Document:

Second Supplemental Trust Indenture, dated as of January 13, 2012

 Exhibit 4.3 
 EXECUTION COPY 
 Macy’s Retail Holdings, Inc., as
Issuer 
 and 
 Macy’s Inc., as Guarantor 
 and 

The Bank of New York Mellon Trust Company, N.A., as Trustee 

SECOND SUPPLEMENTAL TRUST INDENTURE 
 Dated as of January 13, 2012 
 Supplementing that certain

 Indenture 
 Dated as of January 13, 2012, as supplemented by 
 the
First Supplemental Trust Indenture dated as of January 13, 2012. 
 Authorizing the Issuance and Delivery of
Senior Securities 
 consisting of 
 $250,000,000 aggregate principal amount of 5.125% Senior Notes Due 2042 

 Table of Contents 

 

									
	 RECITALS
	  	 	1	  
		
	 [FORM OF FACE OF SECURITY]
	  	 	2	  
		
	 [FORM OF REVERSE OF SECURITY]
	  	 	4	  
		
	ARTICLE I ISSUANCE OF SENIOR NOTES	  	 	8	  
				
		 	Section 1.1	 	 Issuance Of Senior Notes; Principal Amount; Maturity; Additional Senior Notes
	  	 	8	  
				
		 	Section 1.2	 	 Interest On The Senior Notes; Payment Of Interest
	  	 	9	  
				
		 	Section 1.3	 	 Execution, Authentication And Delivery Of Securities
	  	 	9	  
		
	ARTICLE II CERTAIN DEFINITIONS	  	 	10	  
				
		 	Section 2.1	 	 Certain Definitions
	  	 	10	  
		
	ARTICLE III CERTAIN COVENANTS	  	 	19	  
				
		 	Section 3.1	 	 Liens
	  	 	19	  
				
		 	Section 3.2	 	 Sale And Leaseback Transactions
	  	 	19	  
				
		 	Section 3.3	 	 Permitting Unrestricted Subsidiaries To Become Restricted Subsidiaries
	  	 	20	  
				
		 	Section 3.4	 	 Payment Office
	  	 	20	  
		
	ARTICLE IV ADDITIONAL EVENTS OF DEFAULT	  	 	21	  
				
		 	Section 4.1	 	 Additional Events Of Default
	  	 	21	  
		
	ARTICLE V DEFEASANCE	  	 	22	  
				
		 	Section 5.1	 	 Applicability Of Article V Of The Indenture
	  	 	22	  
		
	ARTICLE VI REDEMPTION OF SENIOR NOTES	  	 	22	  
				
		 	Section 6.1	 	 Right Of Redemption
	  	 	22	  
		
	ARTICLE VII CHANGE OF CONTROL	  	 	22	  
				
		 	Section 7.1	 	 Repurchase At The Option Of Holders
	  	 	22	  
		
	ARTICLE VIII MISCELLANEOUS	  	 	23	  
				
		 	Section 8.1	 	 Reference To And Effect On The Indenture
	  	 	23	  
				
		 	Section 8.2	 	 Waiver Of Certain Covenants
	  	 	24	  
				
		 	Section 8.3	 	 Supplemental Indenture May Be Executed In Counterparts
	  	 	24	  
				
		 	Section 8.4	 	 Effect Of Headings
	  	 	24	  

  
 i 

 Second Supplemental Trust Indenture, dated as of January 13, 2012, among
Macy’s Retail Holdings, Inc., a corporation duly organized and existing under the laws of the State of New York, as issuer (the “Company”), Macy’s, Inc., a corporation duly organized and existing under the laws of the
State of Delaware, as guarantor (the “Guarantor”), and The Bank of New York Mellon Trust Company, N.A., a national banking association duly incorporated under the laws of the United States of America, as Trustee (the
“Trustee”), (this “Supplemental Indenture”) to the Indenture, dated as of January 13, 2012, as supplemented by the First Supplemental Trust Indenture dated as of January 13, 2012, among the Company, the
Guarantor and the Trustee (as supplemented hereby, the “Indenture”). 
 RECITALS 

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 “Securities”) to be issued in one or more series as provided for in the Indenture. 
 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. 
 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. 
 D. The Company shall issue and deliver, and the Trustee shall authenticate, Securities denominated “5.125% Senior Notes Due 2042” (the “Senior Notes”) 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. 

 [Form of Face of Security] 

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. 
 MACY’S RETAIL HOLDINGS,
INC. 
 5.125% Senior Notes Due 2042 
 GUARANTEED AS TO PAYMENT OF PRINCIPAL, PREMIUM, IF ANY,
AND INTEREST BY MACY’S, INC. 
  

			
	 No.     
	 	
$                    

 
 Cusip No. 55616X AG2

 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 Cede & Co., or registered assigns, the
principal sum of $            on January 15, 2042 and to pay interest thereon from January 13, 2012 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, 2012, at the rate of 5.125% 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 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. 

MACY’S, INC., a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the
“Guarantor”, 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 “Guarantee”). 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. 

  
 2 

 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 New York, New York, 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; provided, however, 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. 
 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. 
 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. 
 In Witness Whereof, the Company has caused this instrument to be duly executed in accordance with the Indenture. 
  

							
		 		 	MACY’S RETAIL HOLDINGS, INC.
				
	Date Issued:	 		 	By: 	 	 

 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. 
 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. 

  
 3 

 In Witness Whereof, the Guarantor has caused this instrument to be duly executed in
accordance with the Indenture. 
  

							
		 		 	MACY’S, INC.
				
	Date Issued:	 		 	By: 	 	 

 [Form of Reverse of Security] 
 MACY’S RETAIL HOLDINGS, INC. 
 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
January 13, 2012 (herein called the “Base Indenture”), by and among the Company, Macy’s, Inc., as guarantor (the “Guarantor”), and The Bank of New York Mellon Trust Company, N.A., a national banking
association, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), as amended and supplemented by the Second Supplemental Trust Indenture, dated as of January 13, 2012 among
the Company, the Guarantor and the Trustee (the “Supplemental Indenture” and, together with the Base Indenture, 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, initially limited in aggregate principal amount to $250,000,000. 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. 
 Prior to July 15, 2041, 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 mailed to the Holders of the Securities of this series, 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 40 basis points, together in either case with accrued interest on the principal amount being redeemed to the Redemption Date. 

“Comparable Treasury Issue” 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 remaining term of the Securities of this series. “Independent
Investment Banker” means one of the Reference Treasury Dealers appointed by the Company. 

  
 4 

 “Comparable Treasury Price” means, with respect to any Redemption Date,
(i) the average of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) on the third business day preceding such Redemption Date, as set forth in the daily statistical
release (or any successor release) published by the Federal Reserve Bank of New York and designated “Composite 3:30 p.m. Quotations for U.S. Government Securities” or (ii) if such release (or any successor release) is not
published or does not contain such prices on such business day, (a) 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
(b) if the Company obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such Quotations. 

“Reference Treasury Dealer” means each of Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and 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 “Primary Treasury
Dealer”) 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. 
 “Reference Treasury Dealer Quotations” 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. 
 “Remaining Scheduled Payments” 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 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. 
 “Treasury Rate” 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. 
 At any time on and after July 15, 2041, 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 mailed 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. 

  
 5 

 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, the Securities of this series to be redeemed shall be selected by the Trustee 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. 
 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. 

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. 
 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. 
 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. 
 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 

  
 6 

 
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. 

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. 

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. 
 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.

 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. 
 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. 
 Unless this Security is presented by an authorized representative of The Depository Trust Company, a New York corporation (“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 because the registered owner hereof, Cede & Co., has an interest herein.

 All terms used in this Security that are defined in the Indenture shall have the respective meanings assigned to them in the
Indenture. 

  
 7 

 E. The Trustee’s certificate of authentication shall be in substantially the following form:

 Trustee’s Certificate Of Authentication 
 This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 
 Dated:                     

 

			
	 THE BANK OF NEW YORK MELLON
 TRUST COMPANY, N.A., as Trustee

		
	By: 	 	 
		 	Authorized Officer

 F. 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. 
 NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH: 

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: 

ARTICLE I ISSUANCE OF SENIOR NOTES. 
 Section 1.1 Issuance Of Senior Notes; Principal Amount; Maturity; Additional Senior Notes. 
 (a) On January 13, 2012, 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. 

  
 8 

 (b) The Senior Notes shall be issued in the initial aggregate principal amount of
$250,000,000 and shall mature on January 15, 2042. 
 (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 “Additional Senior Notes”) 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.

 Section 1.2 Interest On The Senior Notes; Payment Of Interest. 

(a) The Senior Notes shall bear interest at the rate of 5.125% per annum from January 13, 2012, except in the case of 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, 2012. 
 (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. 
 (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 in immediately available funds. 
 Section 1.3 Execution, Authentication And Delivery Of Securities. 
 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 any
one of the President, the Chief Financial Officer or any Vice President of the Guarantor. 

  
 9 

 ARTICLE II CERTAIN DEFINITIONS. 

Section 2.1 Certain Definitions. 
 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. 

“Bank Facilities” means the Credit Agreement, dated as of June 20, 2011, among Macy’s, Inc., Macy’s
Retail Holdings, Inc., 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. 
 “Cash Equivalent” 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 A1 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 A1 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; provided, however, 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. 

  
 10 

 “Change of Control” 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. 

“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Rating Event. 

“Consolidated Net Tangible Assets” 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. 
 “Continuing Directors” 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
the 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). 

  
 11 

 “Existing Indebtedness” means all Indebtedness under or evidenced by:

 - the Senior Notes; 
 - the Company’s 7.875% Senior notes due 2015; 
 - the Company’s 5.875%
Senior notes due 2013; 
 - the Company’s 5.350% Senior notes due 2012; 

- the Company’s 6.375% Senior notes due 2037; 
 - the Company’s 5.90% Senior notes due 2016; 
 - the Company’s 5.75%
Senior notes due 2014; 
 - the Company’s 6.9% Senior debentures due 2029; 

- the Company’s 6.7% Senior debentures due 2034; 
 - the Company’s 7.45% Senior debentures due 2017; 
 - the Company’s
6.65% Senior debentures due 2024; 
 - the Company’s 7.0% Senior debentures due 2028; 

- the Company’s 8.75% Senior debentures due 2029; 
 - the Company’s 6.9% Senior debentures due 2032; 
 - the Company’s 8.0%
Senior debentures due 2012; 
 - the Company’s 8.5% Senior debentures due 2019; 

- the Company’s 6.7% Senior debentures due 2028; 
 - the Company’s 7.875% Senior debentures due 2030; 
 - the Company’s
7.875% Senior debentures due 2036; 
 - the Company’s 6.79% Senior debentures due 2027; 

- the Company’s 8.125% Senior debentures due 2035; 
 - the Company’s 7.625% Senior debentures due 2013; 
 - the Company’s
7.45% Senior debentures due 2016; 

  
 12 

 - the Company’s 7.50% Senior debentures due 2015; 

- the Company’s 10.25% Senior debentures due 2021; 
 - the Company’s 7.6% Senior debentures due 2025; 
 - the Company’s 9.5% amortizing
debentures due 2021; 
 - the Company’s 9.75% amortizing debentures due 2021; 

- Capital Lease Obligations of the Company and its Restricted Subsidiaries existing on the date of issuance of the Senior Notes; and

 - 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. 
 “Fitch” means Fitch Ratings, Inc. 

“Indebtedness” means, as applied to any Person, without duplication: 

(a) all obligations of such Person for borrowed money; 
 (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); 
 (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); 
 (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); 
 (e) any capital lease obligation of such Person; 
 (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); 
 (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

  
 13 

 (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. 
 “Investment”
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. 
 “Investment Grade Rating” 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.

 “Lien” 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. 

“Moody’s” means Moody’s Investors Service, Inc. 

“Notice” means, with respect to an Offer to Purchase, a written notice stating: 

(a) the Section of this Supplemental Indenture pursuant to which such Offer to Purchase is being made; 

(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); 
 (c) the applicable Purchase Date; 

(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); 

  
 14 

 (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; 
  

	(f)	the place or places where Senior Notes are to be surrendered for tender pursuant to such Offer to Purchase; 

(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; 
 (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; 

(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); 
 (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; 

(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 
 (l) any other information required by applicable law to be included
therein. 
 “Offer to Purchase” 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 of mailing of the
Notice 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. 

  
 15 

 “Permitted Liens” 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 $1,705 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 “Indebtedness”, obligations under swap agreements, cap agreements, collar agreements, insurance arrangements, 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; provided, however, 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 vendor’s
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 

  
 16 

 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; provided, however, 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. 

“Purchase Amount” 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. 
 “Purchase Date” 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 of the mailing of 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). 

“Rating Agencies” 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 Rule 15c3-1(c)(2)(vi)(F) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), 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. 
 “Rating Event” 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. 

  
 17 

 “Restricted Subsidiary” means any Subsidiary of the Company other than an
Unrestricted Subsidiary. 
 “S&P” means Standard & Poor’s Ratings Services, a division of The
McGraw-Hill Companies, Inc. 
 “Sale and Leaseback Transaction” 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. 
 “Senior Indebtedness” means any Indebtedness of the Company or its Subsidiaries
other than Subordinated Indebtedness. 
 “Significant Subsidiary” 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. 
 “Subordinated Indebtedness” 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. 
 “Unrestricted Subsidiary” 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 

  
 18 

 
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). 
 “Voting Stock” 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. 

ARTICLE III CERTAIN COVENANTS. 
 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. 
 Section 3.1 Liens. 

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. 

Section 3.2 Sale And Leaseback Transactions. 
 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 (“Excess Sale Proceeds”) 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 pro rata 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

  
 19 

 
amount, plus accrued and unpaid interest, and to pay related costs and expenses. Such Offer to Purchase shall be made by mailing 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, by the Company or, at the Company’s request, 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 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 to the Holders of Senior Notes so
accepted payment in an amount equal to the purchase price, and the Trustee shall promptly authenticate and mail to such Holders a new Senior Note equal in principal amount to any unpurchased portion of each Senior Note surrendered. 

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. 
 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) under 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. 
 Section 3.3 Permitting Unrestricted
Subsidiaries To Become Restricted Subsidiaries. 
 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. 
 Section 3.4 Payment Office. 
 The Company shall cause a Payment Office for
the Senior Notes to be maintained at all times in New York, New York. 

  
 20 

 ARTICLE IV ADDITIONAL EVENTS OF DEFAULT. 

Section 4.1 Additional Events Of Default. 
 In addition to the Events of Default set forth in the Indenture, the term “Event of Default,” 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): 
 (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; 

(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; provided, however, that, subject to the provisions of Section 9.01 and 8.08 of the Indenture, the Trustee shall not be deemed to have
knowledge of such nonpayment or other default unless either (1) a Responsible Officer of the Trustee has actual knowledge of nonpayment or other default or (2) the Trustee has received written notice thereof from the Company, from any
Holder, from the holder of any such Indebtedness or from the trustee under the agreement or instrument, relating to such Indebtedness; 
 (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; 

(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 
 (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. 

  
 21 

 ARTICLE V DEFEASANCE. 
 Section 5.1 Applicability Of Article V Of The Indenture. 
 (a) The Senior
Notes shall be subject to Defeasance and Covenant Defeasance as provided in Article V of the Indenture; provided, however, that no Defeasance or Covenant Defeasance shall be effective unless and until: 

(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; 
 (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 
 (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). 

(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. 

ARTICLE VI REDEMPTION OF SENIOR NOTES. 
 Section 6.1 Right Of Redemption. 
 The Senior Notes may be redeemed by the
Company in accordance with the provisions of the form of Senior Note set forth herein. 
 ARTICLE VII CHANGE OF CONTROL

 Section 7.1 Repurchase At The Option Of Holders. 
 If a Change of Control Triggering Event occurs, unless the Company has exercised its right to redeem the Senior Notes, 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 “Change of Control Offer”). 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 “Change of Control Payment”). Within
30 days following any Change of Control Triggering Event or, at the option 

  
 22 

 
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
mail a notice to Holders of Senior Notes 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 mailed (the “Change of Control Payment Date”), 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 mailed 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. 
 On the Change of Control Payment Date, the Company shall be required,
to the extent lawful, to: 
 (a) accept for payment all Senior Notes or portions of Senior Notes properly tendered pursuant to
the Change of Control Offer; 
 (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 
 (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. 
 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. 
 The Company shall comply with the
requirements of Rule 14e-1 under 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. 

ARTICLE VIII MISCELLANEOUS. 
 Section 8.1 Reference To And Effect On The Indenture. 
 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. 

  
 23 

 Section 8.2 Waiver Of Certain Covenants. 

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. 
 Section 8.3 Supplemental Indenture May Be Executed In Counterparts. 

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. 
 Section 8.4 Effect Of Headings. 

The Article and Section headings herein are for convenience only and shall not affect the construction hereof. 

  
 24 

 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. 
 [Seal]

  

			
	 MACY’S RETAIL HOLDINGS, INC.,
 as Issuer

		
	By:	 	/s/ Karen M. Hoguet
	Name:	 	Karen M. Hoguet
	Title:	 	Vice President

  

	
	Attest:
	
	/s/ Susan P. Storer
	 Name: Susan P. Storer

Title: Assistant Treasurer

[Seal]

 
			
	 MACY’S, INC.,

as Guarantor

		
	By:	 	/s/ Karen M. Hoguet
	Name:	 	Karen M. Hoguet
	Title:	 	Chief Financial Officer

  

	
	Attest:
	
	/s/ Susan P. Storer
	 Name: Susan P. Storer

Title: Assistant Treasurer

[Seal]

  
 25 

 
			
	 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
 as Trustee

		
	By:	 	/s/ Richard Tarnas
	Name:	 	Richard Tarnas
	Title:	 	Vice President

  

			
		 	Attest:
		
		 	/s/ Linda Garcia
		 	 Name: Linda Garcia
 Title:
Vice President

  
 26Participant Agreement

 Exhibit 4.2 

CURRENCYSHARESSM RUSSIAN RUBLE TRUST 
 PARTICIPANT AGREEMENT 
 This Participant Agreement (this
“Agreement”), dated as of March 25, 2010,, is entered into by and between Knight Clearing Services, LLC(with respect to this Agreement, the “Authorized Participant”, and with respect to the Trust Agreement
referred to below, an “Authorized Participant”), The Bank of New York Mellon, a New York banking corporation, not in its individual capacity but solely as trustee (the “Trustee”) of the CurrencySharesSM Russian Ruble Trust (the “Trust”), and Rydex
Specialized Products LLC, d/b/a Rydex Investments, as sponsor (the “Sponsor”) of the Trust. 
 SUMMARY

 The Trustee serves as the trustee of the Trust pursuant to the Depositary Trust Agreement dated as of August 7, 2008 among the
Sponsor, the Trustee, the registered owners and beneficial owners from time to time of Russian Ruble Shares issued thereunder and all depositors (the “Trust Agreement”). As provided in the Trust Agreement and described in the
Prospectus (defined below), units of fractional undivided beneficial interests in and ownership of the Trust (the “Shares”) may be created or redeemed by the Trustee for an Authorized Participant in aggregations of fifty thousand
(50,000) Shares (each aggregation, a “Basket”). Baskets are offered only pursuant to the registration statement of the Trust on Form S-1, as amended (Registration No: 333-150687), as declared effective by the Securities and
Exchange Commission (“SEC”) and as the same may be amended from time to time thereafter (collectively, the “Registration Statement”) together with the prospectus of the Trust in the form first filed with the SEC
pursuant to Rule 424 (the “Prospectus”) adopted under the Securities Act of 1933, as amended (the “1933 Act”). Under the Trust Agreement, the Trustee is authorized to issue Baskets to, and redeem Baskets from,
Authorized Participants under the Trust Agreement, only through the facilities of The Depository Trust Company (“DTC”) or a successor depository, and only in exchange for an amount of Russian Rubles that is transferred between such
Authorized Participant and the Trust. Under the Trust Agreement, the Trustee issues Baskets in exchange for Russian Rubles which are transferred by an Authorized Participant to the London Branch of JPMorgan Chase Bank, N.A. (the
“Depository”), and when the Trustee redeems Baskets tendered for redemption by an Authorized Participant in exchange for Russian Rubles, the Russian Rubles held in the Trust Account are transferred to the Authorized Participant by
the Depository. The foregoing Russian Ruble transfers are also governed by the Deposit Account Agreement the Trust has entered into with the Depository (the “Deposit Account Agreement”). This Agreement sets forth the specific
procedures by which an Authorized Participant may create or redeem Baskets. 
 Because new Shares can be created and issued on an ongoing basis,
at any point during the life of the Trust, a “distribution,” as such term is used in the 1933 Act, may be occurring. The Authorized Participant is cautioned that some of its activities may result in its being deemed a participant in a
distribution in a manner that would render it a statutory underwriter and subject it to the prospectus-delivery and liability provisions of the 1933 Act. The Authorized Participant should review the “Plan of Distribution” portion of the
Prospectus and consult with its own counsel in connection with entering into this Agreement and placing an Order (defined below). 
 Capitalized
terms used but not defined in this Agreement shall have the meanings assigned to such terms in the Trust Agreement. To the extent there is a conflict between any provision of this Agreement and the provisions of the Trust Agreement, the provisions
of the Trust Agreement shall control. 
 To give effect to the foregoing premises and in consideration of the mutual covenants and agreements
set forth below, the parties hereto agree as follows: 
 Section 1. Order Placement. To place orders for the Trustee to create or
redeem one or more Baskets, Authorized Participants must follow the procedures for creation and redemption referred to in Section 3 of this Agreement and the procedures described in Attachment A hereto (the “Procedures”), as
each may be amended, modified or supplemented from time to time. 

 Section 2. Status, Representations and Warranties of the Parties. 

(a) The Authorized Participant represents and warrants and covenants the following on the date hereof and at each time of purchase by the
Authorized Participant of a Basket from the Trust (each such time, the “Time of Purchase”), that: 
 (i) The
Authorized Participant is a participant of DTC (as such a participant, a “DTC Participant”). If the Authorized Participant ceases to be a DTC Participant, the Authorized Participant shall give immediate notice to the Trustee of such
event, and this Agreement shall terminate immediately as of the date the Authorized Participant ceased to be a DTC Participant. 

(ii) Unless Section 2(a)(iii) applies, the Authorized Participant either (A) is registered as a broker-dealer under the
Securities Exchange Act of 1934, as amended (“1934 Act”), and is a member in good standing of Financial Industry Regulatory Authority, Inc. (“FINRA”), or (B) is exempt from being, or otherwise is not required
to be, licensed as a broker-dealer or a member of FINRA, and in either case is qualified to act as a broker or dealer in the states or other jurisdictions where the nature of its business so requires. In connection with the purchase or redemption of
Baskets and any related offers or sales of Shares, the Authorized Participant will maintain any such registrations, qualifications and membership in good standing and in full force and effect throughout the term of this Agreement. The Authorized
Participant will comply with all applicable federal laws, the laws of the states or other jurisdictions concerned, and the rules and regulations promulgated thereunder, and with the Constitution, By-Laws and the NASD Conduct Rules (if it is a FINRA
member), and will not offer or sell Shares in any state or jurisdiction where they may not lawfully be offered and/or sold. 

(iii) If the Authorized Participant is offering or selling Shares in jurisdictions outside the several states, territories and possessions
of the United States and is not otherwise required to be registered, qualified or a member of FINRA as set forth in Section 2(a)(ii) above, the Authorized Participant will, in connection with such offers and sales, (A) observe the
applicable laws of the jurisdiction in which such offer and/or sale is made, (B) comply with the prospectus delivery and other requirements of the 1933 Act, and the regulations promulgated thereunder, and (C) conduct its business in
accordance with the NASD Conduct Rules. 
 (iv) The Authorized Participant is in compliance with the money laundering and related
provisions of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001, and the regulations promulgated thereunder (“USA PATRIOT Act”), if the
Authorized Participant is subject to the requirements of the USA PATRIOT Act. 
 (v) The Authorized Participant has the
capability to send and receive communications via authenticated telecommunication facility to and from the Trustee. The Authorized Participant shall confirm such capability to the satisfaction of the Trustee by the end of the Business Day before
placing its first order with the Trustee (whether such order is to create or to redeem Baskets). 

 (b) The Sponsor represents and warrants that: 

(i) on the effective date of the Registration Statement and at each Time of Purchase, the Trust’s Registration Statement shall be
effective and no stop order of the SEC with respect thereto shall have been issued and no proceedings for such purpose shall have been instituted or, to the Sponsor’s knowledge, will then be contemplated by the SEC; the Registration Statement
complies in all material respects with the requirements of the 1933 Act, and the Prospectus complied as of its date, and complies at the Time of Purchase, in all material respects with the requirements of the 1933 Act; and the conditions to the use
of Form S-1 have been satisfied; the Registration Statement does not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, the
Prospectus will not, as of its date and at the Time of Purchase, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading and, as of 4:00 p.m. on the date of this Agreement (the “Time of Sale”), the documents comprising the Disclosure Package (as defined below) did not contain an untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that the Sponsor
makes no warranty or representation with respect to any statement contained in the Registration Statement, the Prospectus or the Disclosure Package in reliance upon and in conformity with information concerning the Authorized Participant and
furnished in writing by or on behalf of the Authorized Participant to the Sponsor expressly for use therein. The “Disclosure Package” is the Prospectus and any amendments and supplements thereto at the Time of Sale and any free
writing prospectus as defined in Rule 405 of the 1933 Act (a “FWP”) prepared by, for or on behalf of the Sponsor before the Time of Sale and intended for general distribution; 

(ii) the Shares, when issued and delivered against payment of consideration therefor, as provided in this Agreement, will be duly and
validly authorized, issued, fully paid and non-assessable and free of statutory and contractual preemptive rights, rights of first refusal and similar rights; 
 (iii) the Sponsor has been duly organized and, on the effective date of the Registration Statement and at each Time of Purchase, will be validly existing as a limited liability company in good standing
under the laws of the State of Delaware, with full power and authority to act as the sponsor of the Trust as described in the Registration Statement and the Prospectus, and has all requisite power and authority to execute and deliver this Agreement;
and 
 (iv) at the time the Sponsor makes an offer of Shares following the filing of the Registration Statement, neither the
Trust nor the Sponsor will be an “ineligible issuer” as defined in Rule 405 of the 1933 Act. 
 Section 3. Orders.

 (a) All orders to create or redeem Baskets shall be made in accordance with the terms of the Trust Agreement, the Deposit
Account Agreement, this Agreement and the Procedures. Each 

 
party will comply with such foregoing terms and procedures to the extent applicable to it. The Authorized Participant hereby consents to the use of recorded telephone lines whether or not such
use is reflected in the Procedures. The Trustee and Sponsor may issue additional or other procedures from time to time relating to the manner of creating or redeeming Baskets which are not related to the Procedures, and the Authorized Participant
will comply with such procedures of which it has received notice in accordance with Section 18(c). 
 (b) The Authorized
Participant acknowledges and agrees that each order to create a Basket (a “Purchase Order”) and each order to redeem a Basket (a “Redemption Order”, and each Purchase Order and Redemption Order, an
“Order”) may not be revoked by the Authorized Participant upon its delivery to the Trustee. A form of Purchase Order is attached hereto as Exhibit B and a form of Redemption Order is attached hereto as Exhibit C. 

(c) The delivery of the Shares against deposits of Russian Rubles may be suspended generally, or refused with respect to particular
requested deliveries, during any period when the transfer books of the Trustee are closed or if any such action is deemed necessary or advisable by the Trustee or the Sponsor for any reason at any time or from time to time. Except as otherwise
provided in the Trust Agreement, the surrender of Shares for purposes of withdrawing Russian Rubles may not be suspended. 
 Section 4.
Russian Ruble Transfers. Any Russian Rubles to be transferred in connection with any Order shall be transferred between the Authorized Participant’s account and the Trust’s deposit accounts established for such transfers pursuant to
the Deposit Account Agreement (the “Deposit Accounts”) in accordance with the Procedures. The Authorized Participant shall be responsible for all costs and expenses relating to or connected with any transfer of Russian Rubles
between its account and the Deposit Accounts, including any late fees and other charges, if any, for which the Trustee becomes responsible in the event that Russian Rubles are not transferred from the Authorized Participant’s account in
accordance with the Procedures. 
 Section 5. Fees. In connection with each Order by an Authorized Participant to create or redeem
one or more Baskets, the Trustee shall charge, and the Authorized Participant shall pay to the Trustee, the transaction fee prescribed in the Trust Agreement applicable to such creation or redemption. The initial transaction fee shall be five
hundred dollars ($500). The transaction fee may be waived or otherwise adjusted from time to time as set forth in the Prospectus. 

Section 6. Authorized Persons. Concurrently with the execution of this Agreement and from time to time thereafter, the Authorized Participant
shall deliver to the Trustee notarized and duly certified as appropriate by its secretary or other duly authorized official, a certificate in the form of Exhibit A setting forth the names and signatures of all persons authorized to give instructions
relating to activity contemplated hereby or by any other notice, request or instruction given on behalf of the Authorized Participant (each, an “Authorized Person”). The Trustee may accept and rely upon such certificate as
conclusive evidence of the facts set forth therein and shall consider such certificate to be in full force and effect until the Trustee receives a superseding certificate bearing a subsequent date. Upon the termination or revocation of authority of
any Authorized Person by the Authorized Participant, the Authorized Participant shall give immediate written notice of such fact to the Trustee and such notice shall be effective upon receipt by the Trustee. The Trustee shall issue to each
Authorized Person a unique personal identification number (the “PIN”) by which such Authorized Person shall be identified and by which instructions issued by the Authorized Participant hereunder shall be authenticated. The PIN shall
be kept confidential by the Authorized Participant and shall only be provided to the Authorized Person. If, after issuance, the Authorized Person’s PIN is changed, the new PIN shall become effective on a date mutually agreed upon by the
Authorized Participant and the Trustee. 
 Section 7. Redemption. The Authorized Participant represents and warrants that it will
not obtain an Order Number (as described in the Procedures) from the Trustee for the purpose of redeeming a Basket unless it first ascertains that (i) it or its customer, as the case may be, owns outright or has full legal authority and

 
legal and beneficial right to tender for redemption the Baskets to be redeemed and to receive the entire proceeds of the redemption, and (ii) such Baskets have not been loaned or pledged to
another party, borrowed or temporarily obtained from another party and are not the subject of any repurchase agreement, reverse repurchase agreement or securities lending agreement. 
 Section 8. Role of Authorized Participant. 
 (a) The Authorized
Participant acknowledges that, for all purposes of this Agreement and the Trust Agreement, the Authorized Participant is and shall be deemed to be an independent contractor and has and shall have no authority to act as agent for the Trust, the
Sponsor, the Trustee or the Depository, in any matter or in any respect. 
 (b) The Authorized Participant will make itself and
its employees available, upon request, during normal business hours to consult with the Trustee, the Depository or their designees concerning the performance of the Authorized Participant’s responsibilities under this Agreement. 

(c) The Authorized Participant will maintain records of all sales of Shares made by or through it as required by law and will furnish
copies of such records to the Sponsor upon the reasonable request of the Sponsor, subject to any privacy or confidentiality obligations it may have to its customers arising under federal or state securities laws or the applicable rules of any self
regulatory organization. The Sponsor will not use any information provided by the Authorized Participant pursuant to this paragraph or disclose such information to others except in connection with the performance of its duties and responsibilities
hereunder, including making servicing and informational mailings related to the Trust, or except as may be required by applicable law. 

Section 9. Indemnification. 
 (a) The Authorized Participant hereby indemnifies and holds harmless the Trustee, the Depository, the Trust, the Sponsor, their respective direct or indirect affiliates (as defined below) and their
respective directors, officers, employees and agents (each, an “AP Indemnified Party”) from and against any losses, liabilities, damages, costs and expenses (including attorney’s fees and the reasonable cost of investigation)
incurred by such AP Indemnified Party as a result of or in connection with: (i) any breach by the Authorized Participant of any provision of this Agreement, including any of its representations, warranties or covenants; (ii) any failure on
the part of the Authorized Participant to perform any of its other obligations set forth in this Agreement; (iii) any failure by the Authorized Participant to comply with applicable laws and the rules and regulations of any governmental entity
or any self-regulatory organization; (iv) any actions of such AP Indemnified Party in reliance upon any instructions issued in accordance with the Procedures reasonably believed by the AP Indemnified Party to be genuine and to have been given
by the Authorized Participant; or (v) (A) any representation by the Authorized Participant, its employees or its agents or other representatives about the Shares, any AP Indemnified Party or the Trust that is not consistent with the
Trust’s Prospectus as then-supplemented made in connection with the offer or the solicitation of an offer to buy or sell Shares and (B) any untrue statement or alleged untrue statement of a material fact (1) contained in any research
report, marketing material or sales literature described in Section 13(b) or in any FWP prepared by the Authorized Participant or (2) furnished by the Authorized Participant for use in a FWP prepared by, for or on behalf of the Sponsor, or
any alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein not misleading to the extent that such statement or omission relates to the Shares, any AP Indemnified Party or
the Trust, unless, in either case, such representation, statement or omission was made or included by the Authorized Participant at the written direction of the Sponsor or is based upon any omission or alleged omission by the Sponsor to state a
material fact in connection with such representation, statement or omission necessary in order to make such representation, statement or omission not misleading. 
 (b) The Sponsor hereby agrees to indemnify and hold harmless the Authorized Participant, its respective subsidiaries, affiliates, directors, officers, employees and agents, and each person, if

 
any, who controls such persons within the meaning of Section 15 of the 1933 Act (each, a “Sponsor Indemnified Party”) from and against any losses, liabilities, damages,
costs and expenses (including attorneys’ fees and the reasonable cost of investigation) incurred by such Sponsor Indemnified Party as a result of (i) any breach by the Sponsor of any provision of this Agreement that relates to the Sponsor,
including its representations, warranties and covenants; (ii) any failure on the part of the Sponsor to perform any other obligation of the Sponsor set forth in this Agreement; (iii) any failure by the Sponsor to comply with applicable
laws; or (iv) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or in any amendment thereof, or in the Prospectus, or in any amendment thereof or supplement thereto, or in the Disclosure
Package or in any FWP prepared by, for or on behalf of the Sponsor, or arising out of or based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein
not misleading, except those statements based on information furnished in writing by or on behalf of the Authorized Participant expressly for use in the Registration Statement, amendment thereof, Prospectus, amendment thereof or supplement thereto,
Disclosure Package, or FWP. 
 (c) (i) This Section 9 shall not apply to any AP Indemnified Party or any Sponsor
Indemnified Party (each, an “Indemnified Party”) to the extent any such losses, liabilities, damages, costs and expenses are incurred as a result of, or in connection with, any action or failure to act that constitutes gross
negligence, bad faith or willful misconduct on the part of the such Indemnified Party. (ii) The term “affiliate” in this Section 9 shall include, with respect to any person, entity or organization, any other person, entity or
organization which directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common control with such person, entity or organization. 
 (d) If the indemnification provided for in this Section 9 is unavailable to an indemnified party under Sections 9(a) or 9(b) or insufficient to hold an indemnified party harmless in respect of any
losses, liabilities, damages, costs and expenses referred to therein, then each applicable indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, liabilities, damages, costs and
expenses (i) in such proportion as is appropriate to reflect the relative benefits received by the Sponsor and the Trust, on the one hand, and by the Authorized Participant, on the other hand, from the services provided hereunder or
(ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the
Sponsor and the Trust, on the one hand, and of the Authorized Participant, on the other hand, in connection with, to the extent applicable, the statements or omissions which resulted in such losses, liabilities, damages, costs and expenses, as well
as any other relevant equitable considerations. The relative benefits received by the Sponsor and the Trust, on the one hand, and the Authorized Participant, on the other hand, shall be deemed to be in the same respective proportions as the amount
of Russian Rubles transferred to the Trust under this Agreement on the one hand (expressed in dollars) bears to the amount of economic benefit received by the Authorized Participant in connection with this Agreement on the other hand. To the extent
applicable, the relative fault of the Sponsor on the one hand and of the Authorized Participant on the other shall be determined by reference to, among other things, whether the untrue statement or alleged untrue statement of a material fact or
omission or alleged omission relates to information supplied by the Sponsor or by the Authorized Participant and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.
The amount paid or payable by a party as a result of the losses, liabilities, damages, costs and expenses referred to in this Section 9(d) shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in
connection with investigating, preparing to defend or defending any action, suit or proceeding (each a “Proceeding”) related to such losses, liabilities, damages, costs and expenses. 

(e) The Sponsor and the Authorized Participant agree that it would not be just and equitable if contribution pursuant to this
Section 9 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 

 
Section 9(d) above. The Authorized Participant shall not be required to contribute any amount in excess of the amount by which the total price at which the Shares created by the Authorized
Participant and distributed to the public were offered to the public exceeds the amount of any damage which the Authorized Participant has otherwise been required to pay by reason of such untrue statement 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. 

(f) The indemnity and contribution agreements contained in this Section 9 shall remain in full force and effect regardless of any
investigation made by or on behalf of the Authorized Participant, its partners, stockholders, members, directors, officers, employees and or any person (including each partner, stockholder, member, director, officer or employee of such person) who
controls the Authorized Participant within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act, or by or on behalf of the Sponsor, its partners, stockholders, members, directors, officers, employees or any person who
controls the Sponsor within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act, and shall survive any termination of this Agreement. The Sponsor and the Authorized Participant agree promptly to notify each other of the
commencement of any Proceeding against it and, in the case of the Sponsor, against any of the Sponsor’s officers or directors, in connection with the issuance and sale of the Shares or in connection with the Registration Statement or the
Prospectus. 
 Section 10. Liability. 
 (a) Limitation of Liability. None of the Sponsor, the Trustee, the Authorized Participant, and the Depository shall be liable to each other or to any other person, including any party claiming by, through
or on behalf of the Authorized Participant, for any losses, liabilities, damages, costs or expenses arising out of any mistake or error in data or other information provided to any of them by each other or any other person or out of any interruption
or delay in the electronic means of communications used by them. 
 (b) Tax Liability. The Authorized Participant shall be
responsible for the payment of any transfer tax, sales or use tax, stamp tax, recording tax, value added tax and any other similar tax or government charge applicable to the creation or redemption of any Basket made pursuant to this Agreement,
regardless of whether or not such tax or charge is imposed directly on the Authorized Participant. To the extent the Trustee, the Sponsor or the Trust is required by law to pay any such tax or charge, the Authorized Participant agrees to promptly
indemnify such party for any such payment, together with any applicable penalties, additions to tax or interest thereon. 
 Section 11.
Acknowledgment. The Authorized Participant acknowledges receipt of (i) a copy of the Trust Agreement and (ii) the current Prospectus of the Trust, and represents that it has reviewed and understands such documents. 

Section 12. Effectiveness and Termination. Upon the execution of this Agreement by the parties hereto, this Agreement shall become effective
in this form as of the Time of Sale, and may be terminated at any time by any party upon thirty (30) days prior written notice to the other parties unless earlier terminated: (i) in accordance with Section 2(a)(i); (ii) upon
notice to the Authorized Participant by the Trustee in the event of a breach by the Authorized Participant of this Agreement or the procedures described or incorporated herein; (iii) immediately in the circumstances described in
Section 18(j); or (iv) at such time as the Trust is terminated pursuant to the Trust Agreement. 
 Section 13. Marketing
Materials; Representations Regarding Shares; Identification in Registration Statement. 
 (a) The Authorized Participant
represents, warrants and covenants that (i), without the written consent of the Sponsor, the Authorized Participant will not (A) make, or permit any of its representatives to make, any representations concerning the Shares or any AP Indemnified
Party 

 
other than representations contained (1) in the Prospectus of the Trust, as then amended and supplemented, (2) in printed information approved by the Sponsor as information supplemental
to such Prospectus or (3) in any promotional materials or sales literature furnished to the Authorized Participant by the Sponsor, or (B) issue any FWP pursuant to Rules 164 and 433 of the 1933 Act and (ii) the Authorized Participant
will not furnish or cause to be furnished to any person or display or publish any information or material relating to the Shares, any AP Indemnified Person or the Trust that are not consistent with the Prospectus, as then amended and supplemented.
Copies of the Prospectus of the Trust, as then amended and supplemented, and any such printed supplemental information will be supplied by the Sponsor to the Authorized Participant in reasonable quantities upon request. 

(b) Notwithstanding the foregoing, the Authorized Participant may without the written approval of the Sponsor prepare and circulate in the
regular course of its business research reports, marketing material and sales literature, but in no event FWPs, that include information, opinions or recommendations relating to the Shares (i) for public dissemination, provided that such
research reports, marketing material or sales literature is prepared in accordance with applicable rules and regulations of the 1933 Act, any applicable state securities laws and FINRA rules; or (ii) for internal use by the Authorized
Participant. The Authorized Participant will file all such research reports, marketing material and sales literature related to the Shares with FINRA to the extent required by the NASD Conduct Rules. 

(c) The Authorized Participant and its affiliates may prepare and circulate in the regular course of their businesses, without having to
refer to the Shares or the Prospectus, as then amended and supplemented, data and information relating to the price of Russian Rubles. 
 (d) The Authorized Participant hereby agrees that for the term of this Agreement the Sponsor may deliver the Prospectus, and any supplements or amendments thereto or recirculation thereof, to the
Authorized Participant in Portable Document Format (“PDF”) via electronic mail in lieu of delivering the Prospectus in paper form. The Authorized Participant may revoke the foregoing agreement at any time by delivering written
notice to the Sponsor and, whether or not such agreement is in effect, the Authorized Participant may, at any time, request reasonable quantities of the Prospectus, and any supplements or amendments thereto or recirculation thereof, in paper form
from the Sponsor. The Authorized Participant acknowledges that it has the capability to access, view, save and print material provided to it in PDF and that it will incur no appreciable extra costs by receiving the Prospectus in PDF instead of in
paper form. The Sponsor will, when requested by the Authorized Participant, make available at no cost the software and technical assistance necessary to allow the Authorized Participant to access, view and print the PDF version of the Prospectus.

 (e) For as long as this Agreement is effective, the Authorized Participant agrees to be identified as an authorized
participant of the Trust (i) in the section of the Prospectus included within the Registration Statement entitled “Creation and Redemption of Shares” (including identifying the Authorized Participant in such section by a supplement to
the Prospectus) and in any other section as may be required by the SEC and (ii) on the Trust’s website. Upon the termination of this Agreement, (i) during the period prior to when the Sponsor qualifies and elects to file on Form S-3,
the Sponsor will remove such identification from the Prospectus in the amendment of the Registration Statement next occurring after the date of the termination of this Agreement and, during the period after when the Sponsor qualifies and elects to
file on Form S-3, the Sponsor will promptly file a current report on Form 8-K indicating the withdrawal of the Authorized Participant as an authorized participant of the Trust and (ii) the Sponsor will promptly update the Trust’s website
to remove any identification of the Authorized Participant as an authorized participant of the Trust. 
 Section 14. Title To Russian
Rubles. The Authorized Participant represents and warrants that upon delivery of the Basket Russian Ruble Amount (as defined in the Trust Agreement) to the Trustee in accordance with the terms of the Trust Agreement and this Agreement, the Trust
will acquire good and 

 
unencumbered title to the Russian Rubles which are the subject of such Basket Russian Ruble Amount, free and clear of all pledges, security interests, liens, charges, taxes, assessments,
encumbrances, equities, claims, options or limitations of any kind or nature, fixed or contingent, and not subject to any adverse claims, including any restriction upon the sale or transfer of all or any part of such Russian Rubles which is imposed
by any agreement or arrangement entered into by the Authorized Participant or any party for which it is acting in connection with a Purchase Order. 
 Section 15. Third Party Beneficiaries. Each AP Indemnified Party, to the extent it is not a party to this Agreement, is a third-party beneficiary of this Agreement (each, a “Third
Party Beneficiary”) and may proceed directly against the Authorized Participant (including by bringing proceedings against the Authorized Participant in its own name) to enforce any obligation of the Authorized Participant under this
Agreement which directly or indirectly benefits such Third Party Beneficiary. 
 Section 16. Force Majeure. No party to this
Agreement shall incur any liability for any delay in performance, or for the non-performance, of any of its obligations under this Agreement by reason of any act of God or war or terrorism, acts and regulations and rules of any governmental or supra
national bodies or authorities or regulatory or self-regulatory organization or failure of any such body, authority or organization for any reason, to perform its obligations, or any cause beyond its reasonable control, including, without
limitation, any breakdown, malfunction or failure of transmission in connection with or other unavailability of any wire, communication or computer facilities, any transport, port or airport disruption, or any industrial action. 

Section 17. Ambiguous Instructions. If a Purchase Order Form or a Redemption Order Form otherwise in good form contains order terms that
differ from the information provided in the telephone call at the time of issuance of the applicable order number, the Trustee will attempt to contact one of the Authorized Persons of the Authorized Participant to request confirmation of the terms
of the Order. If an Authorized Person confirms the terms as they appear in the Order, then the Order will be accepted and processed. If an Authorized Person contradicts the Order terms, the Order will be deemed invalid, and a corrected Order must be
received by the Trustee. If the Trustee is not able to contact an Authorized Person, then the Order shall be accepted and processed in accordance with its terms notwithstanding any inconsistency from the terms of the telephone information. In the
event that an Order contains terms that are not complete or are illegible, the Order will be deemed invalid and the Trustee will attempt to contact one of the Authorized Persons of the Authorized Participant to request retransmission of the Order.

 Section 18. Miscellaneous. 
 (a) Amendment and Modification. This Agreement, the Procedures attached as Attachment A and the Exhibits hereto may be amended, modified or supplemented by the Trustee and the Sponsor, without consent of
any Authorized Participant from time to time by the following procedure. After the amendment, modification or supplement has been agreed to, the Trustee will mail a copy of the proposed amendment, modification or supplement to the Authorized
Participant. For the purposes of this Agreement, mail will be deemed received by the recipient thereof on the third (3rd) day following the deposit of such mail into the United States postal system. Within ten (10) calendar days after its
deemed receipt, the amendment, modification or supplement will become part of this Agreement, the Attachments or the Exhibits, as the case may be, in accordance with its terms. If at any time there is any material amendment, modification or
supplement of any Participant Agreement (other than this Agreement), the Trustee will promptly mail a copy of such amendment, modification or supplement to the Authorized Participant. 

(b) Waiver of Compliance. Any failure of any of the parties to comply with any obligation, covenant, agreement or condition herein may be
waived by the party entitled to the benefits thereof only by a written instrument signed by the party granting such waiver, but any such written waiver, or the failure to insist upon strict compliance with any obligation, covenant, agreement or
condition herein, shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure. 

 (c) Notices. Except as otherwise specifically provided in this Agreement, all notices
required or permitted to be given pursuant to this Agreement shall be given in writing and delivered by personal delivery, by postage prepaid registered or certified United States first class mail, return receipt requested, by nationally recognized
overnight courier (delivery confirmation received) or by telex, telegram or telephonic facsimile or similar means of same day delivery (transmission confirmation received), with a confirming copy regular mailed, postage prepaid. For avoidance of
doubt, notices may not be given or transmitted by electronic mail. Unless otherwise notified in writing, all notices to the Trust shall be given or sent to the Trustee. All notices shall be directed to the address or telephone or facsimile numbers
indicated below the signature line of the parties on the signature page hereof. 
 (d) Successors and Assigns. This Agreement and
all of the provisions hereof shall be binding upon and inure to the benefit of the parties and their respective successors and permitted assigns. 
 (e) Assignment. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any party without the prior written consent of the other parties, except that any
entity into which a party hereto may be merged or converted or with which it may be consolidated or any entity resulting from any merger, conversion, or consolidation to which such party hereunder shall be a party, or any entity succeeding to all or
substantially all of the business of the party, shall be the successor of the party under this Agreement. The party resulting from any such merger, conversion, consolidation or succession shall notify the other parties hereto of the change. Any
purported assignment in violation of the provisions hereof shall be null and void. Notwithstanding the foregoing, this Agreement shall be automatically assigned to any successor Trustee or Sponsor at such time such successor qualifies as a successor
Trustee or Sponsor under the terms of the Trust Agreement. 
 (f) Governing Law; Consent to Jurisdiction. This Agreement shall be
governed by and construed in accordance with the laws of the State of New York (regardless of the laws that might otherwise govern under applicable New York conflict of laws principles) as to all matters, including matters of validity, construction,
effect, performance and remedies. Each party hereto irrevocably consents to the jurisdiction of the courts of the State of New York and of any federal court located in the Borough of Manhattan in such State in connection with any action, suit or
other proceeding arising out of or relating to this Agreement or any action taken or omitted hereunder, and waives any claim of forum non convenient and any objections as to laying of venue. Each party further waives personal service of any summons,
complaint or other process and agrees that service thereof may be made by certified or registered mail directed to such party at such party’s address for purposes of notices hereunder. Each party hereby waives its right to a trial by jury of
any claim arising under or in connection with this Agreement. 
 (g) Counterparts. This Agreement may be executed in one or more
counterparts, each of which will be deemed to be an original copy of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement, and it shall not be necessary in making proof of this Agreement as to
any party hereto to produce or account for more than one such counterpart executed and delivered by such party. 
 (h)
Interpretation. The article and section headings contained in this Agreement are solely for the purpose of reference, are not part of the agreement of the parties and shall not in any way affect the meaning or interpretation of this Agreement.

 (i) Entire Agreement. This Agreement and the Trust Agreement, along with any other agreement or instrument delivered pursuant
to this Agreement and the Trust Agreement, supersede all prior agreements and understandings between the parties with respect to the subject matter hereof, provided, however, that the Authorized Participant shall not be deemed by this provision to
be a party to the Trust Agreement. 

 (j) Severance. If any provision of this Agreement is held by any court or any act,
regulation, rule or decision of any other governmental or supra national body or authority or regulatory or self-regulatory organization to be invalid, illegal or unenforceable for any reason, it shall be invalid, illegal or unenforceable only to
the extent so held and shall not affect the validity, legality or enforceability of the other provisions of this Agreement and this Agreement will be construed as if such invalid, illegal, or unenforceable provision had never been contained herein,
unless the Sponsor determines in its discretion, after consulting with the Trustee, that the provision of this Agreement that was held invalid, illegal or unenforceable does affect the validity, legality or enforceability of one or more other
provisions of this Agreement, and that this Agreement should not be continued without the provision that was held invalid, illegal or unenforceable, and in that case, upon the Sponsor’s notification of the Trustee of such a determination, this
Agreement shall immediately terminate and the Trustee will so notify the Authorized Participant immediately. 
 (k) No Strict
Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict construction will be applied against any party. 

(l) Survival. Sections 9 (Indemnification) and 15 (Third Party Beneficiaries) hereof shall survive the termination of this Agreement.

 (m) Other Usages. The following usages shall apply in interpreting this Agreement: (i) references to a governmental or
quasigovernmental agency, authority or instrumentality shall also refer to a regulatory body that succeeds to the functions of such agency, authority or instrumentality; and (ii) “including” means “including, but not limited
to.” 
 * * * * * * * 

 IN WITNESS WHEREOF, the Authorized Participant, the Sponsor and the Trustee, on behalf of the Trust, have
caused this Agreement to be executed by their duly authorized representatives as of the date first set forth above. 
  

													
	 THE BANK OF NEW YORK MELLON
 not in its individual capacity,
 but solely as Trustee of the

CurrencySharesSM
 Russian Ruble Trust
	 		 	 KNIGHT CLEARING SERVICES, LLC

					
	By:	 	 /s/ Andrew Pfeifer
	 		 	By:        	 	 /s/ Christopher Pento

		 	        Name:	 		 		 		 	Name:	 	Christopher Pento
		 	        Title  Vice President	 		 		 	Title 	 	President

  

									
	Address:	 	         One Wall Street
         New York, NY 10286
	 		 	 Address: 545 Washington Blvd., 2nd Fl.
  Jersey City, NJ 07310

	Telephone:	 	        (212) 635-6314	 		 	Telephone:	 	        201-356-4232
					
	Facsimile:	 		 		 	Facsimile:	 	        201-356-4297

  

					
	 RYDEX SPECIALIZED PRODUCTS LLC,
 Sponsor of the CurrencySharesSM Russian Ruble Trust

		
	 /s/ Nick Bonos
	 	
	Name:	 	Nick Bonos
	Title:	 	CEO

  

			
	Address:	 	9601 Blackwell Rd., Ste 500 
		 	Rockville, MD 20850

  

			
	Telephone:	 	301-296-5125

  

			
	Facsimile:	 	301-296-5104

 

 
 Exhibit A 

CURRENCYSHARESSM RUSSIAN RUBLE TRUST 
 FORM OF CERTIFIED AUTHORIZED PERSONS OF AUTHORIZED PARTICIPANT 
 The following
are the names, titles and signatures of all persons (each an “Authorized Person”) authorized to give instructions relating to any activity contemplated by the Participant Agreement or any other notice, request or instruction on
behalf of the Authorized Participant pursuant to the CurrencySharesSM Russian Ruble Trust Participant Agreement. 
 Authorized Participant: Knight Clearing Services
LLC. 
  

									
	Name:	 	Stacey Boss	 		 	Name:	 	Robert Moseman III
	Title:	 	Authorized Person	 		 	Title:	 	Authorized Person

  

									
	Signature:	 	 /s/ Stacey Boss
	 		 	Signature:	 	 /s/ Robert Moseman III

  

									
	Name:	 	Eric Malpica	 		 	Name:	 	Sean Siri
	Title:	 	Authorized Person	 		 	Title:	 	Authorized Person

  

									
	Signature:	 	 /s/ Eric Malpica
	 		 	Signature:	 	 /s/ Sean Siri

  

									
	Name:	 	Erma McClain	 		 	Name:	 	Wayne Solano
	Title:	 	Authorized Person	 		 	Title:	 	Authorized Person

  

									
	Signature:	 	 /s/ Erma McClain
	 		 	Signature:	 	 /s/ Wayne Solano

 The undersigned, Andrew M. Greenstein, Managing Director, Deputy General Counsel and Secretary of Knight Clearing
Services LLC does hereby certify that the persons listed above have been duly elected to the offices set forth beneath their names, that they presently hold such offices, that they have been duly authorized to act as Authorized Persons pursuant to
the CurrencyShares Russian Ruble Trust Participant Agreement by and between Knight Clearing Services LLC and the Trustee and the Sponsor of the CurrencyShares Russian Ruble Trust, dated March 25, 2010, and that their signatures set forth above
are their own true and genuine signatures. 
 In Witness Whereof, the undersigned has hereby set his hand and the seal of Knight Clearing
Services LLC on the date set forth below. 
  

							
		 		 	Knight Clearing Services LLC
				
		 		 	By:	 	 /s/ Andrew M. Greenstein

		 		 	Name:	 	Andrew M. Greenstein
		 		 	Title:	 	Managing Director, Deputy General
	Subscribed and sworn to before me	 		 	Counsel & Secretary
	This 15th day of April, 2010	 		 	Date:	 	4/15/10
				
	 /s/ Maria Corona S. Bugarin
	 		 		 	
	Maria Corona S. Bugarin	 		 		 	
	Notary Public of New Jersey	 		 		 	
	My Comm. Expires Sept. 26, 2013	 		 		 	

 EXHIBIT B 

CURRENCYSHARESSM RUSSIAN RUBLE TRUST 
 PURCHASE ORDER FORM 
 THE BANK OF NEW YORK MELLON, TRUSTEE 

 
  

			
	CONTACT INFORMATION FOR ORDER EXECUTION:
	Telephone order number:	  	(718) 315-7500
	Fax order number:	  	(718) 315-4881
		  	[            ]
		  	Acc: JPMorgan Chase Bank, N.A. London (CHASGB2L)
		  	No: [            ]
		  	FFC: Currency SharesSM Russian Ruble Trust [            ]
		  	IBAN# [            ]

  
  
 Participant must complete all items in Part I. The Trustee, in its discretion may reject any order not submitted in complete form. 

 

	I.	TO BE COMPLETED BY PARTICIPANT:

			
	Date:	 	  

			
	Broker Name:	 	  

			
	DTC Participant Number:	 	  

			
	Telephone Number:	 	  

 

							
		 		 	Time:	 	  

							
		 		 	Firm Name:	 	  

							
		 		 	Fax Number:	 	  

			
		 		 	(One Basket = 50,000 XRU Shares)

 
 

 

 

			
	Number of Baskets Transacted:	 	  

 
 

 

			
	 Order #
	 	  

 

					
		 	Number written out:	 	  

 
 

  
 This Purchase
Order is subject to the terms and conditions of the Depositary Trust Agreement of the CurrencySharesSM Russian Ruble Trust as currently in effect and the Participant Agreement between the Authorized Participant, the Trustee and the Sponsor named therein. All representations and warranties of the
Authorized Participant set forth in such Depositary Trust Agreement and such Participant Agreement are incorporated herein by reference and are true and accurate as of the date hereof. 
 The undersigned does hereby certify as of the date set forth below that he/she is an Authorized Person under the Participant Agreement and that he/she is authorized to deliver this Purchase Order to the
Trustee on behalf of the Authorized Participant. The Authorized Participant enters into this agreement based on an estimated Basket Russian Ruble Amount disseminated the previous business day and recognizes the final Basket Russian Ruble Amount
represented will be decreased based on the Trust’s daily accrual. At the conclusion of the trading day a final NAV will be disseminated to all Authorized Participants, and the Basket Russian Ruble Amount required for the Purchase Order entered
into on this day will be finalized and this Purchase Order will serve as a legally binding contract for settlement on the third New York business day following the date hereof, unless that day is not a business day in Russia, in which case
settlement will be the next following day that is a business day in both New York and Russia. 
  

					
	  
	 		 	  

	 Date
	 		 	Authorized Person’s Signature        

  

	II.	TO BE COMPLETED BY TRUSTEE: 

 This
certifies that the above order has been: 

                     Accepted by the Trustee

                     
Declined-Reason:                                      
                                         
                                         

  

									
					
	 Final # of Russian Rubles
	 	  
	 		 	Final # of XRU Shares	 	  

  

									
	  
	 		 	  
	 		 	  

	Date	 		 	Time	 		 	Authorized Signature of Trustee

 EXHIBIT C 

CURRENCYSHARESSM RUSSIAN RUBLE TRUST 
 REDEMPTION ORDER FORM 
 THE BANK OF NEW YORK MELLON, TRUSTEE 

 
  
 CONTACT INFORMATION FOR ORDER EXECUTION: 

			
	 Telephone order number:
	  	(718) 315-7500
	 Fax order number:
	  	(718) 315-4881
	 Depository Instructions
	  	

  
  
 Participant must complete all items in Part I. The Trustee, in its discretion may reject any order not submitted in complete form. 

 

	I.	TO BE COMPLETED BY PARTICIPANT:

			
	Date:	 	  

			
	Broker Name:	 	  

			
	DTC Participant Number:	 	  

			
	Telephone Number:	 	  

 

					
		 	Time:	 	  

					
		 	Firm Name:	 	  

					
		 	Fax Number:	 	  

		
		 	(One Basket = 50,000 XRU Shares)

 
 

 

 

					
	Number of Baskets Surrendered:	  	  

 
 

 

			
	Order #	 	  

 

					
		 	Number written out:	 	  

 
 

 This Redemption Order is subject to the terms and conditions of the Depositary Trust
Agreement of the CurrencySharesSM Russian Ruble Trust as
currently in effect and the Participant Agreement between the Authorized Participant, the Trustee and the Sponsor named therein. All representations and warranties of the Authorized Participant set forth in such Depositary Trust Agreement and such
Participant Agreement are incorporated herein by reference and are true and accurate as of the date hereof. 
 The undersigned does hereby
certify as of the date set forth below that he/she is an Authorized Person under the Participant Agreement and that he/she is authorized to deliver this Redemption Order to the Trustee on behalf of the Authorized Participant. The Authorized
Participant enters into this agreement based on an estimated Basket Russian Ruble Amount disseminated the previous business day and recognizes the final Basket Russian Ruble Amount represented will be decreased based on the Trust’s daily
accrual. At the conclusion of the trading day a final NAV will be disseminated to all Authorized Participants, and the Basket Russian Ruble Amount required for the Redemption Order entered into on this day will be finalized and this Redemption Order
will serve as a legally binding contract for settlement on the third New York business day following the date hereof, unless that day is not a business day in Russia, in which case settlement will be the next following day that is a business day in
both New York and Russia. 
  

					
	  
	 		 	  

	 Date
	 		 	Authorized Person’s Signature        

  

	II.	TO BE COMPLETED BY TRUSTEE: 

 This
certifies that the above order has been: 

                     Accepted by the Trustee

                     
Declined-Reason:                                      
                                         
                                         

  

									
	 Final # of Russian Rubles
	 	  
	 		 	Final # of XRU Shares	 	  

  

									
	  
	 		 	  
	 		 	  

	Date	 		 	Time	 		 	Authorized Signature of Trustee

 ATTACHMENT A 
 CREATION AND REDEMPTION OF RUSSIAN RUBLE SHARES AND 
 RELATED RUSSIAN
RUBLE TRANSACTIONS 
 Scope of Procedures and Overview 
 These procedures (the “Procedures”) describe the processes by which one or more Baskets of Russian Ruble Trust shares (the “Shares”) issuable by The Bank of New York
Mellon, as trustee (the “Trustee”) of the CurrencySharesSM Russian Ruble Trust (the “Trust”), may be purchased or, once Shares have been issued, redeemed by an Authorized Participant. Shares may be created or redeemed only in blocks of 50,000
Shares (each such block, a “Basket”). Because the issuance and redemption of Baskets also involve the transfer of Russian Rubles between the Authorized Participant and the Trust, certain processes relating to the underlying
transfers of Russian Rubles also are described. 
 Under these Procedures, Baskets may be issued only in consideration for Russian Ruble
transferred to and held in the Trust’s accounts maintained in London, England by London Branch of JPMorgan Chase Bank, N.A., as depository (the “Depository”). Capitalized terms used in these Procedures without further
definition have the meanings assigned to them in the Depositary Trust Agreement, dated as of August 7, 2008, between Rydex Specialized Products LLC (the “Sponsor”), the Trustee, the registered owners and beneficial owners from
time to time of Shares issued thereunder and all depositors (the “Trust Agreement”), or the Participant Agreement entered into by each Authorized Participant with the Sponsor and the Trustee. 

For purposes of these Procedures, a “NY Business Day” is defined as any day other than (i) a Saturday or Sunday or (ii) a day
on which the New York Stock Exchange (the “NYSE”) is not open for regular trading at noon New York City time, and a “Local Business Day” is defined as any day other than (i) a Saturday or Sunday or (ii) a
day which has been designated a bank holiday in Russia. 
 The Prospectus describes the creation and redemption process and the Trust; it will
be delivered by the Sponsor to each Authorized Participant prior to its execution of the Participant Agreement. Baskets are issued and redeemed in accordance with the Trust Agreement and the Participant Agreement. Baskets may be issued and redeemed
by the Trustee on any NY Business Day that is also a Local Business Day in exchange for Russian Ruble, which the Trustee receives from Authorized Participants or transfers to Authorized Participants, in each case on behalf of the Trust. Authorized
Participants will be required to pay a nonrefundable per order transaction fee of $500 to the Trustee (the “Transaction Fee”). 

Authorized Participants and the Trust Transfer Russian Ruble and Baskets of Shares 
 Upon acceptance of the Participant Agreement by the Sponsor and the Trustee, the Trustee will assign a personal identification number (a “PIN”) to each person authorized to act for the
Authorized Participant (an “Authorized Person”). This will allow the Authorized Participant through its Authorized Person(s) to place Purchase Order(s) or Redemption Order(s) (each as defined herein and, together,
“Orders”) for Baskets. 
 Important Notes: 
  

	•	 	 Any Order is subject to rejection by the Trustee for the reasons set forth in the Trust Agreement. 

 

	•	 	 All Orders are subject to the provisions of the Participant Agreement relating to unclear or ambiguous instructions. 

 CREATION PROCESS 

OVERVIEW 

The following describes the process by which Baskets are created. In summary, an order to purchase one or more Baskets of Shares is
placed by an Authorized Participant with the Trustee by 4:00 p.m. New York City (“NYC”) time on the NY Business Day that is the Order Date under the Trust Agreement (“CREATION T”), and a Basket is created on the
third NY Business Day following CREATION T, unless that day is not a Local Business Day, in which case creation of the Basket shall be the next following day that is both a New York Business Day and a Local Business Day (“CREATION
T+3”). In order for the creation of a Basket to occur, the Authorized Participant must transfer to the Trust Russian Rubles and the Trustee will transfer to the Authorized Participant’s account at The Depository Trust Company
(“DTC”) Baskets corresponding to the Russian Rubles the Participant has transferred to the Trust. 
  

	C1	CREATION T (PURCHASE ORDER TRADE DATE) 

 C1.1 By the 4:00 p.m. NYC time (the “Order Cut-Off Time”), the Authorized Participant submits to the Trustee the Authorized Participant’s order to create one or more Baskets of
Shares (a “Purchase Order”) in accordance with the following process. 
 C1.1.1 By the Order Cut-Off Time, an
Authorized Person of the Authorized Participant calls the Trustee at 718-315-7500, notifying the Trustee that the Authorized Participant wishes to place a Purchase Order for the Trustee to create an identified number of Baskets of Shares and
requesting that the Trustee provide an order number. The Authorized Person provides a PIN as identification to the Trustee. 

C1.1.2 Incoming telephone calls are queued and will be handled in the sequence received. The Trustee will process Purchase Orders if the
phone call initiated by the Authorized Person is placed before the Order Cut-Off Time, even though the remainder of the order process is not completed until after the Order Cut-Off Time. Accordingly, do not hang up and redial. 

C1.1.3 Purchase Orders initiated after the Order Cut-Off Time will be rejected. 

C1.1.4 During the phone call from the Authorized Person of the Authorized Participant to initiate a Purchase Order, the Trustee will give
an order number for the Authorized Participant’s Purchase Order. 
 C1.1.5 Within 15 minutes after receiving the order
number from the Trustee, the Authorized Participant will fax the Purchase Order to the Trustee using the Purchase Order Form included as part of the Participant Agreement. 
 C1.1.6 The Purchase Order Form provides, among other things, for the number of Baskets that the Authorized Participant is ordering and the condition that the Purchase Order is subject to the
Trustee’s receipt of the Transaction Fee (by DTC SPO Charge) prior to delivery of the Baskets on CREATION T+3. 

C1.1.7 If the Trustee has not received the Purchase Order Form from the Authorized Participant within 15 minutes after the Authorized
Person placed the phone call to the Trustee, the Trustee places a phone call to the Authorized Participant to inquire about the status of the order. If the Authorized Participant does not fax the Purchase Order Form to the Trustee within 15 minutes
after the Trustee’s phone call, the Authorized Participant’s order is cancelled, but the Authorized Participant will remain liable to the Trustee for the Transaction Fee. 

C1.2 If the Trustee has received the Authorized Participant’s Purchase Order Form on time in accordance with the preceding timing
rules, then by 4:15 p.m. NYC time on CREATION T, the Trustee 

  
 A-2

 
will return to the Participant a copy of the Purchase Order Form submitted, marking it “Affirmed subject to receipt of the Transaction Fee prior to delivery of Baskets on CREATION
T+3” and indicating, on a preliminary basis subject to confirmation, the number of Russian Rubles the Participant must transfer in exchange for the Basket(s). 
 C1.3 The Participant ensures that by 2:00 p.m. NYC time on the NY Business Day that is immediately prior to the date that is the Settlement Date under the Trust Agreement (“CREATION VD –
1”) that sufficient Russian Rubles are wire transferred to the Depository. 
 C1.4 NOTES FOR AUTHORIZED PARTICIPANT
(CREATION T) 
 C1.4.1 The Authorized Participant must be a participating member of DTC. 

C1.4.2 The Authorized Participant must be able to transfer Russian Rubles via (RTGSplus, EBA EURO1 or TARGET). SWIFT BIC – CHASGB2L.

 C1.4.3 The Authorized Participant must have signed and delivered the Participant Agreement to the Trustee. The Trustee will
accept an Authorized Participant based on the representations made by the Authorized Participant in the Participant Agreement. The Trustee will not perform other due diligence or investigation of Authorized Participants. 

C1.4.4 The Authorized Participant must have in place, before a Purchase Order can be processed, account instructions for Russian Ruble
transfers with its sending financial institution. 
 C1.4.5 By 2:00 p.m. NYC time on CREATION VD-1, Russian Rubles in the amount
needed to acquire the Shares must be standing to the credit of the Deposit Account in order for the Authorized Participant to receive Baskets on CREATION T+3. 
 C1.4.6 An Authorized Participant may only deliver Russian Rubles for credit to the Depository in the following ways (RTGSplus, EBA EURO1 or TARGET). SWIFT BIC – CHASGB2L. 

C1.4.7 Prior to the delivery of the Baskets by the Trustee on CREATION T+3, the Authorized Participant must accept a DTC SPO Charge
for the applicable Transaction Fee from the Trustee. Purchase Orders for which the Trustee has not received the Transaction Fee will be cancelled subject to handling pursuant to supplemental procedures to be issued, but in any event the Authorized
Participant will remain obligated to the Trustee for the Transaction Fee. 
 C1.5 NOTES FOR TRUSTEE (CREATION T) 

C1.5.1 Based on the Purchase Orders placed with it on CREATION T, the Trustee sends an email message to the Depository (by CREATION
T+1) indicating the approximate total amount of Russian Rubles that the Depository will receive from the Authorized Participant on CREATION T+3. 
  

	C2	CREATION T+1 

 C2.1 The
Purchase Orders and instructions given on CREATION T are all pending with the Trustee. 
 C2.2 The Depository receives the
Trustee’s email message about the approximate total amount of Russian Rubles the Authorized Participant is required to transfer not later than 2:00 p.m. NYC time on CREATION T. 

  
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	C3	CREATION T+2 

 C3.1 On
CREATION VD-1 the Trustee notifies the Authorized Participant of the final amount of Russian Rubles that must be deposited in the Deposit Account (the “Basket Russian Ruble Amount”) not later than 2:00 p.m. NYC time on CREATION VD-1.

 C3.2 Based on the Purchase Orders placed with it on CREATION T, the Trustee sends an authenticated electronic message (SWIFT
MT210) to the Depository indicating the total amount of Russian Rubles that the Depository will receive from the Authorized Participant on CREATION T+3. 
  

	C4	CREATION T+3 

 C4.1 By 2:00
p.m. NYC time on CREATION VD-1, the Depository has received each Authorized Participant’s wire transfer of the Basket Russian Ruble Amount in the Deposit Account. 
 C4.2 As of 11:59 p.m. NYC time on CREATION VD-1, the Depository notifies the Trustee that the Basket Russian Ruble Amount has been transferred into the Deposit Account by an authenticated electronic
message (SWIFT MT910). 
 C4.3 Prior to the delivery of the Baskets on CREATION T+3, the Trustee must have received the
Transaction Fee from the Authorized Participant (SPO/DTC Charge). 
 C4.4 At 11:00 a.m. NYC time, following receipt of the
notice from the Depository confirming the transfer of the Basket Russian Ruble Amount to the Deposit Account, the Trustee authorizes the creation and issuance of the Baskets ordered by each Authorized Participant on CREATION T for which the Trustee
has received confirmation from the Depository of receipt of the Basket Russian Ruble Amount. 
 C4.5 By 11:00 a.m. NYC time,
following receipt of the notice from the Depository confirming the transfer of the Basket Russian Ruble Amount to the Deposit Account, the Trustee notifies its transfer agent service desk that it has authorized the creation and issuance of Baskets
in the number specified, and to increase the number of Shares outstanding accordingly. By 11:00 a.m. NYC time, following receipt of the notice from the Trustee that it has authorized the creation and issuance of Shares in the number specified, the
Trustee’s transfer agent service desk increases the number of Shares outstanding, and notifies the Trustee and the Trustee’s DTC operations desk that an increased number of Shares is now outstanding and available for release in accordance
with the Trustee’s instructions. 
 C4.6 By 11:00 a.m. NYC time, following receipt of notice from the Trustee’s
transfer agent service desk that the number of Shares now outstanding has been increased, the Trustee notifies its DTC operations desk to release the increased number of Shares through DTC to the DTC participant accounts of the Authorized
Participants scheduled to receive Baskets on CREATION T+3 for whom the Trustee has received confirmation from the Depository that the Basket Russian Ruble Amount has been received into the Deposit Account. 

C4.7 Following the close of business (usually 4:00 p.m. NYC time) on CREATION T, the Trustee makes appropriate entries in its books and
records to reflect the creation of Baskets. 
 C4.8 Following the close of business (usually 5:00 p.m. NYC time) on CREATION
T+3, the Depository Russian Ruble system updates account records, recording the movements of Russian Rubles in the Deposit Account and providing updated balances in the affected accounts as of 8:30 a.m NYC time on the first NY Business Day
following the date that is the Settlement Date under the Trust Agreement. 
 C4.9 Following the close of business (usually 5:00
p.m. NYC time) on CREATION T+3, the Depository Russian Ruble system automatically generates authenticated electronic messages (SWIFT MT940 or SWIFT MT950) constituting a statement of the activity affecting the Deposit Account (received only by
the Trustee). 

  
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 C4.10 If the Authorized Participant fails to deliver Russian Rubles by 2:00 p.m. NYC time on
CREATION T+3, (a) the Trustee will apply a late fee equal to four (4) times the creation charge; and (b) the Depository may, in its reasonable discretion, apply a late fee calculated in accordance with standard industry practices.

 In the event any such late fees are assessed, the Trustee will coordinate with the Authorized Participant to arrange payment
of such fees. 
 REDEMPTION PROCESS 
 OVERVIEW 
 The following describes the process by which Baskets are redeemed. In
summary, an order to redeem one or more Baskets of Shares is placed by an Authorized Participant with the Trustee by 4:00 p.m. NYC time on the NY Business Day that is the Order Date under the Trust Agreement (“REDEMPTION T”), Baskets to be
redeemed are delivered to the Trustee by 4:30 p.m. NYC time on the second NY Business Day following REDEMPTION T, unless that day is not a Local Business Day, in which case Baskets shall be delivered the next following day that is both a New York
Business Day and a Local Business Day (“REDEMPTION T+2”) and the Authorized Participant receives the corresponding Russian Rubles on the third NY Business Day following REDEMPTION T (“REDEMPTION T+3”). In order for the
redemption of a Basket to occur, the Authorized Participant must pay a transaction fee and the Trustee will instruct the Depository to transfer to the Authorized Participant Russian Rubles corresponding to the Baskets delivered for redemption.

  

	R1	REDEMPTION T (REDEMPTION ORDER TRADE DATE) 

 R1.1 By the Order Cut-Off Time, the Authorized Participant submits to the Trustee the Authorized Participant’s order to redeem one or more Baskets of Shares (a “Redemption Order”) in
accordance with the following process. 
 R1.1.1 By the Order Cut-Off Time, an Authorized Person of the Authorized Participant
calls the Trustee at 718-315-7500, notifying the Trustee that the Authorized Participant wishes to place a Redemption Order for the Trustee to redeem an identified number of Baskets of Shares and requesting that the Trustee provide an order number.
The Authorized Person provides a PIN as identification to the Trustee. 
 R1.1.2 Incoming telephone calls are queued and will be
handled in the sequence received. The Trustee will process the Redemption Order(s) if the phone call initiated by the Authorized Person is placed before the Order Cut-Off Time, even though the remainder of the order process is not completed until
after the Order Cut-Off Time. Accordingly, do not hang up and redial. 
 R1.1.3 Redemption Orders initiated after the Order
Cut-Off Time are rejected. 
 R1.1.4 During the phone call from the Authorized Person of the Authorized Participant to initiate
a Redemption Order, the Trustee will give an order number for the Authorized Participant’s Redemption Order. 
 R1.1.5
Within 15 minutes after the phone call initiating the Redemption Order, the Authorized Participant will fax the Redemption Order to the Trustee using the Redemption Order Form included as part of the Participant Agreement. 

R1.1.6 The Redemption Order Form provides, among other things, for the number of Baskets that the Authorized Participant is redeeming and
the condition that the Redemption Order is subject to Trustee’s receipt of the Transaction Fee by SPO/DTC Charge on REDEMPTION T+2 prior to the delivery of the Russian Rubles to the Authorized Participant. 

  
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 R1.1.7 If the Trustee has not received the Redemption Order Form from the Authorized
Participant within 15 minutes after the Authorized Person placed the phone call to the Trustee, the Trustee places a phone call to the Authorized Participant to inquire about the status of the order. If the Authorized Participant does not fax the
Redemption Order Form to the Trustee within 15 minutes after the Trustee’s phone call, the Authorized Participant’s order is cancelled, but the Authorized Participant will remain liable to the Trustee for the Transaction Fee. 

R1.2 If the Trustee has received the Authorized Participant’s Redemption Order Form on time in accordance with the preceding timing
rules, then by 4:15 p.m. NYC time on REDEMPTION T, the Trustee will return to the Authorized Participant a copy of the Redemption Order Form submitted, marking it “Affirmed subject to receipt of Transaction Fee on REDEMPTION T+2 prior to
delivery of the Russian Rubles” and indicating, on a preliminary basis subject to confirmation, the number of Russian Rubles the Participant will receive upon redemption of the indicated Basket(s) of Shares. 

R1.3 NOTES FOR TRUSTEE AND DEPOSITORY (REDEMPTION T) 
 R1.3.1 On REDEMPTION T, the Trustee will prepare an authenticated electronic message (SWIFT MT202 or MT103plus) containing instructions specifying REDEMPTION T+3 as the date on which the instructions
will be executed. 
 R1.3.2 The Trustee will deliver the authenticated electronic message (SWIFT MT202 or MT103plus) to the
Depository on REDEMPTION T+2 only after confirming the Trustee’s receipt of Shares from the Authorized Participant through DTC. 
  

	R2	REDEMPTION T+1 

 R2.1
Redemption Orders and related instructions are in process. 
 R2.2 The Depository receives the authenticated electronic message
(SWIFT) or e-mail from the Trustee notifying the Depository of the approximate amount of Russian Rubles needed to be remitted on REDEMPTION T+3 to each Authorized Participant that has placed a Redemption Order 

 

	R3	REDEMPTION T+2 

 R3.1 On
REDEMPTION T+2, the Trustee notifies the Authorized Participant of the final amount of Russian Rubles that will be delivered to the Authorized Participant on REDEMPTION T+3 (the “Basket Russian Ruble Amount”). 

R3.2 Prior to the delivery of instructions from the Trustee to the Depository directing the Depository to transfer the Basket Russian
Ruble Amount on REDEMPTION T+3, the Trustee must have received the Transaction Fee from the Authorized Participant (SPO/DTC Charge). 
 R3.3 By 4:30 p.m. NYC time, the Authorized Participant delivers free to the Trustee’s participant account at DTC (#2209) the Shares to be redeemed. The Authorized Participant telephones the
Trustee’s DTC operations desk ((718) 315-7500) to expect the Authorized Participant’s Shares through DTC. 
 R3.3.1 By
4:30 p.m. NYC time, the Trustee’s DTC operations desk notifies the Trustee whether the Shares being redeemed by the Authorized Participant have been received into the Trustee’s participant account at DTC. 

R3.3.2 By 4:30 p.m. NYC time, if the Shares being redeemed by the Authorized Participant have been received into the Trustee’s
participant account at DTC, the Trustee’s DTC operations desk accepts the Shares to be redeemed, notifies the Trustee that the Trustee has received the Authorized Participant’s Shares and identifies the Authorized Participant from whom the
Shares have been received. 

  
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 R3.3.3 By 4:30 p.m. NYC time, if the Shares of a redeeming Authorized Participant have not
been received into the Trustee’s participant account at DTC, the Trustee’s operations desk notifies the Trustee that the Trustee has not received the Shares from the Authorized Participant, and identifies the Authorized Participant from
whom Shares have not been received. 
 R3.4 By 5:00 p.m. NYC time on the NY Business Day that is immediately prior to the date
that is the Settlement Date under the Trust Agreement, the Trustee sends an authenticated electronic message (SWIFT MT202 or MT103plus) to the Depository directing the Depository to transfer the Basket Russian Ruble Amount to the accounts of those
Authorized Participants from whom the Trustee has received Shares. 
  

	R4	REDEMPTION T+3 

 R4.1 On
REDEMPTION T+3, the Depository executes the instructions from the Trustee to wire the Basket Russian Ruble Amount from the Trust Account and to transfer the Basket Russian Ruble Amount to the Authorized Participant’s designated account. The
Russian Rubles will be sent to the designated accounts by wire (RTGSplus, EBA EURO1 or TARGET). 
 R4.1.1 By DTC free delivery
cut-off time (usually 2:00 p.m. NYC time), the Trustee’s DTC operations desk instructs the Trustee’s transfer agent services desk to eliminate Shares received for redemption. 

R4.1.2 By DTC free delivery cut-off time (usually 2:00 p.m. NYC time), the Trustee’s transfer agent services desk cancels the
Authorized Participant’s Shares received for redemption and reduces the number of Trust Shares outstanding. 
 R4.2
Following the close of business (usually 4:00 p.m. NYC time time) on REDEMPTION T, the Depository makes the appropriate entries in its books and records to reflect the redemptions. 

R4.3 Following the close of business (usually 5:00 p.m. NYC time time) on REDEMPTION T+3, the Depository Russian Ruble system updates
its account records, recording the movements of Russian Rubles in the Deposit Account and providing updated balances in the affected accounts as of the 9:30 a.m. NYC time on the first NY Business Day following the date that is the Settlement Date
under the Trust Agreement. 
 R4.4 Following the close of business (usually 5:00 p.m. NYC time) on REDEMPTION T+3, the
Depository Russian Ruble system automatically generates an authenticated electronic message (SWIFT MT140 or Swift MT950) constituting a statement of the activity affecting the Deposit Account (received only by the Trustee). 

  
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 Schedule to Exhibit 4.2 
 The following parties have each executed a separate Participation Agreement with The Bank of New York, as trustee, and Rydex Specialized Products LLC, as sponsor, which is substantially identical in all
material respects to the Participation Agreement filed herewith as Exhibit 4.2 and is dated as of the date listed opposite its name below. 
  

			
	 Name of Party
	  	 Date of Agreement

		
	 Goldman Sachs & Co.
	  	August 7, 2008
		
	 Goldman Sachs Execution & Clearing LP
	  	February 27, 2010
		
	 Knight Cleaning Services, LLC
	  	March 25, 2010
		
	 Nomura Securities International Inc.
	  	June 14, 2010
		
	 RBC Capital Markets, LLC
	  	April 15, 2011
		
	 JPMorgan Securities, Inc.
	  	August 16, 2010
		
	 CitiGroup Global Markets, Inc.
	  	August 26, 2011

 Except as noted above, there are no material details in which the above Participation Agreements differ from the
Participation Agreement filed herewith as Exhibit 4.2.

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