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Press release from Business Wire

Saks Incorporated Gives Notice of Note Redemption

Friday, March 04, 2011

Saks Incorporated Gives Notice of Note Redemption10:25 EST Friday, March 04, 2011 NEW YORK (Business Wire) -- Saks Incorporated (the “Company”) (NYSE: SKS) announced today that it has directed the trustee of its 7-3/8% Notes, aggregate principal amount at maturity of $1,911,000.00, due 2019 (CUSIP No. 79377WAD0) (the “Notes”) to send to all holders of Notes notice that the Notes would be redeemed on April 15, 2011 (the “Redemption Date”). The redemption price of the Notes will be determined in accordance with the indenture for the Notes plus accrued and unpaid interest thereon to the Redemption Date. The Company will pay the redemption price of the Notes from cash on hand. Saks Incorporated operates 47 Saks Fifth Avenue stores, 57 Saks OFF 5TH stores, and saks.com. Cautionary Statement Regarding Forward Looking InformationCertain matters discussed in this news release are not historical facts but are forward-looking statements regarding the Company's intention to redeem the Notes.The Company's ability to complete the redemption of the Notes will depend, among other things, on market conditions, and there can be no assurance that the Company will complete these initiatives on the anticipated terms or at all.Risks and uncertainties related to the Company's business are discussed in the Company's SEC filings, including its Annual Report on Form 10-K for the fiscal year ended January 30, 2010 and its Quarterly Reports on Form 10-Q.The Company undertakes no obligation to update forward-looking statements. Saks IncorporatedJulia Bentley, 865-981-6243www.saksincorporated.com