Hudson’s Bay Company/The Bay – 5

July 20, 2010

As was described in the Notice to the Class (April 30, 2009), this settlement is generally comprised of three benefits to members of the Class:

a) A one time percentage increase in pension payments to Class members in receiving a retirement pension as at December 31, 2008;

b) A cash payment in the amount of $500 to Class members who were active or deferred vested members of the pension plan as at December 31, 2008, as well as a cash payment to certain estates of Class members; and,

c) A pro rata cash distribution to Plan members.

Payments in respect of the amounts listed in b) and c) above have been made in a single cheque.

We have been advised by counsel to HBC that all settlement payments have now been mailed. If you have not received your settlement payments, or if you have any questions regarding the settlement, please contact us as soon as possible.

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