MACYS INC

Ticker: M CUSIP: 55616P104 Class: Common Stock

Starboard Value LP's Holding History (CIK: 0001517137)

Note: Option positions (PUT/CALL) are excluded.

Q4 2016

Shares 3,010,200 Value ($000) $107,795 Avg Close $38.89 Range $34.80 - $45.41

Q3 2016

Shares 3,010,200 Value ($000) $111,528 Avg Close $36.24 Range $31.02 - $40.98

Q2 2016

Shares 2,360,200 Value ($000) $79,326 Avg Close $35.81 Range $29.94 - $44.07

Q1 2016

Shares 3,924,944 Value ($000) $173,051 Avg Close $41.33 Range $34.33 - $45.50

Q4 2015

Shares 3,309,810 Value ($000) $115,777 Avg Close $43.33 Range $34.05 - $52.48

Q3 2015

Shares 3,261,650 Value ($000) $167,388 Avg Close $62.72 Range $49.72 - $73.61

Q2 2015

Shares 2,924,534 Value ($000) $197,318 Avg Close $67.58 Range $62.80 - $71.10

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2016	3,010,200	$107,795	$38.89	$34.80 - $45.41
Q3 2016	3,010,200	$111,528	$36.24	$31.02 - $40.98
Q2 2016	2,360,200	$79,326	$35.81	$29.94 - $44.07
Q1 2016	3,924,944	$173,051	$41.33	$34.33 - $45.50
Q4 2015	3,309,810	$115,777	$43.33	$34.05 - $52.48
Q3 2015	3,261,650	$167,388	$62.72	$49.72 - $73.61
Q2 2015	2,924,534	$197,318	$67.58	$62.80 - $71.10