<SEC-DOCUMENT>0001571049-18-000569.txt : 20181207
<SEC-HEADER>0001571049-18-000569.hdr.sgml : 20181207
<ACCEPTANCE-DATETIME>20181207144001
ACCESSION NUMBER:		0001571049-18-000569
CONFORMED SUBMISSION TYPE:	S-3ASR
PUBLIC DOCUMENT COUNT:		13
FILED AS OF DATE:		20181207
DATE AS OF CHANGE:		20181207
EFFECTIVENESS DATE:		20181207

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Macy's, Inc.
		CENTRAL INDEX KEY:			0000794367
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-DEPARTMENT STORES [5311]
		IRS NUMBER:				133324058
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0202

	FILING VALUES:
		FORM TYPE:		S-3ASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-228707
		FILM NUMBER:		181223169

	BUSINESS ADDRESS:	
		STREET 1:		7 WEST SEVENTH STREET
		CITY:			CINCINNATI
		STATE:			OH
		ZIP:			45202
		BUSINESS PHONE:		5135797000

	MAIL ADDRESS:	
		STREET 1:		7 W SEVENTH ST
		CITY:			CINCINNATI
		STATE:			OH
		ZIP:			45202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FEDERATED DEPARTMENT STORES INC /DE/
		DATE OF NAME CHANGE:	19950307

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	R H MACY & CO INC
		DATE OF NAME CHANGE:	19950307

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MACY ACQUIRING CORP
		DATE OF NAME CHANGE:	19861124

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Macy's Retail Holdings Inc
		CENTRAL INDEX KEY:			0001026179
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-DEPARTMENT STORES [5311]
		IRS NUMBER:				430398035
		STATE OF INCORPORATION:			NY

	FILING VALUES:
		FORM TYPE:		S-3ASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-228707-01
		FILM NUMBER:		181223168

	BUSINESS ADDRESS:	
		STREET 1:		7 WEST SEVENTH STREET
		CITY:			CINCINNATI
		STATE:			OH
		ZIP:			45202
		BUSINESS PHONE:		5135797000

	MAIL ADDRESS:	
		STREET 1:		7 WEST SEVENTH STREET
		CITY:			CINCINNATI
		STATE:			OH
		ZIP:			45202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Federated Retail Holdings Inc
		DATE OF NAME CHANGE:	20050831

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MAY DEPARTMENT STORES CO /NY/
		DATE OF NAME CHANGE:	19961031
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3ASR
<SEQUENCE>1
<FILENAME>tv508278-s3ar.htm
<DESCRIPTION>FORM S-3ASR
<TEXT>
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    <title>tv508278-s3ar - none - 1.960812s</title>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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      <div style="margin-top:19pt;margin-bottom:21.71pt;margin-left:27pt;width:541pt;">
        <div style="text-align:center; width:541pt; line-height:10pt;">As filed with the Securities and Exchange Commission on December&#160;7, 2018 </div>
        <div style="margin-top:1pt; text-align:right; width:541pt; line-height:10pt;">Registration No. 333-&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8203;</div>
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        <div style="margin-top:6pt; text-align:center; width:541pt; line-height:11pt;font-size:10pt;">UNITED STATES <br >SECURITIES AND EXCHANGE COMMISSION <br ><font style="font-size:9pt;">Washington, D.C. 20549</font></div>
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          <font style="font-style:normal;font-size:14pt;">FORM S-3</font> <br ><font style="font-style:normal;">REGISTRATION STATEMENT</font> <br >UNDER <br >THE SECURITIES ACT OF 1933</div>
        <div style="margin-top:4.5pt; text-align:center; width:541pt;">
          <div style="margin-left: 40.018%; margin-right: 40.018%; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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        <div style="margin-top:7pt; text-align:center; width:541pt; line-height:21pt;font-size:20pt;">MACY&#8217;S, INC.</div>
        <div style="margin-top:-1pt; text-align:center; width:541pt; line-height:9pt;font-size:8pt;">(Exact Name of Registrant as Specified in Its Charter)</div>
        <div style="margin-top:4.5pt; text-align:center; width:541pt;">
          <div style="margin-left: 40.018%; margin-right: 40.018%; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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        <table style="width:501pt;margin-left:20pt;margin-top:2.5pt;border-collapse: collapse;">
          <tr style="line-height:11.5pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:9pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:244.5pt;">
              <div style="text-align:center; line-height:10.5pt;">Delaware<br ><font style="font-size:8pt;">(State or Other Jurisdiction of Incorporation or Organization)</font></div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:244.5pt;">
              <div style="text-align:center;">13-3324058</div>
              <div style="text-align:center;font-size:8pt;">(I.R.S. EmployerIdentification Number)</div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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        <div style="margin-top:8pt; text-align:center; width:541pt; line-height:10pt;">7 West Seventh Street <br >Cincinnati, Ohio 45202 <br >(513) 579-7000 <br >and <br >151 West 34th Street <br >New York, New York 10001 <br >(212) 494-1602 <br ><font style="font-size:8pt;">(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant&#8217;s Principal Executive Offices)</font></div>
        <div style="margin-top:6pt; text-align:center; width:541pt; line-height:21pt;font-size:20pt;">MACY&#8217;S RETAIL HOLDINGS, INC.</div>
        <div style="margin-top:-2pt; text-align:center; width:541pt; line-height:9pt;font-size:8pt;">(Exact Name of Registrant as Specified in Its Charter)</div>
        <div style="margin-top:4.5pt; text-align:center; width:541pt;">
          <div style="margin-left: 40.018%; margin-right: 40.018%; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:244.5pt;">
              <div style="text-align:center; line-height:10.5pt;">New York<br ><font style="font-size:8pt;">(State or Other Jurisdiction of Incorporation or Organization)</font></div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
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              <div style="text-align:center;">43-0398035</div>
              <div style="text-align:center;font-size:8pt;">(I.R.S. EmployerIdentification Number)</div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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        <div style="margin-top:7pt; text-align:center; width:541pt; line-height:10pt;">7 West Seventh Street <br >Cincinnati, Ohio 45202 <br >(513) 579-7000 <br >and <br >151 West 34th Street <br >New York, New York 10001 <br >(212) 494-1602 <br ><font style="font-size:8pt;">(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant&#8217;s Principal Executive Offices)</font></div>
        <div style="margin-top:4.5pt; text-align:center; width:541pt;">
          <div style="margin-left: 40.018%; margin-right: 40.018%; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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        <div style="margin-top:5pt; text-align:center; width:541pt; line-height:10pt;">Elisa D. Garcia, Esq. <br >Chief Legal Officer and Secretary <br >Macy&#8217;s, Inc. <br >151 West 34th Street <br >New York, New York 10001 <br >(212) 494-1602 <br ><font style="font-size:8pt;">(Name, Address, Including Zip Code, and Telephone Number, Including Area Code of Agent For Service)</font></div>
        <div style="margin-top:4.5pt; text-align:center; width:541pt;">
          <div style="margin-left: 40.018%; margin-right: 40.018%; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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        <div style="margin-top:5pt; text-align:center; width:541pt; line-height:10pt;">
          <font style="font-style:italic;">With copies to:</font> <br >Michael J. Solecki, Esq. <br >Jones Day <br >901 Lakeside Avenue <br >Cleveland, Ohio 44114-1190 <br >(216) 586-3939</div>
        <div style="text-indent:20pt; margin-top:3pt; width:541pt; line-height:10pt;font-weight:normal;">
          <font style="font-weight:bold;">Approximate date of commencement of proposed sale to the public:</font> From time to time after the effective date of this registration statement. </div>
        <div style="text-indent:20pt; margin-top:5pt; width:541pt; line-height:10pt;font-weight:normal;">If the only securities being registered on this form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. &#9744;</div>
        <div style="text-indent:20pt; margin-top:5pt; width:541pt; line-height:10pt;font-weight:normal;">If any of the securities being registered on this form are to be offered on a delayed or continuous basis pursuant to Rule&#160;415 under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following box.&#8199;&#9746;</div>
        <div style="text-indent:20pt; margin-top:5pt; width:541pt; line-height:10pt;font-weight:normal;">If this form is filed to register additional securities for an offering pursuant to Rule&#160;462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.&#8194;&#9744;</div>
        <div style="text-indent:20pt; margin-top:5pt; width:541pt; line-height:10pt;font-weight:normal;">If this form is a post-effective amendment filed pursuant to Rule&#160;462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.&#8194;&#9744;</div>
        <div style="text-indent:20pt; margin-top:5pt; width:541pt; line-height:10pt;font-weight:normal;">If this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule&#160;462(e) under the Securities Act, check the following box.&#8194;&#9746;</div>
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      <hr >
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      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:19pt;min-height:715pt;margin-left:27pt;width:541pt;">
        <div style="text-indent:20pt; width:541pt; line-height:10pt;">If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities pursuant to Rule&#160;413(b) under the Securities Act, check the following box.&#8194;&#9744;</div>
        <div style="text-indent:20pt; margin-top:5pt; width:541pt; line-height:10pt;">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of&#8201; &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company&#8221; and &#8220;emerging growth company&#8221; in Rule&#160;12b-2 of the Exchange Act. (Check one): </div>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:276pt;">Large accelerated filer&#8194;&#9746;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:213pt;">Accelerated filer&#8194;&#9744;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:9pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.333pt 0pt 0.667pt 0pt; width:276pt;">Non-accelerated filer&#8194;&#9744;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1.333pt 0pt 0.667pt 0pt; width:213pt;">Smaller reporting company&#8194;&#9744;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:9pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:276pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1.333pt 0pt 0.667pt 0pt; width:213pt;">Emerging growth company&#8194;&#9744;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
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        <div style="text-indent:20pt; margin-top:13.99pt; width:541pt; line-height:10pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&#160;7(a)(2)(B) of Securities Act.&#8194;&#9744;</div>
        <div style="margin-top:7.48pt; text-align:center; width:541pt;">
          <div style="margin-left: 40.018%; margin-right: 40.018%; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <table style="width:541pt;height:178.5pt;margin-top:7.5pt;border-collapse: collapse;">
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
            <td style="border-bottom:3px double #000000;padding:0pt 0pt 1.5pt 0pt; width:0pt;" colspan="13">
              <div style="white-space:nowrap; text-align:center;">CALCULATION OF REGISTRATION FEE</div>
            </td>
            <td style="padding:0pt;border-bottom:3px double #000000; width:0pt;">&#8203;</td>
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          <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;">
            <td style="border-bottom:1px solid #000000;padding:1.083pt 0pt 1.167pt 0pt; width:272.5pt;text-align:left;">
              <div style="white-space:nowrap;">Title of Each Class of Securities to be Registered* </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4.5pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.083pt 0pt 1.167pt 0pt; width:57pt;">
              <div style="text-align:center;">Amount<br >to be<br >Registered  (1)</div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4.5pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.083pt 0pt 1.167pt 0pt; width:57pt;">
              <div style="text-align:center;">Proposed<br >Maximum<br >Offering Price<br >Per Unit (1)</div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4.5pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.083pt 0pt 1.167pt 0pt; width:57pt;">
              <div style="text-align:center;">Proposed<br >Maximum<br >Aggregate<br >Offering <br >Price (1)</div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4.5pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:1.083pt 0pt 1.167pt 0pt; width:61.5pt;">
              <div style="text-align:center;">Amount of<br >Registration<br >Fee (2)</div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;background-color:#CCEEFF;white-space:nowrap;text-align:right;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:9pt;">
            <td style="padding:2.25pt 0pt 0.5pt 0pt; width:272.5pt;text-align:left;">
              <div style="white-space:nowrap;">Debt Securities of Macy&#8217;s Retail Holdings, Inc. </div>
            </td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:2.25pt 0.5pt 0.5pt 0pt; width:57pt;">
              <div style="text-align:right;">&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8203;</div>
            </td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:2.25pt 0.5pt 0.5pt 0pt; width:57pt;">
              <div style="text-align:right;">&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8203;</div>
            </td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:2.25pt 0.5pt 0.5pt 0pt; width:57pt;">
              <div style="text-align:right;">&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8203;</div>
            </td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:2.25pt 0.5pt 0.5pt 0pt; width:61.5pt;">
              <div style="text-align:right;">&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8203;</div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;white-space:nowrap;text-align:right;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:9pt;">
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:272.5pt;text-align:left;">
              <div style="white-space:nowrap;">Common Stock, par value $0.01 per share, of Macy&#8217;s, Inc. </div>
            </td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt 0.5pt 0.5pt 0pt; width:57pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt 0.5pt 0.5pt 0pt; width:57pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt 0.5pt 0.5pt 0pt; width:57pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt 0.5pt 0.5pt 0pt; width:61.5pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
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            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:272.5pt;text-align:left;">
              <div style="white-space:nowrap;">Preferred Stock, par value $0.01 per share, of Macy&#8217;s, Inc. </div>
            </td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt 0.5pt 0.5pt 0pt; width:57pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
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            <td style="padding:0pt 0.5pt 0.5pt 0pt; width:57pt;">&#8203;</td>
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            <td style="padding:0pt 0.5pt 0.5pt 0pt; width:57pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt 0.5pt 0.5pt 0pt; width:61.5pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
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            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:272.5pt;text-align:left;">
              <div style="white-space:nowrap;">Depositary Shares of Macy&#8217;s, Inc. (3) </div>
            </td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt 0.5pt 0.5pt 0pt; width:57pt;">&#8203;</td>
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            <td style="padding:0pt 0.5pt 0.5pt 0pt; width:57pt;">&#8203;</td>
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            <td style="padding:0pt 0.5pt 0.5pt 0pt; width:61.5pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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          <tr style="line-height:9pt;background-color:#CCEEFF;white-space:nowrap;text-align:right;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:9pt;">
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:272.5pt;text-align:left;">
              <div style="white-space:nowrap;">Warrants </div>
            </td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt 0.5pt 0.5pt 0pt; width:57pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt 0.5pt 0.5pt 0pt; width:57pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt 0.5pt 0.5pt 0pt; width:57pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt 0.5pt 0.5pt 0pt; width:61.5pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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          <tr style="line-height:9pt;white-space:nowrap;text-align:right;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:9pt;">
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:272.5pt;text-align:left;">
              <div style="white-space:nowrap;">Purchase Contracts </div>
            </td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt 0.5pt 0.5pt 0pt; width:57pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt 0.5pt 0.5pt 0pt; width:57pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt 0.5pt 0.5pt 0pt; width:57pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt 0.5pt 0.5pt 0pt; width:61.5pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;background-color:#CCEEFF;white-space:nowrap;text-align:right;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:9pt;">
            <td style="padding:2.5pt 0pt 0.5pt 0pt; width:272.5pt;text-align:left;">Units (4) </td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt 0.5pt 0.5pt 0pt; width:57pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt 0.5pt 0.5pt 0pt; width:57pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt 0.5pt 0.5pt 0pt; width:57pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt 0.5pt 0.5pt 0pt; width:61.5pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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          <tr style="line-height:10.5pt;white-space:nowrap;text-align:right;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:9pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:1.5pt 0pt 1pt 0pt; width:272.5pt;white-space:normal;text-align:left;">
              <div style="margin-left:10pt; text-indent:-10pt;">Guarantees of Debt Securities of Macy&#8217;s Retail Holdings, Inc. by Macy&#8217;s, Inc. (5) </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4.5pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0.5pt 1pt 0pt; width:57pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4.5pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0.5pt 1pt 0pt; width:57pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4.5pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0.5pt 1pt 0pt; width:57pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:4.5pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0.5pt 1pt 0pt; width:61.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;background-color:#CCEEFF;white-space:nowrap;text-align:right;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:9pt;">
            <td style="border-bottom:3px double #000000;padding:2.25pt 0pt 1.5pt 0pt; width:272.5pt;text-align:left;">
              <div style="white-space:nowrap;">Total </div>
            </td>
            <td style="padding:0pt;border-bottom:3px double #000000; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3px double #000000; width:4.5pt;">&#8203;</td>
            <td style="border-bottom:3px double #000000;padding:0pt 0.5pt 1.5pt 0pt; width:57pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3px double #000000; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3px double #000000; width:4.5pt;">&#8203;</td>
            <td style="border-bottom:3px double #000000;padding:0pt 0.5pt 1.5pt 0pt; width:57pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3px double #000000; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3px double #000000; width:4.5pt;">&#8203;</td>
            <td style="border-bottom:3px double #000000;padding:0pt 0.5pt 1.5pt 0pt; width:57pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3px double #000000; width:4.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3px double #000000; width:4.5pt;">&#8203;</td>
            <td style="border-bottom:3px double #000000;padding:0pt 0.5pt 1.5pt 0pt; width:61.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3px double #000000; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style=" float:left; line-height:9.5pt; margin-top:4.48pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">*<br ></div>
        <div style=" float:left; margin-top:4.48pt; margin-bottom:0pt; line-height:9.5pt; text-align:left; width:520.5pt;">Additional securities (including securities to be issued by additional registrants) may be added by automatically effective post-effective amendment pursuant to Rule&#160;413. </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:9.5pt; margin-top:4.97pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">(1)<br ></div>
        <div style=" float:left; margin-top:4.97pt; margin-bottom:0pt; line-height:9.5pt; text-align:left; width:520.5pt;">An indeterminate number of the securities of each identified class is being registered as may from time to time be offered for sale at indeterminate prices. Separate consideration may or may not be received for securities that are issuable on exercise, conversion or exchange of other securities or that are issued in&#160;units or represented by depositary shares. </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:9.5pt; margin-top:4.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">(2)<br ></div>
        <div style=" float:left; margin-top:4.98pt; margin-bottom:0pt; line-height:9.5pt; text-align:left; width:520.5pt;">Pursuant to Rule&#160;456(b) and Rule&#160;457(r), payment of the registration fee is being deferred. </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:9.5pt; margin-top:4.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">(3)<br ></div>
        <div style=" float:left; margin-top:4.98pt; margin-bottom:0pt; line-height:9.5pt; text-align:left; width:520.5pt;">Each depositary share will be issued under a deposit agreement, will represent an interest in a fractional share or multiple shares of preferred stock of Macy&#8217;s, Inc. and will be evidenced by a depositary receipt. </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:9.5pt; margin-top:4.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">(4)<br ></div>
        <div style=" float:left; margin-top:4.98pt; margin-bottom:0pt; line-height:9.5pt; text-align:left; width:520.5pt;">Each unit will be issued under a unit agreement or indenture and will represent an interest in a combination of any two or more of the securities being registered hereby or debt obligations of third parties, including U.S. Treasury securities. </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:9.5pt; margin-top:4.97pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">(5)<br ></div>
        <div style=" float:left; margin-top:4.97pt; margin-bottom:0pt; line-height:9.5pt; text-align:left; width:520.5pt;">Pursuant to Rule&#160;457(n), no additional filing fee is required in connection with the guarantees of the debt securities being registered.</div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:6.99pt; width:541pt;">
          <div style="margin-left: 0pt; width: 541pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="margin-top:3pt; width:541pt;">
          <div style="margin-left: 0pt; width: 541pt; margin-top: 0pt; font-size: 2pt; line-height: 0pt; border-bottom: 2pt solid #000000; ">&#8203;</div>
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:28pt;margin-bottom:21.71pt;margin-left:70pt;width:456pt;">
        <div style="width:456pt; line-height:11pt;">PROSPECTUS</div>
        <div style="position:relative;z-index:-1;margin-top:9.98pt; text-align:center; width:456pt;">
          <img src="lg_macysstar-gray.jpg" alt="[MISSING IMAGE: lg_macysstar-gray.jpg]" height="65" width="240" >
        </div>
        <div style="margin-top:19.39pt; text-align:center; width:456pt; line-height:15pt;font-size:14pt;">MACY&#8217;S, INC.</div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:13pt;font-size:12pt;">Common Stock <br >Preferred Stock <br >Depositary Shares <br >Warrants <br >Purchase Contracts <br >Units <br >Guarantees of Debt Securities </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:17pt;font-size:16pt;">MACY&#8217;S RETAIL HOLDINGS, INC. </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:15pt;font-size:14pt;">Debt Securities <br >Warrants <br >Purchase Contracts <br >Units </div>
        <div style="margin-top:15.147pt; text-align:center; width:456pt;">
          <div style="margin-left: 38.158%; margin-right: 38.158%; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="text-indent:20pt; margin-top:10.98pt; width:456pt; line-height:12pt;font-weight:normal;">Macy&#8217;s, Inc., referred to as &#8220;Macy&#8217;s,&#8221; and/or Macy&#8217;s Retail Holdings, Inc., a wholly owned subsidiary of Macy&#8217;s, referred to as &#8220;Macy&#8217;s Holdings,&#8221; may offer from time to time to sell, in one or more series, any combination of the securities described in this prospectus. Such securities may be offered and sold by us in one or more offerings in amounts, at prices and on other terms to be determined at the time of the offering. </div>
        <div style="text-indent:20pt; margin-top:9pt; width:456pt; line-height:12pt;font-weight:normal;">We may offer and sell these securities to or through one or more underwriters, dealers and agents, or directly to purchasers, on a continuous or delayed basis. </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;font-weight:normal;">The principal executive offices of both Macy&#8217;s and Macy&#8217;s Holdings are located at 7 West Seventh Street, Cincinnati, Ohio 45202, telephone number (513) 579-7000 and 151 West 34th Street, New York, New York 10001, telephone number (212) 494-1602. </div>
        <div style="text-indent:20pt; margin-top:9pt; width:456pt; line-height:12pt;font-weight:normal;">This prospectus describes some of the general terms that may apply to these securities. The specific terms of any securities to be offered will be described in a supplement to this prospectus. </div>
        <div style="text-indent:20pt; margin-top:9pt; width:456pt; line-height:12pt;font-weight:normal;">Macy&#8217;s common stock is traded on the New York Stock Exchange (&#8220;NYSE&#8221;) under the symbol &#8220;M.&#8221; </div>
        <div style="margin-top:15.49pt; text-align:center; width:456pt;">
          <div style="margin-left: 38.158%; margin-right: 38.158%; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="text-indent:20pt; margin-top:10.98pt; width:456pt; line-height:12pt;">You should carefully consider the risk factors set forth in the applicable prospectus supplement and certain of our filings with the Securities and Exchange Commission before making any decision to invest in any of the securities described in this prospectus. </div>
        <div style="margin-top:15.48pt; text-align:center; width:456pt;">
          <div style="margin-left: 38.158%; margin-right: 38.158%; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="text-indent:20pt; margin-top:10.98pt; width:456pt; line-height:12pt;">Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense. </div>
        <div style="margin-top:15.49pt; text-align:center; width:456pt;">
          <div style="margin-left: 38.158%; margin-right: 38.158%; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="margin-top:37.98pt; text-align:center; width:456pt; line-height:12pt;">The date of this prospectus is December&#160;7, 2018.</div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="TOC">&#8203;</a>
      </div>
      <div style="margin-top:46pt;height:660pt;margin-left:70pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:11pt;font-weight:bold;">Table of Contents </div>
        <table style="width:456pt;height:293.5pt;margin-top:7pt;border-collapse: collapse;">
          <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:427.33pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 4.5pt 0pt;text-align:center;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">Page </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:right;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
            <td style="padding:5.25pt 0pt 3.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tATP">ABOUT THIS PROSPECTUS </a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:5.25pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:5.25pt 0pt 3.5pt 0pt; min-width:7.5pt; text-align:right; white-space:nowrap;">
              <a href="#tATP">1</a>
            </td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:right;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
            <td style="padding:5.5pt 0pt 3.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tWYCFMI">WHERE YOU CAN FIND MORE INFORMATION </a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
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            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:7.5pt; text-align:right; white-space:nowrap;">
              <a href="#tWYCFMI">1</a>
            </td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:right;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
            <td style="padding:5.5pt 0pt 3.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tIBR">INCORPORATION BY REFERENCE </a>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:7.5pt; text-align:right; white-space:nowrap;">
              <a href="#tIBR">1</a>
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            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:5.5pt 0pt 3.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tFLS">FORWARD-LOOKING STATEMENTS </a>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:7.5pt; text-align:right; white-space:nowrap;">
              <a href="#tFLS">3</a>
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            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:right;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
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              <div style="white-space:nowrap;">
                <a href="#tRF">RISK FACTORS </a>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
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            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
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              <a href="#tRF">5</a>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
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          <tr style="line-height:10pt;white-space:nowrap;text-align:right;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
            <td style="padding:5.5pt 0pt 3.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tDODS">DESCRIPTION OF DEBT SECURITIES </a>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:7.5pt; text-align:right; white-space:nowrap;">
              <a href="#tDODS">6</a>
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            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:right;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
            <td style="padding:5.5pt 0pt 3.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tDMCS">DESCRIPTION OF MACY&#8217;S CAPITAL STOCK </a>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:7.5pt; text-align:right; white-space:nowrap;">
              <a href="#tDMCS">15</a>
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            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:7.5pt; text-align:right; white-space:nowrap;">
              <a href="#tDDS">17</a>
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            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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              <div style="white-space:nowrap;">
                <a href="#tDW">DESCRIPTION OF WARRANTS </a>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:7.5pt; text-align:right; white-space:nowrap;">
              <a href="#tDW">17</a>
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            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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              <div style="white-space:nowrap;">
                <a href="#tDPC">DESCRIPTION OF PURCHASE CONTRACTS </a>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:7.5pt; text-align:right; white-space:nowrap;">
              <a href="#tDPC">18</a>
            </td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:5.5pt 0pt 3.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tDU">DESCRIPTION OF UNITS </a>
              </div>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:7.5pt; text-align:right; white-space:nowrap;">
              <a href="#tDU">18</a>
            </td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:5.5pt 0pt 3.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tUP">USE OF PROCEEDS </a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:7.5pt; text-align:right; white-space:nowrap;">
              <a href="#tUP">19</a>
            </td>
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            <td style="padding:5.5pt 0pt 3.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tPD">PLAN OF DISTRIBUTION </a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
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              <a href="#tPD">19</a>
            </td>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:5.5pt 0pt 3.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tCLM">CERTAIN LEGAL MATTERS </a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:7.5pt; text-align:right; white-space:nowrap;">
              <a href="#tCLM">19</a>
            </td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:right;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
            <td style="padding:5.5pt 0pt 3.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tEXPERTS">EXPERTS </a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:7.5pt; text-align:right; white-space:nowrap;">
              <a href="#tEXPERTS">19</a>
            </td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:32.48pt; text-align:center; width:456pt;">
          <div style="margin-left: 38.158%; margin-right: 38.158%; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="text-indent:20pt; margin-top:25.99pt; width:456pt; line-height:12pt;font-weight:bold;">The registration statement containing this prospectus, including the exhibits to the registration statement, provides additional information about us and the securities offered under this prospectus. The registration statement, including the exhibits and the documents incorporated herein by reference, can be read on the Securities and Exchange Commission website mentioned under the heading &#8220;Where You Can Find More Information.&#8221; </div>
        <div style="margin-top:18.48pt; text-align:center; width:456pt;">
          <div style="margin-left: 38.158%; margin-right: 38.158%; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
      </div>
      <div style="margin-top:16pt;margin-bottom:21.71pt;margin-left:70pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:11pt;">i</div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tATP">&#8203;</a><a name="tWYCFMI">&#8203;</a><a name="tIBR">&#8203;</a>
      </div>
      <div style="margin-top:46pt;margin-left:70pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:11pt;font-weight:bold;">ABOUT THIS PROSPECTUS </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">This prospectus is part of a registration statement that we filed with the Securities and Exchange Commission, or the SEC, using a &#8220;shelf&#8221; registration process. Under this shelf process, we may sell from time to time the securities described in this prospectus in one or more offerings in amounts, at prices and on other terms to be determined at the time of the offering. </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">This prospectus provides you with a general description of the securities. Each time we offer the securities, we will provide a prospectus supplement that will contain specific information about the terms of that offering. The prospectus supplement may also supplement, modify or supersede other information contained in this prospectus. You should read both this prospectus and any prospectus supplement together with the information incorporated by reference as described below under the heading &#8220;Incorporation by Reference.&#8221; </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">Because we are a well-known seasoned issuer, as defined in Rule&#160;405 under the Securities Act of 1933 (the &#8220;Securities Act&#8221;) we may add to and offer additional securities including secondary securities, by filing a prospectus supplement or term sheet with the SEC at the time of the offer. </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">You should rely only on the information provided in this prospectus and in any prospectus supplement, including the information incorporated by reference. We have not authorized anyone to provide you with different information. We are not offering the securities in any state where the offer is not permitted. You should not assume that the information in this prospectus, or any supplement to this prospectus, is accurate at any date other than the date indicated on the cover page of these documents. </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">Unless the context implies otherwise, references in this prospectus to &#8220;we,&#8221; &#8220;us&#8221; or &#8220;our&#8221; are references to either Macy&#8217;s or Macy&#8217;s Holdings or both. </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:11pt;font-weight:bold;">WHERE YOU CAN FIND MORE INFORMATION </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">Macy&#8217;s files annual, quarterly and current reports, proxy statements and other information with the SEC. The SEC maintains an Internet web site that contains reports, proxy and information statements, and other information regarding issuers, including Macy&#8217;s, that file electronically with the SEC. The public can obtain any documents that Macy&#8217;s files electronically with the SEC at <font style="font-style:italic;">www.sec.gov</font>. Macy&#8217;s SEC filings and other information about Macy&#8217;s are also available at Macy&#8217;s website at<font style="font-style:italic;"> www.macysinc.com</font>. Except for documents incorporated by reference into this prospectus, no information contained in, or that can be accessed through, our web site is to be considered as part of this prospectus. </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:11pt;font-weight:bold;">INCORPORATION BY REFERENCE </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">The SEC allows us to &#8220;incorporate by reference&#8221; in this prospectus the information in the documents that Macy&#8217;s files with it, which means that we can disclose important information to you by referring you to those documents. The information incorporated by reference is considered to be a part of this prospectus. Any information that is part of this prospectus or any prospectus supplement that speaks as of a later date than any other information that is part of this prospectus or any prospectus supplement updates or supersedes such other information. We incorporate by reference in this prospectus the documents listed below and any future documents or portions thereof that Macy&#8217;s files with the SEC under Sections&#160;13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934 (the &#8220;Exchange Act&#8221;) on or after the date of this prospectus until we sell all of the securities that may be offered by this prospectus. </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:9.38pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:9.38pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">Macy&#8217;s Annual Report on Form 10-K for the fiscal year ended February&#160;3, 2018; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:9.38pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:9.38pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">Macy&#8217;s Quarterly Reports on Form 10-Q for the fiscal quarters ended May&#160;5, 2018, August&#160;4, 2018 and November&#160;3, 2018; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:9.58pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:9.58pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">Macy&#8217;s Current Reports on Form 8-K filed on February&#160;23, 2018, April&#160;6, 2018, May&#160;21, 2018, May&#160;25, 2018, October&#160;17, 2018, October&#160;31, 2018 and November&#160;28, 2018; and </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:9.58pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:9.58pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">Description of Macy&#8217;s common stock, par value $0.01 per share, contained in Macy&#8217;s Registration Statement on Form 8-A filed on December&#160;12, 1994, as updated from time to time by our subsequent filings with the SEC. </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="clear:both;font-size:0pt;">&#8203;</div>
      <div style="margin-top:16pt;margin-bottom:21.71pt;margin-left:70pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:11pt;">1</div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:46pt;height:660pt;margin-left:70pt;width:456pt;">
        <div style="text-indent:20pt; width:456pt; line-height:12pt;">To the extent that any information contained in any Current Report on Form 8-K, or any exhibit thereto, was furnished to, rather than filed with, the SEC, such information or exhibit is specifically not incorporated by reference in this prospectus unless specifically stated otherwise. </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">You may obtain, free of charge, a copy of any of these documents (other than exhibits to these documents unless the exhibits are specifically incorporated by reference into these documents or referred to in this prospectus) by writing or calling us at the following address and telephone number: </div>
        <div style="margin-top:6pt; text-align:center; width:456pt; line-height:12pt;">Macy&#8217;s, Inc. <br >7 West Seventh Street <br >Cincinnati, Ohio 45202 <br >Attention: Investor Relations <br >(513) 579-7028</div>
      </div>
      <div style="margin-top:16pt;margin-bottom:21.71pt;margin-left:70pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:11pt;">2</div>
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    <div style="page-break-after:always; width:595.3pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tFLS">&#8203;</a>
      </div>
      <div style="margin-top:46pt;margin-left:70pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:11pt;font-weight:bold;">FORWARD-LOOKING STATEMENTS </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">Some of the statements made and information contained in this prospectus and the documents we incorporate by reference, excluding historical information, are &#8220;forward-looking statements&#8221; as defined in the Private Securities Litigation Reform Act of 1995, the Securities Act and the Exchange Act. Such statements are based upon the beliefs and assumptions of, and on information available to, the management of the Company at the time such statements are made. The following are or may constitute forward-looking statements: (i)&#160;statements preceded by, followed by or that include the words &#8220;may,&#8221; &#8220;will,&#8221; &#8220;could,&#8221; &#8220;should,&#8221; &#8220;believe,&#8221; &#8220;expect,&#8221; &#8220;future,&#8221; &#8220;potential,&#8221; &#8220;anticipate,&#8221; &#8220;intend,&#8221; &#8220;plan,&#8221; &#8220;think,&#8221; &#8220;estimate&#8221; or &#8220;continue&#8221; or the negative or other variations thereof, and (ii) statements regarding matters that are not historical facts. Such forward-looking statements are subject to various risks and uncertainties, including risks and uncertainties relating to: </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">the possible invalidity of the underlying beliefs and assumptions; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">competitive pressures from department and specialty stores, general merchandise stores, manufacturers&#8217; outlets, off-price and discount stores, and all other retail channels, including the Internet, catalogs and television; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">our ability to remain competitive and relevant as consumers&#8217; shopping behaviors migrate to other shopping channels and to maintain our brand and reputation; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">general consumer-spending levels, including the impact of general economic conditions, consumer disposable income levels, consumer confidence levels, the availability, cost and level of consumer debt, the costs of basic necessities and other goods and the effects of the weather or natural disasters; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">conditions to, or changes in the timing of, proposed transactions, including planned store closings, and changes in expected synergies, cost savings and non-recurring charges; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">the success of our operational decisions (e.g., product curation, marketing programs) and strategic initiatives; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">possible systems failures and/or security breaches, including, any security breach that results in the theft, transfer or unauthorized disclosure of customer, employee or company information, or the failure to comply with various laws applicable to us in the event of such a breach; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">the cost of employee benefits as well as attracting and retaining quality employees; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">transactions involving our real estate portfolio; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">the seasonal nature of our business; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">possible changes or developments in social, economic, business, industry, market, legal, and regulatory circumstances and conditions; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">possible actions taken or omitted to be taken by third parties, including customers, suppliers, business partners, competitors and legislative, regulatory, judicial and other governmental authorities and officials; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">changes in relationships with vendors and other product and service providers; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">currency, interest and exchange rates and other capital market, economic and geo-political conditions; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">unstable political conditions, civil unrest, terrorist activities and armed conflicts; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">the possible inability of Macy&#8217;s manufacturers or transporters to deliver products in a timely manner or meet quality standards; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">Macy&#8217;s reliance on foreign sources of production, including risks related to the disruption of imports by labor disputes, regional health pandemics, and regional political and economic conditions; and </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">duties, taxes, other charges and quotas on imports. </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="clear:both;font-size:0pt;">&#8203;</div>
      <div style="margin-top:16pt;margin-bottom:21.71pt;margin-left:70pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:11pt;">3</div>
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    <div style="page-break-after:always; width:595.3pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:46pt;height:660pt;margin-left:70pt;width:456pt;">
        <div style="text-indent:20pt; width:456pt; line-height:12pt;">This list of factors is not exhaustive, and new factors may emerge or changes to these factors may occur that would impact our business. Additional information regarding these and other factors may be contained in Macy&#8217;s filings with the SEC, especially on Forms 10-K, 10-Q and 8-K. All such risk factors are difficult to predict, contain material uncertainties that may affect actual results and may be beyond our control. No forward-looking statements should be relied upon as continuing to reflect the expectations of management or the current status of any matter referred to therein as of any date subsequent to the date on which such statements are made. We expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.</div>
      </div>
      <div style="margin-top:16pt;margin-bottom:21.71pt;margin-left:70pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:11pt;">4</div>
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    <div style="page-break-after:always; width:595.3pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tRF">&#8203;</a>
      </div>
      <div style="margin-top:46pt;height:660pt;margin-left:70pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:11pt;font-weight:bold;">RISK FACTORS </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">Investing in our securities involves certain risks. You are urged to carefully read and consider the risk factors relating to an investment in our securities described in our annual, quarterly and current reports filed with the SEC under the Exchange Act which are incorporated by reference into this prospectus. Before making an investment decision, you should carefully consider these risks, as well as any other information that we include or incorporate by reference in this prospectus or any prospectus supplement. The prospectus supplement applicable to each type or series of securities we offer may contain a discussion of additional risks applicable to an investment in our securities and the particular type of securities we are offering under that prospectus supplement.</div>
      </div>
      <div style="margin-top:16pt;margin-bottom:21.71pt;margin-left:70pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:11pt;">5</div>
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      <hr >
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    <div style="page-break-after:always; width:595.3pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tDODS">&#8203;</a>
      </div>
      <div style="margin-top:46pt;margin-left:70pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:11pt;font-weight:bold;">DESCRIPTION OF DEBT SECURITIES </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-weight:bold;">General </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">The debt securities that we may offer by this prospectus consist of unsecured notes, debentures, or other evidences of indebtedness of Macy&#8217;s Holdings, a wholly owned subsidiary of Macy&#8217;s, which securities we refer to as &#8220;debt securities.&#8221; Macy&#8217;s Holdings may issue debt securities in one or more series under an indenture, dated as of November&#160;2, 2006, among Macy&#8217;s Holdings (formerly known as Federated Retail Holdings, Inc.), as issuer, Macy&#8217;s (formerly known as Federated Department Stores, Inc.), as guarantor, and U.S. Bank National Association, as trustee. A copy of the indenture is filed as Exhibit&#160;4.5 to the registration statement of which this prospectus is a part and is incorporated herein by reference. Except as otherwise defined in this prospectus, capitalized terms used in this prospectus have the meanings given to them in the indenture. </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">The provisions of the indenture will generally be applicable to all of the debt securities. Selected provisions of the indenture are described in this prospectus. Additional or different provisions that are applicable to a particular series of debt securities will, if material, be described in a prospectus supplement relating to the offering of debt securities of that series. These provisions may include, among other things and to the extent applicable, the following: </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:6.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">the title of the debt securities; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.79pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:6.79pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">the extent, if any, to which the debt securities are subordinated in right of payment to other indebtedness of Macy&#8217;s Holdings; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:6.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">any limit on the aggregate principal amount of the debt securities; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.79pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:6.79pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">any subordination provisions or other limitations applicable to guarantees of the debt securities; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:6.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">the persons to whom any interest on the debt securities will be payable, if other than the registered holders thereof on the regular record date therefor; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.79pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:6.79pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">the date or dates on which the principal of the debt securities will be payable; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:6.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">the rate or rates at which the debt securities will bear interest, if any, and the date or dates from which interest will accrue; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.79pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:6.79pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">the dates on which interest, if any, will be payable and the regular record dates for interest payment dates; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:6.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">the place or places where the principal of and any premium and interest on the debt securities will be payable; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.79pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:6.79pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">the period or periods, if any, within which, and the price or prices at which, the debt securities may be redeemed, in whole or in part, at the option of Macy&#8217;s Holdings; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:7pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">the obligation, if any, of Macy&#8217;s Holdings to redeem or purchase the debt securities pursuant to sinking fund or similar provisions and the terms and conditions of any such redemption or purchase; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.99pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:6.99pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">the denominations in which the debt securities will be issuable, if other than denominations of $1,000 and any integral multiple thereof; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:7pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">the currency, currencies or currency&#160;units, if other than currency of the United States of America, in which payment of the principal of and any premium or interest on the debt securities will be payable, and the terms and conditions of any elections that may be made available with respect thereto; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.99pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:6.99pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">any index or formula used to determine the amount of payments of principal of and any premium or interest on the debt securities; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:7pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">whether the debt securities are to be issued in whole or in part in the form of one or more global securities and, if so, the identity of the depositary, if any, for the global securities; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="clear:both;font-size:0pt;">&#8203;</div>
      <div style="margin-top:16pt;margin-bottom:21.71pt;margin-left:70pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:11pt;">6</div>
      </div>
      <hr >
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    <div style="page-break-after:always; width:595.3pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:46pt;margin-left:70pt;width:456pt;">
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:4pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:4pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">the manner, if any, in which the debt securities will be exchangeable for the common stock or other securities of Macy&#8217;s or any other person; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8.39pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:8.39pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">the principal amount (or any portion of the principal amount) of the debt securities which will be payable upon any declaration of acceleration of the maturity of the debt securities pursuant to an event of default; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8.38pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:8.38pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">certain provisions relating to the rights, privileges and immunities of the trustee; and </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8.39pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:8.39pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">the applicability to the debt securities of the provisions described under &#8220;&#8212; Defeasance&#8221; below. </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">We may issue debt securities at a discount from their stated principal amount. Federal income tax considerations and other special considerations applicable to any debt security issued with original issue discount (an &#8220;original issue discount security&#8221;) may be described in an applicable prospectus supplement. </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">If the purchase price of any series of the debt securities is payable in a foreign currency or currency unit or if the principal of or any premium or interest on any series of the debt securities is payable in a foreign currency or currency unit, the restrictions, elections, general tax considerations, specific terms, and other information with respect to the debt securities and the applicable foreign currency or currency unit will be set forth in an applicable prospectus supplement. </div>
        <div style="margin-left:20pt; margin-top:6pt; width:436pt; line-height:12pt;">Unless otherwise indicated in an applicable prospectus supplement: </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8.39pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:8.39pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">the debt securities will be issued only in fully registered form (without coupons) in denominations of&#8201; $1,000 and integral multiples thereof; and </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8.38pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:8.38pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">payment of principal and any premium or interest on the debt securities will be payable, and the exchange and transfer of debt securities will be registrable, at Macy&#8217;s Holdings&#8217; office or agency maintained for those purposes and at any other office or agency maintained for those purposes. No service charge will be made for any registration of transfer or exchange of the debt securities, but we may require payment of a sum sufficient to cover any tax or other governmental charge imposed in connection therewith. </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-weight:bold;">Guarantees </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">Subject to the limitations described below and except as otherwise disclosed in the applicable prospectus supplement, Macy&#8217;s will fully, unconditionally and irrevocably guarantee, as primary obligor and not merely as surety, the full and punctual payment when due, whether at maturity, by acceleration, by redemption, by repurchase, or otherwise, of all payment obligations on the debt securities of a series, whether for principal of, or any premium, if any, or interest on, the debt securities or otherwise. </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">In the case of subordinated debt securities of any series, Macy&#8217;s guarantee will be subordinated in right of payment to its senior debt on the same basis as the subordinated debt securities of each series are subordinated to Macy&#8217;s Holdings&#8217; senior debt securities. No payment will be made by Macy&#8217;s under its guarantee of any subordinated debt securities during any period in which payments by Macy&#8217;s Holdings on any such subordinated debt securities are suspended by the subordination provisions applicable to such series. </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">Macy&#8217;s guarantee will be limited in amount to an amount not to exceed the maximum amount that can be guaranteed by Macy&#8217;s without rendering such guarantee voidable under applicable law relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally. </div>
        <div style="margin-left:20pt; margin-top:6pt; width:436pt; line-height:12pt;">Macy&#8217;s guarantee will be a continuing guarantee and will: </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">(1) remain in full force and effect until either (a)&#160;payment in full of all the applicable debt securities (or such debt securities are otherwise satisfied and discharged in accordance with the provisions of the applicable indenture) or (b)&#160;released in connection with a redemption, if any; </div>
        <div style="margin-left:20pt; margin-top:6pt; width:436pt; line-height:12pt;">(2) be binding upon Macy&#8217;s; and </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">(3) inure to the benefit of and be enforceable by the applicable trustee, the holders and their successors, transferees and assigns. </div>
      </div>
      <div style="margin-top:16pt;margin-bottom:21.71pt;margin-left:70pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:11pt;">7</div>
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    <div style="page-break-after:always; width:595.3pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:46pt;margin-left:70pt;width:456pt;">
        <div style="width:456pt; line-height:11pt;font-weight:bold;">Global Securities </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">The debt securities of a series may be issued in whole or in part in the form of one or more global securities that will be deposited with, or on behalf of, a depositary or its nominee identified in an applicable prospectus supplement. Unless and until it is exchanged in whole or in part for debt securities in registered form, a global security may not be registered for transfer or exchange except: </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:8.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">by the depositary to a nominee of the depositary; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8.99pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:8.99pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">by a nominee of the depositary to the depositary or another nominee of the depositary; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:8.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">by the depositary or any nominee of the depositary to a successor depositary or a nominee of the successor depositary; or </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:8.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">in any other circumstances described in an applicable prospectus supplement. </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">The specific terms of the depositary arrangement with respect to any debt securities to be represented by a global security will be described in an applicable prospectus supplement. We expect that the following provisions will apply to depositary arrangements. </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">Unless otherwise specified in an applicable prospectus supplement, any global security that represents debt securities will be registered in the name of the depositary or its nominee. Upon the deposit of a global security with or on behalf of the depositary for the global security, the depositary will credit, on its book-entry registration and transfer system, the respective principal amounts of the debt securities represented by the global security to the accounts of institutions that are participants in such system. The accounts to be credited will be designated by the underwriters or agents of the debt securities or by Macy&#8217;s Holdings, if the debt securities are offered and sold directly by Macy&#8217;s Holdings. </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">Ownership of beneficial interests in debt securities represented by a global security will be limited to participants in the book-entry registration and transfer system of the applicable depositary or persons that may hold interests through those participants. Ownership of those beneficial interests by participants will be shown on, and the transfer of ownership will be effected only through, records maintained by the depositary or its nominee for such global security. Ownership of such beneficial interests by persons that hold through such participants will be shown on, and the transfer of such ownership will be effected only through, records maintained by the participants. The laws of some jurisdictions require that specified purchasers of securities take physical delivery of their securities in definitive form. These laws may impair your ability to transfer beneficial interests in a global security. </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">So long as the depositary for a global security, or its nominee, is the registered owner of the global security, the depositary or the nominee, as the case may be, will be considered the sole owner or holder of the debt securities represented by the global security for all purposes under the indenture. Unless otherwise specified in an applicable prospectus supplement, owners of beneficial interests in the global security will not be entitled to have any of the debt securities represented by the global security registered in their names, will not receive or be entitled to receive physical delivery of any such debt securities in certificated form, and will not be considered the owners or holders of the debt securities for any purpose under the indenture. Accordingly, each person owning a beneficial interest in debt securities represented by a global security must rely on the procedures of the applicable depositary and, if the person is not a participant in the book-entry registration and transfer system of the applicable depositary, on the procedures of the participant through which the person owns its interest, to exercise any rights of an owner or holder of debt securities under the indenture. </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">We understand that, under existing industry practices, if an owner of a beneficial interest in debt securities represented by a global security desires to give any notice or take any action that an owner or holder of debt securities is entitled to give or take under the indenture: </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:8.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">the applicable depositary would authorize its participants to give the notice or take the action; and </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8.99pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:8.99pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">the participants would authorize persons owning the beneficial interests through the participants to give the notice or take the action or would otherwise act upon the instructions of the persons owning the beneficial interests. </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="clear:both;font-size:0pt;">&#8203;</div>
      <div style="margin-top:16pt;margin-bottom:21.71pt;margin-left:70pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:11pt;">8</div>
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    <div style="page-break-after:always; width:595.3pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:46pt;margin-left:70pt;width:456pt;">
        <div style="text-indent:20pt; width:456pt; line-height:12pt;">Principal of and any premium and interest on debt securities represented by a global security will be payable in the manner described in an applicable prospectus supplement. Payment of principal of, and any premium or interest on, debt securities represented by a global security will be made to the applicable depositary or its nominee, as the case may be, as the registered owner or the holder of the global security. None of us, the trustee, any paying agent, or the registrar for debt securities represented by a global security will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests in those debt securities or for maintaining, supervising, or reviewing any records relating to those beneficial ownership interests. </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-weight:bold;">Certain Covenants of Macy&#8217;s Holdings </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="font-style:italic;">Maintenance of Office or Agency</font>.&nbsp;&nbsp;&nbsp;Macy&#8217;s Holdings will be required to maintain an office or agency in each place of payment for each series of debt securities for notice and demand purposes and for the purposes of presenting or surrendering debt securities for payment, registration of transfer, or exchange. </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="font-style:italic;">Paying Agents, Etc</font>.&nbsp;&nbsp;&nbsp;If Macy&#8217;s Holdings acts as its own paying agent with respect to any series of debt securities, on or before each due date of the principal of or any premium or interest on any of the debt securities of that series, Macy&#8217;s Holdings will be required to segregate and hold in trust for the benefit of the persons entitled to payment a sum sufficient to pay the amount due until such sums shall be paid or otherwise disposed of as provided in the indenture and to notify the trustee promptly of Macy&#8217;s Holdings action or failure to act. If Macy&#8217;s Holdings has one or more paying agents for any series of debt securities, prior to each due date of the principal of or any premium or interest on any debt securities of that series, Macy&#8217;s Holdings will be required to deposit with a paying agent a sum sufficient to pay the amount due, such sum to be held as provided in the Trust Indenture Act of 1939 (the &#8220;Trust Indenture Act&#8221;), and, unless the paying agent is the trustee, to promptly notify the trustee of its action or failure to act. Subject to applicable abandoned property law, all moneys paid by Macy&#8217;s Holdings to a paying agent for the payment of principal of or any premium or interest on any debt securities that remain unclaimed for two&#160;years after the principal or any premium or interest has become due and payable may be repaid to Macy&#8217;s Holdings, and thereafter the holder of those debt securities may look only to Macy&#8217;s Holdings for payment thereof. </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="font-style:italic;">Existence</font>.&nbsp;&nbsp;&nbsp;Macy&#8217;s Holdings will be required to, and will be required to cause its subsidiaries to, preserve and keep in full force and effect its and their existence, charter rights, statutory rights, and franchises, except to the extent that the failure to do so would not have a Material Adverse Effect. </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="font-style:italic;">Restrictive Covenants</font>.&nbsp;&nbsp;&nbsp;Any restrictive covenants applicable to any series of debt securities will be described in an applicable prospectus supplement. </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-weight:bold;">Events of Default </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">The following are Events of Default under the indenture with respect to debt securities of any series: </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">(1) failure to pay any interest on any debt security of that series when due, which failure continues for 30 calendar days; </div>
        <div style="margin-left:20pt; margin-top:6pt; width:436pt; line-height:12pt;">(2) failure to pay principal of or premium, if any, on any debt security of that series when due; </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">(3) failure to make any sinking fund payment in respect of any debt security of that series when it becomes due and payable; </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">(4) failure to perform, or breach of, any other of Macy&#8217;s Holdings&#8217; covenants or warranties in the indenture or supplemental indenture (other than a covenant or warranty included in the indenture solely for the benefit of a series of debt securities other than that series), which failure or breach continues for 60 calendar days after written notice thereof has been given to Macy&#8217;s Holdings as provided in the indenture; </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">(5) any nonpayment at maturity or other default (beyond any applicable grace period) under any agreement or instrument relating to any other indebtedness of Macy&#8217;s Holdings, the unpaid principal amount of which is not less than $100&#160;million, which default results in the acceleration of the maturity of the indebtedness prior to its stated maturity or occurs at the final maturity thereof; </div>
      </div>
      <div style="margin-top:16pt;margin-bottom:21.71pt;margin-left:70pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:11pt;">9</div>
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    <div style="page-break-after:always; width:595.3pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:46pt;margin-left:70pt;width:456pt;">
        <div style="text-indent:20pt; width:456pt; line-height:12pt;">(6) any guarantee of the debt securities of that series 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 Macy&#8217;s denies or disaffirms in writing its obligations under the terms of the indenture or its guarantee; </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">(7) specified events of bankruptcy, insolvency, or reorganization involving Macy&#8217;s Holdings or Macy&#8217;s; and </div>
        <div style="margin-left:20pt; margin-top:6pt; width:436pt; line-height:12pt;">(8) any other Event of Default provided with respect to debt securities of that series. </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">Pursuant to the Trust Indenture Act, the trustee is required, within 90 calendar days after the occurrence of a default in respect of any series of debt securities is known to a responsible officer of the trustee, to give to the holders of the debt securities of that series notice of all uncured defaults known to it, except that: </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:9.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:9.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">in the case of a default in the performance of any covenant of the character contemplated in clause (4)&#160;above, no notice will be given until at least 30 calendar days after the occurrence of the default; and </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:9.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:9.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">other than in the case of a default of the character contemplated in clause (1), (2)&#160;or (3)&#160;above, the trustee may withhold notice if and so long as it in good faith determines that the withholding of notice is in the interests of the holders of the debt securities of that series. </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">If an Event of Default described in clause (7)&#160;above occurs, the principal of, and any premium and accrued interest on the debt securities of that series will become immediately due and payable without any declaration or other act on the part of the trustee or any holder of the debt securities of that series. If any other Event of Default with respect to debt securities of any series occurs and is continuing, either the trustee or the holders of at least 25% in principal amount of the outstanding debt securities of that series (with a copy to the trustee if given by the holders) may declare the principal amount of all debt securities of that series to be due and payable immediately. However, at any time after a declaration of acceleration with respect to debt securities of any series has been made, but before a judgment or decree based on such acceleration has been obtained, the holders of a majority in principal amount of the outstanding debt securities of that series may, under specified circumstances, rescind and annul such acceleration. See &#8220;&#8212;&#160;Modification and Waiver&#8221; below. </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">Subject to the duty of the trustee to act with the required standard of care during an Event of Default, the trustee will have no obligation to exercise any of its rights or powers under the indenture at the request or direction of the holders of debt securities, unless holders of debt securities shall have offered to the trustee reasonable security or indemnity. Subject to the provisions of the indenture, including those requiring security or indemnification of the trustee, the holders of a majority in principal amount of the debt securities of any series will have the right to direct the time, method, and place of conducting any proceeding for any remedy available to the trustee, or exercising any trust or power conferred on the trustee, with respect to the debt securities of that series. </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:11.5pt;">No holder of a debt security of any series will have any right to institute any proceeding with respect to the indenture, or for the appointment of a receiver or trustee, or for any remedy thereunder unless: </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:9.97pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:9.97pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">the holder has previously given to the trustee written notice of a continuing Event of Default with respect to the debt securities of that series; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:9.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:9.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">the holders of at least 25% in aggregate principal amount of the outstanding debt securities of that series have requested in writing that the trustee institute a proceeding as trustee in respect of the Event of Default; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:9.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:9.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">the holder or holders have offered reasonable indemnity to the trustee to institute the proceeding as trustee; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:9.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:9.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">the trustee has failed to institute the proceeding within 60 calendar days after receipt of the written notice, request, and offer of indemnity; and </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="clear:both;font-size:0pt;">&#8203;</div>
      <div style="margin-top:16pt;margin-bottom:21.71pt;margin-left:70pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:11pt;">10</div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:46pt;margin-left:70pt;width:456pt;">
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:4pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:4pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">the trustee has not received from the holders of a majority in principal amount of the outstanding debt securities of that series a direction inconsistent with the written request during such 60-day period. </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">However, the limitations described above do not apply to a suit instituted by a holder of a debt security for enforcement of payment of the principal of and any premium or interest on such debt security on or after the applicable due dates for the payment of such obligations. </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">Macy&#8217;s Holdings is required to furnish to the trustee annually a statement as to the performance of its obligations under the indenture and as to any default in its performance. </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">Any additional Events of Default with respect to any series of debt securities, and any variations from the foregoing Events of Default applicable to any series of debt securities, will be described in an applicable prospectus supplement. </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-weight:bold;">Modification and Waiver </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">In general, modifications and amendments of the indenture may be made by Macy&#8217;s Holdings, Macy&#8217;s and the trustee with the consent of the holders of not less than a majority in principal amount of the outstanding debt securities of each series affected thereby. However, no modification or amendment of the indenture may, without the consent of the holder of each outstanding debt security affected thereby: </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:8.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">change the stated maturity of, or any installment of principal of, or interest on, any debt security; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8.99pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:8.99pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">reduce the principal amount of, the rate of interest on, or the premium, if any, payable upon the redemption of, any debt security; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:8.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">reduce the amount of principal of an original issue discount security payable upon acceleration of the maturity thereof; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:9.18pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:9.18pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">change the place or currency of payment of principal of, and any premium or interest on, any debt security; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:9.18pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:9.18pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">impair the right to institute suit for the enforcement of any payment on or with respect to any debt security on or after the stated maturity or prepayment date thereof; or </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:9.18pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:9.18pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">reduce the&#160;percentage in principal amount of outstanding debt securities of any series required for modification or amendment of the indenture or for waiver of compliance with certain provisions of the indenture or for waiver of certain defaults. </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">The holders of at least a majority in principal amount of the outstanding debt securities of any series may, on behalf of the holders of all debt securities of that series, waive Macy&#8217;s Holdings&#8217; compliance with specified covenants of the indenture, by notice to Macy&#8217;s Holdings and the trustee. The holders of at least a majority in principal amount of the outstanding debt securities of any series may, on behalf of the holders of all debt securities of that series, waive any past default under the indenture with respect to that series, except: </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:9.19pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:9.19pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">a default in the payment of the principal of, any premium or interest on, any debt security of that series; or </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:9.18pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:9.18pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">a default of a provision of the indenture that cannot be modified or amended without the consent of the holder of each outstanding debt security of the affected series. </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-weight:bold;">Defeasance </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">Unless otherwise specified in a prospectus supplement applicable to a particular series of debt securities and except as described below, upon compliance with the applicable requirements described below, Macy&#8217;s Holdings: </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">(1) will be deemed to have been discharged from its obligations with respect to the outstanding debt securities of that series; or </div>
      </div>
      <div style="margin-top:16pt;margin-bottom:21.71pt;margin-left:70pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:11pt;">11</div>
      </div>
      <hr >
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    <div style="page-break-after:always; width:595.3pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:46pt;margin-left:70pt;width:456pt;">
        <div style="text-indent:20pt; width:456pt; line-height:12pt;">(2) will be released from its obligations to comply with certain covenants described under &#8220;&#8212; Certain Covenants of Macy&#8217;s Holdings&#8221; above and from certain prohibitions against consolidations, mergers, and the transfer of its assets described under &#8220;&#8212; Limitations on Merger and Other Transactions&#8221; below with respect to the outstanding debt securities of that series, and the occurrence of an event described in any of clauses (3), (4), (5)&#160;and (8)&#160;under &#8220;&#8212; Events of Default&#8221; above will no longer be an Event of Default with respect to the debt securities of that series except to the limited extent described below. </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">Following any defeasance described in clause (1)&#160;or (2)&#160;above, Macy&#8217;s Holdings will continue to have specified obligations under the indenture, including obligations to register the transfer or exchange of debt securities of the applicable series; replace destroyed, stolen, lost, or mutilated debt securities of the applicable series; maintain an office or agency in respect of the debt securities of the applicable series; hold funds for payment to holders of debt securities of the applicable series in trust; and to compensate and reimburse the trustee. In the case of any defeasance described in clause (2)&#160;above, any failure by Macy&#8217;s Holdings to comply with its continuing obligations may constitute an Event of Default with respect to the debt securities of the applicable series as described in clause (4)&#160;under &#8220;&#8212; Events of Defaults&#8221; above. </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">In order to effect any defeasance described in clause (1)&#160;or (2)&#160;above, Macy&#8217;s Holdings must irrevocably deposit with the trustee, in trust, money or specified government obligations (or depositary receipts therefor) that through the scheduled payment of principal and interest in accordance with their terms will provide, without reinvestment, money in an amount sufficient to pay all of the principal and any premium and interest on the debt securities of such series on the dates such payments are due in accordance with the terms of such debt securities. In addition, among other things: </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:9.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:9.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">no Event of Default or event which with the giving of notice or lapse of time, or both, would become an Event of Default under the indenture shall have occurred and be continuing on the date of such deposit; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:9.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:9.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">no Event of Default or any event described in clause (7)&#160;under &#8220;&#8212; Events of Default&#8221; above shall have occurred and be continuing at any time on or prior to the 124th calendar day following the date of deposit; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:9.97pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:9.97pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">in the event of any defeasance described in clause (1)&#160;above, Macy&#8217;s Holdings shall have delivered to the trustee an opinion of outside counsel, stating that (a)&#160;it has received from, or there has been published by, the United States Internal Revenue Service a ruling or (b)&#160;there has been a change in applicable federal income tax law, in either case to the effect that, among other things, the holders of the outstanding debt securities of such series will not recognize gain or loss for United States federal income tax purposes as a result of such deposit or defeasance and will be subject to United States federal income tax on the same amount, in the same manner, and at the same times as if such deposit or defeasance had not occurred; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:9.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:9.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">in the event of any defeasance described in clause (2)&#160;above, Macy&#8217;s Holdings shall have delivered to the trustee an opinion of outside counsel to the effect that, among other things, the holders of the outstanding debt securities of such series will not recognize gain or loss for United States federal income tax purposes as a result of such deposit or defeasance and will be subject to United States federal income tax on the same amount, in the same manner, and at the same times as if such deposit or defeasance had not occurred; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:9.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:9.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">Macy&#8217;s Holdings shall have delivered to the trustee an officer&#8217;s certificate to the effect that (a)&#160;the debt securities of such series, if then listed on any securities exchange, will not be delisted solely as a result of such deposit and (b)&#160;any defeasance described in clause (1)&#160;or (2)&#160;above shall not result in a breach or violation of, or constitute a default under, any agreement to which Macy&#8217;s Holdings is a party or violate any law to which Macy&#8217;s Holdings is subject; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:9.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:9.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">Macy&#8217;s Holdings shall have delivered to the trustee a certificate from a nationally recognized firm of independent accountants or other person acceptable to the trustee expressing their opinion that the payments of principal and interest when due on the deposited government obligations plus any deposited money will provide the cash at such times and in such amounts as will be sufficient to </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="clear:both;font-size:0pt;">&#8203;</div>
      <div style="margin-top:16pt;margin-bottom:21.71pt;margin-left:70pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:11pt;">12</div>
      </div>
      <hr >
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    <div style="page-break-after:always; width:595.3pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:46pt;margin-left:70pt;width:456pt;">
        <div style="margin-left:40pt; width:416pt; line-height:12pt;">pay the principal of and any premium and interest when due on the debt securities of such series on the respective maturities or on any earlier date or dates on which the debt securities of such series shall be subject to redemption at the option of the holder thereof. </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">If Macy&#8217;s Holdings fails to comply with its remaining obligations under the indenture with respect to the debt securities of the applicable series following a defeasance described in clause (2)&#160;above and the debt securities of that series are declared due and payable because of the occurrence of any undefeased Event of Default, the amount of money and government obligations on deposit with the trustee may be insufficient to pay amounts due on the debt securities of that series at the time of the acceleration resulting from such Event of Default. However, Macy&#8217;s Holdings will remain liable in respect of such payments. </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-weight:bold;">Satisfaction and Discharge </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">Macy&#8217;s Holdings, at its option, may satisfy and discharge the indenture (except for specified obligations of Macy&#8217;s Holdings and the trustee, including, among others, the obligations to apply money held in trust and the right for the trustee to receive compensation and reimbursement) when: </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">either: </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">(1) all of the debt securities previously authenticated and delivered under the indenture (subject to specified exceptions relating to debt securities that have otherwise been satisfied or provided for) have been delivered to the trustee for cancellation; or </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">(2) all of the debt securities not previously delivered to the trustee for cancellation have become due and payable, will become due and payable at their stated maturity within one year, or are to be called for redemption within one year under arrangements satisfactory to the trustee for the giving of notice of redemption by the trustee, and Macy&#8217;s Holdings has deposited or caused to be deposited with the trustee as trust funds for such purpose an amount sufficient to pay and discharge the entire indebtedness on such debt securities, for principal and any premium and interest to the date of such deposit (in the case of debt securities which have become due and payable) or to the stated maturity or redemption date, as the case may be; </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">Macy&#8217;s Holdings has paid or caused to be paid all other sums payable by it under the indenture; and </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">Macy&#8217;s Holdings has delivered to the trustee an officer&#8217;s certificate and an opinion of counsel, each to the effect that all conditions precedent relating to the satisfaction and discharge of the indenture have been satisfied. </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-weight:bold;">Limitations on Merger and Other Transactions </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">Prior to the satisfaction and discharge of the indenture, Macy&#8217;s Holdings may not consolidate with or merge with or into any other person, or transfer all or substantially all of its properties and assets to another person unless: </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">either:</div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-left:20pt; margin-top:6pt; width:436pt; line-height:12pt;">(1) Macy&#8217;s Holdings is the continuing or surviving person in the consolidation or merger; or </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">(2) the person (if other than Macy&#8217;s Holdings) formed by the consolidation or into which Macy&#8217;s Holdings is merged or to which all or substantially all of the properties and assets of Macy&#8217;s Holdings are transferred is a corporation, partnership, limited liability company, business trust, trust or other legal entity organized and validly existing under the laws of the United States, any State thereof, or the District of Columbia, and expressly assumes, by a supplemental indenture, all of Macy&#8217;s Holdings&#8217; obligations under the debt securities and the indenture; </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">immediately after the transaction and the incurrence or anticipated incurrence of any indebtedness to be incurred in connection therewith, no Default exists; and </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.19pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:6.19pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">an officer&#8217;s certificate is delivered to the trustee to the effect that both of the conditions set forth above have been satisfied and an opinion of outside counsel has been delivered to the trustee to the effect that the first condition set forth above has been satisfied. </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="clear:both;font-size:0pt;">&#8203;</div>
      <div style="margin-top:16pt;margin-bottom:21.71pt;margin-left:70pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:11pt;">13</div>
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    <div style="page-break-after:always; width:595.3pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:46pt;height:660pt;margin-left:70pt;width:456pt;">
        <div style="text-indent:20pt; width:456pt; line-height:12pt;">The continuing, surviving, or successor person will succeed to and be substituted for Macy&#8217;s Holdings with the same effect as if it had been named in the indenture as a party thereto, and thereafter the predecessor person will be relieved of all obligations and covenants under the indenture and the debt securities. </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-weight:bold;">Governing Law </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">The indenture is, and the debt securities will be, governed by, and construed in accordance with, the laws of the State of New York. </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-weight:bold;">Regarding the Trustee </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">The indenture and the Trust Indenture Act contain specified limitations on the right of the trustee, should it become a creditor of Macy&#8217;s Holdings within three&#160;months of, or subsequent to, a default by Macy&#8217;s Holdings to make payment in full of principal of or interest on any series of debt securities issued pursuant to the indenture when and as the same becomes due and payable, to obtain payment of claims, or to realize for its own account on property received in respect of any such claim as security or otherwise, unless and until such default is cured. However, the trustee&#8217;s rights as a creditor of Macy&#8217;s Holdings will not be limited if the creditor relationship arises from, among other things: </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:9.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:9.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">the ownership or acquisition of securities issued under any indenture or having a maturity of one year or more at the time of acquisition by the trustee; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:9.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:9.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">specified advances authorized by a receivership or bankruptcy court of competent jurisdiction or by the indenture; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:9.97pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:9.97pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">disbursements made in the ordinary course of business in its capacity as indenture trustee, transfer agent, registrar, custodian, or paying agent or in any other similar capacity; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:9.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:9.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">indebtedness created as a result of goods or securities sold in a cash transaction or services rendered or premises rented; or </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:9.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:9.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">the acquisition, ownership, acceptance, or negotiation of specified drafts, bills of exchange, acceptances, or other obligations. </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">The indenture does not prohibit the trustee from serving as trustee under any other indenture to which Macy&#8217;s Holdings may be a party from time to time or from engaging in other transactions with Macy&#8217;s Holdings. If the trustee acquires any conflicting interest within the meaning of the Trust Indenture Act and there is an Event of Default with respect to any series of debt securities, the trustee must eliminate the conflict or resign.</div>
      </div>
      <div style="margin-top:16pt;margin-bottom:21.71pt;margin-left:70pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:11pt;">14</div>
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    <div style="page-break-after:always; width:595.3pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tDMCS">&#8203;</a>
      </div>
      <div style="margin-top:46pt;margin-left:70pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:11pt;font-weight:bold;">DESCRIPTION OF MACY&#8217;S CAPITAL STOCK </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-weight:bold;">Authorized Capital Stock </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">Macy&#8217;s is authorized to issue 1,125&#160;million shares of capital stock, consisting of 1,000&#160;million shares of common stock, par value $0.01 per share, and 125&#160;million shares of preferred stock, par value $0.01 per share. </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-weight:bold;">Common Stock </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">Holders of Macy&#8217;s common stock are entitled to one vote for each share held of record on all matters submitted to a vote of stockholders. Upon satisfaction of Macy&#8217;s obligations to preferred stockholders, holders of Macy&#8217;s common stock may receive dividends when declared by the Macy&#8217;s board of directors. If Macy&#8217;s liquidates, dissolves or winds-up its business, holders of Macy&#8217;s common stock will share equally in the assets remaining after Macy&#8217;s pays all of its creditors and satisfies all of its obligations to preferred stockholders. Holders of Macy&#8217;s common stock have no conversion, preemptive, subscription or redemption rights. Macy&#8217;s common stock is traded on the NYSE under the symbol &#8220;M.&#8221; The registrar and transfer agent for the common stock is Computershare Shareowner Services. </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-weight:bold;">Preferred Stock </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">The Macy&#8217;s board of directors can, without approval of stockholders, issue one or more series of preferred stock. The board can determine the number of shares of each series and the rights, preferences and limitations of each series, including dividend rights, voting rights, conversion rights, redemption rights and any liquidation preferences and the terms and conditions of the issue. In some cases, the issuance of preferred stock could delay, defer or prevent a change in control of Macy&#8217;s and make it harder to remove present management, without further action by Macy&#8217;s stockholders. Under some circumstances, preferred stock could also decrease the amount of earnings and assets available for distribution to holders of Macy&#8217;s common stock if Macy&#8217;s liquidates or dissolves and could also restrict or limit dividend payments to holders of Macy&#8217;s common stock. </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">Macy&#8217;s has not issued any shares of preferred stock to date, and Macy&#8217;s does not plan to issue any shares of preferred stock. </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-weight:bold;">Purposes and Effects of Certain Provisions of Macy&#8217;s Certificate of Incorporation and By-laws</div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">General </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">Macy&#8217;s certificate of incorporation and by-laws contain provisions that could make more difficult the acquisition of control of Macy&#8217;s by means of a tender offer, open market purchases, a proxy contest or otherwise. A description of these provisions is set forth below. </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">Removal of Directors </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">Macy&#8217;s certificate of incorporation provides that, except as may be otherwise provided by the terms of any series of preferred stock, a director may only be removed at any annual or special meeting of Macy&#8217;s stockholders, the notice of which states that the removal of a director or directors is among the purposes of the meeting, by the affirmative vote of the holders of at least a majority of the voting stock present or represented by proxy at such meeting and actually voting on such matter, voted together as a single class. </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">Limitation of Director Liability </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">Macy&#8217;s certificate of incorporation provides that, to the full extent permitted by the Delaware General Corporation Law or any other applicable law currently or hereafter in effect, no director will be personally liable to Macy&#8217;s or its stockholders for or with respect to any acts or omissions in the performance of his or her duties as a director of Macy&#8217;s. This provision in Macy&#8217;s certificate of incorporation may have the effect of reducing the likelihood of derivative litigation against Macy&#8217;s directors and may discourage or deter </div>
      </div>
      <div style="margin-top:16pt;margin-bottom:21.71pt;margin-left:70pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:11pt;">15</div>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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      <div style="margin-top:46pt;height:660pt;margin-left:70pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;">stockholders or management from bringing a lawsuit against Macy&#8217;s directors for breach of their duty of care, even though such an action, if successful, might otherwise have benefited Macy&#8217;s and its stockholders. These provisions do not limit or affect a stockholder&#8217;s ability to seek and obtain relief under federal securities laws. </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">No Stockholder Action by Written Consent </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">Macy&#8217;s certificate of incorporation provides that any action required or permitted to be taken by the Macy&#8217;s stockholders must be effected at a duly called annual or special meeting of stockholders and may not be effected by a written consent of Macy&#8217;s stockholders. This prevents Macy&#8217;s stockholders from initiating or effecting any action by written consent, thereby limiting the ability of Macy&#8217;s stockholders to take actions opposed by Macy&#8217;s board of directors. </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">Special Meetings of Stockholders </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">Macy&#8217;s certificate of incorporation and by-laws provide that special meetings of stockholders may be called only by the chairman of the Macy&#8217;s board of directors, the secretary of Macy&#8217;s within 10 calendar days after receipt of a written request from a majority of directors (assuming no vacancies) or the Macy&#8217;s board of directors upon receipt of a written request from not less than 15% of Macy&#8217;s voting stock entitled to vote in the election of directors, voting together as a single class. </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">Section&#160;203 of the Delaware General Corporation Law </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">Macy&#8217;s is subject to Section&#160;203, which prohibits publicly held Delaware corporations from engaging in a &#8220;business combination&#8221; with an &#8220;interested stockholder&#8221; for a period of three&#160;years following the time of the transaction in which the person or entity became an interested stockholder, unless: </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:9.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:9.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">prior to that time, either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder is approved by the board of directors of the corporation; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:9.97pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:9.97pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the outstanding voting stock of the corporation, excluding for this purpose shares owned by persons who are directors and also officers of the corporation and by specified employee benefit plans; or </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:9.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:9.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">at or after such time the business combination is approved by the board of directors of the corporation and by the affirmative vote of at least 66<font style=" position:relative; bottom:2.66pt;font-size:7pt;">2</font>&#8725;<font style="font-size:7pt;">3</font>% of the outstanding voting stock which is not owned by the interested stockholder. </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">For the purposes of Section&#160;203, a &#8220;business combination&#8221; is broadly defined to include mergers, asset sales and other transactions resulting in a financial benefit to the interested stockholder. An &#8220;interested stockholder&#8221; is a person who, together with affiliates and associates, owns or within the immediately preceding three&#160;years did own 15% or more of the corporation&#8217;s voting stock.<br ></div>
      </div>
      <div style="margin-top:16pt;margin-bottom:21.71pt;margin-left:70pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:11pt;">16</div>
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    <div style="page-break-after:always; width:595.3pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tDDS">&#8203;</a><a name="tDW">&#8203;</a>
      </div>
      <div style="margin-top:46pt;margin-left:70pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:11pt;font-weight:bold;">DESCRIPTION OF DEPOSITARY SHARES </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">Macy&#8217;s may offer depositary shares (either separately or together with other securities) representing fractional shares of Macy&#8217;s preferred stock of any series. In connection with the issuance of any depositary shares, Macy&#8217;s will enter into a deposit agreement with a bank or trust company, as depositary, which will be named in the applicable prospectus supplement. Depositary shares will be evidenced by depositary receipts issued pursuant to the related deposit agreement. Immediately following Macy&#8217;s issuance of the security related to the depositary shares, Macy&#8217;s will deposit the shares of its preferred stock with the relevant depositary and will cause the depositary to issue, on Macy&#8217;s behalf, the related depositary receipts. Subject to the terms of the deposit agreement, each owner of a depositary receipt will be entitled, in proportion to the fraction of a share of preferred stock represented by the related depositary share, to all the rights, preferences and privileges of, and will be subject to all of the limitations and restrictions on, the preferred stock represented by the depositary receipt (including, if applicable, dividend, voting, conversion, exchange, redemption, sinking fund, repayment at maturity, subscription and liquidation rights). </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:11pt;font-weight:bold;">DESCRIPTION OF WARRANTS </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">We may issue warrants for the purchase of debt securities of Macy&#8217;s Holdings, common stock, preferred stock or depositary shares of Macy&#8217;s or any combination thereof. Warrants may be issued independently or together with any other securities offered by a prospectus supplement. Warrants may be attached to or separate from such securities. Warrants may be issued under warrant agreements to be entered into among Macy&#8217;s and/or Macy&#8217;s Holdings and a warrant agent specified in the applicable prospectus supplement. The warrant agent will act solely as an agent of Macy&#8217;s and/or Macy&#8217;s Holdings in connection with the warrants of a particular series and will not assume any obligation or relationship of agency or trust for or with any holders or beneficial owners of warrants. </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">The applicable prospectus supplement will describe the terms of the warrants in respect of which this prospectus is being delivered, including, where applicable, the following: </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:9.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:9.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">the title of such warrants; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:9.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:9.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">the aggregate number of such warrants; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:9.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:9.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">the price or prices at which such warrants will be issued; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:9.97pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:9.97pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">the designation, number and terms of the debt securities of Macy&#8217;s Holdings, the common stock, preferred stock or depositary shares of Macy&#8217;s or combination thereof, purchasable upon exercise of such warrants; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:9.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:9.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">the designation and terms of the other securities, if any, with which such warrants are issued and the number of such warrants issued with each such security; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:9.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:9.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">the date, if any, on and after which such warrants and the related underlying securities will be separately transferable; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:9.97pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:9.97pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">the price at which each underlying security purchasable upon exercise of such warrants may be purchased; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:9.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:9.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">the date on which the right to exercise such warrants shall commence and the date on which such right shall expire; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:9.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:9.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">the minimum amount of such warrants which may be exercised at any one time; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:9.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:9.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">information with respect to book-entry procedures, if any; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:9.97pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:9.97pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">a discussion of any applicable federal income tax considerations; and </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:9.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:9.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">any other terms of such warrants, including terms, procedures and limitations relating to the transferability, exchange and exercise of such warrants. </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="clear:both;font-size:0pt;">&#8203;</div>
      <div style="margin-top:16pt;margin-bottom:21.71pt;margin-left:70pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:11pt;">17</div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tDPC">&#8203;</a><a name="tDU">&#8203;</a>
      </div>
      <div style="margin-top:46pt;height:660pt;margin-left:70pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:11pt;font-weight:bold;">DESCRIPTION OF PURCHASE CONTRACTS </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">We may issue purchase contracts, including contracts obligating holders to purchase from us, and for us to sell to holders, a specific or varying number of debt securities of Macy&#8217;s Holdings, shares of common stock, preferred stock or depositary shares of Macy&#8217;s, warrants, or securities of an entity unaffiliated with us, or any combination of the above, at a future date or dates. Alternatively, the purchase contracts may obligate us to purchase from holders, and obligate holders to sell to us, a specific or varying number of debt securities of Macy&#8217;s Holdings, shares of common stock, preferred stock or depositary shares of Macy&#8217;s, warrants, or other property, or any combination of the above. The price of the securities or other property subject to the purchase contracts may be fixed at the time the purchase contracts are issued or may be determined by reference to a specific formula described in the purchase contracts. We may issue purchase contracts separately or as a part of&#160;units each consisting of a purchase contract and one or more of the other securities of Macy&#8217;s Holdings and/or Macy&#8217;s described in this prospectus or securities of third parties, including U.S. Treasury securities, securing the holder&#8217;s obligations under the purchase contract. The purchase contracts may require us to make periodic payments to holders or vice versa and the payments may be unsecured or pre-funded on some basis. The purchase contracts may require holders to secure the holder&#8217;s obligations in a manner specified in the applicable prospectus supplement. </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">The applicable prospectus supplement will describe the terms of any purchase contracts in respect of which this prospectus is being delivered, including, to the extent applicable, the following: </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:9.97pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:9.97pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">whether the purchase contracts obligate the holder or us to purchase or sell, or both purchase and sell, the securities subject to purchase under the purchase contract, and the nature and amount of each of those securities, or the method of determining those amounts; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:9.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:9.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">whether the purchase contracts are to be prepaid or not; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:9.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:9.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">whether the purchase contracts are to be settled by delivery, or by reference or linkage to the value, performance or level of the securities subject to purchase under the purchase contract; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:9.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:9.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">any acceleration, cancellation, termination or other provisions relating to the settlement of the purchase contracts; and </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:9.97pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:9.97pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">whether the purchase contracts will be issued in fully registered or global form. </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:11pt;font-weight:bold;">DESCRIPTION OF UNITS </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">We may issue&#160;units comprising one or more securities of Macy&#8217;s Holdings and/or Macy&#8217;s described in this prospectus in any combination. Units may also include debt obligations of third parties, such as U.S. Treasury securities. Each unit will be issued so that the holder of the unit also is the holder of each security included in the unit. Thus, the holder of a unit will have the rights and obligations of a holder of each included security. The unit agreement under which a unit is issued may provide that the securities included in the unit may not be held or transferred separately at any time or at any time before a specified date or occurrence. </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">The applicable prospectus supplement will describe the terms of any&#160;units in respect of which this prospectus is being delivered, including, to the extent applicable, the following: </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:9.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:9.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">the designation and terms of the&#160;units and the securities included in the&#160;units, including whether and under what circumstances those securities may be held or transferred separately; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:9.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:9.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">any provision for the issuance, payment, settlement, transfer or exchange of the&#160;units or of the securities included in the&#160;units; and </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:9.97pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#8226;<br ></div>
        <div style=" float:left; margin-top:9.97pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">whether the&#160;units will be issued in fully registered or global form.</div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="clear:both;font-size:0pt;">&#8203;</div>
      <div style="margin-top:16pt;margin-bottom:21.71pt;margin-left:70pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:11pt;">18</div>
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    <div style="page-break-after:always; width:595.3pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tUP">&#8203;</a><a name="tPD">&#8203;</a><a name="tCLM">&#8203;</a><a name="tEXPERTS">&#8203;</a>
      </div>
      <div style="margin-top:46pt;height:660pt;margin-left:70pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:11pt;font-weight:bold;">USE OF PROCEEDS </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:11.5pt;">We intend to use the net proceeds from the sales of the securities described in this prospectus as set forth in the applicable prospectus supplement. </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:11pt;font-weight:bold;">
          <font style="text-transform:uppercase;">Plan of distribution</font></div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">The securities may be offered through agents, through underwriters or dealers, directly to one or more purchasers or through a combination of any of these methods of sale. The specific plan of distribution, including any underwriters, dealers, agents or direct purchasers and their compensation will be identified in the applicable prospectus supplement. </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:11pt;font-weight:bold;">CERTAIN LEGAL MATTERS </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">In connection with particular offerings of the securities in the future, and if stated in the applicable prospectus supplements, the validity of those securities may be passed upon for us by Macy&#8217;s Chief Legal Officer or by Jones Day, as our counsel, and for any underwriters or agents by counsel named in the applicable prospectus supplement. </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:11pt;font-weight:bold;">EXPERTS </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">The consolidated financial statements of Macy&#8217;s, Inc. as of February&#160;3, 2018 and January&#160;28, 2017, and for each of the&#160;years in the three-year period ended February&#160;3, 2018, and management&#8217;s assessment of the effectiveness of internal control over financial reporting as of February&#160;3, 2018 have been incorporated by reference herein in reliance upon the report of KPMG LLP, independent registered public accounting firm, incorporated by reference herein, and upon the authority of said firm as experts in accounting and auditing.</div>
      </div>
      <div style="margin-top:16pt;margin-bottom:21.71pt;margin-left:70pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:11pt;">19</div>
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    <div style="page-break-after:always; width:595.3pt;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:13pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:28pt;margin-bottom:21.71pt;margin-left:70pt;width:456pt;">
        <div style="width:456pt;">
          <div style="margin-left: 0pt; width: 456pt; margin-top: 0pt; font-size: 2pt; line-height: 0pt; border-bottom: 2pt solid #000000; ">&#8203;</div>
        </div>
        <div style="margin-top:3pt; width:456pt;">
          <div style="margin-left: 0pt; width: 456pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="position:relative;z-index:-1;margin-top:41.48pt; text-align:center; width:456pt;">
          <img src="lg_macysstar-hpms.jpg" alt="[MISSING IMAGE: lg_macysstar-hpms.jpg]" height="52" width="192" >
        </div>
        <div style="margin-top:43.98pt; text-align:center; width:456pt; line-height:17pt;font-size:16pt;">MACY&#8217;S, INC. </div>
        <div style="margin-top:24pt; text-align:center; width:456pt; line-height:15.5pt;">Common Stock <br >Preferred Stock <br >Depositary Shares <br >Warrants <br >Purchase Contracts <br >Units <br >Guarantees of Debt Securities </div>
        <div style="margin-top:48pt; text-align:center; width:456pt; line-height:17pt;font-size:16pt;">MACY&#8217;S RETAIL HOLDINGS, INC. </div>
        <div style="margin-top:24pt; text-align:center; width:456pt; line-height:15.5pt;">Debt Securities <br >Warrants <br >Purchase Contracts <br >Units </div>
        <div style="margin-top:43.413pt; text-align:center; width:456pt;">
          <div style="margin-left: 38.158%; margin-right: 38.158%; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="margin-top:13.98pt; text-align:center; width:456pt; line-height:13pt;font-size:12pt;">PROSPECTUS</div>
        <div style="margin-top:11.823pt; text-align:center; width:456pt;">
          <div style="margin-left: 38.158%; margin-right: 38.158%; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="margin-top:145.98pt; text-align:center; width:456pt; line-height:11pt;font-size:10pt;">December&#160;7, 2018</div>
        <div style="margin-top:10.48pt; width:456pt;">
          <div style="margin-left: 0pt; width: 456pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="margin-top:3pt; width:456pt;">
          <div style="margin-left: 0pt; width: 456pt; margin-top: 0pt; font-size: 2pt; line-height: 0pt; border-bottom: 2pt solid #000000; ">&#8203;</div>
        </div>
      </div>
      <hr >
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    <div style="page-break-after:always; width:595.3pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:46pt;height:660pt;margin-left:70pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:11pt;font-weight:bold;">PART II. </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:11pt;font-weight:bold;">INFORMATION NOT REQUIRED IN PROSPECTUS </div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">Item&#160;14.&nbsp;&nbsp;&nbsp;Other Expenses of Issuance and Distribution. </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">The following table sets forth the estimated fees and expenses in connection with the shelf registration of the securities registered under this registration statement, other than any underwriting discounts and commissions. The actual amounts of such fees and expenses will be determined from time to time. </div>
        <table style="width:416pt;height:115pt;margin-left:20pt;margin-top:8pt;border-collapse: collapse;">
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; width:389.67pt;text-align:left;">
              <div style="white-space:nowrap;">SEC registration fee </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; min-width:6pt; text-align:right; white-space:nowrap;">(1<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
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          <tr style="line-height:10pt;white-space:nowrap;text-align:right;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:389.67pt;text-align:left;">
              <div style="white-space:nowrap;">Legal fees and expenses </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:6pt; text-align:right; white-space:nowrap;">(2<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:right;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:389.67pt;text-align:left;">
              <div style="white-space:nowrap;">Accounting fees and expenses </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:6pt; text-align:right; white-space:nowrap;">(2<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:right;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:389.67pt;text-align:left;">
              <div style="white-space:nowrap;">Printing and engraving expenses </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:6pt; text-align:right; white-space:nowrap;">(2<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:right;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:389.67pt;text-align:left;">
              <div style="white-space:nowrap;">Rating agency fees </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:6pt; text-align:right; white-space:nowrap;">(2<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:right;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:389.67pt;text-align:left;">
              <div style="white-space:nowrap;">Trustee&#8217;s fees and expenses </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:6pt; text-align:right; white-space:nowrap;">(2<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:right;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:389.67pt;text-align:left;">
              <div style="white-space:nowrap;">Miscellaneous expenses </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:6pt; text-align:right; white-space:nowrap;">(2<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:right;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:389.67pt;text-align:left;">
              <div style="white-space:nowrap;">Total </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:6pt; text-align:right; white-space:nowrap;">(2<font style="position:absolute;">)</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:14.49pt; width:456pt;">
          <div style="margin-left: 0pt; width: 108pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style=" float:left; margin-top:11.97pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">(1)<br ></div>
        <div style=" float:left; margin-top:11.97pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:435.5pt;">In accordance with Rules 456(b) and 457(r), we are deferring payment of all of the registration fee. </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:12pt; margin-top:6.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">(2)<br ></div>
        <div style=" float:left; margin-top:6.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:435.5pt;">Cannot be estimated at this time. </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">Item&#160;15.&nbsp;&nbsp;&nbsp;Indemnification of Directors and Officers. </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">Sections&#160;721 through 726 of Article&#160;7 of the New York Business Corporation Law, which is applicable to Macy&#8217;s Holdings, provide, in general, that a corporation may indemnify a director or officer made a party to an action (i)&#160;by a corporation or in its right in order to procure a judgment in its favor unless he shall have breached his duties, or (ii) other than an action by or in the right of the corporation in order to procure a judgment in its favor, against judgments, fines, amounts paid in settlement and reasonable expenses, including attorneys&#8217; fees actually and necessarily incurred as a result of such action or proceeding, if such director or officer acted in good faith and in a manner he reasonably believed to be in or, in certain cases, not opposed to such corporation&#8217;s interest and additionally, in criminal actions, had no reasonable cause to believe his conduct was unlawful. The statutory provisions for indemnification and advancement of expenses are not exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled independently of the applicable statutory provision. </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">Section&#160;145 of the Delaware General Corporation Law, which is applicable to Macy&#8217;s, provides, in general, that each director and officer of a corporation may be indemnified against expenses (including attorneys&#8217; fees), judgments, fines and amounts paid in settlement actually and reasonably incurred in connection with any threatened, pending or completed legal proceedings in which he or she is involved by reason of the fact that he or she is or was a director or officer, if he or she acted in good faith and in a manner that he or she reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, if he or she had no reasonable cause to believe that his or her conduct was unlawful. If the legal proceeding, however, is by or in the right of the corporation, the director or officer may not be indemnified in respect of any claim, issue or matter as to which he or she has been adjudged to be liable to the corporation unless a court determines otherwise. </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">Macy&#8217;s Holdings&#8217; by-laws provide for the indemnification of directors and officers of Macy&#8217;s Holdings to the fullest extent permitted by applicable law. Macy&#8217;s certificate of incorporation and by-laws provide for the indemnification of Macy&#8217;s directors and officers to the fullest extent permitted by applicable law.</div>
      </div>
      <div style="margin-top:16pt;margin-bottom:21.71pt;margin-left:70pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:11pt;">II-1</div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:46pt;margin-left:70pt;width:456pt;">
        <div style="width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">Item&#160;16.&nbsp;&nbsp;&nbsp; Exhibits. </div>
        <div style="margin-left:20pt; margin-top:6pt; width:436pt; line-height:12pt;">The following documents are filed as exhibits to this registration statement: </div>
        <table style="width:456pt;margin-top:8pt;border-collapse: collapse;">
          <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt; width:30pt;">
              <div style="text-align:center;">Exhibit <br >No. </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt; width:414pt;">
              <div style="white-space:nowrap; text-align:center;">Description </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/794367/000079436710000133/esexhibit31.htm">&#8203;</a>
            </td>
            <td style="padding:1.917pt 0pt 0.833pt 0pt; width:30pt;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/794367/000079436710000133/esexhibit31.htm">&#8199;4.1 </a>
            </td>
            <td style="padding:0pt; width:6pt;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/794367/000079436710000133/esexhibit31.htm">&#8203;</a>
            </td>
            <td style="padding:0pt; width:6pt;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/794367/000079436710000133/esexhibit31.htm">&#8203;</a>
            </td>
            <td style="padding:1.917pt 0pt 0.833pt 0pt; width:414pt;white-space:normal;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/794367/000079436710000133/esexhibit31.htm">Amended and Restated Certificate of Incorporation of Macy&#8217;s, Inc. (&#8220;Macy&#8217;s&#8221;) (incorporated by reference to Exhibit&#160;3.1 to Macy&#8217;s Current Report on Form 8-K (File No. 001-13536) filed on May&#160;18, 2010) </a>
            </td>
            <td style="padding:0pt; width:0pt;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/794367/000079436710000133/esexhibit31.htm">&#8203;</a>
            </td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/794367/0000950152-95-000681.txt">&#8203;</a>
            </td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:30pt;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/794367/0000950152-95-000681.txt">&#8199;4.2 </a>
            </td>
            <td style="padding:0pt; width:6pt;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/794367/0000950152-95-000681.txt">&#8203;</a>
            </td>
            <td style="padding:0pt; width:6pt;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/794367/0000950152-95-000681.txt">&#8203;</a>
            </td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:414pt;white-space:normal;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/794367/0000950152-95-000681.txt">Certificate of Designations of Series&#160;A Junior Participating Preferred Stock (incorporated by reference to Exhibit&#160;3.1.1 to Macy&#8217;s Annual Report on Form 10-K for the fiscal year ended January&#160;28, 1995) </a>
            </td>
            <td style="padding:0pt; width:0pt;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/794367/0000950152-95-000681.txt">&#8203;</a>
            </td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/794367/000079436711000115/esexhibit31.htm">&#8203;</a>
            </td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:30pt;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/794367/000079436711000115/esexhibit31.htm">&#8199;4.3 </a>
            </td>
            <td style="padding:0pt; width:6pt;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/794367/000079436711000115/esexhibit31.htm">&#8203;</a>
            </td>
            <td style="padding:0pt; width:6pt;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/794367/000079436711000115/esexhibit31.htm">&#8203;</a>
            </td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:414pt;white-space:normal;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/794367/000079436711000115/esexhibit31.htm">Article&#160;Seventh of the Amended and Restated Certificate of Incorporation of Macy&#8217;s (incorporated by reference to Exhibit&#160;3.1 to Macy&#8217;s Current Report on Form 8-K (File No. 001-13536) filed on May&#160;24, 2011) </a>
            </td>
            <td style="padding:0pt; width:0pt;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/794367/000079436711000115/esexhibit31.htm">&#8203;</a>
            </td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/794367/000079436716000279/esexhibit3.htm ">&#8203;</a>
            </td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:30pt;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/794367/000079436716000279/esexhibit3.htm ">&#8199;4.4 </a>
            </td>
            <td style="padding:0pt; width:6pt;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/794367/000079436716000279/esexhibit3.htm ">&#8203;</a>
            </td>
            <td style="padding:0pt; width:6pt;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/794367/000079436716000279/esexhibit3.htm ">&#8203;</a>
            </td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:414pt;white-space:normal;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/794367/000079436716000279/esexhibit3.htm ">Amended and Restated By-Laws (incorporated by reference to Exhibit&#160;3.1 to Macy&#8217;s Current Report on Form 8-K (File No. 001-13536) filed on September&#160;30, 2016) </a>
            </td>
            <td style="padding:0pt; width:0pt;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/794367/000079436716000279/esexhibit3.htm ">&#8203;</a>
            </td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/794367/000095013406020263/d40654exv4w6.htm">&#8203;</a>
            </td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:30pt;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/794367/000095013406020263/d40654exv4w6.htm">&#8199;4.5 </a>
            </td>
            <td style="padding:0pt; width:6pt;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/794367/000095013406020263/d40654exv4w6.htm">&#8203;</a>
            </td>
            <td style="padding:0pt; width:6pt;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/794367/000095013406020263/d40654exv4w6.htm">&#8203;</a>
            </td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:414pt;white-space:normal;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/794367/000095013406020263/d40654exv4w6.htm">Indenture, dated as of November&#160;2, 2006 (the &#8220;Indenture&#8221;), by and among Macy&#8217;s Retail Holdings, Inc. (&#8220;Macy&#8217;s Holdings&#8221;, and formerly known as Federated Retail Holdings, Inc.), Macy&#8217;s (formerly known as Federated Department Stores, Inc.) and U.S. Bank National Association (incorporated by reference to Exhibit&#160;4.6 to Macy&#8217;s and Macy&#8217;s Holdings&#8217; Registration Statement on Form S-3 (File No.: 333-138376) filed on November&#160;2, 2006) </a>
            </td>
            <td style="padding:0pt; width:0pt;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/794367/000095013406020263/d40654exv4w6.htm">&#8203;</a>
            </td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:30pt;">*4.6 </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:414pt;">Form of debt securities </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:30pt;">*4.7 </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:414pt;">Certificate of designations for preferred stock of Macy&#8217;s </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:30pt;">*4.8 </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:414pt;">Form of depositary receipt </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:30pt;">*4.9 </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:414pt;">Form of depositary agreement </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:30pt;">*4.10 </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:414pt;">Form of warrant </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:30pt;">*4.11 </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:414pt;">Form of warrant agreement </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:30pt;">*4.12 </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:414pt;">Form of purchase contract </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:30pt;">*4.13 </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:414pt;">Form of unit certificate </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:30pt;">*4.14 </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:414pt;">Form of unit agreement </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">
              <a style="-sec-extract:exhibit" href="tv508278_ex5-1.htm">&#8203;</a>
            </td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:30pt;">
              <a style="-sec-extract:exhibit" href="tv508278_ex5-1.htm">&#8199;5.1 </a>
            </td>
            <td style="padding:0pt; width:6pt;">
              <a style="-sec-extract:exhibit" href="tv508278_ex5-1.htm">&#8203;</a>
            </td>
            <td style="padding:0pt; width:6pt;">
              <a style="-sec-extract:exhibit" href="tv508278_ex5-1.htm">&#8203;</a>
            </td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:414pt;">
              <a style="-sec-extract:exhibit" href="tv508278_ex5-1.htm">Opinion of Jones Day </a>
            </td>
            <td style="padding:0pt; width:0pt;">
              <a style="-sec-extract:exhibit" href="tv508278_ex5-1.htm">&#8203;</a>
            </td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">
              <a style="-sec-extract:exhibit" href="tv508278_ex5-1.htm">&#8203;</a>
            </td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:30pt;">
              <a style="-sec-extract:exhibit" href="tv508278_ex5-1.htm">23.1 </a>
            </td>
            <td style="padding:0pt; width:6pt;">
              <a style="-sec-extract:exhibit" href="tv508278_ex5-1.htm">&#8203;</a>
            </td>
            <td style="padding:0pt; width:6pt;">
              <a style="-sec-extract:exhibit" href="tv508278_ex5-1.htm">&#8203;</a>
            </td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:414pt;">
              <a style="-sec-extract:exhibit" href="tv508278_ex5-1.htm">Consent of Jones Day (included in Exhibit&#160;5.1) </a>
            </td>
            <td style="padding:0pt; width:0pt;">
              <a style="-sec-extract:exhibit" href="tv508278_ex5-1.htm">&#8203;</a>
            </td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">
              <a style="-sec-extract:exhibit" href="tv508278_ex23-2.htm">&#8203;</a>
            </td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:30pt;">
              <a style="-sec-extract:exhibit" href="tv508278_ex23-2.htm">23.2 </a>
            </td>
            <td style="padding:0pt; width:6pt;">
              <a style="-sec-extract:exhibit" href="tv508278_ex23-2.htm">&#8203;</a>
            </td>
            <td style="padding:0pt; width:6pt;">
              <a style="-sec-extract:exhibit" href="tv508278_ex23-2.htm">&#8203;</a>
            </td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:414pt;">
              <a style="-sec-extract:exhibit" href="tv508278_ex23-2.htm">Consent of KPMG LLP </a>
            </td>
            <td style="padding:0pt; width:0pt;">
              <a style="-sec-extract:exhibit" href="tv508278_ex23-2.htm">&#8203;</a>
            </td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">
              <a style="-sec-extract:exhibit" href="tv508278_ex24-1.htm">&#8203;</a>
            </td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:30pt;">
              <a style="-sec-extract:exhibit" href="tv508278_ex24-1.htm">24.1 </a>
            </td>
            <td style="padding:0pt; width:6pt;">
              <a style="-sec-extract:exhibit" href="tv508278_ex24-1.htm">&#8203;</a>
            </td>
            <td style="padding:0pt; width:6pt;">
              <a style="-sec-extract:exhibit" href="tv508278_ex24-1.htm">&#8203;</a>
            </td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:414pt;">
              <a style="-sec-extract:exhibit" href="tv508278_ex24-1.htm">Powers of Attorney for certain directors and officers of Macy&#8217;s </a>
            </td>
            <td style="padding:0pt; width:0pt;">
              <a style="-sec-extract:exhibit" href="tv508278_ex24-1.htm">&#8203;</a>
            </td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">
              <a style="-sec-extract:exhibit" href="tv508278_ex24-2.htm">&#8203;</a>
            </td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:30pt;">
              <a style="-sec-extract:exhibit" href="tv508278_ex24-2.htm">24.2 </a>
            </td>
            <td style="padding:0pt; width:6pt;">
              <a style="-sec-extract:exhibit" href="tv508278_ex24-2.htm">&#8203;</a>
            </td>
            <td style="padding:0pt; width:6pt;">
              <a style="-sec-extract:exhibit" href="tv508278_ex24-2.htm">&#8203;</a>
            </td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:414pt;">
              <a style="-sec-extract:exhibit" href="tv508278_ex24-2.htm">Powers of Attorney for certain directors and officers of Macy&#8217;s Holdings </a>
            </td>
            <td style="padding:0pt; width:0pt;">
              <a style="-sec-extract:exhibit" href="tv508278_ex24-2.htm">&#8203;</a>
            </td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">
              <a style="-sec-extract:exhibit" href="tv508278_ex25-1.htm">&#8203;</a>
            </td>
            <td style="padding:2.167pt 0pt 1.5pt 0pt; width:30pt;">
              <a style="-sec-extract:exhibit" href="tv508278_ex25-1.htm">25.1 </a>
            </td>
            <td style="padding:0pt; width:6pt;">
              <a style="-sec-extract:exhibit" href="tv508278_ex25-1.htm">&#8203;</a>
            </td>
            <td style="padding:0pt; width:6pt;">
              <a style="-sec-extract:exhibit" href="tv508278_ex25-1.htm">&#8203;</a>
            </td>
            <td style="padding:2.167pt 0pt 1.5pt 0pt; width:414pt;white-space:normal;">
              <a style="-sec-extract:exhibit" href="tv508278_ex25-1.htm">Form T-1 Statement of Eligibility under the Trust Indenture Act of 1939, as amended, by U.S. Bank National Association, the trustee under the Indenture</a>
            </td>
            <td style="padding:0pt; width:0pt;">
              <a style="-sec-extract:exhibit" href="tv508278_ex25-1.htm">&#8203;</a>
            </td>
          </tr>
        </table>
        <div style="margin-top:13.89pt; width:456pt;">
          <div style="margin-left: 0pt; width: 108pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style=" float:left; margin-top:10.99pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">*<br ></div>
        <div style=" float:left; margin-top:10.99pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:435.5pt;">To be filed by an amendment or as an exhibit to a report filed under the Exchange Act and incorporated by reference herein. </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">Item&#160;17.&nbsp;&nbsp;&nbsp;Undertakings. </div>
        <div style="margin-left:20pt; margin-top:6pt; width:436pt; line-height:12pt;">The undersigned registrants hereby undertake: </div>
        <div style=" float:left; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">(1)<br ></div>
        <div style=" float:left; margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:435.5pt;">To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement: </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">(i)<br ></div>
        <div style=" float:left; margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">To include any prospectus required by Section&#160;10(a)(3) of the Securities Act; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">(ii)<br ></div>
        <div style=" float:left; margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="clear:both;font-size:0pt;">&#8203;</div>
      <div style="margin-top:16pt;margin-bottom:21.71pt;margin-left:70pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:11pt;">II-2</div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:46pt;margin-left:70pt;width:456pt;">
        <div style="margin-left:40pt; width:416pt; line-height:12pt;">aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule&#160;424(b) if, in the aggregate, the changes in volume and price represent no more than a 20&#160;percent change in the maximum aggregate offering price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the effective registration statement; and </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.19pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">(iii)<br ></div>
        <div style=" float:left; margin-top:7.19pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="font-style:italic;">provided, however</font>, that paragraphs (1)(i), (1)(ii) and (1)(iii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrants pursuant to Section&#160;13 or Section&#160;15(d) of the Exchange Act that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule&#160;424(b) that is part of the registration statement. </div>
        <div style=" float:left; line-height:12pt; margin-top:7.19pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">(2)<br ></div>
        <div style=" float:left; margin-top:7.19pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:435.5pt;">That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial <font style="font-style:italic;">bona fide</font> offering thereof. </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:12pt; margin-top:7.19pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">(3)<br ></div>
        <div style=" float:left; margin-top:7.19pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:435.5pt;">To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering. </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:12pt; margin-top:7.2pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">(4)<br ></div>
        <div style=" float:left; margin-top:7.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:435.5pt;">That, for the purpose of determining liability under the Securities Act to any purchaser: </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.19pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">(i)<br ></div>
        <div style=" float:left; margin-top:7.19pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">Each prospectus filed by the registrants pursuant to Rule&#160;424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.19pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">(ii)<br ></div>
        <div style=" float:left; margin-top:7.19pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">Each prospectus required to be filed pursuant to Rule&#160;424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule&#160;430B relating to an offering made pursuant to Rule&#160;415(a)(1)(i), (vii), or (x)&#160;for the purpose of providing the information required by Section&#160;10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule&#160;430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial <font style="font-style:italic;">bona fide</font> offering thereof. <font style="font-style:italic;">Provided, however</font>, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date. </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:12pt; margin-top:7.2pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">(5)<br ></div>
        <div style=" float:left; margin-top:7.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:435.5pt;">That, for the purpose of determining liability of the registrants under the Securities Act to any purchaser in the initial distribution of the securities, in a primary offering of securities of the undersigned registrants pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrants will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser: </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.39pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">(i)<br ></div>
        <div style=" float:left; margin-top:7.39pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">Any preliminary prospectus or prospectus of the undersigned registrants relating to the offering required to be filed pursuant to Rule&#160;424; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="clear:both;font-size:0pt;">&#8203;</div>
      <div style="margin-top:16pt;margin-bottom:21.71pt;margin-left:70pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:11pt;">II-3</div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:46pt;height:660pt;margin-left:70pt;width:456pt;">
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:4pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">(ii)<br ></div>
        <div style=" float:left; margin-top:4pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrants or used or referred to by the undersigned registrants; </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">(iii)<br ></div>
        <div style=" float:left; margin-top:8.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrants or their securities provided by or on behalf of the undersigned registrants; and </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8.99pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">(iv)<br ></div>
        <div style=" float:left; margin-top:8.99pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:415.5pt;">Any other communication that is an offer in the offering made by the undersigned registrants to the purchaser. </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:12pt; margin-top:8.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">(6)<br ></div>
        <div style=" float:left; margin-top:8.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:435.5pt;">That, for purposes of determining any liability under the Securities Act, each filing of the registrants&#8217; annual report pursuant to Section&#160;13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan&#8217;s annual report pursuant to Section&#160;15(d) of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial <font style="font-style:italic;">bona fide</font> offering thereof. </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:12pt; margin-top:8.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">(7)<br ></div>
        <div style=" float:left; margin-top:8.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:435.5pt;">Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrants have been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="clear:both;font-size:0pt;">&#8203;</div>
      <div style="margin-top:16pt;margin-bottom:21.71pt;margin-left:70pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:11pt;">II-4</div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:46pt;margin-left:70pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:11pt;font-weight:bold;">SIGNATURES </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, State of New York, on December&#160;7, 2018. </div>
        <div style="margin-left:220pt; margin-top:6pt; width:236pt; line-height:12pt;font-weight:bold;">MACY&#8217;S, INC.</div>
        <div style=" float:left; margin-left:220pt; line-height:12pt; margin-top:14.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">By:&#8201;<br ></div>
        <div style=" float:left; margin-top:14.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:215.5pt;">/s/ Elisa D. Garcia</div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-left:240pt; margin-top:2.5pt; width:216pt;">
          <div style="margin-left: 0pt; width: 216pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="margin-left:240pt; margin-top:2pt; width:216pt; line-height:11.5pt;">Elisa D. Garcia <br >Chief Legal Officer and Secretary </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities indicated on December&#160;7, 2018. </div>
        <table style="width:456pt;height:469.5pt;margin-top:8pt;border-collapse: collapse;">
          <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:210pt;">
              <div style="white-space:nowrap; text-align:center;">Signatures </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:234pt;">
              <div style="white-space:nowrap; text-align:center;">Title</div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:13.917pt 0pt 0.5pt 0pt; width:210pt;">
              <div style="text-align:center;">*</div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 210pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt; text-align:center;">Jeff Gennette</div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:13.917pt 0pt 0.5pt 0pt; width:234pt;">
              <div style="text-align:center;">Chairman of the Board, <br >Chief Executive Officer and Director <br >(Principal Executive Officer) </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 2.833pt 0pt; width:210pt;">
              <div style="text-align:center;">*</div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 210pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt; text-align:center;">Paula A. Price </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 2.833pt 0pt; width:234pt;">
              <div style="text-align:center;">Chief Financial Officer <br >(Principal Financial Officer) </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 2.833pt 0pt; width:210pt;">
              <div style="text-align:center;">*</div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 210pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt; text-align:center;">Felicia Williams</div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 2.833pt 0pt; width:234pt;">
              <div style="text-align:center;">Executive Vice President and Controller <br >(Principal Accounting Officer) </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 2.833pt 0pt; width:210pt;">
              <div style="text-align:center;">*</div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 210pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt; text-align:center;">David P. Abney</div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 2.833pt 0pt; width:234pt;">
              <div style="text-align:center;">Director </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 2.833pt 0pt; width:210pt;">
              <div style="text-align:center;">*</div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 210pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt; text-align:center;">Francis S. Blake</div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 2.833pt 0pt; width:234pt;">
              <div style="text-align:center;">Director </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 2.833pt 0pt; width:210pt;">
              <div style="text-align:center;">*</div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 210pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt; text-align:center;">John A. Bryant</div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 2.833pt 0pt; width:234pt;">
              <div style="text-align:center;">Director </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 2.833pt 0pt; width:210pt;">
              <div style="text-align:center;">*</div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 210pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt; text-align:center;">Deidre P. Connelly</div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 2.833pt 0pt; width:234pt;">
              <div style="text-align:center;">Director </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 2.833pt 0pt; width:210pt;">
              <div style="text-align:center;">*</div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 210pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt; text-align:center;">Leslie D. Hale</div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 2.833pt 0pt; width:234pt;">
              <div style="text-align:center;">Director </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 2.833pt 0pt; width:210pt;">
              <div style="text-align:center;">*</div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 210pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt; text-align:center;">William H. Lenehan</div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 2.833pt 0pt; width:234pt;">
              <div style="text-align:center;">Director </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 2.833pt 0pt; width:210pt;">
              <div style="text-align:center;">*</div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 210pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt; text-align:center;">Sara Levinson</div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 2.833pt 0pt; width:234pt;">
              <div style="text-align:center;">Director </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 2.833pt 0pt; width:210pt;">
              <div style="text-align:center;">*</div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 210pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt; text-align:center;">Joyce M. Roch&#233;</div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 2.833pt 0pt; width:234pt;">
              <div style="text-align:center;">Director </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
      </div>
      <div style="margin-top:16pt;margin-bottom:21.71pt;margin-left:70pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:11pt;">II-5</div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:46pt;height:660pt;margin-left:70pt;width:456pt;">
        <table style="width:456pt;height:105.5pt;margin-top:0pt;border-collapse: collapse;">
          <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:210pt;">
              <div style="white-space:nowrap; text-align:center;">Signatures </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:234pt;">
              <div style="white-space:nowrap; text-align:center;">Title</div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:13.917pt 0pt 2.833pt 0pt; width:210pt;">
              <div style="text-align:center;">*</div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 210pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt; text-align:center;">Paul C. Varga</div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:13.917pt 0pt 2.833pt 0pt; width:234pt;">
              <div style="text-align:center;">Director </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 2.833pt 0pt; width:210pt;">
              <div style="text-align:center;">*</div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 210pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt; text-align:center;">Marna C. Whittington</div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 2.833pt 0pt; width:234pt;">
              <div style="text-align:center;">Director </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:29pt;white-space:nowrap;text-align:center;vertical-align:top;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:210pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td colspan="3">&#8203;</td>
          </tr>
        </table>
        <div style=" float:left; line-height:12pt; margin-top:15.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">*<br ></div>
        <div style=" float:left; margin-top:15.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:435.5pt;">The undersigned, by signing her name hereto, signs and executes this registration statement pursuant to the Powers of Attorney executed by the above-named officers and directors and filed with the Securities and Exchange Commission. </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:220pt; line-height:12pt; margin-top:14.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#160;<br ></div>
        <div style=" float:left; margin-top:14.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:215.5pt;">/s/ Elisa D. Garcia</div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-left:240pt; margin-top:2.5pt; width:216pt;">
          <div style="margin-left: 0pt; width: 216pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="margin-left:240pt; margin-top:2pt; width:216pt; line-height:12pt;">Elisa D. Garcia <br >Attorney-in-Fact</div>
      </div>
      <div style="margin-top:16pt;margin-bottom:21.71pt;margin-left:70pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:11pt;">II-6</div>
      </div>
      <hr >
    </div>
    <div style=" width:595.3pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:46pt;height:660pt;margin-left:70pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:11pt;font-weight:bold;">SIGNATURES </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, State of New York, on December&#160;7, 2018. </div>
        <div style="margin-left:220pt; margin-top:6pt; width:236pt; line-height:12pt;font-weight:bold;">MACY&#8217;S RETAIL HOLDINGS, INC.</div>
        <div style=" float:left; margin-left:220pt; line-height:12pt; margin-top:14.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">By:&#8201;<br ></div>
        <div style=" float:left; margin-top:14.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:215.5pt;">/s/ Elisa D. Garcia</div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-left:240pt; margin-top:2.5pt; width:216pt;">
          <div style="margin-left: 0pt; width: 216pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="margin-left:240pt; margin-top:2pt; width:216pt; line-height:11.5pt;">Elisa D. Garcia <br >President </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities indicated on December&#160;7, 2018. </div>
        <table style="width:456pt;height:128.5pt;margin-top:8pt;border-collapse: collapse;">
          <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:8pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:210pt;">
              <div style="white-space:nowrap; text-align:center;">Signatures </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:234pt;">
              <div style="white-space:nowrap; text-align:center;">Title</div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:12.167pt 0pt 1.833pt 0pt; width:210pt;">
              <div style="text-align:center;">/s/ Elisa D. Garcia</div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 210pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt; text-align:center;">Elisa D. Garcia </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:12.167pt 0pt 1.833pt 0pt; width:234pt;">
              <div style="text-align:center;">President and Director <br >(Principal Executive Officer) </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:15.167pt 0pt 1.833pt 0pt; width:210pt;">
              <div style="text-align:center;">*</div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 210pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt; text-align:center;">Paula A. Price</div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:15.167pt 0pt 1.833pt 0pt; width:234pt;">
              <div style="text-align:center;">Vice President <br >(Principal Financial Officer) </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:15.167pt 0pt 1.833pt 0pt; width:210pt;">
              <div style="text-align:center;">*</div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 210pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt; text-align:center;">Felicia Williams</div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:15.167pt 0pt 1.833pt 0pt; width:234pt;">
              <div style="text-align:center;">Vice President, Controller and Director<br >(Principal Accounting Officer)</div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style=" float:left; line-height:12pt; margin-top:15.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">*<br ></div>
        <div style=" float:left; margin-top:15.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:435.5pt;">The undersigned, by signing her name hereto, signs and executes this registration statement pursuant to the Powers of Attorney executed by the above-named officers and directors and filed with the Securities and Exchange Commission. </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:220pt; line-height:12pt; margin-top:14.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">&#160;<br ></div>
        <div style=" float:left; margin-top:14.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; width:215.5pt;">/s/ Elisa D. Garcia</div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-left:240pt; margin-top:2.5pt; width:216pt;">
          <div style="margin-left: 0pt; width: 216pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="margin-left:240pt; margin-top:2pt; width:216pt; line-height:12pt;">Elisa D. Garcia <br >Attorney-in-Fact </div>
      </div>
      <div style="margin-top:16pt;margin-bottom:21.71pt;margin-left:70pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:11pt;">II-7</div>
      </div>
      <hr >
    </div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>tv508278_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
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<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 5.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="tv508278_ex5-1img01.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">North
Point &bull; 901 Lakeside Avenue &bull; Cleveland, Ohio 44114.1190</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TELEPHONE: +1.216.586.3939 <FONT STYLE="text-transform: uppercase">&bull;</FONT>
FACSIMILE: +1.216.579.0212</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">December
7, 2018</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Macy&rsquo;s, Inc.<BR>
Macy&rsquo;s Retail Holdings, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">7 West Seventh Street<BR>
Cincinnati, Ohio 45202</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-align: left; text-indent: -45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 70%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; padding-bottom: 1pt"></TD><TD STYLE="width: 45pt; padding-bottom: 1pt">Re:</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">Registration Statement on Form S-3 Filed
                                         by Macy&rsquo;s, Inc. and<BR>
                                         Macy&rsquo;s Retail Holdings, Inc. </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have acted as counsel for Macy&rsquo;s,
Inc., a Delaware corporation (&ldquo;Macy&rsquo;s&rdquo;), and Macy&rsquo;s Retail Holdings, Inc., a New York corporation (&ldquo;Macy&rsquo;s
Holdings&rdquo;), in connection with the authorization of the possible issuance and sale from time to time, on a delayed basis,
by Macy&rsquo;s and/or Macy&rsquo;s Holdings, as applicable, of an indeterminate amount of: (i)&nbsp;shares of common stock, par
value $0.01 per share, of Macy&rsquo;s (the &ldquo;Common Stock&rdquo;); (ii)&nbsp;shares of preferred stock, par value $0.01 per
share, of Macy&rsquo;s (the &ldquo;Preferred Stock&rdquo;), in one or more series, certain of which may be convertible into or
exchangeable for Common Stock; (iii)&nbsp;depositary shares of Macy&rsquo;s representing fractional interests in Preferred Stock
(the &ldquo;Depositary Shares&rdquo;); (iv)&nbsp;debt securities of Macy&rsquo;s Holdings, in one or more series (&ldquo;Debt Securities&rdquo;),
each fully and unconditionally guaranteed by Macy&rsquo;s (the &ldquo;Guarantees&rdquo;), certain of which Debt Securities may
be exchangeable for Common Stock or other securities of Macy&rsquo;s or any other person; (v)&nbsp;warrants to purchase Common
Stock, Preferred Stock, Debt Securities, Depositary Shares or any combination thereof (the &ldquo;Warrants&rdquo;); (vi)&nbsp;purchase
contracts for the purchase or sale of Common Stock, Preferred Stock, Debt Securities, Depositary Shares, Warrants or securities
of a third party unaffiliated with Macy&rsquo;s or Macy&rsquo;s Holdings at a future date or dates (the &ldquo;Purchase Contracts&rdquo;);
and (vii)&nbsp;units consisting of one or more of the securities described in clauses (i)&nbsp;through (vi)&nbsp;above and which
may include debt obligations of third parties (the &ldquo;Units&rdquo;), in each case as contemplated by the Registration Statement
of Macy&rsquo;s and Macy&rsquo;s Holdings on Form S-3 to which this opinion is an exhibit (as the same may be amended from time
to time, the &ldquo;Registration Statement&rdquo;). The Common Stock, the Preferred Stock, the Depositary Shares, the Debt Securities,
the Guarantees, the Warrants, the Purchase Contracts, and the Units are collectively referred to herein as the &ldquo;Securities&rdquo;
and each, a &ldquo;Security.&rdquo; The Securities are to be issued from time to time pursuant to Rule 415 under the Securities
Act of 1933 (the &ldquo;Securities Act&rdquo;). The Debt Securities and Guarantees are to be issued under an Indenture, dated as
of November 2, 2006 (as the same may be supplemented from time to time, the &ldquo;Indenture&rdquo;), among Macy&rsquo;s Holdings,
as issuer, Macy&rsquo;s, as guarantor, and U.S. Bank National Association, as trustee (the &ldquo;Trustee&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">ALKHOBAR
</FONT><FONT STYLE="font-family: Symbol">&middot;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">AMSTERDAM </FONT><FONT STYLE="font-family: Symbol">&middot;</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif">ATLANTA </FONT><FONT STYLE="font-family: Symbol">&middot;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">BEIJING
</FONT><FONT STYLE="font-family: Symbol">&middot;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">BOSTON </FONT><FONT STYLE="font-family: Symbol">&middot;</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif">BRISBANE </FONT><FONT STYLE="font-family: Symbol">&middot;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">BRUSSELS
</FONT><FONT STYLE="font-family: Symbol">&middot;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">CHICAGO </FONT><FONT STYLE="font-family: Symbol">&middot;</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif">CLEVELAND </FONT><FONT STYLE="font-family: Symbol">&middot;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">COLUMBUS
</FONT><FONT STYLE="font-family: Symbol">&middot;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">DALLAS DETROIT
</FONT><FONT STYLE="font-family: Symbol">&middot;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">DUBAI </FONT><FONT STYLE="font-family: Symbol">&middot;</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif">D&Uuml;SSELDORF </FONT><FONT STYLE="font-family: Symbol">&middot;</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif">FRANKFURT </FONT><FONT STYLE="font-family: Symbol">&middot;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">HONG&nbsp;KONG
</FONT><FONT STYLE="font-family: Symbol">&middot;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">HOUSTON </FONT><FONT STYLE="font-family: Symbol">&middot;</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif">IRVINE </FONT><FONT STYLE="font-family: Symbol">&middot;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">LONDON
</FONT><FONT STYLE="font-family: Symbol">&middot;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">LOS&nbsp;ANGELES
</FONT><FONT STYLE="font-family: Symbol">&middot;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">MADRID </FONT><FONT STYLE="font-family: Symbol">&middot;</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif">MELBOURNE MEXICO&nbsp;CITY </FONT><FONT STYLE="font-family: Symbol">&middot;</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif">MIAMI </FONT><FONT STYLE="font-family: Symbol">&middot;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">MILAN
</FONT><FONT STYLE="font-family: Symbol">&middot;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">MINNEAPOLIS </FONT><FONT STYLE="font-family: Symbol">&middot;</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif">MOSCOW </FONT><FONT STYLE="font-family: Symbol">&middot;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">MUNICH
</FONT><FONT STYLE="font-family: Symbol">&middot;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">NEW&nbsp;YORK
</FONT><FONT STYLE="font-family: Symbol">&middot;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">PARIS </FONT><FONT STYLE="font-family: Symbol">&middot;</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif">PERTH </FONT><FONT STYLE="font-family: Symbol">&middot;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">PITTSBURGH
</FONT><FONT STYLE="font-family: Symbol">&middot;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">RIYADH SAN&nbsp;DIEGO
</FONT><FONT STYLE="font-family: Symbol">&middot;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">SAN&nbsp;FRANCISCO
</FONT><FONT STYLE="font-family: Symbol">&middot;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">S&Atilde;O&nbsp;PAULO
</FONT><FONT STYLE="font-family: Symbol">&middot;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">SHANGHAI </FONT><FONT STYLE="font-family: Symbol">&middot;</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif">SILICON&nbsp;VALLEY </FONT><FONT STYLE="font-family: Symbol">&middot;</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif">SINGAPORE </FONT><FONT STYLE="font-family: Symbol">&middot;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">SYDNEY
</FONT><FONT STYLE="font-family: Symbol">&middot;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">TAIPEI </FONT><FONT STYLE="font-family: Symbol">&middot;</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif">TOKYO </FONT><FONT STYLE="font-family: Symbol">&middot;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">WASHINGTON</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><IMG SRC="tv508278_ex5-1img02.jpg" ALT="" STYLE="width: 105px; height: 13px">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Macy&rsquo;s, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Macy&rsquo;s Retail Holdings, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 7, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with the opinions expressed
herein, we have examined such documents, records and matters of law as we have deemed relevant or necessary for purposes of this
opinion. Based on the foregoing, and subject to the further limitations, qualifications and assumptions set forth herein, we are
of the opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
shares of Common Stock, upon receipt by Macy&rsquo;s of such lawful consideration therefor having a value not less than the par
value thereof as the Macy&rsquo;s Board of Directors (or an authorized committee thereof) may determine, will be validly issued,
fully paid and nonassessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
shares of Preferred Stock, upon receipt by Macy&rsquo;s of such lawful consideration therefor having a value not less than the
par value thereof as the Macy&rsquo;s Board of Directors (or an authorized committee thereof) may determine, will be validly issued,
fully paid and nonassessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Depositary Shares, upon receipt by Macy&rsquo;s of such lawful consideration therefor as the Macy&rsquo;s Board of Directors (or
an authorized committee thereof) may determine, will be validly issued, and the depositary receipts representing the Depositary
Shares will entitle the holders thereof to the rights specified therein and in the deposit agreement pursuant to which they are
issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Debt Securities, when duly executed by Macy&rsquo;s Holdings and authenticated by the Trustee in accordance with the Indenture,
issued and sold in accordance with the Registration Statement and delivered to the purchaser or purchasers thereof against receipt
by Macy&rsquo;s Holdings of such lawful consideration therefor as the Macy&rsquo;s Holding&rsquo;s Board of Directors (or a duly
authorized committee thereof) may determine, will constitute valid and binding obligations of Macy&rsquo;s Holdings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the execution, authentication, issuance, sale and delivery of the Debt Securities as described above, the Guarantees thereof will
constitute valid and binding obligations of Macy&rsquo;s.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Warrants, upon receipt by Macy&rsquo;s and/or Macy&rsquo;s Holdings, as applicable, of such lawful consideration therefor as the
Board of Directors (or an authorized committee thereof) of Macy&rsquo;s and/or Macy&rsquo;s Holdings, as applicable, may determine,
will constitute valid and binding obligations of Macy&rsquo;s and/or Macy&rsquo;s Holdings, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Purchase Contracts, upon receipt by Macy&rsquo;s and/or Macy&rsquo;s Holdings, as applicable, of such lawful consideration therefor
as the Board of Directors (or an authorized committee thereof) of Macy&rsquo;s and/or Macy&rsquo;s Holdings, as applicable, may
determine, will constitute valid and binding obligations of Macy&rsquo;s and/or Macy&rsquo;s Holdings, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: right; margin-bottom: 0pt"><IMG SRC="tv508278_ex5-1img02.jpg" ALT="" STYLE="width: 105px; height: 13px">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Macy&rsquo;s, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Macy&rsquo;s Retail Holdings, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 7, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Units, upon receipt by Macy&rsquo;s and/or Macy&rsquo;s Holdings, as applicable, of such lawful consideration therefor as the Board
of Directors (or an authorized committee thereof) of Macy&rsquo;s and/or Macy&rsquo;s Holdings, as applicable, may determine, will
constitute valid and binding obligations of Macy&rsquo;s and/or Macy&rsquo;s Holdings, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In rendering the foregoing opinions, we
have assumed that: (i) the Registration Statement, and any amendments thereto, will have become effective (and will remain effective
at the time of issuance of any Securities thereunder); (ii)&nbsp;a prospectus supplement describing each class and/or series of
Securities offered pursuant to the Registration Statement, to the extent required by applicable law and relevant rules and regulations
of the Securities and Exchange Commission (the&nbsp;&ldquo;Commission&rdquo;), will be timely filed with the Commission; (iii)
the definitive terms of each class and/or series of Securities will have been established in accordance with the authorizing resolutions
adopted by the Board of Directors of Macy&rsquo;s or Macy&rsquo;s Holdings (or an authorized committee thereof), as applicable,
and, as applicable, the Macy&rsquo;s and/or Macy&rsquo;s Holdings restated certificate of incorporation and applicable law; (iv)
Macy&rsquo;s or Macy&rsquo;s Holdings, as applicable, will issue and deliver the applicable Securities in the manner contemplated
by the Registration Statement and any Securities that consist of shares of capital stock will have been authorized and reserved
for issuance, in each case within the limits of the then remaining authorized but unissued and unreserved amounts of such capital
stock; (v) the resolutions authorizing Macy&rsquo;s and Macy&rsquo;s Holdings to issue, offer and sell the Securities will have
been adopted by the Board of Directors of Macy&rsquo;s and/or Macy&rsquo;s Holdings (or an authorized committee thereof), as applicable,
and will be in full force and effect at all times at which the Securities are offered or sold by Macy&rsquo;s or Macy&rsquo;s Holdings,
as applicable; (vi)&nbsp;all Securities will be issued in compliance with applicable federal and state securities laws; and (vii)&nbsp;any
Indenture, Deposit Agreement, Warrant Agreement, Purchase Contract Agreement (each as defined below) or unit agreement will be
governed by and construed in accordance with the laws of the State of New York and will constitute a valid and binding obligation
of each party thereto other than Macy&rsquo;s or Macy&rsquo;s Holdings, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">With respect to any Securities consisting
of any series of Debt Securities and the Guarantees, we have further assumed that (i)&nbsp;the Indenture is, and any supplemental
indenture will be, a valid and binding obligation of the Trustee; (ii)&nbsp;all terms of the Debt Securities or Guarantees not
provided for in the Indenture will have been established in accordance with the provisions of the Indenture and reflected in appropriate
documentation approved by us and, if applicable, duly executed and delivered by Macy&rsquo;s, Macy&rsquo;s Holdings and the Trustee;
and (iii)&nbsp;the Debt Securities will be duly executed, authenticated, issued and delivered in accordance with the provisions
of the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: right; margin-bottom: 0pt"><IMG SRC="tv508278_ex5-1img02.jpg" ALT="" STYLE="width: 105px; height: 13px">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Macy&rsquo;s, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Macy&rsquo;s Retail Holdings, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 7, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">With respect to any Securities consisting
of Preferred Stock, we have further assumed that Macy&rsquo;s will issue and deliver the shares of Preferred Stock being issued
and delivered after the filing with the Secretary of State of the State of Delaware of a certificate of amendment to Macy&rsquo;s
restated certificate of incorporation, approved by us, establishing the designations, preferences and rights of the class or series
of Preferred Stock being issued and delivered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">With respect to any Securities consisting
of Depositary Shares, we have further assumed that the Depositary Shares will be: (i)&nbsp;issued and delivered after authorization,
execution and delivery of the deposit agreement, approved by us, relating to the Depositary Shares to be entered into between Macy&rsquo;s
and an entity (the &ldquo;Depositary&rdquo;) selected by Macy&rsquo;s to act as depositary (the &ldquo;Deposit Agreement&rdquo;),
and (ii)&nbsp;issued after Macy&rsquo;s deposits with the Depositary shares of the Preferred Stock to be represented by such Depositary
Shares that are authorized, validly issued, fully paid and nonassessable as contemplated by the Registration Statement and the
Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">With respect to any Securities consisting
of Warrants, we have further assumed that (i)&nbsp;the warrant agreement, approved by us, relating to the Warrants (the &ldquo;Warrant
Agreement&rdquo;) to be entered into between Macy&rsquo;s and/or Macy&rsquo;s Holdings, as applicable, and an entity selected by
Macy&rsquo;s and/or Macy&rsquo;s Holdings to act as the warrant agent (the &ldquo;Warrant Agent&rdquo;) will have been authorized,
executed and delivered by Macy&rsquo;s and/or Macy&rsquo;s Holdings, as applicable, and the Warrant Agent, and (ii)&nbsp;the Warrants
will be authorized, executed and delivered by Macy&rsquo;s and/or Macy&rsquo;s Holdings, as applicable, and the Warrant Agent in
accordance with the provisions of the Warrant Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">With respect to any Securities consisting
of Purchase Contracts, we have further assumed that (i)&nbsp;the purchase contract agreement, approved by us, relating to the Purchase
Contracts (the &ldquo;Purchase Contract Agreement&rdquo;) to be entered into between Macy&rsquo;s and/or Macy&rsquo;s Holdings,
as applicable, and an entity selected by Macy&rsquo;s and/or Macy&rsquo;s Holdings to act as the purchase contract agent (the &ldquo;Purchase
Contract Agent&rdquo;) will have been authorized, executed and delivered by Macy&rsquo;s and/or Macy&rsquo;s Holdings and the Purchase
Contract Agent and (ii)&nbsp;the Purchase Contracts will be authorized, executed and delivered by Macy&rsquo;s and/or Macy&rsquo;s
Holdings, as applicable, and the Purchase Contract Agent in accordance with the provisions of the Purchase Contract Agreement.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: right; margin-bottom: 0pt"><IMG SRC="tv508278_ex5-1img02.jpg" ALT="" STYLE="width: 105px; height: 13px">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Macy&rsquo;s, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Macy&rsquo;s Retail Holdings, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 7, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">With respect to any Securities consisting
of Units, we have further assumed that each component of such Unit will be authorized, validly issued, fully paid and nonassessable
(to the extent applicable) and will constitute a valid and binding obligation of Macy&rsquo;s and/or Macy&rsquo;s Holdings, as
applicable, or any third party (to the extent applicable) as contemplated by the Registration Statement and the applicable unit
agreement, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The opinions expressed herein are limited
by bankruptcy, insolvency, reorganization, fraudulent transfer and fraudulent conveyance, voidable preference, moratorium or other
similar laws and related regulations and judicial doctrines from time to time in effect relating to or affecting creditors&rsquo;
rights generally, and by general equitable principles and public policy considerations, whether such principles and considerations
are considered in a proceeding at law or at equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As to facts material to the opinions and
assumptions expressed herein, we have relied upon oral or written statements and representations of officers and other representatives
of Macy&rsquo;s, Macy&rsquo;s Holdings and others. The opinions expressed herein are limited to the laws of the State of New York
and the Delaware General Corporation Law, in each case as currently in effect, and we express no opinion as to the effect of the
laws of any other jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We hereby consent to the filing of this
opinion as Exhibit 5.1 to the Registration Statement and to the reference to Jones Day under the caption &ldquo;Certain Legal Matters&rdquo;
in the prospectus constituting a part of such Registration Statement. In giving such consent, we do not thereby admit that we are
included in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations
of the Commission promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%">&nbsp;</TD>
    <TD STYLE="width: 1%"></TD>
    <TD STYLE="width: 50%">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt"></TD>
    <TD>/s/ Jones Day</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>3
<FILENAME>tv508278_ex23-2.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
<HTML>
<HEAD>
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</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 23.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Consent of Independent Registered Public
Accounting Firm</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board of Directors<BR>
Macy&rsquo;s, Inc:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We consent to the use of our report dated April 4, 2018, with
respect to the consolidated balance sheets of Macy&rsquo;s, Inc. and subsidiaries as of February 3, 2018 and January 28, 2017,
the related consolidated statements of income, comprehensive income, changes in shareholders&rsquo; equity, and cash flows for
each of the years in the three-year period ended February 3, 2018, and the related notes, and the effectiveness of internal control
over financial reporting as of February 3, 2018, incorporated by reference herein and to the reference to our firm under the heading
&ldquo;Experts&rdquo; in the prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ KPMG LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0">Cincinnati, Ohio<BR>
December 7, 2018</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24.1
<SEQUENCE>4
<FILENAME>tv508278_ex24-1.htm
<DESCRIPTION>EXHIBIT 24.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 24.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POWER OF ATTORNEY </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned
directors and/or officers of MACY&rsquo;S, INC., a Delaware corporation (&ldquo;Macy&rsquo;s&rdquo;), hereby constitutes and appoints
ELISA D. GARCIA and ANN MUNSON STEINES, or any of them, his or her true and lawful attorney or attorneys-in-fact, with full power
of substitution and resubstitution, to do any and all acts and things and execute any and all instruments or documents which said
attorney or attorneys-in-fact, or any of them, may deem necessary or advisable or which may be required in connection with the
filing with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) of a Registration Statement on Form S-3 (the &ldquo;Registration
Statement&rdquo;) (and any abbreviated registration statement relating thereto permitted pursuant to Rule 462(b) under the Securities
Act of 1933, as amended (the &ldquo;Securities Act&rdquo;)) for the purposes of registering guarantees by Macy&rsquo;s of debt
securities of Macy&rsquo;s Retail Holdings, Inc., common stock, preferred stock, depositary shares, warrants, purchase contracts
and/or units of Macy&rsquo;s, or any combination of the foregoing securities, and to sign any and all amendments, including any
or all post-effective amendments and supplements to the Registration Statement (and any such abbreviated registration statement),
and to file the same, with all exhibits thereto, and other documents in connection therewith, with the SEC, granting unto said
attorney or attorneys-in-fact, or each of them with or without the others, full power and authority to do and perform each and
every act and thing requisite and necessary to be done in order to accomplish the foregoing, as fully to all intents and purposes
as he or she might or could in person, hereby ratifying and confirming all that said attorneys-in-fact, or any of them, or their
substitute or substitutes, may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ David P. Abney</FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Francis S. Blake</FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ John A. Bryant</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">David P. Abney</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Francis S. Blake</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John A. Bryant</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Deirdre P. Connelly</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Jeff Gennette</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Leslie D. Hale</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deirdre P. Connelly</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jeff Gennette</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leslie D. Hale</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ William H. Lenehan</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Sara Levinson</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Paula A. Price</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">William H. Lenehan</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sara Levinson</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paula A. Price</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Joyce M. Roch&eacute;</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Paul C. Varga</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Felicia Williams</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joyce M. Roch&eacute;</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paul C. Varga</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Felicia Williams</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Marna C. Whittington</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marna C. Whittington</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated: November 12, 2018</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24.2
<SEQUENCE>5
<FILENAME>tv508278_ex24-2.htm
<DESCRIPTION>EXHIBIT 24.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 24.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned
directors and/or officers of MACY&rsquo;S RETAIL HOLDINGS, INC., a New York corporation (&ldquo;Macy&rsquo;s Holdings&rdquo;),
hereby constitutes and appoints ELISA D. GARCIA and ANN MUNSON STEINES, or any of them, his or her true and lawful attorney or
attorneys-in-fact, with full power of substitution and resubstitution, to do any and all acts and things and execute any and all
instruments or documents which said attorney or attorneys-in-fact, or any of them, may deem necessary or advisable or which may
be required in connection with the filing with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) of a Registration Statement
on Form S-3 (the &ldquo;Registration Statement&rdquo;) (and any abbreviated registration statement relating thereto permitted pursuant
to Rule 462(b) under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;)) for the purposes of registering
debt securities, warrants, purchase contracts and/or units of Macy&rsquo;s Holdings, or any combination of the foregoing securities,
and to sign any and all amendments, including any or all post-effective amendments and supplements to the Registration Statement
(and any such abbreviated registration statement), and to file the same, with all exhibits thereto, and other documents in connection
therewith, with the SEC, granting unto said attorney or attorneys-in-fact, or each of them with or without the others, full power
and authority to do and perform each and every act and thing requisite and necessary to be done in order to accomplish the foregoing,
as fully to all intents and purposes as he or she might or could in person, hereby ratifying and confirming all that said attorneys-in-fact,
or any of them, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border-bottom: Black 1pt solid; text-align: center">/s/ Elisa D. Garcia</TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; text-align: center">/s/ Paula A. Price</TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; text-align: center">/s/ Felicia Williams</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">Elisa D. Garcia</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Paula A. Price</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Felicia Williams</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated: November 9, 2018</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-25.1
<SEQUENCE>6
<FILENAME>tv508278_ex25-1.htm
<DESCRIPTION>EXHIBIT 25.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 25.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B></B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt; font-variant: small-caps"><B>securities
and exchange commission</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>FORM T-1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Statement
of Eligibility Under</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>The
Trust Indenture Act of 1939 of a </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Corporation
Designated to Act as Trustee</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Check if an Application to Determine Eligibility
of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">a Trustee Pursuant to Section
305(b)(2) <FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>U.S. BANK
NATIONAL ASSOCIATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of Trustee as specified in its
charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>31-0841368</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">I.R.S. Employer Identification No.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 49%; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">800
    Nicollet Mall</FONT><BR>
    <FONT STYLE="font-size: 10pt">Minneapolis, Minnesota</FONT></TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 49%; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">55402</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Address of principal executive offices)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Zip Code)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Carolina D. Altomare</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">U.S. Bank National Association</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">1 Federal Street 3<SUP>rd</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Boston, MA 02110</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(617) 603-6574</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, address and telephone number of agent
for service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>MACY&rsquo;S,
INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Issuer with respect to the Securities)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid">Delaware</TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 49%; text-align: center; border-bottom: Black 1pt solid">13-3324058</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of incorporation or organization)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S. Employer Identification No.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 49%">7 West Seventh Street<BR>
Cincinnati, Ohio</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 49%; vertical-align: bottom">45202</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Address of Principal Executive Offices)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Zip Code)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>MACY&rsquo;S
RETAIL HOLDINGS, INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: center; text-indent: -103.5pt"><B>(Title
of the Indenture Securities)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Issuer with respect to the Securities)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; text-align: center; border-bottom: Black 1pt solid">New York</TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 49%; text-align: center; border-bottom: Black 1pt solid">43-0398035</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of incorporation or organization)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S. Employer Identification No.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 49%; text-align: center; border-bottom: Black 1pt solid">7 West Seventh Street<BR>
Cincinnati, Ohio</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 49%; text-align: center; border-bottom: Black 1pt solid">45202</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Address of Principal Executive Offices)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Zip Code)</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>FORM T-1</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in; text-align: left"><B>Item&nbsp;1.</B></TD><TD STYLE="text-align: justify"><B>GENERAL INFORMATION<I>.</I></B> Furnish the following
information as to the Trustee.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-indent: -0.35in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">a)</TD><TD STYLE="text-align: justify"><I>Name and address of each examining or supervising authority
to which it is subject.</I></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0.5in">Comptroller of the Currency</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0.5in">Washington, D.C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">b)</TD><TD STYLE="text-align: justify"><I>Whether it is authorized to exercise corporate trust
powers.</I></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0.5in">Yes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-indent: -0.35in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in; text-align: left"><B>Item&nbsp;2.</B></TD><TD STYLE="text-align: justify"><B>AFFILIATIONS WITH OBLIGOR. </B> <I>If the obligor is
an affiliate of the Trustee, describe each such affiliation.</I></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">None</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-indent: -0.35in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in; text-align: left"><B>Items&nbsp;3-15</B></TD><TD STYLE="text-align: justify"><I>Items 3-15 are not applicable because to the best of
the Trustee's knowledge, the obligor is not in default under any Indenture for which the Trustee acts as Trustee.</I></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-indent: -0.35in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in; text-align: left"><B>Item&nbsp;16.</B></TD><TD STYLE="text-align: left"><B> LIST OF EXHIBITS:</B> <I>List below all exhibits
filed as a part of this statement of eligibility and qualification.</I></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-indent: -0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">1.</TD><TD STYLE="text-align: justify">A copy of the Articles of Association of the Trustee.*</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">2.</TD><TD STYLE="text-align: justify">A copy of the certificate of authority of the Trustee to
commence business, attached as Exhibit 2.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">3.</TD><TD STYLE="text-align: justify">A copy of the certificate of authority of the Trustee to
exercise corporate trust powers, attached as Exhibit 3.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">4.</TD><TD STYLE="text-align: justify">A copy of the existing bylaws of the Trustee.**</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">5.</TD><TD STYLE="text-align: justify">A copy of each Indenture referred to in Item 4. Not applicable.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">6.</TD><TD STYLE="text-align: justify">The consent of the Trustee required by Section 321(b) of
the Trust Indenture Act of 1939, attached as Exhibit 6.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">7.</TD><TD STYLE="text-align: justify">Report of Condition of the Trustee as of September 30, 2018
published pursuant to law or the requirements of its supervising or examining authority, attached as Exhibit 7.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-indent: 0pt">* Incorporated by reference to Exhibit
25.1 to Amendment No. 2 to registration statement on S-4, Registration Number 333-128217 filed on November 15, 2005.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-indent: 0pt">** Incorporated by reference to Exhibit
25.1 to registration statement on form S-3ASR, Registration Number 333-199863 filed on November 5, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Trust
Indenture Act of 1939, as amended, the Trustee, U.S. BANK NATIONAL ASSOCIATION<FONT STYLE="font-size: 10pt">, </FONT>a national
banking association organized and existing under the laws of the United States of America, has duly caused this statement of eligibility
and qualification to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of Boston, Commonwealth
of Massachusetts on the 7<SUP>th</SUP> of December, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/s/ Carolina D Altomare</TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD>Carolina D Altomare</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Vice President</TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><B><U>Exhibit 2</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><IMG SRC="tv508278_ex25-1img01.jpg" ALT=""></FONT></TD>
    <TD STYLE="width: 94%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Office of the Comptroller of the Currency</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Washington, DC 20219</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATE OF CORPORATE EXISTENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I, Joseph Otting, Comptroller of the Currency, do hereby certify
that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Comptroller of the Currency, pursuant to Revised
Statutes 324, et seq, as amended, and 12 USC 1, et seq, as amended, has possession, custody, and control of all records pertaining
to the chartering, regulation, and supervision of all national banking associations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;U.S.
Bank National Association,&rdquo; Cincinnati, Ohio (Charter No. 24), is a national banking association formed under the laws
of the United States and is authorized thereunder to transact the business of banking on the date of this certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: normal 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; font: normal 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; font: normal 10pt/115% Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">IN
    TESTIMONY WHEREOF, today, May 8, 2018, I have hereunto subscribed my name and caused my seal of office to be affixed to these
    presents at the U.S. Department of the Treasury, in the City of Washington, District of Columbia</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="2" STYLE="vertical-align: top; width: 50%; font-size: 10pt"><IMG SRC="tv508278_ex25-1img02.jpg" ALT=""></TD>
    <TD STYLE="vertical-align: bottom; width: 50%; border-bottom: black 1pt solid; text-align: left; font-size: 10pt"><IMG SRC="tv508278_ex25-1img03.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0; text-align: left; margin-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Comptroller of the Currency</FONT></P>
                                                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Exhibit 3</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><IMG SRC="tv508278_ex25-1img01.jpg" ALT=""></FONT></TD>
    <TD STYLE="width: 94%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Office of the Comptroller of the Currency</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Washington, DC 20219</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATION OF FIDUCIARY POWERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I, Joseph Otting, Comptroller of the Currency, do hereby certify
that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Office of the
Comptroller of the Currency, pursuant to Revised Statutes 324, et seq, as amended, and 12 USC 1, et seq, as amended, has possession,
custody, and control of all records pertaining to the chartering, regulation, and supervision of all national banking associations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;U.S. Bank
National Association,&rdquo; Cincinnati, Ohio (Charter No. 24), was granted, under the hand and seal of the Comptroller, the right
to act in all fiduciary capacities authorized under the provisions of the Act of Congress approved September 28, 1962, 76 Stat.
668, 12 USC 92a, and that the authority so granted remains in full force and effect on the date of this certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 50%; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN TESTIMONY WHEREOF, today, May 8, 2018, I have hereunto subscribed my name and caused my seal of office to be affixed to these presents at the U.S. Department of the Treasury, in the City of Washington, District of Columbia.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="2" STYLE="vertical-align: top; width: 50%; font-size: 10pt"><IMG SRC="tv508278_ex25-1img02.jpg" ALT=""></TD>
    <TD STYLE="vertical-align: bottom; width: 50%; border-bottom: black 1pt solid; text-align: left; font-size: 10pt"><IMG SRC="tv508278_ex25-1img03.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0; text-align: left; margin-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Comptroller of the Currency</FONT></P>
                                                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B><U>Exhibit 6</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In accordance with Section
321(b) of the Trust Indenture Act of 1939, the undersigned, U.S. BANK NATIONAL ASSOCIATION hereby consents that reports of examination
of the undersigned by Federal, State, Territorial or District authorities may be furnished by such authorities to the Securities
and Exchange Commission upon its request therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated: December 7, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/s/ Carolina D Altomare</TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD>Carolina D Altomare</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Vice President</TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><B><U>Exhibit 7</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>U.S. Bank National Association</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Statement of Financial Condition</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">As of 9/30/2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>($000&rsquo;s) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">9/30/2018</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="font-weight: bold">Assets</TD><TD>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 87%; text-align: left; padding-left: 0.125in">Cash and Balances Due From Depository Institutions</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">20,003,448</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">Securities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">110,034,104</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in">Federal Funds</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,434</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in">Loans &amp; Lease Financing Receivables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">281,653,128</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in">Fixed Assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,819,093</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in">Intangible Assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,233,498</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Other Assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">27,236,326</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.125in">Total Assets</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">456,011,031</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-left: 0in">Liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in">Deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">342,906,860</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in">Fed Funds</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,964,321</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in">Treasury Demand Notes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in">Trading Liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">977,478</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in">Other Borrowed Money</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,881,574</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">Acceptances</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in">Subordinated Notes and Debentures</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,800,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Other Liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">14,600,333</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.125in">Total Liabilities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">408,130,566</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-left: 0in">Equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in">Common and Preferred Stock</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,200</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in">Surplus</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,266,915</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in">Undivided Profits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,793,053</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Minority Interest in Subsidiaries</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">802,297</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.25in">Total Equity Capital</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">47,880,465</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0in">Total Liabilities and Equity Capital</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">456,011,031</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
