Arkhouse Issues Statement on Settlement with Macy’s

Arkhouse Management Co. LP (together with its affiliates, “Arkhouse”, “we” or “us”), which owns a significant stake in Macy’s, Inc. (“Macy’s” or the “Company”) (NYSE: M), today issued the following statement regarding its settlement with the Company, including the appointment of its director nominees Richard (Ric) Clark and Richard (Rick) L. Markee to the Board of Directors (the “Board”) of the Company and the Board’s Finance Committee. The following is attributable to Gavriel Kahane and Jonathon Blackwell, Arkhouse Managing Partners.

“Ric Clark and Rick Markee bring tremendous dealmaking experience to Macy’s Board and will be instrumental in maximizing value for shareholders. As a result of our efforts, our buyer group has begun receiving due diligence to progress discussions toward a potential transaction to acquire the Company. The appointment of Clark and Markee to the Board and the Finance Committee, which is tasked with reviewing our proposal and any alternative transactions, will ensure that our discussions continue to be constructive and that our proposal is treated seriously and expeditiously. We appreciate the Board’s engagement and look forward to working with them to unlock shareholder value.”

Advisors

Cadwalader, Wickersham & Taft LLP is serving as legal counsel and Longacre Square Partners is serving as strategic advisor to Arkhouse. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to the buyer group and Jefferies Group LLC is serving as financial advisor to the buyer group.

About Arkhouse

Arkhouse is a New York-based investment firm that takes a private equity approach to investing in the public markets. Arkhouse focuses on M&A strategies to unlock value dislocations created by the mispricing of assets across public and private markets. Arkhouse’s team of professionals consists of real estate and public equity specialists who have closed more than $25 billion worth of real estate transactions and have an 18-year shareholder activism track record.

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