<SEC-DOCUMENT>0000921895-22-001069.txt : 20220404
<SEC-HEADER>0000921895-22-001069.hdr.sgml : 20220404
<ACCEPTANCE-DATETIME>20220404171830
ACCESSION NUMBER:		0000921895-22-001069
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220404
DATE AS OF CHANGE:		20220404

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:		22803732

	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_04042022.htm
<TEXT>
<HTML>
<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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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">&#9746;</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">&#9744;</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>

<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>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->



<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>

<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>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: 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 definitive
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 April 4, 2022,
Macellum Badger issued the following press release and open letter to the Company&rsquo;s Board of Directors:</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: #FEFEFE">Macellum Issues Letter to
the Kohl&rsquo;s Board Regarding the Need for a Transparent Update on the Company&rsquo;s Sale Process</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: #FEFEFE"><B><I>Calls on the Board
to Promptly Answer Several Important Questions Pertaining to its Seemingly Flawed and Opaque Process </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #FEFEFE">NEW YORK--(<FONT STYLE="color: #444444">BUSINESS
WIRE</FONT>)--Macellum Advisors GP, LLC (together with its affiliates, &ldquo;Macellum&rdquo; or &ldquo;we&rdquo;), a long-term holder
of nearly 5% of the outstanding common shares of Kohl&rsquo;s Corporation (NYSE: KSS) (&ldquo;Kohl&rsquo;s&rdquo; or the &ldquo;Company&rdquo;),
today issued the below open letter to the Company&rsquo;s Board of Directors (the &ldquo;Board&rdquo;). As a reminder, Macellum is asking
shareholders to vote on the <B><U>WHITE</U></B> proxy card to elect its full slate of aligned and experienced director candidates at the
Company&rsquo;s 2022 Annual Meeting of Shareholders (the &ldquo;Annual Meeting&rdquo;). Learn more at www.KeepKohlsAccountable.com<FONT STYLE="color: #444444">.
</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #FEFEFE">Dear Members of the Board,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #FEFEFE">We are writing to you regarding
your decision to run what appears to be a flawed and opaque review of strategic alternatives. In all of our years investing in the public
market, we have never seen a corporate leadership team operate in a more defensive and insular manner when many shareholders seem very
supportive of a sale and various suitors have expressed interest. Perhaps this is why the Company&rsquo;s shares have the rare distinction
of trading almost 15% below announced and reported offers. Indeed, you cannot run from the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #FEFEFE">&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 STYLE="text-align: justify">The Board abruptly rejected indications of interest from two credible and well-capitalized acquirers before
apparently providing sufficient access to management, a robust data room and other information that could have informed upward adjustments
to offers.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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 STYLE="text-align: justify">The Board quickly implemented an onerous, two-tiered poison pill that could only serve to chill acquirers&rsquo;
interest.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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 STYLE="text-align: justify">The Board has failed to communicate clearly and effectively about its purported process for evaluating
potential acquirers&rsquo; overtures, even as credible reports swirl about several suitors who are interested in bidding close to or above
$70 per share.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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 STYLE="text-align: justify">The Board had management waste time and money on a flashy Investor Day, which featured yet another standalone
strategy that was met with a roughly 13% share price decline following its release.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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 STYLE="text-align: justify">The Board is championing a capital-intensive and risky three-year plan that only appears to derive Earnings
Per Share growth from share repurchases. We struggle to comprehend how this plan could create value anywhere close to a sale &ndash; no
less risk-adjusted value close to $70 per share or more.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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 STYLE="text-align: justify">The Board rejected our offers to compromise by appointing a Macellum principal as a director and involving
that individual in the process.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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: justify">This pattern of intransigence is all the more disturbing
when considering that the Company&rsquo;s share price <U>was below $44 at one point in late 2021</U> and <U>was below $47 prior to recent
indications of interest</U> becoming public this year. The Board should consider that absent the prospect of a sale, the Company&rsquo;s
share price would likely be even lower due to investors&rsquo; dissatisfaction with management&rsquo;s three-year plan. We believe Kohl&rsquo;s
has traded up nearly 30% over the past two months for one reason: investors are enthusiastic about the possibility of finally achieving
a reasonable return via a 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">At this point, we believe the Board has eroded all
of its credibility with shareholders. A number of sizable shareholders have informed us that they are extremely frustrated with the Board&rsquo;s
poorly communicated process, which has followed two decades of perpetual stagnation. Perhaps this is why the Company&rsquo;s most recent
letter to shareholders was focused on disparaging us and full of seemingly false and misleading statements.</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">If the Board wants to regain some semblance of credibility
and demonstrate respect for its fiduciary duty, we urge it to address the following questions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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: 21pt"></TD><TD STYLE="width: 18pt"><B>1.</B></TD><TD STYLE="text-align: justify"><B>What is the status of the process in terms of the number of interested parties and management&rsquo;s
level of engagement and data sharing? </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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: 21pt"></TD><TD STYLE="width: 18pt"><B>2.</B></TD><TD STYLE="text-align: justify"><B>When does the Company intend to gather final bids, and will it be before the Annual Meeting so that
shareholders can be fully informed before they vote on our respective slates?</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 116pt"><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: 21pt"></TD><TD STYLE="width: 18pt"><B>3.</B></TD><TD STYLE="text-align: justify"><B>What steps is the Board taking to ensure interested parties have everything they need to expeditiously
submit initial and modified bids?</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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: 21pt"></TD><TD STYLE="width: 18pt"><B>4.</B></TD><TD STYLE="text-align: justify"><B>If new bidders surface, are they being told they are too late or are they being given adequate access
to make offers?</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><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: 21pt"></TD><TD STYLE="width: 18pt"><B>5.</B></TD><TD STYLE="text-align: justify"><B>Has the Company&rsquo;s financial advisor, Goldman Sachs, been authorized to canvass the entire market
for a full spectrum of financial and strategic bidders and been directed to allow bidders to partner to ensure the highest price can be
attained? </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><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: 21pt"></TD><TD STYLE="width: 18pt"><B>6.</B></TD><TD STYLE="text-align: justify"><B>Are there any pre-conditions that could dissuade interested parties? </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><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: 21pt"></TD><TD STYLE="width: 18pt"><B>7.</B></TD><TD STYLE="text-align: justify"><B>Will shareholders have an opportunity to vote on the highest bid sourced via the process?<BR>
<BR>
</B></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: 21pt"></TD><TD STYLE="width: 18pt"><B>8.</B></TD><TD STYLE="text-align: justify"><B>Will the 2022 Annual Meeting be delayed if the process needs to extend beyond May 11<SUP>th</SUP>?</B></TD></TR></TABLE>

<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">Another area the Board should address is its plan
for pre-releasing financial results prior to the Annual Meeting. We believe the Board should provide shareholders the fullest possible
picture of the Company&rsquo;s recent performance. Given Kohl&rsquo;s has pre-released results in the past, we would like the Company
to confirm it intends to pre-release for the first quarter of this fiscal 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 our view, the fact that the Board has not yet
adequately addressed these questions reinforces its credibility deficit. It seems to us like the Board is putting its thumb on the scale
to keep Kohl&rsquo;s mired in operational mediocrity within the public market. Rather than promoting uninspiring plans and trying to
attack us, we hope the Board finally takes steps to address these critical questions via a public communication well ahead of the Annual
Meeting.</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 it benefits our campaign for change when the
Board keeps shareholders in the dark, we want what is best for Kohl&rsquo;s and all of its stakeholders. The best thing the Board can
do in the immediate term is deliver a transparent update on the process.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Sincerely,</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; text-align: justify; margin-right: 0; margin-left: 0">Jonathan Duskin<BR>
Managing Partner<BR>
Macellum Capital Management</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: #FEFEFE"><B><I>VOTE THE&nbsp;<U>WHITE</U>&nbsp;PROXY
CARD TO ELECT MACELLUM&rsquo;S ALIGNED AND EXPERIENCED SLATE.<BR>
<BR>
</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: #FEFEFE"><B><I>REVIEW MORE INFORMATION
AT&nbsp;WWW.KEEPKOHLSACCOUNTABLE.COM. </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: #FEFEFE"><B><I>CONTACT&nbsp;INFO@SARATOGAPROXY.COM
WITH ANY QUESTIONS ABOUT YOUR PROXY AND HOW TO VOTE.<BR>
<BR>
</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: #FEFEFE"><B><I>***<BR>
<BR>
</I></B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #FEFEFE; color: #444444">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #FEFEFE"><B><U>Contacts</U></B><BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #FEFEFE">For Investors:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #FEFEFE">Saratoga Proxy Consulting</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #FEFEFE">John Ferguson / Joe Mills,
212-257-1311</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #FEFEFE">info@saratogaproxy.com
<FONT STYLE="color: #444444"><BR>
<BR>
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #FEFEFE">For Media:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #FEFEFE">Longacre Square Partners</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #FEFEFE">Greg Marose / Casie Connolly,
646-386-0091</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #FEFEFE">macellum@longacresquare.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #FEFEFE">&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-indent: 0.5in">Item 2: On April 4, 2022, Macellum Badger was quoted
in the following article published by Reuters:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Macellum presses Kohl's for more transparency in sales process-letter
</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>April 4, 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">Activist investment firm Macellum Advisors GP LLC
on Monday urged Kohl's Inc to be more open about its sales process, urging the retailer to give bidders and shareholders a fuller financial
picture of itself.</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"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The firm, in a letter to the board, asked the company
to say when it plans to accept final bids and explain how much access potential buyers have to management and data to shape their offers.
It also asked Kohl's to pre-release first-quarter financial results before next month's annual meeting.</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, which owns 5.4% of the retailer, is pushing
to take control of Kohl's board and wants the company to sell itself, arguing that a new &quot;capital-intensive&quot; three-year standalone
strategy is hurting the share price.</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's share price, which closed at $60.34 on Friday,
climbed recently because investors are holding out for a sale, Macellum said. But it also accused the board of &quot;putting its thumb
on the scale to keep Kohl's mired in operational mediocrity&quot; and said directors squandered the credibility with shareholders through
a secretive and confusing sales process.</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">&quot;A number of sizable shareholders have informed
us that they are extremely frustrated with the Board's poorly communicated process,&quot; the letter 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">Kohl's last month said it had contact with more than
20 parties and signed confidentiality agreements with some.</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 least three interested parties, including luxury
department store operator Hudson's Bay Company, private equity firm Sycamore Partners and a group that includes Acacia Research Corp,
a holding company for business controlled by activist hedge fund Starboard Value LP, have made bids for Kohl's, which is valued at $7.8
billion, sources said. Some have offered to pay as much as $70 a share, the sources 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">Several bidders expressed concerns about the speed
of the sale process and their ability access to information for diligence purposes, the sources added.</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: 0pt 0 12pt; text-align: justify; text-indent: 0.5in">Item 3: On April 4, 2022,
Jonathan Duskin, Chief Executive Officer of Macellum Capital Management, LLC, was quoted in the following article published by Yahoo!
Finance:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Activist investor attacking Kohl's take another jab at retailer</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>April 4, 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">The activist investor waging a campaign against Kohl's
(KSS) is returning fire at the retailer.</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">&quot;We are writing to you regarding your decision
to run what appears to be a flawed and opaque review of strategic alternatives. In all of our years investing in the public market, we
have never seen a corporate leadership team operate in a more defensive and insular manner when many shareholders seem very supportive
of a sale and various suitors have expressed interest. Perhaps this is why the company&rsquo;s shares have the rare distinction of trading
almost 15% below announced and reported offers,&quot; Macellum Capital Management managing partner Jonathan Duskin said in an open letter
to Kohl's board 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">Duskin takes Kohl's to task for dragging out a sale
process, which sources have told Yahoo Finance includes several bidders.</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">Added Duskin, &quot;At this point, we believe the
Board has eroded all of its credibility with shareholders. A number of sizable shareholders have informed us that they are extremely frustrated
with the Board&rsquo;s poorly communicated process, which has followed two decades of perpetual stagnation. Perhaps this is why the Company&rsquo;s
most recent letter to shareholders was focused on disparaging us and full of seemingly false and misleading statements.&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; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To be sure, this battle has reached new levels of
intensity as Kohl's gears up for its annual meeting in May.</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 one corner are noted activist investors Macellum
Capital Management and Engine Capital. In the other, the long underperforming executive team at Kohl'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">Kohl's continues to indicate it isn't going quietly
into the private market sunset.</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 struggling retailer rejected two buyout offers
in January and then enacted a poison pill to thwart perceived low-ball bids. Then in early March, Kohl's held an investor day to try and
hype up management's turnaround efforts.</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 off-mall retailer said it aims to generate $2
billion in sales by opening 850 Sephora cosmetics shops inside of its stores. The company added it will shoot for opening 100 small format
Kohl's stores over the next four years.</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 for long-term guidance, Kohl's sees low-single
digit percentage sales growth and mid- to high-single digit EPS 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">Kohl's shares promptly crashed 12% on its March 7
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">Even while having a weak hand, Kohl's has ratcheted
up its attacks on Duskin (in what some pros would say is a show of that weak hand).</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">&quot;The choice is clear: Re-elect the Kohl&rsquo;s
Board, which has the right skills and expertise to drive our strategy forward while evaluating any value-creating opportunities, or elect
Jonathan Duskin and his associates to destroy value in the strategic alternatives process or as operators,&quot; Kohl's said in a letter
last week mailed to shareholders.</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 doubled down on its attack on Duskin 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 0 12pt; text-align: justify">&quot;The Kohl&rsquo;s Board will not allow Macellum&rsquo;s
ill-informed commentary and push for a quick sale at any price to drive process decisions. The Board is thoughtfully and thoroughly evaluating
proposals to realize full and fair shareholder value and weighing those against the value-creation potential of a compelling strategic
plan. Kohl&rsquo;s Board is far more qualified to direct this process than Macellum and its slate of nominees, over half of whom have
never served on a public company board and none of whom have served on a board of a retail company approaching the size of Kohl&rsquo;s,&quot;
a Kohl's spokesperson told Yahoo Finance via email.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: justify; text-indent: 0.5in">Item 4: On April 4, 2022,
Macellum Badger was quoted in the following article published by Forbes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>A Defining Moment For Kohl&rsquo;s</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>April 4, 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">On Thursday of last week, Kohl&rsquo;s sent a letter
to shareholders, pushing back against activist investor Macellum Advisors campaign to add new directors to the retailer&rsquo;s board.
Macellum currently holds about 5% of Kohl&rsquo;s stock and is among a group of activist investors attempting to take the company private.
In January Kohl&rsquo;s retained Goldman, Sachs &amp; Co. as an advisor in response to the activist campaign launched by Macellum.</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">A common theme from all of the activist suiters is
their alleged intent to &ldquo;extract greater shareholder value&rdquo; along with instigating a &ldquo;course correction&rdquo; away
from the strategic rebuilding that CEO Michelle Gass has been leading since May of 2018. The August 31st letter states &ldquo;Macellum
is promoting an ever-changing narrative, misinformed claims, and value-destructive proposals, all of which reveal a reckless and short-term
approach that is not in the interest of driving long-term, sustainable value.&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">In response to the letter, late Thursday, Macellum
said that it was disappointed, although not surprised, by Kohl&rsquo;s &ldquo;inaccurate and misleading&rdquo; letter. &ldquo;We stand
by our belief that Kohl&rsquo;s can be a source of tremendous value if it is finally unshackled from the current board and placed in the
right hands &ndash; whether that be in the public or private market,&rdquo; a spokesperson said in a statement to CNBC.</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>The Letter</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">In excepts, the letter states &ldquo;In January, the
Board (including a designee from Macellum Advisors) began a process of &ldquo;further engagement with select bidders who submitted indications
of interest in Kohl&rsquo;s, including assisting with further due diligence that may create opportunities to refine and improve proposals.&rdquo;
In short, we are pursuing a &ldquo;different path, than Macellum.&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">Besides Kohl&rsquo;s decision to &ldquo;stop dating&rdquo;
Macellum the letter made it clear to the shareholders why the Board feels Macellum was no longer a &ldquo;desirable suitor.&rdquo; The
letter talks about past &ldquo;Macellum inconsistencies&rdquo; and states among other things:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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 STYLE="text-align: justify">Macellum is demanding a large sale leaseback would also potentially limit Kohl&#8217;s flexibility to
explore all avenues to create value for shareholders.</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 STYLE="text-align: justify">Macellum praised the omnichannel approach as the future of the industry only months before calling on
Kohl&#8217;s to spin-off its e-commerce business.</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 STYLE="text-align: justify">Macellum&#8217;s push for a hasty sale at any price reveals a short-term approach that is not in the best
interest of Kohl&#8217;s shareholders.</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 STYLE="text-align: justify">Macellum criticized Kohl&#8217;s for rejecting an offer to acquire the Company at $64 per share (Macellum
has stated Kohl&#8217;s stock could be worth $100 per share.)</TD></TR></TABLE>

<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 its not just Kohl&rsquo;s leadership that has
been cool to Macellum&rsquo;s advances. Wisconsin State Senator Tammy Baldwin recently sent a letter to Kohl&rsquo;s, headquartered in
Menominee Falls, Wisconsin which urged the company against accepting &quot;any offers that propose a sale-leaseback, increase the risk
of bankruptcy, or imperil the jobs and retirement security of thousands of Wisconsin workers.&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>Short Term Gains Versus Long Term Value</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; text-align: justify">Based on my colleague Walter Loeb&rsquo;s recent reporting,
Kohl&rsquo;s apparently has five rumored suiters that include The Hudson&rsquo;s Bay Company (HBC), Sycamore Partners, Leonard Green &amp;
Partners, Starboard Value, and Acacia Research Corp.</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">At the heart of this altercation is the belief that
Kohl&rsquo;s stock is undervalued relative to its asset value. Kohl&rsquo;s currently has a market capitalization value of about $7.75
billion. Yet some estimate its real estate value alone is worth north of $8 billion. The other draw that has gotten these corporate raiders
fomenting is the well-publicized estimate that the ecommerce business alone could be worth north of $12 billion, should it be spun off.
This thinking is much akin to an auto chop shop, where the parts of a Porsche would yield big bucks in the underground economy. And as
useless as the engineless Porsche would be for cruising the open road, Kohl&rsquo;s would be similarly hampered without its ecommerce
business in unified lockstep with 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">Critics of several of the suiters are quick to point
out, at their heart they are real estate investors. In an excellent Robin Report podcast from Friday, April 1st, Robin Lewis and Shelley
Kohan double down on their belief (as well as mine and many others) that what motivates some of the activists is a &ldquo;short-term,
financial pureplay, and the losers will be the customers.&rdquo; Lewis and Kohan suggest that another suiter, Richard Baker of the Hudson&rsquo;s
Bay Company (HBC) is a &ldquo;real-estate mogul extraordinaire,&rdquo; in which &ldquo;all roads lead to unlocking value, or monetizing
assets, including spinoffs, or sale and leaseback of real estate.&rdquo;</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>Undervalued Stock Ploy</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; text-align: justify">In the same podcast Robin Lewis and Shelley Kohan
also side with the Kohl&rsquo;s board in their belief that Macellum Capital Management group&rsquo;s CEO Jonathan Duskin has a short-term
focus, which is anathema to the long-term strategic value that Michelle Gass has been building. And while Duskin continues to beat the
drum of lifting Kohl&rsquo;s low share price, his own record when it comes to maximizing shareholder value has been less than stellar.</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">Three years ago, on April 1, 2019, after Macellum
bought a significant interest in retailer Citi Trends, Duskin&rsquo;s company sent a similarly worded letter to their board stating &ldquo;Macellum
has a substantial amount of capital invested in Citi Trends. The only way for Macellum to make money and for the value of the stock to
rise significantly is for there to be material change to the status quo on the Board.&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 &ldquo;reached an agreement with&rdquo; Citi
Trends and stock peaked at $107 on May 6, 2021. A short eight months later the stock plummeted, and as of this past Friday, April 1, the
stock was at $28.90, having lost a staggering 74% of its value. So clearly Duskin had not brought a Midas touch to Citi, let alone insuring
long-term shareholder value in the retail fashion space.</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>Is There a Win/Win Scenario for Kohl&rsquo;s?</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; text-align: justify">I have been critical of Kohl&rsquo;s in the past,
and their path to long-term sustainability is by no means guaranteed. But there is ample evidence that &ldquo;Team Gass&rdquo; is making
headway. Their ongoing roll-out of a planned 850 Sephora units by 2023, designed to &ldquo;down age&rdquo; its core customer base, is
spot on, and could become a $2 billion business, on its own. They show continued growth with named brand fashion partners, such as Tommy
Hilfiger and Calvin Klein which is also favorable, as are their are plans for upwards of one hundred smaller &ldquo;city stores&rdquo;
ala Target.</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 problem for Kohl&rsquo;s is that while they appear
to be doing reasonably well compared to Macy&rsquo;s and J.C. Penney, they have behemoth Target, taking share from the entire mid-market
department store arena. Target is an over achiever in every category that Kohl&rsquo;s touches, and lightyears ahead at merchandising
and offering its guests a delightful, high value experience.</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 will be essential for Kohl&rsquo;s to pump some
serious cash into upgrading their store&rsquo;s d&eacute;cor, lighting, and visual merchandising to appeal to a younger, discriminating
consumer. Additionally, while they are doing well growing their name brand fashion business, to increase margins and create a point of
differentiation, they need to be building private label brands as Target has done so proficiently.</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">Regardless of who wins the fight over Kohl&rsquo;s
future (assuming one of the courters prevails) I agree with both Walter Loeb and Robin Lewis that Kohl&rsquo;s long-term variability is
contingent upon allowing Michelle Gass&rsquo;s team to &ldquo;stay the course&rdquo; and give them the fuel to &ldquo;pick up the pace.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: justify; text-indent: 0.5in"></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 5: On April 4, 2022,
Jonathan Duskin was quoted in the following article published by Women&rsquo;s Wear Daily:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Macellum Demands Greater Transparency on Kohl&rsquo;s
Takeover Bids</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>April 4, 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"><I>The activist shareholder continues to bombard shareholders
with criticisms of Kohl's and its board while the retailer vigorously defends its financial record and strategies.</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">Macellum Advisors, the activist shareholder, contends
it&rsquo;s being kept in the dark on bids for Kohl&rsquo;s Corp. and wants greater access to information on the process.</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, which holds nearly 5 percent of Kohl&rsquo;s
shares, wants to overhaul the retailer&rsquo;s board and management, and for months has been pushing strategic alternatives to raise shareholder
value, including advocating selling the company or monetizing stores through sale-leasebacks, or splitting the dot-com and store operations
into separate companies. Macellum is asking shareholders to vote for its slate of 10 nominees to the Kohl&rsquo;s board, one of whom is
Macellum&rsquo;s founder and managing partner, Jonathan Duskin.</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">There&rsquo;s been an ongoing war of words between
Macellum and Kohl&rsquo;s for weeks, with Macellum accusing Kohl&rsquo;s of poor management and obtaining inadequate top- and bottom-line
results underperforming competitors, while the retailer has been vigorously defending its recent financial results and strategies.</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 Monday, Macellum raised the cacophony, accusing
Kohl&rsquo;s of staging &ldquo;a flawed and opaque review of strategic alternatives.&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">&ldquo;In all of our years investing in the public
market, we have never seen a corporate leadership team operate in a more defensive and insular manner when many shareholders seem very
supportive of a sale and various suitors have expressed interest,&rdquo; Duskin wrote in his letter to shareholders. &ldquo;Perhaps this
is why the company&rsquo;s shares have the rare distinction of trading almost 15 percent below announced and reported offers,&rdquo; which
have been in the mid to high $60 range. Kohl&rsquo;s stock was trading at just over $60 early afternoon 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">Macellum also accused the Kohl&rsquo;s board of &ldquo;abruptly
rejecting indications of interest from two credible and well-capitalized acquirers before apparently providing sufficient access to management,
a robust data room and other information that could have informed upward adjustments to offers; quickly implementing an onerous, two-tiered
poison pill that could only serve to chill acquirers&rsquo; interest, and failing to communicate clearly and effectively about its purported
process for evaluating potential acquirers&rsquo; overtures, even as credible reports swirl about several suitors who are interested in
bidding close to or above $70 per share.&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">Among the reported bidders are the Hudson&rsquo;s
Bay Co., operator of Saks Fifth Avenue, Saks Off 5th and The Bay in Canada; Sycamore Partners, a private equity firm that has Belk, Loft,
Express, Hot Topic, Ann Taylor and other retailers in its portfolio; Leonard Green &amp; Partners, a private equity firm, and Starboard
Value&rsquo;s Acacia Research Corp.</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 also accuses Kohl&rsquo;s of &ldquo;championing
a capital-intensive and risky three-year plan that only appears to derive earnings per share growth from share repurchases&rdquo; and
said Kohl&rsquo;s board has rejected appointing a Macellum principal as a director.</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">Macellum wrote that &ldquo;a number of sizable shareholders
have informed us that they are extremely frustrated with the board&rsquo;s poorly communicated process, and urged the Kohl&rsquo;s board
to answer several questions, including what the status of the bidding process is in terms of the number of interested parties and management&rsquo;s
level of engagement and data sharing; when final bids will be gathered and will that happen before the May 11 annual meeting so shareholders
can be fully informed before they vote on Macellum&rsquo;s board nominees, or the existing Kohl&rsquo;s board members who are all up for
reelection.&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 also wants to know what steps the board is
taking to ensure bidders have everything they need to expeditiously submit initial and modified bids, and if Kohl&rsquo;s financial adviser,
Goldman Sachs, was authorized to canvas for a full spectrum of financial and strategic bidders, including allowing bidders to partner
up on a high price.</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 possible Kohl&rsquo;s annual meeting gets
delayed if the bidding process goes beyond May 11.</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 response to Duskin&rsquo;s letter on Monday, Kohl&rsquo;s
issued the following statement:</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 Kohl&rsquo;s board will not allow Macellum&rsquo;s
ill-informed commentary and push for a quick sale at any price to drive process decisions. The board is thoughtfully and thoroughly evaluating
proposals to realize full and fair shareholder value and weighing those against the value-creation potential of a compelling strategic
plan. Kohl&rsquo;s board is far more qualified to direct this process than Macellum and its slate of nominees, over half of whom have
never served on a public company board and none of whom have served on a board of a retail company approaching the size of Kohl&rsquo;s.&rdquo;</P>

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

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