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L&T B (Cayman) Inc. Receives Common Shares Of Hudson's Bay Company As Part Of Distribution From Hudson's Bay Company (Luxembourg) S.a R.l.

TORONTO, June 10, 2014 /CNW/ - The largest shareholder of Hudson's Bay Company ("HBC"), Hudson's Bay Company ( Luxembourg) S.à r.l. ("LuxCo"), has completed the previously announced distribution of 50,048,211 common shares of HBC to LuxCo's ultimate shareholders, including L&T B (Cayman) Inc. and its shareholders (collectively, "L&T B Cayman"), on a pro rata basis.

In the distribution, L&T B Cayman, together with its joint actors, acquired beneficial ownership or control, directly or indirectly, of an aggregate of approximately 19 million common shares of HBC, representing approximately 10.4% of the issued and outstanding common shares of HBC. Following the distribution, L&T B Cayman, together with its joint actors, beneficially owns or controls, directly or indirectly, an aggregate of approximately 24.1 million common shares of HBC, representing approximately 13.2% of the issued and outstanding common shares of HBC. The above mentioned shares are subject to a voting agreement between L&T B Cayman and its joint actors, and voting decisions for such shares are made by L&T B Cayman Inc.

L&T B Cayman, together with its joint actors, has acquired the above mentioned common shares of HBC by way of a dividend distribution from LuxCo. The common shares of HBC will be held for investment purposes, and L&T B Cayman, together with its joint actors, may acquire further common shares of HBC, or dispose of its holdings of common shares of HBC, in accordance with applicable securities laws as investment conditions warrant. HBC is listed on the Toronto Stock Exchange under the symbol "HBC".

In the distribution, other shareholders of L&T B Cayman not considered joint actors with L&T B Cayman acquired beneficial ownership or control, directly or indirectly, of an aggregate of approximately 6 million common shares of HBC, representing approximately 3.3% of the issued and outstanding common shares of HBC. 

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