Document:

EXCHANGE AGREEMENT

 

between

 

CITIGROUP INC.

 

and

 

FEDERAL DEPOSIT INSURANCE CORPORATION

 

Dated September 9, 2013

 

 

 

    	 

    	 

    

 

EXCHANGE AGREEMENT, dated
September 9, 2013 (this “Agreement”), between CITIGROUP INC., a Delaware corporation (the “Company”),
and the FEDERAL DEPOSIT INSURANCE CORPORATION (the “Investor”).

 

RECITALS:

 

WHEREAS, the Company
issued $4.034 billion of its perpetual preferred stock to the United States Department of the Treasury (“Treasury”)
and $3.025 billion of its perpetual preferred stock to the Investor as consideration for the loss-sharing protection provided pursuant
to a master agreement, dated as of January 15, 2009 (as amended, the “Master Agreement”), among the Company
and certain of its affiliates, Treasury, the Investor and the Federal Reserve Bank of New York;

 

WHEREAS, the Company
entered into separate exchange agreements, each dated as of June 9, 2009, with Treasury (the “UST Exchange Agreement”)
and the Investor (the “FDIC Exchange Agreement”) in order to exchange the perpetual preferred stock held by
each of Treasury and the Investor for capital securities as specified in such exchange agreements, and such capital securities
were issued by Citigroup Capital XXXIII, a Delaware business trust (the “TruPS Issuer”), on July 30, 2009 (the
“Capital XXXIII Capital Securities”);

 

WHEREAS, on December
23, 2009, in connection with the repayment by the Company of funds invested by Treasury as part of the Troubled Asset Relief Program
and the termination of the Master Agreement, pursuant to a letter agreement between Treasury and the Investor, the Investor agreed
to transfer an additional $800 million of its Capital XXXIII Capital Securities (the “FDIC-to-Treasury Capital XXXIII
Capital Securities”) to Treasury upon the maturity of the last outstanding series of the Company’s debt issued
under the Investor’s Temporary Liquidity Guarantee Program;

 

WHEREAS, pursuant to
a letter agreement, dated as of December 28, 2012, between the Investor and Treasury (the “UST Letter Agreement”),
the Investor transferred the FDIC-to-Treasury Capital XXXIII Capital Securities and thereby reduced the aggregate liquidation amount
of Capital XXXIII Capital Securities held by the Investor to $2.225 billion (the “FDIC Capital XXXIII Capital Securities”);

 

WHEREAS, the Investor
desires to exchange the FDIC Capital XXXIII Capital Securities currently held by it (the “TruPS Securities”)
for $1.42 billion in aggregate principal amount of the Company’s 5.500% Subordinated Notes due 2025 having the terms described
in Exhibit A hereto (the “2025 Subordinated Notes”) and $1 billion in aggregate principal amount of the
Company’s 6.675% Subordinated Notes due 2043 having the terms described in Exhibit B hereto (the “2043 Subordinated
Notes” and together with the 2025 Subordinated Notes, the “Subordinated Notes”); and

 

WHEREAS, the Company
acknowledges that a mutual and voluntary exchange of consideration supports this Agreement and, accordingly, that the Agreement
shall not be construed to be unenforceable in any respect.

 

    	2

    	 

    

  

NOW THEREFORE, for good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and in consideration of the mutual covenants
herein contained, the parties hereto hereby agree as follows:

 

Article
I

EXCHANGE

 

Section 1.1      The
Exchange. (a) On the date hereof, the Investor will transfer and deliver to the Company and surrender the TruPS Securities
and, in exchange therefor, the Company will issue the Subordinated Notes to the Investor (the “Exchange”).

 

(b)          In
connection with the Exchange, (i) the Company will deliver to the Investor certificates in proper form evidencing the Subordinated
Notes and (ii) the Investor will deliver to the Company a certificate of transfer in the form set forth in Exhibit C hereto,
together with Certificate No. 6 of Citigroup Capital XXXIII representing the TruPS Securities.

 

(c)          The
Company agrees to cause payment of (i) all accumulated and unpaid distributions on the TruPS Securities from and including the
last distribution date of the TruPS Securities on which distributions were paid in full to, but excluding, the date hereof, to
be paid by wire transfer on the date hereof to an account designated by the Investor and (ii) all accrued and unpaid interest on
the Subordinated Notes from and including the date hereof to, but excluding, the settlement date of the Underwritten Offering (as
defined in Section 3.2), to be paid by wire transfer to an account designated by the Investor on the settlement date of
the Underwritten Offering.

 

Section 1.2      Opinion
of Counsel. In connection with the entry into this Agreement, the Company has delivered to the Investor written opinions from
counsel to the Company, addressed to the Investor and dated as of the date hereof, in substantially the form of Exhibit E
hereto.

 

Article
II

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

 

Section
2.1      Organization; Power; Authorization; Enforceable Obligations. The Company represents
and warrants to the Investor that (i) it has been duly incorporated and is validly existing and in good standing under the
laws of the State of Delaware; (ii) it has the power and authority to enter into this Agreement, to carry out its obligations
hereunder, to adopt the Resolution (as defined in Section 2.3 below) and to issue the Subordinated Notes and comply
with the terms thereof (collectively, the “Transactions”); (iii) it has taken all necessary organizational
action to authorize the execution, delivery and performance of this Agreement and the Transactions; (iv) no consent or
authorization of, filing with, notice to or other act by or in respect of, any governmental authority or any other person is
required in connection with the execution, delivery, performance, validity or enforceability of this Agreement or the
Transactions, except consents, authorizations, filings and notices as have been obtained or made and are in full force and
effect; and (v) this Agreement constitutes the legal, valid and binding obligation of the Company, enforceable against it in
accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforceability of creditors’ rights generally and by general
equitable principles (whether enforcement is sought by proceedings in equity or at law).

 

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Section 2.2      Non-Contravention.
(a) The execution, delivery and performance by the Company of this Agreement and the consummation of the Transactions and compliance
by the Company with the provisions hereof and the Transactions will not violate, conflict with, or result in a breach of any provision
of, or constitute a default (or an event which, with notice or lapse of time or both, would constitute a default) under, or result
in the termination of, or accelerate the performance required by, or result in a right of termination, cancellation or acceleration
therefor, or result in the loss of a benefit under, or result in the creation of, any lien, security interest, charge or encumbrance
upon any of the properties or assets of the Company under any of the terms, conditions or provisions of (1) its organizational
documents or (2) any note, bond, mortgage, indenture, deed of trust, license, lease, permit, agreement or other instrument or obligation
to which the Company is a party or by which it may be bound, or to which the Company may be subject, or (B) violate any statute,
rule or regulation or any judgment, ruling, order, writ, injunction or decree applicable to the Company.

 

(b)          Other
than the filing of any current report on Form 8-K required to be filed with the Commission with respect to the Transactions, such
filings and approvals as are required to be made or obtained under any state “blue sky” laws and such as have been
made or obtained, no material notice to, filing with, exemption or review by, or authorization, consent or approval of, any governmental
authority is required to be made or obtained by the Company in connection with the consummation by the Company of the Exchange
and the Transactions.

 

Section 2.3      Board
Approval. (a) The Transactions have been adopted, approved and declared advisable by the Funding Committee of the Board of
Directors of the Company (the “Board of Directors”) in accordance with the resolutions of the Board of Directors
adopted on January 16, 2013 and in accordance with the Company’s charter and applicable law.

 

(b)          The
terms and conditions of the Subordinated Notes were established pursuant to, and are as set forth in, a resolution of the Funding
Committee of the Board of Directors adopted on the date hereof (the “Resolution”). The Resolution has been duly
adopted by the Company and is in full force and effect.

 

Section 2.4      Subordinated
Notes. (a) The Indenture (as supplemented, the “Indenture”), dated as of April 12, 2001, between the Company
and The Bank of New York Mellon, as successor trustee to J.P. Morgan Trust Company, National Association and Bank One Trust Company,
N.A. (the “Indenture Trustee”) relating to the Subordinated Notes has been duly and validly authorized, executed
and delivered by the Company and, assuming due execution and delivery by the Indenture Trustee, the Indenture is a valid and legally
binding obligation of the Company, enforceable in accordance with its terms, except as enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforceability of creditors’ rights generally
and by general equitable principles (whether enforcement is sought by proceedings in equity or at law). The Indenture has been
duly qualified under the Trust Indenture Act of 1939, as amended, and the rules and regulations of the Securities and Exchange
Commission (the “Commission”) promulgated thereunder (together, the “Trust Indenture Act”)
and complies in all material respects with the Trust Indenture Act or is exempt from such qualification.

 

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(b)          The
Subordinated Notes have been duly and validly authorized by the Company and, when authenticated by the Indenture Trustee in the
manner provided for in the Indenture and issued in accordance with the Indenture in exchange for the TruPS Securities and delivered
to the Investor pursuant to this Agreement, will be validly issued and delivered, and will constitute valid and legally binding
obligations of the Company, enforceable in accordance with their terms, except as enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting the enforceability of creditors’ rights generally and by
general equitable principles (whether enforcement is sought by proceedings in equity or at law), and will be in the form contemplated
by, and entitled to the benefits of, the Indenture.

 

(c)          The
Subordinated Notes conform, or will conform, to the description thereof in the Registration Statement (as defined in Section
2.5).

 

(d)          The
Company is not now, nor after giving effect to the transactions contemplated in this Agreement will be, and the Company is not
controlled by, or acting on behalf of any person which is, an “investment company” within the meaning of the Investment
Company Act of 1940, as amended.

 

Section 2.5      Registration
of Subordinated Notes. A registration statement on Form S-3 in respect of the Subordinated Notes (File No. 333-191056) (including
the preliminary prospectus forming a part thereof (the “Registration Statement”) (i) has been prepared by the
Company in conformity with the requirements of the Securities Act of 1933, as amended (the “Securities Act”),
and the rules and regulations of the Commission thereunder, (ii) has been filed with the Commission under the Securities Act and
(iii) the Company expects it will become effective under the Securities Act on the date hereof.

 

Article
III

ADDITIONAL AGREEMENTS

 

Section 3.1       Registration
Rights. The Company hereby confirms and agrees that the Investor will have the Registration Rights set forth in Exhibit
E hereto for so long as the Investor owns any of the Subordinated Notes, and the Subordinated Notes shall be deemed the “Registrable
Securities” for purposes of such Registration Rights.

 

Section 3.2       Termination
of FDIC Exchange Agreement. Upon consummation of the Exchange, the FDIC Exchange Agreement shall terminate in its entirety.

 

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Section 3.3       Commercially
Reasonable Efforts. Subject to the terms and conditions of this Agreement, each of the parties will use its commercially reasonable
efforts in good faith to take, or cause to be taken, all actions, and to do, or cause to be done, all things necessary, proper
or desirable, or advisable under applicable laws, and execute and deliver such documents and other papers or instruments as may
be required, so as to permit consummation of the Exchange and the Investor’s offering and sale of its Subordinated Notes
pursuant to an underwritten offering (the “Underwritten Offering”) as promptly as practicable and otherwise
to enable consummation of the transactions contemplated hereby, or as otherwise reasonably requested by the Investor, in each case,
as promptly as is practicable, and shall use commercially reasonable efforts to cooperate with the other party to that end.

 

Article
IV

MISCELLANEOUS

 

Section 4.1      Expenses.
The Company agrees to pay all discounts, selling commissions and stock transfer taxes applicable to the sale of all of the Subordinated
Notes and fees and disbursements of counsel for the Investor incurred in connection with any such sale, whether in a public offering
or private transaction.

 

Section
4.2      Entire Agreement. This Agreement constitutes the entire agreement between the
parties hereto, and supersedes all other prior agreements, understandings, representations and warranties, both written and
oral, between the parties, with respect to the subject matter hereof.

 

Section 4.3       Effectiveness.
This Agreement shall be effective and binding upon its execution and delivery by each of the parties hereto.

 

Section 4.4      GOVERNING
LAW. THIS AGREEMENT WILL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE FEDERAL LAW OF THE UNITED STATES, IF AND TO THE EXTENT
SUCH LAW IS APPLICABLE, AND OTHERWISE IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE
PERFORMED ENTIRELY WITHIN SUCH STATE.

 

Section 4.5       Counterparts.
This Agreement may be executed by each of the parties hereto on any number of separate counterparts, each of which shall be an
original and all of which taken together shall constitute one and the same instrument.

 

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IN WITNESS WHEREOF, this
Agreement has been duly executed and delivered by the duly authorized representatives of the parties hereto as of the date first
herein above written.

 

	 	CITIGROUP INC.
	 	 	 	 
	 	By:	/s/ John C. Gerspach
	 	 	Name:	John C. Gerspach
	 	 	Title:	Chief Financial Officer
	 	 	 	 
	 	FEDERAL DEPOSIT INSURANCE CORPORATION
	 	 	 	 
	 	By:	/s/ Dennis Warnke
	 	 	Name:	Dennis Warnke
	 	 	Title:	Manager, Treasury Management Branch

  

[Signature Page to Exchange Agreement]

  

    	 

    	 

    

 

EXHIBIT A

 

[TERM SHEET FOR SUBORDINATED NOTES DUE 2025]

 

    	 

    	 

    

 

Citigroup Inc.

$1,420,000,000

5.500%
SUBORDINATED NOTES DUE 2025

  

Terms and Conditions

	
        Issuer:

        Selling Securityholder:
	Citigroup Inc. (“Citigroup”)

Federal Deposit Insurance Corporation (“FDIC”)
	Ratings*:	Baa3 / BBB+ / BBB+ (Outlook Uncertain/ Negative Outlook / Stable Outlook) (Moody’s / S&P / Fitch)
	Ranking:	Subordinated 
	Trade Date:	September 10, 2013
	Settlement Date:	September 13, 2013 
	Maturity:	September 13, 2025
	Par Amount:	$1,420,000,000
	Treasury Benchmark:	2.500% due August 15, 2023
	Re-offer Yield:	5.500%
	Semi-Annual Coupon:	5.500% per annum
	Public Offering Price:	100.000% per note
	
        Gross Fee:

        Management Fee:

        Underwriting Fee:

        Sales Concession:

        Re-allowance:
	
        0.450%

        0.090%

        0.090%

        0.270%

        0.160%

	Purchase Price:	100.000%
	Net Proceeds to FDIC:	$1,420,000,000
	Interest Payment Dates:	The 13th of each March and September, beginning March 13, 2014.  Following business day convention applicable
	Day Count:	30 / 360
	Defeasance:	Applicable. Provisions of Sections 11.02 and 11.03 of the Indenture apply
	Redemption at Issuer Option:	Only for tax purposes
	Redemption for Tax Purposes:	Applicable at Citigroup’s option if, as a result of any act taken by a taxing authority or changes in U.S. tax law, withholding tax or information reporting requirements are imposed on payments on the notes to non-U.S. persons. Redemption as a whole, not in part
	Sinking Fund:	Not applicable
	Listing:	Application will be made to list the notes on the regulated market of the Luxembourg Stock Exchange
	 	 
	Minimum Denominations/Multiples:	$1,000 / multiples of $1,000 in excess thereof
	 	 
	CUSIP:	172967HB0
	ISIN:	US172967HB08
	 	 
	Global Coordinator: 	Citigroup Global Markets Inc.

 

    	 

    	 

    

 

Citigroup Inc.

$1,420,000,000

5.500%
SUBORDINATED NOTES DUE 2025

 

	Joint Bookrunners: 	RBC Capital Markets, LLC
	 	U.S. Bancorp Investments, Inc.

ANZ Securities, Inc.

BNY Mellon Capital Markets, LLC

Credit Agricole Securities (USA) Inc.

Scotia Capital (USA) Inc.

SG Americas Securities, LLC

TD Securities (USA) LLC

ABN AMRO Securities (USA) LLC

Banca IMI S.p.A.

BBVA Securities Inc.

BMO Capital Markets Corp.

Capital One Securities, Inc.

CIBC World Markets Corp.

Commerz Markets LLC

Fifth Third Securities, Inc.

ING Financial Markets LLC

Lloyds Securities Inc.

Macquarie Capital (USA) Inc.

Mitsubishi UFJ Securities (USA), Inc.

Mizuho Securities USA Inc.

nabSecurities, LLC

National Bank of Canada Financial Inc.

Natixis Securities Americas LLC

Nomura Securities International, Inc.

PNC Capital Markets LLC

Santander Investment Securities Inc.

SMBC Nikko Securities America, Inc.

SunTrust Robinson Humphrey, Inc.

UniCredit Capital Markets LLC 
	Co-Managers:	Apto Partners, LLC

Banco BTG Pactual S.A. – Cayman Branch

Blaylock Robert Van, LLC

Cabrera Capital Markets, LLC

C.L. King & Associates, Inc.

CastleOak Securities, L.P.

Drexel Hamilton, LLC

KKR Capital Markets LLC

Kota Global Securities Inc.

Lebenthal & Co., LLC

Loop Capital Markets LLC

M.R. Beal & Company

MFR Securities, Inc.

Mischler Financial Group, Inc.

Muriel Siebert & Co., Inc.

Samuel A. Ramirez & Company, Inc.

The Williams Capital Group, L.P. 

*Note: A securities rating is not a recommendation
to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

 

Citigroup Inc. has filed a registration statement (including
a prospectus) with the Securities and Exchange Commission for the offering to which this communication relates. Before you invest,
you should read the prospectus in the registration statement and the other documents Citigroup has filed with the SEC for more
complete information about Citigroup and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site
at www.sec.gov. The file number for Citigroup's registration statement is No. 333-191056. Alternatively, you can request the prospectus
by calling Citigroup Global Markets Inc. toll-free at 1-800-831-9146 or U.S. Bancorp Investments, Inc. toll-free at 1-877-558-2607.

 

    	 

    	 

    

  

EXHIBIT B

 

[TERM SHEET FOR SUBORDINATED NOTES DUE 2043]

 

    	 

    	 

    

 

Citigroup Inc.

$1,000,000,000

6.675%
SUBORDINATED NOTES DUE 2043

 

Terms and Conditions

	
        Issuer:

        Selling Securityholder:
	Citigroup Inc. (“Citigroup”)

Federal Deposit Insurance Corporation (“FDIC”)
	Ratings*:	Baa3 / BBB+ / BBB+ (Outlook Uncertain/ Negative Outlook / Stable Outlook) (Moody’s / S&P / Fitch)
	Ranking:	Subordinated
	Trade Date:	September 10, 2013
	Settlement Date:	September 13, 2013 
	Maturity:	September 13, 2043
	Par Amount:	$1,000,000,000
	Treasury Benchmark:	2.875% due May 15, 2043
	Re-offer Yield:	6.675%
	Semi-Annual Coupon:	6.675% per annum
	Public Offering Price:	100.000% per note
	
        Gross Fee:

        Management Fee:

        Underwriting Fee:

        Sales Concession:

        Re-allowance:
	
        0.875%

        0.175%

        0.175%

        0.525%

        0.315%

	Purchase Price:	100.000%
	Net Proceeds to FDIC:	$1,000,000,000
	Interest Payment Dates:	The 13th of each March and September, beginning March 13, 2014.  Following business day convention applicable
	Day Count:	30 / 360
	Defeasance:	Applicable. Provisions of Sections 11.02 and 11.03 of the Indenture apply
	Redemption at Issuer Option:	Only for tax purposes
	Redemption for Tax Purposes:	Applicable at Citigroup’s option if, as a result of any act taken by a taxing authority or changes in U.S. tax law, withholding tax or information reporting requirements are imposed on payments on the notes to non-U.S. persons. Redemption as a whole, not in part
	Sinking Fund:	Not applicable
	Listing:	Application will be made to list the notes on the regulated market of the Luxembourg Stock Exchange
	 	 
	Minimum Denominations/Multiples:	$1,000 / multiples of $1,000 in excess thereof
	 	 
	CUSIP:	172967HA2
	ISIN:	US172967HA25
	 	 
	Global Coordinator: 	Citigroup Global Markets Inc.

 

    	 

    	 

    

 

Citigroup Inc.

$1,000,000,000

6.675%
SUBORDINATED NOTES DUE 2043

 

	Joint Bookrunners: 	RBC Capital Markets, LLC
	 	U.S. Bancorp Investments, Inc.

ANZ Securities, Inc.

BNY Mellon Capital Markets, LLC

Credit Agricole Securities (USA) Inc.

Scotia Capital (USA) Inc.

SG Americas Securities, LLC

TD Securities (USA) LLC

ABN AMRO Securities (USA) LLC

Banca IMI S.p.A.

BBVA Securities Inc.

BMO Capital Markets Corp.

Capital One Securities, Inc.

CIBC World Markets Corp.

Commerz Markets LLC

Fifth Third Securities, Inc.

ING Financial Markets LLC

Lloyds Securities Inc.

Macquarie Capital (USA) Inc.

Mitsubishi UFJ Securities (USA), Inc.

Mizuho Securities USA Inc.

nabSecurities, LLC

National Bank of Canada Financial Inc.

Natixis Securities Americas LLC

Nomura Securities International, Inc.

PNC Capital Markets LLC

Santander Investment Securities Inc.

SMBC Nikko Securities America, Inc.

SunTrust Robinson Humphrey, Inc.

UniCredit Capital Markets LLC 
	Co-Managers:	Apto Partners, LLC

Banco BTG Pactual S.A. – Cayman Branch

Blaylock Robert Van, LLC

Cabrera Capital Markets, LLC

C.L. King & Associates, Inc.

CastleOak Securities, L.P.

Drexel Hamilton, LLC

KKR Capital Markets LLC

Kota Global Securities Inc.

Lebenthal & Co., LLC

Loop Capital Markets LLC

M.R. Beal & Company

MFR Securities, Inc.

Mischler Financial Group, Inc.

Muriel Siebert & Co., Inc.

Samuel A. Ramirez & Company, Inc.

The Williams Capital Group, L.P. 

*Note: A securities rating is not a recommendation to
buy, sell or hold securities and may be subject to revision or withdrawal at any time.

 

Citigroup Inc. has filed a registration statement (including
a prospectus) with the Securities and Exchange Commission for the offering to which this communication relates. Before you invest,
you should read the prospectus in the registration statement and the other documents Citigroup has filed with the SEC for more
complete information about Citigroup and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site
at www.sec.gov. The file number for Citigroup's registration statement is No. 333-191056. Alternatively, you can request the prospectus
by calling Citigroup Global Markets Inc. toll-free at 1-800-831-9146 or RBC Capital Markets, LLC toll-free at 1-866-375-6829.

 

    	 

    	 

    

 

EXHIBIT C

 

[FORM OF CERTIFICATE TO BE DELIVERED UPON

TRANSFER OF TRUPS SECURITIES]

  

Citigroup Inc.

399 Park Avenue

New York, New York 10043

Facsimile: 212-793-5629

Attention: Treasury Department

 

The Bank of New York Mellon

101 Barclay Street – 8W

New York, New York 10286

Attention: Corporate Trust Administration 

 

		Re:	8.00% Capital
Securities, liquidation amount $1,000 per capital security

(the “Securities”) CUSIP # 17314MAA4                                                     

 

Reference is hereby made
to that certain Amended and Restated Declaration of Trust of Citigroup Capital XXXIII, dated as of July 30, 2009 (the “ARDT”),
among Citigroup Inc., the regular trustees named therein, BNY Mellon Trust of Delaware, as Delaware Trustee, and The Bank of New
York Mellon, as Institutional Trustee (the “Institutional Trustee”). Capitalized terms used but not defined
herein shall have the meanings set forth in the ARDT.

 

This certificate relates
to $2,225,000,000 aggregate liquidation amount of Securities held in definitive form represented by Certificate No. 6 by the undersigned.

 

The undersigned, the
Federal Deposit Insurance Corporation (transferor), hereby requests that the Security Registrar register a transfer of 2,225,000
Securities ($2,225,000,000 aggregate liquidation amount), represented by Certificate No. 6, to Citigroup Inc. (transferee).

 

In connection with such
transfer of the Securities, the undersigned confirms that such Securities are being transferred in accordance with their terms:

 

CHECK ONE BOX BELOW:

 

		x	to Citigroup Inc. or any subsidiary thereof; or

 

		 ̈	to a “qualified institutional buyer” within the meaning of Rule 144A (“Rule 144A”) under the
Securities Act of 1933, as amended (the “Securities Act”) and in compliance with Rule 144A;

 

		 ̈	pursuant to an exemption from registration provided by Rule 144 under the Securities Act or any other available exemption from
the registration requirements of the Securities Act.

 

    	 

    	 

    

  

Unless one of the boxes
is checked, the Security Registrar will refuse to register the transfer of any of the Securities referenced in this certificate
or any beneficial interests therein.

 

	 	FEDERAL DEPOSIT INSURANCE CORPORATION
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

	Signature Guarantee:	 	 
	 	(Signature must be guaranteed by a	 
	 	participant in a recognized signature	 
	 	guarantee medallion program)	 

  

    	 

    	 

    

 

EXHIBIT D

 

[FORM OF OPINION OF COUNSEL]

 

Opinions provided by outside counsel to the Company on the
date hereof:

 

(a)          The
Company is validly existing as a corporation in good standing under the laws of the State of Delaware.

 

(b)          The
Company has corporate power to enter into the Exchange Agreement and to perform its obligations thereunder with respect to the
Exchange and the Exchange has been duly and validly authorized by the Company.

 

(c)          The
Exchange Agreement has been duly and validly authorized by the Company, and duly executed and delivered by the Company, and, assuming
due execution and delivery by the Investor, the Exchange Agreement is a valid and legally binding obligation of the Company, enforceable
against the Company in accordance with its terms.

 

(d)          The
Indenture has been duly and validly authorized, and duly executed and delivered, by the Company, the Indenture is a valid and legally
binding obligation of the Company, enforceable against the Company in accordance with its terms, and the Indenture has been qualified
under the Trust Indenture Act.

 

(e)          The
Subordinated Notes have been duly and validly authorized and executed by the Company and, assuming such Subordinated Notes are
duly authenticated by the Indenture Trustee in the manner provided for in the Indenture and delivered to the Investor against consideration
therefor, have been duly and validly issued and are valid and legally binding obligations of the Company, enforceable in accordance
with their terms, and are in the form contemplated by, and entitled to the benefits of, the Indenture.

 

(f)          The
Company is not now, nor after giving effect to the Exchange will be, and the Company is not controlled by, or acting on behalf
of any person which is, an “investment company” within the meaning of the Investment Company Act of 1940.

 

Opinions provided by in-house counsel to the Company on the
date hereof:

 

(a)          The
Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State of Delaware.

 

(b)          The
issuance and exchange of the Subordinated Notes pursuant to the Exchange Agreement do not, and the performance by the Company of
its obligations in connection with the Exchange Agreement will not, require any consent, approval, authorization, registration
or qualification of or with any governmental agency or body of the United States or the State of New York, except such as have
been obtained or effected.

 

    	 

    	 

    

  

(c)          The
execution, delivery and performance of the Exchange Agreement by the Company and the issuance of the Subordinated Notes pursuant
to the Exchange Agreement will not result in a breach of any of the terms and provisions of, or constitute a default under, any
of the agreements or instruments of the Company filed by the Company with the Commission as exhibits to the registration statement
on Form S-3 (Registration No. 333-191056), and to its (i) Annual Report on Form 10-K for the fiscal year ended December 31, 2012;
(ii) Quarterly Reports on Form 10-Q for the periods ended March 31, 2013 and June 30, 2013; (iii) Current Reports on Form 8-K filed
from January 2, 2013 to the date hereof; (iv) registration statement on Form S-3 (Registration No. 333-172555); (v) registration
statement on Form S-3 (Registration No. 333-172554); (vi) registration statement on Form S-3 (Registration No. 333-152454); (vii)
registration statement on Form S-3 (Registration No. 333-135163); and (viii) registration statement on Form S-3 (Registration No.
333-172562), or result in a violation of the charter or bylaws of the Company or any of its material subsidiaries or any statute,
rule, regulation or order of any governmental agency or body of the United States or the State of New York or any court of the
United States or the State of New York having jurisdiction over the Company; provided, however, that no opinion is expressed in
this paragraph with respect to (i) the rights to indemnity and contribution contained in the Agreement, which may be limited by
federal or state securities laws or the public policy underlying such laws, or (ii) any state securities or blue sky laws.

 

Statement provided by outside counsel regarding the effectiveness
of the Registration Statement:

 

(a)          based
solely upon our review of the Notice of Effectiveness on the website of the Securities and Exchange Commission (the “Commission”),
the registration statement on Form S-3 (No. 333-191056) (the “Registration Statement”) related to your sale
of the Subordinated Notes is effective under the Securities Act of 1933, as amended, and (b) based solely upon a telephonic confirmation
from a representative of the Commission, no stop order with respect thereto has been issued by the Commission, and to the best
of our knowledge, no proceeding for that purpose has been instituted or threatened by the Commission. To the best of our knowledge,
no order directed to any document incorporated by reference in the Registration Statement has been issued by the Commission and
remains in effect, and no proceeding for that purpose has been instituted or threatened by the Commission.

 

    	 

    	 

    

 

EXHIBIT E

 

[REGISTRATION RIGHTS]

 

(a) Registration.

 

(i)          Subject
to the terms and conditions of this Agreement, the Company covenants and agrees that no later than date of the Exchange, the Company
shall prepare and file with the SEC a Shelf Registration Statement covering all applicable Registrable Securities (or otherwise
designate an existing Shelf Registration Statement filed with the SEC to cover the Registrable Securities), and, to the extent
the Shelf Registration Statement has not theretofore been declared effective or is not automatically effective upon such filing,
the Company shall use reasonable best efforts to cause such Shelf Registration Statement to be declared or become effective and
to keep such Shelf Registration Statement continuously effective and in compliance with the Securities Act and usable for resale
of such Registrable Securities for a period from the date of its initial effectiveness until such time as there are no Registrable
Securities remaining (including by refiling such Shelf Registration Statement (or a new Shelf Registration Statement) if the initial
Shelf Registration Statement expires). So long as the Company is a well-known seasoned issuer (as defined in Rule 405 under the
Securities Act) at the time of filing of the Shelf Registration Statement with the SEC, such Shelf Registration Statement shall
be designated by the Company as an automatic Shelf Registration Statement. Notwithstanding the foregoing, if on the date of this
Agreement, the Company is not eligible to file a registration statement on Form S-3, then the Company shall not be obligated to
file a Shelf Registration Statement unless and until requested to do so in writing by the Investor.

 

(ii)         Any
registration pursuant to these Registration Rights shall be effected by means of a shelf registration on an appropriate form under
Rule 415 under the Securities Act (a “Shelf Registration Statement”). If the Investor or any other Holder intends
to distribute any Registrable Securities by means of an underwritten offering it shall promptly so advise the Company and the Company
shall take all reasonable steps to facilitate such distribution, including the actions required pursuant to paragraph (c) below.
The lead underwriters in any such distribution shall be selected by the Holders of a majority of the Registrable Securities to
be distributed; provided that to the extent appropriate and permitted under applicable law, such Holders shall consider
the qualifications of any broker-dealer Affiliate of the Company in selecting the lead underwriters in any such distribution.

 

    	 

    	 

    

 

(iii)        The
Company shall not be required to effect a registration (including a resale of Registrable Securities from an effective Shelf Registration
Statement) or an underwritten offering pursuant to this section (a): (A) with respect to securities that are not Registrable Securities;
or (B) if the Company has notified the Investor and all other Holders that in the good faith judgment of the Board of Directors,
it would be materially detrimental to the Company or its securityholders for such registration or underwritten offering to be effected
at such time, in which event the Company shall have the right to defer such registration for a period of not more than 45 days
after receipt of the request of the Investor or any other Holder; provided that such right to delay a registration or underwritten
offering shall be exercised by the Company (1) only if the Company has generally exercised (or is concurrently exercising) similar
black-out rights against holders of similar securities that have registration rights and (2) not more than two times in any 12-month
period and not more than 90 days in the aggregate in any 12-month period.

 

(iv)         If
during any period when an effective Shelf Registration Statement is not available, the Company proposes to register any of its
equity securities, other than a registration pursuant to paragraph (a)(i) above, and the registration form to be filed may be used
for the registration or qualification for distribution of Registrable Securities, the Company will give prompt written notice to
the Investor and all other Holders of its intention to effect such a registration (but in no event less than ten days prior to
the anticipated filing date) and will include in such registration all Registrable Securities with respect to which the Company
has received written requests for inclusion therein within ten business days after the date of the Company’s notice (a “Piggyback
Registration”). Any such person that has made such a written request may withdraw any such written request for its Registrable
Securities from such Piggyback Registration by giving written notice to the Company and the managing underwriter, if any, on or
before the fifth business day prior to the planned effective date of such Piggyback Registration. The Company may terminate or
withdraw any registration under this paragraph (a)(iv) prior to the effectiveness of such registration, whether or not the Investor
or any other Holders have elected to include Registrable Securities in such registration.

 

(v)          If
the registration referred to in paragraph (a)(iv) above is proposed to be underwritten, the Company will so advise Investor and
all other Holders as a part of the written notice given pursuant to paragraph (a)(iv) above. In such event, the right of Investor
and all other Holders to registration pursuant to this section (a) will be conditioned upon such persons’ participation in
such underwriting and the inclusion of its Registrable Securities in the underwriting if such securities are of the same class
of securities as the securities to be offered in the underwritten offering, and each such person will (together with the Company
and the other persons distributing their securities through such underwriting) enter into an underwriting agreement in customary
form with the underwriter or underwriters selected for such underwriting by the Company; provided that the Investor (as opposed
to other Holders) shall not be required to indemnify any person in connection with any registration. If any participating person
disapproves of the terms of the underwriting, such person may elect to withdraw therefrom by written notice to the Company, the
managing underwriters and the Investor (if the Investor is participating in the underwriting).

 

    	 

    	 

    

 

(vi)         If
either (x) the Company grants “piggyback” registration rights to one or more third parties to include their securities
in an underwritten offering under the Shelf Registration Statement pursuant to paragraph (a)(ii) above or (y) a Piggyback Registration
under paragraph (a)(iv) above relates to an underwritten offering on behalf of the Company, and in either case the managing underwriters
advise the Company that in their reasonable opinion the number of securities requested to be included in such offering exceeds
the number which can be sold without adversely affecting the marketability of such offering (including an adverse effect on the
per share offering price), the Company will include in such offering only such number of securities that in the reasonable opinion
of such managing underwriters can be sold without adversely affecting the marketability of the offering (including an adverse effect
on the per share offering price), which securities will be so included in the following order of priority: (A) first, in the case
of a Piggyback Registration under paragraph (a)(iv) above, the securities the Company proposes to sell, (B) then the Registrable
Securities of the Investor and all other Holders who have requested inclusion of Registrable Securities pursuant to paragraph (a)(ii)
or paragraph (a)(iv), as applicable, pro rata on the basis of the aggregate number of such securities or shares owned
by each such person and (C) lastly, any other securities of the Company that have been requested to be so included, subject to
the terms of this Agreement; provided, however, that if the Company has, prior to the date of the Exchange, entered
into an agreement with respect to its securities that is inconsistent with the order of priority contemplated hereby then it shall
apply the order of priority in such conflicting agreement to the extent that it would otherwise result in a breach under such agreement.

 

(b)          Expenses
of Registration. All Registration Expenses incurred in connection with any registration, qualification or compliance hereunder
shall be borne by the Company. All Selling Expenses incurred in connection with any registrations hereunder shall be borne by the
holders of the securities so registered pro rata on the basis of the aggregate offering or sale price of the securities
so registered; provided that all Selling Expenses of the Investor shall be borne by the Company as set forth in Section
4.1 of this Agreement.

 

(c)          Obligations
of the Company. Beginning on October 8, 2013, the Company shall use its reasonable best efforts, for so long as there are Registrable
Securities outstanding, to take such actions as are under its control to not become an ineligible issuer (as defined in Rule 405
under the Securities Act) and to remain a well-known seasoned issuer (as defined in Rule 405 under the Securities Act). In addition,
whenever required to effect the registration of any Registrable Securities or facilitate the distribution of Registrable Securities
pursuant to an effective Shelf Registration Statement, the Company shall, as expeditiously as reasonably practicable:

 

(i)          Prepare
and file with the SEC a prospectus supplement with respect to a proposed offering of Registrable Securities pursuant to an effective
registration statement, subject to paragraph (d) below, keep such registration statement effective and keep such prospectus supplement
current until the securities described therein are no longer Registrable Securities.

 

(ii)         Prepare
and file with the SEC such amendments and supplements to the applicable registration statement and the prospectus or prospectus
supplement used in connection with such registration statement as may be necessary to comply with the provisions of the Securities
Act with respect to the disposition of all securities covered by such registration statement.

 

    	 

    	 

    

  

(iii)        Furnish
to the Holders and any underwriters such number of copies of the applicable registration statement and each such amendment and
supplement thereto (including in each case all exhibits) and of a prospectus, including a preliminary prospectus, in conformity
with the requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the
disposition of Registrable Securities owned or to be distributed by them.

 

(iv)         Use
its reasonable best efforts to register and qualify the securities covered by such registration statement under such other securities
or blue sky laws of such jurisdictions as shall be reasonably requested by the Holders or any managing underwriter(s), to keep
such registration or qualification in effect for so long as such registration statement remains in effect, and to take any other
action which may be reasonably necessary to enable such seller to consummate the disposition in such jurisdictions of the securities
owned by such Holder; provided that the Company shall not be required in connection therewith or as a condition thereto
to qualify to do business or to file a general consent to service of process in any such states or jurisdictions.

 

(v)          Notify
each Holder of Registrable Securities at any time when a prospectus relating thereto is required to be delivered under the Securities
Act of the happening of any event as a result of which the applicable prospectus, as then in effect, includes an untrue statement
of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein
not misleading in light of the circumstances then existing.

 

(vi)         Give
written notice to the Holders:

 

(A)         when
any registration statement filed pursuant to section (a) hereof or any amendment thereto has been filed with the SEC (except for
any amendment effected by the filing of a document with the SEC pursuant to the Exchange Act) and when such registration statement
or any post-effective amendment thereto has become effective;

 

(B)         of
any request by the SEC for amendments or supplements to any registration statement or the prospectus included therein or for additional
information;

 

(C)         of
the issuance by the SEC of any stop order suspending the effectiveness of any registration statement or the initiation of any proceedings
for that purpose;

 

(D)         of
the receipt by the Company or its legal counsel of any notification with respect to the suspension of the qualification of the
Company’s common stock for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose;

 

    	 

    	 

    

 

(E)         of
the happening of any event that requires the Company to make changes in any effective registration statement or the prospectus
related to the registration statement in order to make the statements therein not misleading (which notice shall be accompanied
by an instruction to suspend the use of the prospectus until the requisite changes have been made); and

 

(F)         if
at any time the representations and warranties of the Company contained in any underwriting agreement contemplated by paragraph(c)(x)
below cease to be true and correct.

 

(vii)        Use
its reasonable best efforts to prevent the issuance or obtain the withdrawal of any order suspending the effectiveness of any registration
statement referred to in paragraph (c)(vi)(C) above at the earliest practicable time.

 

(viii)      Upon
the occurrence of any event contemplated by paragraphs (c)(v) or (c)(vi)(E) above, promptly prepare a post-effective amendment
to such registration statement or a supplement to the related prospectus or file any other required document so that, as thereafter
delivered to the Holders and any underwriters, the prospectus will not contain an untrue statement of a material fact or omit to
state any material fact necessary to make the statements therein, in light of the circumstances under which they were made, not
misleading. If the Company notifies the Holders in accordance with paragraph (c)(vi)(E) above to suspend the use of the prospectus
until the requisite changes to the prospectus have been made, then the Holders and any underwriters shall suspend use of such prospectus
and use their reasonable best efforts to return to the Company all copies of such prospectus (at the Company’s expense) other
than permanent file copies then in such Holders’ or underwriters’ possession. The total number of days that any such
suspension may be in effect in any 12-month period shall not exceed 90 days.

 

(ix)        Use
reasonable best efforts to procure the cooperation of the Company’s transfer agent in settling any offering or sale of Registrable
Securities, including with respect to the transfer of physical stock certificates into book-entry form in accordance with any procedures
reasonably requested by the Holders or any managing underwriter(s).

 

    	 

    	 

    

 

(x)          If
an underwritten offering is requested pursuant to paragraph (a)(ii) above, enter into an underwriting agreement in customary form,
scope and substance and take all such other actions reasonably requested by the Holders of a majority of the Registrable Securities
being sold in connection therewith or by the managing underwriter(s), if any, to expedite or facilitate the underwritten disposition
of such Registrable Securities, and in connection therewith in any underwritten offering (including making members of management
and executives of the Company available to participate in “road shows”, similar sales events and other marketing activities),
(A) make such representations and warranties to the Holders that are selling stockholders and the managing underwriter(s), if any,
with respect to the business of the Company and its subsidiaries, and the Shelf Registration Statement, prospectus and documents,
if any, incorporated or deemed to be incorporated by reference therein, in each case, in customary form, substance and scope, and,
if true, confirm the same if and when requested, (B) use its reasonable best efforts to furnish the underwriters with opinions
of counsel to the Company, addressed to the managing underwriter(s), if any, covering the matters customarily covered in such opinions
requested in underwritten offerings, (C) use its reasonable best efforts to obtain “cold comfort” letters from the
independent certified public accountants of the Company (and, if necessary, any other independent certified public accountants
of any business acquired by the Company for which financial statements and financial data are included in the Shelf Registration
Statement) who have certified the financial statements included in such Shelf Registration Statement, addressed to each of the
managing underwriter(s), if any, such letters to be in customary form and covering matters of the type customarily covered in “cold
comfort” letters, (D) if an underwriting agreement is entered into, the same shall contain indemnification provisions and
procedures customary in underwritten offerings (provided that the Investor shall not be obligated to provide any indemnity), and
(E) deliver such documents and certificates as may be reasonably requested by the Holders of a majority of the Registrable Securities
being sold in connection therewith, their counsel and the managing underwriter(s), if any, to evidence the continued validity of
the representations and warranties made pursuant to clause (i) above and to evidence compliance with any customary conditions contained
in the underwriting agreement or other agreement entered into by the Company.

 

(xi)         Make
available for inspection by a representative of Holders that are selling stockholders, the managing underwriter(s), if any, and
any attorneys or accountants retained by such Holders or managing underwriter(s), at the offices where normally kept, during reasonable
business hours, financial and other records, pertinent corporate documents and properties of the Company, and cause the officers,
directors and employees of the Company to supply all information in each case reasonably requested (and of the type customarily
provided in connection with due diligence conducted in connection with a registered public offering of securities) by any such
representative, managing underwriter(s), attorney or accountant in connection with such Shelf Registration Statement.

 

(xii)        Use
reasonable best efforts to cause all such Registrable Securities to be listed on each national securities exchange on which similar
securities issued by the Company are then listed or, if no similar securities issued by the Company are then listed on any national
securities exchange, use its reasonable best efforts to cause all such Registrable Securities to be listed on such securities exchange
as the Investor may designate.

 

    	 

    	 

    

 

(xiii)      If
requested by Holders of a majority of the Registrable Securities being registered and/or sold in connection therewith, or the managing
underwriter(s), if any, promptly include in a prospectus supplement or amendment such information as the Holders of a majority
of the Registrable Securities being registered and/or sold in connection therewith or managing underwriter(s), if any, may reasonably
request in order to permit the intended method of distribution of such securities and make all required filings of such prospectus
supplement or such amendment as soon as practicable after the Company has received such (d) Suspension of Sales. Upon receipt of
written notice from the Company that a registration statement, prospectus or prospectus supplement contains or may contain an untrue
statement of a material fact or omits or may omit to state a material fact required to be stated therein or necessary to make the
statements therein not misleading or that circumstances exist that make inadvisable use of such registration statement, prospectus
or prospectus supplement, the Investor and each Holder of Registrable Securities shall forthwith discontinue disposition of Registrable
Securities until the Investor and/or Holder has received copies of a supplemented or amended prospectus or prospectus supplement,
or until the Investor and/or such Holder is advised in writing by the Company that the use of the prospectus and, if applicable,
prospectus supplement may be resumed, and, if so directed by the Company, the Investor and/or such Holder shall deliver to the
Company (at the Company’s expense) all copies, other than permanent file copies then in the Investor and/or such Holder’s
possession, of the prospectus and, if applicable, prospectus supplement covering such Registrable Securities current at the time
of receipt of such notice. The total number of days that any such suspension may be in effect in any 12-month period shall not
exceed 90 days.

 

(e)          Termination
of Registration Rights. A Holder’s registration rights as to any securities held by such Holder (and its Affiliates,
partners, members and former members) shall not be available unless such securities are Registrable Securities.

 

(f)          Furnishing
Information.

 

(i)          Neither
the Investor nor any Holder shall use any free writing prospectus (as defined in Rule 405) in connection with the sale of Registrable
Securities without the prior written consent of the Company.

 

(ii)         It
shall be a condition precedent to the obligations of the Company to take any action pursuant to paragraph (c) above that Investor
and/or the selling Holders and the underwriters, if any, shall furnish to the Company such information regarding themselves, the
Registrable Securities held by them and the intended method of disposition of such securities as shall be required to effect the
registered offering of their Registrable Securities.

 

    	 

    	 

    

  

(g)          Indemnification.

 

(i)          The
Company agrees to indemnify each Holder and, if a Holder is a person other than an individual, such Holder’s officers, directors,
employees, agents, representatives and Affiliates, and each person, if any, that controls a Holder within the meaning of the Securities
Act (each, an “Indemnitee”), against any and all losses, claims, damages, actions, liabilities, costs and expenses
(including reasonable fees, expenses and disbursements of attorneys and other professionals incurred in connection with investigating,
defending, settling, compromising or paying any such losses, claims, damages, actions, liabilities, costs and expenses), joint
or several, arising out of or based upon any untrue statement or alleged untrue statement of material fact contained in any registration
statement, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto
or any documents incorporated therein by reference or contained in any free writing prospectus (as such term is defined in Rule
405) prepared by the Company or authorized by it in writing for use by such Holder (or any amendment or supplement thereto); or
any omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light
of the circumstances under which they were made, not misleading; provided, that the Company shall not be liable to such Indemnitee
in any such case to the extent that any such loss, claim, damage, liability (or action or proceeding in respect thereof) or expense
arises out of or is based upon (A) an untrue statement or omission made in such registration statement, including any such preliminary
prospectus or final prospectus contained therein or any such amendments or supplements thereto or contained in any free writing
prospectus (as such term is defined in Rule 405) prepared by the Company or authorized by it in writing for use by such Holder
(or any amendment or supplement thereto), in reliance upon and in conformity with information regarding such Indemnitee or its
plan of distribution or ownership interests which was furnished in writing to the Company by such Indemnitee for use in connection
with such registration statement, including any such preliminary prospectus or final prospectus contained therein or any such amendments
or supplements thereto, or (B) offers or sales effected by or on behalf of such Indemnitee “by means of” (as defined
in Rule 159A) a “free writing prospectus” (as defined in Rule 405) that was not authorized in writing by the Company.

 

(ii)         If
the indemnification provided for in paragraph (g)(i) above is unavailable to an Indemnitee with respect to any losses, claims,
damages, actions, liabilities, costs or expenses referred to therein or is insufficient to hold the Indemnitee harmless as contemplated
therein, then the Company, in lieu of indemnifying such Indemnitee, shall contribute to the amount paid or payable by such Indemnitee
as a result of such losses, claims, damages, actions, liabilities, costs or expenses in such proportion as is appropriate to reflect
the relative fault of the Indemnitee, on the one hand, and the Company, on the other hand, in connection with the statements or
omissions which resulted in such losses, claims, damages, actions, liabilities, costs or expenses as well as any other relevant
equitable considerations. The relative fault of the Company, on the one hand, and of the Indemnitee, on the other hand, shall be
determined by reference to, among other factors, whether the untrue statement of a material fact or omission to state a material
fact relates to information supplied by the Company or by the Indemnitee and the parties’ relative intent, knowledge, access
to information and opportunity to correct or prevent such statement or omission; the Company and each Holder agree that it would
not be just and equitable if contribution pursuant to this paragraph (g)(ii) were determined by pro rata allocation or by any other
method of allocation that does not take account of the equitable considerations referred to in paragraph (g)(i) above. No Indemnitee
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution
from the Company if the Company was not guilty of such fraudulent misrepresentation.

 

(h)          Assignment
of Registration Rights. The rights of the Investor to registration of Registrable Securities pursuant to section (a) may be
assigned by the Investor to a transferee or assignee of Registrable Securities with a liquidation amount of at least $200 million
in aggregate; provided, however, the transferor shall, within ten days after such transfer, furnish to the Company written notice
of the name and address of such transferee or assignee and the number and type of Registrable Securities that are being assigned.

 

    	 

    	 

    

 

(i)          [Reserved.]

 

(j)          Rule
144; Rule 144A. With a view to making available to the Investor and Holders the benefits of certain rules and regulations of
the SEC which may permit the sale of the Registrable Securities to the public without registration, the Company agrees to use its
reasonable best efforts to:

 

(i)          make
and keep public information available, as those terms are understood and defined in Rule 144(c)(1) or any similar or analogous
rule promulgated under the Securities Act, at all times after the date of the Exchange;

 

(ii)         (A)
file with the SEC, in a timely manner, all reports and other documents required of the Company under the Exchange Act, and (B)
if at any time the Company is not required to file such reports, make available, upon the request of any Holder, such information
necessary to permit sales pursuant to Rule 144A (including the information required by Rule 144A(d)(4) under the Securities Act);

 

(iii)        so
long as the Investor or a Holder owns any Registrable Securities, furnish to the Investor or such Holder forthwith upon request:
a written statement by the Company as to its compliance with the reporting requirements of Rule 144 under the Securities Act, and
of the Exchange Act; a copy of the most recent annual or quarterly report of the Company; and such other reports and documents
as the Investor or Holder may reasonably request in availing itself of any rule or regulation of the SEC allowing it to sell any
such securities to the public without registration; and

 

(iv)         
take such further action as any Holder may reasonably request, all to the extent required from time to time to enable such Holder
to sell Registrable Securities without registration under the Securities Act.

 

(k)          As
used in this Exhibit E, the following terms shall have the following respective meanings:

 

(i)          “Holder”
means the Investor and any other holder of Registrable Securities to whom the registration rights conferred by this Agreement have
been transferred in compliance with paragraph (h) above.

 

(ii) “Holders’ Counsel”
means one counsel for the selling Holders chosen by Holders holding a majority interest in the Registrable Securities being registered.

 

(iii)        “Register,”
“registered,” and “registration” shall refer to a registration effected by preparing and
(A) filing a registration statement in compliance with the Securities Act and applicable rules and regulations thereunder, and
the declaration or ordering of effectiveness of such registration statement or (B) filing a prospectus and/or prospectus supplement
in respect of an appropriate effective registration statement on Form S-3.

 

    	 

    	 

    

  

(iv)         “Registrable
Securities” means the Subordinated Notes acquired by Investor in the Exchange; provided that, once issued, such Subordinated
Notes will not be Registrable Securities when (1) they are sold pursuant to an effective registration statement under the Securities
Act, (2) except as provided in paragraph (o) below, they may be sold pursuant to Rule 144 without limitation thereunder on volume
or manner of sale, (3) they shall have ceased to be outstanding or, (4) they have been sold in a private transaction in which the
transferor's rights under this Agreement are not assigned to the transferee of the securities. No Registrable Securities may be
registered under more than one registration statement at any one time.

 

(v)          “Registration
Expenses” mean all expenses incurred by the Company in effecting any registration pursuant to this Agreement (whether
or not any registration or prospectus becomes effective or final) or otherwise complying with its obligations under this Exhibit
E, including all registration, filing and listing fees, printing expenses, fees and disbursements of counsel for the Company, blue
sky fees and expenses, expenses incurred in connection with any “road show”, the reasonable fees and disbursements
of Holders’ Counsel, and expenses of the Company’s independent accountants in connection with any regular or special
reviews or audits incident to or required by any such registration, but shall not include Selling Expenses.

 

(vi)         “Rule
144”, “Rule 144A”, “Rule 159A”, “Rule 405” and “Rule
415” mean, in each case, such rule promulgated under the Securities Act (or any successor provision), as the same shall
be amended from time to time.

 

(vii)        “Selling
Expenses” mean all discounts, selling commissions and stock transfer taxes applicable to the sale of Registrable Securities
and fees and disbursements of counsel for any Holder (other than the fees and disbursements of Holders’ Counsel included
in Registration Expenses).

 

(l)          At
any time, any holder of Securities (including any Holder) may elect to forfeit its rights set forth in this Exhibit E from that
date forward; provided, that a Holder forfeiting such rights shall nonetheless be entitled to participate under paragraphs (a)(iv)
- (vi) above in any Pending Underwritten Offering to the same extent that such Holder would have been entitled to if the holder
had not withdrawn; and provided, further, that no such forfeiture shall terminate a Holder’s rights or obligations under
paragraph (f) above with respect to any prior registration or Pending Underwritten Offering. “Pending Underwritten Offering”
means, with respect to any Holder forfeiting its rights pursuant to this paragraph (l), any underwritten offering of Registrable
Securities in which such Holder has advised the Company of its intent to register its Registrable Securities either pursuant to
paragraph (a)(ii) or paragraph (a)(iv) prior to the date of such Holder’s forfeiture.

 

    	 

    	 

    

 

(m)          Specific
Performance. The parties hereto acknowledge that there would be no adequate remedy at law if the Company fails to perform any
of its obligations under this Exhibit E and that the Investor and the Holders from time to time may be irreparably harmed by any
such failure, and accordingly agree that the Investor and such Holders, in addition to any other remedy to which they may be entitled
at law or in equity, to the fullest extent permitted and enforceable under applicable law shall be entitled to compel specific
performance of the obligations of the Company under this Exhibit E in accordance with the terms and conditions of this Exhibit
E.

 

(n)         No Inconsistent Agreements.
The Company shall not, on or after the date of the Exchange, enter into any agreement with respect to its securities that may impair
the rights granted to the Investor and the Holders under this Exhibit E or that otherwise conflicts with the provisions hereof
in any manner that may impair the rights granted to the Investor and the Holders under this Exhibit E. In the event the Company
has, prior to the date of the Exchange, entered into any agreement with respect to its securities that is inconsistent with the
rights granted to the Investor and the Holders under this Exhibit E (including agreements that are inconsistent with the order
of priority contemplated by paragraph (a)(vi) above) or that may otherwise conflict with the provisions hereof, the Company shall
use its reasonable best efforts to amend such agreements to ensure they are consistent with the provisions of this Exhibit E.

 

(o)          Certain
Offerings by the Investor. In the case of any securities held by the Investor that cease to be Registrable Securities solely
by reason of clause (2) in the definition of “Registrable Securities,” the provisions of paragraph (a)(ii),
clauses (iv), (ix) and (x)-(xii) of paragraph (c) and paragraph (g) shall continue to apply until such securities otherwise cease
to be Registrable Securities. In any such case, an “underwritten” offering or other disposition shall include
any distribution of such securities on behalf of the Investor by one or more broker-dealers, an “underwriting agreement”
shall include any purchase agreement entered into by such broker-dealers, and any “registration statement” or
“prospectus” shall include any offering document approved by the Company and used in connection with such distribution.THE SECURITIES REPRESENTED BY THIS INSTRUMENT
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS
OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING THERETO IS
IN EFFECT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR SUCH
LAWS. EACH PURCHASER OF THE SECURITIES REPRESENTED BY THIS INSTRUMENT IS NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION
FROM SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. ANY TRANSFEREE OF THE SECURITIES REPRESENTED BY THIS INSTRUMENT
BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER
THE SECURITIES ACT), (2) AGREES THAT IT WILL NOT OFFER, SELL OR OTHERWISE TRANSFER THE SECURITIES REPRESENTED BY THIS INSTRUMENT
EXCEPT (A) PURSUANT TO A REGISTRATION STATEMENT WHICH IS THEN EFFECTIVE UNDER THE SECURITIES ACT, (B) FOR SO LONG AS THE SECURITIES
REPRESENTED BY THIS INSTRUMENT ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED
INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT
OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (C) TO THE
ISSUER OR (D) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND (3) AGREES
THAT IT WILL GIVE TO EACH PERSON TO WHOM THE SECURITIES REPRESENTED BY THIS INSTRUMENT ARE TRANSFERRED A NOTICE SUBSTANTIALLY TO
THE EFFECT OF THIS LEGEND.

 

CITIGROUP INC.

5.500% Subordinated Notes due September
13, 2025

 

	REGISTERED	REGISTERED
	 	 
	No. R-0001	$1,420,000,000

 

CITIGROUP INC., a Delaware corporation (the
“Company”, which term includes any successor Person under the Indenture), for value received, hereby promises to pay
to the Federal Deposit Insurance Corporation, or registered assigns, the principal sum of $1,420,000,000 on September 13, 2025
and to pay interest thereon from and including September 9, 2013 or from the most recent Interest Payment Date (as defined herein)
to which interest has been paid or duly provided for, semi-annually, on March 13 and September 13 of each year, commencing March
13, 2014, at the rate of 5.500% per annum, until the principal hereof is paid or made available for payment (each such payment
date, an “Interest Payment Date”). The subordinated notes may be redeemed in whole, but not in part, at any time if
changes involving United States taxation occur which could require Citigroup to pay additional amounts.

 

    	 

    	 

    

 

The interest so payable, and punctually paid
or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid pursuant to the instructions of
the Person in whose name this Subordinated 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 pursuant to the instructions
of the Person in whose name this Subordinated Note is registered at the close of business on a subsequent Record Date, such subsequent
Record Date to be not less than five days prior to the date of payment of such defaulted interest, notice whereof shall be given
to holders of Subordinated Notes of this series not less than 15 days prior to such subsequent Record Date.

 

Interest hereon will be calculated on the
basis of a 360-day year comprised of twelve 30-day months or, in the case of an incomplete month, the number of days elapsed. In
the event the subordinated notes do not continue to remain in book-entry only form, Citigroup shall have the right to select record
dates, which shall be more than 14 days but less than 60 days prior to an interest payment date.

 

If an Interest Payment Date falls on a day
that is not a Business Day, such Interest Payment Date will be the next succeeding Business Day, and no further interest will accrue
in respect of such postponement. If the Maturity of the Subordinated Notes falls on a day that is not a Business Day, the payment
due on Maturity will be postponed to 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 Subordinated 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.

 

For these purposes, “Business Day”
means any 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 Subordinated 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 Subordinated 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 Subordinated
Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

    	2

    	 

    

 

IN WITNESS WHEREOF, the Company has caused
this instrument to be duly executed under its corporate seal.

 

Dated: September 9, 2013

 

	 	 	CITIGROUP INC.
	 	 	 	 
	 	 	By:	
	 	 	 	Name:  
	 	 	 	Title:    
	 	 	 	 
	ATTEST:	 	 	 
	 	 	 	 	 
	By:		 	 	 
	Name: 	 	 	 
	Title:  	 	 	 
	 	 	 	 
	[CORPORATE SEAL]	 	 	 

 

    	3

    	 

    

This is one of the Notes of the series issued
under the within-mentioned Indenture.

 

Dated: September 9, 2013

 

	 	THE BANK OF NEW YORK MELLON,
	 	as Trustee
	 	 
	 	By:	
	 	 	Name: 
	 	 	Title: 
	 	 
	 	-or-
	 	 
	 	CITIBANK, N.A.,
	 	as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	4

    	 

    

 

This Subordinated Note is one of a duly
authorized issue of Securities of the Company (the “Subordinated Notes”), issued and to be issued in one or more series
under the Indenture, dated as of April 12, 2001, as supplemented August 2, 2004 (as so supplemented, the “Indenture”),
between the Company and The Bank of New York Mellon (successor to J.P. Morgan Trust Company, N.A. and Bank One Trust Company, N.A.),
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 Subordinated Notes and of the terms upon which the
Subordinated Notes are, and are to be, authenticated and delivered. This Subordinated Note is one of the series designated on the
face hereof, initially limited in aggregate principal to $1,420,000,000.

 

The Company covenants and agrees that the
indebtedness evidenced by the Subordinated Notes is subordinate and junior in right of payment to all Senior Indebtedness (as defined
in the Indenture as supplemented by the Board Resolutions of the Company establishing the terms of the Subordinated Notes, the
“Resolutions”) to the extent provided in the Indenture, and each holder of Subordinated Notes, by his or her acceptance
thereof, likewise covenants and agrees to the subordination provided in the Indenture (including Article Fourteen thereof) and
shall be bound by the provisions thereof.

 

In the event that the Company shall default
in the payment of any principal of (or premium, if any) or interest on any Senior Indebtedness when the same becomes due and payable
after any applicable grace period, whether at maturity or at a date fixed for prepayment or by declaration or otherwise, then,
unless and until such default shall have been cured or waived or shall have ceased to exist, no direct or indirect payment (in
cash, property, securities, by set-off or otherwise) shall be made or agreed to be made on account of the principal of, or premium,
if any, or interest on the indebtedness evidenced by the Subordinated Notes, or in respect of any redemption, retirement or other
acquisition of any of the Subordinated Notes, except that holders of Subordinated Notes may receive and retain (x) securities of
the Company or any other corporation provided for by a plan of reorganization or readjustment the payment of which is subordinate,
at least to the extent provided in these subordination provisions with respect to the indebtedness evidenced by the Subordinated
Notes, to the payment of all Senior Indebtedness at the time outstanding and to any securities issued in respect thereof under
any such plan of reorganization or readjustment and (y) payments made from a defeasance trust created pursuant to Article Eleven
of the Indenture.

 

In the event of:

 

(i) any insolvency, bankruptcy, receivership,
liquidation, reorganization, readjustment, composition or other similar proceeding relating to the Company, its creditors or its
property,

 

    	5

    	 

    

 

(ii) any proceeding for liquidation, dissolution
or other winding up of the Company, voluntary or involuntary, whether or not involving insolvency or bankruptcy proceedings,

 

(iii) any assignment by the Company for the
benefit of creditors, or

 

(iv) any other marshalling of
the assets of the Company,

 

all Senior Indebtedness (including any interest thereon accruing
after the commencement of any such proceedings) shall first be paid in full before any payment or distribution, whether in cash,
securities or other property, shall be made to any Holder of any of the Subordinated Notes on account thereof (except as provided
in the next sentence). Any payment or distribution, whether in cash, securities or other property (other than (x) securities of
the Company or any other corporation provided for by a plan of reorganization or readjustment the payment of which is subordinate,
at least to the extent provided in these subordination provisions with respect to the indebtedness evidenced by the Subordinated
Notes, to the payment of all Senior Indebtedness at the time outstanding and to any securities issued in respect thereof under
any such plan of reorganization or readjustment and (y) payments made from a defeasance trust created pursuant to Article Eleven
of the Indenture), which would otherwise (but for these subordination provisions) be payable or deliverable in respect of the Subordinated
Notes shall be paid or delivered directly to the holders of Senior Indebtedness in accordance with the priorities then existing
among such holders until all Senior Indebtedness (including any interest thereon accruing after the commencement of any such proceedings)
shall have been paid in full.

 

If an event of default (as defined in the
Indenture) with respect to Subordinated Notes of this series shall occur and be continuing, the principal of the Subordinated Notes
of this series may be declared due and payable in the manner and with the effect provided in the Indenture.

 

The Indenture contains provisions for defeasance
at any time of the entire indebtedness of this Subordinated Note upon compliance by the Company with certain conditions set forth
in Article Eleven thereof, which provisions apply to this Subordinated Note.

 

The Indenture contains provisions permitting
the Company and the Trustee, without the consent of the holders of 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
not less than a majority of the 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 shall, without the consent of the holder of each Outstanding Security so affected, (x) change the Stated Maturity
of the principal of, or any installment of principal of or interest on, any Security, or reduce the principal amount thereof or
the rate of interest thereon or any premium thereon, or change any place of payment where, or the coin or currency in which any
Security or any premium or interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment
on or after the Stated Maturity thereof (or, in the case of redemption on or after the Redemption Date) or modify the provisions
of the Indenture with respect to the subordination of the Securities in a manner adverse to the Securityholders or (y) reduce the
aforesaid percentage in principal amount of the Outstanding Securities of any series, the consent of the holders of which is required
for any supplemental indenture, or the consent of whose holders is required for any waiver provided for in the Indenture, or (z)
modify certain other provisions of the Indenture, as set forth in Section 13.02 of the Indenture.

 

    	6

    	 

    

 

No reference herein to the Indenture and
no provision of this Subordinated 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 Subordinated Note at the times, place and rate, and in the coin
or currency, herein prescribed.

 

As provided in the Indenture and subject
to certain limitations therein set forth, the transfer of definitive Subordinated 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 Subordinated
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 Subordinated 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.

 

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 Subordinated
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 Subordinated Note is registered as the owner hereof for all purposes, whether or not this Subordinated 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 Subordinated Note that is a non-United States person in order to
ensure that every net payment on such Subordinated 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 Subordinated 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 Subordinated 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 Subordinated 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:

 

    	7

    	 

    

 

		(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 Subordinated 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 Subordinated 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 Subordinated 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 Subordinated 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.

 

    	8

    	 

    

 

		(5)	Additional Amounts will not be payable to any beneficial owner of a Subordinated 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 Subordinated Note, or any portion of the Subordinated 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 Subordinated 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 Subordinated 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 Subordinated Note by the Company or a paying agent.

 

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

 

		(a)	estate tax;

		(b)	inheritance tax;

 

    	9

    	 

    

 

		(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 Subordinated 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 Subordinated 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 Subordinated 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 Subordinated 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 Subordinated Note (or any financial institution through which the holder or beneficial owner
holds the Subordinated Note or through which payment on the Subordinated 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 Subordinated 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.

 

    	10

    	 

    

 

As used in this Subordinated
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 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.

 

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 Subordinated Notes may not be redeemed prior to maturity.

 

		(1)	The Company may, at its option, redeem the Subordinated 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 September 10, 2013 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 Subordinated
Notes or taking any action that would entail a material cost to the Company.

 

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

 

		(a)	any act is taken by a taxing authority of the United States on or after September 10, 2013, 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 Subordinated
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 Subordinated Notes pursuant to their terms.

 

    	11

    	 

    

 

Any redemption of the Subordinated 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 Subordinated 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 Subordinated Note
which are defined in the Indenture shall have the meanings assigned to them in the Indenture. The Subordinated Notes are governed
by the laws of the State of New York.

 

    	12

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