M · Macy's, Inc.

1-for-1 conversion.

The price noted is the average of the value of the stock units granted each month during the quarter for which this report is filed.

Units are to be settled in Common Stock upon the Reporting Person's termination from the Board of Directors.

The price reported in Column 4 is the weighted average price. These shares were sold in multiple transactions at prices ranging from $25.6150 to $25.6350, inclusive. The reporting person undertakes to provide to Macy's, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote to the Form 4.

Represents the number of shares sold by the reporting person to cover tax withholding obligations upon the vesting of restricted shares and does not represent a discretionary transaction by the reporting person.

The price reported in Column 4 is the weighted average price. These shares were sold in multiple transactions at prices ranging from $24.83 to $24.9250, inclusive. The reporting person undertakes to provide to Macy's, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote to the Form 4.

Each restricted stock unit represents the equivalent of one share of the Issuer's common stock.

Each restricted stock unit represents the equivalent of one share of the Issuer's common stock.

On June 23, 2025, the reporting person was granted 145,676 restricted stock units vesting in four equal installments beginning on the first anniversary of the grant date.

Each restricted stock unit represents the equivalent of one share of the Issuer's common stock.

The restricted stock units vest on the earlier of one year from the grant date or the date of the Issuer's next annual meeting of shareholders. The vested shares will be automatically deferred and delivered to the reporting person six months after the reporting person's service on the Issuer's Board of Directors ends.

Each restricted stock unit represents the equivalent of one share of the Issuer's common stock.

The restricted stock units vest on the earlier of one year from the grant date or the date of the Issuer's next annual meeting of shareholders. The vested shares will be automatically deferred and delivered to the reporting person six months after the reporting person's service on the Issuer's Board of Directors ends.

Each restricted stock unit represents the equivalent of one share of the Issuer's common stock.

The restricted stock units vest on the earlier of one year from the grant date or the date of the Issuer's next annual meeting of shareholders. The vested shares will be automatically deferred and delivered to the reporting person six months after the reporting person's service on the Issuer's Board of Directors ends.

Each restricted stock unit represents the equivalent of one share of the Issuer's common stock.

The restricted stock units vest on the earlier of one year from the grant date or the date of the Issuer's next annual meeting of shareholders. The vested shares will be automatically deferred and delivered to the reporting person six months after the reporting person's service on the Issuer's Board of Directors ends.

Each restricted stock unit represents the equivalent of one share of the Issuer's common stock.

The restricted stock units vest on the earlier of one year from the grant date or the date of the Issuer's next annual meeting of shareholders. The vested shares will be automatically deferred and delivered to the reporting person six months after the reporting person's service on the Issuer's Board of Directors ends.

Each restricted stock unit represents the equivalent of one share of the Issuer's common stock.

The restricted stock units vest on the earlier of one year from the grant date or the date of the Issuer's next annual meeting of shareholders. The vested shares will be automatically deferred and delivered to the reporting person six months after the reporting person's service on the Issuer's Board of Directors ends.

Each restricted stock unit represents the equivalent of one share of the Issuer's common stock.

The restricted stock units vest on the earlier of one year from the grant date or the date of the Issuer's next annual meeting of shareholders. The vested shares will be automatically deferred and delivered to the reporting person six months after the reporting person's service on the Issuer's Board of Directors ends.

Each restricted stock unit represents the equivalent of one share of the Issuer's common stock.

The restricted stock units vest on the earlier of one year from the grant date or the date of the Issuer's next annual meeting of shareholders. The vested shares will be automatically deferred and delivered to the reporting person six months after the reporting person's service on the Issuer's Board of Directors ends.

Each restricted stock unit represents the equivalent of one share of the Issuer's common stock.

The restricted stock units vest on the earlier of one year from the grant date or the date of the Issuer's next annual meeting of shareholders. The vested shares will be automatically deferred and delivered to the reporting person six months after the reporting person's service on the Issuer's Board of Directors ends.

Represents the number of shares sold by the reporting person to cover tax withholding obligations upon the vesting of restricted shares and does not represent a discretionary transaction by the reporting person.

The price reported in Column 4 is the weighted average price. These shares were sold in multiple transactions at prices ranging from $17.85 to $17.975, inclusive. The reporting person undertakes to provide to Macy's, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote to the Form 4.

Represents the number of shares sold by the reporting person to cover tax withholding obligations upon the vesting of restricted shares and does not represent a discretionary transaction by the reporting person.

The price reported in Column 4 is the weighted average price. These shares were sold in multiple transactions at prices ranging from $17.86 to $17.97, inclusive. The reporting person undertakes to provide to Macy's, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote to the Form 4.

Represents the number of shares sold by the reporting person to cover tax withholding obligations upon the vesting of restricted shares and does not represent a discretionary transaction by the reporting person.

The price reported in Column 4 is the weighted average price. These shares were sold in multiple transactions at prices ranging from $17.865 to $17.97, inclusive. The reporting person undertakes to provide to Macy's, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote to the Form 4.

Represents the number of shares sold by the reporting person to cover tax withholding obligations upon the vesting of restricted shares and does not represent a discretionary transaction by the reporting person.

The price reported in Column 4 is the weighted average price. These shares were sold in multiple transactions at prices ranging from $17.85 to $17.98, inclusive. The reporting person undertakes to provide to Macy's, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote to the Form 4.

Represents the number of shares sold by the reporting person to cover tax withholding obligations upon the vesting of restricted shares and does not represent a discretionary transaction by the reporting person.

The price reported in Column 4 is the weighted average price. These shares were sold in multiple transactions at prices ranging from $17.85 to $17.97, inclusive. The reporting person undertakes to provide to Macy's, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote to the Form 4.

Each restricted stock unit represents the equivalent of one share of the Issuer's common stock.

On April 3, 2025, the reporting person was granted 394,390 restricted stock units vesting in four equal installments beginning on the first anniversary of the grant date.

Each restricted stock unit represents the equivalent of one share of the Issuer's common stock.

Each restricted stock unit represents the equivalent of one share of the Issuer's common stock.

On April 3, 2025, the reporting person was granted 52,585 restricted stock units vesting in four equal installments beginning on the first anniversary of the grant date.

Each restricted stock unit represents the equivalent of one share of the Issuer's common stock.

Each restricted stock unit represents the equivalent of one share of the Issuer's common stock.

Each restricted stock unit represents the equivalent of one share of the Issuer's common stock.

On April 3, 2025, the reporting person was granted 52,585 restricted stock units vesting in four equal installments beginning on the first anniversary of the grant date.

Each restricted stock unit represents the equivalent of one share of the Issuer's common stock.

On April 3, 2025, the reporting person was granted 78,878 restricted stock units vesting in four equal installments beginning on the first anniversary of the grant date.

Each restricted stock unit represents the equivalent of one share of the Issuer's common stock.

Each restricted stock unit represents the equivalent of one share of the Issuer's common stock.

On April 3, 2025, the reporting person was granted 10,517 restricted stock units vesting in four equal installments beginning on the first anniversary of the grant date.

Each restricted stock unit represents the equivalent of one share of the Issuer's common stock.

Represents the number of shares sold by the reporting person to cover tax withholding obligations upon the vesting of restricted shares and does not represent a discretionary transaction by the reporting person.

The price reported in Column 4 is the weighted average price. These shares were sold in multiple transactions at prices ranging from $18.00 to $18.19, inclusive. The reporting person undertakes to provide to Macy's, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote to the Form 4.

Represents the number of shares sold by the reporting person to cover tax withholding obligations upon the vesting of restricted shares and does not represent a discretionary transaction by the reporting person.

The price reported in Column 4 is the weighted average price. These shares were sold in multiple transactions at prices ranging from $18.00 to $18.19, inclusive. The reporting person undertakes to provide to Macy's, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote to the Form 4.

Represents the number of shares sold by the reporting person to cover tax withholding obligations upon the vesting of restricted shares and does not represent a discretionary transaction by the reporting person.

The price reported in Column 4 is the weighted average price. These shares were sold in multiple transactions at prices ranging from $18.00 to $18.19, inclusive. The reporting person undertakes to provide to Macy's, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote to the Form 4.

1-for-1 conversion.

The price noted is the average of the value of the stock units granted each month during the quarter for which this report is filed.

Units are to be settled in Common Stock upon the Reporting Person's termination from the Board of Directors.

Each restricted stock unit represents the equivalent of one share of the Issuer's common stock.

On 3/31/2023, the reporting person was granted 51,457 restricted stock units vesting in four equal installments beginning on the first anniversary of the grant date.

1-for-1 conversion.

The price noted is the average of the value of the stock units granted each month during the quarter for which this report is filed.

Units are to be settled in Common Stock upon the Reporting Person's termination from the Board of Directors.

Each restricted stock unit represents the equivalent of one share of the Issuer's common stock.

1-for-1 conversion.

The price noted is the average of the value of the stock units granted each month during the quarter for which this report is filed.

Units are to be settled in Common Stock upon the Reporting Person's termination from the Board of Directors.

Each restricted stock unit represents the equivalent of one share of the Issuer's common stock.

On 3/31/2023, the reporting person was granted 6,861 restricted stock units vesting in four equal installments beginning on the first anniversary of the grant date.

Each restricted stock unit represents the equivalent of one share of the Issuer's common stock.

On 3/31/2023, the reporting person was granted 114,351 restricted stock units vesting in four equal installments beginning on the first anniversary of the grant date.

Each restricted stock unit represents the equivalent of one share of the Issuer's common stock.

Each restricted stock unit represents the equivalent of one share of the Issuer's common stock.

Represents the number of shares sold by the reporting person to cover tax withholding obligations upon the vesting of restricted shares and does not represent a discretionary transaction by the reporting person.

The price reported in Column 4 is the weighted average price. These shares were sold in multiple transactions at prices ranging from $17.5550 to $17.8850, inclusive. The reporting person undertakes to provide to Macy's, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote to the Form 4.

Represents the number of shares sold by the reporting person to cover tax withholding obligations upon the vesting of restricted shares and does not represent a discretionary transaction by the reporting person.

The price reported in Column 4 is the weighted average price. These shares were sold in multiple transactions at prices ranging from $17.5450 to $17.8850, inclusive. The reporting person undertakes to provide to Macy's, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote to the Form 4.

Represents the number of shares sold by the reporting person to cover tax withholding obligations upon the vesting of restricted shares and does not represent a discretionary transaction by the reporting person.

The price reported in Column 4 is the weighted average price. These shares were sold in multiple transactions at prices ranging from $17.550 to $17.8850, inclusive. The reporting person undertakes to provide to Macy's, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote to the Form 4.

Represents the number of shares sold by the reporting person to cover tax withholding obligations upon the vesting of restricted shares and does not represent a discretionary transaction by the reporting person.

The price reported in Column 4 is the weighted average price. These shares were sold in multiple transactions at prices ranging from $17.5500 to $17.8850, inclusive. The reporting person undertakes to provide to Macy's, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote to the Form 4.

Represents the number of shares sold by the reporting person to cover tax withholding obligations upon the vesting of restricted shares and does not represent a discretionary transaction by the reporting person.

The price reported in Column 4 is the weighted average price. These shares were sold in multiple transactions at prices ranging from $17.5550 to $17.8850, inclusive. The reporting person undertakes to provide to Macy's, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote to the Form 4.

Each restricted stock unit represents the equivalent of one share of the Issuer's common stock.

On March 28, 2024, the reporting person was granted 6,003 restricted stock units vesting in four equal installments beginning on the first anniversary of the grant date.

Each restricted stock unit represents the equivalent of one share of the Issuer's common stock.

Each restricted stock unit represents the equivalent of one share of the Issuer's common stock.

Each restricted stock unit represents the equivalent of one share of the Issuer's common stock.