Ninth Supplemental Indenture to 2012 Indenture dated as of June 3, 2020 among Macys Retail Holdings, LLC, a Delaware limited liability company (as successor to Macys Retail Holdings, Inc., a Delaware corporation), Macys, Inc. and The Bank of New York Mellon Trust Company, N.A., as Trustee

NINTH SUPPLEMENTAL TRUST INDENTURE, effective as of June 3, 2020, by and among Macy’s Retail Holdings, LLC, a Delaware limited liability company (“MRH LLC”) and successor by conversion of Macy’s Retail Holdings, Inc., a Delaware corporation (“MRHI”) into MRH LLC, Macy’s, Inc., a corporation duly organized and existing under the laws of the State of Delaware, as Guarantor (“Macy’s”), 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 (“Trustee”), supplementing that certain Indenture, dated as of January 13, 2012, between MRHI, Macy’s and the Trustee (as amended or supplemented to date, the “Indenture”).

A. Pursuant to Section 11.01 of the Indenture, MRHI is not permitted to consolidate with or merge with or into any other Person, or transfer (by lease, assignment, sale, or otherwise) all or substantially all of its properties and assets to another Person unless, among other things, such Surviving Person expressly assumes, in the form of a supplemental indenture, all of the obligations and covenants of MRHI under the Indenture and the Securities.

B. This Ninth Supplemental Indenture is being executed and delivered for the avoidance of doubt to reflect the statutory conversion of MRHI from a Delaware corporation to a Delaware limited liability company.

C. Pursuant to the Certificate of Conversion, dated June 3, 2020, MRHI was converted into MRH LLC, with MRH LLC continuing as the Surviving Person, and MRH LLC agreed to assume all of the obligations and covenants of MRHI under the Indenture and the Securities.

D. Pursuant to Section 10.01 of the Indenture, MRH LLC, Macy’s and the Trustee are entering into this Supplemental Indenture, without the consent of or notice to any Holders, to evidence the succession of MRH LLC to MRHI and the assumption by MRH LLC of the obligations and covenants of MRHI under the Indenture and the Securities.

E. Unless otherwise defined, all capitalized terms used herein that are defined in the Indenture shall have the respective meanings assigned to them in the Indenture.

In order to evidence the succession of MRH LLC to MRHI and the assumption by MRH LLC of the obligations and covenants of MRHI under the Indenture and the Securities, it is mutually agreed as follows:

Effective as of the date hereof, MRH LLC hereby (a) succeeds to, is substituted for and may exercise every right and power of MRHI under the Indenture with the same effect as if MRH LLC had been named in the Indenture, and (b) assumes all of the obligations and covenants of MRHI under the Indenture and the Securities, including all covenants of MRHI contained in the Indenture and the Securities, as the case may be, and MRHI is hereby relieved of all of its obligations and covenants under the Indenture and the Securities. MRH LLC hereby succeeds to and is substituted for MRHI in the Indenture with the same effect as if MRH LLC had been named in the Indenture as a party thereto. Upon the effectiveness of this Supplemental Indenture, all appearances of the term “Company” in the Indenture and the Securities shall be deemed to mean and apply to MRH LLC.

For the avoidance of doubt, MRI LLC hereby confirms that it succeeds to, and is substituted for, and may exercise every right and power of, MRHI as Company under the Indenture and the Securities with the same effect as if MRI LLC had been named as “Company” in the Indenture and the Securities.

This Supplemental Indenture shall be construed as supplemental to the Indenture and all of 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 (a) incorporated by reference in this Supplemental Indenture and (b) ratified, confirmed and approved.

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. Such counterparts may be executed manually, electronically or by facsimile.

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

IN WITNESSETH WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly effective as of the day and year first above written.