Deposit Agreement, dated March 20, 2015



 Exhibit 4.1 

DEPOSIT AGREEMENT 
 Dated

 March 20, 2015 

CITIGROUP INC., 
 AS ISSUER,

 COMPUTERSHARE INC. AND COMPUTERSHARE TRUST COMPANY, N.A., 

AS DEPOSITARY, 
 -and- 

COMPUTERSHARE TRUST COMPANY, N.A., 

AS REGISTRAR AND TRANSFER AGENT 

RELATING TO RECEIPTS, DEPOSITARY SHARES AND RELATED 

5.875% FIXED RATE / FLOATING RATE NONCUMULATIVE PREFERRED STOCK, 

SERIES O 







 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	ARTICLE 1 DEFINITIONS	  	 	1	  
		
	 ARTICLE 2 FORM OF RECEIPTS, DEPOSIT OF PREFERRED STOCK, EXECUTION AND DELIVERY, TRANSFER, SURRENDER AND REDEMPTION OF
RECEIPTS
	  	 	3	  
			
	     Section 2.01
	  	Form and Transferability of Receipts.	  	 	3	  
			
	     Section 2.02
	  	Deposit of Preferred Stock; Execution and Delivery of Receipts in Respect Thereof.	  	 	5	  
			
	     Section 2.03
	  	Optional Redemption of Preferred Stock for Cash.	  	 	6	  
			
	     Section 2.04
	  	Registration of Transfers of Receipts.	  	 	8	  
			
	     Section 2.05
	  	Combinations and Split-ups of Receipts.	  	 	8	  
			
	     Section 2.06
	  	Surrender of Receipts and Withdrawal of Preferred Stock.	  	 	8	  
			
	     Section 2.07
	  	Limitations on Execution and Delivery, Transfer, Split-up.	  	 	9	  
			
	     Section 2.08
	  	Lost Receipts, etc.	  	 	10	  
			
	     Section 2.09
	  	Cancellation and Destruction of Surrendered Receipts.	  	 	10	  
			
	     Section 2.10
	  	No Pre-Release.	  	 	10	  
		
	 ARTICLE 3 CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE COMPANY
	  	 	10	  
			
	     Section 3.01
	  	Filing Proofs, Certificates and Other Information.	  	 	10	  
			
	     Section 3.02
	  	Payment of Fees and Expenses.	  	 	11	  
			
	     Section 3.03
	  	Representations and Warranties as to Preferred Stock.	  	 	11	  
			
	     Section 3.04
	  	Representation and Warranty as to Receipts and Depositary Shares.	  	 	11	  
		
	 ARTICLE 4 THE PREFERRED STOCK; NOTICES
	  	 	12	  
			
	     Section 4.01
	  	Cash Distributions.	  	 	12	  
			
	     Section 4.02
	  	Distributions Other Than Cash.	  	 	12	  
			
	     Section 4.03
	  	Subscription Rights, Preferences or Privileges.	  	 	13	  
			
	     Section 4.04
	  	Notice of Dividends; Fixing of Record Date for Holders of Receipts.	  	 	14	  
			
	     Section 4.05
	  	Voting Rights.	  	 	14	  
			
	     Section 4.06
	  	Changes Affecting Preferred Stock and Reorganization Events.	  	 	15	  
			
	     Section 4.07
	  	Inspection of Reports.	  	 	15	  
			
	     Section 4.08
	  	Lists of Receipt Holders.	  	 	15	  
			
	     Section 4.09
	  	Withholding.	  	 	15	  
		
	 ARTICLE 5 THE DEPOSITARY AND THE COMPANY
	  	 	16	  


  
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 TABLE OF CONTENTS 

(continued) 


							
	 	  	 	  	Page	 
			
	     Section 5.01
	  	Maintenance of Offices, Agencies and Transfer Books by the Depositary and the Registrar.	  	 	16	  
			
	     Section 5.02
	  	Prevention or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the Company.	  	 	16	  
			
	     Section 5.03
	  	Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Company.	  	 	17	  
			
	     Section 5.04
	  	Resignation and Removal of the Depositary; Appointment of Successor Depositary.	  	 	20	  
			
	     Section 5.05
	  	Notices, Reports and Documents.	  	 	21	  
			
	     Section 5.06
	  	Indemnification by the Company.	  	 	22	  
			
	     Section 5.07
	  	Fees, Charges and Expenses.	  	 	22	  
		
	 ARTICLE 6 AMENDMENT AND TERMINATION
	  	 	22	  
			
	     Section 6.01
	  	Amendment.	  	 	22	  
			
	     Section 6.02
	  	Termination.	  	 	23	  
		
	 ARTICLE 7 MISCELLANEOUS
	  	 	23	  
			
	     Section 7.01
	  	Counterparts.	  	 	23	  
			
	     Section 7.02
	  	Exclusive Benefits of Parties.	  	 	24	  
			
	     Section 7.03
	  	Invalidity of Provisions.	  	 	24	  
			
	     Section 7.04
	  	Notices.	  	 	24	  
			
	     Section 7.05
	  	Depositary’s Agents.	  	 	25	  
			
	     Section 7.06
	  	Holders of Receipts Are Parties.	  	 	25	  
			
	     Section 7.07
	  	Governing Law.	  	 	25	  
			
	     Section 7.08
	  	Inspection of Deposit Agreement and Certificate of Designations.	  	 	25	  
			
	     Section 7.09
	  	Headings.	  	 	25	  
			
	     Section 7.10
	  	Confidentiality.	  	 	26	  
			
	     Section 7.11
	  	Further Assurances.	  	 	26	  
		
	 Exhibit A – Form of Face of Receipt; Form of Reverse of Receipt
	  			
		
	 Exhibit B – Certificate of Designations
	  			


  
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 DEPOSIT AGREEMENT 

DEPOSIT AGREEMENT, dated March 20, 2015 among CITIGROUP INC., a Delaware corporation, COMPUTERSHARE INC., a Delaware
corporation (“Computershare”), and its wholly-owned subsidiary, COMPUTERSHARE TRUST COMPANY, N.A., a federally chartered national association (the “Trust Company”), jointly as Depositary (as hereinafter
defined), the Trust Company, as Registrar (as hereinafter defined) and Transfer Agent (as hereinafter defined), and all holders from time to time of Receipts (as hereinafter defined) issued hereunder. 

WITNESSETH: 
 WHEREAS, it is
desired to provide, as hereinafter set forth in this Deposit Agreement, for the deposit of shares of the Company’s Preferred Stock (as hereinafter defined) with the Depositary for the purposes set forth in this Deposit Agreement and for the
issuance hereunder of Depositary Shares representing a fractional interest in the Preferred Stock deposited and for the execution and delivery of Receipts evidencing Depositary Shares; 

WHEREAS, the Receipts are to be substantially in the form of Exhibit A annexed to this Deposit Agreement, with appropriate insertions,
modifications and omissions, as hereinafter provided in this Deposit Agreement; 
 WHEREAS, the terms and conditions of the Preferred Stock
is substantially set forth in the Certificate of Designations attached hereto as Exhibit B; and 
 NOW, THEREFORE, in consideration
of the premises contained herein, it is agreed by and among the parties hereto as follows: 
 ARTICLE 1 

DEFINITIONS 
 The following
definitions shall apply to the respective terms (in the singular and plural forms of such terms) used in this Deposit Agreement and the Receipts: 

“Certificate of Designations” shall mean the certificate that amends the Restated Certificate of Incorporation of the
Company, adopted by the Board of Directors of the Company or a duly authorized committee thereof, establishing and setting forth the rights, preferences and privileges of the Preferred Stock, as filed with the Secretary of State of the State of
Delaware on March 19, 2015 and attached hereto as Exhibit B, and as such certificate may be amended or restated from time to time. 

“Certificate of Incorporation” shall mean the Restated Certificate of Incorporation of the Company dated May 6,
2011, including any certificates of designation, and as restated or amended from time to time. 
 “Company” shall
mean Citigroup Inc., a Delaware corporation, and its successors. 

  
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 “Deposit Agreement” shall mean this agreement, as the same may be
amended, modified or supplemented from time to time. 
 “Depositary” shall mean Computershare and the Trust Company,
acting jointly, and any successor as Depositary hereunder. The Depositary, along with its affiliates, shall maintain combined capital and surplus of at least $50,000,000, and so shall any successor depositary hereunder. 

“Depositary Office” shall mean the principal office of the Depositary at which at any particular time its business in
respect of matters governed by this Deposit Agreement shall be administered, which at the date of this Deposit Agreement is located at 250 Royall Street, Canton, Massachusetts 02010. 

“Depositary Share” shall mean the security representing a 1/25th
fractional interest in a share of Preferred Stock deposited with the Depositary hereunder and the same proportionate interest in any and all other property received by the Depositary in respect of such share of Preferred Stock and held under this
Deposit Agreement, all as evidenced by the Receipts issued hereunder. Subject to the terms of this Deposit Agreement, each owner of a Depositary Share is entitled, proportionately, to all the rights, preferences and privileges of the Preferred Stock
represented by such Depositary Share (including the dividend, voting, redemption and liquidation rights contained in the Certificate of Designations). 

“Depositary’s Agent” shall mean an agent appointed by the Depositary as provided, and for the purposes specified,
in Section 7.05. 
 “Dividend Payment Date” shall have the meaning set forth in the Certificate of
Designations. 
 “Dividend Record Date” shall have the meaning set forth in the Certificate of Designations. 

“DTC” means The Depository Trust Company. 

“DTC Receipt” has the meaning set forth in Section 2.01. 

“Preferred Stock” shall mean shares of the Company’s 5.875% Fixed Rate / Floating Rate Noncumulative Preferred
Stock, Series O (liquidation preference $25,000 per share), $1.00 par value per share, heretofore validly issued, fully paid and nonassessable. 

“Receipt” shall mean a receipt issued hereunder to evidence one or more Depositary Shares, whether in definitive or
temporary form, substantially in the form set forth as Exhibit A hereto. 
 “record date” shall mean the date
fixed pursuant to Section 4.04. 
 “Record holder” or “holder” as applied to a
Receipt shall mean the individual, entity or person in whose name a Receipt is registered on the books maintained by the Depositary for such purpose. 

  
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 “redemption date” has the meaning set forth under
Section 2.03. 
 “redemption price” has the meaning set forth under Section 2.03. 

“Registrar” shall mean the Trust Company or any bank or trust company appointed to register ownership and transfers of
Receipts and the deposited Preferred Stock, as herein provided. 
 “Reorganization Event” shall mean: 

(i) any consolidation or merger of the Company with or into another person (other than a merger or consolidation in which the Company is the
continuing corporation and in which the shares of common stock outstanding immediately prior to the merger or consolidation are not exchanged for cash, securities other property of the Company or another corporation); 

(ii) any sale, transfer, lease or conveyance to another person of all or substantially all the property and assets of the Company; or 

(iii) any statutory exchange of securities of the Company with another Person (other than in connection with a merger or acquisition) or any
binding share exchange which reclassifies or changes its outstanding common stock. 
 “Securities Act” shall mean
the Securities Act of 1933, as amended. 
 “Transfer Agent” shall mean the Trust Company or any bank or trust
company appointed to transfer the Receipts and the deposited Preferred Stock, as herein provided. 
 ARTICLE 2 

FORM OF RECEIPTS, DEPOSIT OF PREFERRED STOCK, EXECUTION AND 

DELIVERY, TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS 

SECTION 2.01 Form and Transferability of Receipts. 

Definitive Receipts shall be printed and shall be substantially in the form set forth in Exhibit A annexed to this Deposit Agreement,
in each case with appropriate insertions, modifications and omissions, as hereinafter provided. Pending the preparation of definitive Receipts, the Depositary, upon, and pursuant to, the written order of the Company delivered in compliance with
Section 2.02 shall be authorized and instructed to, and shall, execute and deliver temporary Receipts which shall be substantially of the tenor of the definitive Receipts in lieu of which they are issued and in each case with such
appropriate insertions, omissions, substitutions and other variations as the persons executing such Receipts may determine (but which do not affect the rights or duties of the Depositary), as evidenced by their execution of such Receipts. If
temporary Receipts are issued, the Company and the Depositary will cause definitive Receipts to be prepared without unreasonable delay. After the preparation of definitive Receipts, the temporary Receipts shall be exchangeable for definitive
Receipts upon surrender of the temporary Receipts at the Depositary Office without charge to the holder. Upon surrender for cancellation of any one or more temporary Receipts, the Depositary is hereby authorized and instructed to, and shall, execute
and deliver in exchange therefor definitive Receipts representing the same number of Depositary Shares as represented by the surrendered temporary Receipt or 

  
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Receipts. Such exchange shall be made at the Company’s expense and without any charge therefor. Until so exchanged, the temporary Receipts shall in all respects be entitled to the same
benefits under this Deposit Agreement, and with respect to the Preferred Stock deposited, as definitive Receipts. 
 Receipts shall be
executed by the Depositary by the manual or facsimile signature of a duly authorized signatory of the Depositary; provided, that if a Registrar for the Receipts (other than the Depositary) shall have been appointed then such Receipts shall
also be countersigned by manual or facsimile signature of a duly authorized signatory of the Registrar. No Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose unless it shall have been
executed as provided in the preceding sentence. The Depositary shall record on its books each Receipt executed as provided above and delivered as hereinafter provided. Receipts bearing the manual or facsimile signature of a duly authorized signatory
of the Depositary who was at any time a proper signatory of the Depositary shall bind the Depositary, notwithstanding that such signatory ceased to hold such office prior to the execution and delivery of such Receipts by the Registrar or did not
hold such office on the date of issuance of such Receipts. 
 Receipts shall be in denominations of any number of whole Depositary Shares.
All Receipts shall be dated the date of their issuance. 
 Receipts may be endorsed with or have incorporated in the text thereof such
legends or recitals or changes not inconsistent with the provisions of this Deposit Agreement as may be required by the Depositary and approved by the Company, or which the Company has determined are required to comply with any applicable law or
regulation or with the rules and regulations of any securities exchange upon which the Depositary Shares may be listed for trading or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any
particular Receipts are subject, in each case as directed by the Company. 
 Title to any Receipt (and to the Depositary Shares evidenced by
such Receipt) that is properly endorsed, or accompanied by a properly executed instrument of transfer or endorsement shall be transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however,
that until transfer of a Receipt shall be registered on the books of the Depositary as provided in Section 2.04, the Depositary may, notwithstanding any notice to the contrary, treat the record holder thereof at such time as the absolute
owner thereof for the purpose of determining the person entitled to distributions of dividends or other distributions or payments with respect to the Preferred Stock, to exercise any redemption or voting rights or to receive any notice provided for
in this Deposit Agreement and for all other purposes. 
 Notwithstanding the foregoing, upon request by the Company, the Depositary and the
Company will make application to DTC for acceptance of all or a portion of the Receipts for its book-entry settlement system. In connection with any such request, the Company hereby appoints the Depositary acting through any authorized officer
thereof as its attorney-in-fact, with full power to delegate, for purposes of executing any agreements, certifications or other instruments or documents necessary or desirable in order to effect the acceptance of such Receipts for DTC eligibility.
So long as the Receipts are eligible for book-entry settlement with 

  
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DTC, unless otherwise required by law, all Depositary Shares to be traded on the New York Stock Exchange with book-entry settlement through DTC shall be represented by a single receipt (the
“DTC Receipt”), which shall be deposited with DTC (or its custodian) evidencing all such Depositary Shares and registered in the name of the nominee of DTC (initially expected to be Cede & Co.). The Depositary or such other
entity as is agreed to by DTC may hold the DTC Receipt as custodian for DTC. Ownership of beneficial interests in the DTC Receipt shall be shown on, and the transfer of such ownership shall be effected through, records maintained by (i) DTC or
its nominee for such DTC Receipt, or (ii) institutions that have accounts with DTC. 
 If issued, the DTC Receipt shall be exchangeable
for definitive Receipts only if (i) DTC notifies the Company at any time that it is unwilling or unable to continue to make its book-entry settlement system available for the Receipts and a successor to DTC is not appointed by the Company
within 90 days of the date the Company is so informed in writing, (ii) DTC notifies the Company at any time that it has ceased to be a clearing agency registered under applicable law and a successor to DTC is not appointed by the Company within
90 days of the date the Company is so informed in writing or (iii) the Company executes and delivers to DTC a notice to the effect that such DTC Receipt shall be so exchangeable. If the beneficial owners of interests in Depositary Shares are
entitled to exchange such interests for definitive Receipts as the result of an event described in clause (i), (ii) or (iii) of the preceding sentence, then without unnecessary delay but in any event not later than the earliest date on
which such beneficial interests may be so exchanged, the Depositary is hereby directed to and shall provide written instructions to DTC to deliver to the Depositary for cancellation the DTC Receipt, and the Company shall instruct the Depositary in
writing to execute and deliver to the beneficial owners of the Depositary Shares previously evidenced by the DTC Receipt definitive Receipts in physical form evidencing such Depositary Shares. The DTC Receipt shall be in such form and shall bear
such legend or legends as may be appropriate or required by DTC in order for it to accept the Depositary Shares for its book-entry settlement system. Notwithstanding any other provision herein to the contrary, if the Receipts are at any time
eligible for book-entry settlement through DTC, delivery of shares of Preferred Stock and other property in connection with the withdrawal or redemption of Depositary Shares will be made through DTC and in accordance with its procedures, unless the
holder of the relevant Receipt otherwise requests and such request is reasonably acceptable to the Depositary and the Company. 

SECTION 2.02 Deposit of Preferred Stock; Execution and Delivery of Receipts in Respect Thereof. 

Concurrently with the execution of this Deposit Agreement, the Company is delivering to the Depositary a certificate or certificates,
registered in the name of the Depositary and evidencing 60,000 shares of Preferred Stock, properly endorsed or accompanied, if required by the Depositary, by a duly executed instrument of transfer or endorsement, in form satisfactory to the
Depositary, together with (i) all such certifications as may be required by the Depositary in accordance with the provisions of this Deposit Agreement and (ii) a written order of the Company directing the Depositary to execute and deliver
to, or upon the written order of, the person or persons stated in such order a Receipt or Receipts for the Depositary Shares representing such deposited Preferred Stock registered in such names specified in such written order. The Depositary
acknowledges receipt of the aforementioned 60,000 shares of Preferred Stock and related documentation and agrees to hold such deposited Preferred Stock in an account to be established by the Depositary


  
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at the Depositary Office or at such other office as the Depositary shall determine. The Company hereby appoints the Trust Company as the Registrar and Transfer Agent for the Preferred Stock
deposited hereunder and the Trust Company hereby accepts such appointment and, as such, will reflect changes in the number of shares (including any fractional shares) of deposited Preferred Stock held by it by notation, book-entry or other
appropriate method. 
 If required by the Depositary, Preferred Stock presented for deposit by the Company at any time, whether or not the
register of stockholders of the Company is closed, shall also be accompanied by an agreement or assignment, or other instrument satisfactory to the Depositary, that will provide for the prompt transfer to the Depositary or its nominee of any
dividend or right to subscribe for additional Preferred Stock or to receive other property that any person in whose name the Preferred Stock is or has been registered may thereafter receive upon or in respect of such deposited Preferred Stock, or in
lieu thereof such agreement of indemnity or other agreement as shall be satisfactory to the Depositary. 
 Upon receipt by the Depositary of
a certificate or certificates for Preferred Stock deposited hereunder, together with the other documents specified above, and upon registering such Preferred Stock in the name of the Depositary, the Depositary, subject to the terms and conditions of
this Deposit Agreement, shall execute and deliver to, or upon the order of, the person or persons named in the written order delivered to the Depositary referred to in the first paragraph of this Section 2.02, a Receipt or Receipts for
the number of whole Depositary Shares representing the Preferred Stock so deposited and registered in such name or names as may be requested by such person or persons. The Depositary shall execute and deliver such Receipt or Receipts at the
Depositary Office, except that, at the request, risk and expense of any person requesting such delivery, such delivery may be made at such other place as may be designated by such person. Other than in the case of splits, combinations or other
reclassifications affecting the Preferred Stock, or in the case of dividends or other distributions of Preferred Stock, if any, there shall be deposited hereunder not more than the number of shares constituting the Preferred Stock as set forth in
the Certificate of Designations, as such may be amended. To the extent that the Company issues shares of Preferred Stock in excess of the amount set forth in the Certificate of Designations as of the date hereof (which shares have been validly
authorized by the Company), the Company shall notify the Depositary of such issuance in writing. 
 The Depositary shall be permitted to
rely on applicable opinions of counsel delivered to the underwriters pursuant to each of Sections 8(b), (c) and (d) of the underwriting agreement dated March 13, 2015 among the Company and the underwriters named therein relating to
the sale of the Depositary Shares to the public. 
 The Company shall deliver to the Depositary from time to time such quantities of
Receipts as the Depositary may request to enable the Depositary to perform its obligations under this Deposit Agreement. 

SECTION 2.03 Optional Redemption of Preferred Stock for Cash. 

Whenever the Company shall elect to redeem shares of deposited Preferred Stock for cash in accordance with the provisions of the Certificate
of Designations, it shall (unless otherwise agreed in writing with the Depositary) give the Depositary not less than 30 nor more 

  
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than 60 days’ prior written notice of the date fixed for redemption of such Preferred Stock (the “redemption date”) and of the number of such shares of Preferred Stock held
by the Depositary to be redeemed and the applicable redemption price (the “redemption price”), as set forth in the Certificate of Designations. The Depositary shall mail, first-class postage prepaid, notice of the redemption of
Preferred Stock and the proposed simultaneous redemption of the Depositary Shares representing the Preferred Stock to be redeemed, not less than 30 and not more than 60 days prior to the redemption date, to the holders of record on the record date
fixed for such redemption pursuant to Section 4.04 of the Receipts evidencing the Depositary Shares to be so redeemed, at the addresses of such holders as the same appear on the records of the Depositary; but neither the failure to mail
any such notice to one or more such holder nor any defect in any such notice shall affect the sufficiency of the proceedings for redemption except as to the holder to whom notice was not given or defective. 

The Company shall prepare and provide the Depositary with such notice, and each such notice shall state: (i) the redemption date;
(ii) the redemption price; (iii) the number of shares of deposited Preferred Stock and Depositary Shares to be redeemed; (iv) if fewer than all Depositary Shares held by any holder are to be redeemed, the number of such Depositary
Shares held by such holder to be so redeemed; (v) the place or places where the Preferred Stock and the Receipts evidencing Depositary Shares to be redeemed are to be surrendered for payment of the redemption price; and (vi) that on the
redemption date dividends in respect of the Preferred Stock represented by the Depositary Shares to be redeemed will cease to accrue. 
 In
the event that notice of redemption has been made as described in the immediately preceding paragraphs and the Company shall then have paid in full to the Depositary the redemption price (determined pursuant to the Certificate of Designations) of
the Preferred Stock deposited with the Depositary to be redeemed, the Depositary shall redeem the number of Depositary Shares representing such Preferred Stock so called for redemption by the Company and on the redemption date (unless the Company
shall have failed to pay for the shares of Preferred Stock to be redeemed by it as set forth in the Company’s notice provided for in the preceding paragraph), all dividends in respect of the shares of Preferred Stock called for redemption shall
cease to accrue, the Depositary Shares called for redemption shall be deemed no longer to be outstanding and all rights of the holders of Receipts evidencing such Depositary Shares (except the right to receive the redemption price) shall, to the
extent of such Depositary Shares, cease and terminate. Upon surrender in accordance with said notice of the Receipts evidencing such Depositary Shares (properly endorsed or assigned for transfer, if the Depositary shall so require), such Depositary
Shares shall be redeemed at a cash redemption price of $1,000 per Depositary Share plus any accrued dividends thereon from the last Dividend Payment Date to, but excluding, the redemption date. The foregoing shall be further subject to the terms and
conditions of the Certificate of Designations. In the event of any conflict between the provisions of the Deposit Agreement and the provisions of the Certificate of Designations, the provisions of the Certificate of Designations will govern and the
Company will instruct the Depositary, as applicable, in writing accordingly of such governing terms; provided, however, that under no circumstances will the Certificate of Designations be deemed to change or modify any of the rights,
duties or immunities of the Depositary contained herein. 
 If fewer than all of the Depositary Shares evidenced by a Receipt are called for
redemption, the Depositary will deliver to the holder of such Receipt upon its surrender to the Depositary, 

  
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together with payment of the redemption price for and all other amounts payable in respect of the Depositary Shares called for redemption, a new Receipt evidencing the Depositary Shares evidenced
by such prior Receipt and not called for redemption. 
 If less than all of the Preferred Stock is redeemed pursuant to the Company’s
exercise of its optional redemption right, the Depositary will select the Depositary Shares to be redeemed pursuant to this Section 2.03 on a pro rata basis, by lot or in such other manner as the Depositary may determine to be fair and
equitable. 
 The Company acknowledges that the bank accounts maintained by Computershare in connection with the services provided under
this Agreement will be in Computershare’s name and that Computershare may receive investment earnings in connection with the investment at Computershare’s risk and for its benefit of funds held in those accounts from time to time. Neither
the Company nor the record holders will receive interest on any deposits or funds held by Computershare hereunder. 
 SECTION 2.04
Registration of Transfers of Receipts. 
 The Company hereby appoints the Trust Company as the Registrar and Transfer Agent for the
Receipts and the Trust Company hereby accepts such appointment and, as such, shall register on its books from time to time transfers of Receipts upon any surrender thereof by the holder in person or by a duly authorized attorney, agent or
representative properly endorsed or accompanied by a properly executed instrument of transfer or endorsement and appropriate evidence of authority, which shall include a signature guarantee from an eligible guarantor institution participating in a
signature guarantee program approved by the Securities Transfer Association, and any other reasonable evidence of authority that may be required by the Trust Company, together with evidence of the payment by the applicable party of any transfer
taxes as may be required by law. Upon such surrender, the Trust Company shall execute a new Receipt or Receipts and deliver the same to or upon the order of the person entitled thereto evidencing the same aggregate number of Depositary Shares
evidenced by the Receipt or Receipts surrendered. 
 SECTION 2.05 Combinations and Split-ups of Receipts. 

Upon surrender of a Receipt or Receipts at the Depositary Office or such other office as the Depositary may designate for the purpose of
effecting a split-up or combination of Receipts, subject to the terms and conditions of this Deposit Agreement, the Depositary shall execute and deliver a new Receipt or Receipts in the authorized denominations requested evidencing the same
aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered. 
 SECTION 2.06 Surrender of Receipts and
Withdrawal of Preferred Stock. 
 Any holder of a Receipt or Receipts may withdraw any number of whole shares of deposited Preferred
Stock represented by the Depositary Shares evidenced by such Receipt or Receipts and all money and other property, if any, represented by such Depositary Shares by surrendering such Receipt or Receipts to the Depositary or at such other office as
the Depositary may designate for such withdrawals; provided, that a holder of a Receipt or Receipts may not withdraw such Preferred Stock (or money and other property, if any, represented thereby) which


  
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has previously been called for redemption. Upon such surrender, upon payment of the fee of the Depositary for the surrender of Receipts to the extent provided in Section 5.07 and
payment of all taxes and governmental charges in connection with such surrender and withdrawal of Preferred Stock, and subject to the terms and conditions of this Deposit Agreement, without unreasonable delay, the Depositary shall deliver to such
holder, or to the person or persons designated by such holder as hereinafter provided, the number of whole shares of such Preferred Stock and all such money and other property, if any, represented by the Depositary Shares evidenced by the Receipt or
Receipts so surrendered for withdrawal, but holders of such whole shares of Preferred Stock will not thereafter be entitled to deposit such Preferred Stock hereunder or to receive Depositary Shares therefor. If the Receipt or Receipts delivered by
the holder to the Depositary in connection with such withdrawal shall evidence a number of Depositary Shares in excess of the number of Depositary Shares representing the number of whole shares of deposited Preferred Stock to be withdrawn, the
Depositary shall at the same time, in addition to such number of whole shares of Preferred Stock and such money and other property, if any, to be withdrawn, deliver to such holder, or upon such holder’s order (subject to
Section 2.04), a new Receipt or Receipts evidencing such excess number of Depositary Shares. Delivery of such Preferred Stock and such money and other property being withdrawn may be made by the delivery of such certificates, documents
of title and other instruments as the Depositary may deem appropriate, which, if required by the Depositary, shall be properly endorsed or accompanied by proper instruments of transfer. 

If the deposited Preferred Stock and the money and other property being withdrawn are to be delivered to a person or persons other than the
record holder of the Receipt or Receipts being surrendered for withdrawal of Preferred Stock, such holder shall execute and deliver to the Depositary a written order so directing the Depositary and the Depositary may require that the Receipt or
Receipts surrendered by such holder for withdrawal of such shares of Preferred Stock be properly endorsed in blank or accompanied by a properly executed instrument of transfer or endorsement in blank. 

The Depositary shall deliver the deposited Preferred Stock and the money and other property, if any, represented by the Depositary Shares
evidenced by Receipts surrendered for withdrawal at the Depositary Office, except that, at the request, risk and expense of the holder surrendering such Receipt or Receipts and for the account of the holder thereof, such delivery may be made at such
other place as may be designated by such holder. 
 SECTION 2.07 Limitations on Execution and Delivery, Transfer, Split-up. 

As a condition precedent to the execution and delivery, transfer, split-up, combination, surrender or exchange of any Receipt, the Depositary,
any of the Depositary’s Agents or the Company may require any or all of the following: (i) payment to it of a sum sufficient for the payment (or, in the event that the Company shall have made such payment, the reimbursement to it) of any
tax or other governmental charge and stock transfer or registration fee with respect thereto (including any such tax or charge with respect to the Preferred Stock being deposited or withdrawn); (ii) the production of proof satisfactory to it as
to the identity and genuineness of any signature (or the authority of any signature) including, as noted in Section 2.04 above, a signature guarantee from an eligible guarantor institution participating in a signature guarantee program
approved by the Securities Transfer Association, and any other reasonable evidence of 

  
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authority that may be required by the Depositary; and (iii) compliance with such regulations, if any, as the Depositary or the Company may establish consistent with the provisions of this
Deposit Agreement as may be required by any securities exchange on which the deposited Preferred Stock, the Depositary Shares or the Receipts may be included for quotation or listed. 

The deposit of Preferred Stock may be refused, the delivery of Receipts against Preferred Stock may be suspended, the transfer of Receipts may
be refused, and the transfer, split-up, combination, surrender, exchange or redemption of outstanding Receipts may be suspended (i) during any period when the register of stockholders of the Company is closed or (ii) if any such action is
deemed reasonably necessary or advisable by the Depositary, any of the Depositary’s Agents or the Company at any time or from time to time because of any requirement of law or of any government or governmental body or commission, or under any
other provision of this Deposit Agreement. 
 SECTION 2.08 Lost Receipts, etc. 

In case any Receipt shall be mutilated and surrendered to the Depositary or destroyed or lost or stolen, the Depositary shall execute and
deliver a Receipt of like form and tenor in exchange and substitution for such mutilated Receipt or in lieu of and in substitution for such destroyed, lost or stolen Receipt; provided, that the holder thereof shall have (i) filed with
the Depositary (a) a request for such execution and delivery before the Depositary has notice that the Receipt has been acquired by a protected purchaser and (b) an indemnity bond, (ii) satisfied any other reasonable requirements
imposed by the Depositary and (iii) complied with such other reasonable regulations and paid such other reasonable charges as the Depositary may prescribe and as required by Section 8-405 of the Uniform Commercial Code as in effect in the
State of New York. 
 SECTION 2.09 Cancellation and Destruction of Surrendered Receipts. 

All Receipts surrendered to the Depositary or any Depositary’s Agent shall be cancelled by the Depositary. Except as prohibited by
applicable law or regulation, the Depositary is authorized, but not required, to destroy such Receipts so cancelled. 
 SECTION 2.10
No Pre-Release. 
 The Depositary shall not deliver any deposited Preferred Stock evidenced by Receipts prior to the receipt and
cancellation of such Receipts or other similar method used with respect to Receipts held by DTC. The Depositary shall not issue any Receipts prior to the receipt by the Depositary of the corresponding Preferred Stock evidenced by such Receipts. At
no time will any Receipts be outstanding if such Receipts do not represent Preferred Stock deposited with the Depositary. 
 ARTICLE 3

 CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE COMPANY 

SECTION 3.01 Filing Proofs, Certificates and Other Information. 

  
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 Any person presenting Preferred Stock for deposit or any holder of a Receipt may be required from
time to time to file with the Depositary such proof of residence, guarantee of signature or other information and to execute such certificates as the Depositary may reasonably deem necessary or proper or the Company may reasonably require by written
request to the Depositary. The Depositary or the Company may withhold or delay the delivery of any Receipt, the transfer, redemption or exchange of any Receipt, the withdrawal of the deposited Preferred Stock represented by the Depositary Shares
evidenced by any Receipt, the distribution of any dividend or other distribution or the sale of any rights or of the proceeds thereof, until such proof or other information is filed, or such certificates are executed. 

SECTION 3.02 Payment of Fees and Expenses. 

Holders of Receipts shall be obligated to make payments to the Depositary of certain fees and expenses and taxes or other governmental charges
to the extent provided in Section 5.07, or provide evidence satisfactory to the Depositary that such fees and expenses and taxes or other governmental charges have been paid. Until such payment is made, transfer of any Receipt or any
withdrawal of the Preferred Stock or money or other property, if any, represented by the Depositary Shares evidenced by such Receipt may be refused, any dividend or other distribution may be withheld, and any part or all of the Preferred Stock or
other property represented by the Depositary Shares evidenced by such Receipt may be sold for the account of the holder thereof (after attempting by reasonable means to notify such holder a reasonable number of days prior to such sale). Any dividend
or other distribution so withheld and the proceeds of any such sale may be applied to any payment of such fees or expenses, the holder of such Receipt remaining liable for any deficiency. 

SECTION 3.03 Representations and Warranties as to Preferred Stock. 

In the case of the initial deposit of the Preferred Stock hereunder, the Company represents and warrants that such Preferred Stock and each
certificate therefor are validly issued, fully paid and nonassessable. Such representations and warranties shall survive the deposit of the Preferred Stock and the issuance of Receipts. 

SECTION 3.04 Representation and Warranty as to Receipts and Depositary Shares. 

The Company hereby represents and warrants that the Receipts, when issued, will evidence legal and valid interests in the Depositary Shares
and each Depositary Share will represent a legal and valid 1/25th fractional interest in a share of deposited Preferred Stock represented by such Depositary Share. Such representation and warranty
shall survive the deposit of the Preferred Stock and the issuance of Receipts evidencing the Depositary Shares. 
 SECTION 3.05
Taxes. 
 The Company will pay any and all stock transfer, documentary, stamp and similar taxes that may be payable in respect of any
issuance or delivery of Depositary Shares or shares of Preferred Stock or other securities issued on account of Depositary Shares or certificates representing such shares or securities. The Company will not, however, be required to pay any such tax
that may be payable in respect of any transfer involved in the issuance or delivery of 

  
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shares of Preferred Stock, Depositary Shares or other securities in a name other than that in which the Depositary Shares with respect to which such shares or other securities are issued or
delivered were registered, or in respect of any payment to any person other than a payment to the registered holder thereof, and will not be required to make any such issuance, delivery or payment unless and until the person otherwise entitled to
such issuance, delivery or payment has paid to the Company the amount of any such tax or has established, to the satisfaction of the Company, that such tax has been paid or is not payable. 

ARTICLE 4 
 THE PREFERRED
STOCK; NOTICES 
 SECTION 4.01 Cash Distributions. 

Whenever Computershare shall receive any cash dividend or other cash distribution on the deposited Preferred Stock, including any cash
received upon redemption of any shares of Preferred Stock pursuant to Section 2.03, Computershare shall, subject to Section 3.02, distribute to record holders of Receipts on the record date fixed pursuant to
Section 4.04 such amounts of such sum as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such holders; provided, however, that in case the
Company or Computershare shall be required by law to and shall withhold from any cash dividend or other cash distribution in respect of the Preferred Stock represented by the Receipts held by any holder an amount on account of taxes or as otherwise
required by law, regulation or court process, the amount made available for distribution or distributed in respect of Depositary Shares represented by such Receipts subject to such withholding shall be reduced accordingly. Computershare, however,
shall distribute or make available for distribution, as the case may be, only such amount as can be distributed without attributing to any holder of Receipts a fraction of one cent. Any such fractional amounts shall be rounded down to the nearest
whole cent and so distributed to registered holders entitled thereto and any balance not so distributable shall be held by Computershare (without liability for interest thereon) and shall be added to and be treated as part of the next succeeding
distribution to record holders of such Receipts. Each holder of a Receipt shall provide the Depositary with a properly completed Form W-8 (i.e., Form W-8BEN, Form W-8EXP, Form W-8IMY, Form W8ECI or another applicable Form W-8) or Form W-9 (which
form shall set forth such holder’s certified taxpayer identification number if requested on such form), as may be applicable. Each holder of a Receipt acknowledges that in the event of non-compliance with the preceding sentence, the Internal
Revenue Code of 1986, as amended, may require withholding by Computershare of a portion of any of the distribution to be made hereunder. 

SECTION 4.02 Distributions Other Than Cash. 

Whenever the Depositary shall receive any distribution other than cash on the deposited Preferred Stock, the Depositary shall, subject to
Section 3.02, distribute to record holders of Receipts on the record date fixed pursuant to Section 4.04 such amounts of the securities or property received by it as are, as nearly as practicable, in proportion to the
respective numbers of Depositary Shares evidenced by the Receipts held by such holders, in any manner that the Depositary and the Company may deem equitable and practicable for accomplishing such distribution. The Depositary shall not make any
distribution of securities to the holders of Receipts unless the Company shall have provided to the Depositary an opinion of counsel stating that such securities have been registered under the Securities Act or do not need to be registered. 

  
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 SECTION 4.03 Subscription Rights, Preferences or Privileges. 

If the Company shall at any time offer or cause to be offered to the persons in whose names deposited Preferred Stock is registered on the
books of the Company any rights, preferences or privileges to subscribe for or to purchase any securities or any rights, preferences or privileges of any other nature, such rights, preferences or privileges shall in each such instance be made
available by the Depositary to the record holders of Receipts in such manner as the Company shall instruct (including by the issue to such record holders of warrants representing such rights, preferences or privileges); provided,
however, that (i) if at the time of issue or offer of any such rights, preferences or privileges the Company determines upon advice of its legal counsel that it is not lawful or feasible to make such rights, preferences or privileges
available to the holders of Receipts (by the issue of warrants or otherwise) or (ii) if and to the extent instructed by holders of Receipts who do not desire to exercise such rights, preferences or privileges, the Depositary shall then, if so
directed by the Company and provided with an opinion of counsel that if Depositary undertakes such actions it will not be deemed an “issuer” under the Securities Act or an “investment company” under the Investment Company Act of
1940, as amended, and if applicable laws or the terms of such rights, preferences or privileges so permit, sell such rights, preferences or privileges of such holders at public or private sale, at such place or places and upon such terms as it may
deem proper. The net proceeds of any such sale shall, subject to Sections 3.01 and 3.02, be distributed by the Depositary to the record holders of Receipts entitled thereto as provided by Section 4.01 in the case of a
distribution received in cash. The Depositary shall not make any distribution of such rights, preferences or privileges, unless the Company shall have provided to the Depositary an opinion of counsel stating that such rights, preferences or
privileges have been registered under the Securities Act or do not need to be registered. 
 If registration under the Securities Act of the
securities to which any rights, preferences or privileges relate is required in order for holders of Receipts to be offered or sold the securities to which such rights, preferences or privileges relate, the Company agrees that it will promptly
notify the Depositary of such requirement, that it will promptly file a registration statement pursuant to the Securities Act with respect to such rights, preferences or privileges and securities and use its commercially reasonable efforts and take
all steps available to it to cause such registration statement to become effective sufficiently in advance of the expiration of such rights, preferences or privileges to enable such holders to exercise such rights, preferences or privileges. In no
event shall the Depositary make available to the holders of Receipts any right, preference or privilege to subscribe for or to purchase any securities unless and until such a registration statement shall have become effective or unless the offering
and sale of such securities to such holders are exempt from registration under the provisions of the Securities Act and the Company shall have provided to the Depositary an opinion of counsel to such effect. 

If any other action under the law of any jurisdiction or any governmental or administrative authorization, consent or permit is required in
order for such rights, preferences or privileges to be made available to holders of Receipts, the Company agrees that it will promptly notify the Depositary of such requirement and to use its commercially reasonable efforts to take such action or
obtain such authorization, consent or permit sufficiently in advance of the expiration of such rights, preferences or privileges to enable such holders to exercise such rights, preferences or privileges. 

  
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 The Depositary will not be deemed to have any knowledge of any item for which it is supposed to
receive notification under any section of this Deposit Agreement unless and until it has received such notification. 
 SECTION 4.04
Notice of Dividends; Fixing of Record Date for Holders of Receipts. 
 Whenever any cash dividend or other cash distribution shall
become payable, any distribution other than cash shall be made, or any rights, preferences or privileges shall at any time be offered, with respect to the deposited Preferred Stock, or whenever the Depositary shall receive notice of (i) any
meeting at which holders of such Preferred Stock are entitled to vote or of which holders of such Preferred Stock are entitled to notice or (ii) any election on the part of the Company to redeem any shares of such Preferred Stock, the
Depositary shall in each such instance fix a record date (which shall be the same date as the record date fixed by the Company with respect to the Preferred Stock) (the “record date”) for the determination of the holders of Receipts
who shall be entitled to receive such dividend, distribution, rights, preferences or privileges or the net proceeds of the sale thereof, to give instructions for the exercise of voting rights at any such meeting or to receive notice of such meeting
or whose Depositary Shares are to be so redeemed. 
 SECTION 4.05 Voting Rights. 

Upon receipt of notice of any meeting at which the holders of deposited Preferred Stock are entitled to vote, the Depositary shall, as soon as
practicable thereafter, mail to the record holders of Receipts a notice, which shall be provided by the Company and which shall contain (i) such information as is contained in such notice of meeting, (ii) a statement that the holders of
Receipts at the close of business on a specified record date fixed pursuant to Section 4.04 will be entitled, subject to any applicable provision of law, to instruct the Depositary as to the exercise of the voting rights pertaining to
the amount of Preferred Stock represented by their respective Depositary Shares and (iii) a brief statement as to the manner in which such instructions may be given. Upon the written request of a holder of a Receipt on such record date, the
Depositary shall, insofar as practicable, vote or cause to be voted the amount of Preferred Stock represented by the Depositary Shares evidenced by such Receipt in accordance with the instructions set forth in such request. To the extent any such
instructions request the voting of a fractional interest of a share of deposited Preferred Stock, the Depositary shall aggregate such interest with all other fractional interests resulting from requests with the same voting instructions and shall
vote the number of whole votes resulting from such aggregation in accordance with the instructions received in such requests. Each share of Preferred Stock is entitled to one vote and, accordingly, each Depositary Share is entitled to 1/25th of a vote. The Company hereby agrees to take all reasonable action that may be deemed necessary by the Depositary in order to enable the Depositary to vote such Preferred Stock or cause such
Preferred Stock to be voted. In the absence of specific instructions from the holder of a Receipt, the Depositary will vote all Depositary Shares held by it in proportion with any instructions received. The Depositary shall not exercise any
discretion in voting any Preferred Stock represented by the Depositary Shares evidenced by such Receipt. 

  
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 SECTION 4.06 Changes Affecting Preferred Stock and Reorganization Events. 

Upon any change in liquidation preference, par or stated value, split-up, combination or any other reclassification of the Preferred Stock,
any Reorganization Event or any exchange of the Preferred Stock for cash, securities or other property, the Depositary shall, upon the written instructions of the Company setting forth any of the following adjustments, (i) reflect such
adjustments in the Depositary’s books and records in (a) the fraction of an interest in one share of Preferred Stock represented by one Depositary Share and (b) the ratio of the redemption price per Depositary Share to the redemption
price of a share of Preferred Stock, as may be required by or as is consistent with the provisions of the Certificate of Designations to fully reflect the effects of such change in liquidation preference, par or stated value, split-up, combination
or other reclassification of Preferred Stock, of such Reorganization Event or of such exchange and (ii) treat any shares of stock or other securities or property (including cash) that shall be received by the Depositary in exchange for or in
respect of the Preferred Stock as new deposited property under this Deposit Agreement, and Receipts then outstanding shall thenceforth represent the proportionate interests of holders thereof in the new deposited property so received in exchange for
or in respect of such Preferred Stock. In any such case the Depositary may, upon the receipt of written request of the Company, execute and deliver additional Receipts, or may call for the surrender of all outstanding Receipts to be exchanged for
new Receipts specifically describing such new deposited property. 
 SECTION 4.07 Inspection of Reports. 

The Depositary shall make available for inspection by holders of Receipts at the Depositary Office, and at such other places as it may from
time to time deem advisable during normal business hours, any reports and communications received from the Company that are both received by the Depositary as the holder of deposited Preferred Stock and made generally available to the holders of the
Preferred Stock. In addition, the Depositary shall transmit, upon written request by the Company, certain notices and reports to the holders of Receipts as provided in Section 5.05. 

SECTION 4.08 Lists of Receipt Holders. 

Promptly upon request from time to time by the Company, the Registrar shall furnish to the Company a list, as of a recent date specified by
the Company, of the names, addresses and holdings of Depositary Shares of all persons in whose names Receipts are registered on the books of the Registrar. 

SECTION 4.09 Withholding. 

Notwithstanding any other provision of this Deposit Agreement, in the event that the Depositary determines that any distribution in property
is subject to any tax or other governmental charge which the Depositary is obligated by law to withhold, the Depositary may dispose of, by public or private sale, all or a portion of such property in such amounts and in such manner as the Depositary
deems necessary and practicable to pay such taxes, and the 

  
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Depositary shall distribute the net proceeds of any such sale or the balance of any such property after deduction of such taxes to the holders of Receipts entitled thereto in proportion to the
number of Depositary Shares held by them, respectively; provided, however, that in the event the Depositary determines that such distribution of property is subject to withholding tax only with respect to some but not all holders of
Receipts, the Depositary will use its best efforts (i) to sell only that portion of such property distributable to such holders that is required to generate sufficient proceeds to pay such withholding tax and (ii) to effect any such sale
in such a manner so as to avoid affecting the rights of any other holders of Receipts to receive such distribution in property. 
 ARTICLE
5 
 THE DEPOSITARY AND THE COMPANY 

SECTION 5.01 Maintenance of Offices, Agencies and Transfer Books by the Depositary and the Registrar. 

The Depositary shall maintain at the Depositary Office facilities for the execution and delivery, transfer, surrender and exchange, split-up,
combination and redemption of Receipts and deposit and withdrawal of Preferred Stock and at the offices of the Depositary’s Agents, if any, facilities for the delivery, transfer, surrender and exchange, split-up, combination and redemption of
Receipts and deposit and withdrawal of Preferred Stock, all in accordance with the provisions of this Deposit Agreement. 
 The Registrar
shall keep books at the Depositary Office for the registration and transfer of Receipts, which books at all reasonable times shall be open for inspection by the record holders of Receipts as provided by applicable law. The Company may cause the
Registrar to close such books, at any time or from time to time, when deemed expedient by it in connection with the performance of its duties hereunder. 

If the Receipts or the Depositary Shares evidenced thereby or the Preferred Stock represented by such Depositary Shares shall be listed on the
New York Stock Exchange or any other stock exchange, the Depositary may, with the written approval of the Company, appoint a registrar (acceptable to the Company) for registration of such Receipts or Depositary Shares in accordance with the
requirements of such exchange. Such registrar (which may be the Registrar if so permitted by the requirements of such exchange) may be removed and a substitute registrar appointed by the Registrar upon the request or with the written approval of the
Company. If the Receipts, such Depositary Shares or such Preferred Stock are listed on one or more other stock exchanges, the Registrar will, at the request and expense of the Company, arrange such facilities for the delivery, transfer, surrender,
redemption and exchange of such Receipts, such Depositary Shares or such Preferred Stock as may be required by law or applicable stock exchange regulations. 

SECTION 5.02 Prevention or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the Company.

 None of the Depositary, any Depositary’s Agent, any Registrar, any Transfer Agent, or the Company shall incur any liability to
any holder of any Receipt, if by reason of any provision 

  
 16 








 
of any present or future law or regulation thereunder of the United States of America or of any other governmental authority or, in the case of the Depositary, the Depositary’s Agent or the
Registrar or Transfer Agent, by reason of any provision, present or future, of the Certificate of Incorporation or, in the case of the Company, the Depositary, the Depositary’s Agent, the Transfer Agent or the Registrar, by reason of any act of
God or war or other circumstance beyond the control of the relevant party, the Depositary, any Depositary’s Agent, the Transfer Agent, the Registrar or the Company shall be prevented or forbidden from doing or performing any act or thing that
the terms of this Deposit Agreement provide shall be done or performed; nor shall the Depositary, any Depositary’s Agent, the Transfer Agent, any Registrar or the Company incur any liability to any holder of a Receipt by reason of any
nonperformance or delay, caused as aforesaid, in the performance of any act or thing that the terms of this Deposit Agreement provide shall or may be done or performed, or by reason of any exercise of, or failure to exercise, any discretion provided
for in this Deposit Agreement. 
 SECTION 5.03 Obligations of the Depositary, the Depositary’s Agents, the Registrar and the
Company. 
 The Company does not assume any obligation and shall not be subject to any liability under this Deposit Agreement or any
Receipt to holders of Receipts other than from acts or omissions arising out of conduct constituting bad faith, negligence (in the case of any action or inaction with respect to the voting of the deposited Preferred Stock), gross negligence or
willful misconduct in the performance of such duties as are specifically set forth in this Deposit Agreement (which bad faith, negligence, gross negligence or willful misconduct must be determined by a final, non-appealable order, judgment, decree
or ruling of a court of competent jurisdiction). Neither the Depositary nor any Depositary’s Agent nor any Transfer Agent or Registrar assumes any obligation and shall not be subject to any liability under this Deposit Agreement to holders of
Receipts, the Company or any other person or entity other than for its bad faith, gross negligence or willful misconduct (which bad faith, gross negligence or willful misconduct must be determined by a final, non-appealable order, judgment, decree
or ruling of a court of competent jurisdiction). Notwithstanding anything to the contrary contained herein, neither the Depositary, nor any Depositary’s Agent nor any Transfer Agent or Registrar shall be liable for any special, indirect,
incidental, consequential, punitive or exemplary damages, including but not limited to, lost profits, even if such person or entity alleged to be liable has knowledge of the possibility of such damages. Notwithstanding anything contained herein to
the contrary, the Depositary’s aggregate liability during any term of this Agreement with respect to, arising from, or arising in connection with this Agreement, or from all services provided or omitted to be provided under this Agreement,
whether in contract, or in tort, or otherwise, is limited to, and shall not exceed, the amounts paid hereunder by the Company to Depositary as fees and charges, but not including reimbursable expenses. 

None of the Depositary, any Depositary’s Agent, any Registrar or Transfer Agent or the Company shall be under any obligation to appear
in, prosecute or defend any action, suit or other proceeding with respect to the deposited Preferred Stock, Depositary Shares or Receipts that in its opinion may involve it in expense or liability, unless indemnity satisfactory to it against all
expense and liability be furnished as often as may be required. 

  
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 None of the Depositary, any Depositary’s Agent, any Registrar or Transfer Agent or the
Company shall be liable for any action or any failure to act by it in reliance upon the advice of legal counsel or accountants, or information provided by any person presenting Preferred Stock for deposit or any holder of a Receipt. The Depositary,
any Depositary’s Agent, any Registrar or Transfer Agent and the Company may each rely and shall each be protected in acting upon any written notice, request, direction or other document believed by it to be genuine and to have been signed or
presented by the proper party or parties. 
 In the event the Depositary shall receive conflicting claims, requests or instructions from any
holders of Receipts, on the one hand, and the Company, on the other hand, the Depositary shall be entitled to act on such claims, requests or instructions received from the Company, and shall incur no liability and shall be entitled to the full
indemnification set forth in Section 5.06 in connection with any action so taken. 
 The Depositary shall not be responsible for
any failure to carry out any instruction to vote any of the deposited Preferred Stock or for the manner or effect of any such vote made, as long as any such action or non-action does not result from bad faith, gross negligence or willful misconduct
of the Depositary (which bad faith, gross negligence or willful misconduct must be determined by a final, non-appealable order, judgment, decree or ruling of a court of competent jurisdiction). The Depositary undertakes, and any Registrar or
Transfer Agent shall be required to undertake, to perform such duties and only such duties as are specifically set forth in this Deposit Agreement, and no implied covenants or obligations shall be read into this Agreement against the Depositary or
any Registrar or Transfer Agent. 
 The Depositary, its parent, affiliate, or subsidiaries, any Depositary’s Agent, and any Registrar
or Transfer Agent may own, buy, sell or deal in any class of securities of the Company and its affiliates and in Receipts or Depositary Shares or become pecuniarily interested in any transaction in which the Company or its affiliates may be
interested or contract with or lend money to or otherwise act as fully or as freely as if it were not the Depositary or the Depositary’s Agent hereunder. The Depositary may also act as transfer agent or registrar of any of the securities of the
Company and its affiliates or act in any other capacity for the Company or its affiliates. 
 It is intended that neither the Depositary nor
any Depositary’s Agent shall be deemed to be an “issuer” of the securities under the federal securities laws or applicable state securities laws, it being expressly understood and agreed that the Depositary and any Depositary’s
Agent are acting only in a ministerial capacity as Depositary for the deposited Preferred Stock; provided, however, that the Depositary agrees to comply with all information reporting and withholding requirements applicable to it under
law or this Deposit Agreement in its capacity as Depositary. 
 Neither the Depositary (or its officers, directors, employees, agents or
affiliates) nor any Depositary’s Agent makes any representation or has any responsibility as to the validity of the registration statement pursuant to which the Depositary Shares are registered under the Securities Act, the deposited Preferred
Stock, the Depositary Shares, the Receipts (except its countersignature thereon) or any instruments referred to therein or herein, or as to the correctness of any statement made therein or herein; provided, however, that the Depositary
is responsible for its representations in this Deposit Agreement. 

  
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 The Company agrees that it will register the deposited Preferred Stock and the Depositary Shares
in accordance with the applicable securities laws. 
 In the event the Depositary, the Depositary’s Agent or any Registrar or Transfer
Agent believes any ambiguity or uncertainty exists in any notice, instruction, direction, request or other communication, paper or document received by it pursuant to this Deposit Agreement, the Depositary, the Depositary’s Agent, Transfer
Agent or Registrar shall promptly notify the Company of the details of such alleged ambiguity or uncertainty, and may, in its sole discretion, refrain from taking any action, and the Depositary, the Depositary’s Agent, Transfer Agent or
Registrar shall be fully protected and shall incur no liability to any person from refraining from taking such action, absent bad faith, gross negligence or willful misconduct (which bad faith, gross negligence or willful misconduct must be
determined by a final, non-appealable order, judgment, decree or ruling of a court of competent jurisdiction), unless and until (i) the rights of all parties have been fully and finally adjudicated by a court of appropriate jurisdiction or
(ii) the Depositary, the Depositary’s Agent, Transfer Agent or Registrar receives written instructions with respect to such matter signed by the Company that eliminates such ambiguity or uncertainty to the satisfaction of the Depositary,
the Depositary’s Agent, Transfer Agent or Registrar. 
 Whenever in the performance of its duties under this Deposit Agreement, the
Depositary, the Depositary’s Agent, Transfer Agent or Registrar shall deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking, suffering or omitting to take any action hereunder, such fact
or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively provided and established by a certificate signed by any one of the President, any Vice President, the Treasurer, the Deputy
Treasurer, any Assistant Treasurer, Head of Corporate Finance, the Secretary or Assistant Secretary of the Company and delivered to the Depositary, the Depositary’s Agent, Transfer Agent or Registrar; and such certificate shall be full and
complete authorization and protection to the Depositary, the Depositary’s Agent, Transfer Agent or Registrar and the Depositary, the Depositary’s Agent, Transfer Agent or Registrar shall incur no liability for or in respect of any action
taken, suffered or omitted by it under the provisions of this Deposit Agreement in reliance upon such certificate. The Depositary, the Depositary’s Agent, Transfer Agent or Registrar shall not be liable for or by reason of any of the statements
of fact or recitals contained in this Deposit Agreement or in the Receipts (except its countersignature thereof) or be required to verify the same, and all such statements and recitals are and shall be deemed to have been made by the Company only.

 The Depositary, the Depositary’s Agent, Transfer Agent or Registrar will not be under any duty or responsibility to ensure
compliance with any applicable federal or state securities laws in connection with the issuance, transfer or exchange of the Receipts, Preferred Stock or Depositary Shares. 

Notwithstanding anything herein to the contrary, no amendment to the Certificate of Designations shall affect the rights, duties, obligations
or immunities of the Depositary, Transfer Agent, the Depositary’s Agent or Registrar hereunder. 

  
 19 








 The Depositary, Transfer Agent and any Registrar hereunder: 

(i) shall have no duties or obligations other than those specifically set forth herein (and no implied duties or obligations), or as may
subsequently be agreed to in writing by the parties; 
 (ii) shall have no obligation to make payment hereunder unless the Company shall
have provided the necessary federal or other immediately available funds or securities or property, as the case may be, to pay in full amounts due and payable with respect thereto; 

(iii) shall not be obligated to take any legal or other action hereunder; if, however, the Depositary determines to take any legal or other
action hereunder, and, where the taking of such action might in the Depositary’s judgment subject or expose it to any expense or liability, the Depositary shall not be required to act unless it shall have been furnished with an indemnity
satisfactory to it; 
 (iv) may rely on and shall be authorized and protected in acting or failing to act upon any certificate, instrument,
opinion, notice, letter, facsimile transmission or other document or security delivered to the Depositary and believed by the Depositary to be genuine and to have been signed by the proper party or parties, and shall have no responsibility for
determining the accuracy thereof; 
 (v) may rely on and shall be authorized and protected in acting or failing to act upon the written,
telephonic, electronic and oral instructions, with respect to any matter relating to the Depositary’s actions as depositary covered by this Deposit Agreement (or supplementing or qualifying any such actions) of officers of the Company; 

(vi) may consult counsel satisfactory to it, and the advice of such counsel shall be full and complete authorization and protection in respect
of any action taken, suffered or omitted by the Depositary hereunder in accordance with the advice of such counsel; 
 (vii) shall not be
called upon at any time to advise any person with respect to the Depositary Shares or Receipts; 
 (viii) shall not be liable or responsible
for any recital or statement contained in any documents relating hereto or the Depositary Shares or Receipts; and 
 (ix) shall not be
liable in any respect on account of the identity, authority or rights of the parties (other than with respect to the Depositary) executing or delivering or purporting to execute or deliver this Deposit Agreement or any documents or papers deposited
or called for under this Deposit Agreement. 
 The obligations of the Company and the rights of the Depositary set forth in this
Section 5.03 shall survive the replacement, removal or resignation of any Depositary, Registrar, Transfer Agent or Depositary’s Agent or termination of this Deposit Agreement. 

SECTION 5.04 Resignation and Removal of the Depositary; Appointment of Successor Depositary. 

  
 20 








 The Depositary may at any time resign as Depositary hereunder by notice of its election to do so
delivered to the Company, such resignation to take effect upon the appointment of a successor depositary and its acceptance of such appointment as hereinafter provided. 

The Depositary may at any time be removed by the Company by notice of such removal delivered to the Depositary, such removal to take effect
upon the appointment of a successor depositary and its acceptance of such appointment as hereinafter provided. Upon any such removal or appointment, the Company shall send notice thereof by first-class mail, postage prepaid, to the holders of
Receipts. 
 In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall, within 60 days after the
delivery of the notice of resignation or removal, as the case may be, appoint a successor depositary, which shall be an entity having its principal office in the United States of America and having a combined capital and surplus of at least
$50,000,000. If a successor depositary shall not have been appointed and have accepted appointment in 60 days, the resigning Depositary may petition a court of competent jurisdiction to appoint a successor depositary. Every successor depositary
shall execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any further act or deed, shall become fully vested with all the rights,
powers, duties and obligations of its predecessor and for all purposes shall be the Depositary under this Deposit Agreement, and such predecessor, upon payment of all sums due it and on the written request of the Company, shall promptly execute and
deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all rights, title and interest in the deposited Preferred Stock and any moneys or property held
hereunder to such successor and shall deliver to such successor a list of the record holders of all outstanding Receipts. 
 Any corporation
or other entity into or with which the Depositary may be merged, consolidated or converted, or any corporation or other entity to which all or a substantial part of the assets of the Depositary may be transferred, shall be the successor of such
Depositary without the execution or filing of any document or any further act. Such successor depositary may execute the Receipts either in the name of the predecessor depositary or in the name of the successor depositary. 

The provisions of this Section 5.04 as they apply to the Depositary apply to the Registrar and Transfer Agent, as if specifically
enumerated herein. 
 SECTION 5.05 Notices, Reports and Documents. 

The Company agrees that it will deliver to the Depositary, and the Depositary, if requested in writing by the Company, will promptly after
receipt of such notice, transmit to the record holders of Receipts, in each case at the address recorded in the Depositary’s books, copies of all notices and reports generally made available by the Company to holders of the Preferred Stock and
not otherwise made publicly available. Such transmission will be at the Company’s expense and the Company will provide the Depositary with such number of copies of such documents as the Depositary may reasonably request. In addition, the
Depositary will transmit to the record holders of Receipts at the Company’s expense such other documents as may be requested by the Company. 

  
 21 








 SECTION 5.06 Indemnification by the Company. 

The Company shall indemnify the Depositary, any Depositary’s Agent and any Transfer Agent or Registrar against, and hold each of them
harmless from, any loss, liability, damage, cost or expense (including the costs and expenses of defending itself) which may arise out of (i) acts performed or omitted in connection with this Deposit Agreement and the Receipts (a) by the
Depositary, any Transfer Agent or Registrar or any of their respective agents (including any Depositary’s Agent), except for any liability arising out of bad faith, gross negligence or willful misconduct (which bad faith, gross negligence or
willful misconduct must be determined by a final, non-appealable order, judgment, decree or ruling of a court of competent jurisdiction) on the respective parts of any such person or persons, or (b) by the Company or any of its agents, or
(ii) the offer, sale or registration of the Receipts or shares of Preferred Stock pursuant to the provisions hereof. The obligations of the Company and the rights of the Depositary set forth in this Section 5.06 shall survive the
replacement, removal or resignation of any Depositary, Registrar, Transfer Agent or Depositary’s Agent or termination of this Deposit Agreement. In no event shall the Depositary have any right of set off or counterclaim against the Depositary
Shares or the Preferred Stock. 
 SECTION 5.07 Fees, Charges and Expenses. 

No charges and expenses of the Depositary or any Depositary’s Agent hereunder shall be payable by any person, except as provided in this
Section 5.07. The Company shall pay all transfer and other taxes and governmental charges arising solely from the existence of this Deposit Agreement. The Company shall also pay all fees and expenses of the Depositary in connection with
the initial deposit of the Preferred Stock and the initial issuance of the Depositary Shares evidenced by the Receipts, any redemption of the Preferred Stock at the option of the Company and all withdrawals of the Preferred Stock by holders of
Receipts. All other fees and expenses of the Depositary and any Depositary’s Agent hereunder and of any Registrar or Transfer Agent (including, in each case, fees and expenses of counsel) incurred in the preparation, delivery, amendment,
administration and execution of this Deposit Agreement and incident to the performance of their respective obligations hereunder will be paid by the Company as previously agreed between the Depositary and the Company. The Depositary (and if
applicable, the Transfer Agent and Registrar) shall present its statement for fees and expenses to the Company once every three months or at such other intervals as the Company and the Depositary may agree. 

ARTICLE 6 
 AMENDMENT AND
TERMINATION 
 SECTION 6.01 Amendment. 

The form of the Receipts and any provision of this Deposit Agreement may at any time and from time to time be amended by agreement between the
Company and the Depositary without the consent of holders of Receipts in any respect that the Company and the Depositary 

  
 22 








 
may deem necessary or desirable; provided, however, that no such amendment (other than any change in the fees of any Depositary, Registrar or Transfer Agent that are payable by the
Company) which (i) shall materially and adversely alter the rights of the holders of Receipts or (ii) would be materially and adversely inconsistent with the rights granted to the holders of the Preferred Stock pursuant to the Certificate
of Incorporation shall be effective unless such amendment shall have been approved by the holders of Receipts evidencing at least two-thirds of the Depositary Shares then outstanding. In no event shall any amendment impair the right, subject to the
provisions of Sections 2.06 and 2.07 and Article 3, of any holder of any Receipts evidencing such Depositary Shares to surrender any Receipt with instructions to the Depositary to deliver to the holder the deposited Preferred
Stock and all money and other property, if any, represented thereby, except in order to comply with mandatory provisions of applicable law. Every holder of an outstanding Receipt at the time any such amendment becomes effective shall be deemed, by
continuing to hold such Receipt, to consent and agree to such amendment and to be bound by this Deposit Agreement as amended thereby. As a condition precedent to the Depositary’s execution of any amendment, the Company shall deliver to the
Depositary a certificate from a duly authorized officer of the Company that states that the proposed amendment is in compliance with the terms of this Section 6.01. 

SECTION 6.02 Termination. 

This Deposit Agreement may be terminated by the Company upon not less than 30 days’ prior written notice to the Depositary if the holders
of Receipts evidencing a majority of the Depositary Shares then outstanding consent to such termination, whereupon the Depositary shall deliver or make available to each holder of a Receipt, upon surrender of the Receipt held by such holder, such
number of whole or fractional shares of deposited Preferred Stock as are represented by the Depositary Shares evidenced by such Receipt, together with any other property held by the Depositary in respect of such Receipt. This Deposit Agreement will
automatically terminate if (i) all outstanding Depositary Shares shall have been redeemed in accordance with the provisions hereof or (ii) there shall have been made a final distribution in respect of the deposited Preferred Stock in
connection with any liquidation, dissolution or winding up of the Company and such distribution shall have been distributed to the holders of Receipts entitled thereto. 

Upon the termination of this Deposit Agreement, the Company shall be discharged from all obligations under this Deposit Agreement except for
its obligations to the Depositary, any Depositary’s Agent and any Transfer Agent or Registrar under Sections 5.03, 5.06 and 5.07. 

ARTICLE 7 
 MISCELLANEOUS

 SECTION 7.01 Counterparts. 

This Deposit Agreement may be executed in any number of counterparts, and by each of the parties hereto on separate counterparts, each of
which counterparts, when so executed and delivered, shall be deemed an original, but all such counterparts taken together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Deposit Agreement
by facsimile shall be effective as delivery of a manually executed counterpart of this Deposit Agreement. 

  
 23 








 SECTION 7.02 Exclusive Benefits of Parties. 

This Deposit Agreement is for the exclusive benefit of the parties hereto, and their respective successors hereunder, and shall not be deemed
to give any legal or equitable right, remedy or claim to any other person whatsoever. 
 SECTION 7.03 Invalidity of Provisions.

 In case any one or more of the provisions contained in this Deposit Agreement or in the Receipts should be or become invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby; provided, however, that if such provision
affects the rights, duties, liabilities or obligations of the Depositary, the Depositary shall be entitled to resign immediately. 

SECTION 7.04 Notices. 

Any and all notices to be given to the Company hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given
if personally delivered or sent by mail, or by facsimile transmission confirmed by letter, addressed to the Company at: 
 Citigroup Inc.

 601 Lexington Avenue 
 New
York, New York 10022 
 Attention: Treasury Department 

Fax: 212-793-2407 
 with a copy to: 

Citigroup Inc. 
 One Court
Square, 45th Floor 
 Long Island City, New York 11120 

Attention: Michael J. Tarpley, Associate General Counsel – Capital Markets 

Fax: 718-248-4107 
 or at any other address of
which the Company shall have notified the Depositary in writing. 
 Any notices to be given to the Depositary, Transfer Agent or Registrar
hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail, or telecopier confirmed by letter, addressed to the Depositary: 

Computershare Trust Company, N.A. 

c/o Computershare Inc. 
 250
Royall Street 
 Canton, Massachusetts 02021 

Attention: General Counsel 

Facsimile: 781-575-4210 

  
 24 








 Any notices given to any record holder of a Receipt hereunder or under the Receipts shall be in
writing and shall be deemed to have been duly given if transmitted through the facilities of DTC in accordance with DTC’s procedures or personally delivered or sent by mail, recognized next-day courier service or telecopier confirmed by letter,
addressed to such record holder at the address of such record holder as it appears on the books of the Depositary; provided, that any record holder may direct the Depositary to deliver notices to such record holder at an alternate address or
in a specific manner that is reasonably requested by such record holder in a written request timely filed with the Depositary and that is reasonably acceptable to the Depositary. 

Delivery of a notice sent by mail shall be deemed to be effected at the time when a duly addressed letter containing the same (or a
confirmation thereof in the case of a facsimile message) is deposited, postage prepaid, in a post office letter box, or in the case of a next-day courier service, when deposited with such courier, courier fees prepaid. The Depositary or the Company
may, however, act upon any facsimile message received by it from the other or from any holder of a Receipt, notwithstanding that such facsimile message shall not subsequently be confirmed by letter as aforesaid. 

SECTION 7.05 Depositary’s Agents. 

The Depositary may from time to time appoint Depositary’s Agents to act in any respect for the Depositary for the purposes of this
Deposit Agreement and may at any time appoint additional Depositary’s Agents and vary or terminate the appointment of such Depositary’s Agents. The Depositary will notify the Company of any such action. 

SECTION 7.06 Holders of Receipts Are Parties. 

The holders of Receipts from time to time shall be deemed to be parties to this Deposit Agreement and shall be bound by all of the terms and
conditions hereof and of the Receipts by acceptance of delivery thereof to the same extent as though such person executed this Deposit Agreement. 

SECTION 7.07 Governing Law. 

This Deposit Agreement and the Receipts and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by, and
construed in accordance with, the law of the State of New York applicable to agreements made and to be performed in said State, without regard to conflicts of laws principles thereof. 

SECTION 7.08 Inspection of Deposit Agreement and Certificate of Designations. 

Copies of this Deposit Agreement and the Certificate of Designations shall be filed with the Depositary and the Depositary’s Agents and
shall be open to inspection during business hours at the Depositary Office by any holder of any Receipt. 
 SECTION 7.09
Headings. 
 The headings of articles and sections in this Deposit Agreement and in the form of the Receipt set forth in Exhibit
A hereto have been inserted for convenience only and are not to be regarded as a part of this Deposit Agreement or to have any bearing upon the meaning or interpretation of any provision contained herein or in the Receipts. 

  
 25 








 SECTION 7.10 Confidentiality. 

The Depositary and the Company agree that all books, records, information and data pertaining to the business of the other party, including,
inter alia, personal, non-public holder information, which are exchanged or received pursuant to the negotiation or the carrying out of this Deposit Agreement, shall remain confidential, and shall not be voluntarily disclosed to any other person,
except as may be required by law or legal process. 
 SECTION 7.11 Further Assurances. 

From time-to-time and after the date hereof, the Company agrees that it will perform, acknowledge and deliver or cause to be performed,
acknowledged and delivered all such further and other acts, documents, instruments and assurances as may be reasonably required by the Depositary for the carrying out or performing by the Depositary of the provisions of this Agreement. 

[Signature Page Follows] 

  
 26 








 IN WITNESS WHEREOF, Citigroup Inc. and Computershare Inc. and Computershare Trust Company, N.A.
have duly executed this Deposit Agreement as of the day and year first set forth above and all holders of Receipts shall become parties hereto by and upon acceptance by them of delivery of Receipts issued in accordance with the terms hereof. 

 

			
	CITIGROUP INC.
		
	By:		   /s/ Le Roy Davis

			  Authorized Officer
	
	 COMPUTERSHARE INC. and COMPUTERSHARE TRUST COMPANY, N.A., as Depositary, and COMPUTERSHARE TRUST COMPANY, N.A., as Registrar and
Transfer Agent

		
	By:		   /s/ Dennis V. Moccia

			  Dennis V. Moccia
			  Manager, Contract Administration



  
 [Signature Page to
Deposit Agreement] 








 Exhibit A 

FORM OF FACE OF RECEIPT 

IF GLOBAL RECEIPT IS ISSUED: UNLESS THIS RECEIPT IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE CORPORATION OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY RECEIPT ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF
THIS GLOBAL RECEIPT SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL RECEIPT SHALL BE LIMITED TO TRANSFERS MADE IN
ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE DEPOSIT AGREEMENT REFERRED TO BELOW. 
 IN CONNECTION WITH ANY TRANSFER, THE HOLDER
WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH REGISTRAR AND TRANSFER AGENT MAY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 

  
 A-1 









			
	Certificate Number: A-1		Number of Depositary Shares: 1,500,000

 CUSIP NO.: 172967JK8 

CITIGROUP INC. 
 RECEIPT FOR
DEPOSITARY SHARES 
 Each Representing 1/25th of a Share of 

5.875% Fixed Rate / Floating Rate Noncumulative Preferred Stock, Series O 

(par value $1.00 per share) 

(liquidation preference $25,000 per share) 

Computershare Inc., a Delaware corporation (“Computershare”), and its wholly-owned subsidiary Computershare Trust Company, N.A., a
federally chartered national association (the “Trust Company” and jointly with Computershare, the “Depositary”), hereby certify that CEDE & CO. is the registered owner of one million, five hundred thousand
(1,500,000) depositary shares ($1,500,000,000 aggregate liquidation preference) (“Depositary Shares”), each Depositary Share representing 1/25th of one share of 5.875% Fixed Rate /
Floating Rate Noncumulative Preferred Stock, Series O, $1.00 par value per share and liquidation preference of $25,000 per share of Citigroup Inc., a Delaware corporation (the “Company”), on deposit with the Depositary, subject to the
terms and entitled to the benefits of the Deposit Agreement, dated March 20, 2015 (the “Deposit Agreement”), among the Company, the Depositary, the Trust Company, as Registrar and Transfer Agent (each term as defined in the Deposit
Agreement), and the holders from time to time of Receipts for Depositary Shares. By accepting this Receipt, the holder hereof becomes a party to and agrees to be bound by all the terms and conditions of the Deposit Agreement. This Receipt shall not
be valid or obligatory for any purpose or entitled to any benefits under the Deposit Agreement unless it shall have been executed by the Depositary by the manual or facsimile signature of a duly authorized officer or, if a Registrar in respect of
the Receipts (other than the Depositary) shall have been appointed, by the manual signature of a duly authorized officer of such Registrar. 
 Dated: 

					
	[Countersigned:		Computershare Inc. and Computershare Trust Company, N.A., as Depositary
			
	                                      
                                         
             ]		By:		                                     
                                         
          
	By				 Debra Sumpter
 Relationship
Manager



  
 A-2 








 [FORM OF REVERSE OF RECEIPT] 

The following abbreviations when used in the instructions on the face of this receipt shall be construed as though they were written out in
full according to applicable laws or regulations. 
  

			
	TEN COM - as tenant in common		 UNIF GIFT MIN ACT -
                    
 Custodian
                    

			                                    (Cust) 
               (Minor)
	TEN ENT - as tenants by the entireties		Under Uniform Gifts to Minors Act
	JT TEN - as joint tenants with right of survivorship and not as tenants in common		  
 (State)


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

ASSIGNMENT 
 For value received,
                                 hereby sell(s), assign(s) and transfer(s) unto

 PLEASE INSERT SOCIAL SECURITY OR 

OTHER IDENTIFYING NUMBER OF ASSIGNEE, AS APPLICABLE 
  

 
  

 
 PLEASE PRINT OR TYPEWRITE NAME AND
ADDRESS 
 INCLUDING POSTAL ZIP CODE OF ASSIGNEE 
  

 

                          
                                   Depositary Shares represented by the
within Receipt, and do hereby irrevocably constitute and appoint 

                          
                                   Attorney to transfer the said Depositary
Shares on the books of the within named Depositary with full power of substitution in the premises. 
  

			
	Dated
                                         
               		                                     
                                         
                  
		
			NOTICE: The signature to the assignment must correspond with the name as written upon the face of this Receipt in every particular, without alteration or enlargement or any change whatever.

 SIGNATURE GUARANTEED 
 NOTICE:
The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations, and credit unions with membership in an approved signature guarantee medallion program), pursuant to Rule 17Ad-15 under
the Securities Exchange Act of 1934. 

  
 A-3 








 Exhibit B 

Certificate of Designations