Document:

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                                                                    Exhibit 4.01

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

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

                  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.
                  6.00% SUBORDINATED NOTES DUE OCTOBER 31, 2033

REGISTERED                                                            REGISTERED

                                                              CUSIP: 172967 CC 3
                                                            ISIN: US172967 CC 36
                                                          Common Code: 017964283

No. R-                                                                         $

                  CITIGROUP INC., a Delaware corporation (the "Company", which
term includes any successor Person under the Indenture), for value received,
hereby promises to pay to Cede & Co., or registered assigns, the principal sum
of $ __________ on October 31, 2033 and to pay interest thereon from and
including October 30, 2003 or from the most recent Interest Payment Date to
which interest has been paid or duly provided for, semi-annually, on April 30
and October 30 of each year, commencing April 30, 2004 (except that the last
interest accrual period for the notes will be from (and including) April 30,
2033 to (but excluding) October 31, 2033), at the rate of 6.00% per annum, until
the principal hereof is paid or made available for payment. The interest so
payable, and punctually paid or duly provided for, on any Interest Payment Date
will, as provided in the Indenture, be paid to the Person in whose name this
Subordinated Note is registered at the close of business on the Record Date for
such interest, which shall be the April

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15 and October 15 (whether or not a Business Day) immediately preceding such
Interest Payment Date.

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                  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.

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

Dated:  October 30, 2003

                                    CITIGROUP INC.

                                    By:_________________________________
                                    Title:  Assistant Treasurer

ATTEST:

By:___________________________
Assistant Secretary

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

Dated:  October 30, 2003

                                    BANK ONE TRUST COMPANY, N.A.
                                    as Trustee

                                    By:_________________________________
                                       Name:
                                       Title:

                                    -or-

                                    CITIBANK, N.A.,
                                    as Authenticating Agent

                                    By:_________________________________
                                       Name:
                                       Title:

                                       5

<PAGE>

                  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 (the
"Indenture"), between the Company and Bank One Trust Company, N.A., as Trustee
(the "Trustee", which term includes any successor trustee under the Indenture),
to which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Company, the Trustee and the holders of the
Subordinated Notes and of the terms upon which the Subordinated Notes are, and
are to be, authenticated and delivered. This Subordinated Note is one of the
series designated on the face hereof, initially limited in aggregate principal
to $1,000,000,000.

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

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

                  In the event of:

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

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

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

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

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

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

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

                  The Indenture contains provisions permitting the Company and
the Trustee, without the consent of the holders of Securities, to establish,
among other things, the form and terms of any series of Securities issuable
thereunder by one or more supplemental indentures, and, with the consent of the
holders of not less than a majority of the principal amount of Securities at the
time Outstanding which are affected thereby, to modify the Indenture or any
supplemental indenture or the rights of the holders of Securities of such series
to be affected, provided that no such modification shall, without the consent of
the holder of each Outstanding Security so affected, (x) change the Stated
Maturity of the principal of, or any installment of principal of or interest on,
any Security, or reduce the principal amount thereof or the rate of interest
thereon or any premium thereon, or change any place of payment where, or the
coin or currency in which any Security or any premium or interest thereon is
payable, or impair the right to institute suit for the enforcement of any such
payment on or after the Stated Maturity thereof (or, in the case of redemption
on or after the Redemption Date) or modify the provisions of the Indenture with
respect to the subordination of the Securities in a manner adverse to the
Securityholders or (y) reduce the aforesaid percentage in principal amount of
the Outstanding Securities of any series, the consent of the holders of which is
required for any supplemental

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indenture, or the consent of whose holders is required for any waiver provided
for in the Indenture, or (z) modify certain other provisions of the Indenture,
as set forth in Section 13.02 of the Indenture.

                  No reference herein to the Indenture and no provision of this
Subordinated Note or of the Indenture shall alter or impair the obligation of
the Company, which is absolute and unconditional, to pay the principal of and
interest on this Subordinated Note at the times, place and rate, and in the coin
or currency, herein prescribed.

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

                  The Subordinated Notes represented by this Global Security are
exchangeable for definitive Subordinated Notes in certificated form of like
tenor as such Subordinated Notes in denominations of $1,000 and integral
multiples thereof only if (i) the Depository notifies the Company that it is
unwilling or unable to continue as Depository for the Subordinated Notes or (ii)
the Depository ceases to be a clearing agency registered under the Securities
Exchange Act of 1934, as amended, or (iii) the Company in its sole discretion
decides to allow the Subordinated Notes to be exchanged for definitive
Subordinated Notes in registered form. Any Subordinated Notes that are
exchangeable pursuant to the preceding sentence are exchangeable for
certificated Subordinated Notes issuable in authorized denominations and
registered in such names as the Depository shall direct. As provided in the
Indenture and subject to certain limitations therein set forth, the transfer of
definitive Subordinated Notes in certificated form is registrable in the
register maintained by the Company in The City of New York for such purpose,
upon surrender of the definitive Subordinated Note for registration of transfer
at the office or agency of the registrar, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Company and the
registrar duly executed by, the holder thereof or his attorney duly authorized
in writing, and thereupon one or more new Subordinated Notes of this series and
of like tenor, of authorized denominations and for the same aggregate principal
amount, will be issued to the designated transferee or transferees. Subject to
the foregoing, this Subordinated Note is not exchangeable, except for a Global
Security or Global Securities of this issue of the same principal amount to be
registered in the name of the Depository or its nominee.

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

                  Prior to due presentment of this Subordinated Note for
registration of transfer, the Company, the Trustee and any agent of the Company
or the Trustee may treat the Person in whose name this Subordinated Note is
registered as the owner hereof for all purposes, whether or

                                       8

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not this Subordinated Note be overdue, and neither the Company, the Trustee nor
any such agent shall be affected by notice to the contrary.

                  The Company will pay additional amounts ("Additional Amounts")
to the beneficial owner of any Subordinated Note that is a non-United States
person in order to ensure that every net payment on such Subordinated Note will
not be less, due to payment of U.S. withholding tax, than the amount then due
and payable. For this purpose, a "net payment" on a Subordinated Note means a
payment by the Company or a paying agent, including payment of principal and
interest, after deduction for any present or future tax, assessment or other
governmental charge of the United States. These Additional Amounts will
constitute additional interest on the Subordinated Note.

                  The Company will not be required to pay Additional Amounts,
however, in any of the circumstances described in items (1) through (13) below.

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

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

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

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

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

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

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

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

         (3)      Additional Amounts will not be payable if a payment on a
                  Subordinated Note is reduced as a result of any tax,
                  assessment or other governmental charge that is imposed or
                  withheld 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 1986, as amended):

                  (a)      personal holding company;

                  (b)      foreign personal holding company;

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

                  (d)      passive foreign investment company;

                  (e)      controlled foreign corporation or

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

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

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

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

                  (a)      fiduciary;

                  (b)      partnership;

                  (c)      limited liability company or

                  (d)      other fiscally transparent entity

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

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

         (7)      Additional Amounts will not be payable if a payment on a
                  Subordinated Note is reduced as a result of any tax,
                  assessment or other governmental charge that is

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<PAGE>

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

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

         (13)     Additional Amounts will not be payable if a payment on a
                  Subordinated Note is reduced as a result of any combination of
                  items (1) through (12) above.

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<PAGE>

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

         As used in this Subordinated Note, "United States person" means:

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

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

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

         (d)      any trust if a United States court is able to exercise primary
                  supervision over its administration and one or more United
                  States persons have the authority to control all of the
                  substantial decisions of the trust.

         Additionally, "non-United States person" means a person who is not a
United States person, and "United States" means the states of the United States
of America and the District of Columbia, but excluding its territories and
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 October
                           24, 2003 and

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

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

                  (a)      any act is taken by a taxing authority of the United
                           States on or after October 24, 2003, 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

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<PAGE>

                           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.

                                       13<PAGE>
                                                                    Exhibit 4.01

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

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

                                 CITIGROUP INC.

REGISTERED                                                       REGISTERED

                                                         CUSIP: 172967 CD 1
                                                         ISIN: US172967CD19
                                                     Common Code: 017968106

No. R-0001-DTC                                                           Y0

                  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 Y0 (or such other principal sum as has been most lately endorsed on the
Schedule of Exchanges of Interests hereto) on October 30, 2008 and to pay
interest thereon from and including October 30, 2003 or from the most recent
Interest Payment Date to which interest has been paid or duly provided for,
semi-annually on April 30 and October 30 of each year, commencing April 30,
2004, at the rate of 0.800% per annum, until the principal hereof is paid or
made available for payment. The interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date will, as provided in the Indenture,
be paid to the Person in whose name this Note is registered at the close of
business on the Record Date for such interest, which shall be the April 15 or
October 15, respectively (whether or not a Business Day) next preceding such
Interest Payment Date.

<PAGE>

                  Any such interest not so punctually paid or duly provided for
will forthwith cease to be payable to the holder on such Record Date and may
either be paid to the Person in whose name this Note is registered at the close
of business on a subsequent Record Date, such subsequent Record Date to be not
less than five days prior to the date of payment of such defaulted interest,
notice whereof shall be given to holders of Notes of this series not less than
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 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 for any period shorter than a full annual interest
period will be calculated on the basis of the actual number of days elapsed and
a year of 365 days. All Yen amounts resulting from this calculation will be
rounded to the nearest Yen, with five-tenths or more of Y1 to be rounded
upwards to the nearest Y1 per Note.

         If either a date for payment of principal or interest on the Notes or
the Maturity of the Notes falls on a day that is not a Business Day, the related
payment of principal or interest will be made on the next succeeding Business
Day 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 date for payment of principal
or interest on the Notes or the Maturity of the Notes. For these purposes,
"Business Day" means any day which is a day on which commercial banks and
foreign exchange markets settle payments and are open for general business
(including dealings in foreign exchange and foreign currency deposits) in (a)
the relevant place of payment and (b) each of The City of New York, Tokyo and
London.

                  Payment of the principal of and interest on this Note will be
made at the office or agency of the Company maintained for that purpose in
London or The City of New York in Japanese Yen, provided that holders of
interests in this Note through The Depository Trust Company will receive payment
in United States dollars unless they make an election to receive payment in
Japanese Yen in accordance with the procedures of The Depository Trust Company
and the Fiscal Agency Agreement dated as of October 30, 2003 (the "Fiscal Agency
Agreement"), in which case the exchange agent under the Fiscal Agency Agreement
will convert the Japanese Yen paid by the Company into U.S. dollars in
accordance with the Fiscal Agency Agreement.

                  Reference is hereby made to the further provisions of this
Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place.

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

<PAGE>

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

Dated: October 30, 2003

                                            CITIGROUP INC.

                                            By: ________________________________
                                            Title:

ATTEST:

By: _________________________
Assistant Secretary

<PAGE>

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

Dated: October 30, 2003
                                    THE BANK OF NEW YORK,
                                    as Trustee

                                    By: _________________________________
                                        Name:
                                        Title:

                                    -or-

                                    CITIBANK, N.A., LONDON OFFICE,
                                       as Authenticating Agent

                                    By: _________________________________
                                        Name:
                                        Title:

<PAGE>

                  This Note is one of a duly authorized issue of Securities of
the Company (the "Notes"), issued and to be issued in one or more series under
the Indenture, dated as of March 15, 1987 (as amended and supplemented to date,
the "Indenture"), between the Company and The Bank of New York, as Trustee (the
"Trustee", which term includes any successor trustee under the Indenture), to
which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Company, the Trustee and the holders of the Notes
and of the terms upon which the Notes are, and are to be, authenticated and
delivered. This Note is one of the series designated on the face hereof,
initially issued in the aggregate principal amount of Y50,000,000,000.

                  So long as the Notes of this series are in the form of Global
Securities only, all Notes of this series will collectively be evidenced (a) by
this Global Note (the "DTC Global Note") and (b) by the Global Security of this
series registered in the name of Citivic Nominees Limited (the "International
Global Note"). The DTC Global Note and the International Global Note will at all
times collectively represent the aggregate principal amount of this series
outstanding from time to time. If at any time a portion of the International
Global Note is exchanged for an interest in the DTC Global Note, the principal
amount of the DTC Global Note shall be increased by the amount of such portion,
and the DTC Global Note shall be endorsed on the Schedule of Exchanges of
Interests thereto to reflect such principal increase, subject to the limitation
that in no event may the principal amount of the DTC Global Note be greater than
the equivalent in U.S. dollars of $500,000,000. If at any time a portion of the
DTC Global Note is exchanged for an interest in the International Global Note,
the principal amount of the DTC Global Note shall be decreased by the amount of
such portion, and the DTC Global Note shall be endorsed on the Schedule of
Exchanges of Interests thereto to reflect such principal decrease. To ascertain
the U.S. dollar equivalent of the principal amount endorsed on the Schedule of
Exchanges of Interests attached to the DTC Global Note, inquiry shall be made of
the exchange agent under the Fiscal Agency Agreement, and the U.S. dollar
equivalent quoted by such exchange agent (and the date of such quote) shall be
noted on such Schedule of Exchanges of Interests next to the corresponding Yen
amount.

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

                  The Indenture contains provisions for defeasance at any time
of the entire indebtedness of this Note upon compliance by the Company with
certain conditions set forth in Sections 11.03 and 11.04 thereof, which
provisions apply to this 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 66 2/3% in aggregate principal amount of Securities at
the time Outstanding which are affected thereby, to modify the Indenture or any

<PAGE>

supplemental indenture or the rights of the holders of Securities of such series
to be affected, provided that no such modification will (x) extend the fixed
maturity of any Securities, reduce the rate or extend the time of payment of
interest thereon, reduce the principal amount thereof or the premium, if any,
thereon, reduce the amount of the principal of Original Issue Discount
Securities payable on any date, change the currency in which Securities are
payable, or impair the right to institute suit for the enforcement of any such
payment on or after the maturity thereof, without the consent of the holder of
each Security so affected, or (y) reduce the aforesaid percentage of Securities
of any series the consent of the holders of which is required for any such
modification without the consent of the holders of all Securities of such series
then Outstanding, or (z) modify, without the written consent of the Trustee, the
rights, duties or immunities of the Trustee.

                  No reference herein to the Indenture and no provision of this
Note or of the Indenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of and interest on
this Note at the times, place and rate, and in the coin or currency, herein
prescribed.

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

                  The Notes represented by this Global Security are exchangeable
for definitive Notes in certificated form of like tenor as such Notes in
denominations of Y100,000 and whole multiples of Y100,000 only if (i) the
Depository notifies the Company that it is unwilling or unable to continue as
Depository for the DTC Global Notes or (ii) the Depository ceases to be a
clearing agency registered under the Securities Exchange Act of 1934, as
amended, or (iii) the Company in its sole discretion decides to allow the Notes
to be exchanged for definitive Notes in registered form. Any Notes that are
exchangeable pursuant to the preceding sentence are exchangeable for
certificated Notes issuable in authorized denominations and registered in such
names as the Depository shall direct. As provided in the Indenture and subject
to certain limitations therein set forth, the transfer of definitive Notes in
certificated form is registrable in the register maintained by the Company for
such purpose, upon surrender of the definitive Note for registration of transfer
at the office or agency of the Company in any place where the principal of and
interest on the definitive Note are payable, duly endorsed by, or accompanied by
a written instrument of transfer in form satisfactory to the Company and the
registrar duly executed by, the holder thereof or his attorney duly authorized
in writing, and thereupon one or more new Notes of this series and of like
tenor, of authorized denominations and for the same aggregate principal amount,
will be issued to the designated transferee or transferees. Subject to the
foregoing, this Note is not exchangeable, except for a Global Security or Global
Securities of this issue of the same principal amount to be registered in the
name of the Depository or its nominee.

<PAGE>

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

                  Prior to due presentment of this Note for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Note is registered as the owner hereof
for all purposes, whether or not this Note be overdue, and neither the Company,
the Trustee nor any such agent shall be affected by notice to the contrary.

         The Company will pay additional amounts ("Additional Amounts") to the
beneficial owner of any Note that is a non-United States person in order to
ensure that every net payment on such Note will not be less, due to payment of
U.S. withholding tax, than the amount then due and payable. For this purpose, a
"net payment" on a Note means a payment by the Company or a paying agent,
including payment of principal and interest, after deduction for any present or
future tax, assessment or other governmental charge of the United States. These
Additional Amounts will constitute additional interest on the Note.

         The Company will not be required to pay Additional Amounts, however, in
any of the circumstances described in items (1) through (13) below.

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

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

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

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

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

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

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

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

         (3)      Additional Amounts will not be payable if a payment on a Note
                  is reduced as a result of any tax, assessment or other
                  governmental charge that is imposed or withheld 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 1986, as amended):

                  (a)      personal holding company;

                  (b)      foreign personal holding company;

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

<PAGE>

                  (d)      passive foreign investment company;

                  (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 Note
                  is reduced as a result of any tax, assessment or other
                  governmental charge that is imposed or withheld solely by
                  reason of the beneficial owner owning or having owned,
                  actually or constructively, 10 percent or more of the total
                  combined voting power of all classes of stock of the Company
                  entitled to vote or by reason of the beneficial owner being a
                  bank that has invested in a Note as an extension of credit in
                  the ordinary course of its trade or business.

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

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

                  (a) fiduciary;

                  (b) partnership;

                  (c) limited liability company or

                  (d) other fiscally transparent entity

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

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

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

<PAGE>

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

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

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

                  (a)      estate tax;

                  (b)      inheritance tax;

                  (c)      gift tax;

                  (d)      sales tax;

                  (e)      excise tax;

                  (f)      transfer tax;

                  (g)      wealth tax;

                  (h)      personal property tax or

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

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

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

         (13)     Additional Amounts will not be payable if a payment on a Note
                  is reduced as a result of any 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 Note, "United States person" means:

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

<PAGE>

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

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

         (d)      any trust if a United States court is able to exercise primary
                  supervision over its administration and one or more United
                  States persons have the authority to control all of the
                  substantial decisions of the trust.

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

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

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

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

                  (b)      the obligation to pay Additional Amounts arises as a
                           result of any change in the laws, regulations or
                           rulings of the United States, or an official position
                           regarding the application or interpretation of such
                           laws, regulations or rulings, which change is
                           announced or becomes effective on or after October
                           24, 2003 and

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

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

                  (a)      any act is taken by a taxing authority of the United
                           States on or after October 24, 2003, whether or not
                           such act is taken in relation to the Company or any
                           affiliate, that results in a substantial probability
                           that the Company will or may be required to pay
                           Additional Amounts as described above;

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

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

Any redemption of the Notes as set forth in clauses (1) or (2) above shall be in
whole, and not in part, and will be made at a redemption price equal to 100% of
the principal amount of the Notes Outstanding plus accrued interest thereon to
the date of redemption. Holders shall be given not less

<PAGE>

than 30 days nor more than 60 days prior notice by the Trustee of the date fixed
for such redemption.

                  All terms used in this Note which are defined in the Indenture
shall have the meanings assigned to them in the Indenture. The Notes are
governed by the laws of the State of New York.

<PAGE>

                       SCHEDULE OF EXCHANGES OF INTERESTS

                  The following exchanges of a part of this Note for an interest
in another Global Security or for a certificated Note, or exchanges of a part of
another Global Security or certificated Note for an interest in this Note, have
been made:

<TABLE>
<CAPTION>
                                                                                                               Signature of
                                                                                 Principal Amount of this   Authorized Officer
                      Amount of decrease in          Amount of increase in         Note following such         of Trustee or
Date of Exchange  Principal Amount of this Note  Principal Amount of this Note    decrease (or increase)       Fiscal Agent
----------------  -----------------------------  -----------------------------   ------------------------   ------------------
<S>               <C>                            <C>                             <C>                        <C>
October 30, 2003  (original issuance)                                                    Y
                                                                                           -------                -------
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</TABLE>

*        This Schedule may be used by the Trustee, Paying Agent, Fiscal Agent or
         other agent of the Company in respect of this Note, and, if so used,
         shall be deemed a part thereof for all purposes.

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