, which now includes the former CEOs of Jones Apparel Group and Lululemon, and the COO of Walmart's U.S. e-commerce
business.</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 activist hedge fund has taken exception to Kohl's updated strategy,
claiming, among other things, that Kohl's is spending too much on the Sephora shops rollout&mdash;though Duskin concedes it's a smart
initiative&mdash;has failed to address the cause of product shortages over the holidays, and is doing little to monetize its real estate
portfolio. Duskin also objects to Kohl's $1 billion spend this year on stock buybacks, saying they goosed Kohl's earnings per share without
really improving the underlying business. &quot;That's not how you get good operational performance,&quot; he says.</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 acknowledges that Kohl's board is fielding offers, but she holds steady
that she has a sound path to growth. When asked if Kohl's will return to its pre-2012 glory days, she emphatically says &quot;yes.&quot;
 &quot;We've got to see this through,&quot; Gass says. It remains to be seen whether investors will give her and her team more time to
do so.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Item 5: On March 7, 2022, Macellum Badger was quoted
in the following article published by Seeking Alpha:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Kohl's says its advisor Goldman has engaged with over 20 parties</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Kohl's (NYSE:KSS) disclosed that its advisor Goldman Sachs has engaged
with a number of private equity, strategics and real-estate focused investors regarding a range of potential strategic alternatives from
January through March.</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">Goldman engaged not only with parties who submitted expressions of interest
to Kohl's, but also made outbound calls, talking with over 20 parties, according to a proxy filing. Some parties have entered into confidentiality
agreements with the department store chain and have been invited to submit proposals to Kohl's.</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 disclosure comes as activist Macellum Advisors is engaged in a proxy
battle with the retailer and has urged the company to sell itself, especially after receiving interest from private equity firms. The
activist firm has said it's convinced that a majority of the Kohl's (KSS) board needs to be refreshed after it hastily rejected at least
two potential acquirers early last moth.</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's (KSS) also instituted a poison pill that expires in February 2023
after rejecting the offers from Sycamore Partners and a consortium led by Starboard Value and Acacia Research (NASDAQ:ACTG). NYT's DealBook
also reported last month that PE firm Leonard Green is said interested in bidding for the department store chain. In December, TheDeal.com
reported that Oak Street Real Estate is said to have expressed interest in purchasing the department store chain's 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">Kohl's shares dropped 13% in regular trading as investors appeared to be
disappointed by the company's investor day.</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-indent: 0.5in">Item 6: On March 8, 2022, Jonathan Duskin was quoted
in the following article published by Activist Insight:</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"><B>Macellum &lsquo;disappointed&rsquo; with Kohl&rsquo;s strategy</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>March 8, 2022</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Shares in Kohl&rsquo;s fell more than 12% Monday after the company gave
an update on its strategy, which activist investor Macellum Advisors said was in line with its dim view of management&rsquo;s plan.</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 unveiled plans to open more than 100 smaller-format
shops over the next four years and grow its Sephora business to more than $2 billion in annual sales. The company also set fresh long-term
financial targets, including low-single-digit percentage annual growth.</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">However, Macellum CEO Jonathan Duskin said the share price decline was
 &ldquo;telling&rdquo; for what investors think about management&rsquo;s growth plan.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></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;It seems like people are as disappointed as we are,&rdquo; said
Duskin in an interview with CNBC, adding that markets lack confidence in management&rsquo;s ability to deliver. On the company&rsquo;s
target of achieving mid-to-high single-digit per-share earnings growth, Duskin said &ldquo;the business should be growing a lot better&rdquo;
than that.</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">Macellum, a 4.9% shareholder, is running a 10-person slate for Kohl&rsquo;s
upcoming annual meeting, which has yet to be set.</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 activist initiated the board bid following concerns over Kohl&rsquo;s
rejection in January of two purchase offers including one of $54 per share ($9 billion) from Acacia Research, a vehicle backed by prominent
activist Starboard Value. When it dismissed the overtures, Kohl&rsquo;s said that they were too low in light of the company&rsquo;s future
growth and cash flow generation.</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 a proxy statement Monday, Kohl&rsquo;s revealed that it had contact
with more than 20 parties on a potential deal, giving some of them access to its books under confidentiality agreements.</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">Investment bank Goldman Sachs engaged with more than 20 financial sponsors,
strategics, and real estate-focused investors regarding a range of potential strategic alternatives involving Kohl&rsquo;s, the filing
reads.</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-indent: 0.5in">Item 7: On March 8, 2022, Jonathan Duskin was quoted
in the following article published by Retail Drive:</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"><B>Kohl's wants to transform from a department store into 'a focused lifestyle
concept'</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>March 8, 2022</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>The retailer will open 100 smaller, hyperlocal stores and grow its new
Sephora shops into a $2 billion business. The activists on its case aren't impressed.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Sixty years ago, Kohl's pivoted from the grocery business to become a department
store, at a time when department stores were already in decline. Now, facing macroeconomic headwinds and pressure from activist investors
and even inviting bids to sell itself, the retailer says it's leaving behind that model too.</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 a presentation to investors on Monday, Kohl's said it is now &quot;pivoting
from a department store to a focused lifestyle concept.&quot;</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">As outlined by executives during the company's investors day, its new growth
strategy includes:</P>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Expanding the Sephora footprint from 200 to 850 by next year to achieve what executives expect will be $2 billion in 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>Remodels of existing stores when a Sephora shop-in-shop is introduced;</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>Opening 100 smaller stores or stores in smaller markets in the next four years, to gain over $500 million in 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>Merchandising those smaller locations using data about local demand;</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>Expanding active and athleisure assortments to become a destination for an &quot;active and casual lifestyle;&quot;</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>Expanding omnichannel services, as well as self-checkout and self-return;</TD></TR></TABLE>

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<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>Leveraging data science and the &quot;explosion of third party data to provide an even better, more relevant and more scientific experience
that allows us to drive even greater growth, while remaining very operationally efficient;&quot;</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>Revamping its loyalty program;</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>And, reviving its women's business.</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">&quot;Importantly, most of our opportunity is still ahead of us,&quot;
CEO Michelle Gass said. &quot;These are new distinctive, big initiatives that Kohl's has never had.&quot;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>What Kohl's is up against</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">As it embarks on this ambitious turnaround, Kohl's is facing macroeconomic
headwinds that lead some analysts to doubt its ability to regain the momentum it lost during the pandemic.</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 retailer forfeited 17% of its market share in the past decade, mostly
to off-price retailers, Amazon and brands' direct sales, according to a March 7 research note from UBS analysts led by Jay Sole. Now,
rising inflation and the absence of the pandemic-era stimulus will slow its sales growth and compress margins, they 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">Activist investors at Macellum Capital Management, who are looking to provoke
the retailer into taking bolder actions &mdash; including possible buyout offers already on the table &mdash; weren't all that impressed
with the analyst day. According to an emailed transcript of a late Monday interview with Yahoo Finance, Macellum CEO Jonathan Duskin called
Kohl's proposal &quot;a risky plan that relies on something that hasn't happened at Kohl's for a decade. And if they miss their sales
line, there's no margin for error. The results will be a lot worse than we're anticipating.&quot;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>What Kohl's didn't talk about</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">During a different call with analysts, during the retailer's fourth quarter
earnings call last week, Gass had choice words for Duskin and the investors who continue to agitate for another board shakeup. They're
also calling for a major operational maneuver to unlock share value &mdash; including a real estate sell-off, e-commerce spin-off or sale
of the company itself.</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">&quot;I want to address some of the uninformed and inaccurate commentary
regarding the board's openness to maximizing value,&quot; she said on March 1, noting that the company has retained Goldman Sachs &quot;to
engage with interested parties&quot; and promising more information during its annual meeting later this year. &quot;So contrary to what
others might say, the board's approach is robust and intentional.&quot;</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's filed a preliminary proxy statement with the Securities
and Exchange Commission noting that Goldman Sachs had spoken with more than 20 parties regarding potential strategic initiatives. Some
have been privy to company data under confidentiality agreements and have been invited to submit proposals to the company, per the filing.</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">But during their meeting with analysts the same day, executives remained
silent on these topics, keeping the focus on their plans for longer term growth. But their own expectations seem muted, according to a
March 7 research note from Credit Suisse analyst Michael Binetti.</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">&quot;It was helpful to get an update on the initiatives Kohl&rsquo;s is
most excited about,&quot; Binetti said. &quot;The combination of initiatives sets the stage for a solid top line outlook, but formal guidance
.... is either very conservative or implies some level of deterioration in the core business.&quot;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></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-indent: 0.5in">Item 8: On March 8, 2022, Macellum Badger was quoted
in the following article published by BizTimes:</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"><B>Kohl&rsquo;s has engaged with 20 potential buyers since January</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>March 8, 2022</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Gass says board is weighing potential sale against
company's turnaround plan</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under pressure to sell, Kohl&rsquo;s Corp. has been
in talks with roughly 20 potential buyers in recent months, according to its preliminary proxy statement filed Monday afternoon.</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 Menomonee Falls-based retailer, through investment
banking firm Goldman Sachs, has fielded unsolicited bids and put out its own calls to &ldquo;financial sponsors, strategics and real-estate
focused investors.&rdquo; Some of those bidders have been invited to submit proposals to the company and were given access to a data room
and &ldquo;management presentation&rdquo; led by senior leadership. These talks took place in January, February and have continued into
March.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">It&rsquo;s no secret that Kohl&rsquo;s has been engaged
with potential suitors ever since it turned down two purchase offers last month &ndash; one for $64 per share and the other for $65 per
share &ndash; in pursuit of better opportunities. The company also adopted a &ldquo;poison pill&rdquo; to avoid a future hostile takeover,
while still allowing the board to consider qualified offers.</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 rejection was in spite of mounting pressure by
activist investor Macellum Capital Management to improve performance or consider a full sale of the company, and Kohl&rsquo;s has repeatedly
said it&rsquo;s committed to doing so, having tapped its Finance Committee to lead an open review of potential sale opportunities and
retained Goldman Sachs to engage with interested parties. Still, Macellum has since repeatedly accused the board of attempting to &ldquo;chill
a normal course sale process&rdquo; behind closed doors.</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 than shedding light on the scale of interest
in Kohl&rsquo;s, the proxy statement did not reveal much more about how the review process is playing out. In an interview with Bloomberg
TV on Monday following the proxy filing, Kohl&rsquo;s CEO Michelle Gass asserted that the board is doing its due diligence to weigh a
potential sale against the company&rsquo;s turnaround plan.</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;Ultimately, all of this will be considered
as we decide our path forward,&rdquo; said Gass.</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">But realistically, the future of Kohl&rsquo;s will
be decided by its shareholders, who will vote at the upcoming annual meeting to either keep the 13 incumbent directors on the board or
vote to replace them with Macellum&rsquo;s slate of 10 nominees, who will likely pursue a full sale.</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">First announced in October 2020, Kohl&rsquo;s current
turnaround strategy aims to grow top-line sales and operating margin by capitalizing on activewear trends, prioritizing brand partnerships,
and striving for a reputation among consumers as &ldquo;the most trusted retailer of choice for the active and casual lifestyle.&rdquo;
The strategy was the subject of a BizTimes Milwaukee cover story 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">In the face of activist investor pressure on top of
industry headwinds that only seem to grow stronger, Kohl&rsquo;s has bolstered its turnaround plan with several new initiatives, including
plans to open 100 small-format store locations over the next four years. Gass announced the updated plan Monday as part of the company&rsquo;s
virtual investor day. It includes the goal of growing its partnership with Sephora to a $2 billion line of 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">&ldquo;We have fundamentally restructured our business
to drive sustainable and profitable growth, while providing a strong return to shareholders,&rdquo; said Gass. &ldquo;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">Kohl&rsquo;s stock fell 13% following the investor
day presentation but rose 5% in morning trading Tuesday.&nbsp;</P>

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<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: center">&nbsp;</P>

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

<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">&nbsp;</P>

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