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Land and Buildings Issues Letter to Hudson’s Bay Shareholders Regarding Recent Developments

Hudson’s Bay board of directors (the “Board”) should, consistent with its fiduciary duties, seriously consider the reported Signa fully financed €3.0 billion offer for Hudson’s Bay European business, which is above the Company’s purchase price and stated net asset value (NAV). Selling properties at or above the Company’s stated NAV is likely the optimal and lowest cost option for raising capital -- and further underscores the real estate value of the Company.

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