Kohl's 8K Regulation FD Disclosure | KSS 30 Oct 14

Wes McDonald Chief Financial Officer Welcome

CONFERENCE INVESTOR 2014 Welcome Today’s Investor Conference, including this presentation, contains “forward-looking statements” within the meaning   of the Private Securities Litigation Reform Act of 1995, including guidance on the Company's targeted sales and earnings and capital generation and deployment. Kohl's intends forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “anticipates,” “plans,” or similar expressions to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, which could cause Kohl's actual results to differ materially from those anticipated by the forward-looking statements. These risks and uncertainties include, but are not limited to, those described in Item 1A in Kohl's Annual Report on Form 10-K, which is expressly incorporated herein by reference, and other factors as may periodically be described in Kohl's filings with the SEC. Any forward-looking statements made by us in this presentation are based only on information currently available to us and speak only as of October 29, 2014. We do not undertake to update these forward-looking statements as of any future date.

CONFERENCE INVESTOR 2014 Welcome WebEx

CONFERENCE INVESTOR 2014 Welcome CONFERENCE INVESTOR 2014 Pier Wisconsin | October 29, 2014 Type question here

CONFERENCE INVESTOR 2014 Welcome

CONFERENCE INVESTOR 2014 Welcome

CONFERENCE INVESTOR 2014 Welcome

CONFERENCE INVESTOR 2014 Welcome Type question here

CONFERENCE INVESTOR 2014 Welcome

CONFERENCE INVESTOR 2014 Welcome

CONFERENCE INVESTOR 2014 Welcome 8:10—9:00 Our Path Forward 9:45—10:30 Connecting   with Customers Personally 10:30—11:00 Offering New and Amazing Products 11:00—11:40 Delivering Seamless, Inspiring Experiences 1:15—1:25 Financial   Update 1:25—2:35 Q&A 9:00—9:30 Engaging   and Inspiring Today’s Families Br ea k 11:40—11:55 Building   Great   Teams Lu nc h

Our Path   Forward Kevin Mansell Chairman,   Chief Executive Officer,   and President

CONFERENCE INVESTOR 2014 Our   Path   Forward

A winning formula:   Brands +   Value + Convenience 199 2 199 3 199 4 199 5 199 6 199 7 199 8 199 9 200 0 200 1 200 2 200 3 200 4 200 5 200 6 200 7 200 8 200 9 201 0 201 1 201 2 201 3 $20,000 $15,000 $10,000 $5,000 Fiscal Year Sales ($MM) CONFERENCE INVESTOR 2014 Our   Path   Forward

199 2 199 3 199 4 199 5 199 6 199 7 199 8 199 9 200 0 200 1 200 2 200 3 200 4 200 5 200 6 200 7 200 8 200 9 201 0 201 1 201 2 201 3 6% 4.5% 3% 1.5% Kohl’s Share Fiscal Year CONFERENCE INVESTOR 2014 Our   Path   Forward A winning formula:   Brands +   Value + Convenience

Evolving consumer   behavior 1 Less discretionary income 2  Spending less   on categories   where Kohl’s   has high share 3  Spending more   on categories   where Kohl’s   has low share CONFERENCE INVESTOR 2014 Our   Path   Forward

A shifting   retail landscape 1 Rapid growth   of off-price channel 2  Rapid growth of   virtual retailers 3  Elevated consumer expectations CONFERENCE INVESTOR 2014 Our   Path   Forward

Our   Path   Forward Time to evolve CONFERENCE INVESTOR 2014    

Our   Path   Forward Our Greatness Agenda CONFERENCE INVESTOR 2014    

CONFERENCE INVESTOR 2014 Our   Path   Forward Our Purpose

CONFERENCE INVESTOR 2014 Our   Path   Forward Our Purpose Amazing  Products Our Pillars Easy  Experience Personalized  Connections Incredible  Savings Winning  Teams

CONFERENCE INVESTOR 2014 Our   Path   Forward Our PillarsOur Purpose Easy  Experience Personalized  Connections Incredible  Savings Winning  TeamsAmazing Products

CONFERENCE INVESTOR 2014 Our   Path   Forward Easy  Experience Our PillarsOur Purpose Personalized  Connections Incredible  Savings Winning  Teams Amazing  Products

CONFERENCE INVESTOR 2014 Our   Path   Forward Our PillarsOur Purpose Incredible  Savings Winning  Teams Amazing  Products Personalized  Connections Easy  Experience

CONFERENCE INVESTOR 2014 Our   Path   Forward Our PillarsOur Purpose Winning  Teams Amazing  Products Easy  Experience Incredible  Savings Personalized  Connections

CONFERENCE INVESTOR 2014 Our   Path   Forward Our Purpose Our Pillars Amazing  Products Easy  Experience Personalized  Connections Incredible  Savings Winning  Teams

CONFERENCE INVESTOR 2014 Our   Path   Forward Our Purpose Amazing  Products Our Pillars Easy  Experience Personalized  Connections Incredible  Savings Winning  Teams

CONFERENCE INVESTOR 2014 Our   Path   Forward To be the most engaging retailer in America Our Goal

CONFERENCE INVESTOR 2014 Our   Path   Forward Our Outcomes To be the most engaging retailer in America Our Goal 1 Customer Engagement 3 Sales   Growth 2 Associate Engagement

CONFERENCE INVESTOR 2014 Our   Path   Forward Our Outcomes Our Agenda Amazing  Products Our   Pillars Easy  Experience Personalized  Connections Incredible  Savings Winning  Teams Our   Purpose Our   Goal 1 Customer Engagement 3 Sales Growth 2 Associate Engagement To be the most engaging retailer in America

Engaging and Inspiring  Today’s Families Michelle Gass Chief Customer Officer

Engaging   and Inspiring Today’s   Families

Engaging   and Inspiring Today’s   Families It starts with customers    

CONFERENCE INVESTOR 2014 Engaging   and Inspiring Today’s   Families    

CONFERENCE INVESTOR 2014 Engaging   and Inspiring Today’s   Families     A more diverse definition of family

CONFERENCE INVESTOR 2014 Engaging   and Inspiring Today’s   Families “Family is a group of people who do life together.” Jessica Kohl’s shopper, New York    

CONFERENCE INVESTOR 2014 Engaging   and Inspiring Today’s   Families love congratulationgreat goodexcite favorite thankbeautiful like ready#magicamazing cool fun enjoy #love bestcute happymiss adorable favorite place sweet Source: Kohl's Social Listening

CONFERENCE INVESTOR 2014 Engaging   and Inspiring Today’s   Families Love drives engagement. Engagement drives sales.

CONFERENCE INVESTOR 2014 Engaging   and Inspiring Today’s   Families Engaging   more   families

CONFERENCE INVESTOR 2014 Engaging   and Inspiring Today’s   Families Engaging   more   families

CONFERENCE INVESTOR 2014 Engaging   and Inspiring Today’s   Families 1 Delivering value   with a fresh   approach 2 Connecting   personally 3 Connecting emotionally 4 Pioneering new   ways to excite   and engage Drive engagement   Drive sales

CONFERENCE INVESTOR 2014 Engaging   and Inspiring Today’s   Families A heritage   of value 0    

CONFERENCE INVESTOR 2014 Engaging   and Inspiring Today’s   Families A fresh approach   to loyalty FOR EVERYONE

CONFERENCE INVESTOR 2014 Engaging   and Inspiring Today’s   Families A fresh approach   to loyalty

CONFERENCE INVESTOR 2014 Engaging   and Inspiring Today’s   Families 10/6/2014 M E M B E R S

CONFERENCE INVESTOR 2014 Engaging   and Inspiring Today’s   Families 10/6/2014 10/27/2014 M E M B E R S

CONFERENCE INVESTOR 2014 Engaging   and Inspiring Today’s   Families A fresh approach   to communicating   value    

CONFERENCE INVESTOR 2014 Engaging   and Inspiring Today’s   Families All Juicy Couture collection apparel for misses, fashion jewelry and footwear. 25%off INTROD UCING EVERYONE GETS $10 PLUS, USE YOUR KOHL’S CHARGE AND TAKE AN EXTRA 30% FOR EVERY $50 SPENT SEPT. 10-17. Coupon redeemable Sept. 18-28. See page 23 for details. Nike Flex Run 2014 for women, $80. Web IDs: 1724633, 1626117 Some exclusions may apply COMFOR T ZONE    

Engaging   and Inspiring Today’s   Families

CONFERENCE INVESTOR 2014 Engaging   and Inspiring Today’s   Families Connecting personally WED.–TUES.,JUNE 4–10SHOP BONUS BUYS HEY JENNIFER, SEE WHAT’S N EW IN YOUR FAVORITE DEPA RTMENT. (JUST TELL DAD IT WAS A SH OPPING TRIP ALL FOR HIM.) 50% OFF SUNDRESSES AND SUMMER LEGGING SETS FOR GIRLS 4-16, TODDLERS, INFANTS AND NEWBORNS. Select styles. SHOP BON HEY JENNIFER, SEE WHAT’S (JUST TELL DAD IT WA 9.99 ALL SOLID PIQUÉ POLOS FOR MEN FROM CROFT & BARROW® AND SONOMA life + style®. ORIG. $26 19.99 ALL SONOMA life + style® SHORT-SLEEVED POPLIN SPORT SHIRTS FOR MEN. ORIG. $40 40-55% OFF ALL DRESS SHIRTS FOR MEN. YOUR SAVINGS AWAIT, KYLE. WED.–TUES., JUNE 4–10 SHOP BONUS BUYS S AWAIT, KYLE. WED.–TUES., JUNE 4–10 US BUYS 40-50% OFF APT. 9® SPORTSWEAR FOR MISSES. Select styles. HEY MARIA, SEE WHAT’S NEW IN YOUR FAVORITE DEPARTMENT. (JUST TELL DAD IT WAS A SHOPPING TRIP ALL FOR HIM.) WED.–TUES., JUNE 4–10SHOP BONUS BUYS 27.99 ELLE™ CHINO SHORTS FOR MISSES. REG. $40 24.99 ELLE™ SCOOPNECK TEE FOR MISSES. REG. $36 HEY MARIA, SEE WHAT’S NE (JUST TELL DAD IT WA SHOP BON HOME SALE SAVE ON EVERYTHING FOR YOUR HOME SUNDAY, OCTOBER 5–MONDAY, OCTOBER 13 See enclosed cards for details. FOR EVERY $50 SPENT OCT. 9–13 Coupon redeemable Oct. 14–22. See back cover for details. $10 PLUS, GET Valid in store and online. See back for details. TAKE AN EXTRA WHEN YOU USE YOUR KOHL’S CHARGE PICK YOUR DAY TO SAVE! OCT. 5–OCT. 15, 2014 THURS.–MON., OCT. 9–13 Valid in store and online. See back for details. TAKE AN EXTRA 20%OFF HOME SALE $10OFF ANY HOME PURCHASE OF $50 OR MORE IN STORE & ONLINE WITH PROMO CODE: HOMESALE10 OFFER VALID SUN., OCT. 5–MON., OCT. 13, 2014

Engaging   and Inspiring Today’s   Families

CONFERENCE INVESTOR 2014 Engaging   and Inspiring Today’s   Families

Engaging   and Inspiring Today’s   Families Key takeaways 1 We are deepening engagement and expanding our reach for today’s families. 3 We are unleashing a new, more innovative culture. 4 We are driving engagement to   drive sales. 2 We are taking a   fresh approach to value and becoming more personally   and emotionally relevant.

Engaging   and Inspiring Today’s   Families To be the most engaging   retailer in America

Connecting with   Customers Personally Ken Bonning SEVP, IT,   Logistics &   Store Planning Ratnakar Lavu EVP, Digital Technology Will Setliff EVP, Marketing

Connecting   with Customers Personally We have great data Transaction data

Connecting   with Customers Personally Social data Transaction data We have great data

Connecting   with Customers Personally Real-time contextual data Social data Transaction data We have great data

Connecting   with Customers Personally We have been investing and innovating

Connecting   with Customers Personally Personalization $ Predictive analytics   to make suggestions Dear John Real-time offers We have been investing and innovating

Connecting   with Customers Personally ~$1B over the past 3yrs Technology Investment

Connecting   with Customers Personally Re-platform   & Infrastructure Master data management Purchase order systems Pricing Mobile platform Point of commerce Reporting   and analytics foundation Email   provider migration Contact   center phone infrastructure Customer order management E-Commerce

Connecting   with Customers Personally E-Commerce !E-Commerce Enabling technology Marketing enablement Merchandising location system Gift registry Loyalty enhancements Pin pad replacements Marketing content managers New in-store associate devices Global inventory visibility Security Mobile   wallet Re-platform & Infrastructure

CONFERENCE INVESTOR 2014 Connecting   with Customers Personally Near-term   roadmap + International shipping + Buy online, ship to store + RFID integration + Improved search + Expanded wallet + Marketplaces + New generation digital signage + Inventory optimization + Localized assortments + Personalized real-time offers + Expanded shipping options  

CONFERENCE INVESTOR 2014 Connecting   with Customers Personally We have the data,   the infrastructure,   and the people to   drive personalization  

CONFERENCE INVESTOR 2014 Connecting   with Customers Personally Laying the groundwork   for personalized experiences  

CONFERENCE INVESTOR 2014 Connecting   with Customers Personally We are shifting our media mix…

CONFERENCE INVESTOR 2014 Connecting   with Customers Personally FPO …to make our messages more targeted and personal

CONFERENCE INVESTOR 2014 Connecting   with Customers Personally 1 A brand new segmentation approach 2 Reinvented marketing   tools 3 A unique, engaging loyalty engine Laying the groundwork   for personalized experiences

CONFERENCE INVESTOR 2014 Connecting   with Customers Personally Laying the groundwork   for personalized experiences 1 A brand new segmentation approach 2 Reinvented marketing   tools 3 A unique, engaging loyalty engine

CONFERENCE INVESTOR 2014 Connecting   with Customers Personally Under-engaged Infrequent New customersLoyalists A brand new segmentation approach

CONFERENCE INVESTOR 2014 Connecting   with Customers Personally + Love Kohl’s + Shop frequently, across dozens of departments and   in all channels + Keeping them engaged + Connecting personally through channels they’re most responsive to What we know What we are doing Loyalists A brand new segmentation approach

CONFERENCE INVESTOR 2014 Connecting   with Customers Personally + Shop specific categories frequently + Shop competitors   for other categories + Affinity for Kohl’s + Giving them a reason to   shop across departments + Reaching them digitally + Enrolling them in loyalty What we know What we are doing Under-engaged A brand new segmentation approach

CONFERENCE INVESTOR 2014 Connecting   with Customers Personally + Tend to shop Kohl's   at key seasonal times + Favor mass retail   and specialty + Come for national brands + Playing to our strengths + Enrolling them in loyalty + Reaching them digitally What we know What we are doing Infrequent A brand new segmentation approach

CONFERENCE INVESTOR 2014 Connecting   with Customers Personally + Come for national brands + Enter through home department + Giving them a reason   to visit a second time   within 30 days + Sending personalized communication with   relevant, time-limited   offers What we know What we are doing New customers A brand new segmentation approach

CONFERENCE INVESTOR 2014 Connecting   with Customers Personally Making marketing   more targeted

CONFERENCE INVESTOR 2014 Connecting   with Customers Personally From: 157 zips Making marketing   more targeted

CONFERENCE INVESTOR 2014 Connecting   with Customers Personally From: 157 zips To: 45 zips Making marketing   more targeted

CONFERENCE INVESTOR 2014 Connecting   with Customers Personally Loyalist:  Personal letter to   rekindle loyalty OFFER VALID FOR ONE-TIME USE TUES., SEPT. 2–TUES., SEPT. 9, 2014, IN STORE AND ONLINE. ONE COUPON PER CUSTOMER. $15 coupon valid on a minimum $75 pre-tax purchase with any tender type. Oﬀer is nontransferable and must be presented at time of in-store purchase or Promo Code must be entered at Kohls.com to receive discount. Oﬀer can be combined with other oﬀers. $15 coupon will be applied prior to percent-oﬀ total purchase discounts. Oﬀer cannot be redeemed for cash. No cash back. Oﬀer not valid on the following merchandise: Gift Card purchases; Kohl’s Cares® cause merchandise or other charitable items; prestige brands of cosmetics, skincare and select prestige brands of fragrance; select electronics/electrics and select Nike merchandise. For a complete list of these merchandise exclusions, go to Kohls.com/exclusions or look for signs in our stores. Oﬀer also not valid on price adjustments on prior purchases; payment on a Kohl’s Charge account; taxes, shipping and/or handling fees. Photocopies or duplicates not accepted. Only one coupon per customer. Return value of merchandise purchased with $15 coupon will be subject to adjustment. See store for details. OFF KOHLS.COM PROMO CODE: XXXXXXXX A PURCHASE OF $75 OR MORE SEPTEMBER 2–9 HAPPY FALL, SAIRA! We know summer flew by, but there’s a lot to look forward to this fall … Your coziest fall sweater. Sunday football games. Pumpkin-flavored everything. Excited yet? Fall also means tons of new styles to refresh your wardrobe and home. We’ve picked out a few things, just for you, that we think will really get you in the mood for fall: <Item 1>. <Item 2>. <Item 3>. Because you’re a loyal customer, we’re sending that’s smart saving!). It’s all to say thank you for being a great customer! See you soon (and happy shopping!), Kohl’s COME SEE WHAT’S NEW, SAIRA. OFFER VALID FOR ONE-TIME USE TUES., SEPT. 2–TUES., SEPT. 9, 2014, IN STORE AND ONLINE. ONE COUPON PER CUSTOMER. $10 coupon valid on a minimum $30 pre-tax purchase with any tender type. Offer is nontransferable and must be presented at time of in-store purchase or Promo Code must be entered at Kohls.com to receive discount. Offer can be combined with other offers. $10 coupon will be applied prior to percent-off total purchase discounts. Offer cannot be redeemed for cash. No cash back. Offer not valid on the following merchandise: Gift Card purchases; Kohl’s Cares® cause merchandise or other charitable items; prestige brands of cosmetics, skincare and select prestige brands of fragrance; select electronics/electrics and select Nike merchandise. For a complete list of these merchandise exclusions, go to Kohls.com/exclusions or look for signs in our stores. Offer also not valid on price adjustments on prior purchases; payment on a Kohl’s Charge account; taxes, shipping and/or handling fees. Photocopies or duplicates not accepted. Only one coupon per customer. Return value of merchandise purchased with $10 coupon will be subject to adjustment. See store for details. OFF A PURCHASE OF $30 OR MORE KOHLS.COM PROMO CODE: XXXXXXX SEPTEMBER 2–9 HAPPY FALL, <CUSTOMER>! We know summer flew by, but there’s a lot to look forward to this fall … Your coziest fall sweater. Sunday football games. Pumpkin-flavored everything. Excited yet? Fall also means tons of new styles to refresh your wardrobe and home. We’ve picked out a few things, just for you, that we think will really get you in the mood for fall: <Item 1>. <Item 2>. <Item 3>. Because you’re a loyal customer, we’re sending you this o er to save on these and lots of other new fall items. Plus, you can stack this o er with any other Kohl’s Charge o ers you have (now that’s smart saving!). It’s all to say thank you for being a great customer! See you soon (and happy shopping!), Kohl’s COME SEE WHAT’S NEW, <CUSTOMER>.TAYLOR TAYLOR HAPPY FALL, RACHEL! We know summer flew by, but there’s a lot to look forward to this fall … Your coziest fall sweater. Sunday football games. Pumpkin-flavored everything. Excited yet? Fall also means tons of new styles to refresh your wardrobe and home. We’ve picked out a few things, just for you, that we think will really get you in the mood for fall: Because you’re a loyal customer, we’re sending that’s smart saving!). It’s all to say thank you r being a great customer! u soon (and happy shopping!),

CONFERENCE INVESTOR 2014 Connecting   with Customers Personally Under-engaged   & Infrequent:  Next product to buy recommendations $5 coupon valid on a minimum $5 pre-tax purchase with any tender type. Offer is nontransferable and must be presented at time of in-store purchase or Promo Code must be entered at Kohls.com to receive discount. Offer can be combined with other offers. $5 coupon will be applied prior to percent-off total purchase discounts. Offer cannot be redeemed for cash. No cash back. Offer not valid for price adjustments on prior purchases, the purchase of Gift Cards, payment on a Kohl’s Charge account or the purchase of Kohl’s Cares® cause merchandise or other charitable items. Offer excludes prestige brands of cosmetics and skincare and select prestige brands of fragrance. For a complete list of these excluded brands, go to Kohls. com/beautyexclusions or look for signs in our stores. Offer also excludes select electronics; see store for details. Photocopies or duplicates not accepted. Only one coupon per customer. Return value of merchandise purchased with $5 coupon will be subject to adjustment. See store for details. $5 PROMOTIONAL GIFT OFFER VALID FOR ONE-TIME USE, MAY 28–JUNE 3, 2014, IN-STORE & ONLINE. ONE COUPON PER CUSTOMER. FOR IN-HOME DELIVERY MAY 24, 27 OR 28, 2014. N56 W17000 RIDGEWOOD DRIVE MENOMONEE FALLS, WI 53051 PRESORTED FIRST-CLASS MAIL U.S. POSTAGE PAID KOHL’S TAKE AN EXTRA 20% OFF OFFER VALID MAY 28–JUNE 3, 2014, IN-STORE & ONLINE. KOHLS.COM PROMO CODE: SHOP20 20% offer is nontransferable and must be presented at time of in-store purchase or Promo Code must be entered at Kohls.com to receive discount. Dollar-off discounts applied prior to percent-off total purchase discounts. Offer not valid for price adjustments on prior purchases, the purchase of Gift Cards, payment on a Kohl’s Charge account, the purchase of Kohl’s Cares® cause merchandise or other charitable items or in conjunction with any percent-off discounts, including age-specific discounts. Offer excludes prestige brands of cosmetics and skincare and select prestige brands of fragrance. For a complete list of these excluded brands, go to Kohls.com/ beautyexclusions or look for signs in our stores. Offer also excludes select electronics; see store for details. Excludes sales tax. See store for details. Valid in store and online. See left for details. TAKE AN EXTRA20% OFF Promotional o er valid in store and online. See left for details. PROMOTIONAL GIFT$5 YES, SHEILA YOU CAN HAVE IT ALL Combine these o ers and save big. MAY 28–JUNE 3 KOHLS.COM PROMO CODE: XXXXXXXXXXX NCP-20-JR Prices good Wednesday, May 28–Tuesday, June 3, 2014, unless otherwise indicated. Selection of merchandise may vary by store. Some merchandise may not be available at every store. In addition, merchandise and promotional offers available online at Kohls.com may vary from those offered in Kohl’s stores. “Sale” prices and percentage savings offered in this advertisement are discounts from Kohl’s “Regular” or “Original” prices. The “Regular” or “Original” price of an item is the former or future offered price for the item or a comparable item by Kohl’s or another retailer. Actual sales may not have been made at the “Regular” or “Original” prices, and intermediate markdowns may have been taken. “Original” prices may not have been in effect during the past 90 days or in all trade areas. Merchandise in this advertisement could be offered at the same or lower “Sale” prices during future promotional events beginning on or after the last day of this advertised event. Clearance merchandise, Kohl’s Online Exclusive items and Kohl’s Cares® cause merchandise or other charitable items are excluded from “Entire Stock” promotions in this advertisement. In some events, actual savings may exceed the percent savings shown. KOHL’S® and KOHL’S brand names are trademarks of Kohl’s Illinois Inc. ©2014 Kohl’s Department Stores, Inc. 30-50% OFF CANDIE’S® APPAREL FOR JUNIORS. Select styles. GET SET FOR LOVE THE LOOKS YOU FOUND IN OUR JUNIORS’ DEPARTMENT? CHECK OUT A FEW MORE (AND SOME AMAZING SAVINGS)! 30-40% OFF MUDD® APPAREL FOR JUNIORS. Select styles. 10.99 SO® TANK TOPS FOR JUNIORS. ORIG. $16 Select styles. YOUR SAVINGS CHEAT SHEET... (Hint: stacking is the way to go!) HUGEYour Savings: KOHL’S CASH USE YOUR $5 GIFT (cha-ching!) SHOP DURING A SALE SAVE EVEN MORE! (Shop Doorbusters, Bonus Buys, Night Owls and Early Birds.) ADD A % OFFER (Sign up for emails!) $5 savings Extra savings % Off If You’ve GOT IT , STACK IT! (Shop during Earn Times, save the next time!) Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit. Pssst...Sign up for a Kohl’s Charge to keep these o ers coming. $5 coupon valid on a minimum $5 pre-tax purchase when you use your Kohl’s Charge. Offer is nontransferable and must be presented at time of in-store purchase or Promo Code must be entered at Kohls.com to receive discount. Offer can be combined with other offers. $5 coupon will be applied prior to percent- off total purchase discounts. Offer cannot be redeemed for cash. No cash back. Offer not valid for price adjustments on prior purchases, the purchase of Gift Cards, payment on a Kohl’s Charge account or the purchase of Kohl’s Cares® cause merchandise or other charitable items. Offer excludes prestige brands of cosmetics and skincare and select prestige brands of fragrance. For a complete list of these excluded brands, go to Kohls.com/beautyexclusions or look for signs in our stores. Offer also excludes select electronics; see store for details. Photocopies or duplicates not accepted. Only one coupon per customer. Return value of merchandise purchased with $5 coupon will be subject to adjustment. See store for details. N56 W17000 RIDGEWOOD DRIVE MENOMONEE FALLS, WI 53051 $5 PROMOTIONAL GIFT PROMOTIONAL KOHL’S CHARGE OFFER VALID FOR ONE-TIME USE, XXXXX X-XX, 2014, IN-STORE & ONLINE. ONE COUPON PER CUSTOMER. PRESORTED FIRST-CLASS MAIL U.S. POSTAGE PAID KOHL’S KOHLS.COM PROMO CODE: XXXXXXXXXXX FOR IN-HOME DELIVERY TBD. Promotional o er valid in store and online. See left for details. GIFT $ 5SEPTEMBER 26 - 27 Here’s a little something for you, [Customer]!

CONFERENCE INVESTOR 2014 Connecting   with Customers Personally New customer:  On-boarding to   drive repeat visits

CONFERENCE INVESTOR 2014 Connecting   with Customers Personally FOR EVERYONE

CONFERENCE INVESTOR 2014 Connecting   with Customers Personally THANKS & REWARDS   beyond points or savings BELONGING   through sharing DISCOVERY of new things

CONFERENCE INVESTOR 2014 Connecting   with Customers Personally

CONFERENCE INVESTOR 2014 Connecting   with Customers Personally Earn points with your purchases

CONFERENCE INVESTOR 2014 Connecting   with Customers Personally Sometimes stuff is so good you can’t keep it to yourself

CONFERENCE INVESTOR 2014 Connecting   with Customers Personally We’d tell you more, but you know…It’s a surprise

CONFERENCE INVESTOR 2014 Connecting   with Customers Personally Engagement   will drive true   loyalty

CONFERENCE INVESTOR 2014 Connecting   with Customers Personally   It’s working 1.5% positive comp   impact Higher growth 2 additional trips Higher traffic $80 increase in   annual spend Higher sales 58% are non-Kohl’s   Charge customers This is a huge opportunity

CONFERENCE INVESTOR 2014 Connecting   with Customers Personally   The implications are huge 15M total enrollments People are signing up… 20k At a rapid pace new enrollments per operating hour

CONFERENCE INVESTOR 2014 Connecting   with Customers Personally Building unique technology   that engages customers  

CONFERENCE INVESTOR 2014 Connecting   with Customers Personally An ecosystem built   for personalized experiences Customer Data Assets Channels 1:1 Real Time Targeting Personalized Customer Experience What is my in- tent? Continuous behavioral profiling Products Web Content Mobile Creative EmailOffers Contact Center Ads Search In StoreReviews Contextualization Segmentation Decision Engine Predictive Analytics What have I done in the past? Who am I? Where am I? Digital Assets What channel am I on? What am I look- ing at? Customer Engagement Objectives

CONFERENCE INVESTOR 2014 Connecting   with Customers Personally Consolidated offers ® al 4 at in se: ect dise ses; mber $50 ludes other hases; r price nd will may be Coupon redeemable Oct. 23–N ov. 2. See left for details . FOR EVERY $50 SPENT OCT. 16–22$10GET THE FALL HA UL starts Thurs., Oct. 1 6 © Disney 15 PUMPKIN15.TAKE AN EXTRA YES % OFF WHEN YOU U SE YOUR KOHL’S CHAR GE Present this o er in store or sho p Kohls.com wi th the Promo Co de Nontransferab le. Valid Oct. 16– 26, 2014. See left for details. STD TAGE D L’S PROMOTIONAL OFFER VALID THURS., OCT 16- SUN., OCT. 2 6 10$ OFF ANY TOY DEPARTMENT PURCHASE OF $50 OR MORE IN STORE AND AT KOHLS.COM WITH PROMO CODE: TOYLIST10See back for details. PEEL TO REVE AL WHEN YOU US E YOUR KOHL ’S CHARGE TAKE AN EXTR A 30%20%15 % OR OFF, LET’S HEAR IT FOR THE TOYS! 10-20% o JUICERS & BLENDERS SELECT STYLES. 54.99 KIDS’ NIKE FLEX EXPERIENCE. ORIG. $62 64.99 NIKE STUTTERSTEP BASKETBALL SHOES FOR BOYS. ORIG. $70 49.99 NIKE TEAM HUSTLE BASKETBALL SHOES FOR BOYS. ORIG. $55 JANE SMITH, YOU MIGHT NOT KNOW WHAT’S NEW IN THE WOMEN’S DEPARTMENT, BUT YOU DO KNOW YOU’LL SAVE ON IT. (TIP: THIS GOES FOR THE HOME DEPARTMENT TOO!) 25-50% o ALL APT 9® SPORTSWEAR FOR MISSES. EARN 1 POINT FOR EVERY DOLLAR SPENT. FOR EVERY 100 POINTS! GET A ENROLLING IS EASY! Sign up in store, at Kohls.com/rewards or by downloading the Kohl’s App. For program details and full terms, please visit Kohls.com/rewards. $5

CONFERENCE INVESTOR 2014 Connecting   with Customers Personally Unparalleled loyalty

CONFERENCE INVESTOR 2014 Connecting   with Customers Personally Seamless   and simple

CONFERENCE INVESTOR 2014 Connecting   with Customers Personally Price   clarity

CONFERENCE INVESTOR 2014 Connecting   with Customers Personally Enhanced experiences across channels   and devices

CONFERENCE INVESTOR 2014 Connecting   with Customers Personally Enhanced experiences across channels   and devices

CONFERENCE INVESTOR 2014 Connecting   with Customers Personally Enhanced experiences across channels   and devices

CONFERENCE INVESTOR 2014 Connecting   with Customers Personally In-store   innovation Pin Pad with Mobile phone Price checker with a tablet In-store digital displays Connected Fitting Rooms

CONFERENCE INVESTOR 2014 Connecting   with Customers Personally A glimpse   of the future

Connecting   with Customers Personally Key takeaways 1 Kohl’s has unmatched transactional data. 3 We are starting to   activate all this data   to deliver increasingly personalized marketing and solutions. 4 We have built a   next-generation   loyalty program that   will build long-term engagement with families. 5 We are innovating   to enhance the experience   in-store, across channels, and devices. 2 We have invested almost $1B in technology to leverage that   data and add   in new layers.

EVP, NY Design Jeff Manby EVP, General Merchandise Manager Dan Newman EVP, Merchandise Planning and Allocation Arthur Lewis Offering New and   Amazing Products

Offering New and Amazing Products It’s all about amazing products

Driving our   national brands Offering New and Amazing Products

CONFERENCE INVESTOR 2014 Offering New and Amazing Products We’re starting   from a position   of strength

CONFERENCE INVESTOR 2014 Offering New and Amazing Products BABY SHOP TK   FROM KOHLS

CONFERENCE INVESTOR 2014 Offering New and Amazing Products

CONFERENCE INVESTOR 2014 Offering New and Amazing Products

CONFERENCE INVESTOR 2014 Offering New and Amazing Products

CONFERENCE INVESTOR 2014 Offering New and Amazing Products

CONFERENCE INVESTOR 2014 Offering New and Amazing Products We’re expanding   our portfolio

We will deliver amazing products in the most relevant national brands Offering New and Amazing Products

Kohl’s as a destination for the   Active and Wellness lifestyle CONFERENCE INVESTOR 2014 Offering New and Amazing Products

An opportunity   to stand out 80% of Americans engage   in physical activity to benefit their health. It’s a way of life $50B is the size of the market   in Active apparel and footwear alone. It’s huge and growing fast It’s creating new opportunities Health & Fitness Apps Juicers Healthy snacksWearables CONFERENCE INVESTOR 2014 Offering New and Amazing Products

CONFERENCE INVESTOR 2014 Offering New and Amazing Products Lead in the Active   category and become   a destination for the   Wellness lifestyle 1 Lead   in Active 2 Build outdoor recreation 3 Expand   Wellness

Offering New and Amazing Products

CONFERENCE INVESTOR 2014 Offering New and Amazing Products

CONFERENCE INVESTOR 2014 Offering New and Amazing Products

Offering New and Amazing Products

CONFERENCE INVESTOR 2014 Offering New and Amazing Products

We will be the one-stop   Active and Wellness   destination for families Offering New and Amazing Products

Localizing   our assortment CONFERENCE INVESTOR 2014 Offering New and Amazing Products

CONFERENCE INVESTOR 2014 Offering New and Amazing Products From: Regional  assortments  

CONFERENCE INVESTOR 2014 Offering New and Amazing Products Men’s assortment   example Lifestyle Classification Classic Balanced Contemporary From:  Regional assortments

CONFERENCE INVESTOR 2014 Offering New and Amazing Products To: Localized assortments by store From:   Regional assortments Lifestyle Classification Classic Balanced Contemporary Men’s assortment   example

CONFERENCE INVESTOR 2014 Offering New and Amazing Products Example:  Leveraging census   and customer insights ~40% are Hispanic Surrounding population In 150/1158 stores

CONFERENCE INVESTOR 2014 Offering New and Amazing Products Example:  Leveraging our vendor partners

CONFERENCE INVESTOR 2014 Offering New and Amazing Products Assort the right brands and categories by store, based on customer needs Dedicate   resources   to focus on localization. 1 Identify customer needs through a broader view that includes census data, sales analysis, vendor analytics, and store feedback. 2 Develop merchandise strategies that appeal to consumers based   on lifestyle, ethnicity, and affluence. 3

Offering New and Amazing Products Key takeaways 1 We are maximizing our national brands and introducing new brands to engage existing customers and attract new ones. 3 We are delivering a new approach to localization   at the store level by activating our data with greater sophistication. 2 We are becoming a leader   in the Active category   and a destination for the Wellness lifestyle.

Delivering Seamless,   Inspiring Experiences Krista Berry EVP,   Chief Digital   Officer Amy Kocourek EVP, GMM Jon Grosso EVP, Stores

Inspiring Delivering Seamless, Inspiring Experiences

Inspiring& Seamless Delivering Seamless, Inspiring Experiences

Delivering Seamless, Inspiring Experiences

A seamless Kohl’s   experience—  powered by digital Delivering Seamless, Inspiring Experiences

Delivering Seamless, Inspiring Experiences CONFERENCE INVESTOR 2014 Seamless experiences across the shopping journey 1 Engaging the customers from the start 2 Creating an   easy buying experience 3 Delivering   when and where customers   want

Delivering Seamless, Inspiring Experiences CONFERENCE INVESTOR 2014 Engaging the   customers   from the start 

Delivering Seamless, Inspiring Experiences CONFERENCE INVESTOR 2014 Better browsing Unified Unified navigation Engaging the   customers   from the start: Mobile 

Delivering Seamless, Inspiring Experiences CONFERENCE INVESTOR 2014 Value transparencyBetter browsing Unified Unified navigation Engaging the   customers   from the start: Mobile 

Delivering Seamless, Inspiring Experiences CONFERENCE INVESTOR 2014 Value transparencyBetter browsing Unified Unified navigation Wallet In-store tools Engaging the   customers   from the start: Mobile 

Delivering Seamless, Inspiring Experiences CONFERENCE INVESTOR 2014 Engaging the   customers   from the start:  Tablet

Delivering Seamless, Inspiring Experiences CONFERENCE INVESTOR 2014 Creating an   easy buying   experience:  Speed Shopping bag Checkout Billing & Shipping Payment Order 1 2 3 4 5 Checkout Order 1 2

Delivering Seamless, Inspiring Experiences CONFERENCE INVESTOR 2014 Creating an   easy buying   experience: Transparency

Delivering Seamless, Inspiring Experiences CONFERENCE INVESTOR 2014 Creating an   easy buying   experience: Transparency

Delivering Seamless, Inspiring Experiences CONFERENCE INVESTOR 2014 Delivering when   and where our   customers want:  Ship from store

Delivering Seamless, Inspiring Experiences CONFERENCE INVESTOR 2014 Delivering when   and where our   customers want:  Google Express

Delivering Seamless, Inspiring Experiences CONFERENCE INVESTOR 2014 Delivering when   and where our   customers want:  Buy online and   pick up in store

Delivering Seamless, Inspiring Experiences We are only beginning

Delivering Seamless, Inspiring Experiences CONFERENCE INVESTOR 2014 Making our stores   a destination for families

Delivering Seamless, Inspiring Experiences CONFERENCE INVESTOR 2014 96% of our customers shop our stores 78% 18% 4% shop exclusively   in stores shop in stores   and online shop exclusively   online Stores are   here to stay Source: Kohl’s Customer Information System 2014

Delivering Seamless, Inspiring Experiences CONFERENCE INVESTOR 2014 2 Creating an engaging environment Making our stores   a destination for families 1 Building   personal connections

Delivering Seamless, Inspiring Experiences CONFERENCE INVESTOR 2014 2 Creating an engaging environment 1 Building   personal connections Making our stores   a destination for families

Delivering Seamless, Inspiring Experiences CONFERENCE INVESTOR 2014 Stores as a way to connect personally

Delivering Seamless, Inspiring Experiences CONFERENCE INVESTOR 2014 70% retail norm We have the most engaged associates   in big box retail Kohl’s store associates 83% Associate Engagement Scores 2014 Source: Kohl’s

Delivering Seamless, Inspiring Experiences CONFERENCE INVESTOR 2014

Delivering Seamless, Inspiring Experiences CONFERENCE INVESTOR 2014 Engagement   leads to sales Associate  Engagement Customer  Service % Comp   Sales 95 82 +110bpsHigh — -10bps 83 80 64 78 Medium Low

Delivering Seamless, Inspiring Experiences CONFERENCE INVESTOR 2014 1 Building   personal connections 2 Creating an engaging environment Making our stores   a destination for families

Delivering Seamless, Inspiring Experiences CONFERENCE INVESTOR 2014

Delivering Seamless, Inspiring Experiences ~$1B over the past 3 years !~$1B over the next 3 years Stores CAPEX

Delivering Seamless, Inspiring Experiences CONFERENCE INVESTOR 2014

Delivering Seamless, Inspiring Experiences CONFERENCE INVESTOR 2014

Delivering Seamless, Inspiring Experiences CONFERENCE INVESTOR 2014 Creating inspiring experiences—  in unique,   unexpected ways

Delivering Seamless, Inspiring Experiences CONFERENCE INVESTOR 2014 1 Creating unique partnerships 2 Introducing unexpected categories 3 Pioneering new ways to excite and engage Creating inspiring experiences—  in unique, unexpected ways

Delivering Seamless, Inspiring Experiences CONFERENCE INVESTOR 2014 A unique partnership: Disney and Frozen

Delivering Seamless, Inspiring Experiences CONFERENCE INVESTOR 2014 A unique partnership:— Disney and   Frozen

Delivering Seamless, Inspiring Experiences

Delivering Seamless, Inspiring Experiences CONFERENCE INVESTOR 2014

An unexpected   category:   Technology Delivering Seamless, Inspiring Experiences

Delivering Seamless, Inspiring Experiences CONFERENCE INVESTOR 2014 A new way to   engage and excite: Dreamworks &   ATV: So R.A.D.

Delivering Seamless, Inspiring Experiences CONFERENCE INVESTOR 2014

Delivering Seamless, Inspiring Experiences

Delivering Seamless, Inspiring Experiences Unique  partnerships Unexpected  categories Pioneering  new ways to engage

Delivering Seamless, Inspiring Experiences Key takeaways 1 Investing in best-in-class technology to create a seamless experience 3 Transforming our stores into an inspiring destination for families 2 Leveraging a new digital platform to drive traffic and sales in our stores

Senior EVP, HR General Counsel Building Great Teams Rick Schepp

CONFERENCE INVESTOR 2014 Building   Great   Teams We have the   right leadership   team 26 years   retail experience on average    

CONFERENCE INVESTOR 2014 Building   Great   Teams We will be famous for engaging,   developing, and recognizing   great teams    

Building   Great   Teams Higher engagement=Higher customer service=Higher sales

CONFERENCE INVESTOR 2014 Building   Great   Teams Our goal is to achieve industry- leading associate engagement May 2014 Engagement Scores Stores Sales   Support 81% 90th Percentile 67% 83%

CONFERENCE INVESTOR 2014 Building   Great   Teams We will be famous   for engaging,   developing,   and recognizing   great teams 1 A culture of transparency in which communication is   open and inspiring 2 A culture of appreciation in which teams are valued, supported, and recognized 3 Everyday opportunities for growth and learning that ignite passions and promote career exploration

CONFERENCE INVESTOR 2014 Building   Great   Teams A culture of transparency

CONFERENCE INVESTOR 2014 Building   Great   Teams A culture of transparency

CONFERENCE INVESTOR 2014 Building   Great   Teams A culture of appreciation    

CONFERENCE INVESTOR 2014 Building   Great   Teams A culture of appreciation

CONFERENCE INVESTOR 2014 Building   Great   Teams FPO: Day care FPO: Wellness Center A culture of appreciation

Building   Great   Teams Associates   in Action 2014 YTD $14M in grants 420K Hours 142K Associates    

CONFERENCE INVESTOR 2014 Building   Great   Teams Opportunities for   people to thrive 25% of corporate associates in   new teams and functions   that didn’t exist 3 years ago New opportunities 70% internal fill rate Growing talent from within    

CONFERENCE INVESTOR 2014 Building   Great   Teams MilwaukeeGoing where   the specialized   talent is

CONFERENCE INVESTOR 2014 Building   Great   Teams Silicon Valley New York Ann Taylor Apple Cartier Coach Gilt Groupe Helmut Lang J.Crew Macy’s Target Uniqlo Design talent from: Amazon Cisco Systems E*Trade Financial eBay Gap Hitachi Data Systems  Oracle  Visa  Walmart  Williams-Sonoma Digital talent from: Going where   the specialized   talent is

Building   Great   Teams Primary talent pipeline: Campus recruiting Lower turnover Versatile and   ambitious A huge pipeline   of talent 2,000  filled in the past 5 years management  positions    

CONFERENCE INVESTOR 2014 Building   Great   Teams 140,000 engaged associates    

Building   Great   Teams

Building   Great   Teams Key takeaways 1 We have an experienced and talented senior management team in place. 3 We have a deep bench— from internship to leadership —that will allow us to internally fill a substantial majority of our current   and future talent needs. 4 When necessary,   we will go to where   the specialized   talent is. 5 Our entire team of 140,000 dedicated associates is inspired by the Greatness Agenda, and believe   it will get us where   we want to be. 2 We have made great progress toward our aggressive goal of being famous for engaging, developing and recognizing Great Teams.

Financials Wes McDonald Chief Financial   Officer

$21B sales by 2017 Financials

CONFERENCE INVESTOR 2014 Financials 2013 Sales 10 15 20 25 19.0 Revenue   in $Billions

CONFERENCE INVESTOR 2014 Financials 2013 Sales Amazing Products 10 15 20 25 19.0 1.7 Revenue   in $Billions Active & Wellness  Unexpected Products

CONFERENCE INVESTOR 2014 Financials 2013 Sales Amazing Products Easy Experience 1.7 10 15 20 25 1.3 19.0 Revenue   in $Billions Active & Wellness  Unexpected Products Mobile  Beauty  Aisles of Inspiration

CONFERENCE INVESTOR 2014 Financials 2013 Sales Easy Experience 1.7 10 1.3 15 20 25 19.0 0.6Revenue  in $Billions Active & Wellness  Unexpected Products Mobile  Beauty  Aisles of Inspiration Personalization  Loyalty Amazing Products Personalized   Connections

CONFERENCE INVESTOR 2014 Financials 2013 Sales Easy Experience 2017 Gross Sales 1.7 10 1.3 0.6 15 20 25 19.0 22.6Revenue  in $Billions Active & Wellness  Unexpected Products Mobile  Beauty  Aisles of Inspiration Personalization  Loyalty Amazing Products Personalized   Connections

CONFERENCE INVESTOR 2014 Financials 2013 Sales Easy Experience 2017 Gross Sales 1.7 10 1.3 0.6 15 20 25 19.0 22.6 1.6Revenue  in $Billions Active & Wellness  Unexpected Products Mobile  Beauty  Aisles of Inspiration Personalization  Loyalty Amazing Products Personalized   Connections Displacement

CONFERENCE INVESTOR 2014 Financials 2013 Sales Easy Experience 2017 Gross Sales 2017 Sales Active & Wellness  Unexpected Products Mobile  Beauty  Aisles of Inspiration Personalization  Loyalty 1.7 10 1.3 0.6 15 20 25 19.0 22.6 1.6 21.0 Revenue   in $Billions Amazing Products Personalized   Connections Displacement

CONFERENCE INVESTOR 2014 Financials Operating Model:   goals and expectations Sales $21bn 2017 Modestly grow through better inventory management Gross margin Leverage   our expenses assuming   a 2% comp Expenses Grow slightly   faster than sales Depreciation Should remain relatively constant Interest 9% range for 2017 Operating margin

CONFERENCE INVESTOR 2014 Financials Use of Capital/Cash First priority: invest in business with expected $750-$800 million per year CAPEX ~10% growth   per year Dividend Share repurchases   or targeted acquisitions Excess cash ~$2B   per year Operating cash flow

CONFERENCE INVESTOR 2014 Q&A To be the most engaging retailer in America Our Goal Our Outcomes 1 Customer Engagement  —  Best-in-class   customer engagement   3 Sales  Growth —  $21B in sales   by 2017 2 Associate Engagement  —  Industry-leading associate engagement

Q&A Q&A

Kohl's (KSS) 8-KRegulation FD Disclosure