1A. Please find the following for Year 3 and Year 2

Accounts Payable Turnover

Accounts Payable Turnover in Days

Dividend Payout Ratio

Times Interest Earned

Page 2 of 5 ZOOM + Analysis (13712) Analysis 13 Analysis Y2 Report Date Y3 YZ Y1 Cash & cash equivalents 1,455,000 1,297,000 1,109,000 Receivables 363,000 522,000 558,000 Merchandise inventories .178,000 5,390,000 5,506.000 Prepaid expenses & other current assets 448,000 408,000 479.000 Total current assets .444,000 7.626,000 7.652,000 Land 1,494,000 1,541,000 1,629,000 Buildings on owned land 4, 106,000 4.212,000 4,690.000 Buildings on leased land & leasehold improve 1,444,000 1,545,000 1,672,000 Fixtures & equipment 4,204,000 4 541,000 4 010.000 oo oo oo oo oo ooo oo oo Leased properties under capitalized leases 34,000 34,000 34,000 Property & equipment, at cost 11,282,000 11,873,000 12,035.000 Less accumulated depreciation & amortization 4,610,000 4,856,000 5,319.000 Property & equipment, net 3,672,000 7,017,000 7,616.000 Goodwill 3,897.000 3,897.000 3,897.000 Other intangible assets, net 488,000 498,000 514.000 Other assets 880,000 813,000 897.000 Total assets 19,381,000 19,851,000 20.576.000 Senior debentures 300,000 59.000 Senior notes $77.000 Capital lease & current portion of other long-term obligation 22,000 9,00 6.000 Short-term debt 22,000 309,000 642.000 Merchandise accounts payable 1,590,000 1.423,000 1,526.000 Accounts payable 735,000 754,000 814,000 Gift cards & customer award certificates 867,000 970,000 920.000 Accrued wages & vacation 229,000 215,000 153,000 Current portion of post employment & postretirement benel 194,000 208,000 257.000 Taxes other than income taxes 157,000 186,000 184,000 Severance & relocation 186,000 123,000 ooooooooo oooooo0. Lease related liabilities 189,000 174,000 165.000 Current portion of workers' compensation & general liability 108,000 119,000 127.000 Restructuring accruals, including severance 93.000 Allowance for future sales returns 90,000 96,000 88,000 Accrued interest 70,000 74,000 1 12.000 Deferred real estate gains 65,000 340,000 Other accounts payable & accrued liabilities 270,000 281,000 390.000 Accounts payable & accrued liabilities 3,167,000 3,563,000 3,333,000 Income taxes 296,000 352,000 227.000 Deferred income taxes Total current liabilities 5,075,000 5,647,000 5,728,000 Senior notes 2.021,000 4,000,000 4,000.000 Senior debentures 3,769,000 2,437,000 2.845,000 Amortizing debentures 16,000 22,000 26,000 Unamortized debt issue costs (25,000) (29,000) (32.000) Unamortized debt discount (13,000) (16,000) (16,000) Premium on acquired debt 67,000 21,000 43,000 Capital lease & other long-term obligations 26,000 27,000 29.000 Long-term debt 5,861,000 3,562,000 6,095.000 Deferred income taxes 1, 122,000 1,443,000 1,477,000 Other liabilities 1.862,000 1,877,000 2.123.000 Total Liabilities 13,720,000 15,529,000 16,323,000 Common stock 3,000 3,000 3,000 Additional paid-in capital 376,000 817,000 621.000 Accumulated equity (deficit) 7.174,000 8,088,000 6,334,000 Treasury stock 1, 456,000 1,489,000 1.685,000 Accumulated other comprehensive income (loss) (724,000) 896,000) 1,043,000) Total Macy's, Inc. shareholders' equity (deficit) 5,673,000 4,323,000 4,250.000 Noncontrolling interest (12,000) (1,000) 3,000 Total shareholders' equity 5,661,000 4,322,000 4,253,000Page 3 of 5 ZOOM + Macy's Inc (NYS: M) As Reported Annual Income Statement Horizontal Vertical Analysis (Y3/Y2) Vertical AnalysisY3 Analysis Y2 Report Date Y3 Y2 Y1 Net sales 24,837,000 25,778,000 27,079,000 Cost of sales 15,152,000 15,621,000 16,496,000 Gross margin (loss) 9,685,000 10,157,000 10,583,000 Selling, general & administrative expenses 8,131,000 8,265,000 8,256,000 Gains on sale of real estate 544,000 Impairments, store closing costs & division consolidation costs 479,000 288,000 Restructuring, impairment, store closing and other costs 186,000 Settlement charges 105,000 98.000 O Gain on sale of properties, impairments, store closing costs & ( Operating income (loss) 1,807,000 1,315,000 2,039,000 Interest on debt 332,000 392,000 393,000 Amortization of debt premium (9,000) (22,000) (21,000 Amortization of financing costs & debt discount 7,000 5,000 6,000 Interest on capitalized leases 2,000 2,000 2,000 Interest expense, gross 332,000 377,000 380,000 Less interest capitalized on construction 11,000 10,000 17,000 Interest expense 321,000 367,000 363,000 Net premiums on early retirement of debt 10,000 Interest income 11,000 4.000 2.000 Income (loss) before income taxes 1,507,000 952,000 1,678,000 Current income tax expense - federal 367,000 433,000 536,000 Deferred income tax expense (benefit) - federal 452,000) (125,000) Total income tax expense (benefit) - federal (85,000 308,000 536,000 Current income tax expense - state & local 16,000 37,000 72,000 Deferred income tax expense (benefit) - state & local 40,000 (4,000) Total income tax expense (benefit) - state & local 56,000 33,000 72,000 Federal, state & local income tax expense (benefit) (29,000) 341,000 608,000 Net income (loss) 1,536,000 611,000 1,070,000 Net income attributable to non-controlling interest 11,000 8,000 2.000 Net income attributable to Macy's, Inc. shareholders 1,547,000 619,000 1,072,000 0Page 4 of 5 ZOOM + As Reported Annual Cash Flow Report Date Y3 Y2 Y1 Net income (loss) 1,536,000 611,000 1,070,000 Loss (gain) on sale of properties, impairments, store closing costs & division consolidation costs Impairments, store closing costs & division consolidation costs 479,000 288,000 Restructuring, impairment, store closing & other costs 186,000 Settlement charges 105,000 98,000 Depreciation & amortization 991,000 1,058,000 1,061,000 Stock based compensation expense 58,000 61,000 65,000 Loss (gain) on sale of real estate (544,000) (209,000) Amortization of financing costs & premium on acquired debt (45,000) (14,000) (14,000) Receivables 120,000 (1,000) (45,000) Merchandise inventories 221,000 107,000 (60,000) Prepaid expenses & other current assets (14,000) (8,000) Other assets not separately identified (1,000) Merchandise accounts payable 162,000 (132,000) (78,000) Accounts payable & accrued liabilities not separately identified Accounts payable, accrued liabilities & other items not separately identified (179,000) (162,000) (144,000) Current income taxes (114,000) 125,000 (69,000) Deferred income taxes (412,000) (139,000) (1,000) Other liabilities not separately identified (73,000) (88,000 Other assets & liabilities not separately identified (127,000) Net cash flows from operating activities 1,944,000 1,801,000 1,984,000 Purchase of property & equipment (487,000) (596,000 777,000 Capitalized software (273,000) (316,000) (336,000) Acquisition of Bluemercury, Inc., net of cash acquired (212,000) Disposition of property & equipment 411,000 673,000 204,000 Other cash flows from investing activities (24,000 52.000 29,000 Net cash flows from investing activities (373,000) (187,000) (1,092,000) Debt repaid (954,000) (751,000) (152,000 Dividends paid (461,000) (459,000) (456,000) Debt issued 2.000 499,000 Increase (decrease) in outstanding checks (15,000 61,000 83,000 Acquisition of treasury stock (1,000) (316,000) (2,001,000) Issuance of common stock 6.000 36.000 163,000 Financing costs 1,000 (3,000 4,000) Proceeds from noncontrolling interest 13.000 4.000 5.000 Net cash flows from financing activites (1,413,000) (1,426,000) (2,029,000) Net increase (decrease) in cash & cash equivalents 158,000 188,000 (1,137,000) Cash & cash equivalents beginning of period 1,297,000 1, 109,000 2,246,000 Cash & cash equivalents end of period 1,455,000 1,297,000 1, 109,000 Interest paid 361,000 396,000 383,000 Interest received 12,000 4,000 2,000 Income taxes paid (net of refunds received) 496,000 352,000 635,000