Document:

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                                                                     Exhibit 4.3

                                 CITIGROUP INC.

                                       AND

                J.P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION,

                                     Trustee

                        5.00% SUBORDINATED NOTES DUE 2014

                          SECOND SUPPLEMENTAL INDENTURE

                         Dated as of September 16, 2004

                   Supplemental to Indenture dated as of April
                     12, 2001, as supplemented by the First
                     Supplemental Indenture thereto dated as
                      of August 2, 2004, providing for the
                    issuance of Subordinated Debt Securities

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                  SECOND SUPPLEMENTAL INDENTURE, dated as of September 16, 2004
(the "Second Supplemental Indenture"), between CITIGROUP INC., a Delaware
corporation, and J.P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION, a national
banking association (as successor-in-interest to Bank One Trust Company,
National Association), as trustee (the "Trustee"), supplementing the indenture
dated as of April 12, 2001, as amended and supplemented by the first
supplemental indenture, dated as of August 2, 2004 (as supplemented, the "Base
Indenture").

                  WHEREAS, the Base Indenture provides for the issuance from
time to time of subordinated bonds, debentures, notes and other obligations (the
"Securities");

                  WHEREAS, pursuant to Section 13.01(e) of the Base Indenture,
the Company and the Trustee may enter into one or more supplemental indentures
to establish the form or terms of its Securities of any series as permitted by
Sections 2.01 and 2.02 thereof;

                  WHEREAS, the Company has duly authorized the creation of a
series of its Securities denominated as the "5.00% Subordinated Notes due 2014"
(the "Notes");

                  WHEREAS, the entry into this Second Supplemental Indenture by
the parties hereto is in all respects authorized by the provisions of the Base
Indenture; and

                  WHEREAS the Company has duly authorized the execution and
delivery of this Second Supplemental Indenture, the issuance of the Notes as
provided for in this Second Supplemental Indenture, and the creation of this
Second Supplemental Indenture as a valid agreement of the Company.

                  NOW, THEREFORE, the Company covenants and agrees with the
Trustee as follows:

                                   ARTICLE ONE

                                   Definitions

                  Section 101 Definitions. Capitalized terms used but not
defined herein shall have the meanings ascribed thereto under the Base
Indenture. The words "herein," "hereof" and "hereby" and other words of similar
import used in this Second Supplemental Indenture refer to this Second
Supplemental Indenture as a whole and not to any particular section hereof.
Unless the context otherwise requires, the terms defined in this Section 101
shall for all purposes of this Second Supplemental Indenture have the meanings
hereinafter set forth, the following definitions to be equally applicable to
both the singular and the plural forms of any of the terms herein defined:

                  "Additional Note Board Resolutions" means a copy of a
resolution or resolutions certified by the Secretary or an Assistant Secretary
of the Company to have been duly adopted by the Board of Directors of the
Company (or by the Funding Committee of the Board of Directors or any other
committee of the Board of Directors or committee of officers or other
representatives of the Company, to the extent that any such committee or
committees have been authorized by the Board of Directors to establish or
approve the matters contemplated by section

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206 hereof) and to be in full force and effect on the date of such certification
and delivered to the Trustee providing for the issuance of Additional Notes.

                  "Additional Note Supplemental Indenture" means a supplement to
this Indenture duly executed and delivered by the Company and the Trustee
pursuant to Article 13 of the Base Indenture providing for the issuance of
Additional Notes.

                  "Additional Notes" means the Subordinated Debt Securities
originally issued after the Issue Date pursuant to Section 207 hereof, including
any replacement Notes and any Exchange Notes as specified in the relevant
Additional Note Board Resolutions or Additional Note Supplemental Indenture
issued therefor in accordance with this Indenture.

                  "Agent Members" has the meaning assigned to it in Section 203
hereof.

                  "Certificated Note" means any Note issued in fully-registered
certificated form (other than a Global Note), which shall be substantially in
the form of Exhibit A hereto, with appropriate legends as specified in Section
204 hereof and Exhibit A hereto.

                  "Distribution Compliance Period" means, in respect of any
Regulation S Global Note, the 40 consecutive days beginning on and including the
later of (a) the day on which any Notes represented thereby are offered to
persons other than distributors (as defined in Regulation S) pursuant to
Regulation S and (b) the issue date for such Notes.

                  "Exchange Act" means the Securities Exchange Act of 1934, as
amended.

                  "Exchange Notes" means debt securities of the Company
substantially identical in all material respects to Notes originally issued
pursuant to an exemption from registration under the Securities Act (except that
the transfer restrictions pertaining thereto will be modified or eliminated, as
appropriate), to be issued pursuant to this Indenture pursuant to a Registered
Exchange Offer for a like principal amount of Notes originally issued pursuant
to an exemption from registration under the Securities Act, and any replacement
Notes issued therefor in accordance with this Indenture.

                  "Exchange Offer Registration Statement" shall have the meaning
assigned to such term in the Issue Date Registration Rights Agreement and any
other Registration Rights Agreement.

                  "Global Note" means, with respect to the Notes, any Note
issued in fully-registered certificated form to the Note Depositary for the
beneficial owners thereof, which shall be substantially in the form of Exhibit A
hereto, with appropriate legends as specified in Section 204 hereof and Exhibit
A hereto.

                  "Holder" means the Person in whose name a Note is registered
in the Note register.

                  "Indenture" means the Base Indenture as supplemented by this
Second Supplemental Indenture, including the terms of the Securities.

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                  "Interest Payment Date" means, with respect to the Notes, the
stated due date of an installment of interest on the Notes as specified in the
Form of Face of Note contained in Exhibit A hereto.

                  "Issue Date" means September 16, 2004.

                  "Issue Date Notes" means the $o aggregate principal amount of
Notes originally issued on the Issue Date, and any replacement Notes and
Exchange Notes issued therefor in accordance with this Indenture.

                  "Issue Date Registration Rights Agreement" means the
Registration Rights Agreement, dated as of September 16, 2004, between the
Company and Citigroup Global Markets Inc.

                   "Non-U.S. Person" means a person that is not a U.S. person,
as defined in Regulation S.

                  "Note Custodian" means the custodian with respect to any
Global Note appointed by the Note Depositary, or any successor Person thereto,
and shall initially be Citibank, N.A.

                  "Note Depositary" means, with respect to the Notes, The
Depository Trust Company, its nominees and their respective successors and
assigns, or such other depositary institution hereinafter appointed by the
Company that is a clearing agency registered under the Exchange Act.

                  "Notes" has the meaning assigned to it in the recitals hereto.

                  "Paying Agent" means the office or agency maintained by the
Company in the Borough of Manhattan, City of New York, where Notes may be
presented for payment as provided in Section 5.02 of the Base Indenture, which
shall initially be Citibank, N.A.

                  "Private Exchange Notes" shall have the meaning assigned to
such term in the Registration Rights Agreement.

                  "Private Placement Legend" has the meaning assigned to it in
Section 204(b) hereof.

                  "QIB" means a "qualified institutional buyer" as defined in
Rule l44A.

                  "Record Date" has the meaning, with respect to the Notes,
assigned to it in the Form of Face of Note contained in Exhibit A hereto.

                  "Registered Exchange Offer" means an exchange offer by the
Company registered under the Securities Act pursuant to which Notes originally
issued pursuant to an exemption from registration under the Securities Act are
exchanged for Notes of like principal amount not bearing the Private Placement
Legend.

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                  "Registrar" means the office or agency maintained by the
Company in the Borough of Manhattan, City of New York, where Notes may be
presented or surrendered for registration of transfer or for exchange, which
shall initially be Citibank, N.A.

                  "Registration Rights Agreement" means the registration rights
agreement between the Company and one or more investment banks acting as initial
purchasers in connection with any issuance of Notes under this Indenture,
including the Issue Date Registration Rights Agreement.

                  "Regulation S" means Regulation S under the Securities Act (or
any successor rule).

                  "Regulation S Global Note" has the meaning assigned to it in
Section 202(e) hereof.

                  "Resale Restriction Termination Date" means, for any
Restricted Note (or beneficial therein), two years (or such other period
specified in Rule 144(k) of the Securities Act) from the Issue Date or, if any
Additional Notes that are Restricted Notes have been issued before the Resale
Restriction Termination Date for any Restricted Notes, from the latest original
issue date of such Additional Notes.

                  "Restricted Notes" means any Issue Date Note (or beneficial
interest therein) or any Additional Note (or beneficial interest therein) not
originally issued and sold pursuant to an effective registration statement under
the Securities Act or any Exchange Note, until such time as:

                  (i) such Note (or beneficial interest therein) or Additional
         Note (or beneficial interest therein) has been exchanged for a
         corresponding Exchange Note pursuant to an Exchange Offer Registration
         Statement or transferred pursuant to a Shelf Registration Statement;

                  (ii) the Resale Restriction Termination Date therefor has
         passed;

                  (iii) such Note is a Regulation S Global Note and the
         Distribution Compliance Period has terminated; or

                  (iv) the Private Placement Legend thereon has otherwise been
removed pursuant to Section 205 hereof or, in the case of a beneficial interest
in a Global Note, such beneficial interest has been exchanged for an interest in
a Global Note not bearing a Private Placement Legend.

                  "Rule 144A" means Rule 144A under the Securities Act (or any
successor rule).

                  "Rule 144A Global Note" has the meaning assigned to it in
Section 202(d) hereof.

                  "Second Supplemental Indenture" has the meaning assigned to it
in the recitals hereto.

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                  "Securities Act" means the Securities Act of 1933, as amended.

                  "Shelf Registration Statement" shall have the meaning assigned
to such term in the Issue Date Registration Rights Agreement and any other
Registration Rights Agreement.

                  "Trustee" has the meaning assigned to it in the recitals
hereto.

                  Section 102 Conflicts with Base Indenture. In the event that
any provision of this Second Supplemental Indenture limits, qualifies or
conflicts with a provision of the Base Indenture, such provision of this Second
Supplemental Indenture shall control.

                                   ARTICLE TWO

                                    The Notes

                  Section 201 Form of Notes. The Notes and Trustee's certificate
of authentication shall be substantially in the form of Exhibit A hereto.

                  Section 202 Amount, Series and Terms.

                  (a) There is hereby created under this Indenture a series of
Securities known and designated as the "5.00% Subordinated Notes Due 2014." The
aggregate principal amount of Notes that may be authenticated and delivered
under this Second Supplemental Indenture is not limited.

                  (b) The terms and provisions of the Notes, the form of which
is in Exhibit A hereto, shall constitute, and are hereby expressly made, a part
of this Indenture, and to the extent applicable, the Company and the Trustee, by
their execution and delivery of this Indenture expressly agree to such terms and
provisions and to be bound thereby.

                  (c) The Notes may have notations, legends or endorsements as
specified in Section 204 hereof or as otherwise required by law, stock exchange
rule or Note Depositary rule or usage. The Company and the Trustee shall approve
the form of the Notes and the Company shall approve any notation legend or
endorsement on them. Each Note shall be dated the date of its authentication.

                  (d) Notes originally offered and sold to QIBs in reliance on
Rule 144A will be issued in the form of one or more permanent Global Notes
(each, a "Rule 144A Global Note").

                  (e) Notes originally offered and sold outside the United
States of America will be issued in the form of one or more permanent Global
Notes (each, the "Regulation S Global Note").

                  Section 203 Global Note Provisions.

                  (a) Each Global Note initially shall: (i) be registered in the
name of the Note Depositary or the nominee of the Note Depositary, (ii) be
delivered to the Note Custodian, and (iii) bear the appropriate legend, as set
forth in Section 204 hereof and Exhibit A hereto. Any

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Global Note may be represented by more than one certificate. The aggregate
principal amount of each Global Note may from time to time be increased or
decreased by adjustments made on the records of the Note Custodian, as provided
in this Indenture.

                  (b) Members of, or participants in, the Note Depositary
("Agent Members") shall have no rights under this Indenture with respect to any
Global Note held on their behalf by the Note Depositary or by the Note Custodian
under such Global Note, and the Note Depositary may be treated by the Company,
the Trustee, the Paying Agent and the Registrar and any of their agents as the
absolute owner of such Global Note for all purposes whatsoever. Notwithstanding
the foregoing, nothing herein shall prevent the Company, the Trustee, the Paying
Agent or the Registrar or any of their agents from giving effect to any written
certification, proxy or other authorization furnished by the Note Depositary or
impair, as between the Note Depositary and its Agent Members, the operation of
customary practices of the Note Depositary governing the exercise of the rights
of an owner of a beneficial interest in any Global Note. The registered Holder
of a Global Note may grant proxies and otherwise authorize any person, including
Agent Members and persons that may hold interests through Agent Members, to take
any action that a Holder is entitled to take under this Indenture or the Notes.

                  (c) Except as provided below, owners of beneficial interests
in Global Notes will not be entitled to receive Certificated Notes. Certificated
Notes shall be issued to all owners of beneficial interests in a Global Note in
exchange for such interests if:

                  (i) the Note Depositary notifies the Company that it is
         unwilling or unable to continue as depositary for such Global Note or
         the Note Depositary ceases to be a clearing agency registered under the
         Exchange Act, at a time when the Note Depositary is required to be so
         registered in order to act as depositary, and in each case a successor
         depositary is not appointed by the Company within 90 days of such
         notice, or

                  (ii) the Company executes and delivers to the Trustee and
         Registrar an Officers' Certificate stating that such Global Note shall
         be so exchangeable.

         In connection with the exchange of an entire Global Note for
Certificated Notes pursuant to this paragraph (c), such Global Note shall be
deemed to be surrendered to the Trustee for cancellation, and the Company shall
execute, and upon Company Order the Trustee or the Authentication Agent shall
authenticate and deliver, to each beneficial owner identified by the Note
Depositary in exchange for its beneficial interest in such Global Note, an equal
aggregate principal amount of Certificated Notes of authorized denominations.

                  Section 204 Legends.

                  (a) Each Global Note shall bear the legend specified therefor
in Exhibit A hereto on the face thereof.

                  (b) Each Restricted Note shall bear the private placement
legend specified therefor in Exhibit A hereto on the face thereof (the "Private
Placement Legend").

                  Section 205 Transfer and Exchange.

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                  (a) The following provisions shall apply with respect to any
proposed transfer of an interest in a Rule 144A Global Note that is a Restricted
Note: If (1) the owner of a beneficial interest in a Rule 144A Global Note
wishes to transfer such interest (or portion thereof) to a Non-U.S. Person
pursuant to Regulation S and (2) such Non-U.S. Person wishes to hold its
interest in the Notes through a beneficial interest in the Regulation S Global
Note, (x) upon receipt by the Note Custodian and Registrar of:

                  (i) instructions from the Holder of the Rule 144A Global Note
         directing the Note Custodian and Registrar to credit or cause to be
         credited a beneficial interest in the Regulation S Global Note equal to
         the principal amount of the beneficial interest in the Rule 144A Global
         Note to be transferred, and

                  (ii) a certificate in the form of Exhibit C hereto from the
         transferor,

and (y) subject to the rules and procedures of the Note Depositary, the Note
Custodian and Registrar shall increase the Regulation S Global Note and decrease
the Rule 144A Global Note by such amount in accordance with the foregoing.

                  (b) If the owner of an interest in a Regulation S Global Note
wishes to transfer such interest (or any portion thereof) to a QIB pursuant to
Rule 144A prior to the expiration of the Distribution Compliance Period
therefor, (x) upon receipt by the Note Custodian and Registrar of:

                  (i) instructions from the Holder of the Regulation S Global
         Note directing the Note Custodian and Registrar to credit or cause to
         be credited a beneficial interest in the Rule 144A Global Note equal to
         the principal amount of the beneficial interest in the Regulation S
         Global Note to be transferred, and

                  (ii) a certificate in the form of Exhibit B hereto duly
         executed by the transferor,

and (y) in accordance with the rules and procedures of the Note Depositary, the
Note Custodian and Registrar shall increase the Rule 144A Global Note and
decrease the Regulation S Global Note by such amount in accordance with the
foregoing.

                  (c) Other Transfers. Any transfer of Restricted Notes not
described above (other than a transfer of a beneficial interest in a Global Note
that does not involve an exchange of such interest for a Certificated Note or a
beneficial interest in another Global Note, which must be effected in accordance
with applicable law and the rules and procedures of the Note Depositary, but is
not subject to any procedure required by this Indenture) shall be made only upon
receipt by the Registrar of such opinions of counsel, certificates and/or other
information reasonably required by and satisfactory to it in order to ensure
compliance with the Securities Act or in accordance with paragraph (d) of this
Section 205.

                  (d) Use and Removal of Private Placement Legends. Upon the
transfer, exchange or replacement of Notes (or beneficial interests in a Global
Note) not bearing (or not required to bear upon such transfer, exchange or
replacement) a Private Placement Legend, the Note Custodian and Registrar shall
exchange such Notes (or beneficial interests) for beneficial

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interests in a Global Note (or Certificated Notes if they have been issued
pursuant to Section 203(c) hereof) that does not bear a Private Placement
Legend. Upon the transfer, exchange or replacement of Notes (or beneficial
interests in a Global Note) bearing a Private Placement Legend, the Note
Custodian and Registrar shall deliver only Notes (or beneficial interests in a
Global Note) that bear a Private Placement Legend unless:

                  (i) such Notes (or beneficial interests) are exchanged in a
         Registered Exchange Offer;

                  (ii) such Notes (or beneficial interests) are transferred
         pursuant to a Shelf Registration Statement;

                  (iii) such Notes (or beneficial interests) are transferred
         pursuant to Rule 144 upon delivery to the Registrar of a certificate of
         the transferor in the form of Exhibit D hereto, and an Opinion of
         Counsel reasonably satisfactory to the Registrar;

                  (iv) such Notes (or beneficial interests) are transferred,
         replaced or exchanged after the Resale Restriction Termination Date
         therefor; or

                  (v) in connection with such transfer, exchange or replacement
         the Registrar shall have received an Opinion of Counsel and other
         evidence reasonably satisfactory to it to the effect that neither such
         Private Placement Legend nor the related restrictions on transfer are
         required in order to maintain compliance with the provisions of the
         Securities Act.

The Private Placement Legend on any Note shall be removed at the request of the
Holder on or after the Resale Restriction Termination Date therefor. The Holder
of a Global Note may exchange an interest therein for an equivalent interest in
a Global Note not bearing a Private Placement Legend (other than a Regulation S
Global Note) upon transfer of such interest pursuant to any of clauses (i)
through (v) of this paragraph d. The Company shall deliver to the Trustee an
Officers' Certificate promptly upon effectiveness, withdrawal or suspension of
any Registration Statement.

                  (e) Consolidation of Global Notes and Exchange of Certificated
Notes for Beneficial Interests in Global Notes.

                  (i) If a Global Note not bearing a Private Placement Legend
         (other than a Regulation S Global Note) is Outstanding at the time of a
         Registered Exchange Offer, any interests in a Global Note exchanged in
         such Registered Exchange Offer shall be exchanged for interests in such
         Outstanding Global Note.

                  (ii) Nothing in this Indenture shall provide for the
         consolidation of any Notes with any other Notes to the extent that they
         constitute, as determined pursuant to an Opinion of Counsel, different
         classes of securities for U.S. federal income tax purposes.

                  (f) Retention of Documents. The Registrar shall retain copies
of all letters, notices and other written communications received pursuant to
this Article II. The Company shall have the right to inspect and make copies of
all such letters, notices or other written

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communications at any reasonable time upon the giving of reasonable written
notice to the Registrar.

                  (g) Execution, Authentication of Notes, etc.

                           (i) Subject to the other provisions of this Section
         205, when Notes are presented to the Registrar or a co-Registrar with a
         request to register the transfer of such Notes or to exchange such
         Notes for an equal principal amount of Notes of other authorized
         denominations, the Registrar or co-Registrar shall register the
         transfer or make the exchange as requested if its requirements for such
         transaction are met; provided that any Notes presented or surrendered
         for registration of transfer or exchange shall be duly endorsed or
         accompanied by a written instrument of transfer in form satisfactory to
         the Registrar or co-Registrar, duly executed by the Holder thereof or
         his attorney duly authorized in writing. To permit registrations of
         transfers and exchanges and subject to the other terms and conditions
         of this Article II, the Company will execute and upon Company Order the
         Trustee will authenticate Certificated Notes and Global Notes at the
         Registrar's or co-Registrar's request. In accordance with the
         Registration Rights Agreement, the Company will execute and upon
         Company Order the Trustee will authenticate Exchange Notes or Private
         Exchange Notes, as the case may be, in exchange for Issue Date Notes.

                           (ii) No service charge shall be made to a Holder for
         any registration of transfer or exchange, but the Company or the
         Registrar may require payment of a sum sufficient to cover any transfer
         tax, assessments, or similar governmental charge payable in connection
         therewith (other than any such transfer taxes, assessments or similar
         governmental charges payable upon exchange or transfer pursuant to a
         Registered Exchange Offer.

                           (iii) The Registrar or co-Registrar shall not be
         required to register the transfer of or exchange of any Note for a
         period beginning: (1) 15 days before the mailing of a notice of an
         offer to repurchase or redeem Notes and ending at the close of business
         on the day of such mailing or (2) 15 days before an Interest Payment
         Date and ending on such Interest Payment Date.

                           (iv) Prior to the due presentation for registration
         of transfer of any Note, the Company, the Trustee, the Paying Agent,
         the Registrar or any co-Registrar may deem and treat the person in
         whose name a Note is registered as the absolute owner of such Note for
         the purpose of receiving payment of principal of and interest on such
         Note and for all other purposes whatsoever, whether or not such Note is
         overdue, and none of the Company, the Trustee, the Paying Agent, the
         Registrar or any co-Registrar shall be affected by notice to the
         contrary.

                           (v) All Notes issued upon any registration of
         transfer or exchange pursuant to the terms of this Indenture shall
         evidence the same debt and shall be entitled to the same benefits under
         this Indenture as the Notes surrendered upon such registration of
         transfer or exchange.

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                  (h) No Obligation of the Trustee.

                           (i) The Trustee shall have no responsibility or
         obligation to any beneficial owner of an interest in a Global Note, a
         member of, or a participant in, the Note Depositary or other Person
         with respect to the accuracy of the records of the Note Depositary or
         its nominee or of any participant or member thereof, with respect to
         any ownership interest in the Notes or with respect to the delivery to
         any participant, member, beneficial owner or other Person (other than
         the Note Depositary) of any notice (including any notice of redemption)
         or the payment of any amount or delivery of any Notes (or other
         security or property) under or with respect to such Notes. All notices
         and communications to be given to the Holders and all payments to be
         made to Holders in respect of the Notes shall be given or made only to
         or upon the order of the registered Holders (which shall be the Note
         Depositary or its nominee in the case of a Global Note). The rights of
         beneficial owners in any Global Note shall be exercised only through
         the Note Depositary subject to the applicable rules and procedures of
         the Note Depositary. The Trustee may rely and shall be fully protected
         in relying upon information furnished by the Note Depositary with
         respect to its members, participants and any beneficial owners.

                           (ii) The Trustee shall have no obligation or duty to
         monitor, determine or inquire as to compliance with any restrictions on
         transfer imposed under this Indenture or under applicable law with
         respect to any transfer of any interest in any Note (including any
         transfers between or among the Note Depositary participants, members or
         beneficial owners in any Global Note) other than to require delivery of
         such certificates and other documentation or evidence as are expressly
         required by, and to do so if and when expressly required by, the terms
         of this Indenture, and to examine the same to determine substantial
         compliance as to form with the express requirements hereof.

                  Section 206 Additional Interest Under Registration Rights
Agreements. Under certain circumstances, the Company may be obligated to pay
additional interest to Holders, all as and to the extent set forth in the Issue
Date Registration Rights Agreement or any Registration Rights Agreement
applicable to the Additional Notes. The terms thereof are hereby incorporated
herein by reference and such additional interest is deemed to be interest for
purposes of this Indenture.

                  Section 207 Additional Notes. The Company may, from time to
time, subject to compliance with any other applicable provisions of this
Indenture, without the consent of the Holders, create and issue pursuant to this
Indenture additional notes ("Additional Notes") having terms and conditions set
forth in Exhibit A hereto identical to those of the other Outstanding Notes,
except that Additional Notes:

                  (i) may have a different issue date from other Outstanding
         Notes;

                  (ii) may have a different amount of interest payable on the
         first Interest Payment Date after issuance than is payable on other
         Outstanding Notes;

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                  (iii) may have terms specified in the Additional Note Board
         Resolution or Additional Note Supplemental Indenture for such
         Additional Notes making appropriate adjustments to this Article II and
         Exhibit A hereto (and related definitions) applicable to such
         Additional Notes in order to conform to and ensure compliance with the
         Securities Act (or other applicable securities laws) and any
         registration rights or similar agreement applicable to such Additional
         Notes, which are not adverse in any material respect to the Holder of
         any Outstanding Notes (other than such Additional Notes); and

                  (iv) may be entitled to additional interest as provided in
         Section 207 herein not applicable to other Outstanding Notes and may
         not be entitled to such additional interest applicable to other
         Outstanding Notes;

provided, that no adjustment pursuant to this Section 207 shall cause such
Additional Notes to constitute a different class of securities than the Issue
Date Notes for U.S. federal income tax purposes except for Additional Notes that
have a separate CUSIP number from other Outstanding Notes pending performance by
the Company of its obligations under a Registration Rights Agreement applicable
thereto.

                                  ARTICLE THREE

                                  Miscellaneous

                  Section 301 The Trustee accepts the trusts created by this
Second Supplemental Indenture upon the terms and conditions set forth in the
Base Indenture. The Trustee shall not be responsible or accountable in any
manner whatsoever for or in respect of, and makes no representation with respect
to, the validity or sufficiency of this Second Supplemental Indenture or the due
execution hereof by the Company and shall not be responsible in any manner
whatsoever for or in respect of the correctness of the recitals and statements
contained herein, all of which recitals and statements are made solely by the
Company.

                  Section 302 Except as hereby expressly modified, the Base
Indenture is in all respects ratified and confirmed and all the terms,
conditions and provisions thereof shall remain in full force and effect. This
Second Supplemental Indenture shall take effect on the date hereof.

                  Section 303 This Second Supplemental Indenture may be executed
in any number of counterparts, each of which shall be deemed to be an original
for all purposes; but such counterparts shall together be deemed to constitute
but one and the same instrument.

                  J.P. Morgan Trust Company, National Association, hereby
accepts the trusts in this Second Supplemental Indenture declared and provided,
upon the terms and conditions herein set forth.

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                  IN WITNESS WHEREOF, each of CITIGROUP INC. and J.P. MORGAN
TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee, has caused this Second
Supplemental Indenture to be signed and acknowledged by one of its officers
thereunto duly authorized, as of September 16, 2004

                                             CITIGROUP INC.

                                             By: /s/ Martin A. Waters
                                                ------------------------------
                                                Name:  Martin A. Waters
                                                Title: Assistant Treasurer

                                             J.P. MORGAN TRUST COMPANY,
                                             NATIONAL ASSOCIATION, as Trustee

                                             By: /s/ J.P. MORGAN TRUST COMPANY
                                                     NATIONAL ASSOCIATION
                                                ------------------------------
                                                Name:
                                                Title:

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                                                                       EXHIBIT A

                              FORM OF FACE OF NOTE

[Restricted Notes Private Placement Legend: THIS SECURITY HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT").
THE HOLDER HEREOF, BY PURCHASING THIS SECURITY, AGREES FOR THE BENEFIT OF THE
COMPANY THAT THIS SECURITY MAY NOT BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED
(X) PRIOR TO THE SECOND ANNIVERSARY OF THE ISSUANCE HEREOF (OR A PREDECESSOR
SECURITY HERETO) OR (Y) BY ANY HOLDER THAT WAS AN AFFILIATE OF THE COMPANY AT
ANY TIME DURING THE THREE MONTHS PRECEDING THE DATE OF SUCH TRANSFER, IN EITHER
CASE OTHER THAN (1) TO THE COMPANY, (2) SO LONG AS THIS SECURITY IS ELIGIBLE FOR
RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("RULE 144A") TO A PERSON
WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN
THE MEANING OF RULE 144A PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A
QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE RESALE, PLEDGE OR
OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A (AS INDICATED BY THE BOX
CHECKED BY THE TRANSFEROR ON THE CERTIFICATE OF TRANSFER ON THE REVERSE OF THIS
SECURITY), (3) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH REGULATION S UNDER
THE SECURITIES ACT (AS INDICATED BY THE BOX CHECKED BY THE TRANSFEROR ON THE
CERTIFICATE OF TRANSFER ON THE REVERSE OF THIS SECURITY) OR (4) PURSUANT TO AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 (IF
APPLICABLE) UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ANY
APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES.

THE HOLDER HEREOF, BY PURCHASING THIS SECURITY, REPRESENTS AND AGREES FOR THE
BENEFIT OF THE COMPANY THAT IT IS (1) A QUALIFIED INSTITUTIONAL BUYER WITHIN THE
MEANING OF RULE 144A OR (2) A NON-U.S. PERSON OUTSIDE THE UNITED STATES WITHIN
THE MEANING OF (OR AN ACCOUNT SATISFYING THE REQUIREMENTS OF PARAGRAPH (k) (2)
OF RULE 902 UNDER) REGULATION S. THE HOLDER HEREOF BY ITS ACCEPTANCE HEREOF
AGREES TO BE BOUND BY THE PROVISIONS OF THE REGISTRATION RIGHTS AGREEMENT DATED
SEPTEMBER 16, 2004 RELATING TO THE NOTES.]

[To be inserted if the note is a global note: 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

                                       A-1
<PAGE>

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 THE
COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY (AND ANY
PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY), ANY TRANSFER, PLEDGE, OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

THIS SUBORDINATED NOTE HAS BEEN ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR U.S.
FEDERAL INCOME TAX PURPOSES. FOR INFORMATION ABOUT THE ISSUE PRICE, THE AMOUNT
OF OID, THE ISSUE DATE AND THE YIELD TO MATURITY, PLEASE CONTACT CITIGROUP INC.
FIXED INCOME INVESTOR RELATIONS AT 153 EAST 53rd STREET, NEW YORK, NEW YORK,
TEL. 212-559-5091.

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 ANY OTHER FEDERAL AGENCY OR
INSTRUMENTALITY.

                                 CITIGROUP INC.

                5.00% SUBORDINATED NOTES DUE SEPTEMBER 15, 2014.

REGISTERED                                                         REGISTERED

                                                                 CUSIP:  [     ]
                                                                   ISIN: [     ]
                                                            Common Code: [     ]

No.  [     ]                                                            $[     ]

                  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 September 15, 2014 and to pay interest thereon from and including
September 16, 2004 or from the most recent Interest Payment Date to which
interest has been paid or duly provided for, semi-annually, on March 15 and
September 15 of each year, commencing March 15, 2005, at the rate of 5.00% per
annum, until the principal hereof is paid or made available for payment. The
interest so payable, and

                                       A-2
<PAGE>

punctually paid or duly provided for, on any Interest Payment Date will, as
provided in the Indenture, be paid to the Person in whose name this Subordinated
Note is registered at the close of business on the Record Date for such
interest, which shall be the March 1 or September 1 (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 to 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 either an Interest Payment Date or the Maturity of the
Subordinated Notes falls on a day that is not a Business Day, such Interest
Payment Date or Maturity will be the next succeeding Business Day. 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 which is a
day on which commercial banks settle payments and are open for general business
in The City of New York.

                  Payment of the principal of and interest on this 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.

                                       A-3
<PAGE>

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

Dated: September 16, 2004

                                                     CITIGROUP INC.

                                                     By:_____________________
                                                     Title:  Assistant Treasurer

ATTEST:

By:_________________________
Assistant Secretary

                                       A-4
<PAGE>

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

Dated: September 16, 2004

                                                     J.P MORGAN TRUST COMPANY,
                                                     NATIONAL ASSOCIATION
                                                     as Trustee

                                                     By:_____________________
                                                     Name:
                                                     Title:

                                                              -- OR --

                                                     CITIBANK, N.A.,
                                                     as Authenticating Agent

                                                     By:_____________________
                                                     Name:
                                                     Title:

                                       A-5
<PAGE>

                             FORM OF REVERSE OF NOTE

                  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 by the First Supplemental Indenture, dated as of August 2, 2004,
and the Second Supplemental Indenture, dated as of September 16, 2004 (together,
the "Indenture"), as supplemented and amended from time to time, each between
the Company and J.P. Morgan Trust Company, National Association (as successor to
Bank One Trust Company, National Association.), 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 $o.

                  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,

                                       A-6
<PAGE>

                  (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

                                       A-7
<PAGE>

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

                  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 $1,000 and integral
multiples thereof only if 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 Note
Depositary 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 Note Depositary or its nominee.

                  No service charge shall be made for any such registration of
transfer or exchange, but the Company or the Registrar 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.

                                       A-8
<PAGE>

                  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 solely by reason of the beneficial owner being or
                  having been, any of the following (as these terms are defined
                  in the Internal Revenue Code of l986, 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;

                                       A-9
<PAGE>

                  (e)      controlled foreign corporation or

                  (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 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.

                                      A-10
<PAGE>

         (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;

                  (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 or other governmental
                           charge.

         (11)     Additional Amounts will 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

                                      A-11
<PAGE>

                  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.

                  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 treated as a
         corporation of a partnership created or organized in or under the laws
         of the United States or any political subdivision thereof;

                  (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 United States of
America including the states of the United States of America and the District of
Columbia, but excluding its territories and 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
                           13, 2004; 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

                                      A-12
<PAGE>

                           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 13, 2004, 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.

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.

                                      A-13
<PAGE>

                      [To be attached to Global Notes only:

                SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE

                  The following increases or decreases in this Global Note have
been made:

<TABLE>
<CAPTION>
                                                                   Principal Amount of      Signature of
                  Amount of decrease in   Amount of increase in    this Global Note         authorized signatory
                  Principal Amount of     Principal Amount of      following such           of Trustee or Note
Date of Exchange  this Global Note        this Global Note         decrease or increase     Custodian
----------------  ---------------------   ---------------------    --------------------     ---------------------
<S>               <C>                     <C>                      <C>                      <C>
</TABLE>

                                      A-14
<PAGE>

                                                                       EXHIBIT B

                             Certificate of Transfer

                    (To be executed by the registered holder
                  if such holder desires to transfer this Note)

_________________
_________________
New York, New York____

FOR VALUE RECEIVED ______________________hereby sells, assigns and transfers
unto

               PLEASE INSERT SOCIAL SECURITY OR OTHER
               TAX IDENTIFYING NUMBER OF TRANSFEREE

__________________________________________________

________________________________________________________________________________

________________________________________________________________________________
                  (Please print name and address of transferee)

________________________________________________________________________________
this Note, together with all right, title and interest herein, and does hereby
irrevocably constitute and appoint _________________________ Attorney to
transfer this Note on the Debt Security Register relating to this Note, with
full power of substitution.

Dated:

                           _____________________________________________________
                           Signature

                           _____________________________________________________
                           Signature Guaranteed

NOTICE: The signature to the foregoing Assignment must correspond to the Name as
written upon the face of this Note in every particular, without alteration or
any change whatsoever.

                                      B-1
<PAGE>

In connection with any transfer of any of the Notes evidenced by this
certificate occurring prior to the expiration of the period referred to in Rule
144(k) under the Securities Act after the later of the date of original issuance
of such Notes and the last date, if any, on which such Notes were owned by the
Company or any Affiliate of the Company, the undersigned confirms that such
Notes are being transferred in accordance with its terms:

[CHECK ONE BOX BELOW]

(1)      [ ]          to the Company; or

(2)      [ ]          inside the United States to a "qualified institutional
                      buyer" (as defined in Rule 144A under the Securities Act
                      ("Rule 144A")) ("QIB") that purchases for its own account
                      or for the account of a qualified institutional buyer to
                      whom notice is given that such transfer is being made in
                      reliance on Rule 144A, in each case pursuant to and in
                      compliance with Rule 144A; or

(3)      [ ]          outside the United States in accordance with Regulation S
                      under the Securities Act; or

(4)      [ ]          pursuant to an exemption from registration under the
                      Securities Act provided by Rule 144 under the Securities
                      Act.

                                       B-2
<PAGE>

                                                                       EXHIBIT C

                     FORM OF CERTIFICATE FOR TRANSFER TO QIB

                                                   [Date]

Citibank, N.A.
111 Wall Street, 15th Floor
New York, NY 10005
Attention: Customer Service
Fax: 212-657-1020

                  Re:      5.00% Subordinated Notes Due 2014 (the "Notes")
                           of Citigroup Inc. (the "Company")

Ladies and Gentlemen:

                  Reference is hereby made to the Indenture, dated as of April
12, 2001, as supplemented by the First Supplemental Indenture, dated as of
August 2, 2004, and the Second Supplemental Indenture, dated as of September 16,
2004 (as further amended and supplemented from time to time, the "Indenture"),
each between the Company and J.P. Morgan Trust Company, National Association, as
Trustee. Capitalized terms used but not defined herein shall have the meanings
given them in the Indenture.

                  This letter relates to $___________ aggregate principal amount
of Notes [in the case of a transfer of an interest in a Regulation S Global
Note: which represents an interest in a Regulation S Global Note beneficially
owned by] the undersigned (the "Transferor") to effect the transfer of such
Notes in exchange for an equivalent beneficial interest in the Rule 144A Global
Note.

                  In connection with such request, and with respect to such
Notes, the Transferor does hereby certify that such Notes are being transferred
in accordance with Rule 144A under the Securities Act of 1933, as amended ("Rule
144A"), to a transferee that the Transferor reasonably believes is purchasing
the Notes for its own account or an account with respect to which the transferee
exercises sole investment discretion, and the transferee, as well as any such
account, is a "qualified institutional buyer" within the meaning of Rule 144A,
in a transaction meeting the requirements of Rule 144A and in accordance with
applicable securities laws of any state of the United States or any other
jurisdiction.

                                       C-1

<PAGE>

                  You and the Company are entitled to rely upon this letter and
are irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceedings or official inquiry
with respect to the matters covered hereby.

                  Very truly yours,

                  [Name of Transferor]

                  By:____________________________

                  _______________________________
                  Authorized Signature

                                       C-2

<PAGE>

                                                                       EXHIBIT D

                        FORM OF CERTIFICATE FOR TRANSFER
                            PURSUANT TO REGULATION S

                                                 [Date]

Citibank, N.A.
111 Wall Street, 15th Floor
New York, NY 10005
Attention: Customer Service
Fax: 212-657-1020

                  Re:      5.00% Subordinated Notes Due 2014 (the "Notes")
                           of Citigroup Inc. (the "Company")

Ladies and Gentlemen:

                  Reference is hereby made to the Indenture, dated as of April
12, 2001, as supplemented by the First Supplemental Indenture, dated as of
August 2, 2004, and the Second Supplemental Indenture, dated as of September 16,
2004 (as further amended and supplemented from time to time, the "Indenture"),
each between the Company and J.P. Morgan Trust Company, National Association, as
Trustee. Capitalized terms used but not defined herein shall have the meanings
given them in the Indenture.

                  In connection with our proposed sale of $________ aggregate
principal amount of the Notes [in the case of a transfer of an interest in a
144A Global Note: , which represent an interest in a 144A Global Note
beneficially owned by] the undersigned ("Transferor"), we confirm that such sale
has been effected pursuant to and in accordance with Regulation S under the
Securities Act of 1933, as amended (the "Securities Act"), and, accordingly, we
represent that:

                  (a) the offer of the Notes was not made to a person in the
         United States;

                  (b) either (i) at the time the buy order was originated, the
         transferee was outside the United States or we and any person acting on
         our behalf reasonably believed that the transferee was outside the
         United States or (ii) the transaction was executed in, on or through
         the facilities of a designated off-shore securities market and neither
         we nor any person acting on our behalf knows that the transaction has
         been pre-arranged with a buyer in the United States;

                  (c) no directed selling efforts have been made in the United
         States in contravention of the requirements of Rule 903(b) or Rule
         904(b) of Regulation S, as applicable;

                                       D-1

<PAGE>

                  (d) the transaction is not part of a plan or scheme to evade
         the registration requirements of the Securities Act; and

                  (e) we are the beneficial owner of the principal amount of
         Notes being transferred.

                  In addition, if the sale is made during a Distribution
Compliance Period and the provisions of Rule 904(b)(1) or Rule 904(b)(2) of
Regulation S are applicable thereto, we confirm that such sale has been made in
accordance with the applicable provisions of Rule 904(b)(1) or Rule 904(b)(2),
as the case may be.

                  You and the Company are entitled to rely upon this letter and
are irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceedings or official inquiry
with respect to the matters covered hereby. Terms used in this letter have the
meanings set forth in Regulation S.

                  Very truly yours,

                  [Name of Transferor]

                  By:____________________________

                  _______________________________
                  Authorized Signature

                                       D-2

<PAGE>

                                                                       EXHIBIT E

                        FORM OF CERTIFICATE FOR TRANSFER
                              PURSUANT TO RULE 144

                                                 [Date]

Citibank, N.A.
111 Wall Street, 15th Floor
New York, NY 10005
Attention: Customer Service
Fax: 212-657-1020

                  Re:      5.00% Subordinated Notes Due 2014 (the "Notes")
                           of Citigroup Inc. (the "Company")

Ladies and Gentlemen:

                  Reference is hereby made to the Indenture, dated as of April
12, 2001, as supplemented by the First Supplemental Indenture, dated as of
August 2, 2004, and the Second Supplemental Indenture, dated as of September 16,
2004 (as further amended and supplemented from time to time, the "Indenture"),
each between the Company and J.P. Morgan Trust Company, National Association, as
Trustee. Capitalized terms used but not defined herein shall have the meanings
given them in the Indenture.

                  In connection with our proposed sale of $________ aggregate
principal amount of the Notes [in the case of a transfer of an interest in a
144A Global Note: , which represent an interest in a 144A Global Note
beneficially owned by] the undersigned ("Transferor"), we confirm that such sale
has been effected pursuant to and in accordance with Rule 144 under the
Securities Act.

                  You and the Company are entitled to rely upon this letter and
are irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceedings or official inquiry
with respect to the matters covered hereby.

                  Very truly yours,

                  [Name of Transferor]

                  By:____________________________

                  _______________________________
                  Authorized Signature

                                       E-1<PAGE>

                                                                     Exhibit 4.4

                                 CITIGROUP INC.

                        5.00% Subordinated Notes due 2014

                          REGISTRATION RIGHTS AGREEMENT

                                                              New York, New York
                                                              September 16, 2004

Citigroup Global Markets Inc.
   as Dealer Manager
388 Greenwich Street
New York, New York 10013
Ladies and Gentlemen:

                  Citigroup Inc., a corporation organized under the laws of the
state of Delaware ("Citigroup"), proposes to issue its 5.00% Subordinated Notes
due 2014 (the "New Notes") as part of an exchange offer (the "Initial Exchange
Offer") for its outstanding 7.25% Subordinated Notes due 2010 (the "Old Notes"),
upon the terms set forth in a Dealer Manager Agreement (the "Dealer Manager
Agreement") dated August 9, 2004, between Citigroup and you, as the dealer
manager (the "Dealer Manager"), relating to the Initial Exchange Offer. The New
Notes are to be issued under the subordinated debt indenture dated as of April
12, 2001, as amended and supplemented by the first supplemental indenture dated
August 2, 2004 and the second supplemental indenture dated as of September 16,
2004 (together, the "Indenture"), each between Citigroup and J.P. Morgan Trust
Company, National Association, as successor-in-interest to Bank One Trust
Company, National Association, as trustee (the "Trustee"). To induce the Dealer
Manager to enter into the Dealer Manager Agreement and to satisfy a condition to
your obligations thereunder, Citigroup agrees with you for your benefit and the
benefit of the holders (each a "Holder" and, collectively, the "Holders") from
time to time of the New Notes or the Exchange Notes (as hereinafter defined), as
follows:

                  1. Definitions. Capitalized terms used herein without
definition shall have their respective meanings set forth in the Dealer Manager
Agreement. As used in this Agreement, the following capitalized defined terms
shall have the following meanings:

                  "Act" shall mean the Securities Act of 1933, as amended, and
the rules and regulations of the Commission promulgated thereunder.

                  "Additional Interest" shall have the meaning set forth in
Section 5(a) hereto.

                  "Affiliate" shall have the meaning specified in Rule 405 under
the Act and the terms "controlling" and "controlled" shall have meanings
correlative thereto, except that, with respect to Citigroup, Affiliate shall not
include the Dealer Manager and, with respect to the Dealer Manager, Affiliate
shall not include Citigroup.

<PAGE>

                  "Broker-Dealer" shall mean any broker or dealer registered as
such under the Exchange Act.

                  "Business Day" shall mean any day other than a Saturday, a
Sunday or a legal holiday or a day on which banking institutions or trust
companies are authorized or obligated by law to close in New York City.

                  "Citigroup" shall have the meaning set forth in the preamble
hereto.

                  "Commission" shall mean the Securities and Exchange
Commission.

                  "Dealer Manager" shall have the meaning set forth in the
preamble hereto.

                  "Dealer Manager Agreement" shall have the meaning set forth in
the preamble hereto.

                  "DTC" shall have the meaning set forth in Section 4(l)(A)
hereto.

                  "Exchange Act" shall mean the Securities Exchange Act of 1934,
as amended, and the rules and regulations of the Commission promulgated
thereunder.

                  "Exchange Notes" shall mean debt securities of Citigroup
identical in all material respects to the New Notes (except that the interest
rate step-up and purchase provisions and the transfer restrictions shall be
modified or eliminated, as appropriate) and to be issued under the Indenture.

                  "Exchange Offer Registration Period" shall mean the one-year
period following the consummation of the Registered Exchange Offer, exclusive of
any period during which any stop order shall be in effect suspending the
effectiveness of the Exchange Offer Registration Statement.

                  "Exchange Offer Registration Statement" shall mean a
registration statement of Citigroup on an appropriate form under the Act with
respect to the Registered Exchange Offer, all amendments and supplements to such
registration statement, including post-effective amendments thereto, in each
case including the Prospectus contained therein, all exhibits thereto and all
material incorporated by reference therein.

                  "Exchanging Dealer" shall mean any Holder that is a
Broker-Dealer and elects to exchange for Exchange Notes any New Notes that it
acquired for its own account as a result of market-making activities or other
trading activities (but not directly from Citigroup or any Affiliate of
Citigroup) for Exchange Notes.

                  "Expiration Date" shall have the meaning set forth in Section
2(c)(ii) hereto.

                  "Fee" shall have the meaning set forth in the Dealer Manager
Agreement.

                  "Holder" and "Holders" shall have the respective meanings set
forth in the preamble hereto.

                                        2
<PAGE>

                  "Indenture" shall have the meaning set forth in the preamble
hereto.

                  "Initial Exchange Offer" shall have the meaning set forth in
the preamble hereto.

                  "Losses" shall have the meaning set forth in Section 7(d)
hereof.

                  "Majority Holders" shall mean, on any date, the Holders of a
majority of the aggregate principal amount of the New Notes registered or to be
registered under a Registration Statement.

                  "Managing Underwriters" shall mean the investment banker or
investment bankers and manager or managers that administer an underwritten
offering, if any, under a Registration Statement.

                  "New Notes" shall have the meaning set forth in the preamble
hereto.

                  "Old Notes" shall have the meaning set forth in the preamble
hereto.

                  "Prospectus" shall mean the prospectus included in any
Registration Statement (including, without limitation, a prospectus that
discloses information previously omitted from a prospectus filed as part of an
effective registration statement in reliance upon Rule 430A under the Act), as
amended or supplemented by any prospectus supplement, with respect to the terms
of the offering of any portion of the New Notes or the Exchange Notes covered by
such Registration Statement, and all amendments and supplements thereto,
including any and all exhibits thereto and any information incorporated by
reference therein.

                  "Registered Exchange Offer" shall mean the proposed offer of
Citigroup to issue and deliver to the Holders of the New Notes that are not
prohibited by any law or policy of the Commission from participating in such
offer, in exchange for the New Notes, a like aggregate principal amount of the
Exchange Notes.

                  "Registrable Securities" shall mean each New Note or Exchange
Note until the earliest to occur of: (i) the date on which such New Note or
Exchange Note has been registered under a Registration Statement and disposed of
in accordance therewith; (ii) the date on which such New Note or Exchange Note
is distributed to the public pursuant to Rule 144 under the Act or any successor
rule or regulation thereto that may be adopted by the Commission; (iii) the date
on which such New Note is exchanged in the Registered Exchange Offer for an
Exchange Note that may be resold to the public without complying with the
prospectus delivery requirements of the Act (provided that no Exchange Note held
by an Exchanging Dealer shall cease to constitute a Registrable Security
pursuant to this clause (iii) unless and until disposed of pursuant to the
underwriting or plan of distribution section (or similarly entitled section)
contemplated by the Exchange Offer Registration Statement (including the
delivery of the Prospectus contained therein); or (iv) following the exchange by
an Exchanging Dealer in the Registered Exchange Offer of a New Note for an
Exchange Note, the date on which such Exchange Note is sold to a purchaser who
receives from such Exchanging Dealer on or before the date of such sale a copy
of a Prospectus complying with the requirements of the Act.

                  "Registrar" shall have the meaning set forth in the Indenture.

                                        3
<PAGE>

                  "Registration Default" shall have the meaning set forth in
Section 5(a) hereof.

                  "Registration Statement" shall mean any Exchange Offer
Registration Statement or Shelf Registration Statement that covers any of the
New Notes or the Exchange Notes pursuant to the provisions of this Agreement,
any amendments and supplements to such registration statement, including
post-effective amendments (in each case including the Prospectus contained
therein), all exhibits thereto and all material incorporated by reference
therein.

                  "Settlement Date" shall mean the date on which the Initial
Exchange Offer has been consummated.

                  "Shelf Registration" shall mean a registration under the Act
effected pursuant to Section 3 hereof.

                  "Shelf Registration Period" shall have the meaning set forth
in Section 3(b)(ii) hereof.

                  "Shelf Registration Statement" shall mean a "shelf"
registration statement of Citigroup pursuant to the provisions of Section 3
hereof which covers some or all of the New Notes, on an appropriate form under
Rule 415 under the Act, or any similar rule that may be adopted by the
Commission, amendments and supplements to such registration statement, including
post-effective amendments, in each case including the Prospectus contained
therein, all exhibits thereto and all material incorporated by reference
therein.

                  "Transferability Date" shall have the meaning set forth in
Section 5(a) hereof.

                  "Trustee" shall have the meaning set forth in the preamble
hereto.

                  "Trust Indenture Act" shall mean the Trust Indenture Act of
1939, as amended, and the rules and regulations of the Commission promulgated
thereunder.

                  "underwriter" shall mean any underwriter of New Notes in
connection with an offering thereof under a Shelf Registration Statement.

                  2. Registered Exchange Offer. (a) Citigroup shall prepare and,
not later than 120 days following the Settlement Date (or if such 120th day is
not a Business Day, the next succeeding Business Day), shall file with the
Commission the Exchange Offer Registration Statement with respect to the
Registered Exchange Offer. Citigroup shall use its reasonable best efforts to
(i) cause the Exchange Offer Registration Statement to be declared effective
under the Act within 180 days of the Settlement Date (or if such 180th day is
not a Business Day, the next succeeding Business Day); and (ii) consummate the
Registered Exchange Offer within 210 days of the Settlement Date (or if such
210th day is not a Business Day, the next succeeding Business Day).

                  (b) Upon the effectiveness of the Exchange Offer Registration
Statement, Citigroup shall promptly commence the Registered Exchange Offer, it
being the objective of such Registered Exchange Offer to enable each Holder
electing to exchange New Notes for

                                        4
<PAGE>

Exchange Notes (assuming that such Holder is not an Affiliate of Citigroup,
acquires the Exchange Notes in the ordinary course of such Holder's business,
has no arrangements with any person to participate in the distribution of the
Exchange Notes and is not prohibited by any law or policy of the Commission from
participating in the Registered Exchange Offer) to trade such Exchange Notes
from and after their receipt without any limitations or restrictions under the
Act and without material restrictions under the securities laws of a substantial
proportion of the several states of the United States.

                  (c) In connection with the Registered Exchange Offer,
Citigroup shall:

                           (i) mail to each Holder a copy of the Prospectus
         forming part of the Exchange Offer Registration Statement, together
         with an appropriate letter of transmittal and related documents;
         provided however, if Citigroup is unable to ascertain a mailing address
         for any Holder, such Holder will be deemed to have received the
         documents referred to above upon delivery of such documents to The
         Depository Trust Company for distribution to its participants;

                           (ii) keep the Registered Exchange Offer open for not
         less than 30 Business Days and not more than 60 Business Days after the
         date on which notice thereof is mailed to the Holders (or, in each
         case, longer if required by applicable law) (the "Expiration Date");

                           (iii) use its reasonable best efforts to keep the
         Exchange Offer Registration Statement continuously effective under the
         Act, supplemented and amended as required under the Act to ensure that
         it is available for sales of Exchange Notes by Exchanging Dealers
         during the Exchange Offer Registration Period;

                           (iv) utilize the services of a depositary for the
         Registered Exchange Offer with an address in the Borough of Manhattan
         in New York City, which may be the Trustee or an Affiliate thereof;

                           (v) permit Holders to withdraw tendered New Notes at
         any time prior to the close of business on the Expiration Date;

                           (vi) prior to effectiveness of the Exchange Offer
         Registration Statement, provide a supplemental letter to the Commission
         (A) stating that Citigroup is conducting the Registered Exchange Offer
         in reliance on the position of the Commission in Exxon Capital Holdings
         Corporation (pub. avail. May 13, 1988) and Morgan Stanley and Co., Inc.
         (pub. avail. June 5, 1991), and (B) including a representation that
         Citigroup has not entered into any arrangement or understanding with
         any person to distribute the Exchange Notes to be received in the
         Registered Exchange Offer and that, to the best of Citigroup's
         information and belief, each Holder participating in the Registered
         Exchange Offer is acquiring the Exchange Notes in the ordinary course
         of business and has no arrangement or understanding with any person to
         participate in the distribution of the Exchange Notes; and

                           (vii) comply in all respects with all applicable
         laws.

                                        5
<PAGE>

                  (d) As soon as practicable after the close of the Registered
Exchange Offer, Citigroup shall:

                           (i) accept for exchange all New Notes tendered and
         not validly withdrawn pursuant to the Registered Exchange Offer;

                           (ii) deliver to the Trustee for cancellation in
         accordance with Section 4(t) all New Notes so accepted for exchange;
         and

                           (iii) cause the Trustee promptly to authenticate and
         deliver to each Holder of New Notes a principal amount of Exchange
         Notes equal to the principal amount of the New Notes of such Holder so
         accepted for exchange.

                  (e) Each Holder hereby acknowledges and agrees that any
Broker-Dealer and any such Holder using the Registered Exchange Offer to
participate in a distribution of the Exchange Notes (x) could not under
Commission policy as in effect on the date of this Agreement rely on the
position of the Commission in Exxon Capital Holdings Corporation (pub. avail.
May 13, 1988) and Morgan Stanley and Co., Inc. (pub. avail. June 5, 1991), as
interpreted in the Commission's letter to Shearman & Sterling dated July 2, 1993
and similar no-action letters; and (y) must comply with the registration and
prospectus delivery requirements of the Act in connection with any secondary
resale transaction must be covered by an effective registration statement
containing the selling security holder information required by Item 507 or 508,
as applicable, of Regulation S-K under the Act if the resales are of Exchange
Notes obtained by such Holder in exchange for New Notes acquired by such Holder
directly from Citigroup or one of its Affiliates. Accordingly, each Holder
participating in the Registered Exchange Offer shall be required to represent to
Citigroup that, at the time of the consummation of the Registered Exchange
Offer:

                           (i) any Exchange Notes received by such Holder will
         be acquired in the ordinary course of such Holder's business;

                           (ii) such Holder will have no arrangement or
         understanding with any person to participate in the distribution of the
         New Notes or the Exchange Notes within the meaning of the Act; and

                           (iii) such Holder is not an Affiliate of Citigroup.

                  3. Shelf Registration. (a) If (i) due to any change in law or
applicable interpretations thereof by the Commission's staff, Citigroup
determines upon advice of its outside counsel that it is not permitted to effect
the Registered Exchange Offer as contemplated by Section 2 hereof; or (ii) for
any other reason the Registered Exchange Offer is not consummated within 210
days of the Settlement Date; or (iii) any Holder is not eligible to participate
in the Registered Exchange Offer, Citigroup shall effect a Shelf Registration
Statement in accordance with subsection (b) below.

                  (b) (i) Citigroup shall as promptly as practicable (but in no
event more than 120 days after so required or requested pursuant to this Section
3), file with the Commission and thereafter shall use its reasonable best
efforts to cause to be declared effective under the Act

                                        6
<PAGE>

within 180 days after so required or requested a Shelf Registration Statement
relating to the offer and sale of the New Notes by the Holders thereof from time
to time in accordance with the methods of distribution elected by such Holders
and set forth in such Shelf Registration Statement; provided, however, that no
Holder shall be entitled to have the New Notes held by it covered by such Shelf
Registration Statement unless such Holder agrees in writing to be bound by all
of the provisions of this Agreement applicable to such Holder; and provided
further that with respect to a Shelf Registration Statement required pursuant to
clause (ii) of Section 3(a), the consummation of a Registered Exchange Offer
shall relieve Citigroup of its obligations under this Section 3(b) but only in
respect of its obligations under such clause (ii) of Section 3(a).

                           (ii) Citigroup shall use its reasonable best efforts
         to keep the Shelf Registration Statement continuously effective,
         supplemented and amended as required by the Act, in order to permit the
         Prospectus forming part thereof to be usable by Holders until the
         expiration of the period referred to in Rule 144(k) under the Act (in
         no event exceeding two years from the date hereof or such shorter
         period that will terminate when all the New Notes covered by the Shelf
         Registration Statement have been sold pursuant to the Shelf
         Registration Statement (in any such case, such period being called the
         "Shelf Registration Period"). Citigroup shall be deemed not to have
         used its reasonable best efforts to keep the Shelf Registration
         Statement effective during the requisite period if it voluntarily takes
         any action that would result in Holders of New Notes covered thereby
         not being able to offer and sell such New Notes during that period,
         unless (A) such action is required by applicable law; or (B) such
         action is taken by Citigroup in good faith and for valid business
         reasons (not including avoidance of Citigroup's obligations hereunder),
         including the acquisition or divestiture of assets, so long as
         Citigroup promptly thereafter complies with the requirements of Section
         4(k) hereof, if applicable.

                           (iii) Citigroup shall cause the Shelf Registration
         Statement and the related Prospectus and any amendment or supplement
         thereto, as of the effective date of the Shelf Registration Statement
         or such amendment or supplement, (A) to comply in all material respects
         with the applicable requirements of the Act and the rules and
         regulations of the Commission; and (B) not to contain any untrue
         statement of a material fact or omit to state a material fact required
         to be stated therein or necessary in order to make the statements
         therein (in the case of the Prospectus contained therein, in the light
         of the circumstances under which they were made) not misleading.

                  4. Additional Registration Procedures. In connection with any
Shelf Registration Statement and, to the extent applicable, any Exchange Offer
Registration Statement, the following provisions shall apply.

                  (a) Citigroup shall:

                           (i) furnish to you, not less than five Business Days
         prior to the filing thereof with the Commission, a copy of any Exchange
         Offer Registration Statement and any Shelf Registration Statement, and
         each amendment thereof and each amendment or supplement, if any, to the
         Prospectus included therein (including all documents incorporated by
         reference therein after the initial filing) and shall use its best
         efforts to

                                        7
<PAGE>

         reflect in each such document, when so filed with the Commission, such
         comments as you reasonably propose;

                           (ii) include the information set forth in (A) Annex A
         hereto on the facing page of the Exchange Offer Registration Statement;
         (B) Annex B hereto in the forepart of the Exchange Offer Registration
         Statement in a section setting forth details of the Registered Exchange
         Offer; (C) Annex C hereto in the underwriting or plan of distribution
         section of the Prospectus contained in the Exchange Offer Registration
         Statement; and (D) Annex D hereto in the letter of transmittal
         delivered pursuant to the Registered Exchange Offer; and

                           (iii) in the case of a Shelf Registration Statement,
         include the names of the Holders that propose to sell New Notes
         pursuant to the Shelf Registration Statement as selling security
         holders.

                  (b) Citigroup shall ensure that:

                           (i) any Registration Statement and any amendment
         thereto and any Prospectus forming part thereof and any amendment or
         supplement thereto complies in all material respects with the Act and
         the rules and regulations thereunder; and

                           (ii) any Registration Statement and any amendment
         thereto does not, when it becomes effective, contain an untrue
         statement of a material fact or omit to state a material fact required
         to be stated therein or necessary to make the statements therein not
         misleading.

                  (c) Citigroup shall advise you, the Holders of New Notes or
Exchange Notes, as the case may be, covered by any Registration Statement and
any Exchanging Dealer under any Exchange Offer Registration Statement that has
provided in writing to Citigroup a telephone or facsimile number and address for
notices, and, if requested by you or any such Holder or Exchanging Dealer, shall
confirm such advice in writing (which notice pursuant to clauses (ii) through
(v) hereof shall be accompanied by an instruction to suspend the use of the
Prospectus until Citigroup shall have remedied the basis for such suspension):

                           (i) when a Registration Statement and any amendment
         thereto has been filed with the Commission and when the Registration
         Statement or any post-effective amendment thereto has become effective;

                           (ii) of any request by the Commission for any
         amendment or supplement to the Registration Statement or the Prospectus
         or for additional information;

                           (iii) of the issuance by the Commission of any stop
         order suspending the effectiveness of a Registration Statement or the
         institution or threatening of any proceeding for that purpose;

                           (iv) of the receipt by Citigroup of any notification
         with respect to the suspension of the qualification of the securities
         included therein for sale in any jurisdiction or the institution or
         threatening of any proceeding for such purpose; and

                                        8
<PAGE>

                           (v) of the happening of any event that requires any
         change in a Registration Statement or the Prospectus so that, as of
         such date, they (A) do not contain any untrue statement of a material
         fact and (B) do not omit to state a material fact required to be stated
         therein or necessary to make the statements therein (in the case of the
         Prospectus, in the light of the circumstances under which they were
         made) not misleading.

Upon receiving notice of the occurrence of any of the events listed in this
Section 4(c), each Holder will, upon request by Citigroup in writing,
immediately discontinue disposition of New Notes or Exchange Notes pursuant to a
Registration Statement until such Holder's receipt of copies of the supplemented
or amended Prospectus contemplated by Section 4(k) or until it is advised in
writing by Citigroup that use of the applicable Prospectus may resume, and, if
so directed by Citigroup, such Holder will deliver to Citigroup (at Citigroup's
expense) all copies in such Holder's possession, other than permanent file
copies, of the Prospectus covering such New Notes or Exchange Notes that was
current at the time of receipt of such notice.

                  (d) Citigroup shall use its best efforts to prevent the
issuance of any order suspending the effectiveness of any Registration Statement
or the qualification of the securities therein for sale in any jurisdiction and,
if issued, to obtain the withdrawal at the earliest possible time.

                  (e) Citigroup shall, during the Shelf Registration Period,
deliver to each Holder of New Notes covered by any Shelf Registration Statement,
without charge, as many copies of the Prospectus (including each preliminary
Prospectus) included in such Shelf Registration Statement and any amendment or
supplement thereto as such Holder may reasonably request. Citigroup consents to
the use of the Prospectus or any amendment or supplement thereto by each of the
selling Holders of New Notes in connection with the offering and sale of the New
Notes covered by the Prospectus, or any amendment or supplement thereto,
included in the Shelf Registration Statement.

                  (f) Citigroup shall promptly deliver to you, each Exchanging
Dealer and each other person required to deliver a Prospectus during the
Exchange Offer Registration Period, without charge, as many copies of the
Prospectus included in such Exchange Offer Registration Statement and any
amendment or supplement thereto as any such person may reasonably request.
Citigroup consents to the use of the Prospectus or any amendment or supplement
thereto by you, any Exchanging Dealer and any such other person that may be
required to deliver a Prospectus following the Registered Exchange Offer in
connection with the offering and sale of the Exchange Notes covered by the
Prospectus, or any amendment or supplement thereto, included in the Exchange
Offer Registration Statement.

                  (g) Prior to the Registered Exchange Offer or any other
offering of New Notes or Exchange Notes, as the case may be, pursuant to any
Registration Statement, Citigroup shall arrange, if necessary, for the
qualification of the New Notes or the Exchange Notes, as the case may be, for
sale under the laws of such jurisdictions as any Holder shall reasonably request
and shall maintain such qualification in effect so long as required; provided,
that, in no event shall Citigroup be obligated to qualify to do business in any
jurisdiction where it is not then so qualified or to take any action that would
subject it to service of process in suits, other than those

                                        9
<PAGE>

arising out of the Initial Exchange Offer, the Registered Exchange Offer or any
offering pursuant to a Shelf Registration Statement, in any such jurisdiction
where it is not then so subject.

                  (h) Citigroup shall cooperate with the Holders of New Notes or
Exchange Notes, as the case may be, to facilitate the timely preparation and
delivery of certificates representing New Notes or Exchange Notes to be issued
or sold pursuant to any Registration Statement free of any restrictive legends
and in such denominations and registered in such names as Holders may request.

                  (i) Upon the occurrence of any event contemplated by
subsections (ii) through (v) of Section 4(c) hereof, Citigroup shall promptly
prepare a post-effective amendment to the applicable Registration Statement or
an amendment or supplement to the related Prospectus or file any other required
document so that, as thereafter delivered to the persons entitled to the
delivery thereof pursuant to Section 4(c) hereof, the Prospectus will not
include an untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading,
and to notify each Holder to suspend use of the Prospectus as promptly as
practicable after the occurrence of such an event, and each Holder hereby agrees
to suspend use of the Prospectus until Citigroup has amended or supplemented the
Prospectus to correct such misstatement or omission. In such circumstances, the
period of effectiveness of the Exchange Offer Registration Statement provided
for in Section 2 and the Shelf Registration Statement provided for in Section
3(b) shall each be extended by the number of days from and including the date of
the giving of a notice of suspension pursuant to Section 4(c) hereof to and
including the date the persons entitled to the delivery thereof pursuant to
Section 4(c) hereof shall have received such amended or supplemented Prospectus
pursuant to this Section 4(k); provided, that, in the case of a suspension of
the use of the Shelf Registration Statement, the period of effectiveness of the
Shelf Registration Statement provided for in Section 3 shall not extend beyond
two years after the date hereof.

                  (j) (A) Not later than the effective date of an Exchange Offer
Registration Statement, Citigroup shall provide a CUSIP number for the Exchange
Notes registered under such Exchange Offer Registration Statement and provide
the Trustee with printed certificates for such Exchange Notes, free of any
restrictive legends, in a form eligible for deposit with The Depository Trust
Company ("DTC") and (B) on the first Business Day following the effective date
of any Shelf Registration Statement hereunder or as soon as possible thereafter,
Citigroup shall use its best efforts to cause DTC to remove (1) from any
existing CUSIP number assigned to the New Notes any designation indicating that
the New Notes are "restricted securities," which efforts shall include delivery
to DTC of a letter executed by Citigroup substantially in the form of Exhibit A
hereto and (2) any other stop or restriction on DTC's system with respect to the
New Notes. In the event Citigroup is unable to cause DTC to take the actions
described in the immediately preceding sentence, Citigroup shall take such
actions as the Majority Holders may reasonably request to provide, as soon as
practicable, a CUSIP number for the New Notes registered under the Shelf
Registration Statement and to cause the CUSIP number to be assigned to the New
Notes or Exchange Notes, as the case may be (or to the maximum aggregate
principal amount of the New Notes or Exchange Notes, as the case may be, to
which such number may be assigned). Upon compliance with the foregoing
requirements of this Section 4(l)(B), Citigroup

                                       10
<PAGE>

shall provide the Trustee with printed certificates for such New Notes in a form
eligible for deposit with DTC.

                  (k) Citigroup may require each Holder of New Notes to be sold
pursuant to any Shelf Registration Statement to furnish to Citigroup such
information regarding the Holder and the distribution of such New Notes as
Citigroup may from time to time reasonably require for inclusion in such Shelf
Registration Statement. Citigroup may exclude from such Shelf Registration
Statement the New Notes of any Holder that fails to furnish such information
within a reasonable time after receiving such request.

                  (l) In the case of any Shelf Registration Statement, Citigroup
shall enter into customary agreements (including, if requested, an underwriting
agreement in customary form) and take all other appropriate actions in order to
expedite or facilitate the registration or the disposition of the New Notes, and
in connection therewith, if an underwriting agreement is entered into, cause the
same to contain indemnification provisions and procedures no less favorable than
those set forth in Section 7 (or such other provisions and procedures acceptable
to the Majority Holders and the Managing Underwriters, if any, with respect to
all parties to be indemnified pursuant to Section 7).

                  (m) In the case of any Shelf Registration Statement, Citigroup
shall:

                           (i) make reasonably available for inspection by a
         representative of the Majority Holders of New Notes to be registered
         thereunder and any underwriter participating in any disposition
         pursuant to such Shelf Registration Statement and any attorney,
         accountant or other agent retained by the Majority Holders or any such
         underwriter, all relevant financial and other records, pertinent
         corporate documents and properties of Citigroup and its subsidiaries;

                           (ii) cause Citigroup's officers, directors,
         employees, accountants and auditors to supply all relevant information
         reasonably requested by the representative of the selling Majority
         Holders and any such underwriter, attorney, accountant or agent in
         connection with any such Registration Statement as is customary for
         similar due diligence examinations;

                           (iii) make such representations and warranties to the
         Holders of New Notes registered thereunder and the underwriters, if
         any, in form, substance and scope as are customarily made by an issuer
         to underwriters in primary underwritten offerings and covering matters
         including, but not limited to, those set forth in the Dealer Manager
         Agreement;

                           (iv) obtain opinions of counsel to Citigroup and
         updates thereof (which counsel and opinions (in form, scope and
         substance) shall be reasonably satisfactory to the Managing
         Underwriters, if any) addressed to the representative of the selling
         Holders and the underwriters, if any, covering such matters as are
         customarily covered in opinions requested in underwritten offerings and
         such other matters as may be reasonably requested by such
         representative and underwriters;

                                       11
<PAGE>

                           (v) obtain "comfort" letters and updates thereof from
         the independent certified public accountants of Citigroup (and, if
         necessary, any other independent certified public accountants of any
         subsidiary of Citigroup or of any business acquired by Citigroup for
         which financial statements and financial data are, or are required to
         be, included in the Registration Statement), addressed to the
         representative of the selling Holders of New Notes registered
         thereunder and the underwriters, if any, in customary form and covering
         matters of the type customarily covered in "comfort" letters in
         connection with primary underwritten offerings; and

                           (vi) deliver such documents and certificates as may
         be reasonably requested by the Majority Holders or the Managing
         Underwriters, if any, including those to evidence compliance with
         Section 4(k) hereof and with any customary conditions contained in the
         underwriting agreement or other agreement entered into by Citigroup.

The actions set forth in the foregoing subclauses (iii), (iv), (v) and (vi)
shall be performed at (A) the effectiveness of such Registration Statement and
each post-effective amendment thereto; and (B) each closing under any
underwriting or similar agreement as and to the extent required thereunder.

                  (n) In the case of any Exchange Offer Registration Statement,
Citigroup shall, if requested by the Dealer Manager:

                           (i) make reasonably available for inspection by you,
         and any attorney, accountant or other agent retained by you, all
         relevant financial and other records, pertinent corporate documents and
         properties of Citigroup and its subsidiaries;

                           (ii) cause Citigroup's officers, directors,
         employees, accountants and auditors to supply all relevant information
         reasonably requested by you or any such attorney, accountant or agent
         in connection with any such Registration Statement as is customary for
         similar due diligence examinations;

                           (iii) make such representations and warranties to
         you, in form, substance and scope as are customarily made by Citigroup
         to underwriters in primary underwritten offerings and covering matters
         including, but not limited to, those set forth in the Dealer Manager
         Agreement;

                           (iv) obtain opinions of counsel to Citigroup (which
         counsel and opinions (in form, scope and substance) shall be reasonably
         satisfactory to you and your counsel) and updates thereof, addressed to
         you, covering such matters as are customarily covered in opinions
         requested in underwritten offerings and such other matters as may be
         reasonably requested by you or your counsel;

                           (v) obtain "comfort" letters and updates thereof from
         the independent certified public accountants of Citigroup (and, if
         necessary, any other independent certified public accountants of any
         subsidiary of Citigroup or of any business acquired by Citigroup for
         which financial statements and financial data are, or are required to
         be, included in the Registration Statement), addressed to you, in
         customary form and covering matters of the type customarily covered in
         "comfort" letters in connection with

                                       12
<PAGE>

         primary underwritten offerings, or if requested by you or your counsel
         in lieu of a "comfort" letter, an agreed-upon procedures letter under
         Statement on Auditing Standards No. 35, covering matters requested by
         you or your counsel; and

                           (vi) deliver such documents and certificates as may
         be reasonably requested by you or your counsel, including those to
         evidence compliance with Section 4(k) and with conditions customarily
         contained in underwriting agreements.

The actions set forth in the foregoing subclauses (iii), (iv), (v) and (vi)
shall be performed at (A) the close of the Registered Exchange Offer and (B) the
effective date of any post-effective amendment to the Exchange Offer
Registration Statement.

                  (o) If a Registered Exchange Offer is to be consummated, upon
delivery of the New Notes by Holders to Citigroup (or to such other person as
directed by Citigroup) in exchange for the Exchange Notes, Citigroup shall mark,
or cause to be marked, on the New Notes so exchanged that such New Notes are
being cancelled in exchange for the Exchange Notes. In no event shall the New
Notes be marked as paid or otherwise satisfied.

                  (p) In the event that any Broker-Dealer shall underwrite any
New Notes or participate as a member of an underwriting syndicate or selling
group or "assist in the distribution" (within the meaning of the Rules of Fair
Practice and the By-Laws of the National Association of Securities Dealers,
Inc.) thereof, whether as a Holder of such New Notes or as an underwriter, a
placement or sales agent or a broker or dealer in respect thereof, or otherwise,
Citigroup shall assist such Broker-Dealer in complying with the requirements of
such Rules and By-Laws

                  (q) Citigroup shall use its best efforts to take all other
steps necessary to effect the registration of New Notes or Exchange Notes, as
the case may be, covered by a Registration Statement.

                  5. Additional Interest

                  (a) The parties hereto acknowledge that the Holders of New
Notes or Exchange Notes, as the case may be, will suffer damages if Citigroup
fails to perform its obligations under Section 2 or 3 hereof and that it would
not be feasible to ascertain the extent of such damages. Accordingly, in the
event that:

                           (i) the Exchange Offer Registration Statement has not
         been filed on or prior to the 120th day following the Settlement Date;

                           (ii) the Exchange Offer Registration Statement has
         not been declared effective on or prior to the 180th day following the
         Settlement Date;

                           (iii) the Exchange Offer has not been completed on or
         prior to the 210th day after the Settlement Date;

                                       13
<PAGE>

                           (iv) the Shelf Registration statement has not been
         filed on or prior to the 120th day after the required or requested time
         of filing the Shelf Registration Statement pursuant to Section 3
         hereto;

                           (v) the Shelf Registration Statement has not been
         declared effective on or prior to the 180th day after the required or
         requested time of filing the Shelf Registration Statement pursuant to
         Section 3 hereto; or

                           (vi) after either the Exchange Offer Registration
         Statement or Shelf Registration Statement has been declared effective,
         such Registration Statement ceases to be effective or usable in
         connection with the Registered Exchange Offer or resales of the New
         Notes during a period in which it is required to be effective hereunder
         without being succeeded immediately by any additional Registration
         Statement or post-effective amendment covering the New Notes or the
         Exchange Notes, as the case may be, which has been filed and declared
         effective;

(each such event referred to in the foregoing clauses (i) through (vi), a
"Registration Default"), then additional interest ("Additional Interest") will
accrue on the principal amount of the Registrable Securities (in addition to the
stated interest on the New Notes and the Exchange Notes), from and including the
date on which any Registration Default first occurs and while any such
Registration Default has occurred and is continuing, to but excluding the
earlier of (x) the date on which all filings, declarations of effectiveness and
consummations, as the case may be, have been achieved which, if achieved on a
timely basis, would have prevented the occurrence of all of the then existing
Registration Defaults; and (y) the date on which all the Registrable Securities
otherwise become freely transferable by Holders other than Affiliates of
Citigroup without further registration under the Act (such earlier date, the
"Transferability Date"). Additional Interest will accrue at a rate of 0.25% per
annum during the 90-day period immediately following such first occurrence of a
Registration Default and while any such Registration Default has occurred and is
continuing, and shall increase by 0.25% per annum at the end of each subsequent
90-day period up to a maximum of 0.50% per annum with respect to all
Registration Defaults, until the Transferability Date, on which date the
interest rate on the Registrable Securities will revert to the interest rate
originally borne by such notes; provided, that, notwithstanding any provision to
the contrary, so long as any Registrable Securities not registered under an
Exchange Offer Registration Statement are then covered by an effective Shelf
Registration Statement, no Additional Interest shall accrue on such Registrable
Securities. Additional Interest may not accrue under more than one of the
Registration Defaults set forth above at any one time.

                  (b) Citigroup shall notify the Trustee immediately upon its
knowledge of the happening of each and every Registration Default. Citigroup
shall pay the Additional Interest due on the New Notes or Exchange Notes, as the
case may be, by depositing with the Trustee (which shall not be Citigroup for
these purposes), in trust, for the benefit of the Holders thereof, prior to
11:00 a.m. on the next interest payment date specified in the Indenture, sums
sufficient to pay the Additional Interest then due. The Additional Interest due
shall be payable on each interest payment date specified by the Indenture to the
record holders entitled to receive the interest payment to be made on such date.

                                       14
<PAGE>

                  (c) The parties hereto agree that the Additional Interest
provided for in this Section 5 constitutes a reasonable estimate of the damages
that will be suffered by Holders of Registrable Securities by reason of the
happening of any Registration Default.

                  (d) All of Citigroup's obligations set forth in this Section 5
shall survive the termination of this Agreement.

                  6. Registration Expenses. Citigroup shall bear all expenses
incurred in connection with the performance of its obligations under Sections 2,
3, and 4 hereof and, in connection with any Shelf Registration Statement, shall
reimburse the Holders for the reasonable fees and disbursements of one firm or
counsel (which shall initially be Cleary, Gottlieb, Steen & Hamilton, but which
may be another nationally recognized law firm experienced in securities matters
designated by the Majority Holders)designated by the Majority Holders to act as
counsel for the Holders in connection therewith, and, in the case of any
Exchange Offer Registration Statement, will reimburse the Dealer Manager for the
reasonable fees and disbursements of counsel acting in connection therewith.

                  7. Indemnification and Contribution. (a) Citigroup agrees to
indemnify and hold harmless each Holder of Registrable Securities (including the
Dealer Manager and, with respect to any Prospectus delivery as contemplated in
Section 4(h) hereof, each Exchanging Dealer in respect of its Exchange Notes),
the directors, officers, employees and agents of each such Holder and each
person who controls you or any such Holder within the meaning of either the Act
or the Exchange Act against any and all losses, claims, damages or liabilities,
joint or several, to which any of the foregoing may become subject under the
Act, the Exchange Act or other federal or state statutory law or regulation, at
common law or otherwise, insofar as such losses, claims, damages or liabilities
(or actions in respect thereof) arise out of or are based upon any untrue
statement or alleged untrue statement of a material fact contained in a
Registration Statement as originally filed or in any amendment thereof, or in
any preliminary Prospectus or the Prospectus, or in any amendment thereof or
supplement thereto, or arise out of or are based upon the omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein (in the case of a Prospectus, in the
light of the circumstances under which they were made) not misleading, and
agrees to reimburse each such indemnified party, as incurred, for any legal or
other expenses reasonably incurred by it in connection with investigating or
defending any such loss, claim, damage, liability or action; provided, however,
that Citigroup will not be liable in any such case to the extent that any such
loss, claim, damage or liability arises out of or is based upon any such untrue
statement or alleged untrue statement or omission or alleged omission made
therein in reliance upon and in conformity with written information furnished to
Citigroup by or on behalf of any such Holder specifically for inclusion therein.
This indemnity agreement shall be in addition to any liability which Citigroup
may otherwise have.

                  Citigroup also agrees to indemnify as provided in this Section
7(a) or contribute as provided in Section 7(d) hereof to Losses of each
underwriter of New Notes, registered under a Shelf Registration Statement, their
directors, officers, employees or agents and each person who controls such
underwriter on substantially the same basis as that of the indemnification of
the selling Holders provided in this Section 7(a) and shall, if requested by any
Holder, enter into an underwriting agreement reflecting such agreement, as
provided in Section 4(q) hereof.

                                       15
<PAGE>

                  (b) Each Holder of Registrable Securities (including the
Dealer Manager and, with respect to any Prospectus delivery as contemplated in
Section 4(h) hereof, each Exchanging Dealer in respect of its Exchange Notes),
severally and not jointly, agrees to indemnify and hold harmless Citigroup, and
each of its directors and each of its officers who signs such Registration
Statement and each person who controls Citigroup within the meaning of either
the Act or the Exchange Act, to the same extent as the indemnity in Section 7(a)
from Citigroup to each such Holder, but only with reference to written
information relating to such Holder furnished to Citigroup by or on behalf of
such Holder specifically for inclusion in the documents referred to in the
foregoing indemnity. This indemnity agreement shall be in addition to any
liability which any such Holder may otherwise have.

                  (c) Promptly after receipt by an indemnified party under this
Section 7 of notice of the commencement of any action, such indemnified party
shall, if a claim in respect thereof is to be made against the indemnifying
party under this Section 7, notify the indemnifying party in writing of the
commencement thereof; but the failure so to notify the indemnifying party (i)
will not relieve it from liability under paragraph (a) or (b) above unless and
to the extent it did not otherwise learn of such action and such failure results
in the forfeiture by the indemnifying party of substantial rights and defenses;
and (ii) will not, in any event, relieve the indemnifying party from any
obligations to any indemnified party other than the indemnification obligation
provided in paragraph (a) or (b) above. The indemnifying party shall be entitled
to appoint counsel of the indemnifying party's choice at the indemnifying
party's expense to represent the indemnified party in any action for which
indemnification is sought (in which case the indemnifying party shall not
thereafter be responsible for the fees and expenses of any separate counsel
retained by the indemnified party or parties except as set forth below);
provided, however, that such counsel shall be reasonably satisfactory to the
indemnified party. Notwithstanding the indemnifying party's election to appoint
counsel to represent the indemnified party in an action, the indemnified party
shall have the right to employ separate counsel (including local counsel), and
the indemnifying party shall bear the reasonable fees, costs and expenses of
such separate counsel if (i) the use of counsel chosen by the indemnifying party
to represent the indemnified party would present such counsel with a conflict of
interest; (ii) the actual or potential defendants in, or targets of, any such
action include both the indemnified party and the indemnifying party and the
indemnified party shall have reasonably concluded that there may be legal
defenses available to it which are different from or additional to those
available to the indemnifying party; (iii) the indemnifying party shall not have
employed counsel satisfactory to the indemnified party to represent the
indemnified party within a reasonable time after notice of the institution of
such action; or (iv) the indemnifying party shall authorize the indemnified
party to employ separate counsel at the expense of the indemnifying party. An
indemnifying party shall not, without the prior written consent of the
indemnified parties, settle or compromise or consent to the entry of any
judgment with respect to any pending or threatened claim, action, suit or
proceeding in respect of which indemnification or contribution may be sought
hereunder (whether or not the indemnified parties are actual or potential
parties to such claim or action) unless such settlement, compromise or consent
includes an unconditional release of each indemnified party from all liability
arising out of such claim, action, suit or proceeding.

                  (d) In the event that the indemnity provided in paragraph (a)
or (b) of this Section 7 is unavailable to or insufficient to hold harmless an
indemnified party for any reason,

                                       16
<PAGE>

then each applicable indemnifying party shall have a joint and several
obligation to contribute to the aggregate losses, claims, damages and
liabilities (including legal or other expenses reasonably incurred in connection
with investigating or defending same) (collectively "Losses") to which such
indemnified party may be subject in such proportion as is appropriate to reflect
the relative benefits received by such indemnifying party, on the one hand, and
such indemnified party, on the other hand, from the Initial Exchange Offer and
the Registration Statement which resulted in such Losses; provided, however,
that in no case shall the Dealer Manager or any Holder of any New Note or
Exchange Note be responsible, in the aggregate, for any amount in excess of the
Fee applicable to such New Note, or in the case of an Exchange Note, applicable
to the New Note that was exchangeable into such Exchange Note, in connection
with the Initial Exchange Offer as set forth in the Dealer Manager Agreement,
nor shall any underwriter be responsible for any amount in excess of the
underwriting discount or commission applicable to the New Notes or Exchange
Notes, as the case may be, purchased by such underwriter under the Registration
Statement which resulted in such Losses. If the allocation provided by the
immediately preceding sentence is unavailable for any reason, the indemnifying
party and the indemnified party shall contribute in such proportion as is
appropriate to reflect not only such relative benefits but also the relative
fault of such indemnifying party, on the one hand, and such indemnified party,
on the other hand, in connection with the statements or omissions which resulted
in such Losses as well as any other relevant equitable considerations. Benefits
received by Citigroup shall be deemed to be equal to the aggregate principal
amount of Old Notes exchanged in the Initial Exchange Offer (before deducting
expenses) minus the aggregate amount of Fees paid by Citigroup in connection
with the Initial Exchange Offer under the Dealer Manager Agreement. Benefits
received by the Dealer Manager shall be deemed to be equal to the aggregate
amount of Fees received by the Dealer Manager in connection with the Initial
Exchange Offer under the Dealer Manager Agreement, and benefits received by any
Holders shall be deemed to be equal to the value of receiving New Notes or
Exchange Notes, as applicable, registered under the Act. Benefits received by
any underwriter shall be deemed to be equal to the total underwriting discounts
and commissions, as set forth on the cover page of the Prospectus forming a part
of the Registration Statement which resulted in such Losses. Relative fault
shall be determined by reference to, among other things, whether any untrue or
any alleged untrue statement of a material fact or omission or alleged omission
to state a material fact relates to information provided by the indemnifying
party, on the one hand, or by the indemnified party, on the other hand, the
intent of the parties and their relative knowledge, access to information and
opportunity to correct or prevent such untrue statement or omission. The parties
agree that it would not be just and equitable if contribution were determined by
pro rata allocation (even if the Holders were treated as one entity for such
purpose) or any other method of allocation which does not take account of the
equitable considerations referred to above. Notwithstanding the provisions of
this paragraph (d), no person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Act) shall be entitled to contribution from any
person who was not guilty of such fraudulent misrepresentation. For purposes of
this Section 7, each person who controls a Holder within the meaning of either
the Act or the Exchange Act and each director, officer, employee and agent of
such Holder shall have the same rights to contribution as such Holder, and each
person who controls Citigroup within the meaning of either the Act or the
Exchange Act, each officer of Citigroup who shall have signed the Registration
Statement and each director of Citigroup shall have the same rights to
contribution as Citigroup, subject in each case to the applicable terms and
conditions of this paragraph (d).

                                       17
<PAGE>

                  (e) The provisions of this Section 7 shall remain in full
force and effect, regardless of any investigation made by or on behalf of any
Holder or Citigroup or any of the officers, directors or controlling persons
referred to in this Section 7, and shall survive the sale by a Holder of
securities covered by a Registration Statement.

                  8. Underwritten Registrations. (a) If any of the New Notes
covered by any Shelf Registration Statement are to be sold in an underwritten
offering, the Managing Underwriters shall be selected by the Majority Holders.

                  (b) No Holder may participate in any underwritten offering
pursuant to any Shelf Registration Statement, unless such Holder (i) agrees to
sell such Holder's New Notes on the basis reasonably provided in any
underwriting arrangements approved by the persons entitled hereunder to approve
such arrangements, and (ii) completes and executes all questionnaires, powers of
attorney, indemnities, underwriting agreements and other documents reasonably
required under the terms of such underwriting arrangements.

                  9. No Inconsistent Agreements. Citigroup has not, as of the
date hereof, entered into, nor shall Citigroup, on or after the date hereof,
enter into, any agreement with respect to any of its securities that is
inconsistent with the rights granted to the Holders herein or that otherwise
conflicts with the provisions hereof.

                  10. Amendments and Waivers. The provisions of this Agreement,
including the provisions of this sentence, may not be amended, qualified,
modified or supplemented, and waivers or consents to departures from the
provisions hereof may not be given, unless Citigroup has obtained the written
consent of the Majority Holders of the Registrable Securities; provided, that,
with respect to any matter that directly or indirectly affects the rights of the
Dealer Manager hereunder, Citigroup shall obtain the written consent of the
Dealer Manager. Notwithstanding the foregoing, a waiver or consent to departure
from the provisions hereof with respect to a matter that relates exclusively to
the rights of Holders whose securities are being sold pursuant to a Registration
Statement and that does not directly or indirectly affect the rights of other
Holders may alternatively be given by the Majority Holders of the Registrable
Securities.

                  11. Notices. All notices and other communications provided for
or permitted hereunder shall be made in writing by hand-delivery, first-class
mail, telex, telecopier or air courier guaranteeing overnight delivery:

                  (a) if to a Holder, at the most current address given by such
Holder to Citigroup in accordance with the provisions of this Section 11, which
address initially is, with respect to each Holder, the address of such Holder
maintained by the Registrar under the Indenture, with a copy in like manner to
you;

                  (b) if to you, initially at the address set forth in the
Dealer Manager Agreement; and

                  (c) if to Citigroup, initially at Citigroup's address set
forth in the Dealer Manager Agreement.

All such notices and communications shall be deemed to have been duly given when
received.

                                       18
<PAGE>

                  Each party hereto by notice to the other parties may designate
additional or different addresses of such party for subsequent notices or
communications.

                  12. Remedies. Each Holder, in addition to being entitled to
exercise all rights provided to it herein or in the Indenture or granted by law,
including recovery of liquidated or other damages, will be entitled to specific
performance of its rights under this Agreement. Citigroup agrees that monetary
damages would not be adequate compensation for any loss incurred by reason of a
breach by it of the provisions of this Agreement and hereby agrees to waive in
any action for specific performance the defense that a remedy at law would be
adequate.

                  13. Successors. This Agreement shall inure to the benefit of
and be binding upon the successors and assigns of each of the parties,
including, without the need for an express assignment or any consent by
Citigroup thereto, subsequent Holders of Registrable Securities. Citigroup
hereby agrees to extend the benefits of this Agreement to any Holder of
Registrable Securities, and any such Holder may specifically enforce the
provisions of this Agreement as if an original party hereto.

                  14. Counterparts. This Agreement may be signed in one or more
counterparts, each of which shall constitute an original and all of which
together shall constitute one and the same agreement.

                  15. Headings. The section headings used herein are for
convenience of reference only and shall not affect the construction hereof.

                  16. Applicable Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York applicable to
contracts made and to be performed in the State of New York. The parties hereto
each hereby waive any right to trial by jury in any action, proceeding or
counterclaim arising out of or relating to this Agreement

                  17. Severability. In the event that any one or more of the
provisions contained herein, or the application thereof in any circumstances, is
held invalid, illegal or unenforceable in any respect for any reason, the
validity, legality and enforceability of any such provision in every other
respect and of the remaining provisions hereof shall not be in any way impaired
or affected thereby, it being intended that all of the rights and privileges of
the parties shall be enforceable to the fullest extent permitted by law.

                  18. Securities Held by Citigroup, etc. Whenever the consent or
approval of Holders of a specified percentage of principal amount of New Notes
or Exchange Notes is required hereunder, New Notes or Exchange Notes, as
applicable, held by Citigroup or any of its Affiliates (other than subsequent
Holders of New Notes or Exchange Notes if such subsequent Holders are deemed to
be Affiliates solely by reason of their holdings of such New Notes or Exchange
Notes) shall not be counted in determining whether such consent or approval was
given by the Holders of such required percentage.

                                  * * * * * * *

                                       19
<PAGE>

                  If the foregoing is in accordance with your understanding of
our agreement, please sign and return to us the enclosed duplicate hereof,
whereupon this letter and your acceptance shall represent a binding agreement
between Citigroup and the Dealer Manager.

                                                 Very truly yours,

                                                 Citigroup Inc.

                                                 By: /s/ Charles E. Wainhouse
                                                    ---------------------------
                                                     Name:  Charles E. Wainhouse
                                                     Title: Assistant Treasurer

The foregoing Agreement is hereby
confirmed and accepted as of the
date first above written.

By: Citigroup Global Markets Inc.
      as Dealer Manager

     By: /s/ Michael Zicari
        -------------------------
        Name:  Michael Zicari
        Title: Managing Director

                                       26
<PAGE>

                                                                         ANNEX A

                  Each Broker-Dealer that receives Exchange Notes for its own
account pursuant to the Registered Exchange Offer must acknowledge that it will
deliver a prospectus in connection with any resale of such Exchange Notes. The
Letter of Transmittal states that by so acknowledging and by delivering a
prospectus, a Broker-Dealer will not be deemed to admit that it is an
"underwriter" within the meaning of the Act. This Prospectus, as it may be
amended or supplemented from time to time, may be used by a Broker-Dealer in
connection with resales of Exchange Notes received in exchange for New Notes
where such New Notes were acquired by such Broker-Dealer as a result of
market-making activities or other trading activities. Citigroup has agreed that,
starting on the Expiration Date and ending on the close of business one year
after the Expiration Date, it will make this Prospectus available to any
Broker-Dealer for use in connection with any such resale. See "Plan of
Distribution."

                                       A-1

<PAGE>

                                                                         ANNEX B

                  Each Broker-Dealer that receives Exchange Notes for its own
account in exchange for New Notes, where such New Notes were acquired by such
Broker-Dealer as a result of market-making activities or other trading
activities, must acknowledge that it will deliver a prospectus in connection
with any resale of such Exchange Notes. See "Plan of Distribution."

                                       B-1

<PAGE>

                                                                         ANNEX C

                              PLAN OF DISTRIBUTION

                  Each Broker-Dealer that receives Exchange Notes for its own
account pursuant to the Registered Exchange Offer must acknowledge that it will
deliver a prospectus (the "Prospectus") in connection with any resale of such
Exchange Notes. This Prospectus, as it may be amended or supplemented from time
to time, may be used by a Broker-Dealer in connection with resales of Exchange
Notes received in exchange for New Notes where such New Notes were acquired as a
result of market-making activities or other trading activities. Citigroup has
agreed that, starting on the Expiration Date and ending on the close of business
one year after the Expiration Date, it will make this Prospectus, as amended or
supplemented, available to any Broker-Dealer for use in connection with any such
resale. In addition, until [__________, ____,] all dealers effecting
transactions in the Exchange Notes may be required to deliver a prospectus.

                  Citigroup will not receive any proceeds from any sale of
Exchange Notes by Broker-Dealers. Exchange Notes received by Broker-Dealers for
their own account pursuant to the Registered Exchange Offer may be sold from
time to time in one or more transactions in the over-the-counter market, in
negotiated transactions, through the writing of options on the Exchange Notes or
a combination of such methods of resale, at market prices prevailing at the time
of resale, at prices related to such prevailing market prices or negotiated
prices. Any such resale may be made directly to purchasers or to or through
brokers or dealers who may receive compensation in the form of commissions or
concessions from any such Broker-Dealer and/or the purchasers of any such
Exchange Notes. Any Broker-Dealer that resells Exchange Notes that were received
by it for its own account pursuant to the Registered Exchange Offer and any
broker or dealer that participates in a distribution of such Exchange Notes may
be deemed to be an "underwriter" within the meaning of the Act and any profit of
any such resale of Exchange Notes and any commissions or concessions received by
any such persons may be deemed to be underwriting compensation under the Act.
The Letter of Transmittal states that by acknowledging that it will deliver and
by delivering a prospectus, a Broker-Dealer will not be deemed to admit that it
is an "underwriter" within the meaning of the Act.

                  For a period of one year after the Expiration Date, Citigroup
shall promptly send additional copies of this Prospectus and any amendment or
supplement to this Prospectus to any Broker-Dealer that requests such documents
in the Letter of Transmittal. Citigroup has agreed to pay all expenses incident
to the Registered Exchange Offer (including the expenses of one counsel for the
holders of the New Notes) other than commissions or concessions of any brokers
or dealers and will indemnify the holders of the New Notes (including any
Broker-Dealers) against certain liabilities, including liabilities under the
Act.

                  [If applicable, add information required by Items 507 and 508
of Regulation S-K.]

                                       C-1

<PAGE>

                                                                         ANNEX D

Rider A

                  PLEASE FILL IN YOUR NAME AND ADDRESS BELOW IF YOU ARE A
                  BROKER-DEALER AND WISH TO RECEIVE 10 ADDITIONAL COPIES OF THE
                  PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS OR SUPPLEMENTS
                  THERETO.

                  Name:    _________________________________
                           _________________________________
                  Address: _________________________________

Rider B

If the undersigned is not a Broker-Dealer, the undersigned represents that it
acquired the Exchange Notes in the ordinary course of its business, it is not
engaged in, and does not intend to engage in, a distribution of Exchange Notes
and it has no arrangements or understandings with any person to participate in a
distribution of the Exchange Notes. If the undersigned is a Broker-Dealer that
will receive Exchange Notes for its own account in exchange for New Notes, it
represents that the New Notes to be exchanged for Exchange Notes were acquired
by it as a result of market-making activities or other trading activities and
acknowledges that it will deliver a prospectus in connection with any resale of
such Exchange Notes; however, by so acknowledging and by delivering a
prospectus, the undersigned will not be deemed to admit that it is an
"underwriter" within the meaning of the Act.

                                       D-1

<PAGE>

                                                                       EXHIBIT A

               FORM OF LETTER TO BE PROVIDED BY CITIGROUP INC. TO
                          THE DEPOSITORY TRUST COMPANY

The Depository Trust Company
7 Hanover Square, 23rd Floor
New York, NY 10004

                  Re:      5.00% Subordinated Notes due 2014 (the "Notes") of
                           Citigroup Inc.

Ladies and Gentlemen:

                  Please be advised that the Securities and Exchange Commission
has declared effective a Registration Statement on Form S-3 under the Securities
Act of 1933, as amended, with regard to all of the Notes referenced above.
Accordingly, there is no longer any restriction as to whom such Notes may be
sold and any restrictions on the CUSIP designation are no longer appropriate and
may be removed. I understand that upon receipt of this letter, DTC will remove
any stop or restriction on its system with respect to this issue.

                  As always, please do not hesitate to call if we can be of
further assistance.

                                                               Very truly yours,

                                                              Authorized Officer

                                       A-1

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