Document:

Exhibit 4.2

                                                                EXECUTION COPY

                         REGISTRATION RIGHTS AGREEMENT

                             Dated July 20, 2004

                                   among

                      THE MAY DEPARTMENT STORES COMPANY
                                   Issuer

                      THE MAY DEPARTMENT STORES COMPANY
                                 Guarantor

                                    and

                      MORGAN STANLEY & CO. INCORPORATED
                         CITIGROUP GLOBAL MARKETS INC.
                          J.P. MORGAN SECURITIES INC.

                         REGISTRATION RIGHTS AGREEMENT

     THIS REGISTRATION RIGHTS AGREEMENT (the "Agreement") is made and entered
into July 20, 2004, among THE MAY DEPARTMENT STORES COMPANY, a New York
corporation (the "Company"), THE MAY DEPARTMENT STORES COMPANY, a Delaware
corporation (the "Guarantor") and MORGAN STANLEY & CO. INCORPORATED, CITIGROUP
GLOBAL MARKETS INC. and J.P. MORGAN SECURITIES INC. (the "Initial
Purchasers").

     This Agreement is made pursuant to the Purchase Agreement dated July 13,
2004, among the Company, the Guarantor and the Initial Purchasers listed in
Schedule I thereto (the "Purchase Agreement"), which provides for the sale by
the Company to the Initial Purchasers of an aggregate of $400,000,000
principal amount of the Company's 3.95% Notes due 2007, $600,000,000 principal
amount of its 4.80% Notes due 2009, $500,000,000 principal amount of its 5.75%
Notes due 2014, $300,000,000 principal amount of its 6.65% Debentures due 2024
and $400,000,000 principal amount of its 6.70% Debentures due 2034
(collectively, the "Securities").  In order to induce the Initial Purchasers
to enter into the Purchase Agreement, the Company and the Guarantor have
agreed to provide to the Initial Purchasers and their direct and indirect
transferees the registration rights set forth in this Agreement.  The
execution of this Agreement is a condition to the closing under the Purchase
Agreement.

In consideration of the foregoing, the parties hereto agree as follows:

1.   Definitions.

     As used in this Agreement, the following capitalized defined terms shall
have the following meanings:

     "1933 Act" shall mean the Securities Act of 1933, as amended from time to
time.

     "1934 Act" shall mean the Securities Exchange Act of 1934, as amended
from time to time.

     "Business Day" shall mean any day other than a Saturday, Sunday or other
day on which commercial banks in St. Louis, Missouri or New York, New York are
authorized or required by law or executive order to close.

     "Closing Date" shall mean the Closing Date as defined in the Purchase
Agreement.

     "Company" shall have the meaning set forth in the preamble and shall also
include the Company's successors.

     "Exchange Offer" shall mean the exchange offer by the Company of Exchange
Securities for Registrable Securities pursuant to Section 2(a) hereof.

     "Exchange Offer Registration" shall mean a registration under the 1933
Act effected pursuant to Section 2(a) hereof.

     "Exchange Offer Registration Statement" shall mean an exchange offer
registration statement on Form S-4 (or, if applicable, on another appropriate
form) and all amendments and supplements to such registration statement, in
each case including the Prospectus contained therein, all exhibits thereto and
all material incorporated by reference therein.

     "Exchange Securities" shall mean securities issued by the Company to be
offered to Holders in exchange for Securities pursuant to the Exchange Offer
under the Indenture or to the extent permitted under the rules and regulations
of the SEC and the TIA, under the Existing Indenture, containing terms identical
to the Securities (except that (i) interest thereon shall accrue from the last
date on which interest was paid on the Securities or, if no such interest has
been paid, from July 20, 2004; (ii) the Exchange Securities will not contain
restrictions on transfer; and (iii) certain provisions relating to an increase
in the interest rate on the Securities shall be eliminated) and to be offered to
Holders of Securities in exchange for Securities pursuant to the Exchange Offer.

     "Existing Indenture" shall mean that certain Indenture, dated as of June
17, 1996, among the Company, the Guarantor and the Trustee (as successor in
interest to The First National Bank of Chicago), relating to the registered
guaranteed debt securities of the Company.

     "Guarantor" shall have the meaning set forth in the preamble.

     "Holder" shall mean the Initial Purchasers, for so long as they own any
Registrable Securities, and each of their successors, assigns and direct and
indirect transferees who become registered owners of Registrable Securities
under the Indenture; provided that for purposes of Sections 4 and 5 of this
Agreement, the term "Holder" shall include Participating Broker-Dealers (as
defined in Section 4(a)).

     "Indenture" shall mean the Indenture relating to the Securities dated as
of July 20, 2004 between the Company, the Guarantor and J.P. Morgan Trust
Company, National Association, as trustee, and as the same may be amended from
time to time in accordance with the terms thereof.

     "Initial Purchasers" shall have the meaning set forth in the preamble.

     "Majority Holders" shall mean the Holders of a majority of the aggregate
principal amount of outstanding Registrable Securities; provided that whenever
the consent or approval of Holders of a specified percentage of Registrable
Securities is required hereunder, Registrable Securities held by the

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Guarantor, Company or any of their affiliates (as such term is defined in Rule
405 under the 1933 Act) (other than the Initial Purchasers or subsequent
Holders of Registrable Securities if such subsequent holders are deemed to be
such affiliates solely by reason of their holding of such Registrable
Securities) shall not be counted in determining whether such consent or
approval was given by the Holders of such required percentage or amount.

     "Person" shall mean an individual, partnership, limited liability
company, corporation, trust or unincorporated organization, or a government or
agency or political subdivision thereof.

     "Prospectus" shall mean the prospectus included in a Registration
Statement, including any preliminary prospectus, and any such prospectus as
amended or supplemented by any prospectus supplement, including a prospectus
supplement with respect to the terms of the offering of any portion of the
Registrable Securities covered by a Shelf Registration Statement, and by all
other amendments and supplements to such prospectus, and in each case
including all material incorporated by reference therein.

     "Purchase Agreement" shall have the meaning set forth in the preamble.

     "Registrable Securities" shall mean the Securities; provided, however,
that the Securities shall cease to be Registrable Securities (i) when a
Registration Statement with respect to such Securities shall have been
declared effective under the 1933 Act and such Securities shall have been
exchanged or disposed of pursuant to such Registration Statement, (ii) when
such Securities have been sold to the public pursuant to Rule 144(k) (or any
similar provision then in force, but not Rule 144A) under the 1933 Act or
(iii) when such Securities shall have ceased to be outstanding.

     "Registration Expenses" shall mean any and all expenses incident to
performance of or compliance by the Company and the Guarantor with this
Agreement, including without limitation:  (i) all SEC, stock exchange or
National Association of Securities Dealers, Inc. registration and filing fees,
(ii) all fees and expenses incurred in connection with compliance with state
securities or blue sky laws (including reasonable fees and disbursements of
counsel for any underwriters or Holders in connection with blue sky
qualification of any of the Exchange Securities or Registrable Securities),
(iii) all expenses of any Persons in preparing or assisting in preparing, word
processing, printing and distributing any Registration Statement, any
Prospectus, any amendments or supplements thereto, any underwriting
agreements, securities sales agreements and other documents relating to the
performance of and compliance with this Agreement, (iv) all rating agency
fees, (v) all fees and disbursements relating to the qualification of the
Indenture under applicable securities laws, (vi) the fees and disbursements of
the Trustee and its counsel, (vii) the fees and disbursements of counsel for
the Company and, in the case of a Shelf Registration Statement, the fees and
disbursements of one counsel for the Holders (which counsel shall be selected

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by the Majority Holders and which counsel may also be counsel for the Initial
Purchasers) and (viii) the fees and disbursements of the independent public
accountants of the Company, including the expenses of any special audits or
"cold comfort" letters required by or incident to such performance and
compliance, but excluding fees and expenses of counsel to the underwriters
(other than fees and expenses set forth in clause (ii) above) or the Holders
and underwriting discounts and commissions and transfer taxes, if any,
relating to the sale or disposition of Registrable Securities by a Holder.

     "Registration Statement" shall mean any registration statement of the
Company that covers any of the Exchange Securities or Registrable Securities
Pursuant to the provisions of this Agreement and all amendments and supplements
to any such Registration Statement, including post-effective amendments, in each
case including the Prospectus contained therein, all exhibits thereto and all
material incorporated by reference therein.

     "SEC" shall mean the Securities and Exchange Commission.

     "Shelf Registration" shall mean a registration effected pursuant to
Section 2(b) hereof.

     "Shelf Registration Statement" shall mean a "shelf" registration
statement of the Company pursuant to the provisions of Section 2(b) of this
Agreement which covers all of the Registrable Securities (but no other
securities unless approved by the Holders whose Registrable Securities are
covered by such Shelf Registration Statement) on an appropriate form under
Rule 415 under the 1933 Act, or any similar rule that may be adopted by the
SEC, and all amendments and supplements to such registration statement,
including post-effective amendments, in each case including the Prospectus
contained therein, all exhibits thereto and all material incorporated by
reference therein.

     "Trustee" shall mean the trustee with respect to the Securities under the
Indenture.

     "Underwriter" shall have the meaning set forth in Section 3 hereof.

     "Underwritten Registration" or "Underwritten Offering" shall mean a
registration in which Registrable Securities are sold to an Underwriter for
reoffering to the public.

2.   Registration Under the 1933 Act.

     (a)  To the extent not prohibited by any applicable law or applicable
interpretation of the Staff of the SEC, the Company and the Guarantor shall
use their reasonable best efforts to cause to be filed an Exchange Offer
Registration Statement covering the offer by the Company to the Holders to

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exchange all of the Registrable Securities for Exchange Securities not later
than 120 days after the Closing Date and to have such Registration Statement
declared effective not later than 180 days after the Closing Date and remain
effective until the closing of the Exchange Offer.  The Company and the
Guarantor shall commence the Exchange Offer promptly after the Exchange Offer
Registration Statement has been declared effective by the SEC and use their
reasonable best efforts to complete the Exchange Offer not later than 210 days
after the Closing Date.  The Company and the Guarantor shall commence the
Exchange Offer by mailing the related exchange offer Prospectus and
accompanying documents to each Holder stating, in addition to such other
disclosures as are required by applicable law:

          (i)  that the Exchange Offer is being made pursuant to this
     Registration Rights Agreement and that all Registrable Securities validly
     tendered will be accepted for exchange;

          (ii) the dates of acceptance for exchange (which shall be a period
     of at least 20 Business Days from the date such notice is mailed) (the
    "Exchange Dates");

          (iii)that any Registrable Security not tendered will remain
     outstanding and continue to accrue interest, but will not retain any
     rights under this Registration Rights Agreement;

          (iv) that Holders electing to have a Registrable Security exchanged
     pursuant to the Exchange Offer will be required to surrender such
     Registrable Security, together with the enclosed letters of transmittal,
     to the institution and at the address (located in the Borough of
     Manhattan, The City of New York) specified in the notice prior to the
     close of business on the last Exchange Date; and

          (v)  that Holders will be entitled to withdraw their election, not
     later than the close of business on the last Exchange Date, by sending to
     the institution and at the address (located in the Borough of Manhattan,
     The City of New York) specified in the notice a telegram, telex,
     facsimile transmission or letter setting forth the name of such Holder,
     the principal amount of Registrable Securities delivered for exchange and
     a statement that such Holder is withdrawing his election to have such
     Registrable Securities exchanged.

          As soon as practicable after the last Exchange Date, the Company and
     the Guarantor shall:

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          (i)  accept for exchange Registrable Securities or portions thereof
     tendered and not validly withdrawn pursuant to the Exchange Offer; and

          (ii) deliver, or cause to be delivered, to the Trustee for
     cancellation all Registrable Securities or portions thereof so accepted
     for exchange by the Company and issue, and cause the Trustee to promptly
     authenticate and mail to each Holder, an Exchange Security equal in
     principal amount  to the principal amount  of the Registrable Securities
     surrendered by such Holder.

     The Company and the Guarantor shall use their reasonable best efforts to
complete the Exchange Offer as provided above and shall comply with the
applicable requirements of the 1933 Act, the 1934 Act and other applicable
laws and regulations in connection with the Exchange Offer.  The Exchange
Offer shall not be subject to any conditions, other than that the Exchange
Offer does not violate applicable law or any applicable interpretation of the
Staff of the SEC.  To the extent relevant, the Company and the Guarantor shall
inform the Initial Purchasers of the names and addresses of the Holders to
whom the Exchange Offer is made, and the Initial Purchasers shall have the
right, subject to applicable law, to contact such Holders and otherwise
facilitate the tender of Registrable Securities in the Exchange Offer.

     (b)  In the event that (i) the Company or the Guarantor determine that the
Exchange Offer Registration provided for in Section 2(a) above is not
available or may not be consummated as soon as practicable after the last
Exchange Date because it would violate applicable law or the applicable
interpretations of the Staff of the SEC, (ii) the Exchange Offer is not for any
other reason consummated by 210 days after the Closing Date or (iii) the
Exchange Offer has been completed and in the opinion of counsel for the Initial
Purchasers a Registration Statement must be filed and a Prospectus must be
delivered by the Initial Purchasers in connection with any offering or sale of
Registrable Securities, the Company and the Guarantor shall use their
reasonable best efforts to cause to be filed as soon as practicable after such
determination, date or notice of such opinion of counsel is given to the
Company, as the case may be, a Shelf Registration Statement providing for the
sale by the Holders of all of the Registrable Securities and to have such
Shelf Registration Statement declared effective by the SEC.  In the event the
Company is required to file a Shelf Registration Statement solely as a result
of the matters referred to in clause (iii) of the preceding sentence, the
Company and the Guarantor shall use their reasonable best efforts to file and
have declared effective by the SEC both an Exchange Offer Registration
Statement pursuant to Section 2(a) with respect to all Registrable Securities
and a Shelf Registration Statement (which may be a combined Registration
Statement with the Exchange Offer Registration Statement) with respect to
offers and sales of Registrable Securities held by the Initial Purchasers

                                      6

after completion of the Exchange Offer.  The Company and the Guarantor agree
to use their reasonable best efforts to keep the Shelf Registration Statement
continuously effective until the expiration of the period referred to in Rule
144(k) with respect to the Registrable Securities or such shorter period that
ill terminate when all of the Registrable Securities covered by the Shelf
Registration Statement have been sold pursuant to the Shelf Registration
Statement.  The Company and the Guarantor further agree to supplement or amend
the Shelf Registration Statement if required by the rules, regulations or
instructions applicable to the registration form used by the Company for such
Shelf Registration Statement or by the 1933 Act or by any other rules and
regulations thereunder for shelf registration or if reasonably requested by a
Holder with respect to information relating to such Holder, and to use their
reasonable best efforts to cause any such amendment to become effective and
such Shelf Registration Statement to become usable as soon as thereafter
practicable.  The Company and the Guarantor agree to furnish to the Holders of
Registrable Securities copies of any such supplement or amendment promptly
after its being used or filed with the SEC.

     (c)  The Company and the Guarantor, jointly and severally, agree to pay
all Registration Expenses in connection with the registration pursuant to
Section 2(a) and Section 2(b).  Each Holder shall pay all underwriting
discounts and commissions and transfer taxes, if any, relating to the sale or
disposition of such Holder's Registrable Securities pursuant to the Shelf
Registration Statement.

     (d)  An Exchange Offer Registration Statement pursuant to Section 2(a)
hereof or a Shelf Registration Statement pursuant to Section 2(b) hereof will
not be deemed to have become effective unless it has been declared effective
by the SEC; provided, however, that, if, after it has been declared effective,
the offering of Registrable Securities pursuant to a Shelf Registration
Statement is interfered with by any stop order, injunction or other order or
requirement of the SEC or any other governmental agency or court, such
Registration Statement will be deemed not to have become effective during the
period of such interference until the offering of Registrable Securities
pursuant to such Registration Statement may legally resume.  In the event the
Exchange Offer is not consummated and the Shelf Registration Statement is not
declared effective on or prior to 210 days after the Closing Date, the
interest rate on the Securities will be increased by 0.25% per annum until the
Exchange Offer is consummated or the Shelf Registration Statement is declared
effective by the SEC.

     (e)  Without limiting the remedies available to the Initial Purchasers
and the Holders, the Company and the Guarantor acknowledge that any failure by
the Company or the Guarantor to comply with its obligations under Section 2(a)

                                      7

and Section 2(b) hereof may result in material irreparable injury to the
Initial Purchasers or the Holders for which there is no adequate remedy at
law, that it will not be possible to measure damages for such injuries
precisely and that, in the event of any such failure, the Initial Purchasers
or any Holder may obtain such relief as may be required to specifically
enforce the Company's and the Guarantor's obligations under Section 2(a) and
Section 2(b) hereof.

3.   Registration Procedures.

     In connection with the obligations of the Company and the Guarantor with
respect to the Registration Statements pursuant to Section 2(a) and Section
2(b) hereof, the Company and the Guarantor shall:

     (a)  prepare and file with the SEC a Registration Statement on the
appropriate form under the 1933 Act, which form (x) shall be selected by the
Company and the Guarantor and (y) shall, in the case of a Shelf Registration,
be available for the sale of the Registrable Securities by the selling Holders
thereof and (z) shall comply as to form in all material respects with the
requirements of the applicable form and include all financial statements
required by the SEC to be filed therewith, and use their reasonable best
efforts to cause such Registration Statement to become effective and remain
effective in accordance with Section 2 hereof;

     (b)  prepare and file with the SEC such amendments and post-effective
amendments to each Registration Statement as may be necessary to keep such
Registration Statement effective for the applicable period and cause each
Prospectus to be supplemented by any required prospectus supplement and, as so
supplemented, to be filed pursuant to Rule 424 under the 1933 Act; to keep
each Prospectus current during the period described under Section 4(3) and
Rule 174 under the 1933 Act that is applicable to transactions by brokers or
dealers with respect to the Registrable Securities or Exchange Securities;

     (c)  in the case of a Shelf Registration, furnish to each Holder of
Registrable Securities, to counsel for the Initial Purchasers, to counsel for
the Holders and to each Underwriter of an Underwritten Offering of Registrable
Securities, if any, without charge, as many copies of each Prospectus,
including each preliminary Prospectus, and any amendment or supplement thereto
and such other documents as such Holder or Underwriter may reasonably request,
in order to facilitate the public sale or other disposition of the Registrable
Securities; and the Company and the Guarantor consent to the use of such
Prospectus and any amendment or supplement thereto in accordance with
applicable law by each of the selling Holders of Registrable Securities and
any such Underwriters in connection with the offering and sale of the

                                      8

Registrable Securities covered by and in the manner described in such
Prospectus or any amendment or supplement thereto in accordance with
applicable law;

     (d)  use their reasonable best efforts to register or qualify the
Registrable Securities under all applicable state securities or "blue sky"
laws of such jurisdictions as any Holder of Registrable Securities covered by
a Registration Statement shall reasonably request in writing by the time the
applicable Registration Statement is declared effective by the SEC, to
cooperate with such Holders in connection with any filings required to be made
with the National Association of Securities Dealers, Inc. and do any and all
other acts and things which may be reasonably necessary or advisable to enable
such Holder to consummate the disposition in each such jurisdiction of such
Registrable Securities owned by such Holder; provided, however, that each of
the Company and the Guarantor shall not be required to  qualify as a foreign
corporation or as a dealer in securities in any jurisdiction where it would
not otherwise be required to qualify but for this Section 3(d),  file any
general consent to service of process or  subject itself to taxation in any
such jurisdiction if it is not so subject;

     (e)  in the case of a Shelf Registration, notify each Holder of
Registrable Securities, counsel for the Holders and counsel for the Initial
Purchasers promptly and, if requested by any such Holder or counsel, confirm
such advice in writing (i) when a Registration Statement has become effective
and when any post-effective amendment thereto has been filed and becomes
effective, (ii) of any request by the SEC or any state securities authority for
amendments and supplements to a Registration Statement and Prospectus or for
additional information after the Registration Statement has become effective,
(iii) of the issuance by the SEC or any state securities authority of any stop
order suspending the effectiveness of a Registration Statement or the
initiation of any proceedings for that purpose, (iv) if, between the effective
date of a Registration Statement and the closing of any sale of Registrable
Securities covered thereby, the representations and warranties of the Company
and the Guarantor contained in any underwriting agreement, securities sales
agreement or other similar agreement, if any, relating to the offering cease
to be true and correct in all material respects or if the Company or the
Guarantor receives any notification with respect to the suspension of the
qualification of the Registrable Securities for sale in any jurisdiction or
the initiation of any proceeding for such purpose, (v) of the happening of any
event during the period a Shelf Registration Statement is effective which
makes any statement made in such Registration Statement or the related
Prospectus untrue in any material respect or which requires the making of any
changes in such Registration Statement or Prospectus in order to make the
statements therein not misleading and (vi) of any determination by the Company
or the Guarantor that a post-effective amendment to a Registration Statement
would be appropriate;

                                      9

     (f)  make every reasonable effort to obtain the withdrawal of any order
suspending the effectiveness of a Registration Statement at the earliest
possible moment and provide immediate notice to each Holder of the withdrawal
of any such order;

     (g)  in the case of a Shelf Registration, furnish to each Holder of
Registrable Securities, without charge, at least one conformed copy of each
Registration Statement and any post-effective amendment thereto (without
documents incorporated therein by reference or exhibits thereto, unless
requested);

     (h)  in the case of a Shelf Registration, cooperate with the selling
Holders of Registrable Securities to facilitate the timely preparation and
delivery of certificates representing Registrable Securities to be sold and
not bearing any restrictive legends and enable such Registrable Securities to
be in such denominations (consistent with the provisions of the Indenture) and
registered in such names as the selling Holders may reasonably request at
least one Business Day prior to the closing of any sale of Registrable
Securities;

     (i)  in the case of a Shelf Registration, upon the occurrence of any
event contemplated by Section 3(e)(v) hereof, use their reasonable best
efforts to prepare and file with the SEC a supplement or post-effective
amendment to a Registration Statement or the related Prospectus or any
document incorporated therein by reference or file any other required document
so that, as thereafter delivered to the purchasers of the Registrable
Securities, such Prospectus will not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the
statements therein, in light of the circumstances under which they were made,
not misleading.  The Company and the Guarantor agree to notify the Holders to
suspend use of the Prospectus as promptly as practicable after the occurrence
of such an event, and the Holders hereby agree to suspend use of the
Prospectus until the Company and the Guarantor have amended or supplemented
the Prospectus to correct such misstatement or omission;

     (j)  a reasonable time prior to the filing of any Registration Statement,
any Prospectus, any amendment to a Registration Statement or amendment or
supplement to a Prospectus or any document which is to be incorporated by
reference into a Registration Statement or a Prospectus after initial filing
of a Registration Statement, provide copies of such document to the Initial
Purchasers and their counsel (and, in the case of a Shelf Registration
Statement, the Holders and their counsel), except as required to be filed by
applicable law, and make such of the representatives of the Company as shall
be reasonably requested by the Initial Purchasers or their counsel (and, in
the case of a Shelf Registration Statement, the Holders or their counsel)

                                     10

available for discussion of such document, and shall not at any time file or
make any amendment to the Registration Statement, any Prospectus or any
amendment of or supplement to a Registration Statement or a Prospectus or any
document which is to be incorporated by reference into a Registration
Statement or a Prospectus, of which the Initial Purchasers and their counsel
(and, in the case of a Shelf Registration Statement, the Holders and their
counsel) shall not have previously been advised and furnished a copy or to
which the Initial Purchasers or their counsel (and, in the case of a Shelf
Registration Statement, the Holders or their counsel) shall object;

     (k)  obtain a CUSIP number for all Exchange Securities or Registrable
Securities, as the case may be, not later than the effective date of a
Registration Statement;

     (l)  unless earlier qualified, and to the extent the Exchange Securities or
the Registrable Securities are not issued under the Existing Indenture, to cause
the Indenture to be qualified under the Trust Indenture Act of 1939, as amended
(the "TIA"), in connection with the registration of the Exchange Securities or
Registrable Securities, as the case may be, cooperate with the Trustee and the
Holders to effect such changes to the Indenture as may be required for the
Indenture to be so qualified in accordance with the terms of the TIA and
execute, and use their best efforts to cause the Trustee to execute, all
documents as may be required to effect such changes and all other forms and
documents required to be filed with the SEC to enable the Indenture to be so
qualified in a timely manner;

     (m)  in the case of a Shelf Registration, make available for inspection
by a representative of the Holders of the Registrable Securities, any
Underwriter participating in any disposition pursuant to such Shelf
Registration Statement, and attorneys and accountants designated by the
Holders, at reasonable times and in a reasonable manner, all financial and
other records, pertinent documents and properties of the Company and the
Guarantor, and cause the respective officers, directors and employees of the
Company and the Guarantor to supply all information reasonably requested by
any such representative, Underwriter, attorney or accountant in connection
with a Shelf Registration Statement;

     (n)  in the case of a Shelf Registration, use their reasonable best
efforts to cause all Registrable Securities to be listed on any securities
exchange or any automated quotation system on which similar securities issued
by the Company are then listed if requested by the Majority Holders, to the
extent such Registrable Securities satisfy applicable listing requirements;

     (o)  use their reasonable best efforts to cause the Exchange Securities
or Registrable Securities, as the case may be, to be rated by two nationally

                                     11

recognized statistical rating organizations (as such term is defined in Rule
436(g)(2) under the 1933 Act);

     (p)  if reasonably requested by any Holder of Registrable Securities
covered by a Registration Statement, (i) promptly incorporate in a Prospectus
supplement or post-effective amendment such information with respect to such
Holder as such Holder reasonably requests to be included therein and (ii) make
all required filings of such Prospectus supplement or such post-effective
amendment as soon as the Company has received notification of the matters to
be incorporated in such filing; and

     (q)  in the case of a Shelf Registration, enter into such customary
agreements and take all such other reasonable actions in connection therewith
(including those requested by the Holders of a majority of the Registrable
Securities being sold) in order to expedite or facilitate the disposition of
such Registrable Securities including, but not limited to, an Underwritten
Offering and in such connection, (i) to the extent possible, make such
representations and warranties to the Holders and any Underwriters of such
Registrable Securities with respect to the business of the Company, the
Guarantor and its subsidiaries, the Registration Statement, Prospectus and
documents incorporated by reference or deemed incorporated by reference, if
any, in each case, in form, substance and scope as are customarily made by
issuers to underwriters in underwritten offerings and confirm the same if and
when requested, (ii) obtain opinions of counsel to the Company (which counsel
and opinions, in form, scope and substance, shall be reasonably satisfactory
to the Holders and such Underwriters and their respective counsel) addressed
to each selling Holder and Underwriter of Registrable Securities, covering the
matters customarily covered in opinions requested in underwritten offerings,
(iii) obtain "cold comfort" letters from the independent certified public
accountants of the Company (and, if necessary, any other certified public
accountant of any subsidiary of the Company, or of any business acquired by
the Company for which financial statements and financial data are or are
required to be included in the Registration Statement) addressed to each
selling Holder and Underwriter of Registrable Securities, such letters to be
in customary form and covering matters of the type customarily covered in
"cold comfort" letters in connection with underwritten offerings and (iv)
deliver such documents and certificates as may be reasonably requested by the
Holders of a majority in principal amount of the Registrable Securities being
sold or the Underwriters, and which are customarily delivered in underwritten
offerings, to evidence the continued validity of the representations and
warranties of the Company and the Guarantor made pursuant to clause (i) above
and to evidence compliance with any customary conditions contained in an
underwriting agreement.

                                     12

     In the case of a Shelf Registration Statement, the Company and the
Guarantor may require each Holder of Registrable Securities to furnish to the
Company such information regarding the Holder and the proposed distribution by
such Holder of such Registrable Securities as the Company and the Guarantor
may from time to time reasonably request in writing.

     In the case of a Shelf Registration Statement, each Holder agrees that,
upon receipt of any notice from the Company or the Guarantor of the happening
of any event of the kind described in Section 3(e)(v) hereof, such Holder will
forthwith discontinue disposition of Registrable Securities pursuant to a
Registration Statement until such Holder's receipt of the copies of the
supplemented or amended Prospectus contemplated by Section 3(i) hereof, and,
if so directed by the Company or the Guarantor, such Holder will deliver to
the Company (at its expense) all copies in its possession, other than
permanent file copies then in such Holder's possession, of the Prospectus
covering such Registrable Securities current at the time of receipt of such
notice.  If the Company or the Guarantor shall give any such notice to suspend
the disposition of Registrable Securities pursuant to a Registration
Statement, the Company and the Guarantor shall extend the period during which
the Registration Statement shall be maintained effective pursuant to this
Agreement by the number of days during the period from and including the date
of the giving of such notice to and including the date when the Holders shall
have received copies of the supplemented or amended Prospectus necessary to
resume such dispositions.  The Company and the Guarantor may give any such
notice only twice during any 365 day period and any such suspensions may not
exceed 45 days for each suspension and there may not be more than two
suspensions in effect during any 365 day period.

     The Holders of Registrable Securities covered by a Shelf Registration
Statement who desire to do so may sell such Registrable Securities in an
Underwritten Offering.  In any such Underwritten Offering, the investment
banker or investment bankers and manager or managers (the "Underwriters") that
will administer the offering will be selected by the Majority Holders of the
Registrable Securities included in such offering.

4.   Participation of Broker-Dealers in Exchange Offer.

     (a)  The Staff of the SEC has taken the position that any broker-dealer
that receives Exchange Securities for its own account in the Exchange Offer in
exchange for Securities that were acquired by such broker-dealer as a result
of market-making or other trading activities (a "Participating Broker-
Dealer"), may be deemed to be an "underwriter" within the meaning of the 1933
Act and must deliver a prospectus meeting the requirements of the 1933 Act in
connection with any resale of such Exchange Securities.

                                     13

     The Company and the Guarantor understand that it is the Staff's position
that if the Prospectus contained in the Exchange Offer Registration Statement
includes a plan of distribution containing a statement to the above effect and
the means by which Participating Broker-Dealers may resell the Exchange
Securities, without naming the Participating Broker-Dealers or specifying the
amount of Exchange Securities owned by them, such Prospectus may be delivered
by Participating Broker-Dealers to satisfy their prospectus delivery
obligation under the 1933 Act in connection with resales of Exchange
Securities for their own accounts, so long as the Prospectus otherwise meets
the requirements of the 1933 Act.

     (b)  In light of the above, notwithstanding the other provisions of this
Agreement, the Company and the Guarantor agree that the provisions of this
Agreement as they relate to a Shelf Registration shall also apply to an
Exchange Offer Registration to the extent, and with such reasonable
modifications thereto as may be, reasonably requested by the Initial
Purchasers or by one or more Participating Broker-Dealers, in each case as
provided in clause (ii) below, in order to expedite or facilitate the
disposition of any Exchange Securities by Participating Broker-Dealers
consistent with the positions of the Staff recited in Section 4(a) above;
provided that:

          (i)  the Company and the Guarantor shall not be required to amend or
     supplement the Prospectus contained in the Exchange Offer Registration
     Statement, as would otherwise be contemplated by Section 3(i), for a
     period exceeding 180 days after the last Exchange Date (as such period may
     be extended pursuant to the penultimate paragraph of Section 3 of this
     Agreement) and Participating Broker-Dealers shall not be authorized by
     the Company or the Guarantor to deliver and shall not deliver such
     Prospectus after such period in connection with the resales contemplated
     by this Section 4; and

          (ii) the application of the Shelf Registration procedures set forth
     in Section 3 of this Agreement to an Exchange Offer Registration, to the
     extent not required by the positions of the Staff of the SEC or the 1933
     Act and the rules and regulations thereunder, will be in conformity with
     the reasonable request to the Company and the Guarantor by the Initial
     Purchasers or with the reasonable request in writing to the Company and the
     Guarantor by one or more broker-dealers who certify to the Initial
     Purchasers, Company and the Guarantor in writing that they anticipate that
     they will be Participating Broker-Dealers; and provided further that, in
     connection with such application of the Shelf Registration procedures set
     forth in Section 3 to an Exchange Offer Registration, the Company and the
     Guarantor shall be obligated (x) to deal only with one entity representing
     the Participating Broker-Dealers, which shall be Morgan Stanley & Co.
     Incorporated unless it elects not to act as such representative, (y) to pay

                                     14

     the fees and expenses of only one counsel representing the Participating
     Broker-Dealers, which shall be counsel to the Initial Purchasers unless
     such counsel elects not to so act and (z) to cause to be delivered only
     one, if any, "cold comfort" letter with respect to the Prospectus in the
     form existing on the last Exchange Date and with respect to each subsequent
     amendment or supplement, if any, effected during the period specified in
     clause (i) above.

     (c)  The Initial Purchasers shall have no liability to the Company, the
Guarantor or any Holder with respect to any request that it may make pursuant
to Section 4(b) above.

5.   Indemnification and Contribution.

     (a)  The Company and the Guarantor, jointly and severally, agree to
indemnify and hold harmless the Initial Purchasers, each Holder and each
Person, if any, who controls any Initial Purchaser or any Holder within the
meaning of either Section 15 of the 1933 Act or Section 20 of the 1934 Act,
and each affiliate of any Initial Purchaser within the meaning of Rule 405
under the Securities Act who participates in the offering from and against any
and all losses, claims, damages and liabilities caused by any untrue statement
or alleged untrue statement of a material fact contained in any Registration
Statement (or any amendment thereto) pursuant to which Exchange Securities or
Registrable Securities were registered under the 1933 Act, including all
documents incorporated therein by reference, or caused by any omission or
alleged omission to state therein a material fact required to be stated
therein or necessary to make the statements therein not misleading, or caused
by any untrue statement or alleged untrue statement of a material fact
contained in any Prospectus (as amended or supplemented if the Company and the
Guarantor shall have furnished any amendments or supplements thereto), or
caused by any omission or alleged omission to state therein a material fact
necessary to make the statements therein in light of the circumstances under
which they were made not misleading, except insofar as such losses, claims,
damages or liabilities are caused by any such untrue statement or omission or
alleged untrue statement or omission based upon information furnished to the
Company and the Guarantor in writing through Morgan Stanley & Co.
Incorporated, Citigroup Global Markets Inc., J.P. Morgan Securities Inc. or
any selling Holder expressly for use therein; provided that the foregoing
indemnification with respect to any Registration Statement or any Prospectus
shall not inure to the benefit of any Initial Purchaser (or to the benefit of
any person controlling such Initial Purchaser) or any Holder to the extent
that any such loss, claim, damage or liability of such Initial Purchaser or
such Holder results from the fact that such Initial Purchaser or Holder sold

                                     15

Securities to a person to whom there was not given, if required by the
Securities Act, at or prior to the written confirmation of the sale of such
Securities to such person, a copy of the Registration Statement or Prospectus
correcting the untrue statement or omission of a material fact if the Company
has previously furnished copies thereof to such Initial Purchaser or such
Holder.

     (b)  Each Holder agrees, severally and not jointly, to indemnify and hold
harmless the Company, the Guarantor, the Initial Purchasers and the other
selling Holders, and each of their respective directors, officers who sign the
Registration Statement and each Person, if any, who controls the Company, the
Guarantor, any Initial Purchaser and any other selling Holder within the
meaning of either Section 15 of the 1933 Act or Section 20 of the 1934 Act to
the same extent as the foregoing indemnity from the Company and the Guarantor
to the Initial Purchasers and the Holders, but only with reference to
information relating to such Holder furnished to the Company and the Guarantor
in writing by such Holder expressly for use in any Registration Statement (or
any amendment thereto) or any Prospectus (or any amendment or supplement
thereto).

     (c)  In case any proceeding (including any governmental investigation)
shall be instituted involving any Person in respect of which indemnity may be
sought pursuant to either paragraph (a) or paragraph (b) above, such Person
(the "indemnified party") shall promptly notify the Person against whom such
indemnity may be sought (the "indemnifying party") in writing and the
indemnifying party, upon request of the indemnified party, shall retain
counsel reasonably satisfactory to the indemnified party to represent the
indemnified party and any others the indemnifying party may designate in such
proceeding and shall pay the fees and disbursements of such counsel related to
such proceeding.  In any such proceeding, any indemnified party shall have the
right to retain its own counsel, but the fees and expenses of such counsel
shall be at the expense of such indemnified party unless (i) the indemnifying
party and the indemnified party shall have mutually agreed to the retention of
such counsel or (ii) the named parties to any such proceeding (including any
impleaded parties) include both the indemnifying party and the indemnified
party and representation of both parties by the same counsel would be
inappropriate due to actual or potential differing interests between them.  It
is understood that the indemnifying party shall not, in connection with any
proceeding or related proceedings in the same jurisdiction, be liable for (A)
the fees and expenses of more than one separate firm (in addition to any local
counsel necessary for appearing in any proceeding) for the Initial Purchasers
and all Persons, if any, who control any Initial Purchaser within the meaning
of either Section 15 of the 1933 Act or Section 20 of the 1934 Act, (B) the
fees and expenses of more than one separate firm (in addition to any local
counsel) for the Company, its directors, its officers who sign the

                                     16

Registration Statement, the Guarantor and each Person, if any, who controls
the Company within the meaning of either such Section and (c) the fees and
expenses of more than one separate firm (in addition to any local counsel) for
all Holders and all Persons, if any, who control any Holders within the
meaning of either such Section, and that all such fees and expenses shall be
reimbursed as they are incurred.  In such case involving the Initial
Purchasers and Persons who control the Initial Purchasers, such firm shall be
designated in writing by Morgan Stanley & Co. Incorporated.  In such case
involving the Holders and such Persons who control Holders, such firm shall be
esignated in writing by the Majority Holders.  In all other cases, such firm
shall be designated by the Company or the Guarantor.  The indemnifying party
hall not be liable for any settlement of any proceeding effected without its
written consent but, if settled with such consent or if there be a final
judgment for the plaintiff, the indemnifying party agrees to indemnify the
indemnified party from and against any loss or liability by reason of such
settlement or judgment.  Notwithstanding the foregoing sentence, if at any
time an indemnified party shall have requested an indemnifying party to
reimburse the indemnified party for fees and expenses of counsel as
contemplated by the second and third sentences of this paragraph, the
indemnifying party agrees that it shall be liable for any settlement of any
proceeding effected without its written consent if (i) such settlement is
entered into more than 45 days after receipt by such indemnifying party of the
aforesaid request and (ii) such indemnifying party shall not have reimbursed
the indemnified party for such fees and expenses of counsel in accordance with
such request prior to the date of such settlement.  No indemnifying party
shall, without the prior written consent of the indemnified party, effect any
settlement of any pending or threatened proceeding in respect of which such
indemnified party is or could have been a party and indemnity could have been
sought hereunder by such indemnified party, unless such settlement includes an
unconditional release of such indemnified party from all liability on claims
that are the subject matter of such proceeding.

     (d)  If the indemnification provided for in paragraph (a) or paragraph
(b) of this Section 5 is unavailable to an indemnified party or insufficient
in respect of any losses, claims, damages or liabilities, then each
indemnifying party under such paragraph, in lieu of indemnifying such
indemnified party thereunder, shall contribute to the amount paid or payable
by such indemnified party as a result of such losses, claims, damages or
liabilities in such proportion as is appropriate to reflect the relative fault
of the indemnifying party or parties on the one hand and of the indemnified
party or parties on the other hand in connection with the statements or
omissions that resulted in such losses, claims, damages or liabilities, as
well as any other relevant equitable considerations.  The relative fault of
the Company, the Guarantor and the Holders shall be determined by reference
to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission or alleged omission to state a material fact

                                     17

relates to information supplied by the Company, the Guarantor or by the
Holders and the parties' relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission.  The Holders'
respective obligations to contribute pursuant to this Section 5(d) are several
in proportion to the respective principal amount of Registrable Securities of
such Holder that were registered pursuant to a Registration Statement.

     (e)  The Company, the Guarantor and each Holder agree that it would not
be just or equitable if contribution pursuant to this Section 5 were
determined by pro rata allocation or by any other method of allocation that
does not take account of the equitable considerations referred to in paragraph
(d) above.  The amount paid or payable by an indemnified party as a result of
the losses, claims, damages and liabilities referred to in paragraph (d) above
shall be deemed to include, subject to the limitations set forth above, any
legal or other expenses reasonably incurred by such indemnified party in
connection with investigating or defending any such action or claim.
Notwithstanding the provisions of this Section 5, no Holder shall be required
to indemnify or contribute any amount in excess of the amount by which the
total price at which Registrable Securities were sold by such Holder exceeds
the amount of any damages that such Holder has otherwise been required to pay
by reason of such untrue or alleged untrue statement or omission or alleged
omission.  No Person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution
from any Person who was not guilty of such fraudulent misrepresentation.  The
remedies provided for in this Section 5 are not exclusive and shall not limit
any rights or remedies which may otherwise be available to any indemnified
party at law or in equity.

     The indemnity and contribution provisions contained in this Section 5
shall remain operative and in full force and effect regardless of (i) any
termination of this Agreement, (ii) any investigation made by or on behalf of
the Initial Purchasers, any Holder or any Person controlling any Initial
Purchaser or any Holder, or by or on behalf of the Guarantor, the Company,
their officers or directors or any Person controlling the Company or the
Guarantor, (iii) acceptance of any of the Exchange Securities and (iv) any sale
of Registrable Securities pursuant to a Shelf Registration Statement.

6.   Miscellaneous.

     (a)  No Inconsistent Agreements.  The Company and the Guarantor have not
entered into, and on or after the date of this Agreement will not enter into,
any agreement which is inconsistent with the rights granted to the Holders of
Registrable Securities in this Agreement or otherwise conflicts with the
provisions hereof.  The rights granted to the Holders hereunder do not in any
way conflict with and are not inconsistent with the rights granted to the

                                     18

holders of the Company's other issued and outstanding securities under any
such agreements.

     (b)  Amendments and Waivers.  The provisions of this Agreement, including
the provisions of this sentence, may not be amended, modified or supplemented,
and waivers or consents to departures from the provisions hereof may not be
given unless the Company and the Guarantor have obtained the written consent
of Holders of at least a majority in aggregate principal amount of the
outstanding Registrable Securities affected by such amendment, modification,
supplement, waiver or consent; provided, however, that no amendment,
modification, supplement, waiver or consent to any departure from the
provisions of Section 5 hereof shall be effective as against any Holder of
Registrable Securities unless consented to in writing by such Holder.

     (c)  Notices.  All notices and other communications provided for or
permitted hereunder shall be made in writing by hand-delivery, registered
first-class mail, telex, telecopier, or any courier guaranteeing overnight
delivery (i) if to a Holder, at the most current address given by such Holder
to the Company by means of a notice given in accordance with the provisions of
this Section 6(c), which address initially is, with respect to the Initial
Purchasers, the address set forth in the Purchase Agreement and (ii) if to the
Company, initially at the Company's address set forth in the Purchase
Agreement and thereafter at such other address, notice of which is given in
accordance with the provisions of this Section 6(c).

     All such notices and communications shall be deemed to have been duly
given:  at the time delivered by hand, if personally delivered; five Business
Days after being deposited in the mail, postage prepaid, if mailed; when
answered back, if telexed; when receipt is acknowledged, if telecopied; and on
the next Business Day if timely delivered to an air courier guaranteeing
overnight delivery.

     Copies of all such notices, demands, or other communications shall be
concurrently delivered by the Person giving the same to the Trustee, at the
address specified in the Indenture.

     (d)  Successors and Assigns.  This Agreement shall inure to the benefit
of and be binding upon the successors, assigns and transferees of each of the
parties, including, without limitation and without the need for an express
assignment, subsequent Holders; provided that nothing herein shall be deemed
to permit any assignment, transfer or other disposition of Registrable
Securities in violation of the terms of the Purchase Agreement.  If any
transferee of any Holder shall acquire Registrable Securities, in any manner,
whether by operation of law or otherwise, such Registrable Securities shall be
held subject to all of the terms of this Agreement, and by taking and holding
such Registrable Securities such Person shall be conclusively deemed to have

                                     19

agreed to be bound by and to perform all of the terms and provisions of this
Agreement and such Person shall be entitled to receive the benefits hereof.
The Initial Purchasers (in their capacity as Initial Purchasers) shall have no
liability or obligation to the Company or the Guarantor with respect to any
failure by a Holder to comply with, or any breach by any Holder of, any of the
obligations of such Holder under this Agreement.

     (e)  Purchases and Sales of Securities.  The Company and the Guarantor
shall not, and shall use their reasonable best efforts to cause their
affiliates (as defined in Rule 405 under the 1933  Act) not to, purchase and
then resell or otherwise transfer any Securities.

     (f)  Third Party Beneficiary.  The Holders shall be third party
beneficiaries to the agreements made hereunder between the Company and the
Guarantor, on the one hand, and the Initial Purchasers, on the other hand, and
shall have the right to enforce such agreements directly to the extent it
deems such enforcement necessary or advisable to protect its rights or the
rights of Holders hereunder.

     (g)  Counterparts.  This Agreement may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

     (h)  Headings.  The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

     (i)  Governing Law.  This Agreement shall be governed by the laws of the
State of New York.

     (j)  Severability.  In the event that any one or more of the provisions
contained herein, or the application thereof in any circumstance, is held
invalid, illegal or unenforceable, the validity, legality and enforceability
of any such provision in every other respect and of the remaining provisions
contained herein shall not be affected or impaired thereby.

                                     20

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first written above.

                                       THE MAY DEPARTMENT STORES COMPANY

                                       By:    /s/ Jan R. Kniffen
                                       Name:  Jan R. Kniffen
                                       Title: Senior Vice President &
                                              Treasurer

                                       THE MAY DEPARTMENT STORES COMPANY,
                                          Guarantor

                                       By:    /s/ Richard A. Brickson
                                       Name:  Richard A. Brickson
                                       Title: Secretary

Confirmed and accepted as of
  the date first above written:

MORGAN STANLEY & CO. INCORPORATED
CITIGROUP GLOBAL CAPITAL MARKETS INC.
J.P. MORGAN SECURITIES INC.

Acting severally on behalf of themselves and the Initial Purchasers

By:   MORGAN STANLEY & CO. INCORPORATED

By:    /s/ J. Morand
Name:  J. Morand
Title: Vice President

                                     21exv4w1

 

Exhibit 4.1

[CERTIFICATE BORDER]

A LIMITED PARTNERSHIP

FORMED UNDER THE LAWS

OF THE STATE OF DELAWARE

BUCKEYE PARTNERS, L.P.

CERTIFICATE EVIDENCING LP UNITS REPRESENTING

LIMITED PARTNERSHIP INTERESTS

CUSIP 118230 10 1

SEE REVERSE FOR CERTAIN DEFINITIONS

This Certifies that

[SPECIMEN]

 

		
	is the registered holder of	LP UNITS

representing limited partnership interests in BUCKEYE PARTNERS,
L.P., a limited partnership formed under the laws of the State
of Delaware (the “Partnership”), transferable on the
books of the Partnership, in person or by duly authorized
attorney, upon surrender of this Certificate properly endorsed
and accepted. This Certificate and the LP Units evidenced hereby
are issued and shall in all respects be subject to all of the
provisions of the Amended and Restated Agreement of Limited
Partnership of the Partnership, as amended or restated from time
to time, to all of which the holder, by acceptance hereof,
assents, and to the additional terms and provisions on the
reverse side hereof. This Certificate is not valid unless
countersigned and registered by the Transfer Agent and Registrar.

Witness the facsimile signatures of the duly authorized
officers of the General Partner of the Partnership.

	 	 	 
	 
	
    BUCKEYE
PIPE LINE COMPANY LLC

     AS GENERAL PARTNER

    /s/ William H. Shea, Jr.

CHAIRMAN OF THE BOARD

    

    /s/ Stephen C. Muther

SECRETARY

    DATED:

    

    COUNTERSIGNED AND REGISTERED

    BY: EquiServe Trust Company N.A.

     TRANSFER AGENT

    AND REGISTRAR

    AUTHORIZED OFFICER

    

    

    	 	 

2

 

BUCKEYE PARTNERS, L.P.

KEY TO ABBREVIATIONS

    
The following abbreviations shall be construed as
though the words set forth below opposite each abbreviation were
written in full where such abbreviation appears:

	 	 	 	 	 	 	 
	
    
    TEN COM
    

    	 	
    — as tenants in common
    	 	
    UNIF GIFT MIN ACT —
    	 	
    ___________ Guardian ___________
    
	
    
    TEN ENT
    

    	 	
    — as tenants by the entireties
    	 	 	 	
          (Cust)                  
       (Minor)
    
	
    
    JT TEN
    

    	 	
    — as joint tenants with rights of

      survivorship and not as tenants in common
    	 	 	 	
    under Uniform Gifts to Minors
    Act 

            
           (State)
    

Additional abbreviations may also be used through not
in the above list.

    
Buckeye Partners, L.P., a limited partnership
formed under the laws of the State of Delaware (the
“Partnership”), will furnish to the holder and each
assignee of this Certificate and the LP Units evidenced hereby,
without charge, on written request to the Partnership at its
principal place of business, 5002 Buckeye Road,
P.O. Box 386, Emmaus, Pennsylvania 18049, a copy of
the Amended and Restated Agreement of Limited Partnership of the
Partnership, as amended or restated from time to time.

    
FOR VALUE RECEIVED, ____________________ hereby
sell, assign and transfer unto

PLEASE INSERT SOCIAL SECURITY OR OTHER

      IDENTIFYING
NUMBER OF ASSIGNEE

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

LP Units representing limited partnership interests evidenced by this Certificate, subject to the Amended
and Restated Agreement of Limited Partnership of the
Partnership, as amended or restated from time to time, and do
hereby irrevocably constitute and appoint

________________________________________________________________________________

 to transfer the said LP Units on the books of the Partnership
with full power of substitution in the premises.

	 	 	 
	 
	
    
    Dated:
SIGNATURE(S) MUST BE
    GUARANTEED BY A MEMBER FIRM OF THE NATIONAL ASSOCIATION OF
    SECURITIES DEALERS, INC. OR BY A COMMERCIAL BANK OR TRUST
    COMPANY

    

             
         
         SIGNATURE(S) GUARANTEED

    

    	 	
    NOTICE: The Signature(s) to this Assignment must correspond with the name(s) as
    written upon the face of this Certificate in every particular,
    without alteration or enlargement or any change whatever.

    

        
        
        
        
        (Signature)

    

    

        
        
        
        
        (Signature)
    

ACCEPTANCE OF LP UNITS REPRESENTING LIMITED
PARTNERSHIP INTERESTS IN BUCKEYE PARTNERS, L.P.

    
No assignment of the LP Units representing
limited partnership interest evidenced by this Certificate will
be registered on the books of the Partnership until an
Acceptance of the LP Units has been executed by the assignee,
either (1) in the form set forth below or (2) on a
separate Acceptance in substantially the form set forth below.

    
The undersigned (the “Assignee”) hereby
(a) agrees to become a limited partner of Buckeye Partners,
L.P., a Delaware limited partnership (the
“Partnership”), and a party to, and hereby executes,
the Amended and Restated Agreement of Limited Partnership of the
Partnership, as amended or restated from time to time,
(b) agrees to comply with and be bound by all the
provisions of such Agreement and (c) grants the Power of
Attorney set forth in Article II of such Agreement.

	 	 	 
	
	
	
	

	
    
    Date:
    

    	 	 
	
	 	

	 	 	
    Signature of Assignee
    

      You have
acquired an interest in Buckeye Partners, L.P., Emmaus,
Pennsylvania 18049, whose taxpayer identification number is
23-2432497. The Internal Revenue Service has issued Buckeye
Partners, L.P. the following tax shelter registration number:
86280000273.

      YOU MUST
REPORT THIS REGISTRATION NUMBER TO THE INTERNAL REVENUE SERVICE
IF YOU CLAIM ANY DEDUCTION, LOSS, CREDIT, OR OTHER TAX BENEFIT
OR REPORT ANY INCOME BY REASON OF YOUR INVESTMENT IN BUCKEYE
PARTNERS, L.P.

      You must
report the registration number (as well as the name and taxpayer
identification number of Buckeye Partners, L.P.) on Internal
Revenue Service Form 8271. FORM 8271 MUST BE ATTACHED
TO THE RETURN ON WHICH YOU CLAIM THE DEDUCTION, LOSS, CREDIT, OR
OTHER TAX BENEFIT OR REPORT ANY INCOME.

      ISSUANCE OF A
REGISTRATION NUMBER DOES NOT INDICATE THAT THIS INVESTMENT OR
THE CLAIMED TAX BENEFITS HAVE BEEN REVIEWED, EXAMINED, OR
APPROVED BY THE INTERNAL REVENUE SERVICE.

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