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<table class=MsoNormalTable border=1 cellspacing=0 cellpadding=0
 style='border-collapse:collapse;border:none'>
 <tr style='page-break-inside:avoid;height:610.5pt'>
  <td width=590 style='width:6.15in;border-top:double windowtext 1.5pt;
  border-left:none;border-bottom:double windowtext 1.5pt;border-right:none;
  padding:0in 5.4pt 0in 5.4pt;height:610.5pt'>
  <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:18.0pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-bottom:12.0pt;text-align:center'>GUARANTEE AGREEMENT</p>
  <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:18.0pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-bottom:12.0pt;text-align:center'>dated
  as of</p>
  <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:18.0pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-bottom:12.0pt;text-align:center'>May
  10, 2013,</p>
  <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:18.0pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-bottom:12.0pt;text-align:center'>among</p>
  <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:18.0pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>
	Macy’s, inc.</p>
  <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:18.0pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>
	Macy’s retail holdings, inc.</p>
  <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:18.0pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-bottom:12.0pt;text-align:center'>and</p>
  <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:18.0pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-bottom:12.0pt;text-align:center'>JPMORGAN CHASE BANK, N.A.,</p>
  <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:18.0pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-bottom:12.0pt;text-align:center'>as
  Paying Agent</p>
  </td>
 </tr>
</table>

</div>

<p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:18.0pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right'>[Reference No.
6701-495]</p>

<p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:18.0pt;font-size:12.0pt;font-family:"Times New Roman","serif";'> </p>

<p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:18.0pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-bottom:.5in;text-align:center'>TABLE
OF CONTENTS</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:center;page-break-after:avoid;font-size:12.0pt;font-family:"Times New Roman","serif";'>ARTICLE I<br>
<br>
Definitions</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:95.75pt;margin-bottom:.0001pt;text-align:justify;text-indent:-95.75pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>SECTION 1.01. Credit Agreement.....................................................................................1</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:95.75pt;text-align:justify;text-indent:-95.75pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>SECTION 1.02. Other Defined Terms................................................................................1</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:center;page-break-after:avoid;font-size:12.0pt;font-family:"Times New Roman","serif";'>ARTICLE II<br>
<br>
Guarantee</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:95.75pt;margin-bottom:.0001pt;text-align:justify;text-indent:-95.75pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>SECTION 2.01. Guarantee.................................................................................................2</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:95.75pt;margin-bottom:.0001pt;text-align:justify;text-indent:-95.75pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>SECTION 2.02. Guarantee of Payment...............................................................................2</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:95.75pt;margin-bottom:.0001pt;text-align:justify;text-indent:-95.75pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>
SECTION 2.03.
Limitations................................................................................................2</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:95.75pt;margin-bottom:.0001pt;text-align:justify;text-indent:-95.75pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>
SECTION 2.04.
Reinstatement...........................................................................................3</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:95.75pt;margin-bottom:.0001pt;text-align:justify;text-indent:-95.75pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>
SECTION 2.05. Agreement To Pay; Subrogation...............................................................3</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:95.75pt;text-align:justify;text-indent:-95.75pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>
SECTION 2.06.
Information...............................................................................................3</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:center;page-break-after:avoid;font-size:12.0pt;font-family:"Times New Roman","serif";'>ARTICLE III<br>
<br>
Subordination</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:95.75pt;text-align:justify;text-indent:-95.75pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>SECTION 3.01. Subordination...........................................................................................4</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:center;page-break-after:avoid;font-size:12.0pt;font-family:"Times New Roman","serif";'>ARTICLE IV<br>
<br>
Miscellaneous</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:95.75pt;margin-bottom:.0001pt;text-align:justify;text-indent:-95.75pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>SECTION 4.01. Notices....................................................................................................4</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:95.75pt;margin-bottom:.0001pt;text-align:justify;text-indent:-95.75pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>SECTION 4.02. Waivers; Amendment...............................................................................4</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:95.75pt;margin-bottom:.0001pt;text-align:justify;text-indent:-95.75pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>SECTION 4.03. Successors and Assigns............................................................................4</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:95.75pt;margin-bottom:.0001pt;text-align:justify;text-indent:-95.75pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>
SECTION 4.04. Survival of Agreement...............................................................................5</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:95.75pt;margin-bottom:.0001pt;text-align:justify;text-indent:-95.75pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>
SECTION 4.05. Counterparts; Effectiveness; Several
Agreement........................................5</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:95.75pt;margin-bottom:.0001pt;text-align:justify;text-indent:-95.75pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>
SECTION 4.06.
Severability...............................................................................................5</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:95.75pt;margin-bottom:.0001pt;text-align:justify;text-indent:-95.75pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>
SECTION 4.07. Right of Set-Off........................................................................................5</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:95.75pt;margin-bottom:.0001pt;text-align:justify;text-indent:-95.75pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>SECTION 4.08. Governing Law.........................................................................................6</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:95.75pt;margin-bottom:.0001pt;text-align:justify;text-indent:-95.75pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>
SECTION 4.09.
Headings..................................................................................................6</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:95.75pt;margin-bottom:.0001pt;text-align:justify;text-indent:-95.75pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>SECTION 4.10. Termination..............................................................................................6</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:95.75pt;text-align:justify;text-indent:-95.75pt;font-size:12.0pt;font-family:"Times New Roman","serif";'> </p>

</div>

<br
clear=all style='page-break-before:always'>


<div style='page:WordSection2;'>

<p style='mso-style-name:Preamble;margin-top:0in;margin-right:0in;margin-bottom:.25in;margin-left:1.5in;text-align:justify;text-indent:.5in;line-height:18.0pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-bottom:0in;margin-bottom:.0001pt;
text-align:left;line-height:normal'>GUARANTEE AGREEMENT dated as of May 10, 2013,
among MACY’S, INC. (“<u>Parent</u>”), MACY’S RETAIL HOLDINGS, INC. (the “<u>Borrower</u>”)
and JPMORGAN CHASE BANK, N.A., as Paying Agent.</p>

<p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:18.0pt;font-size:12.0pt;font-family:"Times New Roman","serif";'> </p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;font-size:12.0pt;font-family:"Times New Roman","serif";'>Reference is made to the Credit Agreement dated
as of May 10, 2013 (as amended, supplemented or otherwise modified
from time to time, the “<u>Credit Agreement</u>”) among Parent, the Borrower,
the lenders party thereto, JPMorgan Chase Bank, N.A. and Bank of America, N.A.,
as administrative agents and JPMorgan Chase Bank, N.A., as paying agent.  The
obligations of the Lenders and the Issuing Banks to extend credit to the
Borrower are conditioned upon, among other things, the execution and delivery
of this Agreement.  Parent is the parent company of the Borrower, will derive
substantial benefits from the extension of credit to the Borrower pursuant to
the Credit Agreement and is willing to execute and deliver this Agreement in
order to induce the Lenders to extend such credit.  Accordingly, the parties
hereto agree as follows:</p>

<h1 style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:center;text-indent:0in;page-break-after:avoid;font-size:12.0pt;font-family:"Times New Roman","serif";font-weight:normal;margin-left:0in;text-indent:0in'><a name="_Toc354492192">ARTICLE I<br>
<br>
Definitions</a></h1>

<h2 style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;font-size:12.0pt;font-family:"Times New Roman","serif";font-weight:normal;margin-left:0in'><a name="_Toc354492193">SECTION 1.01.  <u>Credit
Agreement.</u>  </a>(a)  Capitalized terms used in this Agreement and not
otherwise defined herein have the meanings specified in the Credit Agreement.</h2>

<h3 style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:76.5pt;font-size:12.0pt;font-family:"Times New Roman","serif";font-weight:normal;margin-left:0in'>(b)  The rules of construction specified in Section
1.03 of the Credit Agreement also apply to this Agreement.</h3>

<h2 style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;font-size:12.0pt;font-family:"Times New Roman","serif";font-weight:normal;margin-left:0in'>SECTION
1.02.  <u>Other Defined Terms.</u>  As used in this Agreement, the following
terms have the meanings specified below:</h2>

<p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;font-size:12.0pt;font-family:"Times New Roman","serif";'>“Credit Agreement” has the meaning assigned to
such term in the preliminary statement of this Agreement.</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;font-size:12.0pt;font-family:"Times New Roman","serif";'>“Credit Parties” means (a) the Lenders,
(b) the Agents, (c) the Issuing Banks, (d) the beneficiaries of
the Borrower’s indemnification obligations under the Credit Agreement and
(e) the successors and assigns of each of the foregoing.</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;font-size:12.0pt;font-family:"Times New Roman","serif";'>“Obligations” means the due and punctual payment
by the Borrower of (a) the principal of and interest (including interest
accruing during the pendency of any bankruptcy, insolvency, receivership or
other similar proceeding, regardless of whether allowed or allowable in such
proceeding) on the Loans, when and as due, whether at maturity, by
acceleration, upon one or more dates set for prepayment or otherwise, (b) each
payment required to be made by the Borrower under the Credit Agreement in
respect of any Letter of Credit, when and as due, including payments in respect
of reimbursement of disbursements, interest thereon (including interest
accruing during the pendency of any bankruptcy, insolvency, receivership or
other similar proceeding, regardless of whether allowed or allowable in such
proceeding) and obligations to provide cash collateral, and (c) all other
monetary obligations of the Borrower to any of the Credit Parties under the
Credit Agreement and each of the other Loan Documents, including obligations to
pay fees, expense reimbursement obligations and indemnification obligations,
whether primary, secondary, direct, contingent, fixed or otherwise (including
monetary obligations incurred during the pendency of any bankruptcy,
insolvency, receivership or other similar proceeding, regardless of whether
allowed or allowable in such proceeding).</p>

<h1 style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:center;text-indent:0in;page-break-after:avoid;font-size:12.0pt;font-family:"Times New Roman","serif";font-weight:normal;margin-left:0in;text-indent:0in'><a name="_Toc354492195">ARTICLE II<br>
<br>
Guarantee</a></h1>

<h2 style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;font-size:12.0pt;font-family:"Times New Roman","serif";font-weight:normal;margin-left:0in'><a name="_Toc354492196">SECTION 2.01.  <u>Guarantee.</u> 
Parent unconditionally guarantees, as a primary obligor and not merely as a
surety, the due and punctual payment of the Obligations.  Parent further agrees
that the Obligations may be extended or renewed, in whole or in part, without
notice to or further assent from it, and that it will remain bound upon its
guarantee notwithstanding any extension or renewal of any Obligation.  Parent
waives presentment to, demand of payment from and protest to the Borrower of
any of the Obligations, and also waives notice of acceptance of its guarantee
and notice of protest for nonpayment.</a></h2>

<h2 style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;font-size:12.0pt;font-family:"Times New Roman","serif";font-weight:normal;margin-left:0in'><a name="_Toc354492197">SECTION 2.02.  <u>Guarantee
of Payment.</u>  Parent further agrees that its guarantee hereunder constitutes
a guarantee of payment when due and not of collection, and waives any right to
require that any resort be had by the Paying Agent or any other Credit Party to
any security held for the payment of the Obligations or to any balance of any
deposit account or credit on the books of the Paying Agent or any other Credit
Party in favor of the Borrower or any other Person.</a></h2>

<h2 style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;font-size:12.0pt;font-family:"Times New Roman","serif";font-weight:normal;margin-left:0in'><a name="_Toc354492198">SECTION 2.03.  <u>Limitations.</u> 
</a>(a)  Except for termination of Parent’s obligations hereunder as expressly
provided in Section 4.10, the obligations of Parent hereunder shall not be
subject to any reduction, limitation, impairment or termination for any reason,
including any claim of waiver, release, surrender, alteration or compromise,
and shall not be subject to any defense or set-off, counterclaim, recoupment or
termination whatsoever by reason of the invalidity, illegality or
unenforceability of the Obligations or otherwise.  Without limiting the
generality of the foregoing, the obligations of Parent hereunder shall not be
discharged or impaired or otherwise affected by (i) the failure of the
Paying Agent or any other Credit Party to assert any claim or demand or to
enforce any right or remedy under the provisions of any Loan Document or
otherwise; (ii) any rescission, waiver, amendment or modification of, or
any release from any of the terms or provisions of, any Loan Document or any
other agreement; (iii) the release of any security held by the Paying
Agent or any other Credit Party for the Obligations or any of them;
(iv) any default, failure or delay, wilful or otherwise, in the payment of
the Obligations; or (v) any other act or omission that may or might in any
manner or to any extent vary the risk of Parent or otherwise operate as a
discharge of Parent as a matter of law or equity (other than the payment in
full in cash of all the Obligations).  Parent expressly authorizes the Credit
Parties to take and hold security for the payment and performance of the
Obligations, to exchange, waive or release any or all such security (with or
without consideration), to enforce or apply such security and direct the order
and manner of any sale thereof in their sole discretion or to release or
substitute any one or more other guarantors or obligors upon or in respect of
the Obligations, all without affecting the obligations of Parent hereunder.</h2>

<h3 style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:76.5pt;font-size:12.0pt;font-family:"Times New Roman","serif";font-weight:normal;margin-left:0in'>(b)  To the fullest extent permitted by applicable
law, Parent waives any defense based on or arising out of any defense of the
Borrower or the unenforceability of the Obligations or any part thereof from
any cause, or the cessation from any cause of the liability of the Borrower,
other than the payment in full in cash of all the Obligations.  The Paying
Agent and the other Credit Parties may, at their election, foreclose on any
security held by one or more of them by one or more judicial or nonjudicial
sales, accept an assignment of any such security in lieu of foreclosure,
compromise or adjust any part of the Obligations, make any other accommodation
with the Borrower or exercise any other right or remedy available to them
against the Borrower, without affecting or impairing in any way the liability
of Parent hereunder except to the extent the Obligations have been paid in full
in cash.  To the fullest extent permitted by applicable law, Parent waives any
defense arising out of any such election even though such election operates,
pursuant to applicable law, to impair or to extinguish any right of
reimbursement or subrogation or other right or remedy of Parent against the
Borrower or any security.</h3>

<h2 style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;font-size:12.0pt;font-family:"Times New Roman","serif";font-weight:normal;margin-left:0in'><a name="_Toc354492199">SECTION 2.04.  <u>Reinstatement.</u> 
Parent agrees that its guarantee hereunder shall continue to be effective or be
reinstated, as the case may be, if at any time payment, or any part thereof, of
any Obligation is rescinded or must otherwise be restored by the Paying Agent
or any other Credit Party upon the bankruptcy or reorganization of the Borrower
or otherwise.  The provisions of this Section 2.04 shall survive any
termination under Section 4.10.</a></h2>

<h2 style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;font-size:12.0pt;font-family:"Times New Roman","serif";font-weight:normal;margin-left:0in'><a name="_Toc354492200">SECTION 2.05.  <u>Agreement
To Pay; Subrogation.</u>  In furtherance of the foregoing and not in limitation
of any other right that the Paying Agent or any other Credit Party has at law
or in equity against Parent by virtue hereof, upon the failure of the Borrower
to pay any Obligation when and as the same shall become due, whether at
maturity, by acceleration, after notice of prepayment or otherwise, Parent hereby
promises to and will forthwith pay, or cause to be paid, to the Paying Agent
for distribution to the applicable Credit Parties in cash the amount of such
unpaid Obligation.  Upon payment by Parent of any sums to the Paying Agent as
provided above, all rights of Parent against the Borrower arising as a result
thereof by way of right of subrogation, contribution, reimbursement, indemnity
or otherwise shall in all respects be subject to Article III.</a></h2>

<h2 style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;font-size:12.0pt;font-family:"Times New Roman","serif";font-weight:normal;margin-left:0in'><a name="_Toc354492201">SECTION 2.06.  <u>Information.</u> 
Parent assumes all responsibility for being and keeping itself informed of the
Borrower’s financial condition and assets, and of all other circumstances
bearing upon the risk of nonpayment of the Obligations and the nature, scope
and extent of the risks that Parent assumes and incurs hereunder, and agrees
that none of the Paying Agent or the other Credit Parties will have any duty to
advise Parent of information known to it or any of them regarding such
circumstances or risks.</a></h2>

<h1 style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:center;text-indent:0in;page-break-after:avoid;font-size:12.0pt;font-family:"Times New Roman","serif";font-weight:normal;margin-left:0in;text-indent:0in'><a name="_Toc354492202">ARTICLE III<br>
<br>
Subordination</a></h1>

<h2 style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;font-size:12.0pt;font-family:"Times New Roman","serif";font-weight:normal;margin-left:0in'><a name="_Toc354492203">SECTION 3.01.  <u>Subordination.</u> 
Notwithstanding any provision of this Agreement to the contrary, all rights of
Parent in respect of indemnity, contribution or subrogation under applicable
law or otherwise, shall be fully subordinated to the indefeasible payment in full
in cash of the Obligations.</a></h2>

<h1 style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:center;text-indent:0in;page-break-after:avoid;font-size:12.0pt;font-family:"Times New Roman","serif";font-weight:normal;margin-left:0in;text-indent:0in'><a name="_Toc354492204">ARTICLE IV<br>
<br>
Miscellaneous</a></h1>

<h2 style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;font-size:12.0pt;font-family:"Times New Roman","serif";font-weight:normal;margin-left:0in'><a name="_Toc354492205">SECTION 4.01.  <u>Notices.</u> 
All communications and notices hereunder shall (except as otherwise expressly
permitted herein) be in writing and given as provided in Section 9.01 of
the Credit Agreement.</a> </h2>

<h2 style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;font-size:12.0pt;font-family:"Times New Roman","serif";font-weight:normal;margin-left:0in'><a name="_Toc354492206">SECTION 4.02.  <u>Waivers;
Amendment.</u>  </a>(a)  No failure or delay by any Agent, any Issuing Bank or
any Lender in exercising any right or power hereunder or under the Credit
Agreement shall operate as a waiver thereof, nor shall any single or partial
exercise of any such right or power, or any abandonment or discontinuance of
steps to enforce such a right or power, preclude any other or further exercise
thereof or the exercise of any other right or power.  The rights and remedies
of the Agents, the Issuing Banks and the Lenders hereunder and under the Credit
Agreement are cumulative and are not exclusive of any rights or remedies that
they would otherwise have.  No waiver of any provision of this Agreement or
consent to any departure by any Loan Party therefrom shall in any event be
effective unless the same shall be permitted by paragraph (b) of this
Section 4.02, and then such waiver or consent shall be effective only in the
specific instance and for the purpose for which given.  Without limiting the
generality of the foregoing, the making of a Loan or issuance of a Letter of
Credit shall not be construed as a waiver of any Default, regardless of whether
any Agent, any Lender or any Issuing Bank may have had notice or knowledge of
such Default at the time.  No notice or demand on any Loan Party in any case
shall entitle any Loan Party to any other or further notice or demand in
similar or other circumstances.</h2>

<h3 style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:76.5pt;font-size:12.0pt;font-family:"Times New Roman","serif";font-weight:normal;margin-left:0in'>(b)  Neither this Agreement nor any provision
hereof may be waived, amended or modified except pursuant to an agreement or
agreements in writing entered into by the Paying Agent and the Loan Party or
Loan Parties with respect to which such waiver, amendment or modification is to
apply, subject to any consent required in accordance with Section 9.02 of
the Credit Agreement.</h3>

<h2 style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;font-size:12.0pt;font-family:"Times New Roman","serif";font-weight:normal;margin-left:0in'><a name="_Toc354492207">SECTION 4.03.  <u>Successors
and Assigns.</u>  Whenever in this Agreement any party hereto is referred to,
such reference shall be deemed to include the permitted successors and assigns
of such party; and all covenants, promises and agreements by or on behalf of
Parent, the Borrower or the Paying Agent that are contained in this Agreement
shall bind and inure to the benefit of their respective successors and assigns.</a></h2>

<h2 style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;font-size:12.0pt;font-family:"Times New Roman","serif";font-weight:normal;margin-left:0in'><a name="_Toc354492208">SECTION 4.04.  <u>Survival
of Agreement.</u>  All covenants, agreements, representations and warranties
made by the Loan Parties in the Loan Documents and in the certificates or other
instruments prepared or delivered in connection with or pursuant to this
Agreement or any other Loan Document shall be considered to have been relied
upon by the Lenders and shall survive the execution and delivery of the Loan
Documents and the making of any Loans and issuance of any Letters of Credit,
regardless of any investigation made by any Lender or on its behalf and
notwithstanding that any Agent, any Issuing Bank or any Lender may have had
notice or knowledge of any Default or incorrect representation or warranty at
the time any credit is extended under the Credit Agreement, and shall continue
in full force and effect as long as the principal of or any accrued interest on
any Loan or any fee or any other amount payable under any Loan Document is
outstanding and unpaid or any Letter of Credit is outstanding and so long as
the Commitments have not expired or terminated.</a></h2>

<h2 style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;font-size:12.0pt;font-family:"Times New Roman","serif";font-weight:normal;margin-left:0in'><a name="_Toc354492209">SECTION 4.05.  <u>Counterparts;
Effectiveness; Several Agreement.</u>  This Agreement may be executed in
counterparts (and by different parties hereto on different counterparts), each
of which shall constitute an original but all of which when taken together
shall constitute a single contract.  Delivery of an executed signature page to
this Agreement by facsimile transmission shall be as effective as delivery of a
manually signed counterpart of this Agreement.  This Agreement shall become
effective when it shall have been executed by the Paying Agent and when the
Paying Agent shall have received counterparts hereof which, when taken
together, bear the signatures of each Loan Party, and thereafter shall be
binding upon each Loan Party and the Paying Agent, and shall inure to the
benefit of each Loan Party, the Paying Agent and the other Credit Parties and
their respective successors and assigns, except that no Loan Party shall have
the right to assign or transfer its rights or obligations hereunder or any
interest herein (and any such assignment or transfer shall be void) except as
expressly contemplated by this Agreement or the Credit Agreement.</a></h2>

<h2 style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;font-size:12.0pt;font-family:"Times New Roman","serif";font-weight:normal;margin-left:0in'><a name="_Toc354492210">SECTION 4.06.  <u>Severability.</u> 
Any provision of this Agreement held to be invalid, illegal or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent
of such invalidity, illegality or uneforceability without affecting the
validity, legality and enforceability of the remaining provisions hereof; and
the invalidity of a particular provision in a particular jurisdiction shall not
invalidate such provision in any other jurisdiction.  The parties shall
endeavor in good‑faith negotiations to replace the invalid, illegal or
unenforceable provisions with valid provisions the economic effect of which
comes as close as possible to that of the invalid, illegal or unenforceable
provisions.</a></h2>

<h2 style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;font-size:12.0pt;font-family:"Times New Roman","serif";font-weight:normal;margin-left:0in'><a name="_Toc354492211">SECTION 4.07.  <u>Right of
Set-Off.</u>  If an Event of Default shall have occurred and be continuing,
each Lender and each of its Affiliates is hereby authorized at any time and
from time to time, to the fullest extent permitted by law, to set off and apply
any and all deposits (general or special, time or demand, provisional or final)
at any time held and other obligations at any time owing by such Lender or
Affiliate to or for the credit or the account of Parent against any of and all
the obligations of Parent now or hereafter existing under this Agreement owed
to such Lender, irrespective of whether or not any demand for payment thereof
has been made under this Agreement and although such obligations may be
unmatured.  The rights of each Lender under this Section 4.07 are in addition
to other rights and remedies (including other rights of set-off) which such
Lender may have.</a></h2>

<h2 style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;font-size:12.0pt;font-family:"Times New Roman","serif";font-weight:normal;margin-left:0in'><a name="_Toc354492212">SECTION 4.08.  <u>Governing
Law.</u>  This Agreement shall be construed in accordance with and governed by
the law of the State of New York.</a></h2>

<h2 style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;font-size:12.0pt;font-family:"Times New Roman","serif";font-weight:normal;margin-left:0in'><a name="_Toc354492213">SECTION 4.09.  <u>Headings.</u> 
Article and Section headings and the Table of Contents used herein are for
convenience of reference only, are not part of this Agreement and are not to
affect the construction of, or to be taken into consideration in interpreting,
this Agreement.</a></h2>

<h2 style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;font-size:12.0pt;font-family:"Times New Roman","serif";font-weight:normal;margin-left:0in'><a name="_Toc354492214">SECTION 4.10.  <u>Termination.</u> 
Subject to Section 2.04, this Agreement and the guarantee made herein shall
terminate when the Commitments have terminated, all the Obligations have been
paid in full, the LC Exposure has been reduced to zero and the Issuing Banks
have no further obligations to issue Letters of Credit under the Credit
Agreement.</a></h2>

<p style='mso-style-name:"Body Text No Indent";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;line-height:18.0pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'><a
name="_Toc354053298">[Remainder of page intentionally left blank]</a></p>

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<div style='page:WordSection3;'>

<p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:18.0pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-indent:1.0in;line-height:normal'>IN WITNESS WHEREOF,
the parties hereto have duly executed this Agreement as of the day and year
first above written.</p>

<p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:18.0pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-indent:1.0in;line-height:normal'> </p>

<p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:18.0pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-indent:1.0in;line-height:normal'> </p>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
 style='margin-left:3.0in;border-collapse:collapse'>
 <tr>
  <td width=350 colspan=2 valign=top style='width:3.65in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:18.0pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-bottom:12.0pt;text-align:left'>MACY’s, INC.,</p>
  </td>
 </tr>
 <tr>
  <td width=350 colspan=2 valign=top style='width:3.65in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:18.0pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-left:.25in'>by</p>
  </td>
 </tr>
 <tr>
  <td width=55 valign=top style='width:41.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:18.0pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-left:.25in'> </p>
  </td>
  <td width=295 valign=top style='width:221.4pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:18.0pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>/s/ Karen M. Hoguet</p>
  </td>
 </tr>
 <tr>
  <td width=55 valign=top style='width:41.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:18.0pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-left:.25in'> </p>
  </td>
  <td width=295 valign=top style='width:221.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:18.0pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>Name:  Karen M. Hoguet</p>
  </td>
 </tr>
 <tr>
  <td width=55 valign=top style='width:41.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:18.0pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-left:.25in'> </p>
  </td>
  <td width=295 valign=top style='width:221.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:18.0pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>Title: Chief Financial Officer</p>
  </td>
 </tr>
</table>

<p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:18.0pt;font-size:12.0pt;font-family:"Times New Roman","serif";'> </p>

<p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:18.0pt;font-size:12.0pt;font-family:"Times New Roman","serif";'> </p>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
 style='margin-left:3.0in;border-collapse:collapse'>
 <tr>
  <td width=302 colspan=2 valign=top style='width:226.45pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:18.0pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-bottom:12.0pt;text-align:left'>MACY’S
  RETAIL HOLDINGS, INC.,</p>
  </td>
 </tr>
 <tr>
  <td width=302 colspan=2 valign=top style='width:226.45pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:18.0pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-left:.25in'>by</p>
  </td>
 </tr>
 <tr>
  <td width=52 valign=top style='width:38.8pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:18.0pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-left:.25in'> </p>
  </td>
  <td width=250 valign=top style='width:187.65pt;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:18.0pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>/s/ Karen M. Hoguet</p>
  </td>
 </tr>
 <tr>
  <td width=52 valign=top style='width:38.8pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:18.0pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-left:.25in'> </p>
  </td>
  <td width=250 valign=top style='width:187.65pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:18.0pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>Name:  Karen M. Hoguet</p>
  </td>
 </tr>
 <tr>
  <td width=52 valign=top style='width:38.8pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:18.0pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-left:.25in'> </p>
  </td>
  <td width=250 valign=top style='width:187.65pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:18.0pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>Title:   Vice President</p>
  </td>
 </tr>
 <tr>
  <td width=52 valign=top style='width:38.8pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:18.0pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-left:.25in'> </p>
  <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:18.0pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-left:.25in'> </p>
  </td>
  <td width=250 valign=top style='width:187.65pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:18.0pt;font-size:12.0pt;font-family:"Times New Roman","serif";'> </p>
  </td>
 </tr>
</table>

<p style='mso-style-name:"After Table";margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:18.0pt;font-size:12.0pt;font-family:"Times New Roman","serif";'> </p>

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<p style='mso-style-name:"After Table";margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:18.0pt;font-size:12.0pt;font-family:"Times New Roman","serif";'> </p>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
 style='margin-left:3.0in;border-collapse:collapse'>
 <tr>
  <td width=302 colspan=2 valign=top style='width:3.15in;padding:0in 5.4pt 0in 5.4pt'><u><br clear=all
  style='page-break-before:always'>
  </u>
  <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:18.0pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-bottom:12.0pt'> </p>
  <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:18.0pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-bottom:12.0pt;text-align:left'>JPMORGAN CHASE BANK, N.A., as<br>
  PAYING Agent,</p>
  </td>
 </tr>
 <tr>
  <td width=302 colspan=2 valign=top style='width:3.15in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:18.0pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-left:.25in'>by</p>
  </td>
 </tr>
 <tr>
  <td width=48 valign=top style='width:36.3pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:18.0pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-left:.25in'> </p>
  </td>
  <td width=254 valign=top style='width:190.5pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:18.0pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>/s/ Sarah L. Freedman</p>
  </td>
 </tr>
 <tr>
  <td width=48 valign=top style='width:36.3pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:18.0pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-left:.25in'> </p>
  </td>
  <td width=254 valign=top style='width:190.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:18.0pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>Name:  Sarah L. Freedman</p>
  </td>
 </tr>
 <tr>
  <td width=48 valign=top style='width:36.3pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:18.0pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-left:.25in'> </p>
  </td>
  <td width=254 valign=top style='width:190.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:18.0pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>Title:  Director</p>
  </td>
 </tr>
</table>

<p style='margin:0in;margin-bottom:.0001pt;text-align:justify;line-height:18.0pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-bottom:12.0pt;text-align:center'> </p>

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