PRELIMINARY PROXY STATEMENT SUBJECT TO COMPLETION, DATED
MAY 9, 2022
BARBERRY CORP.
[●], 2022
Dear Fellow Shareholders:
We are furnishing the attached proxy statement to holders of common shares, par value $1.00 per share (the Shares), of The Kroger Co., an
Ohio corporation (Kroger or the Company), in connection with our solicitation of proxies for use at the 2022 Annual Meeting of Shareholders of the Company scheduled to be held virtually at 11:00 a.m. Eastern
time on June 23, 2022, and at any and all adjournments, continuations or postponements thereof (the Annual Meeting).
This
solicitation is being conducted by: (i) Barberry Corp., a Delaware corporation (Barberry); (ii) Carl C. Icahn, a citizen of the United States of America (Mr. Icahn and, together with
Barberry, the Icahn Participants or we); (iii) Alexis C. Fox, a citizen of the United States of America; and (iv) Margarita Paláu-Hernández, a citizen
of the United States of America (collectively, the Icahn Nominees and, together with the Icahn Participants, the Participants).
The Icahn Participants beneficially own, in the aggregate, 100 Shares, representing less than 0.1% of the outstanding Shares (based upon 720,938,109 Shares
stated to be outstanding as of the Record Date by the Company in its definitive proxy filed with the SEC on May 2, 2022 (Krogers Proxy)).
As more fully discussed in this Proxy Statement, we are soliciting proxies to be used at the Annual Meeting for the election of each of Alexis C. Fox and
Margarita Paláu-Hernández as directors of Kroger.
THIS
SOLICITATION IS BEING MADE BY BARBERRY AND NOT ON BEHALF OF THE BOARD OF DIRECTORS OF KROGER.
We urge you to elect the Icahn Nominees to the Board of
Directors (the Board) of Kroger because, as further discussed in this Proxy Statement, we believe that the election of new members to the Board would be beneficial to the Company and its shareholders.
According to publicly available information, the current Board consists of eleven (11) directors whose terms will expire at the Annual Meeting. The
Companys Regulations, as amended June 28, 2018 (the Regulations), provide that the members of the Board are to be elected at each annual meeting of shareholders. Under the proxy rules, we may solicit proxies in support
of the Icahn Nominees and also seek authority to vote for all of the Kroger nominees other than those Kroger nominees that we specify [●] and [●]. This would enable a shareholder who desires to vote for up to a full complement of
eleven (11) director nominees to use the GOLD proxy card to vote for the Icahn Nominees as well as the Kroger nominees for whom we are seeking authority to vote other than those nominees as to which the shareholder specifically
withholds our authority to vote for.
We have determined to nominate Alexis C. Fox and Margarita Paláu-Hernández and are seeking authority to vote for up to all of the Kroger nominees, other than [●] and [●]. As a result, should a shareholder so authorize us, on the
GOLD proxy card, we would cast votes for the Icahn Nominees (Alexis C. Fox and Margarita Paláu-Hernández) and nine
(9) Kroger nominees. Shareholders have the ability to withhold voting authority for any or all of the Kroger nominees by following the instructions listed on the GOLD proxy card (other than [] and [], which are the two
Kroger nominees that we proposed to replace with the Icahn Nominees).
Shareholders of Record: If your Shares are held in your own name,
please authorize a proxy to vote by signing, dating and returning the enclosed GOLD proxy card using the postage-paid envelope provided.
Street Name Holders: If your Shares are held in the name of a bank, brokerage firm, dealer, trust company or other custodian, only that firm can
vote such Shares and, with respect to the election of directors, only upon