Document:

PATENT LICENSE AGREEMENT

This  Patent  License Agreement (the "AGREEMENT") is entered into by and between
Integral  Technologies,  Inc.,  a Nevada corporation located at 805 West Orchard
Street,  #7,  Bellingham,  WA 98225 ("INTEGRAL") and Esprit Solutions Limited, a
United  Kingdom  corporation  with  offices  at  North  Mersey  Business Centre,
Knowsley  Industrial  Park, Liverpool L33 7UY United Kingdom. ("COMPANY") and is
effective  as  of  December  18th,  2006  (the  "EFFECTIVE  DATE").

WHEREAS, Integral is the owner of certain technology, generally characterized as
ElectriPlast  technology;

WHEREAS, particular applications of the technology are covered by certain patent
rights  defined  below  and  those  patent  rights  are  owned  by Integral; and

WHEREAS,  Company wishes to obtain a non-exclusive license under such patents to
develop,  manufacture,  and  sell  certain  products.

NOW, THEREFORE, in consideration of the promises and of the mutual covenants and
agreements  herein  contained,  receipt  and  sufficiency  of  which  is  hereby
acknowledged,  the  Parties  hereby  agree  as  follows:

1.     DEFINITIONS.

     1.1.     "CONFIDENTIAL  INFORMATION"  means  all  non-public  information
regarding  the  Disclosing  Party  or its business activities, including without
limitation  (i) its sublicensees, manufacturers, contractors, or sales, (ii) any
non-public  information  disclosed  in any report provided under this Agreement,
(iii)  the  Documentation  and  any  other  information  disclosed  during  any
consulting  services;  (v)  the terms of this Agreement; and (v) any information
disclosed  by  Company  pursuant  to  Section  3.

     1.2.     "LICENSED  FIELD"  means  the manufacture and sale of Products for
use  in Esprit Solutions Aviation and Aero Space Customer base, manufactured and
sold  by  the  entities  listed  in  the  attached  Exhibit  A
                                                    ----------

     1.3.     "LICENSED  PRODUCT"  means  any  Product  made,  used,  sold,  or
otherwise disposed of by or for Company that (i) uses the Raw Materials and (ii)
is  either  branded  with  a Company brand or is designed by Company and sold in
Company's  ordinary  course  of  business.  Licensed  Products  do  not  include
"private  label"  Products  or  other  products  sold without a designation that
Company  is  the  source  of  the  Product.

     1.4.      "LICENSED  PATENTS"  means  the  (i)  patents, provisional patent
applications,  and  utility patent applications set forth in Exhibit B; (ii) any
                                                             ---------
divisions, continuations, continuations-in-part, reissues, or re-examinations of
such  patents  and  patent  applications;  (iii) all foreign counterparts of the
foregoing  (i)  and (ii); and (iv) all applications for any of the foregoing (i)
through (iii).  Licensed Patents do not include any patent claim that has either
expired  or  been  held  invalid  or  unenforceable  by a decision of a court or
governmental agency of competent jurisdiction, which decision is unappealable or
unappealed  within the time allowed for an appeal, or any other patent or patent
application.

     1.5.     "PRODUCT"  means any product (i) the manufacture, use, sale, offer
for  sale,  or  import of which is covered by at least one claim of the Licensed
Patents;  or  (ii) produced by a process, the practice of which is covered by at
least  one  claim  of  the  Licensed  Patents.

     1.6.     "RAW  MATERIALS"  means the Technology, as Integral provides it to
Company,  on  a  per  weight  basis  for use in manufacturing Licensed Products.

     1.7.     "TECHNOLOGY"  means  Integral's  proprietary  ElectriPlast(TM)
technology,  portions  of  which  may  be  covered by the Licensed Patents.  The
Technology  is  a  compounded,  pelletized formulation of resin-based materials,
which  are  conductively loaded or doped with a proprietary controlled, balanced

                      INTEGRAL PROPRIETARY AND CONFIDENTIAL
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concentration  of  micron conductive materials contained within the manufactured
pellet.  The conductive loading or doping within this pellet is then homogenized
using  conventional  molding  techniques and conventional molding equipment. The
resulting  polymer  is  electrically  conductive.

     1.8.     "THIRD  PARTY"  means corporate entities or individuals other than
Integral  or  Company.

2.     CONSULTING  SERVICES.

Integral will provide Company with consulting services related to the Technology
at  Integral's standard hourly rates for such consulting services, on a date and
at  a  location mutually agreeable to the Parties.  If Company requests that all
or  part  of  the  consulting  services  take  place  at  facilities  other than
Integral's place of business, Company will reimburse Integral for its reasonable
and actual meals, travel, and lodging expenses incurred as a result of providing
such  consulting  services.  Integral  may,  but  is  not  obligated to, provide
Company  with certain pre-existing or developed written materials as part of the
consulting  services  ("DOCUMENTATION"),  provided  that  in  no event shall any
Documentation  be  deemed  a "work made for hire" or any ownership rights in the
Documentation  be  assigned  to  Company.

3.     LICENSE  GRANTS.

     3.1.     To  Company.  Integral  grants  to  Company  a  non-exclusive,
              -----------
non-sublicensable,  non-assignable,  worldwide  license  under all of Integral's
rights  under  the  Licensed  Patents  to  (i) make, use, offer to sell, sell or
import  Licensed  Products  in  the  Licensed Field; and (ii) internally use the
Documentation  and  information  provided  solely for purposes of developing and
manufacturing  Licensed  Products  in  the  Licensed  Field.

     3.2.     No  Foundry Rights.  Without limiting the restrictions on "private
              ------------------
labeling" as provided in Section 1.2 above, Section 3.1 shall not be interpreted
as  granting  any rights to Company to manufacture Third Party Products, wherein
such  products  are  designed  by  the  Third Party without substantial input of
Company  and  such  products  are  essentially sold only to that designing Third
Party.

     3.3.     Ownership.  Except  as  expressly  set  forth  in  this Agreement,
              ----------
nothing in this Agreement shall be construed as a grant of any license or rights
by implication or estoppel and Integral retains all right, title and interest in
and  to  the  Licensed  Patents.  All  rights  not expressly granted by Integral
hereunder  are  reserved  and retained by Integral, including but not limited to
Integral's  rights  in  the  Technology  not  covered  by  the Licensed Patents.

     3.4.     New  Joint  Developments.  All  technology,  information  and
              ------------------------
inventions ("New Developments"), whether or not patentable, developed jointly by
Integral  and  Company that concern the Technology (including the manufacture or
formulation  of  the Raw Materials) shall be the exclusive property of Integral.
All  New  Developments, whether or not patentable, developed jointly by Integral
and  Company  that concern the design or manufacture of fabricated products made
using  the  Raw  Materials  shall be the exclusive property of Company; provided
that  Company  shall have no rights in the Technology or Licensed Patents except
as  provided  pursuant  to the delivery of Raw Materials by Integral.  All other
New  Developments jointly developed by the Parties under this Agreement shall be
jointly  owned by the Parties; provided that Company shall have no rights in the
Technology  or  Licensed  Patents except as provided pursuant to the delivery of
Raw  Materials  by Integral.  The Parties agree to discuss in good faith whether
and  how  to jointly prosecute or enforce any patents based on jointly owned New
Developments  in a mutually agreed fashion.  Neither Party shall be obligated to
pay the other any royalties or other consideration, nor account to the other for
any  royalties  or  other  consideration  it  may  receive,  for  any  licenses,
assignment,  sale,  lease  or  other  distribution  of  the  jointly  owned  New
Developments  or  any  derivative  technology  thereof.  Any  such  derivative
technology  made  after the termination or expiration of this Agreement shall be
owned  exclusively  by the creator of such derivative technology.  Additionally,
regardless  of  subject  matter, all New Developments discovered or developed by
one  Party  without  the  participation of the other Party shall become the sole
property  of  the  discovering

                      INTEGRAL PROPRIETARY AND CONFIDENTIAL
                                  PAGE 2 OF 7

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or  developing  Party;  provided  that  Company  shall  have  no  rights  in the
Technology  or  Licensed  Patents except as provided pursuant to the delivery of
Raw  Materials  by  Integral.

4.     CONSIDERATION.

Upon  execution  of  this Agreement, Company shall pay Integral a non-refundable
fee  of  One  U.S.  Dollar  ($1.00).

5.     RAW  MATERIALS  FEES.

The  Parties  agree to use good faith efforts to reach agreement on commercially
reasonable terms for the pricing and delivery of the Raw Materials to Company by
Integral, and that agreement regarding the pricing and delivery of Raw Materials
shall  be  memorialized  as  an  amendment  to  this  Agreement.

6.     ENFORCEMENT  OF  PATENT  RIGHTS.

     6.1.     Notice;  Enforcement.  In  the event that Company becomes aware of
              --------------------
actual  or  threatened  infringement  of  the  Patent  Rights  by  a Third Party
involving  Licensed Products, Company shall promptly notify Integral in writing.
Integral may, at its discretion, take corrective action against the Third Party,
and  may identify Company as having rights under the Licensed Patents.  Integral
shall  not  name  Company  as  a  co-party in any such action without an express
written  request  from  Company.

     6.2.     Infringement Action.  In the event Integral brings an infringement
              -------------------
action  against a Third Party, such action shall be at no cost to Company unless
Company  joins  the  suit  as  a  co-party,  and any recovery shall go solely to
Integral.  Company  is  under no obligation to join any such action and Integral
must  approve  the  addition  of  Company  as  a  co-party.

7.     TERM  AND  TERMINATION.

     7.1.     Term.  This  Agreement  shall be in full force and effect from the
              ----
Effective  Date  and  shall  remain  in  effect until the expiration of the last
patent  contemplated  to  be  licensed  by  this  Agreement,  or until otherwise
terminated  pursuant  to  the  terms  and  conditions  of  this  Agreement.

     7.2.     Termination.  Company  may  terminate  this  Agreement upon thirty
              -----------
(30)  days'  written  notice  at  any  time.  Either  Party  may  terminate this
Agreement  immediately  upon written notice at any time if the other Party is in
material  breach  of  any material warranty, term or condition of this Agreement
and  has failed to cure that breach within thirty (30) days after written notice
thereof.  Integral may terminate this Agreement upon written notice in the event
(i)  Company  institutes  any  action  or proceeding in which it claims that any
Licensed  Patent  is  invalid  or  unenforceable; or (ii) Company institutes any
action  (including  by  counter or cross-claim) alleging that Integral infringes
any  Company patent and/or patent application.  The terminating Party will incur
no  liability  to  the other Party for damages of any kind resulting solely from
terminating  this  Agreement  in  accordance  with  its  terms.

     7.3.     Effect  of  Expiration  or  Termination.  Upon  expiration  or
              ---------------------------------------
termination  of this Agreement, (i) Company shall pay all sums accrued hereunder
prior to such termination, (ii) Integral shall have the right to retain any sums
already  paid by Company for this license and for any Raw Materials delivered or
created  for Company prior to expiration or termination, and (iii) Company shall
return  or certify in writing that it has destroyed all Documentation.  Upon the
termination  of  this Agreement, Company shall have the right to use or sell all
Licensed  Product on-hand at the time of such termination, provided that Company
shall  be obliged to pay Integral a royalty on use or such sales as set forth in
this  Agreement.

     7.4.     Survival.  In  the  event  of  expiration  or  termination of this
              --------
Agreement  for  any reason, the following sections will survive such termination
or expiration: 1, 3.4, 7.4, and 8 - 11.

8.     WARRANTIES, REPRESENTATIONS, AND COVENANTS; DISCLAIMER.

     8.1.     Mutual  Representations  and  Warranties.  Each  Party represents,
              ----------------------------------------
warrants,  and  covenants  that:  (i)  this  Agreement has been duly and validly
executed  and  delivered  by  such  Party  and  constitutes  a  legal

                      INTEGRAL PROPRIETARY AND CONFIDENTIAL
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<PAGE>
and  binding obligation of such Party, enforceable against it in accordance with
its  terms; (ii) such Party has all necessary power and authority to execute and
perform  in  accordance  with  this Agreement; and (iii) such Party's execution,
delivery and performance of this Agreement will not conflict with or violate any
provision of law, rule or regulation to which it is subject, or any agreement or
other obligation directly or indirectly applicable to such Party or binding upon
its  assets.

     8.2.     Representations  and  Warranties of Integral.  Integral represents
              --------------------------------------------
and  warrants  that  (i)  it has the lawful right to grant the license set forth
herein;  and  (ii)  as  of  the  Effective  Date, the Licensed Patents listed in
Exhibit  A  are  issued,  unexpired,  valid  according  to  the  U.S. Patent and
Trademark  Office  and  in  good  standing.

     8.3.     Representations,  Warranties,  and  Covenants of Company.  Company
              --------------------------------------------------------
warrants that it has and will have throughout the Term the lawful right to grant
the  licenses  contemplated  herein.

     8.4.     WARRANTY  DISCLAIMER.  EXCEPT AS PROVIDED IN SECTIONS 7.1, AND 7.2
              --------------------
ABOVE,  INTEGRAL  EXPRESSLY  DISCLAIMS  ALL  WARRANTIES,  EXPRESS,  IMPLIED  OR
STATUTORY,  INCLUDING  BUT  NOT  LIMITED  TO  ANY  IMPLIED  WARRANTIES  OF
MERCHANTABILITY,  FITNESS FOR A PARTICULAR PURPOSE, OR NONINFRINGEMENT, ALL WITH
RESPECT  TO  THE PATENTS, DOCUMENTATION, AND ANY OTHER MATERIALS OR INTELLECTUAL
PROVIDED  OR  LICENSED  UNDER  THIS  AGREEMENT.  IN  ADDITION,  NOTHING  IN THIS
AGREEMENT  SHALL BE CONSTRUED AS (I) A WARRANTY OR REPRESENTATION BY INTEGRAL OF
THE  VALIDITY  OR  SCOPE  OF  ANY  OF  THE  LICENSED PATENTS; (II) A WARRANTY OR
REPRESENTATION  THAT  ANYTHING  MADE,  USED, SOLD OFFERED FOR SALE, IMPORTED, OR
OTHERWISE DISPOSED OF UNDER ANY LICENSE GRANTED IN THIS AGREEMENT IS OR SHALL BE
FREE  FROM  INFRINGEMENT  OF  PATENTS OR PROPRIETARY RIGHTS OF THIRD PARTIES; OR
(III)  AN  AGREEMENT  BY INTEGRAL TO BRING OR PROSECUTE ACTIONS OR SUITS AGAINST
THIRD  PARTIES  FOR  INFRINGEMENT  OF  THE  PATENT  RIGHTS.

9.     INDEMNIFICATION.

Each  Party (the "INDEMNIFYING PARTY") will indemnify, hold harmless, and defend
the  other  Party  (the  "INDEMNIFIED  PARTY")  and  its  subsidiary  and parent
entities,  successors,  affiliates,  and  assigns,  and  all of their respective
officers,  directors,  members,  stockholders, agents, employees, and attorneys,
from any and all actions, causes of action, suits, proceedings, claims, demands,
judgments,  bona  fide  settlements,  penalties,  damages,  losses, liabilities,
costs, and expenses (including without limitation reasonable attorneys' fees and
costs and those necessary to interpret or enforce this Section 9) arising out of
or  relating  to  any  claim  or  allegation arising out of (i) the Indemnifying
Party's  breach  of  this Agreement, including without limitation the warranties
set  forth  in  Section  8  above;  or  (ii)  in  the  case where Company is the
Indemnifying  Party,  the  manufacture,  use,  or  sale of any Licensed Product,
including, but not limited to any damages, losses or liabilities whatsoever with
respect to death or injury to any person and damage to any property arising from
the  possession,  use  or  operation of the Licensed Product by Company or their
customers  in any manner whatsoever; except to the extent that the claim results
from  Integral's  infringement  of the intellectual property rights of any third
party.  The  Indemnified  Party  may, at its expense, employ separate counsel to
monitor  and participate in the defense of any claim that the Indemnifying Party
is  defending  under  this  Section.  The  Indemnified  Party  will  provide the
Indemnifying  Party  with  reasonably  prompt  notice in writing of any claim to
which  this  Section  relates.

10.     CONFIDENTIALITY.

A  Party receiving Confidential Information (the "RECEIVING PARTY") of the other
Party  (the "DISCLOSING PARTY") shall not disclose or make any use of any of the
Disclosing  Party's  Confidential  Information except expressly as authorized in
writing  by  the  Disclosing  Party.  Authorized uses include use related to the
implementation  of this Agreement.  The Receiving Party agrees to take all steps
reasonably  requested

                      INTEGRAL PROPRIETARY AND CONFIDENTIAL
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<PAGE>
by  the Disclosing Party to confirm and protect the Disclosing Party's interests
in  the  Confidential  Information.  For purposes of clarification, Confidential
Information shall not include information that the Receiving Party can establish
by  written  evidence:  (i)  entered  or  subsequently  enters the public domain
without  the  Receiving  Party's  breach  of  any obligation owed the Disclosing
Party;  (ii) became known to the Receiving Party prior to the Disclosing Party's
disclosure of such information to the Receiving Party; (iii) became known to the
Receiving  Party from a source other than the Disclosing Party other than by the
breach of an obligation of confidentiality owed to the Disclosing Party; or (iv)
is  independently  developed  by the Receiving Party without reference to any of
the  Disclosing  Party's  Confidential  Information.

11.     GENERAL.

     11.1.     Notices.  All  notices,  requests,  consents,  approvals,  or
               -------
authorizations  in connection with this Agreement: (i) must be given in writing;
and (ii) will be deemed given as of (a) the day they are delivered on paper by a
nationally recognized express delivery service (such as Federal Express or DHL),
addressed  as set forth below; or (b) three (3) days after they are deposited in
the  sender's  national  mail  system, postage prepaid, certified or registered,
return  receipt  requested,  and  addressed  as  follows:

     To  Integral:  805  West  Orchard  Street,  #7, Bellingham, WA 98225, Attn:
     ------------
     William  Robinson

     To  Esprit  Solutions  Limited:  North  Mersey  Business  Centre,  Knowsley
     ------------------------------
     Industrial  Park,  Liverpool,  L33  7UY,  United  Kingdom.

     Either  Party  may  change  the address above by giving notice to the other
     Party  pursuant  to  this  Section  11.1.

     11.2.     Assignment.  Integral may assign this Agreement or its rights and
               ----------
duties  under  this  Agreement,  but Company may not undertake any assignment of
this  Agreement  or  any  of  its rights and duties under this Agreement without
Integral's  prior  written  consent.  However, Company may assign this Agreement
without  Integral's  prior  written  consent  as  part of a merger, or a sale or
transfer of all or substantially all of its assets, provided such merger or sale
is not with or to a competitor of Integral.  Any attempted assignment by Company
of  this  Agreement  or  all or part of its rights and/or obligations under this
Agreement  without  Integral's  prior written consent (except as provided by the
prior sentence) will be voidable at Integral's option.  This Agreement will bind
each  Party's  heirs  and  personal representatives, and inure to the benefit of
each  Party  and  its  successors,  heirs  and/or  personal  assigns.

     11.3.     Dispute  Resolution.  This  Agreement  will  be  governed  by and
               -------------------
construed  in  accordance  with the laws of the State of Washington as such laws
apply  to  contracts performed within Washington by its residents.  Any cause of
action  concerning  this contract shall be brought in the state court located in
Whatcom County, Washington, or the federal court located in the Western District
of  Washington,  and  Company  consents  to  the  exclusive jurisdiction of such
courts.  In any action to enforce any right or remedy under this Agreement or to
interpret any provision of this Agreement, the prevailing Party will be entitled
to  recover  its  costs,  including  attorneys'  fees.

     11.4.     No Joint Venture.  Nothing in this Agreement will be construed to
               ----------------
mean  that any Party is appointed or in any way authorized to act as an agent of
any  other Party.  This Agreement does not create any joint venture, partnership
or  formal  business  entity  or  organization  of  any  kind.

     11.5.     Waiver.  No  waiver  of  any  provision of this Agreement will be
               ------
effective unless it is in a signed writing, and no such waiver will constitute a
waiver  of  any other provision(s) or of the same provision on another occasion.

     11.6.     Severability.  If  a  court  of  competent jurisdiction holds any
               ------------
term,  covenant  or  restriction  of  this  Agreement  to be illegal, invalid or
unenforceable, in whole or in part, the Parties agree to negotiate in good faith
to  create  an  appropriate  amendment  to  the  remaining  terms, covenants and
provisions  that  will  replicate the economic effect of the Parties' intentions
under  this  Agreement.

                      INTEGRAL PROPRIETARY AND CONFIDENTIAL
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<PAGE>
     11.7.     Injunctive  and  Equitable  Relief.  Each  Party acknowledges and
               ----------------------------------
agrees  that monetary damages may not be a sufficient remedy for a breach of the
terms  of  this  Agreement  respecting  Confidential  Information, and that such
breach  will  cause  the  owner  of  that Confidential Information immediate and
irreparable  injury.  In  such  cases, the non-breaching Party will be entitled,
without  waiving  or  prejudicing any other rights or remedies, to injunctive or
equitable  relief.

     11.8.     Entire  Agreement; Amendments.  This Agreement is not an offer by
               -----------------------------
Integral  and it is not effective until signed by both Parties.  This Agreement,
including the Exhibits attached hereto which are incorporated by this reference,
constitutes the entire agreement between the Parties with respect to the subject
matter  hereof  and  merges  all  prior  and  contemporaneous communications and
proposals, whether electronic, oral or written, between the Parties with respect
to  such subject matter.  This Agreement may not be modified except by a written
agreement  dated  subsequent  to  the  date of this Agreement and signed by duly
authorized  representatives  of  Integral  and  Company.

IN  WITNESS  WHEREOF, both Integral and Company have executed this Agreement, in
duplicate  originals  by  their  respective  officers  hereunto duly authorized.

--------------------------------------------------------------------------------
INTEGRAL TECHNOLOGIES, INC.              ESPRIT SOLUTIONS LIMITED

By: William S. Robinson                  By: Sylvain Galmont-Kerr

Title: Chief Executive Officer           Title: Managing Director

Sign: /s/ William S. Robinson 01-09-07   Sign: /s/ Sylvain Galmont-Kerr 12/18/06
--------------------------------------------------------------------------------

                      INTEGRAL PROPRIETARY AND CONFIDENTIAL
                                  PAGE 6 OF 7

<PAGE>
                                    EXHIBIT A

                         CUSTOMERS IN THE LICENSED FIELD

Esprit  Solutions  Limited  will work with Integral Technologies Inc. to develop
solutions for their customer base in Aero/Defense Interconnection and Protective
Components  Industry.

                      INTEGRAL PROPRIETARY AND CONFIDENTIAL
                                  PAGE 7 OF 7EX 4.01

    EXHIBIT
      4.01

    

    This
      Subordinated Note is a Global Security within the meaning of the Indenture
      hereinafter referred to and is registered in the name of the Depository named
      below or a nominee of the Depository. This Subordinated Note is not exchangeable
      for Subordinated Notes registered in the name of a Person other than the
      Depository or its nominee except in the limited circumstances described herein
      and in the Indenture, and no transfer of this Subordinated Note (other than
      a
      transfer of this Subordinated Note as a whole by the Depository to a nominee
      of
      the Depository or by a nominee of the Depository to the Depository or another
      nominee of the Depository) may be registered except in the limited circumstances
      described herein.

    

    Unless
      this certificate is presented by an authorized representative of The Depository
      Trust Company, a New York corporation (the "Depository"), to Citigroup Inc.
      or
      its agent for registration of transfer, exchange, or payment, and any
      certificate issued in respect thereof is registered in the name of Cede &
Co. or in such other name as is requested by an authorized representative of
      the
      Depository (and any payment is made to Cede & Co. or to such other entity as
      is requested by an authorized representative of the Depository), ANY TRANSFER,
      PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
      WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an
      interest herein.

    

    The
      Subordinated Notes are not savings accounts or deposits but are unsecured
      obligations of Citigroup Inc. The Subordinated Notes are not insured by the
      Federal Deposit Insurance Corporation or by any other federal agency or
      instrumentality.

    

    CITIGROUP
      INC.

    6.125%
      Subordinated Notes due August 25, 2036

     

    
      
        	
                REGISTERED

              	
                REGISTERED

              
	 	 
	 	
                CUSIP:
                  172967 DR 9

              
	 	
                ISIN:
                  US172967DR95

              
	 	
                Common
                  Code: 026565634

              
	 	 
	
                No.
                  R-____

              	
                $___________

              

      

       

    

    CITIGROUP
      INC., a Delaware corporation (the "Company", which term includes any successor
      Person under the Indenture), for value received, hereby promises to pay to
      Cede
& Co., or registered assigns, the principal sum of $____________ on August
      25, 2036 and to pay interest thereon from and including August 25, 2006 or
      from
      the most recent Interest Payment Date (as defined herein) to which interest
      has
      been paid or duly provided for, semi-annually, on February 25 and August 25
      of
      each year, commencing February 25, 2007, at the rate of 6.125% per annum, until
      the principal hereof is paid or made available for payment (each such payment
      date, an “Interest Payment Date”). 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 February 15 and August 15 (whether or not
      a
      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, or be paid
      at
      any time in any other lawful manner not inconsistent with the requirements
      of
      any securities exchange on which the Subordinated Notes of this series may
      be
      listed, and upon such notice as may be required by such exchange, all as more
      fully provided in the Indenture.

    

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

    

    If
      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. 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. No interest will accrue on any amounts payable for the period
      from and after the due date for payment of such principal or interest.

    

    For
      these
      purposes, “Business Day” means any day 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:
      January 16, 2007

    

    CITIGROUP
      INC.

     

     

    By:

      
        

      

    

    Title:
      Assistant Treasurer

    

    

    

    ATTEST:

    

    By:

      
        

      

    

    Title:
      Assistant Secretary

     

    
      
         

      

      
        -3-

        
          

        

      

      
         

      

    

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

    

    Dated:
      January 16, 2007

    

    THE
      BANK
      OF NEW YORK,

    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 (the
      "Indenture"), between the Company and The Bank of New York (as 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 issued in the aggregate
      principal amount of $1,500,000,000 and increased to $2,000,000,000.

    

    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) 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, 

    

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

     

    
      
         

      

      
        -5-

        
          

        

      

      
         

      

    

     

    (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

    
      
         

      

      
        -6-

        
          

        

      

      
         

      

    

    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.

    

    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.

    

    This
      Subordinated Note is a Global Security registered in the name of a nominee
      of
      the Depository. This Subordinated Note is exchangeable for Subordinated Notes
      registered in the name of a person other than the Depository or its nominee
      only
      in the limited circumstances hereinafter described. Unless and until it is
      exchanged in whole or in part for definitive Subordinated Notes in certificated
      form, this Subordinated Note may not be transferred except as a whole by the
      Depository to a nominee of the Depository or by a nominee of the Depository
      to
      the Depository or another nominee of the Depository.

    

    The
      Subordinated Notes represented by this Global Security are exchangeable for
      definitive Subordinated Notes in certificated form of like tenor as such
      Subordinated Notes in denominations of $100,000 and whole multiples of $1,000
      in
      excess thereof only if (i) the Depository notifies the Company that it is
      unwilling or unable to continue as Depository for the Subordinated Notes or
      (ii)
      the Depository ceases to be a clearing agency registered under the Securities
      Exchange Act of 1934, as amended, or (iii) the Company in its sole discretion
      decides to allow the Subordinated Notes to be exchanged for definitive
      Subordinated Notes in registered form. Any Subordinated Notes that are
      exchangeable pursuant to the preceding sentence are exchangeable for
      certificated Subordinated Notes issuable in authorized denominations and
      registered in such names as the Depository shall direct. As provided in the
      Indenture and subject to certain limitations therein set forth, the transfer
      of
      definitive 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. Subject
      to
      the foregoing, this Subordinated Note is not exchangeable, except for a Global
      Security or Global Securities of this issue of the same principal amount to
      be
      registered in the name of the Depository or its nominee.

    

    No
      service charge shall be made for any such registration of transfer or exchange,
      but the Company may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

    

    Prior
      to
      due presentment of this 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

    
      
         

      

      
        -7-

        
          

        

      

      
         

      

    

    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 (13) 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:

            

    

    

    
      	 	 	
              (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
                personal holding company;

            

    

    
      	 	
               

            	
              (c)

            	
              foreign
                private foundation or other foreign tax-exempt
                organization;

            

    

    
      	 	
               

            	
              (d)

            	
              passive
                foreign investment company;

            

    

    
      	 	
               

            	
              (e)

            	
              controlled
                foreign corporation or

            

    

    
      
         

      

      
        -8-

        
          

        

      

      
         

      

    

    
      	 	
               

            	
              (f)

            	
              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.

    

    
      	 	
              (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

            

    

    
      
         

      

      
        -9-

        
          

        

      

      
         

      

    

    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;

            

    

    
      	 	
               

            	
              (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 combination of items (1) through (12)
                above.

            

    

    
      
         

      

      
        -10-

        
          

        

      

      
         

      

    

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

    

    As
      used
      in this 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 August 17, 2006 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
                August
                17, 2006, 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

            

    

    
      
         

      

      
        -11-

        
          

        

      

      
         

      

    

    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.

            

    

    

    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-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}]]