Kohl’s Updates Investor Presentation Highlighting Progress on Strategy and Plans to Drive Continued Momentum

Kohl’s Corporation (NYSE:KSS) (“Kohl’s” or the “Company”) today released an updated investor presentation detailing progress on its strategy and initiatives to drive continued momentum. The presentation also provides an overview of the capabilities and skills of the Kohl’s Board of Directors (the “Board”) and a comparison to the slate put forward by Macellum Advisors GP, LLC, Legion Partners Holdings, LLC, Ancora Advisors, LLC, and 4010 Capital, LLC (collectively, “the Activist Investors”) which seek control of Kohl’s.

Highlights of the presentation include:
Well-positioned in a retail industry undergoing profound change:
*Kohl’s strengthened its financial and competitive position during a period of profound change in the retail industry.
*The Company’s investments in omnichannel and operations helped Kohl’s successfully navigate the pandemic.
*Kohl’s continues to actively and thoughtfully strengthen its foundation to differentiate itself and support future growth.

Compelling strategy to drive significant and sustainable shareholder value:
*Kohl’s introduced a strategic framework in October 2020 focused on creating long-term shareholder value.
*Strategy focused on driving top-line growth and expanding operating margin to 7% to 8%.
*Kohl’s is already making significant progress, with the announcements of key strategic partnerships and recent results exceeding expectations.
*The Company’s game-changing partnership with Sephora will drive significant beauty sales and new customer acquisition beginning in 2021.

Strong, diverse Board with the right skills and experience:
*Kohl’s Board has and will continue to serve as agents of change, focused on ensuring improved performance and creating shareholder value.
*Kohl’s Board formulated an orderly succession for a new CEO with extensive industry expertise in 2018 and provided oversight for the development of the Company’s new strategic plan as well as targeted investment in the Company’s omnichannel and digital capabilities.
*All 12 of Kohl’s directors have extensive retail or consumer-facing industry experience, and four are current or former retail CEOs.
*Kohl’s current directors also have extensive technology, e-commerce and digital leadership experience.
*Six new directors have joined the Board since 2016, five of which are independent, refreshing 50% of the Board in the last five years.

Kohl’s directors outmatch the Activist Investors’ slate of nominees on relevant experience:
*Four of nine members of the Activist Investors’ slate have never sat on a public company board, while all of Kohl’s directors are currently on one or more public company boards.
*The Activist Investors’ slate includes only one current or former public company CEO, while Kohl’s Board includes five.
*The Activist Investors’ slate has overseen significant value destruction, including nine companies that filed for bankruptcy.

Kohl’s is committed to engaging constructively with all our shareholders. Kohl’s has been responding to inquiries from individual members of the Activist Investors since spring of 2020. Since December 2020, the Company has held multiple meetings with the Activist Investors, including meetings with several independent directors and members of Kohl’s management. Kohl’s is prepared to continue engaging with the Activist Investors on matters which might improve shareholder value but will strongly reject efforts to take control of Kohl’s.

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