Form of Note for the Company's 2.050% Notes due December 7, 2018.



 Exhibit 4.01 

This Note is a Global Security within the meaning of the Indenture hereinafter referred to and is registered in the name of
the Depository named below or a nominee of the Depository. This Note is not exchangeable for Notes registered in the name of a Person other than the Depository or its nominee except in the limited circumstances described herein and in the Indenture,
and no transfer of this Note (other than a transfer of this Note as a whole by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository) may be registered except in the
limited circumstances described herein. 
 Unless this certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation (the “Depository”), to the Company or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such
other name as is requested by an authorized representative of the Depository (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of the Depository), 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. 

CITIGROUP INC. 
 2.050%
Notes due December 7, 2018 
  

			
	 REGISTERED
	  	REGISTERED
		
		  	CUSIP: 172967KE0  
		  	ISIN: US172967KE00
		  	Common Code: 133176705  
		
	 No. R-00*
	  	$500,000,000  

 CITIGROUP INC., a Delaware corporation (the “Company”, which term includes any
successor Person under the Indenture), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of $500,000,000 on December 7, 2018 and to pay interest thereon from and including
December 7, 2015 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually, on June 7 and December 7 of each year, commencing June 7, 2016 at the rate of 2.050% per
annum, until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this
Note is registered at the close of business on the Record Date for such interest, which shall be the Business Day immediately preceding such Interest Payment Date. 







 Any such interest not so punctually paid or duly provided for will forthwith
cease to be payable to the holder on such Record Date and may either be paid to the Person in whose name this Note is registered at the close of business on a subsequent Record Date, such subsequent Record Date to be not less than ten days prior to
the date of payment of such defaulted interest, notice whereof shall be given to holders of Notes of this series not less than ten days prior to such subsequent Record Date, or be paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Notes of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 

Interest hereon will be calculated on the basis of a 360-day year comprised of twelve 30-day months. 

If either an Interest Payment Date or the Maturity of the Notes falls on a day that is not a Business Day, such Interest
Payment Date or Maturity will be the next succeeding Business Day, and no further interest will accrue in respect of such postponement. If a date for payment of interest or principal on the Notes falls on a day that is not a business day in the
place of payment, such payment will be made on the next succeeding business day in such place of payment as if made on the date the payment was due. No interest will accrue on any amounts payable for the period from and after the due date for
payment of such principal or interest. For these purposes, “Business Day” means any day which is a day on which commercial banks settle payments and are open for general business in The City of New York. 

Payment of the principal of and interest on this Note will be made at the office or agency of the Trustee maintained for that
purpose in The City of New York. 
 Reference is hereby made to the further provisions of this Note set forth on the
reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

Unless the certificate of authentication hereon has been executed by the Trustee or by an authenticating agent on behalf of
the Trustee by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 







 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed
under its corporate seal. 
 Dated: December 7, 2015 
  

			
	 CITIGROUP INC.

		
	 By:
	 	 
		 	 Name: Joseph Bonocore

 Title: Deputy Treasurer


  

			
	 ATTEST:

		
	 By:
	 	 
		 	 Name: Barbara Politi

Title: Assistant Secretary









 This is one of the Notes of the series issued under the within-mentioned
Indenture. 
 Dated:   December 7, 2015 
  

			
	 THE BANK OF NEW YORK MELLON,

as Trustee

		
	 By:
	 	 
		 	 Name:

Title:

	
	 -or-

	
	 CITIBANK, N.A.,

as Authenticating Agent

		
	 By:
	 	 
		 	 Name:

Title:









 This Note is one of a duly authorized issue of Securities of the Company (the
“Notes”), issued and to be issued in one or more series under the Indenture, dated as of November 13, 2013 (as amended and supplemented from time to time, the “Indenture”), between the Company and The Bank of New York
Mellon, as Trustee (the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Company, the Trustee and the holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof,
initially limited in aggregate principal to $1,650,000,000. 
 If an event of default (as defined in the Indenture) with
respect to Notes of this series shall occur and be continuing, the principal of the Notes of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

Sections 12.02 and 12.03 of the Indenture containing provisions for defeasance apply to this Note. At any time the entire
indebtedness of this Note may be defeased upon compliance by the Company with certain conditions set forth in Section 12.04 of the Indenture. 

The Indenture contains provisions permitting the Company and the Trustee, without the consent of the holders of the
Securities, to establish, among other things, the form and terms of any series of Securities issuable thereunder by one or more supplemental indentures, and, with the consent of the holders of a majority in aggregate principal amount of Securities
at the time outstanding which are affected thereby, to modify the Indenture or any supplemental indenture or the rights of the holders of Securities of such series to be affected, provided that no such modification will (i) extend the fixed
maturity of any Securities, reduce the rate or extend the time of payment of interest thereon, reduce the principal amount thereof or the premium, if any, thereon, reduce the amount of the principal of Original Issue Discount Securities payable on
any date, change the currency in which Securities are payable, or impair the right to institute suit for the enforcement of any such payment on or after the maturity thereof, without the consent of the holder of each Security so affected, or
(ii) reduce the aforesaid percentage of Securities of any series the consent of the holders of which is required for any such modification without the consent of the holders of all Securities of such series then outstanding, or
(iii) modify the rights, duties or immunities of the Trustee unless the Trustee agrees to such modification. 
 No
reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and
rate, and in the coin or currency, herein prescribed. 
 This Note is a Global Security registered in the name of a nominee
of the Depository. This Note is exchangeable for Notes registered in the name of a person other than the Depository or its nominee only in the limited circumstances hereinafter described. Unless and until it is exchanged in whole or in part for
definitive Notes in certificated form, this Note may not be transferred except as a whole by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository. 







 The Notes represented by this Global Security are exchangeable for definitive
Notes in certificated form of like tenor as such Notes in denominations of $1,000 and whole multiples of $1,000 in excess thereof only if (i) the Depository notifies the Company that it is unwilling or unable to continue as Depository for the
Notes and the Company is unable to appoint a successor depository or (ii) the Depository ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, or (iii) the Company in its sole discretion decides
to allow the Notes to be exchanged for definitive Notes in registered form. Any Notes that are exchangeable pursuant to the preceding sentence are exchangeable for certificated Notes issuable in authorized denominations and registered in such names
as the Depository shall direct. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of definitive Notes in certificated form is registrable in the register maintained by the Company in The City of New York
for such purpose, upon surrender of the definitive Note for registration of transfer at the office or agency of the registrar, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the registrar
duly executed by, the holder thereof or his attorney duly authorized in writing, and thereupon one or more new Notes of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the
designated transferee or transferees. Subject to the foregoing, this Note is not exchangeable, except for a Global Security or Global Securities of this issue of the same principal amount to be registered in the name of the Depository or its
nominee. 
 No service charge shall be made for any such registration of transfer or exchange, but the Company may require
payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due
presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be
overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 The Company
will pay additional amounts (“Additional Amounts”) to the beneficial owner of any Note that is a non-United States person in order to ensure that every net payment on such Note will not be less, due
to payment of U.S. withholding tax, than the amount then due and payable. For this purpose, a “net payment” on a Note means a payment by the Company or a paying agent, including payment of principal and interest, after deduction for any
present or future tax, assessment or other governmental charge of the United States. These Additional Amounts will constitute additional interest on the Note. 

The Company will not be required to pay Additional Amounts, however, in any of the circumstances described in items
(1) through (14) below. 
  

	 	 (1)
	 Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that is
imposed or withheld solely by reason of the beneficial owner: 


  

	 	 (a)
	 having a relationship with the United States as a citizen, resident or otherwise; 



	 	 (b)
	 having had such a relationship in the past or 



	 	 (c)
	 being considered as having had such a relationship. 










	 	 (2)
	 Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that is
imposed or withheld solely by reason of the beneficial owner: 


  

	 	 (a)
	 being treated as present in or engaged in a trade or business in the United States; 



	 	 (b)
	 being treated as having been present in or engaged in a trade or business in the United States in the past or 



	 	 (c)
	 having or having had a permanent establishment in the United States. 



 

	 	 (3)
	 Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that is
imposed or withheld in whole or in part by reason of the beneficial owner being or having been any of the following (as such terms are defined in the Internal Revenue Code of 1986, as amended): 



 

	 	 (a)
	 personal holding company; 



	 	 (b)
	 foreign private foundation or other foreign tax-exempt organization; 



	 	 (c)
	 passive foreign investment company; 



	 	 (d)
	 controlled foreign corporation or 



	 	 (e)
	 corporation which has accumulated earnings to avoid United States federal income tax. 



 

	 	 (4)
	 Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that is
imposed or withheld solely by reason of the beneficial owner owning or having owned, actually or constructively, 10 percent or more of the total combined voting power of all classes of stock of the Company entitled to vote or by reason of the
beneficial owner being a bank that has invested in a Note as an extension of credit in the ordinary course of its trade or business. 



For purposes of items (1) through (4) above, “beneficial owner” means a fiduciary, settlor, beneficiary, member or
shareholder of the holder if the holder is an estate, trust, partnership, limited liability company, corporation or other entity, or a person holding a power over an estate or trust administered by a fiduciary holder. 

 

	 	 (5)
	 Additional Amounts will not be payable to any beneficial owner of a Note that is a: 



 

	 	 (a)
	 fiduciary; 



	 	 (b)
	 partnership; 



	 	 (c)
	 limited liability company or 



	 	 (d)
	 other fiscally transparent entity 



or that is not the sole beneficial owner of the Note, or any portion of the Note. However, this exception to the obligation
to pay Additional Amounts will only apply to the extent that a beneficiary or settlor in relation to the fiduciary, or a beneficial owner or member of the partnership, limited liability company or other fiscally transparent entity, would not have
been entitled to the payment of an Additional Amount had the beneficiary, settlor, beneficial owner or member received directly its beneficial or distributive share of the payment. 








	 	 (6)
	 Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that is
imposed or withheld solely by reason of the failure of the beneficial owner or any other person to comply with applicable certification, identification, documentation or other information reporting requirements. This exception to the obligation to
pay Additional Amounts will only apply if compliance with such reporting requirements is required by statute or regulation of the United States or by an applicable income tax treaty to which the United States is a party as a precondition to
exemption from such tax, assessment or other governmental charge. 


  

	 	 (7)
	 Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that is
collected or imposed by any method other than by withholding from a payment on a Note by the Company or a paying agent. 


  

	 	 (8)
	 Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that is
imposed or withheld by reason of a change in law, regulation, or administrative or judicial interpretation that becomes effective more than 15 days after the payment becomes due or is duly provided for, whichever occurs later. 



 

	 	 (9)
	 Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that is
imposed or withheld by reason of the presentation by the beneficial owner of a Note for payment more than 30 days after the date on which such payment becomes due or is duly provided for, whichever occurs later. 



 

	 	 (10)
	 Additional Amounts will not be payable if a payment on a Note is reduced as a result of any: 



 

	 	 (a)
	 estate tax; 



	 	 (b)
	 inheritance tax; 



	 	 (c)
	 gift tax; 



	 	 (d)
	 sales tax; 



	 	 (e)
	 excise tax; 



	 	 (f)
	 transfer tax; 



	 	 (g)
	 wealth tax; 



	 	 (h)
	 personal property tax or 



	 	 (i)
	 any similar tax, assessment, withholding, deduction or other governmental charge. 



 

	 	 (11)
	 Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment, or other governmental charge required
to be withheld by any paying agent from a payment of principal or interest on a Note if such payment can be made without such withholding by any other paying agent. 










	 	 (12)
	 Additional amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that is
required to be made pursuant to any European Union directive on the taxation of savings income or any law implementing or complying with, or introduced to conform to, any such directive. 



 

	 	 (13)
	 Additional amounts will not be payable if a payment on a Note is reduced as a result of any withholding, deduction, tax, duty assessment or other
governmental charge that would not have been imposed but for a failure by the holder or beneficial owner of a Note (or any financial institution through which the holder or beneficial owner holds the Note or through which payment on the Note is
made) to take any action (including entering into an agreement with the Internal Revenue Service, or a governmental authority of another jurisdiction if the holder is entitled to the benefits of an intergovernmental agreement between that
jurisdiction and the United States) or to comply with any applicable certification, documentation, information or other reporting requirement or agreement concerning accounts maintained by the holder or beneficial owner (or any such financial
institution), or concerning ownership of the holder or beneficial owner, or any substantially similar requirement or agreement. 


  

	 	 (14)
	 Additional Amounts will not be payable if a payment on a Note is reduced as a result of any combination of items (1) through (13) above.



 Except as specifically provided herein, the Company will not be required to make any payment of any
tax, assessment or other governmental charge imposed by any government or a political subdivision or taxing authority of such government. 

As used in this Note, “United States person” means: 

 

	 	 (a)
	 any individual who is a citizen or resident of the United States; 



	 	 (b)
	 any corporation, partnership or other entity created or organized in or under the laws of the United States; 



	 	 (c)
	 any estate if the income of such estate falls within the federal income tax jurisdiction of the United States regardless of the source of such
income and 



	 	 (d)
	 any trust if (i) a United States court is able to exercise primary supervision over its administration and one or more United States persons
have the authority to control all of the substantial decisions of the trust; or (ii) it has a valid election in effect under applicable United States Treasury regulations to be treated as a United States person. 



Additionally, “non-United States person” means a person who is not a United
States person, and “United States” means the states of the United States of America and the District of Columbia, but excluding its territories and its possessions. 

Except as provided below, the Notes may not be redeemed prior to maturity. 








	 	 (1)
	 The Company may, at its option, redeem the Notes if: 


  

	 	 (a)
	 the Company becomes or will become obligated to pay Additional Amounts as described above; 



	 	 (b)
	 the obligation to pay Additional Amounts arises as a result of any change in the laws, regulations or rulings of the United States, or an official
position regarding the application or interpretation of such laws, regulations or rulings, which change is announced or becomes effective on or after December 1, 2015 and 



	 	 (c)
	 the Company determines, in its business judgment, that the obligation to pay such Additional Amounts cannot be avoided by the use of reasonable
measures available to it, other than substituting the obligor under the Notes or taking any action that would entail a material cost to the Company. 


  

	 	 (2)
	 The Company may also redeem the Notes, at its option, if: 



 

	 	 (a)
	 any act is taken by a taxing authority of the United States on or after December 1, 2015, whether or not such act is taken in relation to the
Company or any affiliate, that results in a substantial probability that the Company will or may be required to pay Additional Amounts as described above; 



	 	 (b)
	 the Company determines, in its business judgment, that the obligation to pay such Additional Amounts cannot be avoided by the use of reasonable
measures available to it, other than substituting the obligor under the Notes or taking any action that would entail a material cost to the Company and 



	 	 (c)
	 the Company receives an opinion of independent counsel to the effect that an act taken by a taxing authority of the United States results in a
substantial probability that the Company will or may be required to pay the Additional Amounts described above, and delivers to the Trustee a certificate, signed by a duly authorized officer, stating that based on such opinion the Company is
entitled to redeem the Notes pursuant to their terms. 


 Any redemption of the Notes as set forth in clauses (1) or
(2) above shall be in whole, and not in part, and will be made at a redemption price equal to 100% of the principal amount of the Notes Outstanding plus accrued interest thereon to the date of redemption. Holders shall be given not less than 30
days nor more than 60 days prior notice by the Trustee of the date fixed for such redemption. 
 All terms used in this Note
which are defined in the Indenture shall have the meanings assigned to them in the Indenture. The Notes are governed by the laws of the State of New York. 







 Schedule 1 

Redemptions and Amount of Securities 
  

							
	
Date of
 partial

redemption
	 	 Aggregate

principal amount
 of
Securities then
 redeemed
	 	 Remaining

principal amount
 of this
Global
 Security
  

 
	  	Authorized Signature