Slide 1: Keep Kohl's Accountable
KeepKOHUS © owe safhg sonnets afer uous comuntanr conact Accountable ’ KEEP KOHL ‘wholesale boardr@gm change ded now
Slide 2: Macellum's 2021 campaign and the case for meaningful change
In 2021, Macellum ran a campaign against Kohl's, which highlighted what we felt was the Board's material mismanagement of the Company and inability to create value. Now, almost one year later, the Companys shares have significantly underperformed it retall peers and itis clear to us that our (Over t
Slide 3: A Refreshed Board Could Create Value at Kohl's
Neeson eR “hecunabe bs A REFRESHED BOARD COULD CREATE VALUE AT KOHL’S After more than two decades of stagnation at Koh, tis long pastime for 2 reconstituted Board to have an opportunity to pursue superior paths to value creation. Macellum has nominated a slate often highly qualified and Independent
Slide 4: The Urgent Case for Meaningful Change - Abysmal Stock Performance
THE URGENT CASE FOR MEANINGFUL CHANGE - ABYSMAL STOCK PERFORMANCE ‘dolar invested in Kohts 20 years ago - in 2002 is worth significantly les today. In adition to dismal share price performance Kohts vades at one of the worst valuations In ts retail peer group. Not only has Kos underperformed is reta
Slide 5: Outperformance/(Underperformance) versus peers and S&P 500
ikss Retall Peer AVG OUTPERFORMANCE/(UNDER) Retall Peer MED OUTPERFORMANCE/(UNDER) ‘Compensation Peer Group AVG OUTPERFORMANCE/(UNDER) vs. S&P 500 Vs. SPDR S&P Retail ETF (XRT) SIGN UP FOR UPDATES FirstName Email 70 (5) 28) 1s 29h) aaa sea (68.7) (127.2) (705)) (1683) (655) (70.0) 1.2) (94a) tt (246
Slide 6: Peer outperformance/(underperformance) table
Retall Peer MED OUTPERFORMANCE/(UNDER) 8) (655) (70.0) (51 ‘Compensation Peer Group AVG OUTPERFORMANCE/(UNDER) 150) 18.68) vs. S&P 500 (17.4) (60.9) (109.1) (78.0) (2604 Vs. SPDR S&P Retail ETF (XRT) (3) (89.1) (120.3) (60.0) (203.2) FirstName Last Name SIGN UP FOR UPDATES ald
Slide 7: Materials
Ls Materials Mareh 4, 2022 -Macetlum Highlights Key Concerns With Kos Strategy Ahead of Analyst ay es acum his aero Am sharers an Por orga Governance a February 18,2022 ‘Macellum’s Preliminary Prony Statement eres scl Nomen hy Qed and dependent Canter Eton he Sieg SSE aca Expretes Dsapantran Regardi
Slide 8: Item 3: On March 4, 2022
Item 3: On March 4, 2022, Jonathan Duskin, Chief Executive Officer of Macellum Capital Management, LLC, was quoted in the following article published by Activist Insight: Macellum questions Kohl’s strategy ahead of analyst meeting Activist Insight March 4, 2022 Macellum Advisors has criticized Kohl’