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L&T B (Cayman) Inc. to Update Early Warning Report
[June 18, 2019]

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

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, andwill 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.

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