Effective September 23, 2014, the board of directors of The Michaels Companies, Inc. increased the size of the Board from ten directors to eleven directors and appointed Beryl B. Raff to the Board to fill the resulting vacancy. Ms. Raff will serve on the Board's Audit Committee. Ms. Raff has been Chief Executive Officer and Chairman of Helzberg Diamond Shops, Inc. since April 2009.

Ms. Raff will participate in the Company's standard independent director compensation program.