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•	Positive changes have been made across Chico’s FAS – in strategy, management, operations, finance and governance – with more to come.

•	Numerous independent industry analysts have applauded:

•	Ms. Broader’s strong leadership, experience and fresh perspective;

•	Ms. Broader’s new focus areas and the changes Chico’s FAS is making; and

•	The benefits of Ms. Broader’s actions on the Company’s performance and value creation for shareholders.

•	Chico’s FAS’ world-class director nominees have the experience needed to support Ms. Broader’s new strategic plan and value creation.

•	Barington’s suggestions, including its nominees, show a fundamental misunderstanding of specialty apparel and Chico’s FAS.

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•	Shelley Broader: Chico’s FAS’ new CEO and President. Architect of the Company’s new focus areas and leading the progress underway.

•	Bonnie Brooks: Substantial, current retail, merchandising, digital and turnaround expertise and strong track record across several leading global apparel retailers.

•	Janice Fields: One of the Company’s newest independent directors. Has made important governance and leadership contributions to Chico’s FAS as Chair of the Corporate Governance and Nominating Committee. Proven track record in consumer marketing and brand building, multi-unit real estate and franchising.

•	William “Bill” Simon: Extensive supply chain expertise and a proven track record leading large, complex global retailers with best-in-class cost structures.

•	Barington’s 200 to 300 bricks & mortar store growth strategy conflicts with the way many consumers are shopping today, particularly at Soma. In fact, Chico’s FAS customers, like those of many retailers, are engaging with our brands at a faster rate on digital channels than in-store.

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Barington’s suggested cost reductions disregard actions we have already taken. Notably, Barington’s estimates for advertising costs include Boston Proper, and since the Company sold that business last year, the Company has already exceeded the reduction in advertising costs that Barington targets. Further, Barington’s estimates ignore the $10 million to $20 million of non-merchandise procurement savings that we have already identified and announced.

•	The level of cuts suggested by Barington risks harming the very brand differentiators that have supported our success and that Barington has applauded. Unlike those proposed by Barington, Chico’s FAS’ operating improvements are carefully structured to drive savings without compromising the outstanding customer service that has long differentiated our brands and fostered customer loyalty.

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Barington’s hand-picked director nominees lack current, relevant experience that would support our progress and new plan. Janet Grove’s retail experience is so outdated that she has NO experience in digital, which is a primary growth avenue for Chico’s FAS and almost every retailer today. Jim Mitarotonda has served on only one apparel retail Board and that company was sold just months after he joined; any other experience he provides is duplicative with that already represented by current Chico’s FAS directors or our new independent director nominees.

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