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Exhibit 4.2</p>

<p style='mso-style-name:"Centered Heading\,ch";mso-style-unhide:no;margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan;page-break-after:avoid;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;mso-bidi-font-family:"Times New Roman";font-variant:small-caps;font-weight:bold;'><a name="_Toc199034036">Macy’s
Retail Holdings, Inc., </a><i>as
Issuer</i></p>

<p style='mso-style-name:"Centered Heading\,ch";mso-style-unhide:no;margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan;page-break-after:avoid;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;mso-bidi-font-family:"Times New Roman";font-variant:small-caps;font-weight:bold;'><a name="_Toc199034037">and</a> </p>

<p style='mso-style-name:"Centered Heading\,ch";mso-style-unhide:no;margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan;page-break-after:avoid;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;mso-bidi-font-family:"Times New Roman";font-variant:small-caps;font-weight:bold;margin-bottom:.25in'><a name="_Toc199034038">Macy’s Inc., </a><i>as Guarantor</i></p>

<p style='mso-style-name:"Centered Heading\,ch";mso-style-unhide:no;margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan;page-break-after:avoid;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;mso-bidi-font-family:"Times New Roman";font-variant:small-caps;font-weight:bold;'><a name="_Toc199034039">and</a></p>

<p style='mso-style-name:"Centered Heading\,ch";mso-style-unhide:no;margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan;page-break-after:avoid;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;mso-bidi-font-family:"Times New Roman";font-variant:small-caps;font-weight:bold;margin-bottom:30.0pt'><a name="_Toc199034040">U.S. Bank National Association, </a><i>as Trustee</i></p>

<p style='mso-style-name:"Centered Heading\,ch";mso-style-unhide:no;margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan;page-break-after:avoid;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;mso-bidi-font-family:"Times New Roman";font-variant:small-caps;font-weight:bold;'><a name="_Toc199034041">SIXTH
SUPPLEMENTAL TRUST INDENTURE</a></p>

<p style='mso-style-name:"Centered Heading\,ch";mso-style-unhide:no;margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan;page-break-after:avoid;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;mso-bidi-font-family:"Times New Roman";font-variant:small-caps;font-weight:bold;'><a name="_Toc199034042"><i>Dated as of </i></a><i>December 10, 2015</i></p>

<p style='mso-style-name:"Centered Heading\,ch";mso-style-unhide:no;margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan;page-break-after:avoid;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;mso-bidi-font-family:"Times New Roman";font-variant:small-caps;font-weight:bold;'><a name="_Toc199034043">Amending
and Supplementing that certain</a></p>

<p style='mso-style-name:"Centered Heading\,ch";mso-style-unhide:no;margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan;page-break-after:avoid;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;mso-bidi-font-family:"Times New Roman";font-variant:small-caps;font-weight:bold;'><a name="_Toc199034044">Indenture</a></p>

<p style='mso-style-name:"Centered Heading\,ch";mso-style-unhide:no;margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan;page-break-after:avoid;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;mso-bidi-font-family:"Times New Roman";font-variant:small-caps;font-weight:bold;'><a name="_Toc199034045"><i>Dated as of November 2, 2006</i></a><i>.</i></p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'><b><i> </i></b></p>

<p style='mso-style-name:"Centered Heading\,ch";mso-style-unhide:no;margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan;page-break-after:avoid;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;mso-bidi-font-family:"Times New Roman";font-variant:small-caps;font-weight:bold;'><a name="_Toc199034050">Authorizing
the Issuance and Delivery of Senior Securities</a></p>

<p style='mso-style-name:"Centered Heading\,ch";mso-style-unhide:no;margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan;page-break-after:avoid;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;mso-bidi-font-family:"Times New Roman";font-variant:small-caps;font-weight:bold;'><a name="_Toc199034051">consisting of</a></p>

<p style='mso-style-name:"Centered Heading\,ch";mso-style-unhide:no;margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan;page-break-after:avoid;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;mso-bidi-font-family:"Times New Roman";font-variant:small-caps;font-weight:bold;'><a name="_Toc199034052">$500,000,000</a>
aggregate principal amount of 3.450% Senior Notes Due 2021</p>

<div style='border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in'>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>

</div>

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

<p style='mso-style-priority:39;mso-style-unhide:no;mso-style-qformat:yes;margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;text-transform:uppercase;font-weight:bold;'><a name=TOCHeading>Table of Contents</a></p>

<p style='mso-style-name:"TOC Page";mso-style-unhide:no;margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;font-weight:bold'><a name=TOCPage>Page</a></p>

<p style='mso-style-update:auto;mso-style-noshow:yes;mso-style-priority:39;margin-top:0in;margin-right:.3in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;text-indent:-.5in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;' align="left">RECITALS.................................................................................................................................................     
4</p>

<p style='mso-style-update:auto;mso-style-noshow:yes;mso-style-priority:39;margin-top:0in;margin-right:.3in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;text-indent:-.5in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>[Form of Face of Security]..........................................................................................................................    
5</p>

<p style='mso-style-update:auto;mso-style-noshow:yes;mso-style-priority:39;margin-top:0in;margin-right:.3in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;text-indent:-.5in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>[Form of Reverse of
Security].....................................................................................................................     7</p>

<p style='mso-style-update:auto;mso-style-noshow:yes;mso-style-priority:39;margin-top:0in;margin-right:.3in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;text-indent:-.5in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>ARTICLE I.   ISSUANCE OF SENIOR
NOTES.......................................................................................   12</p>

<p style='mso-style-update:auto;mso-style-noshow:yes;mso-style-priority:39;margin-top:0in;margin-right:.3in;margin-bottom:12.0pt;margin-left:103.7pt;text-indent:-67.7pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Section 1.1.   Issuance Of Senior Notes; Principal
Amount; Maturity; Additional Senior Notes...... 12</p>

<p style='mso-style-update:auto;mso-style-noshow:yes;mso-style-priority:39;margin-top:0in;margin-right:.3in;margin-bottom:12.0pt;margin-left:103.7pt;text-indent:-67.7pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>
Section 1.2.   Interest On The Senior Notes; Payment Of
Interest..................................................... 12</p>

<p style='mso-style-update:auto;mso-style-noshow:yes;mso-style-priority:39;margin-top:0in;margin-right:.3in;margin-bottom:12.0pt;margin-left:103.7pt;text-indent:-67.7pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>
Section 1.3.   Execution, Authentication And Delivery Of
Securities...............................................  13</p>

<p style='mso-style-update:auto;mso-style-noshow:yes;mso-style-priority:39;margin-top:0in;margin-right:.3in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;text-indent:-.5in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>
ARTICLE II.   CERTAIN
DEFINITIONS...............................................................................................  13</p>

<p style='mso-style-update:auto;mso-style-noshow:yes;mso-style-priority:39;margin-top:0in;margin-right:.3in;margin-bottom:12.0pt;margin-left:103.7pt;text-indent:-67.7pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Section 2.1.   Certain
Definitions..................................................................................................... 
13</p>

<p style='mso-style-update:auto;mso-style-noshow:yes;mso-style-priority:39;margin-top:0in;margin-right:.3in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;text-indent:-.5in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>ARTICLE III.   CERTAIN
COVENANTS............................................................................................... 22</p>

<p style='mso-style-update:auto;mso-style-noshow:yes;mso-style-priority:39;margin-top:0in;margin-right:.3in;margin-bottom:12.0pt;margin-left:103.7pt;text-indent:-67.7pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Section 3.1.  
Liens......................................................................................................................... 23</p>

<p style='mso-style-update:auto;mso-style-noshow:yes;mso-style-priority:39;margin-top:0in;margin-right:.3in;margin-bottom:12.0pt;margin-left:103.7pt;text-indent:-67.7pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Section 3.2.   Sale And Leaseback
Transactions............................................................................  23</p>

<p style='mso-style-update:auto;mso-style-noshow:yes;mso-style-priority:39;margin-top:0in;margin-right:.3in;margin-bottom:12.0pt;margin-left:103.7pt;text-indent:-67.7pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Section 3.3.   Permitting Unrestricted Subsidiaries
To Become Restricted Subsidiaries................   24</p>

<p style='mso-style-update:auto;mso-style-noshow:yes;mso-style-priority:39;margin-top:0in;margin-right:.3in;margin-bottom:12.0pt;margin-left:103.7pt;text-indent:-67.7pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Section 3.4.   Payment
Office.......................................................................................................   24</p>

<p style='mso-style-update:auto;mso-style-noshow:yes;mso-style-priority:39;margin-top:0in;margin-right:.3in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;text-indent:-.5in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>
ARTICLE IV.   ADDITIONAL EVENTS OF
DEFAULT......................................................................  24</p>

<p style='mso-style-update:auto;mso-style-noshow:yes;mso-style-priority:39;margin-top:0in;margin-right:.3in;margin-bottom:12.0pt;margin-left:103.7pt;text-indent:-67.7pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Section 4.1.   Additional Events Of
Default...................................................................................   24</p>

<p style='mso-style-update:auto;mso-style-noshow:yes;mso-style-priority:39;margin-top:0in;margin-right:.3in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;text-indent:-.5in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>
ARTICLE V.  
DEFEASANCE............................................................................................................... 
25</p>

<p style='mso-style-update:auto;mso-style-noshow:yes;mso-style-priority:39;margin-top:0in;margin-right:.3in;margin-bottom:12.0pt;margin-left:103.7pt;text-indent:-67.7pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Section 5.1.   Applicability Of Article V Of
The Indenture..........................................................  
25</p>

<p style='mso-style-update:auto;mso-style-noshow:yes;mso-style-priority:39;margin-top:0in;margin-right:.3in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;text-indent:-.5in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>
ARTICLE VI.   REDEMPTION OF SENIOR
NOTES........................................................................... 26</p>

<p style='mso-style-update:auto;mso-style-noshow:yes;mso-style-priority:39;margin-top:0in;margin-right:.3in;margin-bottom:12.0pt;margin-left:103.7pt;text-indent:-67.7pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Section 6.1.   Right Of
Redemption............................................................................................... 
26</p>

<p style='mso-style-update:auto;mso-style-noshow:yes;mso-style-priority:39;margin-top:0in;margin-right:.3in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;text-indent:-.5in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>
ARTICLE VII.   CHANGE OF
CONTROL...........................................................................................  26</p>

<p style='mso-style-update:auto;mso-style-noshow:yes;mso-style-priority:39;margin-top:0in;margin-right:.3in;margin-bottom:12.0pt;margin-left:103.7pt;text-indent:-67.7pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Section 7.1.   Repurchase At The Option Of
Holders...................................................................   26</p>

<p style='mso-style-update:auto;mso-style-noshow:yes;mso-style-priority:39;margin-top:0in;margin-right:.3in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;text-indent:-.5in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>ARTICLE VIII.   AMENDMENTS TO RECITALS of the base
indenture..............................................  27</p>

<p style='mso-style-update:auto;mso-style-noshow:yes;mso-style-priority:39;margin-top:0in;margin-right:.3in;margin-bottom:12.0pt;margin-left:103.7pt;text-indent:-67.7pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Section 8.1.  
Recitals.................................................................................................................    27</p>

<p style='mso-style-update:auto;mso-style-noshow:yes;mso-style-priority:39;margin-top:0in;margin-right:.3in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;text-indent:-.5in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>ARTICLE IX.   AMENDMENT TO CERTAIN DEFINED TERMS OF
THE BASE INDENTURE.....  34</p>

<p style='mso-style-update:auto;mso-style-noshow:yes;mso-style-priority:39;margin-top:0in;margin-right:.3in;margin-bottom:12.0pt;margin-left:103.7pt;text-indent:-67.7pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Section 9.1.   Corporate Trust
Office...........................................................................................  
34</p>

<p style='mso-style-update:auto;mso-style-noshow:yes;mso-style-priority:39;margin-top:0in;margin-right:.3in;margin-bottom:12.0pt;margin-left:103.7pt;text-indent:-67.7pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Section 9.2.   Responsible
Officer...............................................................................................   
35</p>

<p style='mso-style-update:auto;mso-style-noshow:yes;mso-style-priority:39;margin-top:0in;margin-right:.3in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;text-indent:-.5in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>ARTICLE X.   AMENDMENTS TO ARTICLE II OF THE BASE
INDENTURE................................   35</p>

<p style='mso-style-update:auto;mso-style-noshow:yes;mso-style-priority:39;margin-top:0in;margin-right:.3in;margin-bottom:12.0pt;margin-left:103.7pt;text-indent:-67.7pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Section 10.1.   Registration of Transfer and
Exchange.................................................................     35</p>

<p style='mso-style-update:auto;mso-style-noshow:yes;mso-style-priority:39;margin-top:0in;margin-right:.3in;margin-bottom:12.0pt;margin-left:103.7pt;text-indent:-67.7pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Section 10.2.   Payment of Interest; Interest Rights
Preserved......................................................    35</p>

<p style='mso-style-update:auto;mso-style-noshow:yes;mso-style-priority:39;margin-top:0in;margin-right:.3in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;text-indent:-.5in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>ARTICLE XI.   AMENDMENT TO ARTICLE III OF THE BASE
INDENTURE...............................    36</p>

<p style='mso-style-update:auto;mso-style-noshow:yes;mso-style-priority:39;margin-top:0in;margin-right:.3in;margin-bottom:12.0pt;margin-left:103.7pt;text-indent:-67.7pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Section 11.1.   Election to Redeem; Notice to
Trustee................................................................     36</p>

<p style='mso-style-update:auto;mso-style-noshow:yes;mso-style-priority:39;margin-top:0in;margin-right:.3in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;text-indent:-.5in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>ARTICLE XII.   AMENDMENT TO ARTICLE VII OF THE BASE
INDENTURE............................    37</p>

<p style='mso-style-update:auto;mso-style-noshow:yes;mso-style-priority:39;margin-top:0in;margin-right:.3in;margin-bottom:12.0pt;margin-left:103.7pt;text-indent:-67.7pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Section 12.1.   Reports by
Company.........................................................................................    
37</p>

<p style='mso-style-update:auto;mso-style-noshow:yes;mso-style-priority:39;margin-top:0in;margin-right:.3in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;text-indent:-.5in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>ARTICLE XIII.   AMENDMENT TO ARTICLE VIII OF THE
BASE INDENTURE..........................   37</p>

<p style='mso-style-update:auto;mso-style-noshow:yes;mso-style-priority:39;margin-top:0in;margin-right:.3in;margin-bottom:0pt;margin-left:103.7pt;text-indent:-67.7pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast'>Section 13.1.   Rights of Holders of Majority in
Principal Amount of Outstanding </p>
<p style='mso-style-update:auto;mso-style-noshow:yes;mso-style-priority:39;margin-top:0in;margin-right:.3in;margin-bottom:0pt;margin-left:103.7pt;text-indent:-67.7pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast'>                        Securities to Direct
Trustee................................................................................    37</p>

<p style='mso-style-update:auto;mso-style-noshow:yes;mso-style-priority:39;margin-top:0in;margin-right:.3in;margin-bottom:12.0pt;margin-left:103.7pt;text-indent:-67.7pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Section 13.2.   Notice of
Defaults..............................................................................................    38</p>

<p style='mso-style-update:auto;mso-style-noshow:yes;mso-style-priority:39;margin-top:0in;margin-right:.3in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;text-indent:-.5in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>ARTICLE XIV.   AMENDMENTS TO ARTICLE IX OF THE BASE
INDENTURE.........................    38</p>

<p style='mso-style-update:auto;mso-style-noshow:yes;mso-style-priority:39;margin-top:0in;margin-right:.3in;margin-bottom:12.0pt;margin-left:103.7pt;text-indent:-67.7pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Section 14.1.   Certain Rights of
Trustee....................................................................................    
38</p>

<p style='mso-style-update:auto;mso-style-noshow:yes;mso-style-priority:39;margin-top:0in;margin-right:.3in;margin-bottom:12.0pt;margin-left:103.7pt;text-indent:-67.7pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Section 14.2.   Compensation and
Reimbursement.....................................................................     40</p>

<p style='mso-style-update:auto;mso-style-noshow:yes;mso-style-priority:39;margin-top:0in;margin-right:.3in;margin-bottom:12.0pt;margin-left:103.7pt;text-indent:-67.7pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Section 14.3.   Appointment of Authenticating
Agent..................................................................     41</p>

<p style='mso-style-update:auto;mso-style-noshow:yes;mso-style-priority:39;margin-top:0in;margin-right:.3in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;text-indent:-.5in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>ARTICLE XV.   AMENDMENTS TO ARTICLE XIV OF THE BASE
INDENTURE.......................     41</p>

<p style='mso-style-update:auto;mso-style-noshow:yes;mso-style-priority:39;margin-top:0in;margin-right:.3in;margin-bottom:12.0pt;margin-left:103.7pt;text-indent:-67.7pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Section 15.1.   Service of Required Notice to
Holders; Waiver.................................................       41</p>

<p style='mso-style-update:auto;mso-style-noshow:yes;mso-style-priority:39;margin-top:0in;margin-right:.3in;margin-bottom:12.0pt;margin-left:103.7pt;text-indent:-67.7pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Section 15.2.   Base Indenture May be Executed in
Counterparts.............................................       42</p>

<p style='mso-style-update:auto;mso-style-noshow:yes;mso-style-priority:39;margin-top:0in;margin-right:.3in;margin-bottom:12.0pt;margin-left:103.7pt;text-indent:-67.7pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Section 15.3.   Patriot
Act.........................................................................................................       42</p>

<p style='mso-style-update:auto;mso-style-noshow:yes;mso-style-priority:39;margin-top:0in;margin-right:.3in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;text-indent:-.5in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>ARTICLE XVI.  
MISCELLANEOUS.................................................................................................      42</p>

<p style='mso-style-update:auto;mso-style-noshow:yes;mso-style-priority:39;margin-top:0in;margin-right:.3in;margin-bottom:12.0pt;margin-left:103.7pt;text-indent:-67.7pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Section 16.1.   Reference To And Effect On The
Indenture......................................................       42</p>

<p style='mso-style-update:auto;mso-style-noshow:yes;mso-style-priority:39;margin-top:0in;margin-right:.3in;margin-bottom:12.0pt;margin-left:103.7pt;text-indent:-67.7pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Section 16.2.   Waiver Of Certain Covenants..........................................................................      
42</p>

<p style='mso-style-update:auto;mso-style-noshow:yes;mso-style-priority:39;margin-top:0in;margin-right:.3in;margin-bottom:12.0pt;margin-left:103.7pt;text-indent:-67.7pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Section 16.3.   Supplemental Indenture May Be
Executed In Counterparts..............................       43</p>

<p style='mso-style-update:auto;mso-style-noshow:yes;mso-style-priority:39;margin-top:0in;margin-right:.3in;margin-bottom:12.0pt;margin-left:103.7pt;text-indent:-67.7pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Section 16.4.   Effect Of
Headings............................................................................................       43</p>

<p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>

<p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>

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


<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'><b>Sixth
Supplemental Indenture</b>, dated as of December 10, 2015 (this
“Supplemental Indenture”), among Macy’s Retail Holdings, Inc., a corporation
duly organized and existing under the laws of the State of New York, as issuer (the
“<i>Company</i>”), Macy’s, Inc., a corporation duly organized and existing
under the laws of the State of Delaware, as guarantor (the “<i>Guarantor</i>”),
and U.S. Bank National Association, a national banking association duly
incorporated under the laws of the United States of America, as Trustee (the “<i>Trustee</i>”),
amending and supplementing that certain Indenture, dated as of November 2,
2006 (the “<i>Base Indenture</i>”), as amended and supplemented by this
Supplemental Indenture, the “<i>Indenture</i>”. </p>

<p style='mso-style-priority:11;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Subtitle Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan;page-break-after:avoid;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;text-transform:uppercase;font-weight:bold;'>RECITALS</p>

<p style='mso-style-noshow:yes;mso-style-priority:99;margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:.5in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>A.            The
Company has duly authorized the execution and delivery of the Indenture to
provide for the issuance from time to time of its unsecured debentures, notes,
or other evidences of indebtedness (the “<i>Securities</i>”) to be issued in
one or more series as provided for in the Indenture.</p>

<p style='mso-style-noshow:yes;mso-style-priority:99;margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:.5in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>B.            
The Guarantor has fully and unconditionally guaranteed, to the extent
set forth in the Indenture and subject to the provisions of the Indenture, the
due and punctual payment of each series of Securities issued thereunder.</p>

<p style='mso-style-noshow:yes;mso-style-priority:99;margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:.5in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>C.            
The Indenture provides that the Securities of each series shall be in
substantially the form set forth in the Indenture, or in such other form as may
be established by or pursuant to a Board Resolution or in one or more
indentures supplemental thereto, in each case with such appropriate insertions,
omissions, substitutions, and other variations as are required or permitted by
the Indenture, and may have such letters, numbers, or other marks of
identification and such legends or endorsements placed thereon as may be
required to comply with the rules of any securities exchange or as may,
consistently herewith, be determined by the officers executing such Securities,
as evidenced by their execution thereof.</p>

<p style='mso-style-noshow:yes;mso-style-priority:99;margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:.5in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>D.            The
Company shall issue and deliver, and the Trustee shall authenticate, Securities
denominated “3.450% Senior Notes Due 2021” (the “<i>Senior Notes</i>”) pursuant
to the terms of this Supplemental Indenture and substantially in the form set
forth below, in each case with such appropriate insertions, omissions,
substitutions, and other variations as are required or permitted by the
Indenture and this Supplemental Indenture, and with such letters, numbers, or
other marks of identification and such legends or endorsements placed thereon
as may be required to comply with the rules of any securities exchange or as
may, consistently herewith, be determined by the officers executing such
Securities, as evidenced by their execution of such Securities.</p>

<p style='mso-style-noshow:yes;mso-style-priority:99;margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:.5in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>E.            
The Company also desires to amend the Base Indenture as set forth in
Articles VIII through XV hereto, for the purposes of the issuance of the Senior
Notes and for any subsequent Securities or supplemental indentures delivered
pursuant to the Base Indenture.</p>

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


<p style='mso-style-priority:11;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Subtitle Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan;page-break-after:avoid;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;text-transform:uppercase;font-weight:bold;'>[Form of Face of Security]</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>This Security is a Global Security within the meaning of
the Indenture hereinafter referred to and is registered in the name of a
Depositary or a nominee thereof.  This Security may not be transferred to,
or registered or exchanged for Securities registered in the name of any Person
other than the Depositary or a nominee thereof, and no such transfer may be
registered, except in the limited circumstances described in the
Indenture.  Every Security authenticated and delivered upon registration of
transfer of, or in exchange for or in lieu of, this Security shall be a Global
Security subject to the foregoing, except in such limited circumstances.</p>

<p style='mso-style-name:"Centered Heading\,ch";mso-style-unhide:no;margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan;page-break-after:avoid;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;mso-bidi-font-family:"Times New Roman";font-variant:small-caps;font-weight:bold;'><a name="_Toc199034055">Macy’s
Retail Holdings, Inc.</a></p>

<p style='mso-style-name:"Centered Heading\,ch";mso-style-unhide:no;margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan;page-break-after:avoid;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;mso-bidi-font-family:"Times New Roman";font-variant:small-caps;font-weight:bold;'><a name="_Toc199034056">3.450</a>% Senior Notes Due 2021</p>

<p style='mso-style-name:"Centered Heading\,ch";mso-style-unhide:no;margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan;page-break-after:avoid;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;mso-bidi-font-family:"Times New Roman";font-variant:small-caps;font-weight:bold;'><a name="_Toc199034057">Guaranteed
As To Payment Of Principal, Premium, If Any, And Interest By <br>
Macy’s, Inc.</a></p>

<p style='mso-style-noshow:yes;mso-style-priority:99;margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>No.
__                                                                                                                                                                                                     $500,000,000</p>

<p style='mso-style-noshow:yes;mso-style-priority:99;margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>CUSIP
No. 55616X AN7</p>

<p style='mso-style-noshow:yes;mso-style-priority:99;margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>ISIN No.
US55616XAN75</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Macy’s Retail
Holdings, Inc., a corporation duly organized and existing under the laws
of the State of New York (hereinafter called the “<i>Company</i>”, which term
includes any successor Person under the Indenture hereinafter referred to), for
value received, hereby promises to pay to Cede & Co., or registered
assigns, the principal sum of $500,000,000
on January 15, 2021 and to pay interest thereon from December 10, 2015 or from the most recent Interest Payment Date to
which interest has been paid or duly provided for, semiannually on January 15 and July 15 of
each year, commencing on July 15,
2016, at the rate of 3.450% per annum, until the principal hereof is paid or
made available for payment. The interest so payable, and punctually paid or
duly provided for, on any Interest Payment Date will, as provided in such
Indenture, be paid to the Person in whose name this Security (or one or more
Predecessor Securities) is registered at the close of business on the Regular
Record Date for such interest, which will be the January 1 or  July
1 (whether or not a Business Day), as the case may be, next preceding
such Interest Payment Date.  Any such interest not so punctually paid or
duly provided for will forthwith cease to be payable to the Holder on such
Regular Record Date and may either be paid to the Person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest to
be fixed by the Trustee, notice whereof will be given to Holders of Securities
of this series not less than 10 calendar days prior to such Special Record
Date, or be paid at any time in any other lawful manner not inconsistent with
the requirements of any securities exchange on which the Securities of this
series may be listed, and upon such notice as may be required by such exchange,
all as more fully provided in said Indenture.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Macy’s, Inc.,
a corporation duly organized and existing under the laws of the State of
Delaware (hereinafter called the “<i>Guarantor</i>”, which term includes any
successor Person under the Indenture hereinafter referred to), has fully and
unconditionally guaranteed, to the extent set forth in the Indenture and
subject to the provisions of the Indenture, the due and punctual payment of
each series of Securities issued thereunder (the “<i>Guarantee</i>”).  The
obligations of the Guarantor to the Holders and to the Trustee pursuant to the
Guarantee are expressly set forth in Article XII of the Indenture and
reference is hereby made to the Indenture for the precise terms of the
Guarantee.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Subject, in the case of any Global Security, to any
applicable requirements of the Depositary, payment of the principal of and any
such interest on this Security will be made at the office or agency of the
Company maintained for the purpose in the United States, in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts; <i>provided, however, </i>that
at the option of the Company payment of interest may be made by check mailed to
the address of the Person entitled thereto as such address appears in the
Security Register.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Reference is hereby
made to the further provisions set forth on the reverse hereof.  Such
provisions will for all purposes have the same effect as though fully set forth
in this place.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>This Security will not be valid or become obligatory for
any purpose until the certificate of authentication herein has been signed
manually by the Trustee under said Indenture.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;page-break-after:avoid'>In Witness Whereof, the Company has caused this instrument
to be duly executed in accordance with the Indenture.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;margin-bottom:24.0pt;text-indent:211.5pt;
page-break-after:avoid'>Macy’s Retail
Holdings, Inc.</p>

<table style='mso-style-name:"Table Normal";mso-tstyle-rowband-size:0;mso-tstyle-colband-size:0;mso-style-noshow:yes;mso-style-priority:99;mso-style-parent:"";mso-padding-alt:0in 5.4pt 0in 5.4pt;mso-para-margin:0in;mso-para-margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:10.0pt;font-family:"Times New Roman","serif";border-collapse:collapse;mso-yfti-tbllook:1184;mso-padding-alt:0in 0in 0in 0in'>
 <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'>
  <td width=283 valign=top style='width:2.95in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;page-break-after:avoid'>Date Issued:</p>
  </td>
  <td width=355 valign=top style='width:3.7in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;page-break-after:avoid'>By:<u>                                                                                      
  </u></p>
  </td>
 </tr>
 <tr style='mso-yfti-irow:1'>
  <td width=283 valign=top style='width:2.95in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;margin-top:24.0pt;page-break-after:avoid'>Attest:</p>
  </td>
  <td width=355 valign=top style='width:3.7in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;page-break-after:avoid'> </p>
  </td>
 </tr>
 <tr style='mso-yfti-irow:2;mso-yfti-lastrow:yes'>
  <td width=283 valign=top style='width:2.95in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;margin-top:24.0pt;page-break-after:avoid'>By:<u>                                                            
  </u></p>
  </td>
  <td width=355 valign=top style='width:3.7in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;page-break-after:avoid'> </p>
  </td>
 </tr>
</table>

<p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;page-break-after:avoid'> </p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>The Guarantor has fully and unconditionally guaranteed, to
the extent set forth in the Indenture and subject to the provisions of the
Indenture, the due and punctual payment of each series of Securities issued
thereunder.  In case of the failure of the Company punctually to make any
such payment, the Guarantor hereby agrees to cause such payment to be made
punctually.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>The obligations of the Guarantor to the Holders and to the
Trustee pursuant to the Guarantee are expressly set forth in Article XII
of the Indenture and reference is hereby made to the Indenture for the precise
terms of the Guarantee.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;page-break-after:avoid'>In Witness Whereof, the Guarantor has caused this instrument
to be duly executed in accordance with the Indenture.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;text-indent:3.25in;page-break-after:avoid'>Macy’s, Inc.</p>

<table style='mso-style-name:"Table Normal";mso-tstyle-rowband-size:0;mso-tstyle-colband-size:0;mso-style-noshow:yes;mso-style-priority:99;mso-style-parent:"";mso-padding-alt:0in 5.4pt 0in 5.4pt;mso-para-margin:0in;mso-para-margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:10.0pt;font-family:"Times New Roman","serif";border-collapse:collapse;mso-yfti-tbllook:1184;mso-padding-alt:0in 0in 0in 0in'>
 <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;page-break-after:avoid'>Date Issued:</p>
  </td>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;page-break-after:avoid'>By:<u>                                                                                      
  </u></p>
  </td>
 </tr>
 <tr style='mso-yfti-irow:1'>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;margin-top:24.0pt;page-break-after:avoid'>Attest:</p>
  </td>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;page-break-after:avoid'> </p>
  </td>
 </tr>
 <tr style='mso-yfti-irow:2'>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;margin-top:24.0pt;page-break-after:avoid'>By:<u>                                                             
  </u></p>
  </td>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;page-break-after:avoid'> </p>
  </td>
 </tr>
 <tr style='mso-yfti-irow:3;mso-yfti-lastrow:yes'>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;margin-top:24.0pt;page-break-after:avoid'> </p>
  </td>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;page-break-after:avoid'> </p>
  </td>
 </tr>
</table>

<p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;page-break-after:avoid'> </p>

<p style='mso-style-priority:11;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Subtitle Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan;page-break-after:avoid;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;text-transform:uppercase;font-weight:bold;page-break-after:auto'>[Form of Reverse of Security]</p>

<p style='mso-style-name:"Centered Heading\,ch";mso-style-unhide:no;margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan;page-break-after:avoid;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;mso-bidi-font-family:"Times New Roman";font-variant:small-caps;font-weight:bold;margin-bottom:24.0pt;page-break-after:auto'><a
name="_Toc199034059">Macy’s
Retail Holdings, Inc.</a></p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>This Security is one of a duly authorized issue of
securities of the Company (herein called the “<i>Securities</i>”) issued and to
be issued in one or more series under an Indenture, dated as of November 2,
2006 (herein called the “<i>Base</i> <i>Indenture</i>”), by and among the
Company, Macy’s, Inc., as guarantor (the “<i>Guarantor</i>”), and U.S. Bank
National Association, as Trustee (herein called the “<i>Trustee</i>”, which
term includes any successor trustee under the Indenture), as amended and
supplemented by the Sixth Supplemental Indenture, dated as of December 10, 2015 among the Company, the Guarantor and
the Trustee (the “<i>Supplemental Indenture</i>” and, together with the Base
Indenture, the “<i>Indenture</i>”), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights, limitations of rights, duties, and immunities thereunder of the
Company, the Guarantor, the Trustee, and the Holders of the Securities and of
the terms upon which the Securities are, and are to be, authenticated and
delivered. This Security is one of the series designated on the face hereof,
initially limited in aggregate principal amount to $500,000,000.  Subject
to compliance with Section 1.1(c) of the Supplemental Indenture, the
Company is permitted to issue Additional Senior Notes under the Indenture in an
unlimited principal amount.  Any such Additional Senior Notes that are
actually issued shall be treated as issued and outstanding Securities of this
series for all purposes of the Indenture, unless the context clearly indicates
otherwise.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Prior to December 15, 2020 (the “Par Call Date”), the
Securities of this series are redeemable in whole or in part, at the option of
the Company at any time and from time to time, on not less than 30 or more than
60 days’ prior notice transmitted to the Holders of the Securities of this
series (or while any Securities are represented by one or more Global
Securities, such notice shall be delivered to the Depositary for communication
to entitled account Holders), at a Redemption Price equal to the greater of
(i) 100% of the principal amount of the Securities of this series to be
redeemed and (ii) the sum of the present values of the Remaining Scheduled
Payments thereon discounted to the Redemption Date on a semiannual basis
(assuming a 360-day year consisting of twelve 30-day months) at the Treasury
Rate plus 30 basis points,
together in either case with accrued interest on the principal amount being
redeemed to the Redemption Date.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>“<i>Comparable Treasury Issue</i>” means the United States
Treasury security selected by an Independent Investment Banker that would be
utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable
maturity to the Par Call Date.  </p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>“<i>Comparable Treasury Price</i>” means, with respect to
any Redemption Date, (i) the average of the Reference Treasury Dealer
Quotations for such Redemption Date, after excluding the highest and lowest of
such Reference Treasury Dealer Quotations, or (ii) if the Company obtains
fewer than four such Reference Treasury Dealer Quotations, the average of all
such Quotations.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>“<i>Independent Investment Banker</i>” means one of the
Reference Treasury Dealers appointed by the Company. </p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>“<i>Reference Treasury Dealer</i>” means each of Credit
Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Merrill Lynch, Pierce,
Fenner & Smith Incorporated and their respective successors and one other
nationally recognized investment banking firm that is a primary U.S. Government
securities dealer in New York City (a “<i>Primary Treasury Dealer</i>”)
specified from time to time by the Company, except that if any of the foregoing
ceases to be a Primary Treasury Dealer, the Company is required to designate as
a substitute another nationally recognized investment banking firm that is a
Primary Treasury Dealer.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>“<i>Reference Treasury Dealer Quotations</i>” means, with
respect to each Reference Treasury Dealer and any Redemption Date, the average,
as determined by the Company, of the bid and asked prices for the Comparable
Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Company by such Reference Treasury Dealer as of 3:30
p.m., New York City time, on the third Business Day preceding such Redemption
Date.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>“<i>Remaining Scheduled Payments</i>” means, with respect
to each Security of this series to be redeemed, the remaining scheduled
payments of the principal thereof and interest thereon that would be due after
the related Redemption Date to the Par Call Date but for such redemption,
except that, if such Redemption Date is not an interest payment date with
respect to such Security, the amount of the next succeeding scheduled interest
payment thereon will be reduced by the amount of interest accrued thereon to
such Redemption Date.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>“<i>Treasury Rate</i>” means, with respect to any
Redemption Date, the rate per annum equal to the semi-annual equivalent yield
to maturity (computed as of the second business day immediately preceding such
Redemption Date) of the Comparable Treasury Issue, assuming a price for the
Comparable Treasury Issue (expressed as a percentage of its principal amount)
equal to the Comparable Treasury Price for such redemption date.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>At any time on and after the Par Call Date, the Company
may, at its option, redeem the Securities in whole or in part on not less than
30 nor more than 60 days' prior notice transmitted to the Holders of the
Securities of this series to be redeemed. The Securities will be so redeemable
at a Redemption Price equal to 100% of the principal amount of the Securities
to be redeemed plus accrued and unpaid interest on the Securities to be
redeemed to the Redemption Date.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>On and after any Redemption Date, interest will cease to
accrue on the Securities of this series or any portion thereof called for
redemption.  On or prior to any Redemption Date, the Company shall deposit
with a paying agent money sufficient to pay the Redemption Price of and accrued
interest on the Securities of this series to be redeemed on such date.  If
less than all the Securities of this series are to be redeemed, (a) if such
Securities are represented by Global Securities, the Securities of this series
to be redeemed shall be selected for redemption in accordance with the
customary procedures of The Depository Trust Company, a New York corporation
("<i>DTC</i>'), or (b) if such Securities are represented by Securities in
certificated form, the Securities of this series to be redeemed shall be
selected by the Trustee pro rata or by lot or by such method as the Trustee
shall deem fair and appropriate in accordance with methods generally used at
the time of selection by fiduciaries in similar circumstances.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>If a Change of Control Triggering Event occurs, unless the
Company has exercised its right to redeem the Securities of this series, the
Holders of the Securities of this series will have the right to require the
Company to repurchase all or any part (equal to $2,000 or an integral multiple
of $1,000 in excess thereof) of their Securities of this series pursuant to the
Change of Control Offer, on the terms set forth in the Indenture.  In the
Change of Control Offer, the Company will offer payment in cash equal to 101% of the aggregate principal amount
of the Securities of this series repurchased plus accrued and unpaid interest,
if any, on the Securities of this series repurchased, to the date of purchase
in accordance with the terms of the Indenture. </p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>The Indenture contains provisions for defeasance at any
time of (a) the entire indebtedness evidenced by this Security or
(b) certain restrictive covenants and Events of Default with respect to
this Security, in each case upon compliance with certain conditions set forth
in the Indenture.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>If an Event of Default with respect to Securities of this
series shall occur and be continuing, the principal of the Securities of this
series may be declared due and payable in the manner and with the effect
provided in the Indenture.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>The Indenture permits, with certain exceptions as therein
provided, the amendment thereof and the modification of the rights and
obligations of the Company and the Guarantor and the rights of the Holders of
the Securities of each series to be affected under the Indenture at any time by
the Company, the Guarantor and the Trustee with the consent of the Holders of a
majority in principal amount of the Securities at the time Outstanding of each
series to be affected.  The Indenture also contains provisions permitting
the Holders of specified percentages in principal amount of the Securities of
each series at the time Outstanding, on behalf of the Holders of all Securities
of such series, to waive compliance by the Company with certain provisions of
the Indenture and certain past defaults under the Indenture and their
consequences.  Any such consent or waiver by the Holder of this Security
will be conclusive and binding upon such Holder and upon all future Holders of
this Security and of any Security issued upon the registration of transfer
hereof or in exchange herefor or in lieu hereof, whether or not notation of
such consent or waiver is made upon this Security.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>As provided in and subject to the provisions of the
Indenture, the Holder of this Security will not have the right to institute any
proceeding with respect to the Indenture or for the appointment of a receiver
or trustee or for any other remedy thereunder unless such Holder shall have
previously given the Trustee written notice of a continuing Event of Default
with respect to the Securities of this series, the Holders of not less than 25%
in principal amount of the Securities of this series at the time Outstanding
shall have made written request to the Trustee to institute proceedings in
respect of such Event of Default as Trustee and offered the Trustee reasonable
indemnity, and the Trustee shall not have received from the Holders of a
majority in principal amount of Securities of this series at the time
Outstanding a direction inconsistent with such request and shall have failed to
institute such proceeding for 60 calendar days after receipt of such notice,
request, and offer of indemnity. The foregoing shall not apply to any suit
instituted by the Holder of this Security for the enforcement of any payment of
principal hereof or any premium or interest hereon on or after the respective
due dates expressed herein.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>No reference herein to the Indenture and no provision of
this Security or of the Indenture will alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of and
any premium and interest on this Security at the times, place, and rate, and in
the coin or currency, herein prescribed.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of this Security is registerable in
the Security Register, upon surrender of this Security for registration of
transfer at the office or agency of the Company in any place where the
principal of and any premium and interest on this Security are payable, duly
endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Company and the Security Registrar duly executed by, the
Holder hereof or his attorney duly authorized in writing, and thereupon one or
more new Securities of this series and of like tenor, of authorized
denominations and for the same aggregate principal amount, will be issued to
the designated transferee or transferees.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>The Securities of this series are issuable only in
registered form without coupons in denominations of $2,000 and integral
multiples of $1,000.  As provided in the Indenture and subject to certain
limitations therein set forth, Securities of this series are exchangeable for a
like aggregate principal amount of Securities of this series and of like tenor
of a different authorized denomination, as requested by the Holder surrendering
the same.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>No service charge shall be made for any such registration
of transfer or exchange, but the Company may require payment of a sum sufficient
to cover any tax or other governmental charge payable in connection therewith.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Prior to due presentment of this Security for registration
of transfer, the Company, the Guarantor, the Trustee, and any agent of the
Company, the Guarantor or the Trustee may treat the Person in whose name this
Security is registered as the owner hereof for all purposes, whether or not
this Security shall be overdue, and neither the Company, the Guarantor, the
Trustee, nor any such agent will be affected by notice to the contrary.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Unless this Security is presented by an authorized
representative of DTC, to the Company or its agent for registration of
transfer, exchange, or payment, and any Security issued is registered in the
name of Cede & Co. or such other name as is requested by an authorized
representative of DTC (and any payment is made to Cede & Co., or to such
other entity as is requested by an authorized representative of DTC) any
transfer, pledge, or other use hereof for value or otherwise by or to any person
is wrongful<b> </b>because the
registered owner hereof, Cede & Co., has an interest herein.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>All terms used in this Security that are defined in the
Indenture shall have the respective meanings assigned to them in the Indenture.</p>

<p style='mso-style-noshow:yes;mso-style-priority:99;margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:.5in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;margin-left:.5in;text-indent:0in'>The Trustee’s
certificate of authentication shall be in substantially the following form:</p>

<p style='mso-style-name:"Centered Heading\,ch";mso-style-unhide:no;margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan;page-break-after:avoid;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;mso-bidi-font-family:"Times New Roman";font-variant:small-caps;font-weight:bold;'><a name="_Toc199034060">Trustee’s
Certificate Of Authentication</a></p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;margin-bottom:24.0pt;page-break-after:avoid'>This
is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture.</p>

<table style='mso-style-name:"Table Normal";mso-tstyle-rowband-size:0;mso-tstyle-colband-size:0;mso-style-noshow:yes;mso-style-priority:99;mso-style-parent:"";mso-padding-alt:0in 5.4pt 0in 5.4pt;mso-para-margin:0in;mso-para-margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:10.0pt;font-family:"Times New Roman","serif";border-collapse:collapse;mso-yfti-tbllook:1184;mso-padding-alt:0in 0in 0in 0in'>
 <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;page-break-after:avoid'>Dated:<u>                                                      
  </u></p>
  </td>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;page-break-after:avoid'> </p>
  </td>
 </tr>
 <tr style='mso-yfti-irow:1'>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;page-break-after:avoid'> </p>
  </td>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;page-break-after:avoid'>U.S. BANK NATIONAL
  ASSOCIATION, as Trustee</p>
  </td>
 </tr>
 <tr style='mso-yfti-irow:2'>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;margin-top:24.0pt'>By:<u>                                                                     
  </u></p>
  </td>
 </tr>
 <tr style='mso-yfti-irow:3;mso-yfti-lastrow:yes'>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'><i>      Authorized Signatory</i></p>
  </td>
 </tr>
</table>

<p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>

<p style='mso-style-noshow:yes;mso-style-priority:99;margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:.5in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;text-indent:1.0in'>All acts and things necessary to make
the Senior Notes, when the Senior Notes have been executed by the Company and
the Guarantor and authenticated by the Trustee and delivered as provided in the
Indenture and this Supplemental Indenture, the valid, binding, and legal
obligations of the Company and the Guarantor and to constitute these presents a
valid indenture and agreement according to its terms, have been done and
performed, and the execution and delivery by the Company and the Guarantor of
the Indenture and this Supplemental Indenture and the issue hereunder of the
Senior Notes have in all respects been duly authorized; and the Company and the
Guarantor, in each case in the exercise of legal right and power in it vested,
have executed and delivered the Indenture and are executing and delivering this
Supplemental Indenture and propose to make, execute, issue, and deliver the
Senior Notes.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Now, therefore, this
Supplemental Indenture witnesseth:</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>In order to declare the terms and conditions upon which
the Senior Notes are authenticated, issued, and delivered, and in consideration
of the premises and of the purchase and acceptance of the Senior Notes by the
Holders thereof, it is mutually agreed, for the equal and proportionate benefit
of the respective Holders from time to time of the Senior Notes, as follows:</p>

<h1 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 1 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan;page-break-after:avoid;mso-outline-level:1;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;text-transform:uppercase;'>ARTICLE I.  ISSUANCE OF SENIOR NOTES.</h1>

<h2 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 2 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:166.5pt;text-align:justify;text-indent:-1.25in;mso-pagination:widow-orphan;page-break-after:avoid;mso-outline-level:2;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;'>Section 1.1.  Issuance Of Senior Notes; Principal
Amount; Maturity; Additional Senior Notes.</h2>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;'>(a)            
On December 10,
2015 the Company shall issue and
deliver to the Trustee, and the Trustee shall authenticate, Senior Notes
substantially in the form set forth above, in each case with such appropriate
insertions, omissions, substitutions, and other variations as are required or permitted
by the Indenture and this Supplemental Indenture, and with such letters,
numbers, or other marks of identification and such legends or endorsements
placed thereon as may be required to comply with the rules of any securities
exchange or as may, consistently herewith, be determined by the officers
executing such Senior Notes, as evidenced by their execution of such Senior
Notes.</h3>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;'>(b)           
The Senior Notes
shall be issued in the initial aggregate principal amount of $500,000,000 and shall mature on January 15, 2021.</h3>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;'>(c)            
Subject to the
terms and conditions contained herein, the Company may from time to time,
without the consent of the existing Holders of Senior Notes create and issue
additional senior notes (the “<i>Additional Senior Notes</i>”) having the same
terms and conditions as the Senior Notes in all respects, except for issue
date, issue price and the first payment of interest thereon.  Such
Additional Senior Notes, at the Company’s determination and in accordance with
the provisions of the Indenture, will be consolidated with and form a single
series with the previously outstanding Senior Notes for all purposes under the
Indenture, including, without limitation, amendments, waivers and
redemptions.  The aggregate principal amount of the Additional Senior
Notes, if any, shall be unlimited.</h3>

<h2 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 2 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:166.5pt;text-align:justify;text-indent:-1.25in;mso-pagination:widow-orphan;page-break-after:avoid;mso-outline-level:2;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;'>Section 1.2.  Interest On The Senior Notes;
Payment Of Interest.</h2>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;'>(a)            
The Senior Notes
shall bear interest at the rate of 3.450% per annum from December 10, 2015, except in the case of
Additional Senior Notes delivered pursuant to Sections 2.05 or 2.07 of the
Indenture, which shall bear interest from the most recent Interest Payment Date
to which interest has been paid or duly provided for, until the principal
thereof is paid or made available for payment.  Such interest shall be
payable semiannually on January 15 and
July 15 of each year commencing July 15, 2016.</h3>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;'>(b)           
The interest so
payable, and punctually paid or duly provided for, on any Interest Payment Date
shall, as provided in the Indenture, be paid to the Person in whose name a
Senior Note (or one or more Predecessor Securities) is registered at the close
of business on the Regular Record Date for such interest, which shall be the january 1  or July 1 (whether or not a Business Day),
as the case may be, next preceding such Interest Payment Date.  Any such
interest not so punctually paid or duly provided for shall forthwith cease to
be payable to the Holder on such Regular Record Date and may either be paid to
the Person in whose name the Senior Note (or one or more Predecessor
Securities) is registered at the close of business on a Special Record Date for
the payment of such Defaulted Interest to be fixed by the Trustee, notice
whereof shall be given to Holders of the Senior Notes not less than 10 calendar
days prior to such Special Record Date, or be paid at any time in any other
lawful manner not inconsistent with the requirements of any securities exchange
on which the Senior Notes may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in the Indenture.</h3>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;'>(c)            
Subject, in the
case of any Global Security, to any applicable requirements of the Depositary,
payment of the principal of (and premium, if any) and any interest on the
Senior Notes shall be made at the office or agency of the Company maintained
for the purpose in the United States, in immediately available funds.</h3>

<h2 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 2 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:166.5pt;text-align:justify;text-indent:-1.25in;mso-pagination:widow-orphan;page-break-after:avoid;mso-outline-level:2;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;'>
Section 1.3.  Execution, Authentication And
Delivery Of Securities.</h2>

<p style='mso-style-noshow:yes;mso-style-priority:99;margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>The Senior Notes will be executed (which signatures may
be via facsimile) (a) on behalf of the Company by any one of the
President, the Chief Financial Officer, or any Vice President of the Company,
and (b) on behalf of the Guarantor by the President, the Chief Financial
Officer or any Vice President of the Guarantor.</p>

<h1 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 1 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan;page-break-after:avoid;mso-outline-level:1;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;text-transform:uppercase;'>ARTICLE II.  CERTAIN DEFINITIONS.</h1>

<h2 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 2 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:166.5pt;text-align:justify;text-indent:-1.25in;mso-pagination:widow-orphan;page-break-after:avoid;mso-outline-level:2;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;'>Section 2.1.  Certain Definitions.</h2>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>The terms defined in this Section 2.1 (except as
herein otherwise expressly provided or unless the context of this Supplemental
Indenture otherwise requires) for all purposes of this Supplemental Indenture
and of any indenture supplemental hereto have the respective meanings specified
in this Section 2.1.  All accounting terms not otherwise defined
herein have the meanings assigned to them in accordance with GAAP.  All
other terms used in this Supplemental Indenture that are defined in the
Indenture or the Trust Indenture Act, either directly or by reference therein
(except as herein otherwise expressly provided or unless the context of this
Supplemental Indenture otherwise requires), have the respective meanings
assigned to such terms in the Indenture or the Trust Indenture Act, as the case
may be, as in force at the date of this Supplemental Indenture as originally
executed.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>“<i>Bank Facilities</i>” means the Credit Agreement, dated
as of May 10, 2013, among Macy's, Inc., the Company, the lenders party thereto,
JPMorgan Chase Bank, N.A., as administrative agent and paying agent, and Bank
of America, N .A., as administrative agent, as the same may be amended,
supplemented or otherwise modified from time to time.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>“<i>Cash Equivalent</i>” means: (a) obligations
issued or unconditionally guaranteed as to principal and interest by the United
States of America or by any agency or authority controlled or supervised by and
acting as an instrumentality of the United States of America;
(b) obligations (including, but not limited to, demand or time deposits,
bankers’ acceptances and certificates of deposit) issued by a depository
institution or trust company or a wholly owned Subsidiary or branch office of
any depository institution or trust company, provided that (i) such
depository institution or trust company has, at the time of the Company’s or
any Restricted Subsidiary’s Investment therein or contractual commitment
providing for such Investment, capital, surplus, or undivided profits (as of
the date of such institution’s most recently published financial statements) in
excess of $100.0 million and (ii) the commercial paper of such depository
institution or trust company, at the time of the Company’s or any Restricted
Subsidiary’s Investment therein or contractual commitment providing for such
Investment, is rated at least A-1 by S&P, P-1 by Moody’s or F1 by Fitch;
(c) debt obligations (including, but not limited to, commercial paper and
medium term notes) issued or unconditionally guaranteed as to principal and
interest by any corporation, state, or municipal government or agency or
instrumentality thereof, or foreign sovereignty, if the commercial paper of
such corporation, state, or municipal government or foreign sovereignty, at the
time of the Company’s or any Restricted Subsidiary’s Investment therein or
contractual commitment providing for such Investment, is rated at least A-1 by
S&P, P-1 by Moody’s or F1 by Fitch; (d) repurchase obligations with a
term of not more than seven days for underlying securities of the type
described above entered into with a depository institution or trust company
meeting the qualifications described in clause (b) above; and
(e) Investments in money market or mutual funds that invest predominantly
in Cash Equivalents of the type described in clauses (a), (b), (c), and
(d) above; <i>provided, however, </i>that, in the case of clauses
(a) through (c) above, each such Investment has a maturity of one
year or less from the date of acquisition thereof.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>“<i>Change of Control</i>” means the occurrence of any of
the following: (1) the direct or indirect sale, lease, transfer,
conveyance or other disposition (other than by way of merger or consolidation),
in one or a series of related transactions, of all or substantially all of the
properties or assets of the Guarantor and its subsidiaries taken as a whole to
any Person other than the Guarantor or one of its subsidiaries; (2) the
consummation of any transaction (including, without limitation, any merger or
consolidation) the result of which is that any Person becomes the beneficial
owner, directly or indirectly, of more than 50% of the then outstanding number
of shares of the Guarantor’s Voting Stock or other Voting Stock into which the
Voting Stock of the Guarantor is reclassified, consolidated, exchanged or
changed, measured by voting power rather than number of shares; (3) the
Guarantor consolidates with, or merges with or into, any Person, or any Person
consolidates with, or merges with or into the Guarantor, in any such event
pursuant to a transaction in which any of the outstanding shares of the
Guarantor’s Voting Stock or the Voting Stock of such other Person is converted
into or exchanged for cash, securities or other property, other than any such
transaction where the shares of the Guarantor’s Voting Stock outstanding
immediately prior to such transaction constitute, or are converted into or
exchanged for, a majority of the Voting Stock of the resulting or surviving
Person or any direct or indirect parent company of the resulting or surviving
Person immediately after giving effect to such transaction; (4) the first
day on which a majority of the members of the Guarantor’s Board of Directors
are not Continuing Directors; or (5) the adoption of a plan providing for
the liquidation or dissolution of the Guarantor.  Notwithstanding the
foregoing, a transaction shall not be deemed to involve a Change of Control
under clause (2) above if (i) the Guarantor becomes a direct or
indirect wholly owned subsidiary of a holding company and (ii)(A) the
direct or indirect holders of the Voting Stock of such holding company
immediately following that transaction are substantially the same as the
holders of the Guarantor’s Voting Stock immediately prior to that transaction
or (B) immediately following that transaction no Person (other than a
holding company satisfying the requirements of this sentence) is the beneficial
owner, directly or indirectly, of more than 50% of the Voting Stock of such
holding company.  The term “Person,” as used in this definition, has the
meaning given thereto in Section 13(d)(3) of the Exchange Act.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>“<i>Change of Control Triggering Event</i>” means the
occurrence of both a Change of Control and a Rating Event.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>“<i>Consolidated Net Tangible Assets</i>” means total
assets (less depreciation and valuation reserves and other reserves and items
deductible from gross book value of specific asset accounts under GAAP) after
deducting therefrom (i) all current liabilities and (ii) all
goodwill, trade names, trademarks, patents, unamortized debt discount,
organization expenses, and other like intangibles, all as set forth on the most
recent balance sheet of the Company and its consolidated Subsidiaries and
computed in accordance with GAAP.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>“<i>Continuing Directors</i>” means, as of any date of
determination, any member of the Board of Directors of the Guarantor who
(1) was a member of such Board of Directors on the date of this
Supplemental Indenture; or (2) was nominated for election or elected to
such Board of Directors with the approval of a majority of the Continuing
Directors who were members of such Board of Directors at the time of such
nomination or election (either by a specific vote or by approval of the
Guarantor’s proxy statement in which such member was named as a nominee for
election as a director, without objection to such nomination).</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>“<i>Existing Indebtedness</i>” means all Indebtedness
under or evidenced by: </p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>—  the Senior Notes;</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;margin-left:1.25in;text-indent:-.25in'>—  the
Company’s 6.375% Senior notes due 2037;</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;margin-left:1.25in;text-indent:-.25in'>—  the
Company’s 5.90% Senior notes due 2016;</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;margin-left:1.25in;text-indent:-.25in'>—  the
Company’s 6.9% Senior debentures due 2029;</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;margin-left:1.25in;text-indent:-.25in'>—  the
Company’s 6.7% Senior debentures due 2034;</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;margin-left:1.25in;text-indent:-.25in'>—  the
Company’s 7.45% Senior debentures due 2017;</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;margin-left:1.25in;text-indent:-.25in'>—  the
Company’s 6.65% Senior debentures due 2024;</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;margin-left:1.25in;text-indent:-.25in'>—  the
Company’s 7.0% Senior debentures due 2028;</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;margin-left:1.25in;text-indent:-.25in'>—  the
Company’s 8.75% Senior debentures due 2029;</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;margin-left:1.25in;text-indent:-.25in'>—  the
Company’s 6.9% Senior debentures due 2032;</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;margin-left:1.25in;text-indent:-.25in'>—  the
Company’s 8.5% Senior debentures due 2019;</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;margin-left:1.25in;text-indent:-.25in'>—  the
Company’s 6.7% Senior debentures due 2028;</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;margin-left:1.25in;text-indent:-.25in'>—  the
Company’s 7.875% Senior debentures due 2030;</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;margin-left:1.25in;text-indent:-.25in'>—  the
Company’s 7.875% Senior debentures due 2036;</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;margin-left:1.25in;text-indent:-.25in'>—  the
Company’s 6.79% Senior debentures due 2027;</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;margin-left:1.25in;text-indent:-.25in'>—  the
Company’s 7.45% Senior debentures due 2016;</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;margin-left:1.25in;text-indent:-.25in'>—  the
Company’s 10.25% Senior debentures due 2021;</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;margin-left:1.25in;text-indent:-.25in'>—  the
Company’s 7.6% Senior debentures due 2025;</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;margin-left:1.25in;text-indent:-.25in'>—  the
Company’s 9.5% amortizing debentures due 2021;</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;margin-left:1.25in;text-indent:-.25in'>—  the
Company’s 9.75% amortizing debentures due 2021;</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>—  the Company’s 3.875% Senior notes due 2022;</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>—  the Company’s 5.125% Senior notes due 2042;</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>—  the Company’s 2.875% Senior notes due 2023;</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>—  the Company’s 4.3% Senior notes due 2043;</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>—  the Company’s 4.375% Senior notes due 2023;</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>—  the Company’s 3.625% Senior notes due 2024;</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>—  the Company’s  4.500% Senior notes due
2034;</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;margin-left:1.25in;text-indent:-.25in'>—  Capital
Lease Obligations of the Company and its Restricted Subsidiaries existing on
the date of issuance of the Senior Notes; and</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;margin-left:1.25in;text-indent:-.25in'>—  the
other secured Indebtedness of the Company or secured or unsecured Indebtedness
of its Restricted Subsidiaries existing on the date of issuance of the Senior Notes.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>“<i>Fitch</i>” means Fitch Ratings, Inc. or its successor.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>“<i>Indebtedness</i>” means, as applied to any Person,
without duplication:</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>(a) all obligations of such Person for borrowed money;</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>(b) all obligations of such Person for the deferred
purchase price of property or services (other than property and services
purchased, and expense accruals and deferred compensation items arising, in the
ordinary course of business);</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>(c) all obligations of such Person evidenced by notes,
bonds, debentures, mandatorily redeemable preferred stock or other similar
instruments (other than performance, surety and appeals bonds arising in the
ordinary course of business);</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>(d) all payment obligations created or arising under any
conditional sale, deferred price or other title retention agreement with
respect to property acquired by such Person (unless the rights and remedies of
the seller or lender under such agreement in the event of default are limited
to repossession or sale of such property);</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>(e) any capital lease obligation of such Person;</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>(f) all reimbursement, payment or similar obligations,
contingent or otherwise, of such Person under acceptance, letter of credit or
similar facilities (other than letters of credit in support of trade
obligations or incurred in connection with public liability insurance, workers’
compensation, unemployment insurance, old-age pensions and other social
security benefits other than in respect of employee benefit plans subject to
ERISA);</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>(g) all obligations of such Person, contingent or
otherwise, under any guarantee by such Person of the obligations of another
Person of the type referred to in clauses (a) through (f) above; and </p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>(h) all obligations referred to in clauses (a) through (f)
above secured by (or for which the holder of such Indebtedness has an existing
right, contingent or otherwise, to be secured by) any mortgage or security
interest in property (including without limitation accounts, contract rights
and general intangibles) owned by such Person and as to which such Person has
not assumed or become liable for the payment of such obligations other than to
the extent of the property subject to such mortgage or security interest;
except that Indebtedness of the type referred to in clauses (g) and (h) above
will be included within the definition of “Indebtedness” only to the extent of
the least of (a) the amount of the underlying Indebtedness referred to in the
applicable clause (a) through (f) above; (b) in the case of clause (g), the
limit on recoveries, if any, from such Person under obligations of the type
referred to in clause (g) above; and (c) in the case of clause (h), the
aggregate value (as determined in good faith by the Company’s Board of
Directors) of the security for such Indebtedness.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>“<i>Investment</i>” means, with respect to any Person, any
direct or indirect loan or other extension of credit or capital contribution to
(by means of any transfer of cash or other property to others or any payment
for property or services for the account or use of others), or any purchase or
acquisition by such Person of any capital stock, bonds, notes, debentures, or
other securities or evidences of Indebtedness issued by any other Person. 
The amount of any Investment shall be the original cost thereof, plus the cost
of all additions thereto, without any adjustments for increases or decreases in
value, write-ups, write-downs, or write-offs with respect to such Investment.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>“<i>Investment Grade Rating</i>” means a rating equal to
or higher than BBB- (or the equivalent) by Fitch, Baa3 (or the equivalent) by
Moody’s and BBB- (or the equivalent) by S&P.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>“<i>Lien</i>” means any mortgage, deed of trust, pledge,
hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or
other), security interest, or preference, priority, or other security agreement
or preferential arrangement of any kind or nature whatsoever intended to assure
payment of any Indebtedness or other obligation, including without limitation
any conditional sale, deferred purchase price, or other title retention
agreement, the interest of a lessor under a Capital Lease Obligation, any
financing lease having substantially the same economic effect as any of the
foregoing, and the filing, under the Uniform Commercial Code or comparable law
of any jurisdiction, of any financing statement naming the owner of the asset
to which such Lien relates as debtor.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>“<i>Moody’s</i>” means Moody’s Investors Service, Inc. or
its successor.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>“<i>Notice</i>” means, with respect to an Offer to
Purchase, a written notice stating:</p>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;'>(a)            
the
Section of this Supplemental Indenture pursuant to which such Offer to
Purchase is being made;</h3>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;'>(b)           
the applicable
Purchase Amount (including, if less than all the Senior Notes, the calculation
thereof pursuant to the Section hereof requiring such Offer to Purchase);</h3>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;'>(c)            
the applicable
Purchase Date;</h3>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;'>(d)           
the purchase
price to be paid by the Company for each $1,000 principal amount at maturity of
Senior Notes accepted for payment (as specified in this Supplemental
Indenture);</h3>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;'>(e)            
that the Holder
of any Senior Note may tender for purchase by the Company all or any portion of
such Senior Note equal to $2,000 principal amount or an integral multiple of
$1,000 in excess thereof;</h3>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;'>(f)            
the place or
places where Senior Notes are to be surrendered for tender pursuant to such
Offer to Purchase;</h3>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;'>(g)           
any Senior Note
not tendered or tendered but not purchased by the Company pursuant to such
Offer to Purchase shall continue to accrue interest as set forth in such Senior
Note and this Supplemental Indenture;</h3>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;'>(h)           
that on the
Purchase Date the purchase price shall become due and payable upon each Senior
Note (or portion thereof) selected for purchase pursuant to such Offer to Purchase
and that interest thereon shall cease to accrue on and after the Purchase Date;</h3>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;'>(i)             
that each Holder
electing to tender a Senior Note pursuant to such Offer to Purchase shall be
required to surrender such Senior Note at the place or places specified in the
Notice prior to the close of business on the fifth Business Day prior to the
Purchase Date (such Senior Note being, if the Company or the Trustee so
requires, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Trustee duly executed by, the
Holder thereof or its attorney duly authorized in writing);</h3>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;'>(j)             
that (i) if
Senior Notes (or portions thereof) in an aggregate principal amount less than
or equal to the Purchase Amount are duly tendered and not withdrawn pursuant to
such Offer to Purchase, the Company shall purchase all such Senior Notes and
(ii) if Senior Notes in an aggregate principal amount in excess of the
Purchase Amount are duly tendered and not withdrawn pursuant to such Offer to
Purchase, (A) the Company shall purchase Senior Notes having an aggregate
principal amount equal to the Purchase Amount and (B) the particular
Senior Notes (or portions thereof) to be purchased shall be selected by such
method as the Trustee shall deem fair and appropriate and which may provide for
the selection for purchase of portions (equal to $2,000 or an integral multiple
of $1,000 in excess thereof) of the principal amount of Senior Notes of a
denomination larger than $2,000;</h3>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;'>(k)           
that, in the
case of any Holder whose Senior Note is purchased only in part, the Company
shall execute, and the Trustee shall authenticate and deliver to the Holder of
such Senior Note without service charge, a new Senior Note or Senior Note of
any authorized denomination as requested by such Holder in an aggregate
principal amount equal to and in exchange for the unpurchased portion of the
Senior Note so tendered; and</h3>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;'>(l)             
any other
information required by applicable law to be included therein.</h3>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>“<i>Offer to Purchase</i>” means an offer to purchase
Senior Notes pursuant to and in accordance with a Notice, in the aggregate
Purchase Amount, on the Purchase Date, and at the purchase price specified in such
Notice (as determined pursuant to this Supplemental Indenture).  Any Offer
to Purchase shall remain open from the time the Notice is sent until the
Purchase Date, and shall be governed by and effected in accordance with, and
the Company and the Trustee shall perform their respective obligations
specified in, the Notice for such Offer to Purchase.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>“<i>Permitted Liens</i>” means:  (a) Liens
(other than Liens on inventory) securing (A) Existing Indebtedness;
(B) Indebtedness under the Bank Facilities in an aggregate principal
amount at any one time not to exceed $2,800.0 million, less (i) principal
payments actually made by the Company on any term loan facility under such Bank
Facilities (other than principal payments made in connection with or pursuant
to a refinancing of the Bank Facilities in compliance with clause (a)(I) below)
and (ii) any amounts by which any revolving credit facility commitments
under the Bank Facilities are permanently reduced (other than permanent
reductions made in connection with or pursuant to a refinancing of the Bank
Facilities in compliance with clause (a)(I) below), except that under no
circumstances shall the total allowable indebtedness under this clause
(a)(B) be less than $1,913.0 million (subject to increase from and after
the date hereof at a rate, compounded annually, equal to 3% per annum) if
incurred for the purpose of providing the Company and its Subsidiaries with
working capital, including without limitation, bankers’ acceptances, letters of
credit, and similar assurances of payment whether as part of the Bank
Facilities or otherwise; (C) Indebtedness existing as of the date hereof
of any Subsidiary of the Company engaged primarily in the business of owning or
leasing real property; (D) Indebtedness incurred for the purpose of
financing store construction and remodeling or other capital expenditures;
(E) Indebtedness in respect of the deferred purchase price of property or
arising under any conditional sale or other title retention agreement;
(F) Indebtedness of a Person acquired by the Company or a Subsidiary of
the Company at the time of such acquisition; (G) to the extent deemed to
be “<i>Indebtedness</i>”, obligations under swap agreements, cap agreements,
collar agreements, insurance agreements, or any other agreement or arrangement,
in each case designed to provide protection against fluctuations in interest
rates, the cost of currency or the cost of goods (other than inventory);
(H) other Indebtedness in outstanding amounts not to exceed, in the
aggregate, the greater of $750.0 million and 12.5% of Consolidated Net Tangible
Assets of the Company and the Restricted Subsidiaries at any particular time;
and (I) Indebtedness incurred in connection with any extension, renewal,
refinancing, replacement, or refunding (including successive extensions,
renewals, refinancings, replacements, or refundings), in whole or in part, of
any Indebtedness of the Company or the Restricted Subsidiaries; <i>provided, </i>that
the principal amount of the Indebtedness so incurred does not exceed the sum of
the principal amount of the Indebtedness so extended, renewed, refinanced,
replaced, or refunded, plus all interest accrued thereon and all related fees
and expenses (including any payments made in connection with procuring any
required lender or similar consents); (b) Liens incurred and pledges and
deposits made in the ordinary course of business in connection with liability
insurance, workers’ compensation, unemployment insurance, old-age pensions, and
other social security benefits other than in respect of employee benefit plans
subject to the Employee Retirement Income Security Act of 1974, as amended;
(c) Liens securing performance, surety, and appeal bonds and other
obligations of like nature incurred in the ordinary course of business;
(d) Liens on goods and documents securing trade letters of credit;
(e) Liens imposed by law, such as carriers’, warehousemen’s, mechanics’,
materialmen’s, and vendors’ Liens, incurred in the ordinary course of business
and securing obligations which are not yet due or which  are being
contested in good faith by appropriate proceedings; (f) Liens securing the
payment of taxes, assessments, and governmental charges or levies, either
(i) not delinquent or (ii) being contested in good faith by
appropriate legal or administrative proceedings and as to which adequate
reserves shall have been established on the books of the relevant Person in
conformity with GAAP; (g) zoning restrictions, easements, rights of way,
reciprocal easement agreements, operating agreements, covenants, conditions, or
restrictions on the use of any parcel of property that are routinely granted in
real estate transactions or do not interfere in any material respect with the
ordinary conduct of the business of the Company and its Subsidiaries or the
value of such property for the purpose of such business; (h) Liens on
property existing at the time such property is acquired; (i) purchase
money Liens upon or in any property acquired or held in the ordinary course of
business to secure Indebtedness incurred solely for the purpose of financing
the acquisition of such property; (j) Liens on the assets of any
Subsidiary of the Company at the time such Subsidiary is acquired;
(k) Liens with respect to obligations in outstanding amounts not to exceed
$100.0 million at any particular time and that (i) are not incurred in
connection with the borrowing of money or obtaining advances or credit (other
than trade credit in the ordinary course of business) and (ii) do not in
the aggregate interfere in any material respect with the ordinary conduct of
the business of the Company and its Subsidiaries; and (l) without limiting
the ability of the Company or any Restricted Subsidiary to create, incur,
assume, or suffer to exist any Lien otherwise permitted under any of the foregoing
clauses, any extension, renewal, or replacement, in whole or in part, of any
Lien described in the foregoing clauses; <i>provided, </i>that any such
extension, renewal, or replacement Lien is limited to the property or assets
covered by the Lien extended, renewed, or replaced or substitute property or
assets, the value of which is determined by the Board of Directors of the
Company to be not materially greater than the value of the property or assets
for which the substitute property or assets are substituted.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>“<i>Purchase Amount</i>” means the aggregate outstanding
principal amount of the Senior Notes required to be offered to be purchased by
the Company pursuant to an Offer to Purchase.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>“<i>Purchase Date</i>” means, with respect to any Offer to
Purchase, a date specified by the Company in such Offer to Purchase not less
than 30 calendar days or more than 60 calendar days after the date the Notice
of such Offer to Purchase (or such other time period as is necessary for the
Offer to Purchase to remain open for a sufficient period of time to comply with
applicable securities laws) is sent.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>“<i>Rating Agencies</i>” means (1) each of Fitch,
Moody’s and S&P; and (2) if any of Fitch, Moody’s or S&P ceases to
rate the Senior Notes or fails to make a rating of the Senior Notes publicly
available for reasons outside of the Company’s control, a “nationally
recognized statistical rating organization” within the meaning of Section
3(a)(62) of the Securities Exchange Act of 1934, as amended (the “<i>Exchange
Act</i>”), selected by the Company (as certified by a resolution of its Board
of Directors) as a replacement agency for Fitch, Moody’s or S&P, or all of
them, as the case may be.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>“<i>Rating Event</i>” means the rating on the Senior Notes
is lowered by at least two of the three Rating Agencies and the Senior Notes
are rated below an Investment Grade Rating by at least two of the three Rating
Agencies, on any day during the period (which period will be extended so long
as the rating of the applicable Senior Notes is under publicly announced
consideration for a possible downgrade by any of the Rating Agencies)
commencing 60 days prior to the first public notice of the occurrence of a
Change of Control or the intention of the Guarantor to effect a Change of
Control and ending 60 days following consummation of such Change of Control.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>“<i>Restricted Subsidiary</i>” means any Subsidiary of the
Company other than an Unrestricted Subsidiary.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>“<i>S&P</i>” means Standard & Poor’s Ratings
Services, a division of McGraw-Hill Financial, Inc. or its successor.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>“<i>Sale and Leaseback Transaction</i>” means, with
respect to any Person, an arrangement with any bank, insurance company, or
other lender or investor or to which such lender or investor is a party
providing for the leasing pursuant to a Capital Lease by such Person or any
Subsidiary of such Person of any property or asset of such Person or such
Subsidiary which has been or is being sold or transferred by such Person or
such Subsidiary to such lender or investor or to any Person to  whom funds
have been or are to be advanced by such lender or investor on the security of
such property or asset.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>“<i>Senior Indebtedness</i>” means any Indebtedness of the
Company or its Subsidiaries other than Subordinated Indebtedness.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>“<i>Significant Subsidiary</i>” means any Subsidiary that
accounts for (a) 10.0% or more of the total consolidated assets of any
Person and its Subsidiaries as of any date of determination or (b) 10.0%
or more of the total consolidated revenues of any Person and its Subsidiaries
for the most recently concluded fiscal quarter.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>“<i>Subordinated Indebtedness</i>” means any Indebtedness
of the Company which is expressly subordinated in right of payment to the
Senior Notes or any Indebtedness of the Guarantor which is expressly
subordinated in right of payment to the Guarantee.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>“<i>Unrestricted Subsidiary</i>” means (a) Macy’s
Credit and Customer Services, Inc., (b) any Subsidiary of the Company the
primary business of which consists of, and is restricted by the charter,
partnership agreement, or similar organizational document of such Subsidiary
to, financing operations on behalf of the Company and its Subsidiaries, and/or
purchasing accounts receivable or direct or indirect interests therein, and/or
making loans secured by accounts receivable or direct or indirect interests
therein (and business related to the foregoing), or which is otherwise
primarily engaged in, and restricted by its charter, partnership agreement, or
similar organizational document to, the business of a finance company (and
business related thereto), which, in accordance with the provisions of this
Supplemental Indenture, has been designated by Board Resolution of the Company
as an Unrestricted Subsidiary, in each case unless and until any of the
Subsidiaries of the Company referred to in the foregoing clauses (a) and
(b) is, in accordance with the provisions of this Supplemental Indenture,
designated by a Board Resolution of the Company as a Restricted Subsidiary, and
(c) any Subsidiary of the Company of which, in the case of a corporation,
more than 50% of the issued and outstanding capital stock having ordinary
voting power to elect a majority of the board of directors of such corporation
(irrespective of whether at the time capital stock of any other class or
classes of such corporation has or might have voting power upon the occurrence
of any contingency), or, in the case of any partnership or other legal entity,
more than 50% of the ordinary equity capital interests, is at the time directly
or indirectly owned or controlled by one or more Unrestricted Subsidiaries and
the primary business of which consists of, and is restricted by the charter,
partnership agreement, or similar organizational document of such Subsidiary
to, financing operations on behalf of the Company and its Subsidiaries, and/or
purchasing accounts receivable or direct or indirect interests therein, and/or
making loans secured by accounts receivable or direct or indirect interests
therein (and business related to the foregoing), or which is otherwise
primarily engaged in, and restricted by its charter, partnership agreement or similar
organizational document to, the business of a finance company (and business
related thereto).</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>“<i>Voting Stock</i>” means, with respect to any specified
“Person” (as that term is used in Section 13(d)(3) of the Exchange
Act) as of any date, the capital stock of such Person that is at the time
entitled to vote generally in the election of the board of directors of such
Person.</p>

<h1 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 1 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan;page-break-after:avoid;mso-outline-level:1;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;text-transform:uppercase;'>ARTICLE III.  CERTAIN COVENANTS.</h1>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>The following covenants shall be applicable to the Company
for so long as any of the Senior Notes are Outstanding.  Nothing in this
paragraph will, however, affect the Company’s rights or obligations under any
other provision of the Indenture or this Supplemental Indenture.</p>

<h2 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 2 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:166.5pt;text-align:justify;text-indent:-1.25in;mso-pagination:widow-orphan;page-break-after:avoid;mso-outline-level:2;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;'>Section 3.1.  Liens.</h2>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>The Company shall not, and shall not permit any Restricted
Subsidiary to, create, incur, assume, or suffer to exist any Liens upon any of
their respective assets, other than Permitted Liens, unless the Senior Notes
are secured by an equal and ratable Lien on the same assets.</p>

<h2 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 2 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:166.5pt;text-align:justify;text-indent:-1.25in;mso-pagination:widow-orphan;page-break-after:avoid;mso-outline-level:2;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;'>Section 3.2.  Sale And Leaseback Transactions.</h2>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>The Company shall not, and shall not permit any Restricted
Subsidiary to, enter into any Sale and Leaseback Transaction unless the net
cash proceeds therefrom are applied as follows:  to the extent that
the aggregate amount of net cash proceeds (net of all legal, title, and
recording tax expenses, commissions, and other fees and expenses incurred, and
all federal, state, provincial, foreign, and local or other taxes and reserves
required to be accrued as a liability, as a consequence of such Sale and Leaseback
Transaction, net of all payments made on any Indebtedness that is secured by
the assets subject to such Sale and Leaseback Transaction in accordance with
the terms of any Liens upon or with respect to such assets or which must by the
terms of such Lien, or in order to obtain a necessary consent to such Sale and
Leaseback Transaction or by applicable law be repaid out of the proceeds from
such Sale and Leaseback Transaction, and net of all distributions and other
payments made to minority interest holders in Subsidiaries or joint ventures as
a result of such Sale and Leaseback Transaction) from such Sale and Leaseback
Transaction that shall not have been reinvested in the business of the Company
or its Subsidiaries or used to reduce Senior Indebtedness of the Company or its
Subsidiaries within 12 months of the receipt of such proceeds (with Cash
Equivalents being deemed to be proceeds upon receipt of such Cash Equivalents
and cash payments under promissory notes secured by letters of credit or similar
assurances of payment issued by commercial banks of recognized standing being
deemed to be proceeds upon receipt of such payments) shall exceed $100.0
million (“<i>Excess Sale Proceeds</i>”) from time to time, the Company shall
offer to repurchase pursuant to an Offer to Purchase Senior Notes with such
Excess Sale Proceeds (on a <i>pro rata </i>basis with any other Senior
Indebtedness of the Company or its Subsidiaries required by the terms of such
Indebtedness to be repurchased with such Excess Sale Proceeds, based on the
principal amount of such Senior Indebtedness required to be repurchased) at
100% of principal amount, plus accrued and unpaid interest, and to pay related
costs and expenses. Such Offer to Purchase shall be made by delivery of a
Notice to the Trustee and to each Holder of Senior Notes at the address
appearing in the Security Register, by first class mail, postage prepaid 
(or, in the case of Global Securities, such notice shall be delivered to the
Depositary for communication to entitled account Holders), by the Company or,
at the Company’s request given at least five (5) Business Days before such
Notice is to be sent, by the Trustee in the name and at the expense of the
Company, on a date selected by the Company not later than 12 months from the
date such Offer to Purchase is required to be made pursuant to the immediately
preceding sentence.  To the extent that the aggregate purchase price for
Senior Notes or other Senior Indebtedness tendered pursuant to such offer
to repurchase is less than the aggregate purchase price offered in such offer,
an amount of Excess Sale Proceeds equal to such shortfall shall cease to be
Excess Sale Proceeds and may thereafter be used for general corporate
purposes.  On the Purchase Date, the Company shall (i) accept for payment
Senior Notes or portions thereof tendered pursuant to the Offer to Purchase in
an aggregate principal amount equal to the Purchase Amount (selected by such
method as the Trustee shall deem fair and appropriate (and in the case of
Global Securities, in accordance with the applicable procedures of the
Depositary) and which may provide for the selection for purchase of portions
(equal to $2,000 or an integral multiple of $1,000 in excess thereof) of the
principal amount of Senior Notes of a denomination larger than $2,000),
(ii) deposit with the Paying Agent money sufficient to pay the purchase
price of all Senior Notes or portions thereof so accepted, and
(iii) deliver to the Trustee Senior Notes so accepted. The Paying Agent
shall promptly mail (or pay by wire transfer) to the Holders of Senior Notes so
accepted payment in an amount equal to the purchase price, and the Trustee
shall promptly authenticate and send to such Holders a new Senior Note equal in
principal amount to any unpurchased portion of each Senior Note surrendered
(or, in the case of Global Securities, cause the principal amount of such
Global Security to be adjusted appropriately).</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Election of the Offer to Purchase by a Holder of Senior
Notes shall (unless otherwise provided by law) be irrevocable.  The
payment of accrued interest as part of any repurchase price on any Purchase
Date shall be subject to the right of Holders of record of Senior Notes on the
relevant Regular Record Date to receive interest due on an Interest Payment Date
that is on or prior to such Purchase Date.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>If an Offer to Purchase Senior Notes is made, the Company
shall comply with all tender offer rules, including but not limited to
Section 14(e) of the Exchange Act and Rule 14e-1 thereunder, to
the extent applicable to such Offer to Purchase.  To the extent that the
provisions of any securities laws or regulations conflict with the provisions
of the Indenture related to limitations on Sale and Leaseback Transactions, the
Company shall comply with the applicable securities laws and regulations and
will not be deemed to have breached its obligations under the provisions of the
Indenture related to limitations on Sale and Leaseback Transactions by virtue
of such conflicts.</p>

<h2 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 2 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:166.5pt;text-align:justify;text-indent:-1.25in;mso-pagination:widow-orphan;page-break-after:avoid;mso-outline-level:2;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;'>Section 3.3.  Permitting Unrestricted Subsidiaries
To Become Restricted Subsidiaries.</h2>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>The Company shall not permit any Unrestricted Subsidiary
to be designated as a Restricted Subsidiary unless such Subsidiary is otherwise
in compliance with all provisions of the Indenture and this Supplemental
Indenture that apply to Restricted Subsidiaries.</p>

<h2 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 2 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:166.5pt;text-align:justify;text-indent:-1.25in;mso-pagination:widow-orphan;page-break-after:avoid;mso-outline-level:2;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;'>Section 3.4.  Payment Office.</h2>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>The Company shall cause a payment office for the Senior
Notes to be maintained at all times in the United States.</p>

<h1 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 1 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan;page-break-after:avoid;mso-outline-level:1;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;text-transform:uppercase;'>ARTICLE IV.  ADDITIONAL EVENTS OF DEFAULT.</h1>

<h2 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 2 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:166.5pt;text-align:justify;text-indent:-1.25in;mso-pagination:widow-orphan;page-break-after:avoid;mso-outline-level:2;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;'>Section 4.1.  Additional Events Of Default.</h2>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>In addition to the Events of Default set forth in the
Indenture, the term “<i>Event of Default</i>,” whenever used in the Indenture
or this Supplemental Indenture with respect to the Senior Notes, means any one of
the following events (whatever the reason for such Event of Default and whether
it may be voluntary or involuntary or be effected by operation of law or
pursuant to any judgment, decree, or order of any court or any order, rule, or
regulation of any administrative or governmental body):</p>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;'>(a)            
the failure to
redeem the Senior Notes when required pursuant to the terms and conditions
thereof or to pay the repurchase price for Senior Notes to be repurchased in
accordance with Section 3.2 of this Supplemental Indenture;</h3>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;'>(b)           
any nonpayment
at maturity or other default under any agreement or instrument relating to any
other Indebtedness of the Company or any of its Restricted Subsidiaries (the
unpaid principal amount of which is not less than $100.0 million), and, in any
such case, such default (i) continues beyond any period of grace provided
with respect thereto and (ii) results in such Indebtedness becoming due
prior to its stated maturity or occurs at the final maturity of such Indebtedness;</h3>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;'>(c)            
the entry of one
or more final judgments or orders for the payment of money against the Company,
the Guarantor or any of their respective Restricted Subsidiaries, which
judgments and orders create a liability of $100.0 million or more in excess of
insured amounts and have not been stayed (by appeal or otherwise), vacated,
discharged, or otherwise satisfied within 60 calendar days of the entry of such
judgments and orders; </h3>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;'>(d)           
the Guarantee
ceases to be in full force and effect (except as contemplated by the terms of
the Indenture) or is declared in a judicial proceeding to be null and void, or
the Guarantor denies or disaffirms in writing its obligation under the
Guarantee; and</h3>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;'>(e)            
Events of
Default of the type and subject to the conditions set forth in clauses (vii)
and (viii) of Section 8.01(a) of the Indenture in respect of any
Significant Subsidiary or, in related events, any group of Subsidiaries of the
Company or Guarantor which, if considered  in the aggregate, would be a
Significant Subsidiary of the Company or Guarantor.</h3>

<h1 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 1 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan;page-break-after:avoid;mso-outline-level:1;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;text-transform:uppercase;'>ARTICLE V.  DEFEASANCE.</h1>

<h2 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 2 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:166.5pt;text-align:justify;text-indent:-1.25in;mso-pagination:widow-orphan;page-break-after:avoid;mso-outline-level:2;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;'>Section 5.1.  Applicability Of Article V Of
The Indenture.</h2>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;'>(a)            
The Senior Notes
shall be subject to Defeasance and Covenant Defeasance as provided in
Article V of the Indenture; <i>provided, however, </i>that no Defeasance
or Covenant Defeasance shall be effective unless and until:</h3>

<h4 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 4 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:.5in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:4;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;font-weight:normal;'>(i)                
there shall have
been delivered to the Trustee the opinion of a nationally recognized
independent public accounting firm certifying the sufficiency of the amount of
the moneys, U.S. Government Obligations, or a combination thereof, placed on
deposit to pay, without regard to any reinvestment, the principal of and any premium
and interest on the Senior Notes on the Stated Maturity thereof or on any
earlier date on which the Senior Notes shall be subject to redemption;</h4>

<h4 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 4 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:.5in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:4;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;font-weight:normal;'>(ii)              
there shall have
been delivered to the Trustee the certificate of a Responsible Officer of the
Company certifying, on behalf of the Company, to the effect that such
Defeasance or Covenant Defeasance shall not result in a breach or violation of,
or constitute a default under, any agreement to which the Company is a party or
violate any law to which the Company is subject; and</h4>

<h4 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 4 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:.5in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:4;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;font-weight:normal;'>(iii)            
No Event of
Default or event that (after notice or lapse of time or both) would become an
Event of Default shall have occurred and be continuing at the time of such
deposit or, with regard to any Event of Default or any such event specified in
Sections 8.01(a)(vii) and (viii), at any time on or prior to the 124th
calendar day after the date of such deposit (it being understood that this
condition shall not be deemed satisfied until after such 124th calendar day).</h4>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;'>(b)           
Upon the
exercise of the option provided in Section 5.01 of the Indenture to have
Section 5.03 of the Indenture applied to the Outstanding Senior Notes, in
addition to the obligations from which the Company shall be released specified
in the Indenture, the Company shall be released from its obligations under
Article III hereof.</h3>

<h1 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 1 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan;page-break-after:avoid;mso-outline-level:1;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;text-transform:uppercase;'>ARTICLE VI.  REDEMPTION OF SENIOR NOTES.</h1>

<h2 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 2 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:166.5pt;text-align:justify;text-indent:-1.25in;mso-pagination:widow-orphan;page-break-after:avoid;mso-outline-level:2;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;'>Section 6.1.  Right Of Redemption.</h2>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>The Senior Notes may be redeemed by the Company in
accordance with the provisions of the form of Senior Note set forth herein.</p>

<h1 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 1 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan;page-break-after:avoid;mso-outline-level:1;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;text-transform:uppercase;'>ARTICLE VII.  CHANGE
OF CONTROL</h1>

<h2 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 2 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:166.5pt;text-align:justify;text-indent:-1.25in;mso-pagination:widow-orphan;page-break-after:avoid;mso-outline-level:2;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;'>Section 7.1.  Repurchase
At The Option Of Holders.</h2>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>If a Change of Control Triggering Event occurs, unless the
Company has exercised its right to redeem the Senior Notes in whole, Holders of
Senior Notes will have the right to require the Company to repurchase all or
any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof)
of their Senior Notes pursuant to the offer described below (the “<i>Change of
Control Offer</i>”).  In the Change of Control Offer, the Company shall
offer payment in cash equal to 101%
of the aggregate principal amount of Senior Notes repurchased plus accrued and
unpaid interest, if any, on the Senior Notes repurchased, to the date of
purchase (the “<i>Change of Control Payment</i>”).  Within 30 days
following any Change of Control Triggering Event or, at the option of the
Company, prior to any Change of Control, but after public announcement of the
transaction or transactions that constitute or may constitute the Change of
Control, the Company shall send a notice to Holders of Senior Notes (or while
any Securities are represented by one or more Global Notes, such notice shall
be delivered to the Depositary for communication to entitled account Holders) describing
the transaction or transactions that constitute or may constitute the Change of
Control Triggering Event and offering to repurchase the Senior Notes on the
date specified in the notice, which date will be no earlier than 30 days and no
later than 60 days from the date such notice is sent (the “<i>Change of Control
Payment Date</i>”), pursuant to the procedures required by the Indenture and
described in such notice, which offer will constitute the Change of Control
Offer. The notice will, if sent prior to the date on which the Change of
Control occurs, state that the Change of Control Offer is conditioned on the
Change of Control Triggering Event occurring on or prior to the applicable
Change of Control Payment Date.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>On the Change of Control Payment Date, the Company shall
be required, to the extent lawful, to:</p>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;'>(a)            
accept for
payment all Senior Notes or portions of Senior Notes properly tendered pursuant
to the Change of Control Offer;</h3>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;'>(b)           
deposit with the
paying agent an amount equal to the Change of Control Payment in respect of all
Senior Notes or portions of Senior Notes properly tendered; and</h3>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;'>(c)            
deliver or cause
to be delivered to the Trustee the Senior Notes properly accepted together with
an Officers’ Certificate stating the aggregate principal amount of Senior Notes
or portions of Senior Notes being purchased.</h3>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>The Company shall not be required to make a Change of
Control Offer upon the occurrence of a Change of Control Triggering Event if a
third party makes such an offer in the manner, at the times and otherwise in
compliance with the requirements for an offer made by the Company and the third
party repurchases all Senior Notes properly tendered and not withdrawn under
its offer.  In addition, the Company shall not be required to repurchase
any Senior Notes if it has given written notice of a redemption in whole of the
Senior Notes.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>The Company shall comply with the requirements of
Rule 14e-1 of the Exchange Act and any other securities laws and
regulations thereunder to the extent those laws and regulations are applicable
in connection with the repurchase of the Senior Notes as a result of a Change
of Control Triggering Event.  To the extent that the provisions of any
securities laws or regulations conflict with the Change of Control provisions
of the Indenture, the Company shall be required to comply with the applicable
securities laws and regulations and will not be deemed to have breached its
obligations under this Article VII by virtue of such compliance.</p>

<h1 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 1 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan;page-break-after:avoid;mso-outline-level:1;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;text-transform:uppercase;'><a name="_Toc437360952">ARTICLE VIII.  </a>AMENDMENTS
TO RECITALS of the base indenture</h1>

<h2 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 2 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:166.5pt;text-align:justify;text-indent:-1.25in;mso-pagination:widow-orphan;page-break-after:avoid;mso-outline-level:2;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;text-align:left'><a name="_Toc437360953">Section
8.1.  </a>Recitals.</h2>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>The Recitals section of the Base Indenture shall be
amended and restated and replaced in its entirety by the following:</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>“A.  The Company and the Guarantor have duly
authorized the execution and delivery of this Indenture to provide for the
issuance from time to time of the Company’s unsecured debentures, notes, and
other evidences of indebtedness (the “Securities”), to be issued in one or more
series as in this Indenture provided.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>B.  The Securities of each series will be in
substantially the form set forth below, or in such other form as may be
established by or pursuant to a Board Resolution or in one or more indentures
supplemental hereto, in each case with such appropriate insertions, omissions,
substitutions, and other variations as are required or permitted by this
Indenture, and may have such letters, numbers, or other marks of identification
and such legends or endorsements placed thereon as may be required to comply
with the rules of any securities exchange or as may, consistently herewith, be
determined by the officers executing such Securities, as evidenced by their
execution of the Securities.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>[Form of Face of Security]</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>[Insert any legend required by the Internal<br>
Revenue Code and the regulations thereunder.]</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;margin-left:.5in;text-indent:-.25in'>•<font style="font-size: 7.0pt">        
</font><b>Macy’s Retail Holdings, Inc.</b></p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>___________________</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>CUSIP No. ____</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>No.  _______  $_____</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Macy’s Retail Holdings, Inc., a corporation duly organized
and existing under the laws of the State of New York (hereinafter called the
“Company,” which term includes any successor Person under the Indenture
hereinafter referred to), for value received, hereby promises to pay to <u>                                            
</u>, or registered assigns, the principal sum of $<u>                       
</u>on <u>                                                      
</u>[<u>if the Security is to bear interest prior to Maturity, insert</u>: 
“, and to pay interest thereon from <u>                                  
</u>or from the most recent Interest Payment Date to which interest has been
paid or duly provided for, on <u>                         </u>
and <u>                                
            </u>in each
year, commencing on _____________ , at the rate of <u>         
</u>% per annum, until the principal hereof is paid or made available for
payment [<u>if applicable, insert</u>:  “, and at the rate of <u>       
</u>% per annum on any overdue principal and premium and on any overdue
installment of interest”].  The interest so payable, and punctually paid
or duly provided for, on any Interest Payment Date will, as provided in such
Indenture, be paid to the Person in whose name this Security (or one or more
Predecessor Securities) is registered at the close of business on the Regular
Record Date for such interest, which will be the <u>                                         
</u>or <u>                               
</u>(whether or not a Business Day), as the case may be, next preceding such
Interest Payment Date.  Any such interest not so punctually paid or duly
provided for will forthwith cease to be payable to the Holder on such Regular
Record Date and may either be paid to the Person in whose name this Security
(or one or more Predecessor Securities) is registered at the close of business
on a Special Record Date for the payment of such Defaulted Interest to be fixed
by the Trustee, notice whereof will be given to Holders of Securities of this
series not less than 10 calendar days prior to such Special Record Date, or be
paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Securities of this series
may be listed, and upon such notice as may be required by such exchange, all as
more fully provided in said Indenture”].</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>[<u>If the Security is not to bear interest prior to
Maturity, insert</u>: “The principal of this Security will not bear interest
except in the case of a default in payment of principal upon acceleration, upon
redemption, or at Stated Maturity, and in such case the overdue principal of
this Security will bear interest at the rate of <u>   </u>% per annum
which will accrue from the date of such default in payment to the date payment
of such principal has been made or duly provided for.  Interest on any
overdue principal will be payable on demand.  Any such interest on any
overdue principal that is not so paid on demand will bear interest at the rate
of <u>   </u>% per annum which will accrue from the date of such
demand for payment to the date payment of such interest has been made or duly
provided for, and such interest will also be payable on demand.”]</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Payment of the principal of (and premium, if any) and [<u>if
applicable, insert</u>:  “any such”] interest on this Security will be
made at the office or agency of the Company maintained for the purpose in <u>                         
            </u>, in
such coin or currency of the United States of America as at the time of payment
is legal tender for payment of public and private debts [<u>if applicable,
insert</u>: “; <u>provided</u>, <u>however</u>, that at the option of the
Company payment of interest may be made by check mailed to the address of the
Person entitled thereto as such address appears in the Security Register”].</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Macy’s, Inc., a corporation duly organized and existing
under the laws of the State of Delaware (herein called the “Parent”), has fully
and unconditionally guaranteed the payment of principal, premium, if any, and
interest on the Security.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS SET
FORTH ON THE REVERSE HEREOF. SUCH PROVISIONS WILL FOR ALL PURPOSES HAVE THE SAME
EFFECT AS THOUGH FULLY SET FORTH IN THIS PLACE.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>This Security will not be valid or become obligatory for
any purpose until the certificate of authentication herein has been signed
manually by the Trustee under the Indenture referred to on the reverse side
hereof.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>In Witness Whereof, this instrument has been duly executed
in accordance with the Indenture.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Macy’s Retail Holdings, Inc.<br>
<br>
<br>
By:<u>                                                     
</u></p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Attest:<br>
<br>
<br>
By:______________</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>[Form of Reverse of Security]</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;margin-left:.5in;text-indent:-.25in'>•<font style="font-size: 7.0pt">        
</font><b>Macy’s Retail Holdings, Inc.</b></p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>This Security is one of a duly authorized issue of
securities of the Company (herein called the “Securities”) issued and to be
issued in one or more series under an Indenture, dated as of _______, 2006
(herein called the “Indenture”), by and among the Company, as Issuer, the
Parent, as Guarantor, and U.S. Bank National Association, a national banking
association duly incorporated and existing under the laws of the United States
of America, as Trustee (herein called the “Trustee,” which term includes any
successor trustee under the Indenture), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights, limitations of rights, duties, and immunities thereunder of the
Company, the Guarantor, the Trustee, and the Holders of the Securities and of
the terms upon which the Securities are, and are to be, authenticated and
delivered.  This Security is one of the series designated on the face
hereof [<u>if applicable, insert</u>: “, limited in aggregate principal amount
to $<u>       ”</u>].</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>[<u>If applicable, insert</u>:  “The Securities of
this series are subject to redemption upon not less than 30 calendar days’
notice by mail (or while any Securities are represented by one or more Global Securities,
such notice shall be delivered to the Depositary for communication to entitled
account Holders),[<u>if applicable, insert</u>:  “(a) on <u>              </u>
in each year commencing with the year <u>          </u>
and ending with the year <u>          </u>
through operation of the sinking fund for this series at a Redemption Price
equal to 100% of the principal amount, and (b)”] at any time [<u>if applicable,
insert</u>:  “on or after <u>          
</u>, <u>    ”</u>], as a whole or in part, at the election
of the Company, at the following Redemption Prices (expressed as percentages of
the principal amount): If redeemed [<u>If applicable, insert</u>:  “on or
before <u>              
</u>, <u>  </u>%, and if redeemed”] during the 12-month period
beginning <u>              
</u> of the years indicated,</p>

<table style='mso-style-name:"Table Normal";mso-tstyle-rowband-size:0;mso-tstyle-colband-size:0;mso-style-noshow:yes;mso-style-priority:99;mso-style-parent:"";mso-padding-alt:0in 5.4pt 0in 5.4pt;mso-para-margin:0in;mso-para-margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:10.0pt;font-family:"Times New Roman","serif";border-collapse:collapse;mso-yfti-tbllook:1184;mso-padding-alt:0in 0in 0in 0in'>
 <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'>
  <td width=160 valign=bottom style='width:119.7pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'><u>Year</u></p>
  </td>
  <td width=160 valign=bottom style='width:119.7pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;text-indent:0in'>Redemption<u><br>
  Price</u></p>
  </td>
  <td width=160 valign=bottom style='width:119.7pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'><u>Year</u></p>
  </td>
  <td width=160 valign=bottom style='width:119.7pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;text-indent:0in'>Redemption <br>
  <u>Price</u></p>
  </td>
 </tr>
 <tr style='mso-yfti-irow:1'>
  <td width=160 valign=top style='width:119.7pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
  <td width=160 valign=top style='width:119.7pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
  <td width=160 valign=top style='width:119.7pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
  <td width=160 valign=top style='width:119.7pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
 </tr>
 <tr style='mso-yfti-irow:2'>
  <td width=160 valign=top style='width:119.7pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
  <td width=160 valign=top style='width:119.7pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
  <td width=160 valign=top style='width:119.7pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
  <td width=160 valign=top style='width:119.7pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
 </tr>
 <tr style='mso-yfti-irow:3'>
  <td width=160 valign=top style='width:119.7pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
  <td width=160 valign=top style='width:119.7pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
  <td width=160 valign=top style='width:119.7pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
  <td width=160 valign=top style='width:119.7pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
 </tr>
 <tr style='mso-yfti-irow:4'>
  <td width=160 valign=top style='width:119.7pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
  <td width=160 valign=top style='width:119.7pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
  <td width=160 valign=top style='width:119.7pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
  <td width=160 valign=top style='width:119.7pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
 </tr>
 <tr style='mso-yfti-irow:5;mso-yfti-lastrow:yes'>
  <td width=160 valign=top style='width:119.7pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
  <td width=160 valign=top style='width:119.7pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
  <td width=160 valign=top style='width:119.7pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
  <td width=160 valign=top style='width:119.7pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
 </tr>
</table>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>and thereafter at a Redemption Price equal to <u>  </u>%
of the principal amount, together in the case of any such redemption [<u>if applicable,
insert</u>:  “whether through operation of the sinking fund or
otherwise)”] with accrued interest to the Redemption Date, but interest
installments the Stated Maturity of which is on or prior to such Redemption
Date will be payable to the Holders of such Securities, or one or more
Predecessor Securities, of record at the close of business on the relevant
Record Dates referred to on the face hereof, all as provided in the
Indenture.”]</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>[<u>If applicable, insert</u>: “The Securities of this
series are subject to redemption  upon not less than 30 calendar days’
notice by mail (or while any Securities are represented by one or more Global
Securities, such notice shall be delivered to the Depositary for communication
to entitled account Holders) ,[<u>if applicable, insert</u>:  “(a) on <u>              
</u> in each year commencing with the year <u>          </u>
and ending with the year <u>          </u>
through operation of the sinking fund for this series at the following
Redemption Prices (expressed as percentages of the principal amount) applicable
to redemption through operation of the sinking fund and (b)”] at any time [<u>if
applicable, insert</u>:  “on or after <u>          
</u>, <u>    ”</u>], as a whole or in part, at the election
of the Company, at the following Redemption Prices (expressed as  percentages
of the principal amount) applicable to redemption otherwise than through
operation of the sinking fund: If redeemed [<u>If applicable, insert</u>: 
“on or before <u>              
</u>, <u>    </u>%, and if redeemed”] during the 12-month
period beginning <u>        </u>of the years
indicated,</p>

<table style='mso-style-name:"Table Normal";mso-tstyle-rowband-size:0;mso-tstyle-colband-size:0;mso-style-noshow:yes;mso-style-priority:99;mso-style-parent:"";mso-padding-alt:0in 5.4pt 0in 5.4pt;mso-para-margin:0in;mso-para-margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:10.0pt;font-family:"Times New Roman","serif";border-collapse:collapse;mso-yfti-tbllook:1184;mso-padding-alt:0in 0in 0in 0in'>
 <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'>
  <td width=213 valign=bottom style='width:159.6pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'><u>Year</u></p>
  </td>
  <td width=213 valign=bottom style='width:159.6pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;text-indent:0in'>Redemption Price For<br>
  Redemption Through<br>
  Operation of the<br>
  <u>Sinking Fund  </u></p>
  </td>
  <td width=213 valign=bottom style='width:159.6pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;text-indent:0in'>Redemption Price For<br>
  Redemption Otherwise<br>
  Than Through Operation<br>
  <u>of the Sinking Fund    </u></p>
  </td>
 </tr>
 <tr style='mso-yfti-irow:1'>
  <td width=213 valign=top style='width:159.6pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
  <td width=213 valign=top style='width:159.6pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
  <td width=213 valign=top style='width:159.6pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
 </tr>
 <tr style='mso-yfti-irow:2'>
  <td width=213 valign=top style='width:159.6pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
  <td width=213 valign=top style='width:159.6pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
  <td width=213 valign=top style='width:159.6pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
 </tr>
 <tr style='mso-yfti-irow:3;mso-yfti-lastrow:yes;height:4.0pt'>
  <td width=213 valign=top style='width:159.6pt;padding:0in 5.4pt 0in 5.4pt;
  height:4.0pt'>
  <p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;text-indent:0in'> </p>
  </td>
  <td width=213 valign=top style='width:159.6pt;padding:0in 5.4pt 0in 5.4pt;
  height:4.0pt'>
  <p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
  <td width=213 valign=top style='width:159.6pt;padding:0in 5.4pt 0in 5.4pt;
  height:4.0pt'>
  <p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
 </tr>
</table>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>and thereafter at a Redemption Price equal to <u>         
</u>% of the principal amount, together in the case of any such redemption
(whether through operation of the sinking fund or otherwise) with accrued
interest to the Redemption Date, but interest installments whose Stated
Maturity is on or prior to such Redemption Date will be payable to the Holders
of such Securities, or one or more Predecessor Securities, of record at the
close of business on the relevant Record Dates referred to on the face hereof,
all as provided in the Indenture.”]</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>[<u>If applicable, insert</u>:  “Notwithstanding the
foregoing, the Company may not, prior to <u>                
</u>, redeem any Securities of this series as contemplated by [<u>if
applicable, insert</u>:  “Clause (b) of”] the preceding paragraph as a
part of, or in anticipation of, any refunding operation by the application,
directly or indirectly, of moneys borrowed having an interest cost to the
Company (calculated in accordance with generally accepted financial practice)
of less than <u>           </u>%
per annum.”]</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>[<u>If applicable, insert</u>:  “The sinking fund for
this series provides for the redemption on <u>                 
            </u>in each
year beginning with the year <u>                        
</u>and ending with the year <u>            </u>
of [<u>if applicable, insert</u>:  “not less than $<u>            </u>
(“mandatory sinking fund”) and not more than”] $<u>            </u>
aggregate principal amount of Securities of this series.  Securities of
this series acquired or redeemed by the Company otherwise than through  [<u>if
applicable, insert</u>: “mandatory”] sinking fund payments may be credited
against subsequent [<u>if applicable, insert</u>:  “mandatory”] sinking
fund payments otherwise required to be made [<u>if applicable, insert</u>: 
“in the inverse order in which they become due”].”]</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'><u>[If the Security is subject to redemption of any kind,
insert</u>:  “In the event of redemption of this Security in part only, a
new Security or Securities of this series and of like tenor for the unredeemed
portion hereof will be issued in the name of the Holder hereof upon the
cancellation hereof.”]</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'><u>[If applicable, insert</u>:  “The Indenture
contains provisions for defeasance at any time of (a) the entire indebtedness
evidenced by this Security or (b) certain restrictive covenants and Events of
Default with respect to this Security, in each case upon compliance with
certain conditions set forth in the Indenture.”]</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'><u>[If the Security is not an Original Issue Discount
Security, insert</u>:  “If an Event of Default with respect to Securities
of this series shall occur and be continuing, the principal of the Securities
of this series may be declared due and payable in the manner and with the
effect provided in the Indenture.”]</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'><u>[If the Security is an Original Issue Discount
Security, insert</u>:  “If an Event of Default with respect to Securities
of this series shall occur and be continuing, an amount of principal of the
Securities of this series may be declared due and payable in the manner and
with the effect provided in the Indenture.  Such amount will be equal to <u>[insert
formula for determining the amount]</u>.  Upon payment (a) of the amount
of principal so declared due and payable and (b) of interest on any overdue
principal and overdue interest, all of the Company’s obligations in respect of
the payment of the principal of and interest, if any, on the Securities of this
series will terminate.”]</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>The Indenture permits, with certain exceptions as therein
provided, the amendment thereof and the modification of the rights and
obligations of the Company, the Guarantor and the rights of the Holders of the
Securities of each series to be affected under the Indenture at any time by the
Company, the Guarantor and the Trustee with the consent of the Holders of a
majority in principal amount of the Securities at the time Outstanding of each
series to be affected.  The Indenture also contains provisions permitting
the Holders of specified percentages in principal amount of the Securities of
each series at the time Outstanding, on behalf of the Holders of all Securities
of such series, to waive compliance by the Company with certain provisions of
the Indenture and certain past defaults under the Indenture and their
consequences.  Any such consent or waiver by the Holder of this Security
will be conclusive and binding upon such Holder and upon all future Holders of
this Security and of any Security issued upon the registration of transfer
hereof or in exchange herefor or in lieu hereof, whether or not notation of
such consent or waiver is made upon this Security.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>As provided in and subject to the provisions of the
Indenture, the Holder of this Security will not have the right to institute any
proceeding with respect to the Indenture or for the appointment of a receiver
or trustee or for any other remedy thereunder, unless such Holder shall have
previously given the Trustee written notice of a continuing Event of Default
with respect to the Securities of this series, the Holders of not less than 25%
in principal amount of the Securities of this series at the time Outstanding
shall have made written request to the Trustee to institute proceedings in
respect of such Event of Default as Trustee and offered the Trustee reasonable
indemnity, and the Trustee shall not have received from the Holders of a
majority in principal amount of Securities of this series at the time
Outstanding a direction inconsistent with such request and shall have failed to
institute such proceeding for 60 calendar days after receipt of such notice,
request, and offer of indemnity.  The foregoing will apply to any suit
instituted by the Holder of this Security for the enforcement of any payment of
principal hereof or any premium or interest hereon on or after the respective
due dates expressed herein.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>No reference herein to the Indenture and no provision of
this Security or of the Indenture will alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of and any
premium and interest on this Security at the times, place, and rate, and in the
coin or currency, herein prescribed.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of this Security is registrable in
the Security Register, upon surrender of this Security for registration of
transfer at the office or agency of the Company in any place where the
principal of and any premium and interest on this Security are payable, duly
endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Company and the Security Registrar duly executed by, the
Holder hereof or his attorney duly authorized in writing, and thereupon one or
more new Securities of this series and of like tenor, of authorized
denominations and for the same aggregate principal amount, will be issued to
the designated transferee or transferees.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>The Securities of this series are issuable only in
registered form without coupons in denominations of $1,000 and integral
multiples thereof.  As provided in the Indenture and subject to certain
limitations therein set forth, Securities of this series are exchangeable for a
like aggregate principal amount of Securities of this series and of like tenor
of a different authorized denomination, as requested by the Holder surrendering
the same.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>No service charge will be made for any such registration
of transfer or exchange, but the Company may require payment of a sum
sufficient to cover any tax or other governmental charge payable in connection
therewith.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Prior to due presentment of this Security for registration
of transfer, the Company, the Trustee, and any agent of the Company or the
Trustee may treat the Person in whose name this Security is registered as the
owner hereof for all purposes, whether or not this Security shall be overdue,
and neither the Company, the Trustee, nor any such agent will be affected by
notice to the contrary.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>All terms used in this Security that are defined in the
Indenture will have the respective meanings assigned to them in the Indenture.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>C.  The Trustee’s certificate of authentication will
be in substantially the following form:</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>[Form of Trustee’s Certificate Of Authentication for
Securities]</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Trustee’s Certificate of Authentication</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>This is one of the Securities of the series designated
therein referred to in the within-mentioned Indenture.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;text-indent:3.25in'>U.S. Bank National Association,<br>
                                                                                
as Trustee<br>
<br style='mso-special-character:line-break'>
<br style='mso-special-character:line-break'>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Dated:  <u>                      
</u>            By:<u>                                         
<br>
</u>                                                                       
      Authorized Signatory</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>D.        Every Global
Security authenticated and delivered hereunder will bear a legend in
substantially the following form:</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>[Form of Legend for Global Securities]</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>This Security is a Global Security within the meaning of
the Indenture hereinafter referred to and is registered in the name of a
Depositary or a nominee thereof.  This Security may not be transferred to,
or registered or exchanged for Securities registered in the name of, any Person
other than the Depositary or a nominee thereof, and no such transfer may be
registered, except in the limited circumstances described in the
Indenture.  Every Security authenticated and delivered upon registration
of transfer of, or in exchange for, or in lieu of, this Security will be a Global
Security subject to the foregoing, except in such limited circumstances.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>E.         All
acts and things necessary to make the Securities, when the Securities have been
executed by the Company and authenticated by the Trustee and delivered as
provided in this Indenture, the valid, binding, and legal obligations of the
Company and to constitute these presents a valid indenture and agreement
according to its terms, have been done and performed, and the execution and
delivery by the Company of this Indenture and the issue hereunder of the
Securities have in all respects been duly authorized; and the Company, in the
exercise of legal right and power in it vested, is executing and delivering
this Indenture and proposes to make, execute, issue, and deliver the
Securities.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'><b>Now, Therefore, this Indenture Witnesseth:</b></p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>In order to declare the terms and conditions upon which
the Securities are authenticated, issued, and delivered, and in consideration
of the premises and of the purchase and acceptance of the Securities by the
Holders thereof, it is mutually covenanted and agreed, for the equal and
proportionate benefit of the respective Holders from time to time of the
Securities or of a series thereof, as follows:”</p>

<h1 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 1 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan;page-break-after:avoid;mso-outline-level:1;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;text-transform:uppercase;'><a name="_Toc437360954">ARTICLE IX.  </a>AMENDMENT TO CERTAIN DEFINED TERMS OF THE
BASE INDENTURE</h1>

<h2 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 2 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:166.5pt;text-align:justify;text-indent:-1.25in;mso-pagination:widow-orphan;page-break-after:avoid;mso-outline-level:2;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;'><a name="_Toc437360955">Section 9.1.  </a>Corporate
Trust Office.</h2>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;text-align:justify'>The definition to <u>Corporate
Trust Office</u> in Section 1.01 of the Base Indenture is hereby amended and
restated and replaced in its entirety by the following: </p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;text-align:justify'>“ “Corporate Trust Office”
means the office of the Trustee at which at any particular time the trust
created by this Indenture shall be administered, which at the date of initial
execution of this Indenture is One Federal Street, 3<sup>rd</sup> Floor,
Boston, Massachusetts 02110, Attention: Corporate Trust Services; except that
with respect to the presentation of Securities for registration of transfer or
exchange, such term shall mean the office or agency of the Trustee in the
Borough of Manhattan, The City of New York, at which at any particular time its
corporate agency business shall be conducted, which office at the date of
initial execution of this Indenture is U.S. Bank National Association, 100 Wall
Street, Suite 1600, New York, New York 10005, Attention: Corporate Trust
Services.”</p>

<h2 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 2 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:166.5pt;text-align:justify;text-indent:-1.25in;mso-pagination:widow-orphan;page-break-after:avoid;mso-outline-level:2;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;'><a name="_Toc437360956">Section 9.2.  </a>Responsible
Officer.</h2>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;'>Subsection (c) of
the definition of <u>Responsible Officer</u> in Section 1.01 of the Base
Indenture is hereby amended and restated and replaced in its entirety by the
following: </h3>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>“(c)      with respect to the
Trustee, means any officer in the Corporate Trust Office who is responsible for
the administration of this Indenture and also means, with respect to a
particular corporate trust matter relating to this Indenture, any other officer
to whom such matter is referred because of his such officer’s knowledge of and
familiarity with the particular subject.” </p>

<h1 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 1 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan;page-break-after:avoid;mso-outline-level:1;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;text-transform:uppercase;'><a name="_Toc437360957">ARTICLE X.  </a>AMENDMENTS TO ARTICLE II OF THE
BASE INDENTURE</h1>

<h2 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 2 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:166.5pt;text-align:justify;text-indent:-1.25in;mso-pagination:widow-orphan;page-break-after:avoid;mso-outline-level:2;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;'><a name="_Toc437360958">Section 10.1.  </a>Registration
of Transfer and Exchange.</h2>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;text-align:left'>Subsection 2.05(d) of the Base Indenture is hereby amended
and restated and replaced in its entirety by the following: </h3>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;text-align:left'>“Every Security presented or surrendered for registration of
transfer or exchange will (if so required by the Company or the Trustee) be
duly endorsed, or be accompanied by a written instrument or instruments of
transfer, in form reasonably satisfactory to the Company and the Security
Registrar duly executed, by the Holder thereof or his attorney duly authorized
in writing.  No service charge will be made for any registration of
transfer or exchange of Securities, but the Company may require payment of a
sum sufficient to cover any tax or other governmental charge that may be
imposed in connection with any registration of transfer or exchange of
Securities, other than exchanges pursuant to Section 2.06, 3.05, or 10.06 not involving
any transfer.  The Company will not be required (i) to issue, register the
transfer of, or exchange Securities of any series during a period beginning at
the opening of business 15 calendar days before the sending of a notice of
redemption of Securities of that series selected for redemption under Section
3.02(c) and ending at the close of business on the day of such delivery or (ii)
to register the transfer of or exchange any Security so selected for redemption
in whole or in part, except, in the case of any Securities to be redeemed in
part, the portion thereof not being redeemed.”</h3>

<h2 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 2 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:166.5pt;text-align:justify;text-indent:-1.25in;mso-pagination:widow-orphan;page-break-after:avoid;mso-outline-level:2;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;'><a name="_Toc437360959">Section 10.2.  </a>Payment
of Interest; Interest Rights Preserved.</h2>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;'>Subsection
2.09(b)(i) of the Base Indenture is hereby amended and restated and replaced in
its entirety by the following:</h3>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;'>“(i) The Company
may elect to make payment of any Defaulted Interest (and interest thereon, if
any) to the Persons in whose names the Securities of such series (or their
respective Predecessor Securities) are registered at the close of business on a
Special Record Date for the payment of such Defaulted Interest, which will be
fixed in the following manner.  The Company will notify the Trustee in
writing of the amount of Defaulted Interest (and interest thereon, if any)
proposed to be paid on each Security of such series and the date of the
proposed payment, and at the same time the Company will deposit with the
Trustee an amount of money equal to the aggregate amount proposed to be paid in
respect of such Defaulted Interest (and interest thereon, if any) or will make
arrangements satisfactory to the Trustee for such deposit prior to the date of
the proposed payment, such money when deposited to be held in trust for the
benefit of the Persons entitled to such Defaulted Interest (and interest thereon,
if any) as in this clause (i) provided.  Thereupon the Trustee will fix a
Special Record Date for the payment of such Defaulted Interest (and interest
thereon, if any) which will be not more than 15 calendar days and not less than
10 calendar days prior to the date of the proposed payment and not less than 10
calendar days after the receipt by the Trustee of the notice of the proposed
payment.  The Trustee will promptly notify the Company of such Special
Record Date and, in the name and at the expense of the Company, will cause
notice of the proposed payment of such Defaulted Interest and the Special
Record Date therefor to be mailed, first-class postage prepaid, to each Holder
of Securities of such series at his address as it appears in the Security
Register (or while any Securities are represented by one or more Global
Securities, such notice shall be delivered to the Depositary for communication
to entitled account Holders), not less than 10 calendar days prior to such
Special Record Date.  Notice of the proposed payment of such Defaulted
Interest (and interest thereon, if any) and the Special Record Date therefor
having been so delivered, such Defaulted Interest will be paid to the Persons
in whose names the Securities of such series (or their respective Predecessor
Securities) are registered at the close of business on such Special Record Date
and will no longer be payable pursuant to the following clause (ii).”</h3>

<h1 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 1 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan;page-break-after:avoid;mso-outline-level:1;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;text-transform:uppercase;'><a name="_Toc437360960">ARTICLE XI.  </a>AMENDMENT TO ARTICLE III OF THE
BASE INDENTURE</h1>

<h2 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 2 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:166.5pt;text-align:justify;text-indent:-1.25in;mso-pagination:widow-orphan;page-break-after:avoid;mso-outline-level:2;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;'><a name="_Toc437360961">Section 11.1.  </a>Election
to Redeem; Notice to Trustee.</h2>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;text-align:left'>Section 3.02(b) of the Base Indenture is hereby amended and
restated and replaced in its entirety by the following: </h3>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;text-align:left'>“ (b) Notice of redemption of Securities to be redeemed at
the election of the Company will be given by the Company or, at the Company’s
request, by the Trustee in the name and at the expense of the Company and will
be irrevocable.  Notice of redemption will be given by mail, first-class
postage prepaid (or while any Securities are represented by one or more Global
Securities, such notice shall be delivered to the Depositary for communication
to entitled account Holders), not less than 30 nor more than 60 calendar days
prior to the Redemption Date, to each Holder of Securities to be redeemed, at
his address appearing in the Security Register.  All notices of redemption
will state:</h3>

<h4 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 4 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:.5in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:4;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;font-weight:normal;text-align:left;text-indent:1.2in'>(i)                the Redemption
Date; </h4>

<h4 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 4 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:.5in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:4;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;font-weight:normal;text-align:left;text-indent:1.2in'>(ii)              
the Redemption
Price; </h4>

<h4 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 4 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:.5in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:4;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;font-weight:normal;text-align:left;text-indent:1.2in'>(iii)              if less than all
the Outstanding Securities of any series are to be redeemed, the identification
(and, in the case of partial redemption of any Securities, the principal
amounts) of the particular Securities to be redeemed; </h4>

<h4 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 4 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:.5in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:4;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;font-weight:normal;text-align:left;text-indent:1.2in'>(iv)              that on the
Redemption Date the Redemption Price will become due and payable upon each such
Security to be redeemed and, if applicable, that interest thereon will cease to
accrue on and after said date; </h4>

<h4 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 4 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:.5in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:4;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;font-weight:normal;text-align:left;text-indent:1.2in'>(v)              
the place or
places where such Securities are to be surrendered for payment of the
Redemption Price; </h4>

<h4 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 4 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:.5in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:4;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;font-weight:normal;text-align:left;text-indent:1.2in'>(vi)              that the
redemption is for a sinking fund, if such is the case; and </h4>

<h4 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 4 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:.5in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:4;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;font-weight:normal;text-align:left;text-indent:1.2in'>(vii)             the specific
provision of this Indenture pursuant to which such Securities are to be
redeemed.”  </h4>

<h1 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 1 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan;page-break-after:avoid;mso-outline-level:1;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;text-transform:uppercase;'><a name="_Toc437360962">ARTICLE XII.  </a>AMENDMENT TO ARTICLE VII OF THE BASE INDENTURE</h1>

<h2 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 2 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:166.5pt;text-align:justify;text-indent:-1.25in;mso-pagination:widow-orphan;page-break-after:avoid;mso-outline-level:2;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;'><a name="_Toc437360963">Section 12.1.  </a>Reports
by Company.</h2>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Section 7.04 of the Base Indenture is hereby amended and
restated and replaced in its entirety by the following: </p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>“ The Company will file with the Trustee and the
Commission, and transmit to Holders, such information, documents, and other
reports, and such summaries thereof, as may be required pursuant to the Trust
Indenture Act at the times and in the manner provided pursuant thereto; <u>provided</u>
that any such information, documents, or reports required to be filed with the
Commission pursuant to Section 13 or 15(d) of the Exchange Act will be filed
with the Trustee within 15 calendar days after the same is so required to be
filed with the Commission, <i>provided</i>, <i>however</i>, that any such
information, documents or reports electronically filed with the Commission
pursuant to Section 13 or 15(d) of the Exchange Act shall be deemed filed with,
and delivered to, the Trustee and transmitted to the Holders at the same time
as filed with the Commission. The Trustee shall have no responsibility to
determine if such filing has occurred.</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Delivery of such reports, information and documents to the
Trustee is for informational purposes only and the Trustee’s receipt of such
shall not constitute constructive notice of any information contained therein,
including the Company’s compliance with any of its covenants hereunder (as to
which the Trustee is entitled to conclusively rely exclusively on Officer’s
Certificates).”</p>

<h1 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 1 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan;page-break-after:avoid;mso-outline-level:1;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;text-transform:uppercase;'><a name="_Toc437360964">ARTICLE XIII.  </a>AMENDMENT TO ARTICLE VIII OF THE BASE INDENTURE</h1>

<h2 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 2 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:166.5pt;text-align:justify;text-indent:-1.25in;mso-pagination:widow-orphan;page-break-after:avoid;mso-outline-level:2;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;'><a name="_Toc437360965">Section 13.1.  </a>Rights of
Holders of Majority in Principal Amount of Outstanding Securities to Direct
Trustee.</h2>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Section 8.06 of the Base Indenture is hereby amended and
restated and replaced in its entirety by the following: </p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>“The Holders of a majority in principal amount of the Outstanding
Securities of any series will have the right to direct the time, method, and
place of conducting any proceeding for any remedy available to the Trustee, or
exercising any trust or power conferred on the Trustee, with respect to the
Securities of such series, provided that (a) the Trustee may refuse to follow
any direction that conflicts with any rule of law or with this Indenture or
that may involve the Trustee in personal liability, and (b) the Trustee may
take any other action deemed proper by the Trustee which is not inconsistent
with such direction.”</p>

<h2 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 2 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:166.5pt;text-align:justify;text-indent:-1.25in;mso-pagination:widow-orphan;page-break-after:avoid;mso-outline-level:2;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;'>Section 13.2.  Notice
of Defaults.</h2>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Section 8.08 of the Base Indenture is hereby amended by
adding the following two sentences after the existing last sentence of such
Section 8.08:</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>“Except as otherwise expressly provided for in this
Indenture, the Trustee shall have no duty to inquire as to the performance of
the Company’s covenants in this Indenture. The Trustee shall not be deemed to
have knowledge of any Default or Event of Default except: (1) any Event of
Default occurring pursuant to Section 8.01(a)(i), (ii) or (iii) (if
applicable); or (2) any Default or Event of Default of which the Trustee shall
have received notice in accordance with the provisions of this Indenture.”</p>

<h1 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 1 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan;page-break-after:avoid;mso-outline-level:1;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;text-transform:uppercase;'><a name="_Toc437360967">ARTICLE XIV.  </a>AMENDMENTS TO ARTICLE IX OF THE BASE INDENTURE.</h1>

<h2 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 2 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:166.5pt;text-align:justify;text-indent:-1.25in;mso-pagination:widow-orphan;page-break-after:avoid;mso-outline-level:2;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;'><a name="_Toc437360968">Section 14.1.  </a>Certain
Rights of Trustee.</h2>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Section 9.02 of the Base Indenture is hereby amended and
restated and replaced in its entirety by the following : </p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>“Subject to the provisions of Section 9.01:  </p>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;text-align:left;text-indent:1.2in'>(a)            
the Trustee may
conclusively rely and will be protected in acting or refraining from acting
upon, whether in its original or facsimile form, any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent,
order, bond, debenture, note, other evidence of indebtedness, or other paper or
document believed by it to be genuine and to have been signed or presented by
the proper party or parties; </h3>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;text-align:left;text-indent:1.2in'>(b)           
any request or
direction of the Company mentioned herein will be sufficiently evidenced by a
Company Request or Company Order and any resolution of the Board of Directors
will be sufficiently evidenced by a Board Resolution; </h3>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;text-align:left;text-indent:1.2in'>(c)            
whenever in the
administration of this Indenture the Trustee shall deem it desirable that a
matter be proved or established prior to taking, suffering, or omitting any
action hereunder, the Trustee (unless other evidence be herein specifically
prescribed) may, in the absence of bad faith on its part, rely upon an
Officer’s Certificate; </h3>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;text-align:left;text-indent:1.2in'>(d)           
the Trustee may
consult with counsel of its selection and the advice of such counsel or any
Opinion of Counsel will be full and complete authorization and protection in
respect of any action taken, suffered, or omitted by it hereunder in good faith
and in reliance thereon; </h3>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;text-align:left;text-indent:1.2in'>(e)            
the Trustee will
be under no obligation to exercise any of the rights or powers vested in it by
this Indenture, at the request or direction of any of the Holders pursuant to
this Indenture, unless such Holders shall have offered to the Trustee security
or indemnity satisfactory to the Trustee against the costs, expenses, and
liabilities which might be incurred by it in compliance with such request or
direction; </h3>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;text-align:left;text-indent:1.2in'>(f)            
the Trustee will
not be bound to make any investigation into the facts or matters stated in any
resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, debenture, note, other evidence of
indebtedness, or other paper or document, but the Trustee, in its discretion,
may make such further inquiry or investigation into such facts or matters as it
may see fit, and, if the Trustee shall determine to make such further inquiry
or investigation, it will be entitled to examine the books, records, and
premises of the Company, personally or by agent or attorney, at the sole
reasonable cost of the Company and shall incur no liability or additional
liability of any kind by reason of such inquiry or investigation; </h3>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;text-align:left;text-indent:1.2in'>(g)           
the Trustee may
execute any of the trusts or powers hereunder or perform any duties hereunder
either directly or by or through agents or attorneys and the Trustee will not
be responsible for any misconduct or negligence on the part of any agent or
attorney appointed with due care by it hereunder; </h3>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;text-align:left;text-indent:1.2in'>(h)           
the Trustee
shall not be liable for any action taken, suffered, or omitted to be taken by
it in good faith and reasonably believed by it to be authorized or within the
discretion or rights or powers conferred upon it by this Indenture;</h3>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;text-align:left;text-indent:1.2in'>(i)             
the Trustee
shall not be liable for any error of judgment made in good faith by a
Responsible Officer, unless it shall be proved that the Trustee was negligent
in ascertaining the pertinent facts;</h3>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;text-align:left;text-indent:1.2in'>(j)             
the Trustee may
request that the Company deliver a certificate setting forth the names of
individuals and/or titles of officers authorized at such time to take specified
actions pursuant to this Indenture, provided that the Trustee reasonably
believes that the last such certificate received from the Company or currently
on file is no longer accurate; </h3>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;text-align:left;text-indent:1.2in'>(k)           
in no event
shall the Trustee be responsible or liable for special, indirect, punitive, or
consequential loss or damage of any kind whatsoever (including, but not limited
to, loss of profit) irrespective of whether the Trustee has been advised of the
likelihood of such loss or damage and regardless of the form of action;</h3>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;text-align:left;text-indent:1.2in'>(l)             
in no event
shall the Trustee be responsible or liable for any failure or delay in the
performance of its obligations hereunder arising out of or caused by, directly
or indirectly, forces beyond its control, including, without limitation,
strikes, work stoppages, accidents, acts of war or terrorism, civil or military
disturbances, nuclear or natural catastrophes or acts of God, and
interruptions, loss or malfunctions of utilities, communications or computer
(software and hardware) services, it being understood that the Trustee shall
use reasonable efforts which are consistent with accepted practices in the
banking industry to resume performance as soon as practicable under the
circumstances.”</h3>

<h2 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 2 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:166.5pt;text-align:justify;text-indent:-1.25in;mso-pagination:widow-orphan;page-break-after:avoid;mso-outline-level:2;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;'><a name="_Toc437360969">Section 14.2.  </a>Compensation
and Reimbursement.</h2>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Section 9.06 of the Base Indenture is hereby amended and
restated and replaced in its entirety by the following: </p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>“The Company will: </p>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;text-align:left;text-indent:1.2in'>(a)            
pay to the
Trustee from time to time such compensation for all services rendered by it
hereunder as the parties shall agree from time to time (which compensation will
not be limited to any provision of law in regard to the compensation of a
trustee of an express trust); </h3>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;text-align:left;text-indent:1.2in'>(b)           
except as
otherwise expressly provided herein, reimburse the Trustee upon its request for
all reasonable expenses, disbursements, and advances incurred or made by the
Trustee in accordance with provision of this Indenture (including the
reasonable compensation and the expenses and disbursements of agents and
counsel), except any such expense, disbursement, or advance as may be
attributable to its negligence or willful misconduct; </h3>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;text-align:left;text-indent:1.2in'>(c)            
indemnify each
of the Trustee and any predecessor Trustee for, and hold the Trustee harmless
against, any and all loss, liability, claim, or expense incurred without
negligence or willful misconduct on its part arising out of or in connection
with the acceptance or administration of the trust or trusts hereunder,
including the costs and expenses of defending itself against any claim or
liability in connection with the exercise or performance of any of its powers
or duties hereunder</h3>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;text-align:left;text-indent:1.2in'>(d)           
as between the
Trustee and holders of the Securities, the Trustee will have a lien prior to
the Securities to secure its right to compensation and indemnification under
this Section 9.06 on all money or property held or collected by the Trustee,
except that held in trust to pay principal and interest on particular
Securities.  Such lien shall not extend to any property or interest of the
Company;</h3>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;text-align:left;text-indent:1.2in'>(e)            
the obligations
of the Company under this Section 9.06 will survive the satisfaction and
discharge of this Indenture and any resignation or removal of the Trustee; and</h3>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>     (f)             When the
Trustee incurs expenses or renders services in connection with an Event of
Default specified in Section 8.01(a)(vii) or Section 8.01(a)(viii), the
expenses (including the reasonable charges and expenses of its counsel) and the
compensation for such services are intended to constitute expenses of
administration under any applicable federal or state bankruptcy, insolvency or
other similar law.”</p>

<h2 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 2 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:166.5pt;text-align:justify;text-indent:-1.25in;mso-pagination:widow-orphan;page-break-after:avoid;mso-outline-level:2;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;'><a name="_Toc437360970">Section 14.3.  </a>Appointment
of Authenticating Agent.</h2>

<h3 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 3 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:1.0in;mso-pagination:widow-orphan;mso-outline-level:3;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;font-weight:normal;text-align:left;text-indent:1.2in'>Section 9.13(c) of the Base
Indenture is hereby amended and restated and replaced in its entirety by the
following: </h3>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>“ (c)     An Authenticating Agent may
resign at any time by giving written notice thereof to the Trustee and to the
Company.  The Trustee may at any time terminate the agency of an
Authenticating Agent by giving written notice thereof to such Authenticating
Agent and to the Company.  Upon receiving such a notice of resignation or
upon such a termination, or in case at any time such Authenticating Agent shall
cease to be eligible in accordance with the provisions this Section 9.13, the
Trustee may appoint a successor Authenticating Agent which shall be acceptable
to the Company and will mail written notice of such appointment by first-class
mail, postage prepaid (or while any Securities are represented by one or more
Global Securities, such notice shall be delivered to the Depositary for
communication to entitled account Holders), to all Holders of Securities of the
series with respect to which such Authenticating Agent will serve, as their
names and addresses appear in the Security Register.  Any successor
Authenticating Agent upon acceptance of its appointment hereunder will become
vested with all the rights, powers, and duties of its predecessor hereunder,
with like effect as if originally named as an Authenticating Agent.  No
successor Authenticating Agent will be appointed unless eligible under the provisions
of this Section 9.13.”</p>

<h1 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 1 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan;page-break-after:avoid;mso-outline-level:1;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;text-transform:uppercase;'><a name="_Toc437360971">ARTICLE XV.  </a>AMENDMENTS TO ARTICLE XIV OF THE BASE INDENTURE</h1>

<h2 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 2 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:166.5pt;text-align:justify;text-indent:-1.25in;mso-pagination:widow-orphan;page-break-after:avoid;mso-outline-level:2;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;'><a name="_Toc437360972">Section 15.1.  </a>Service
of Required Notice to Holders; Waiver.</h2>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Section 14.03 of the Base Indenture is hereby amended and
restated and replaced in its entirety by the following:</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>“ Where this Indenture provides for notice to Holders of
any event, such notice will be sufficiently given (unless otherwise herein
expressly provided) if in writing and mailed, first-class postage prepaid, to
each Holder affected by such event, at his address as it appears in the
Security Register (or while any Securities are represented by one or more
Global Securities, such notice shall be delivered to the Depositary for
communication to entitled account Holders), not later than the latest date (if
any), and not earlier than the earliest date (if any), prescribed for the
giving of such notice.  In any case where notice to Holders is given by
mail, neither the failure to mail such notice, nor any defect in any notice so
mailed, to any particular Holder will affect the sufficiency of such notice
with respect to other Holders.  Where this Indenture provides for notice
in any manner, such notice may be waived in writing by the Person entitled to
receive such notice, either before or after the event, and such waiver will be
the equivalent of such notice.  Waivers of notice by Holders will be filed
with the Trustee, but such filing will not be a condition precedent to the
validity of any action taken in reliance upon such waiver.  In case by reason
of the suspension of regular mail service or by reason of any other cause it
shall be impracticable to give such notice by mail, then such notification as
may be made with the approval of the Trustee will constitute a sufficient
notification for every purpose hereunder.”</p>

<h2 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 2 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:166.5pt;text-align:justify;text-indent:-1.25in;mso-pagination:widow-orphan;page-break-after:avoid;mso-outline-level:2;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;'><a name="_Toc437360973">Section 15.2.  </a>Base
Indenture May be Executed in Counterparts.</h2>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Section 14.10 of the Base Indenture is hereby amended and
restated and replaced in its entirety by the following:</p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>“ This instrument may be executed in any number of
counterparts, each of which will be an original, but such counterparts will
together constitute but one and the same instrument. The exchange of copies of
this Indenture and of signature pages by facsimile or PDF transmission shall
constitute effective execution and delivery of this Indenture as to the parties
hereto and may be used in lieu of the original Indenture for all
purposes.  Signatures of the parties hereto transmitted by facsimile or
PDF shall be deemed to be their original signatures for all purposes.”</p>

<h2 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 2 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:166.5pt;text-align:justify;text-indent:-1.25in;mso-pagination:widow-orphan;page-break-after:avoid;mso-outline-level:2;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;'><a name="_Toc437360974">Section 15.3.  </a>Patriot
Act.</h2>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Article XIV of the Base Indenture is hereby amended by
adding the following Section 14.14 thereto: </p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;text-indent:0in'>“<b>Section
14.14.            
Patriot Act.</b></p>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>The parties hereto acknowledge that in accordance with
Section 326 of the U.S.A. Patriot Act, the Trustee, like all financial
institutions and in order to help fight the funding of terrorism and money
laundering, are required to obtain, verify, and record information that
identifies each person or legal entity that establishes a relationship or opens
an account with the Trustee.  The parties to this Indenture agree that
they will provide the Trustee with such information as they may request in
order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act.”</p>

<h1 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 1 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:center;mso-pagination:widow-orphan;page-break-after:avoid;mso-outline-level:1;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;text-transform:uppercase;'>ARTICLE XVI.  MISCELLANEOUS.</h1>

<h2 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 2 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:166.5pt;text-align:justify;text-indent:-1.25in;mso-pagination:widow-orphan;page-break-after:avoid;mso-outline-level:2;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;'>Section 16.1.  Reference To And Effect On The
Indenture.</h2>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>This Supplemental Indenture shall be construed as
supplemental to the Indenture and all the terms and conditions of this
Supplemental Indenture shall be deemed to be part of the terms and conditions of
the Indenture.  Except as set forth herein, the Indenture heretofore
executed and delivered is hereby (i) incorporated by reference in this
Supplemental Indenture and (ii) ratified, approved and confirmed.</p>

<h2 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 2 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:166.5pt;text-align:justify;text-indent:-1.25in;mso-pagination:widow-orphan;page-break-after:avoid;mso-outline-level:2;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;'>Section 16.2.  Waiver Of Certain Covenants.</h2>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>The Company may omit in any particular instance to comply
with any term, provision, or condition set forth in Article III hereof if
the Holders of a majority in principal amount of the Outstanding Senior Notes
shall, by Act of such Holders, either waive such compliance in such instance or
generally waive compliance with such term, provision or condition, but no such
waiver shall extend to or affect such term, provision, or condition except to
the extent so expressly waived, and, until such waiver shall become effective,
the obligations of the Company and the duties of the Trustee in respect of any
such term, provision, or condition shall remain in full force and effect.</p>

<h2 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 2 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:166.5pt;text-align:justify;text-indent:-1.25in;mso-pagination:widow-orphan;page-break-after:avoid;mso-outline-level:2;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;'>Section 16.3.  Supplemental Indenture May Be
Executed In Counterparts.</h2>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>This instrument may be executed in any number of
counterparts, each of which shall be an original; but such counterparts shall
together constitute but one and the same instrument.</p>

<h2 style='mso-style-priority:9;mso-style-unhide:no;mso-style-qformat:yes;mso-style-link:"Heading 2 Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:166.5pt;text-align:justify;text-indent:-1.25in;mso-pagination:widow-orphan;page-break-after:avoid;mso-outline-level:2;font-size:12.0pt;font-family:"Times New Roman Bold","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;color:black;'>Section 16.4.  Effect Of Headings.</h2>

<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>The Article and Section headings herein are for
convenience only and shall not affect the construction hereof.</p>

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


<p style='mso-style-priority:99;mso-style-link:"Body Text Char";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-indent:1.0in;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>In witness whereof,
the parties hereto have caused this Supplemental Indenture to be duly executed,
and their respective corporate seals to be hereunto affixed and attested, all
as of the day and year first above written.</p>

<table style='mso-style-name:"Table Normal";mso-tstyle-rowband-size:0;mso-tstyle-colband-size:0;mso-style-noshow:yes;mso-style-priority:99;mso-style-parent:"";mso-padding-alt:0in 5.4pt 0in 5.4pt;mso-para-margin:0in;mso-para-margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:10.0pt;font-family:"Times New Roman","serif";border-collapse:collapse;mso-yfti-tbllook:1184;mso-padding-alt:0in 0in 0in 0in'>
 <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'>
  <td width=307 valign=top style='width:3.2in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>[Seal]</p>
  </td>
  <td width=331 valign=top style='width:3.45in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
 </tr>
 <tr style='mso-yfti-irow:1'>
  <td width=307 valign=top style='width:3.2in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
  <td width=331 valign=top style='width:3.45in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>MACY’S RETAIL HOLDINGS, INC.,</p>
  </td>
 </tr>
 <tr style='mso-yfti-irow:2'>
  <td width=307 valign=top style='width:3.2in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
  <td width=331 valign=top style='width:3.45in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>as Issuer</p>
  </td>
 </tr>
 <tr style='mso-yfti-irow:3'>
  <td width=307 valign=top style='width:3.2in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
  <td width=331 valign=top style='width:3.45in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;margin-top:.5in'>By: <u>/s/ Dennis J.
  Broderick                                   
  </u></p>
  </td>
 </tr>
 <tr style='mso-yfti-irow:4'>
  <td width=307 valign=top style='width:3.2in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
  <td width=331 valign=top style='width:3.45in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Name:  Dennis J. Broderick</p>
  </td>
 </tr>
 <tr style='mso-yfti-irow:5'>
  <td width=307 valign=top style='width:3.2in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
  <td width=331 valign=top style='width:3.45in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;margin-left:.55in;text-indent:-.55in'>Title:   
  President</p>
  </td>
 </tr>
 <tr style='mso-yfti-irow:6'>
  <td width=307 valign=top style='width:3.2in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;margin-top:12.0pt'>Attest:</p>
  </td>
  <td width=331 valign=top style='width:3.45in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
 </tr>
 <tr style='mso-yfti-irow:7'>
  <td width=307 valign=top style='width:3.2in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;margin-top:24.0pt'><u>/s/ Susan P.
  Storer                                          
  </u></p>
  </td>
  <td width=331 valign=top style='width:3.45in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
 </tr>
 <tr style='mso-yfti-irow:8'>
  <td width=307 valign=top style='width:3.2in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Name:  Susan P. Storer</p>
  </td>
  <td width=331 valign=top style='width:3.45in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
 </tr>
 <tr style='mso-yfti-irow:9'>
  <td width=307 valign=top style='width:3.2in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Title:    Assistant Treasurer</p>
  </td>
  <td width=331 valign=top style='width:3.45in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
 </tr>
 <tr style='mso-yfti-irow:10'>
  <td width=307 valign=top style='width:3.2in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
  <td width=331 valign=top style='width:3.45in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
 </tr>
 <tr style='mso-yfti-irow:11'>
  <td width=307 valign=top style='width:3.2in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>[Seal]</p>
  </td>
  <td width=331 valign=top style='width:3.45in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
 </tr>
 <tr style='mso-yfti-irow:12'>
  <td width=307 valign=top style='width:3.2in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
  <td width=331 valign=top style='width:3.45in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>MACY’S, INC.,</p>
  </td>
 </tr>
 <tr style='mso-yfti-irow:13'>
  <td width=307 valign=top style='width:3.2in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
  <td width=331 valign=top style='width:3.45in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>as Guarantor</p>
  </td>
 </tr>
 <tr style='mso-yfti-irow:14'>
  <td width=307 valign=top style='width:3.2in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
  <td width=331 valign=top style='width:3.45in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;margin-top:.5in'>By: <u>/s/ Dennis J.
  Broderick                                   
  </u></p>
  </td>
 </tr>
 <tr style='mso-yfti-irow:15'>
  <td width=307 valign=top style='width:3.2in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
  <td width=331 valign=top style='width:3.45in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Name:   Dennis J. Broderick</p>
  </td>
 </tr>
 <tr style='mso-yfti-irow:16'>
  <td width=307 valign=top style='width:3.2in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
  <td width=331 valign=top style='width:3.45in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;margin-left:.55in;text-indent:-40.5pt'>Title:    
  Executive Vice President, General Counsel and Secretary</p>
  </td>
 </tr>
 <tr style='mso-yfti-irow:17'>
  <td width=307 valign=top style='width:3.2in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;margin-top:12.0pt'>Attest:</p>
  </td>
  <td width=331 valign=top style='width:3.45in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
 </tr>
 <tr style='mso-yfti-irow:18'>
  <td width=307 valign=top style='width:3.2in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;margin-top:24.0pt'><u>/s/ Susan P.
  Storer                                          
  </u></p>
  </td>
  <td width=331 valign=top style='width:3.45in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
 </tr>
 <tr style='mso-yfti-irow:19'>
  <td width=307 valign=top style='width:3.2in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Name:  Susan P. Storer</p>
  </td>
  <td width=331 valign=top style='width:3.45in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
 </tr>
 <tr style='mso-yfti-irow:20;mso-yfti-lastrow:yes'>
  <td width=307 valign=top style='width:3.2in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Title:    Assistant Treasurer</p>
  </td>
  <td width=331 valign=top style='width:3.45in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
 </tr>
</table>

<p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>

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


<p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>

<table style='mso-style-name:"Table Normal";mso-tstyle-rowband-size:0;mso-tstyle-colband-size:0;mso-style-noshow:yes;mso-style-priority:99;mso-style-parent:"";mso-padding-alt:0in 5.4pt 0in 5.4pt;mso-para-margin:0in;mso-para-margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:10.0pt;font-family:"Times New Roman","serif";border-collapse:collapse;mso-yfti-tbllook:1184;mso-padding-alt:0in 0in 0in 0in'>
 <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'>
  <td width=307 valign=top style='width:3.2in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
  <td width=331 valign=top style='width:3.45in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;margin-top:12.0pt'>U.S. BANK NATIONAL ASSOCIATION,</p>
  </td>
 </tr>
 <tr style='mso-yfti-irow:1'>
  <td width=307 valign=top style='width:3.2in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
  <td width=331 valign=top style='width:3.45in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>as Trustee</p>
  </td>
 </tr>
 <tr style='mso-yfti-irow:2;height:54.9pt'>
  <td width=307 valign=top style='width:3.2in;padding:0in 5.4pt 0in 5.4pt;
  height:54.9pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
  <td width=331 valign=top style='width:3.45in;padding:0in 5.4pt 0in 5.4pt;
  height:54.9pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;margin-top:.5in'>By: <u>/s/ Carolina D.
  Altomare                                
  </u></p>
  </td>
 </tr>
 <tr style='mso-yfti-irow:3'>
  <td width=307 valign=top style='width:3.2in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
  <td width=331 valign=top style='width:3.45in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Name:   Carolina D. Altomare</p>
  </td>
 </tr>
 <tr style='mso-yfti-irow:4'>
  <td width=307 valign=top style='width:3.2in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
  <td width=331 valign=top style='width:3.45in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'>Title:     Vice President</p>
  </td>
 </tr>
 <tr style='mso-yfti-irow:5'>
  <td width=307 valign=top style='width:3.2in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;margin-top:12.0pt'> </p>
  </td>
  <td width=331 valign=top style='width:3.45in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
 </tr>
 <tr style='mso-yfti-irow:6'>
  <td width=307 valign=top style='width:3.2in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;margin-top:24.0pt'> </p>
  </td>
  <td width=331 valign=top style='width:3.45in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
 </tr>
 <tr style='mso-yfti-irow:7;mso-yfti-lastrow:yes'>
  <td width=307 valign=top style='width:3.2in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
  <td width=331 valign=top style='width:3.45in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>
  </td>
 </tr>
</table>

<p style='mso-style-unhide:no;mso-style-qformat:yes;mso-style-parent:"";margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;'> </p>

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