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Press release from PR Newswire

P. Schoenfeld Asset Management Welcomes Saks' Proposal to Declassify Board of Directors

Wednesday, May 19, 2010

P. Schoenfeld Asset Management Welcomes Saks' Proposal to Declassify Board of Directors09:00 EDT Wednesday, May 19, 2010NEW YORK, May 19 /PRNewswire/ -- P. Schoenfeld Asset Management LP (PSAM) announced today that it welcomed the proposal to declassify the Saks Incorporated (NYSE: SKS) (Saks) Board, included in the Board's proxy statement for the June 8, 2010 Saks annual meeting."Saks' shareholders voted overwhelmingly at the 2009 annual meeting in favor of our proposal to declassify the Board," said Peter Schoenfeld, Chairman & Chief Executive Officer of PSAM. �"We are pleased that the Board is responding constructively to the views of Saks' shareholders."PSAM stated that it intended to vote its shares in favor of the Board declassification proposal and urged other Saks stockholders to do the same."If the Board's proposal is adopted, a majority of the Saks Board will be up for election at the 2011 annual meeting," Mr. Schoenfeld said, "and shareholders will have the opportunity to elect all directors to one-year terms beginning in 2012. �We believe this will enhance the Board's effectiveness for the benefit of Saks and all its shareholders." �In order for the Board's proposal to be adopted by the shareholders of Saks at the 2010 annual meeting of the shareholders, the number of shares voted in favor of the proposal must exceed the number of shares voted against it, assuming that a quorum is present. �PSAM's proposal at the 2009 annual meeting to ask the Board to begin the declassification process was approved by 94% of the shares voting for or against the proposal. �SOURCE P. Schoenfeld Asset Management LPFor further information: Chuck Dohrenwend, The Abernathy MacGregor Group, +1-212-371-5999