Macy's 2015 Annual Report Download - page 18

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13
The following graph compares the cumulative total stockholder return on the Common Stock with the Standard &
Poor's 500 Composite Index, the Company's prior peer group and the Company's new peer group for the period from
January 29, 2011 through January 30, 2016, assuming an initial investment of $100 and the reinvestment of all dividends, if
any.
The companies included in the prior peer group were Macy's, Kohl's and Nordstrom.
The companies included in the new peer group are Bed, Bath & Beyond, Dillard's, Gap, J.C. Penney, Kohl's, L
Brands, Nordstrom, Ross Stores, Sears Holdings, Target, TJX Companies and Wal-Mart.
The change in peer group was made to be consistent with the peer group that the Compensation and Management
Development Committee of the Board of Directors uses in benchmarking and assessing compensation for the Company's
executive officers.