Macellum Releases Presentation Detailing the Urgent Need for Meaningful Change in Kohl's' Boardroom

Urges Shareholders to Vote on the WHITE Proxy Card to Elect Macellum's 10 Highly Qualified, Independent Nominees

Macellum Advisors GP, LLC (together with its affiliates, “Macellum” or “we”), a long-term holder of nearly 5% of the outstanding common shares of Kohl’s Corporation (NYSE: KSS) (“Kohl’s” or the “Company”), today issued a comprehensive presentation that details the urgent case for change in Kohl's' boardroom and summarizes its director candidates' value-enhancing vision. As a reminder, Macellum is asking shareholders to vote on the WHITE proxy card to elect its full slate of 10 aligned and experienced director candidates at the Company’s 2022 Annual Meeting of Shareholders (the “Annual Meeting”). Learn more at www.KeepKohlsAccountable.com.

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Jonathan Duskin, Macellum's Managing Partner, commented:

"Following our initial campaign for change last year, Kohl's has continued to significantly underperform while we contend that management and the Board have overseen a flawed alternatives process, initiated shareholder-unfriendly maneuvers, including the adoption of a two-tier poison pill, and unveiled yet another standalone strategy that does not appear to placate investors' concerns, as evidenced by the roughly 13% decline in the Company's share price following its release.

Over a longer term, Kohl's' shares have consistently lagged relevant peers and indices and the Company's sales, gross margin growth and valuation have continued to deteriorate. Meanwhile, leadership has overseen numerous strategic missteps, including significant market share losses despite a $26.4 billion opportunity created by retail bankruptcies over the last five years, wasteful spending on capital expenditures and approximately $8 billion in owned real estate sitting idle on the Company's balance sheet. In our view, leadership's repeated failure to create value for shareholders stems from a lack of relevant retail, financial and governance expertise across the current Board and management team.

Kohl's is at a critical inflection point today. Our slate's comprehensive plan seeks to address all the impediments to enduring value creation under the current Board and enable our nominees to position the Company for long-term success. If elected, our nominees will bring fresh perspectives and much-needed skills to help the Board evaluate sale opportunities relative to a superior strategic, operational and financial plan. At this year's Annual Meeting, we urge shareholders not to double down on a failing Board and management team."

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VISIT WWW.KEEPKOHLSACCOUNTABLE.COM TO REVIEW OUR PRESENTATION.

VOTE THE WHITE PROXY CARD TO ELECT MACELLUM’S ALIGNED AND EXPERIENCED SLATE.

CONTACT INFO@SARATOGAPROXY.COM WITH QUESTIONS ABOUT YOUR PROXY AND HOW TO VOTE.

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About Macellum

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’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’s Place Inc., Citi Trends, Inc., Bed Bath and Beyond and Big Lots, Inc. Learn more at www.macellumcapitalmanagement.com.

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