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•	Under the direction of a new Chief Executive Officer and President, Shelley Broader, Chico’s FAS is executing a new strategic plan built around four focus areas that we believe will usher in a new era of profitable growth and value creation for Chico’s FAS shareholders.

•	Just 180 days into Ms. Broader’s new role, the Company is making measurable progress on this plan – with more to come.

•	In addition to improving operations and making key new hires, Chico’s FAS is proactively enhancing its governance practices.

•	The Company has proposed new world-class leaders to be added to the Board to ensure Chico’s FAS has the most relevant skill sets and expertise to successfully execute its strategy.

•	The Board determined that Barington’s nominees lack the relevant skills and expertise needed to support the progress being made and the Company’s new strategic plan.

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•	Evolving the customer experience by better integrating the digital and physical retail environments, and creating and leveraging a more agile supply chain;

•	Strengthening the position of each brand, including articulating and executing against a clear role in the marketplace for each brand and its related merchandise, leveraging the connection the Company has with its loyal customers, attracting new customers, and continuing to deliver unparalleled service and fashion that resonates with our customers;

•	Leveraging actionable retail science by using the vast amounts of customer and operational data available to the Company to develop algorithms and predictive analytics that enable real-time decision-making and improve how the Company goes to market, stocks product, and interacts with customers; and

•	Sharpening the Company’s financial principles to optimize the allocation of free cash flow and drive further cost savings across the Company through the shared service model, the combination and negotiation of contracts, a more effective use of marketing dollars and modernizing processes, among other areas.

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Supply chain initiative: Through increased product testing, positioning fabric, optimizing seasonal product flow, and collaborating more effectively with our vendor partners, we can better provide the product our customers want, when they want it and realize expected savings of $30 million to $40 million annually. These cost savings reflect reductions in average unit cost and a reduced level of markdowns.

•	Non-merchandise procurement initiative: Given our scale as a multi-brand operator, we have the opportunity to reduce our non-merchandise spend by an estimated $10 million to $20 million annually through a formalized process of strategic supplier rationalization, negotiation and collaboration.

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Marketing initiative: In addition to the marketing realignment announced in April, we expect to save at least another $11 million in annual marketing expense by better using our unparalleled customer specific data, incorporating predictive analytics, to determine the most effective marketing techniques to not only communicate with each customer personally but also ensure that merchandise pricing and allocation is optimized no matter where she wants to shop – in our boutiques or at home.

•	Susan Lanigan has been appointed Executive Vice President and General Counsel. Ms. Lanigan has more than 15 years of experience in the retail industry, including serving as Executive Vice President, General Counsel of Dollar General Corporation, where she was instrumental in the Company’s growth and strategic planning work.

•	Kristin Oliver has been appointed Chief Human Resources Officer. She joins the Company from Walmart U.S., where she was Executive Vice President of People, supporting 1.4 million associates. Ms. Oliver has significant experience implementing world-class talent attraction, development and retention programs.

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Ms. Brooks brings more than 30 years of global executive leadership experience in retail and merchandising, including having led three major international department store turnarounds. After previously serving as its President and Chief Executive Officer, she is currently the Vice Chairman of Hudson’s Bay Company, which owns and operates Saks Fifth Avenue, Lord and Taylor (USA), Kaufhof (Germany), and Hudson’s Bay (Canada) department stores.

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Mr. Simon is a seasoned executive with a proven track record leading large, complex global retailers with best-in-class cost structures and premier consumer brands. As the former President and Chief Executive Officer of Walmart U.S., he was responsible for more than $280 billion in revenue and 1.2 million associates. In addition to helping implement one of the best supply chains in retail, Mr. Simon’s vision and execution placed Walmart on a path to future growth with the expansion of small format stores and the integration of the digital and physical retail experience.

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With regard to Ms. Grove, in the course of its review, the Board observed that while Ms. Grove has experience in the retail industry, this experience is five years dated, which is a significant gap in an industry as dynamic as retail. Unlike Ms. Brooks, Ms. Grove also lacks digital and ecommerce expertise, which are essential components of the Company’s strategy, and Ms. Grove has never served as a public company Chief Executive Officer. In addition to her significant merchandising and retail expertise, the Board believes Ms. Brooks’ experience and insights as a former Chief Executive Officer can be particularly helpful to Ms. Broader in her role as the Company’s new Chief Executive Officer.

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With regard to Mr. Mitarotonda, the Board determined that much of the experience and skills he offers are represented by current directors and/or Ms. Brooks and Mr. Simon, and that Ms. Brooks’ retail, merchandising, and turnaround skills, and Mr. Simon’s cost cutting and supply chain expertise, together with their executive leadership experience at other premier retailers, better address the Company’s needs and new operating priorities. Further, Mr. Mitarotonda’s suggested cost reduction actions are duplicative with efforts already underway, and his traditional bricks and mortar growth strategy conflicts with the realities of the current retail environment and the more disciplined growth plan that the Chico’s FAS leadership team is pursuing.

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