L&T B (Cayman) Inc. (“L&T B Cayman”), a registered shareholder of Hudson’s Bay Company (“HBC”), completed a distribution of 1,359,395 common shares of HBC (the “Common Shares”), on a pro rata basis, to its shareholders, certain of which, in turn, further distributed the Common Shares they received to their respective shareholders. Following the foregoing series of distributions (collectively, the “Distribution”), L&T B Cayman, together with its joint actors (collectively, the “L&T B Group”) ceased to exercise control or direction, directly or indirectly, of an aggregate of 307,592 Common Shares, representing approximately 0.17% of the issued and outstanding Common Shares on a non-diluted basis.

At the time of L&T B Cayman’s most recent early warning report dated August 5, 2016, the L&T B Group had beneficial ownership or the power to exercise control or direction, directly or indirectly, in respect of the voting of an aggregate of 32,577,347 Common Shares, representing approximately 17.88% of the then issued and outstanding Common Shares on a non-diluted basis.

Immediately following the Distribution, the L&T B Group has beneficial ownership or the power to exercise control or direction, directly or indirectly, in respect of the voting of an aggregate of 29,218,802 Common Shares, representing approximately 15.96% of the issued and outstanding Common Shares on a non-diluted basis.

L&T B Cayman ceased to exercise control or direction, directly or indirectly, of the above-mentioned Common Shares in connection with the Distribution. The Common Shares will be held for investment purposes, and members of the L&T B Group, may each acquire further Common Shares, or dispose of its holdings of Common Shares, in accordance with applicable securities laws as investment conditions warrant.