L&T B (Cayman) Inc. to Update Early Warning Report

TORONTO–(BUSINESS WIRE)–Rupert of the Rhine LLC (the “Purchaser”), an entity controlled by
Richard A. Baker, the Governor and Executive Chairman of Hudson’s Bay
Company (“HBC”) and 2380162 Ontario Limited (the “Vendor”), a
wholly-owned subsidiary of Ontario Teachers’ Pension Plan Board, have
mutually agreed to terminate their previous agreement dated January 3,
2019, pursuant to which the Vendor had agreed to sell its 17,953,536
common shares of HBC (TSX: HBC) to the Purchaser. As a result, these
common shares will not be acquired by the Purchaser, and will form part
of the publicly-held common shares subject to the proposed privatization
of HBC.

The group of shareholders who made the privatization proposal on June
10, 2019 collectively own approximately 57% of the outstanding common
shares of HBC on an as-converted basis, which percentage does not
include the common shares owned by the Vendor.

The Purchaser may be considered a joint actor of L&T B (Cayman) Inc. As
a result, L&T B (Cayman) Inc. will be filing an updated early warning
report.

For further information please contact Joele Frank, Wilkinson Brimmer
Katcher at the details below.

Contacts

Matthew Sherman / Kelly Sullivan / Annabelle Rinehart / Matthew Gross
Joele
Frank, Wilkinson Brimmer Katcher, (212) 355-4449