Slide 1: Keep Kohl's Accountable
KeepKOHL’S Accountable KEEP KQHL’S;ACCOUNTABLE For Kohl's to unlock meaning valU@|andifinally begin delivering for shareholders, we believe wholesale Bdofdreom change is needed now
Slide 2: A refreshed board could create value at Kohl's
In 2021, Macellum ran a campaign against Koh''s, which highlighted what we felt was the Board's material mismanagement of the Company and inability to create value. eat later, the Companys shares have significantly underperformed its retall peers and i is clear to us that our suffered delning gross
Slide 3: Superior paths to value creation
KeepKOHLS MATERINIS NOMINEES ABOUT MEDIAS COMMENTARY CONTAC ‘Accountable “superior paths to value creation Macellum has nominated a slate often highly qualified and independent director candidates, Our slate possesses the right mix of ne experience, and independent ownership corporate governance acu
Slide 4: Kohl's share price underperformance versus peers
compensation peer group by a sizable margin, but i has also experienced the biggest val suffering an approximately 37% contraction since pre-pandemic Retail Peer Average S&P 500 contraction of almost any retailer, {kss vs. S&P 500 305 658 Retail Peer Median 98 626 Compensation Peer Group Average 55
Slide 5: Relative performance vs. retail peers and indices
KeepKOHUS ‘Accountable Retail Peer MED OUTPERFORMANCE/(UNDER) 28) (655) (700) (512) (4 Compensation Peer Group AVG OUTPERFORMANCE/(UNDER) 1.5. 6) @A6) 166. (1060) vs. SAP 500 (174), (609) (109.1) 70) (26044) ‘vs. SPOR S&P Retall ETF (XRT) (83), (@9.1) (920.5) (60.0) (2032) Email SIGN UP FOR UPDATES
Slide 6: Materials: Macellum press releases
'S Pea Materials March 22,2022 Macellum issues Letter to the Koh Shareholders March 18,2022 Macellum Files Definitive Prony Statement March 4, 2022 Macellam Highlight Key Concerns With Koh Strategy Ahead of Analyst ay cellu Highlights Pater of Ant Shareholder Atons and Poor Corporate Governance a Fe
Slide 7: Materials: Macellum letters and releases
KeepKOHL'S ‘Accountable February 4, 2022 January 25,2022 January 18,2022 SIGN UP FOR UPDATES ‘aacenum expresses visappointment Kegaroing Kons Seemingly tismanagea ane Peory: nmunicated Strategic Review Process ‘Macellum Issues Letter tothe Kohs Board Regarding the Need to immediately Appoint a share
Slide 8: Media & Commentary
Media & Commentary BROADCAST COVERAGE ‘ots board needs tobe completely revamped: Maceo Capital Management CEO Jonathan Duskin | Yahoo! Finance | March 7, 202 ‘Activ on Dusin targets Kohls | ENC | March 7, 2022 ‘os board behaving somewhat dsingenuousy’ atv investor says | Yahoo! Finance | February 11
Slide 9: Media coverage: broadcast and print
KeepKOHL’s WOME MATERIALS NOMINEES ABOUT WIOIAG COMMENTARY CONTACT Accountable ‘Activist investor describes why he's going after Kos (gain) | Yahoo! Fnance| January 18,2022 ‘ois significantly underperformed its peers, says Macellums Johnathan Duskn | CNB | January 18, 2022 PRINT COVERAGE ‘Commentary
Slide 10: Media coverage: print articles
KeepKOHL'S, HOME MATERIALS NOMINEES ABOUT MEDIA .COMHENTARY CONTACT ‘Accountable Koh says it’ no longer a department store | CNN | March 8, 2022 “Maceliom disappointed with Koh strategy | ActWst Insight | March 8, 2022 Macelium CEO Says He's Disappointed With Kah Analyst Day | Bloomberg | March 8, 2
Slide 11: Media coverage: nominations
‘KeepKOHL’S ‘Accountable ‘Activist Macellum seeks to take control of Kos board, nominates 10 erectors | CNBC | February 10, 2022 ‘Macelium nominates 100 retaller Kohts board-sources | Reuters] February 1 2022 Koh gains amis board and MA neque | Seeking Alpha | February 10, 2022 ‘Koh sans ater report
Slide 12: Media coverage: nominations and poison pill
KeepKOHLS NOME MATERIALS NOMINEES ABOUT WEDIAG COMKNTANY —CONTAET ‘Accountable ‘Atist increases Pressure on Kohls With Board Nominees | Women's Wear Dally | February 10,2022 In attempt to take over Kons Corp. Macelum nominates 10 people to board: accuses company of talking with Amazon | Miwaukee Jou
Slide 13: Media coverage: takeover offers rejected
KeepKOHL'S WOME MATERIALS NOMINEES ABOUT \COIA COMMENTARY CONTACT ‘Accountable “ohis Rejects Takeover Offers as Too Low and Wires Bankers | Bloomberg | February 4, 2022 “Kons holder Macellum is said to seek control of boars | Seeking Alpha | February 4, 2022 ‘Koh rejects buyout offers; adopts plan c
Slide 14: Media coverage: January 2022
KeepKOHLs ‘countable Koh ts Urge by Macellum to Make Changes or Explore Sale| The WallStreet Journat| January 17,2022 Acti investor Macellum urges Kohts to explore sale, ether options | CNBC | January 18,2022 ‘Activ investor, takeover tak heap pressure on Kos Corp | Reuters | January 18,2022 Koh Aga
Slide 15: Why Hudson's Bay Co. Wants Kohl's Corp.
Item 4: On March 23, 2022, Macellum Badger was quoted in the following article published by Women’s Wear Daily: Why Hudson’s Bay Co. Wants Kohl’s Corp. Women’s Wear Daily By David Moin March 23, 2022 The Toronto-based Hudson's Bay is a leading bidder for Kohl's but has some competition. Last week’s