On January 18, 2017, Alden Global Opportunities Master Fund, LP continued to express its view that there is substantial upside in Pier 1 Imports, Inc.’s stock price if proper cost controls and a disciplined approach to capital allocation are employed by the Company. Alden Global Opportunities also continued to express its view that having shareholder representation in the boardroom is in the best interest of all shareholders. In addition, Alden Global Opportunities stated that it looks forward to continuing their dialogue with the Board of Directors and management of the Company.