Investor Presentaiton

...And are committed to returning capital to shareholders Maintain strong balance sheet with long-term objective of maintaining Investment Grade rating DIVIDEND SHARE REPURCHASES Remain firmly committed to our current dividend $500M ASR underscores our steadfast confidence in Kohl's future and focus on creating shareholder value KOHL'S LIABILITY MANAGEMENT Plan to retire the 2023 bond maturities totaling $275M during 2023 We remain firmly committed to the health of our balance sheet and will plan our capital allocation decisions going forward to continue to reflect this priority. 17

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