Macy's, Inc. was founded in 1929, bringing together some of the nation's best-known department stores. The roots of these individual stores stretched back well into the last century and deep into the fabric of the communities they served. In the years since its founding, Macy's, Inc. and its retail divisions have further strengthened their reputations for quality, value and service as well as for the high caliber of associates who work within the Macy's, Inc. organization.

This is the origin of a tradition of pride, honor and integrity that characterize Macy's, Inc. A tradition rooted in certain basic tenets that govern who we are and how we do business.

As a Macy's, Inc. associate, it is important that you know and understand these principles. It also is important that they become an intrinsic part of your approach to day-to-day responsibilities as an associate of this Company.

• We subscribe to ethical business practices in every facet of our business.
  This principle governs our dealings with customers, with vendors, with all members of the public at large, and with one another.

• We will protect the interests of our shareholders.
  We will do nothing to jeopardize the faith placed in us by our investors. We will act in their best interests at all times. We recognize and respect the trust they have placed in us.

• We will provide quality and value to our customers in all dealings.
  We will strive to provide products and services that meet or exceed our customers' expectations. We will be responsive to our customers and their needs. We will keep the customer at the forefront of all that we are and everything that we do.

• We will obey all laws.
  This includes the spirit of the law, as well as its letter. We will not tolerate or knowingly condone illegal activities on the part of those who work for us, or with whom we do business. Neither will we, as a Company, knowingly engage in any such activities.

• We will treat others as we want them to treat us.
  We will be honest, reliable and ethical in our dealings with others. We will be trustworthy, so that our word is effectively our bond. We will not solicit favors. We will not accept or offer bribes.

• We will respect the rights and property of others.
  We will not cheat, steal, participate in or condone fraud or deceptive practices. We will not improperly use confidential information or property owned by others. We will not knowingly misrepresent ourselves or our intentions in any business dealings. We will protect the privacy rights of our associates, and we will insist that they do likewise.

• We will be good corporate citizens.
  We will take an active part in the communities where we live and work. We recognize our obligations to give back to those communities that have sustained us over the years, and we will act on that recognition. We will encourage all Macy's, Inc. associates to do likewise.