Macy’s, Inc. Confirms Receipt of Revised, Unsolicited, Non-Binding Proposal from Arkhouse and Brigade

Unsolicited Offer: Arkhouse and Brigade’s New Proposal to Macy’s
Reiterates the Board’s and Management’s Commitment to Long-Term Value Creation. The company confirmed having received a revised, unsolicited, and non-binding proposal from Arkhouse Management Co. LP (“Arkhouse”) and Brigade Capital Management, LP (“Brigade”), with funds managed by it, are to acquire all of the issued and outstanding shares of the Company for $24.00 per share in cash. The Macy’s, Inc.
The proposal was reviewed by the Board, with the assistance of its financial and legal advisors. The Board will, in consultation with its financial and legal advisors, carefully review and evaluate the most recent proposal commensurate with the Board’s fiduciary duties. Your Board of Directors has a demonstrated track record of rigorously evaluating a wide array of alternatives to create shareholder value, always open-minded as to what path is best to accomplish those goals. Your Board will continue to take action it determines to be in furtherance of their and all Macy’s, Inc. shareholders’ best interests.

Macy’s, Inc. will have no further comment at this time on the revised, unsolicited non-binding proposal of Arkhouse and Brigade until such time as the Board concludes its review. Shareholders of Macy’s, Inc. are under no obligation in relation to this proposal at this time.

Wells Fargo and Bank of America Securities are acting as financial advisors, while Wachtell, Ljsoon, Rosen & Katz are acting as legal advisors for the Company.