Hudson's Bay Co. T.HBC

RE: ZUCKER

[2Minutes4]

I believe it's been stated before, but if not here it goes. Zellers would likely be sold to an American retailer (Target, Federated, or even European) who wants to gain access to the Canadian Market. The Bay stores might continue to be operated or sold to another similar retailer (Sears, Winners) while any appreciated excess real estate would likely be sold. HBC Home Outfitters could be sold to IKEA, HomeSense or another kitchen, bed & bath stores. Even the Financing services division could be sold off, like Sears did recently with theirs. Right now HBC is operating as 'the sum being greater than the parts' but Zucker may see more value in the division of HBC's parts. Chris