Document:

<PAGE>
                                                                    Exhibit 4.18

      This Note is a Global Security within the meaning of the Indenture
hereinafter referred to and is registered in the name of the Depositary named
below or a nominee of the Depositary. This Note is not exchangeable for Notes
registered in the name of a Person other than the Depositary 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 Depositary) 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 "Depositary"), 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 Depositary (and any
payment is made to Cede & Co. or to such other entity as is requested by an
authorized representative of the Depositary), 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.

REGISTERED                                                   PRINCIPAL AMOUNT
NO. FX ___                                                   OR FACE AMOUNT:
                                                             $__________________
                                                             CUSIP:_____________

                                 CITIGROUP INC.
                       MEDIUM-TERM SENIOR NOTE, SERIES H,
                 DUE NINE MONTHS OR MORE FROM THE DATE OF ISSUE
                                  (FIXED RATE)

      IF APPLICABLE, THE "TOTAL AMOUNT OF OID" AND "YIELD TO MATURITY" SET FORTH
BELOW WILL BE COMPLETED SOLELY FOR THE PURPOSES OF APPLYING THE UNITED STATES
FEDERAL INCOME TAX ORIGINAL ISSUE DISCOUNT ("OID") RULES.

Issue Price:                                       Original Issue Date:

Interest Rate:                                         Stated Maturity:

Specified Currency (If other than U.S. dollars):

Authorized Denominations:
      (If other than as set forth in the Prospectus Supplement)
<PAGE>
      Dual Currency Note:                 [ ]  Yes (see attached)  [ ]  No

      Optional Payment Currency:
      Designated Exchange Rate:

Interest Payment Dates: Accrue to Pay:    [ ]  Yes                 [ ]  No

Indexed Principal Note:                   [ ]  Yes (see attached)  [ ]  No

Interest Rate Reset:    [ ]   The Interest Rate may not be changed prior to
                              Stated Maturity.

                        [ ]   The Interest Rate may be changed prior to Stated
                              Maturity (see attached).

Optional Reset Dates (if applicable):

Amortizing Note:                          [ ]  Yes                 [ ]  No

      Amortization Schedule:

Optional Redemption:                      [ ]  Yes                 [ ]  No

      Optional Redemption Dates:

      Redemption Prices:

Bond Yield to Maturity:             Bond Yield to Call:

Optional Repayment:                       [ ]  Yes                 [ ]  No

      Optional Repayment Dates:           Optional Repayment Prices:

Optional Extension of
Stated Maturity:                          [ ]  Yes                 [ ]  No

      Final Maturity:

Discount Note:                            [ ]  Yes                 [ ]  No

      Total Amount of OID:          Yield to Maturity:
<PAGE>
Renewable Note:                           [ ]  Yes (see attached)  [ ]  No

             Special Election Interval (if applicable):

             Amount (if less than entire principal amount) as to which election
             may be exercised:
<PAGE>
            CITIGROUP INC., a corporation duly organized and existing under the
laws of the State of Delaware (herein referred to as the "Company"), for value
received hereby promises to pay CEDE & CO. or registered assigns, (a) the
Principal Amount or, in the case of an Indexed Principal Note, the Face Amount
adjusted by reference to prices, changes in prices, or differences between
prices, of securities, currencies, intangibles, goods, articles or commodities
or by such other objective price, economic or other measures (an "Index") as
described on the face hereof or in the pricing supplement attached hereto or
delivered herewith, in the Specified Currency on the Stated Maturity shown
above, or earlier if and to the extent so provided herein, and (b) accrued
interest on the Principal Amount then outstanding (or in the case of an Indexed
Principal Note, the Face Amount, then outstanding) at the Interest Rate shown
above from the Original Issue Date shown above or from the most recent date to
which interest has been paid or duly provided for, semiannually in arrears on
the Interest Payment Dates specified on the face of this Note or in the pricing
supplement attached hereto or delivered herewith and at Maturity, until, in
either case, the Principal Amount then outstanding or the Face Amount is paid or
duly provided for in accordance with the terms hereof. Unless otherwise
specified herein, interest on this Note, if any, will be computed on the basis
of a 360-day year of twelve 30-day months.

            The interest so payable, and punctually paid or duly provided for,
on any Interest Payment Date will, as provided in the Indenture referred to on
the reverse hereof, be paid to the Person in whose name this Note (or one or
more Predecessor Securities) is registered at the close of business on the
Regular Record Date for such interest, which (other than interest payable at
Maturity) shall be the date (whether or not a Business Day) fifteen calendar
days immediately preceding such Interest Payment Date, and, in the case of
interest payable at Stated Maturity, shall be the Stated Maturity of this Note.
Notwithstanding the foregoing, if this Note is issued between a Regular Record
Date and the related Interest Payment Date, the interest so payable for the
period from the Original Issue Date to such Interest Payment Date shall be paid
on the next succeeding Interest Payment Date to the Registered Holder hereof on
the related Regular Record Date. Any such interest not so punctually paid or
duly provided for shall forthwith cease to be payable to the Registered Holder
hereof on such Regular Record Date, and may be paid to the Person in whose name
this Note (or one or more Predecessor Securities) is registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest to
be fixed by the Trustee (referred to on the reverse hereof), notice whereof
shall be given to Holders of Notes not less than fifteen days prior to such
Special Record Date, or may be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the Notes
may be listed, and upon such notice as may be required by such exchange, all as
more fully provided in said Indenture. If an Interest Payment Date with respect
to any Note would otherwise be a day that is not a Business Day, such Interest
Payment Date shall not be postponed; provided, however, that any payment
required to be made in respect of such Note on a date (including the day of
Stated Maturity) that is not a
<PAGE>
Business Day for such Note need not be made on such date, but may be made on the
next succeeding Business Day with the same force and effect as if made on such
date, and no additional interest shall accrue as a result of such delayed
payment. However, if with respect to any Note for which "Accrue to Pay" is
specified on the face hereof or in the pricing supplement attached hereto or
delivered herewith, and any Interest Payment Date with respect to such Fixed
Rate Note would otherwise be a day that is not a Business Day, such Interest
Payment Date shall be postponed to the next succeeding Business Day. Each
payment of interest in respect of an Interest Payment Date shall include
interest accrued through the day before such Interest Payment Date.

            For purposes of this Note, (A) "Business Day" means: (i) with
respect to any Note, any day that is not a Saturday or Sunday and that, in The
City of New York, is not a day on which banking institutions generally are
authorized or obligated by law or executive order to close; (ii) with respect to
LIBOR Notes only, any such day on which dealings in deposits in U.S. dollars are
transacted in the London interbank market; (iii) with respect to Notes having a
specified currency other than U.S. dollars only, other than Notes denominated in
euros, any day that, in the principal financial center (as defined below) of the
country of the specified currency, is not a day on which banking institutions
generally are authorized or obligated by law to close; and (iv) with respect to
EURIBOR Notes and Notes denominated in euros, a day on which the Trans-European
Automated Real-Time Gross Settlement Express Transfer ("TARGET") System is open,
and (B) "London Business Day" means, with respect to any determination by the
Exchange Rate Agent of an exchange rate pursuant to Notes having a Specified
Currency other than U.S. dollars, any day on which banking institutions and
foreign exchange markets settle payments in New York City and London.

            As used above, a "principal financial center" means the capital city
of the country issuing the specified currency. However, with respect to
Australian dollars, Canadian dollars and Swiss francs, the principal financial
center shall be Sydney, Toronto and Zurich, respectively.

            If this Note is an Amortizing Note as shown on the face hereof or in
the pricing supplement attached hereto or delivered herewith, a portion or all
the principal amount of the Note is payable prior to Stated Maturity in
accordance with a schedule, by application of a formula, or by reference to an
index (as described above).

            The principal hereof and any premium and interest hereon are payable
by the Company in the Specified Currency shown above. If the Specified Currency
shown above is other than U.S. dollars, the Company will arrange to convert all
payments in respect hereof into U.S. dollars in the manner described on the
reverse hereof. The Holder hereof may, if so indicated above, elect to receive
all payments in respect hereof in the Specified Currency by delivery of a
written notice to Citibank, N.A. ("Citibank") not later than fifteen calendar
days prior to the
<PAGE>
applicable payment date. Such election will remain in effect until revoked by
written notice to Citibank received not later than fifteen calendar days prior
to the applicable payment date. If the Company determines that the Specified
Currency is not available for making payments in respect hereof due to the
imposition of exchange controls or other circumstances beyond the Company's
control or is no longer used by the government of the country issuing such
currency or for the settlement of transactions by public institutions or within
the international banking community, then the Holder hereof may not so elect to
receive payments in the Specified Currency, and any such outstanding election
shall be automatically suspended, and payments shall be in U.S. dollars, until
the Company determines that the Specified Currency is again available for making
such payments.

            Payments of interest in U.S. dollars (other than interest payable at
Maturity) will be made by check mailed to the address of the Person entitled
thereto as such address shall appear on the Security Register on the applicable
Record Date, provided, that, if the Holder hereof is the Holder of
U.S.$10,000,000 (or the equivalent thereof in a currency other than U.S. dollars
determined as provided on the reverse hereof) or more in aggregate principal
amount of Notes of like tenor and term, such U.S. dollar interest payments will
be made by wire transfer of immediately available funds, but only if appropriate
wire transfer instructions have been received in writing by Citibank not less
than fifteen calendar days prior to the applicable Interest Payment Date.
Simultaneously with any election by the Holder hereof to receive payments in
respect hereof in the Specified Currency (if other than U.S. dollars), such
Holder shall provide appropriate wire transfer instructions to Citibank and all
such payments will be made by wire transfer of immediately available funds to an
account maintained by the payee with a bank located outside the United States.
The principal hereof and any premium and interest hereon payable at Maturity
will be paid in immediately available funds upon surrender of this Note at the
offices of Citibank located in the City and State of New York.

            REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET
FORTH ON THE REVERSE HEREOF AND IN ANY PRICING SUPPLEMENT ATTACHED HERETO OR
DELIVERED HEREWITH, AND SUCH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE
SAME EFFECT AS THOUGH FULLY SET FORTH IN THIS PLACE.

            This Note shall not become valid or obligatory for any purpose
unless and until this Note has been authenticated by, or on behalf of, The Bank
of New York, or its successor, as Trustee.
<PAGE>
            IN WITNESS WHEREOF, the Company has caused this Note to be executed
under its corporate seal.

Dated:

                                    CITIGROUP INC.

                                    By______________________________
                                       Authorized Officer

                                    Attest___________________________
                                          Assistant Secretary

                          CERTIFICATE OF AUTHENTICATION

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

Dated:

                                    THE BANK OF NEW YORK, as Trustee

                                    By  CITIBANK, N.A., as Authentication
                                      Agent

                                    ________________________________
                                    Authorized Signatory
<PAGE>
                              (REVERSE OF SECURITY)

                                 CITIGROUP INC.
                       MEDIUM-TERM SENIOR NOTE, SERIES H,
                 DUE NINE MONTHS OR MORE FROM THE DATE OF ISSUE
                                  (FIXED RATE)

General

            This Note is one of a series of duly authorized debt securities of
the Company (the "Debt Securities") issued or to be issued in one or more series
under an indenture, dated as of March 15, 1987, as amended (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 Debt Securities and of the
terms upon which the Debt Securities are, and are to be, authenticated and
delivered. The U.S. dollar equivalent of the public offering price or purchase
price of Notes denominated in currencies other than U.S. dollars will be
determined by the Company or its agent, as exchange rate agent for the Notes
(the "Exchange Rate Agent") on the basis of, unless otherwise specified in the
pricing supplement, the noon buying rate in New York City for cable transfers in
foreign currencies as certified for customs purposes by the Federal Reserve Bank
of New York (the "Market Exchange Rate") for such currencies on the applicable
issue dates.

            The Notes are in registered form without coupons. Unless otherwise
specified above, the authorized denominations of Notes denominated in U.S.
dollars will be U.S.$1,000 and any larger amount that is an integral multiple of
U.S.$1,000. The authorized denominations of Notes denominated in a currency
other than U.S. dollars will be as set forth on the respective faces thereof.

            Each Note will be issued initially as either a Book-Entry Note or,
if so specified above, a Certificated Note. Book-Entry Notes will not be
exchangeable for Certificated Notes and, except as otherwise provided in the
Indenture, will not otherwise be issuable as Certificated Notes.

Fixed Rate Notes

            This Note will bear interest from its Original Issue Date, or from
the last Interest Payment Date to which interest has been paid or duly provided
for, at the rate per annum on the face hereof or in the pricing supplement
attached hereto or delivered herewith until the principal amount hereof is paid
or made available for payment, except as otherwise described below under
"Subsequent Interest Periods" and "Extension of Maturity," and except that if so
specified in the attached pricing
<PAGE>
supplement, the rate of interest payable on certain Fixed Rate Notes may be
subject to adjustment as specified therein.

            Unless otherwise set forth herein, interest on this Note will be
payable semiannually in arrears on the Interest Payment Dates set forth above
and at Stated Maturity. If an Interest Payment Date with respect to any Note
would otherwise be a day that is not a Business Day, such Interest Payment Date
shall not be postponed; provided, however, that any payment required to be made
in respect of such Note on a date (including the day of Stated Maturity) that is
not a Business Day for such Note need not be made on such date, but may be made
on the next succeeding Business Day with the same force and effect as if made on
such date, and no additional interest shall accrue as a result of such delayed
payment. However, if with respect to any Note for which "Accrue to Pay" is
specified on the face hereof or in the pricing supplement attached hereto or
delivered herewith, and any Interest Payment Date with respect to such Fixed
Rate Note would otherwise be a day that is not a Business Day, such Interest
Payment Date shall be postponed to the next succeeding Business Day.

            Each payment of interest in respect of an Interest Payment Date
shall include interest accrued through the day before such Interest Payment
Date. Unless otherwise specified herein, interest on this Note will be computed
on the basis of a 360-day year of twelve 30-day months ("30 over 360").

Subsequent Interest Periods

            If so specified on the face hereof or in the pricing supplement
attached hereto or delivered herewith, the Interest Rate on this Note may be
reset by the Company on the date or dates specified on the face hereof or in the
pricing supplement attached hereto or delivered herewith (each an "Optional
Reset Date"). Not later than 40 days prior to each Optional Reset Date, the
Trustee will mail to the Holder of this Note a notice (the "Reset Notice"),
first class, postage prepaid, indicating whether the Company has elected to
reset the Interest Rate, and if so, (i) such new Interest Rate and (ii) the
provisions, if any, for redemption during the period from such Optional Reset
Date to the next Optional Reset Date, or, if there is no such next Optional
Reset Date, to the Stated Maturity of this Note (each such period, a "Subsequent
Interest Period"), including the date or dates on which or the period or periods
during which and the price or prices at which such redemption may occur during
the Subsequent Interest Period. Upon the transmittal by the Trustee of a Reset
Notice to the holder of a Note, such new interest rate shall take effect
automatically. Except as modified by the Reset Notice and as described below,
such Note will have the same terms as prior to the transmittal of such Reset
Notice. Notwithstanding the foregoing, not later than 20 days prior to the
Optional Reset Date, the Company may, at its option, revoke the Interest Rate
provided for in the Reset Notice and establish a higher Interest Rate for the
Subsequent Interest Period by causing the Trustee to mail notice of such higher
Interest Rate to the Holder of this Note. Such notice shall be irrevocable. All
Notes with respect to which the
<PAGE>
Interest Rate is reset on an Optional Reset Date will bear such higher Interest
Rate whether or not tendered for repayment.

            The Holder of this Note will have the option to elect repayment by
the Company on each Optional Reset Date at a price equal to the principal amount
hereof, plus interest accrued to such Optional Reset Date. In order to obtain
repayment on an Optional Reset Date, the Holder must follow the procedures set
forth below for optional repayment, except that the period for delivery or
notification to the Trustee shall be at least 25 but not more than 35 days prior
to such Optional Reset Date, and except that if the Holder has tendered this
Note for repayment pursuant to a Reset Notice, the Holder may, by written notice
to the Trustee, revoke such tender for repayment until the close of business on
the tenth day before the Optional Reset Date.

Indexed Notes

            If this Note is an Indexed Principal Note, then the principal amount
payable at Stated Maturity or earlier redemption or retirement, is determined by
reference to the amount designated on the face hereof or in the pricing
supplement attached hereto or delivered herewith as the Face Amount of this Note
and by reference to the Index as described on the face hereof or in the pricing
supplement attached hereto or delivered herewith. If this Note is an Indexed
Principal Note, the principal amount payable at Stated Maturity or any earlier
redemption or repayment of this Note may be different from the Face Amount.

            If a third party is appointed to calculate or announce the Index for
a particular Indexed Note and this third party either suspends the calculation
or announcement of such Index or changes the basis upon which such Index is
calculated, in a manner that is inconsistent with the applicable pricing
supplement, then the Company will select another third party to calculate or
announce the Index. The agent or another affiliate of the Company may be either
the original or successor third party selected by the Company.

            If for any reason such Index cannot be calculated on the same basis
and subject to the same conditions and controls as applied to the original third
party, then the indexed interest payments, if any, or any indexed principal
amount of such Indexed Principal Note will be calculated in the manner set forth
in the applicable pricing supplement. Any determination by the selected third
party will be binding on all parties, except in the case of an obvious error.

Specified Currency

            If the Specified Currency is other than U.S. dollars, the amount of
any U.S. dollar payment to be made in respect hereof will be determined by the
Company or its agent based on the Specified Currency/U.S. dollar exchange rate
prevailing at 11:00 a.m., London time, on the second London Business Day prior
to
<PAGE>
the applicable payment date, or if an exchange rate bid quotation is not so
available, the Exchange Rate Agent shall obtain a bid quotation from a leading
foreign exchange bank in London selected by the Exchange Rate Agent after
consultation with the Company, for settlement on such payment date, of the
aggregate amount of the Specified Currency payable on such payment date in
respect of all Notes denominated in such Specified Currency. All currency
exchange costs will be borne by the Holders of such Notes by deductions from
such payments. If no such bid quotations are available, then such payments will
be made in the Specified Currency, unless the Specified Currency is unavailable
due to the imposition of exchange controls or to other circumstances beyond the
Company's control, in which case payment will be made as described in the next
paragraph.

Payments in Currencies Other than the Specified Currency

            Except as set forth below, if any payment in respect hereof is
required to be made in a Specified Currency other than U.S. dollars and such
currency is (i) unavailable due to the imposition of exchange controls or other
circumstances beyond the Company's control, (ii) is no longer used by the
government of the country issuing such currency or (iii) is no longer used for
the settlement of transactions by public institutions of or within the
international banking community, then such payment shall be made in U.S. dollars
until such currency is again available or so used. The amount so payable on any
date in such foreign currency shall be converted into U.S. dollars on the basis
of the most recently available Market Exchange Rate for such currency or as
otherwise indicated on the face hereof or in the pricing supplement attached
hereto or delivered herewith. Any payment made under such circumstances in U.S.
dollars will not constitute an Event of Default under the Indenture.

            In the event of an official redenomination of the Specified Currency
of this Note (other than as a result of European Monetary Union, but including,
without limitation, an official redenomination of any such Specified Currency
that is a composite currency), the obligations of the Company with respect to
payments on this Note shall, in all cases, be deemed immediately following such
redenomination to provide for the payment of that amount of redenominated
currency representing the amount of such obligations immediately before such
redenomination. This Note does not provide for any adjustment to any amount
payable under this Note as a result of (i) any change in the value of the
Specified Currency hereof relative to any other currency due solely to
fluctuations in exchange rates or (ii) any redenomination of any component
currency of any composite currency (unless such composite currency is itself
officially redenominated). If this Note is denominated in a currency of a
country participating in the European Monetary Union, the procedures described
in this paragraph shall not apply, and the obligations of the Company with
respect to payments on this Note shall instead be determined as set forth in the
following paragraph.
<PAGE>
Dual Currency Notes

            If this Note is specified on the face hereof or in the pricing
supplement attached hereto or delivered herewith as a Dual Currency Note, the
Company may have a one time option, exercisable on one or more dates (each an
"Option Election Date") in whole, but not in part, with respect to all Dual
Currency Notes issued on the same day and having the same terms (a "Tranche"),
of thereafter making all payments of principal, premium, if any, and interest
(which payments would otherwise be made in the Specified Currency of such Notes)
in an optional currency (the "Optional Payment Currency"). Such option will be
exercisable in whole but not in part on an "Option Election Date," which will be
any one of the dates specified on the face hereof or in the pricing supplement
attached hereto or delivered herewith.

            If the Company makes such an election, the amount payable in the
Optional Payment Currency shall be determined using the Designated Exchange Rate
specified on the face hereof or in the pricing supplement attached hereto or
delivered herewith. If such election is made, notice of such election shall be
mailed in accordance with the terms of the applicable Tranche of Dual Currency
Notes within two Business Days of the Option Election Date and shall state (i)
the first date, whether an Interest Payment Date and/or Stated Maturity, on
which scheduled payments in the Optional Payment Currency will be made and (ii)
the Designated Exchange Rate. Any such notice by the Company, once given, may
not be withdrawn. The equivalent value in the Specified Currency of payments
made after such an election may be less, at the then current exchange rate, than
if the Company had made such payment in the Specified Currency.

Renewable Notes

            If this Note is specified on the face hereof or in the pricing
supplement attached hereto or delivered herewith as a Renewable Note, this Note
will mature on an Interest Payment Date occurring in or prior to the twelfth
month following the Original Issue Date of this Note (the "Initial Maturity
Date") unless the term of all or any portion of this Note is renewed in
accordance with the following procedures:

            On the Interest Payment Date occurring in the sixth month (unless a
different interval (the "Special Election Interval") is specified on the face
hereof or in the pricing supplement attached hereto or delivered herewith) prior
to the Initial Maturity Date of this Note (the "Initial Renewal Date") and on
the Interest Payment Date occurring in each sixth month (or in the last month of
each Special Election Interval) after such Initial Renewal Date (each, together
with the Initial Renewal Date, a "Renewal Date"), the term of this Note may be
extended to the Interest Payment Date occurring in the twelfth month (or, if a
Special Election Interval is specified on the face hereof or in the pricing
supplement attached hereto or delivered herewith, the last month in a period
equal to twice the Special Election Interval) after
<PAGE>
such Renewal Date, if the Holder of this Note elects to extend the term of this
Note or any portion thereof as described below. If the Holder does not elect to
extend the term of any portion of the principal amount of this Note during the
specified period prior to any Renewal Date, such portion will become due and
payable on the Interest Payment Date occurring in the sixth month (or the last
month in the Special Election Interval) after such Renewal Date (the "New
Maturity Date").

            The Holder may elect to renew the term of this Note, or if so
specified, any portion thereof, by delivering a notice to such effect to the
Trustee (or any duly appointed paying agent) at the corporate trust office of
the Trustee or agency of the Trustee in the City of New York not less than 15
nor more than 30 days prior to such Renewal Date, unless another period is
specified on the face hereof or in the pricing supplement attached hereto or
delivered herewith. Such election will be irrevocable and will be binding upon
each subsequent Holder of this Note. An election to renew the term of this Note
may be exercised with respect to less than the entire principal amount of this
Note only if so specified on the face hereof or in the pricing supplement
attached hereto or delivered herewith and then only in such principal amount, or
any integral multiple in excess of such amount, as is specified on the face
hereof or in the pricing supplement attached hereto or delivered herewith.
Notwithstanding the foregoing, the term of this Note may not be extended beyond
the Stated Maturity specified for this Note on the face hereof or in the pricing
supplement attached hereto or delivered herewith.

            If the Holder does not elect to renew the term, this Note must be
presented to the Trustee (or any duly appointed paying agent) and, as soon as
practicable following receipt of such Note the Trustee (or any duly appointed
paying agent) shall issue in exchange therefor in the name of such Holder (i) a
Note, in a principal amount equal to the principal amount of such exchanged Note
for which no election to renew the term thereof was exercised, with terms
identical to those specified on such exchanged Note (except that such Note shall
have a fixed, nonrenewable Stated Maturity on the New Maturity Date) and (ii) if
an election to renew is made with respect to less than the full principal amount
of such Holder's Note, the Trustee, or any duly appointed paying agent, shall
issue in exchange for such Note in the name of such holder, a replacement
Renewable Note, in a principal amount equal to the principal amount of such
exchanged Note for which the election to renew was made, with terms otherwise
identical to the exchanged Note.

Extension of Maturity

            If so specified on the face hereof or in the pricing supplement
attached hereto or delivered herewith, the Maturity of this Note may be extended
at the option of the Company for one or more periods of whole years specified on
the face hereof or in the pricing supplement attached hereto or delivered
herewith (each an "Extension Period") from one to five whole years, up to but
not beyond, the date (the "Final Maturity") set forth on the face hereof or in
the pricing supplement attached hereto or delivered herewith. The Company may
exercise such option by
<PAGE>
notifying the Trustee for this Note at least 45 but not more than 60 days prior
to the old Stated Maturity of this Note. If the Company exercises such option,
the Trustee will mail to the Holder of this Note not later than 40 days prior to
the old Stated Maturity a notice (the "Extension Notice") first class, postage
prepaid indicating (i) the election of the Company to extend the Stated
Maturity, (ii) the new Stated Maturity, (iii) the Interest Rate applicable to
the Extension Period and (iv) the provisions, if any, for redemption during such
Extension Period including the date or dates on which, or the period or periods
during which, and the price or prices at which such redemption may occur during
the extension period. Upon the Trustee's mailing of the Extension Notice, the
Stated Maturity of this Note shall be extended automatically and, except as
modified by the Extension Notice and as described in the next paragraph, this
Note will have the same terms as prior to the mailing of such Extension Notice.
Notwithstanding the foregoing, not later than 20 days prior to the old Stated
Maturity of this Note, the Company may, at its option, revoke the Interest Rate
provided for in the Extension Notice and establish a higher Interest Rate for
the Extension Period by causing the Trustee to mail notice of such higher
Interest Rate, first class, postage prepaid to the Holder of this Note. Such
notice shall be irrevocable. All Notes with respect to which the Stated Maturity
is extended will bear such higher Interest Rate for the extension period,
whether or not tendered for repayment.

            If the Company extends the Stated Maturity of this Note, the Holder
will have the option to elect repayment of this Note by the Company on the old
Stated Maturity at a price equal to the principal amount hereof, plus interest
accrued to such date. In order to obtain repayment on such old Stated Maturity
once the Company has extended the Stated Maturity hereof, the Holder must follow
the procedures set forth below for optional repayment, except that the period
for delivery of this Note or notification to the Trustee shall be at least 25
but not more than 35 days before the old Stated Maturity, and except that if the
Holder has tendered this Note for repayment pursuant to an Extension Notice, the
Holder may, by written notice to the Trustee, revoke such tender for repayment
until the close of business on the tenth day before the old Stated Maturity.

Optional Redemption, Repayment and Repurchase

            If so specified on the face hereof or in the pricing supplement
attached hereto or delivered herewith, the Company may, at its option, redeem
this Note in whole or in part, on the date or dates (each an "Optional
Redemption Date") specified herein, at the price (the "Redemption Price")
(together with accrued interest to such Optional Redemption Date) specified
herein. Unless otherwise stated on the face hereof or in the pricing supplement
attached hereto or delivered herewith, the Trustee shall mail to the Holder a
notice of such redemption first class, postage prepaid at least 30 days prior to
the date of redemption. Unless otherwise stated herein, the Company may exercise
such option with respect to a redemption of this Note in part only by notifying
the Trustee for this Note at least 45 days prior to any Optional Redemption
Date. In the event of redemption of this Note in part only, a
<PAGE>
new Note or Notes for the unredeemed portion hereof will be issued to the Holder
hereof upon the cancellation hereof.

            If so specified on the face hereof or in the pricing supplement
attached hereto or delivered herewith, this Note will be repayable prior to
Maturity at the option of the Holder on the Optional Repayment Dates shown on
the face hereof or in the pricing supplement attached hereto or delivered
herewith at the Optional Repayment Prices shown on the face hereof or in the
pricing supplement attached hereto or delivered herewith, together with interest
accrued to the date of repayment. In order for this Note to be repaid, the
Trustee must receive at least 30 but not more than 45 days prior to an Optional
Repayment Date (i) this Note with the form below entitled "Option to Elect
Repayment" duly completed, or (ii) a telegram, telex, facsimile transmission or
letter from a member of a national securities exchange or the National
Association of Securities Dealers, Inc. or a commercial bank or trust company in
the United States of America setting forth the name of the Holder of this Note,
the principal amount of the Note to be repaid, the certificate number or a
description of the tenor and terms of this Note, a statement that the option to
elect repayment is being exercised hereby and a guarantee that this Note with
the form below entitled "Option to Elect Repayment" duly completed will be
received by the Trustee not later than five Business Days after the date of such
telegram, telex, facsimile transmission or letter. If the guarantee procedure
described in clause (ii) of the preceding sentence is followed, this Note with
form duly completed must be received by the Trustee by such fifth Business Day.
Any tender of this Note for repayment (except pursuant to a Reset Notice or an
Extension Notice) shall be irrevocable. The repayment option may be exercised by
the Holder of this Note for less than the entire principal amount of the Note,
provided, that the principal amount of this Note remaining outstanding after
repayment is an authorized denomination. Upon such partial repayment, this Note
shall be canceled and a new Note or Notes for the remaining principal amount
hereof shall be issued in the name of the Holder of this Note.

            Unless otherwise specified on the face hereof or in the pricing
supplement attached hereto or delivered herewith, this Note will not be subject
to any sinking fund.

            Notwithstanding anything herein to the contrary, if this Note is an
OID Note (other than an Indexed Principal Note), the amount payable in the event
of redemption or repayment prior to the Stated Maturity hereof (other than
pursuant to an optional redemption by the Company at a stated Redemption Price),
shall be the Amortized Face Amount of this Note as of the redemption date or the
date of repayment, as the case may be. The Amortized Face Amount of this Note on
any date shall be the amount equal to (i) the Issue Price set forth on the face
hereof or in the pricing supplement attached hereto or delivered herewith plus
(ii) that portion of the difference between such Issue Price and the stated
principal amount of such Note that has accrued by such date at (x) the Bond
Yield to Maturity set forth on the face hereof or in the pricing supplement
attached hereto or delivered herewith or (y) if so
<PAGE>
specified, the Bond Yield to Call set forth on the face hereof or in the pricing
supplement attached hereto or delivered herewith (computed in each case in
accordance with generally accepted United States bond yield computation
principles), provided, however, that in no event shall the Amortized Face Amount
of a Note exceed its stated principal amount. The Bond Yield to Call listed on
the face of this Note or in the pricing supplement attached hereto or delivered
herewith shall be computed on the basis of the first occurring Optional
Redemption Date with respect to such Note and the amount payable on such
Optional Redemption Date. In the event that such Note is not redeemed on such
first occurring Optional Redemption Date, the Bond Yield to Call with respect to
such Note shall be recomputed on such Optional Redemption Date on the basis of
the next occurring Optional Redemption Date and the amount payable on such
Optional Redemption Date, and shall continue to be so recomputed on each
succeeding Optional Redemption Date until the Note is so redeemed.

            The Company may at any time purchase Notes at any price in the open
market or otherwise. Notes so purchased by the Company may, at the discretion of
the Company, be held or resold or surrendered to the Trustee for such Notes for
cancellation.

Other Terms

            As provided in the Indenture and subject to certain limitations
therein set forth, this Note is exchangeable for a like aggregate principal
amount of Notes of different authorized denominations, as requested by the
Person surrendering the same.

            As provided in the Indenture and subject to certain limitations
therein set forth, the transfer of this Note is registrable on the Security
Register of the Company, upon surrender of this Note for registration of
transfer at the office or agency of the Company in the Borough of Manhattan, the
City and State of New York, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Company, the Security
Registrar and the Trustee duly executed by the Holder hereof or his attorney
duly authorized in writing, and thereupon one or more new Notes of this series,
of authorized denominations and for the same aggregate principal amount, will be
issued to the designated transferee or transferees.

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

            Prior to due presentment of this 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 Holder 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.
<PAGE>
            If an Event of Default with respect to the Debt Securities of this
series shall have occurred and be continuing, the principal of all the Debt
Securities of this series may be declared due and payable in this manner and
with the effect provided in the Indenture.

            In case this Note shall at any time become mutilated, destroyed,
stolen or lost and this Note or evidence of the loss, theft, or destruction
hereof (together with such indemnity and such other documents or proof as may be
required by the Company or the Trustee) shall be delivered to the principal
corporate trust office of the Trustee, a new Note of like tenor and principal
amount will be issued by the Company in exchange for, or in lieu of, this Note.
All expenses and reasonable charges associated with procuring such indemnity and
with the preparation, authentication and delivery of a new Note shall be borne
by the Holder of this Note.

            The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Debt Securities of each series to
be affected under the Indenture at any time by the Company and the Trustee with
the consent of the Holders of not less than 66 2/3% in aggregate principal
amount of Debt Securities at the time outstanding of each series to be affected.
The Indenture also contains provisions permitting the Holders of specified
percentages in aggregate principal amount of the Debt Securities of any series
at the time outstanding, on behalf of the Holders of all the Debt Securities of
such series, to waive compliance by the Company with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Holder of this Debt Security shall be
conclusive and binding upon such Holder and upon all future Holders of this Debt
Security and of any Debt Security issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof, whether or not notation of such
consent or waiver is made upon the Debt Security.

            Holders of Debt Securities may not enforce their rights pursuant to
the Indenture or the Note except as provided in the Indenture. 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 premium, if any) and interest on
this Note at the times, place and rate, and the coin or currency, herein
prescribed.

            This Note shall be deemed to be a contract made and to be performed
solely in the State of New York and for all purposes be governed by, and
construed in accordance with, the laws of said State without regard to the
conflicts of law rules of said State.

            All terms used in this Note that are defined in the Indenture shall
have the meanings assigned to them in the Indenture.
<PAGE>
                                  ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this
instrument, shall be construed as though they were written out in full according
to applicable laws or regulations:

TEN COM  -as tenants in common    UNIF GIFT MIN __________Custodian __________
TEN ENT  -as tenants by the       ACT             (Cust)             (Minor)
         entireties                            Under Uniform Gifts to Minors Act
JT ENT   -as joint tenants                     _________________________________
         with right of                                    (State)
         survivorship and not
         as tenants in common

     Additional abbreviations may also be used though not in the above list

                               ___________________

                            OPTION TO ELECT REPAYMENT

            The undersigned hereby irrevocably requests and instructs the
Company to repay $____ principal amount of the within Note, pursuant to its
terms, on the "Optional Repayment Date" first occurring after the date of
receipt of the within Note as specified below, together with interest thereon
accrued to the date of repayment, to the undersigned at:

________________________________________________________________________________

________________________________________________________________________________
         (Please Print or Type Name and Address of the Undersigned)

and to issue to the undersigned, pursuant to the terms of the Indenture, a new
Note or Notes representing the remaining principal amount of this Note.

            For this Option to Elect Repayment to be effective, this Note with
the Option to Elect Repayment duly completed must be received by the Company
within the relevant time period set forth above at its office or agency in the
Borough of Manhattan, the City and State of New York, located initially at the
office of the Trustee at 101 Barclay Street, 21 West, Attention: Corporate Trust
Administration, New York, New York 10286.

Dated:
                                          ______________________________________
                                          Note:  The signature to this
                                          Option to Elect Repayment must
                                          correspond with the name as
                                          written upon the face of the
                                          within Note in every particular
                                          without alteration or
                                          enlargement or any change
                                          whatsoever.

     FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
                              transfer(s) unto

      Please Insert Social Security or Other
        Identifying Number of Assignee
        ______________________________

        ______________________________

      __________________________________________________________________________
         Please Print or Type Name and Address Including Zip Code of Assignee
<PAGE>
      __________________________________________________________________________
      the within Note and all rights thereunder, hereby irrevocably
      constituting and appointing
      __________________________________________________________________________

      __________________________________________________________________attorney
      to transfer such Note on the books of Citigroup Inc., with full
      power of substitution in the premises.

Dated:____________________    __________________________________________________
                                    Signature

                              __________________________________________________
                              NOTICE: The signature to this assignment must
                              correspond with the name as it appears upon the
                              face of the Note in every particular, without
                              alteration of enlargement or any change whatsoever
<PAGE>
      This Note is a Global Security within the meaning of the Indenture
hereinafter referred to and is registered in the name of the Depositary named
below or a nominee of the Depositary. This Note is not exchangeable for Notes
registered in the name of a Person other than the Depositary 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
Depositary to a nominee of the Depositary) 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 "Depositary"), 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 Depositary (and any
payment is made to Cede & Co. or to such other entity as is requested by an
authorized representative of the Depositary), 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.

REGISTERED                                      PRINCIPAL AMOUNT
NO. FL  _______                                 OR FACE AMOUNT:
                                                $_____________________

                                                CUSIP:________________

                                 CITIGROUP INC.
                       MEDIUM-TERM SENIOR NOTE, SERIES H,
                 DUE NINE MONTHS OR MORE FROM THE DATE OF ISSUE
                           (FLOATING OR INDEXED RATE)

      IF APPLICABLE, THE "TOTAL AMOUNT OF OID" AND "YIELD TO MATURITY" SET FORTH
BELOW WILL BE COMPLETED SOLELY FOR THE PURPOSES OF APPLYING THE UNITED STATES
FEDERAL INCOME TAX ORIGINAL ISSUE DISCOUNT ("OID") RULES.

Issue Price:                                          Original Issue Date:

Initial Interest Rate:                                Stated Maturity:

Specified Currency (If other than U.S. dollars):

Authorized Denominations:
      (If other than as set forth in the Prospectus Supplement)
<PAGE>
Dual Currency Note:                       [ ]  Yes (see attached)  [ ]  No

      Optional Payment Currency:
      Designated Exchange Rate:

Base Rate: [ ]  CD Rate              [ ]  Commercial     [ ]  Federal Funds Rate
                                          Paper Rate
           [ ]  LIBOR Telerate       [ ]  LIBOR Reuters  [ ]  Treasury Rate
           [ ]  Treasury Rate        [ ]  Prime Rate
                 Constant Maturity
           [ ]  Eleventh District Cost of Funds Rate     [ ]  EURIBOR

           [ ]  Other (see attached)

Interest Reset Period                                         Index Maturity:
or Interest Reset Dates:

Interest Payment Dates:             Accrue to Pay:           [ ]  Yes   [ ]   No

Indexed Principal Note:             [ ]   Yes (see attached) [ ]  No

Floating Rate:                      [ ]   Indexed Interest   [ ]  (see attached)
                                          Rate:

Spread Multiplier:                                   Spread (+/-):

Spread Reset:                 [ ]   The Spread or Spread Multiplier may not be
                                    changed prior to Stated Maturity.

                              [ ]   The Spread or Spread Multiplier may be
                                    changed prior to Stated Maturity
                                    (see  attached).

Optional Reset Dates (if applicable):

Maximum Interest Rate:                                Minimum Interest Rate:

Inverse Floating Rate Note:               [ ]   Yes (see attached)   [ ]   No

      Initial Fixed Interest Rate:              Reset Fixed Reference Rate:

Floating Rate / Fixed Rate Note:          [ ]   Yes (see attached)   [ ]   No

Amortizing Note:                          [ ]   Yes                  [ ]   No
<PAGE>
      Amortization Schedule:

Optional Redemption:                      [ ]   Yes                  [ ]   No

      Optional Redemption Dates:

      Redemption Prices:

Bond Yield to Maturity:                                     Bond Yield to Call:

Optional Repayment:                       [ ]   Yes                  [ ]   No

      Optional Repayment Dates:           Optional Repayment Prices:

Optional Extension of Stated Maturity:    [ ]   Yes                  [ ]   No

      Final Maturity:

Discount Note:                            [ ]   Yes                  [ ] No

      Total Amount of OID:                                  Yield to Maturity:

Renewable Note:                           [ ]   Yes (see attached)   [ ]   No

      Initial Maturity Date:

                   Special Election Interval (if applicable):

            Amount (if less than entire principal amount) as to which
                           election may be exercised:
<PAGE>
            CITIGROUP INC., a corporation duly organized and existing under the
laws of the State of Delaware (herein referred to as the "Company") for value
received hereby promises to pay CEDE & CO. or registered assigns, (a) the
Principal Amount or, in the case of an Indexed Principal Note, the Face Amount
adjusted by reference to prices, changes in prices, or differences between
prices, of securities, currencies, intangibles, goods, articles or commodities
or by such other objective price, economic or other measures (an "Index") as
described above or in the pricing supplement attached hereto or delivered
herewith, in the Specified Currency on the Stated Maturity shown above, or
earlier if and to the extent so provided herein, and (b) accrued interest on the
Principal Amount then outstanding (or, in the case of an Indexed Principal Note,
the Face Amount then outstanding): (i) if this is a Floating Rate Note, at the
Initial Interest Rate shown above from the Original Issue Date shown above until
the first Interest Reset Date shown above following the Original Issue Date and
thereafter at the Base Rate shown above, adjusted by the Spread or Spread
Multiplier, if any, shown above, determined in accordance with the provisions
hereof, (ii) if this is an Indexed Rate Note, at a rate determined by reference
to an Index as described herein, (iii) if this is an Inverse Floating Rate Note,
at the Initial Interest Rate shown above from the Original Issue Date shown
above until the first Interest Reset Date shown above following the Original
Issue Date and thereafter at the Inverse Floating Rate, as determined in
accordance with the provisions hereof, or (iv) if this is a Floating Rate/Fixed
Rate Note, at a rate determined as described herein, until, in each case, the
Principal Amount or the Face Amount is paid or duly provided for in accordance
with the terms hereof. The interest so payable, and punctually paid or duly
provided for, on each Interest Payment Date specified herein will, as provided
in the Indenture referred to on the reverse hereof, be paid to the person in
whose name this Note (or one or more Predecessor Securities) is registered at
the close of business on the Regular Record Date for such interest, which,
unless otherwise specified in the pricing supplement, in the case of any
Interest Payment Date (i) for a Floating Rate Note shall be the Business Day
immediately preceding such Interest Payment Date and (ii) for an Indexed Rate
Note, an Inverse Floating Rate Note and a Floating Rate/Fixed Rate Note, shall
be the date (whether or not a Business Day) fifteen calendar days immediately
preceding such Interest Payment Date, in the case of any Interest Payment Date
shall be the date (whether or not a Business Day), fifteen calendar days
immediately preceding such Interest Payment Date and, in the case of interest
payable at Stated Maturity shall be the Stated Maturity of this Note.
Notwithstanding the foregoing, if this Note is issued between a Regular Record
Date and the related Interest Payment Date, the interest so payable for the
period from the Original Issue Date to such Interest Payment Date shall be paid
on the next succeeding Interest Payment Date to the Registered Holder hereof on
the related Regular Record Date. Any such interest not so punctually paid or
duly provided for shall forthwith cease to be payable to the Registered Holder
hereof on such Regular Record Date and may be paid to the Person in whose name
this Note (or one or more Predecessor Securities) is registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest to
be fixed by the Trustee (referred to on the reverse hereof), notice whereof
shall be given to Holders of Notes not less than fifteen days prior to such
Special Record Date, or may be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the Notes
may be listed, and upon such notice as may be required by such exchange, all as
more fully provided in said Indenture.
<PAGE>
            For purposes of this Note, "Business Day" means: (i) with respect to
any Note, any day that is not a Saturday or Sunday and that, in The City of New
York, is not a day on which banking institutions generally are authorized or
obligated by law or executive order to close; (ii) (x) with respect to LIBOR
Notes only, any such day on which dealings in deposits in U.S. dollars are
transacted in the London interbank market and (y) with respect to any
determination by the Exchange Rate Agent of an exchange rate pursuant to Notes
having a Specified Currency other than U.S. dollars, any day on which banking
institutions and foreign exchange markets settle payments in New York City and
London (each a "London Business Day"); (iii) with respect to Notes having a
specified currency other than U.S. dollars only, other than Notes denominated in
euros, any day that, in the principal financial center (as defined below) of the
country of the specified currency, is not a day on which banking institutions
generally are authorized or obligated by law to close; and (iv) with respect to
EURIBOR Notes and Notes denominated in euros, a day on which the Trans-European
Automated Real-Time Gross Settlement Express Transfer ("TARGET") System is open
(a "TARGET Business Day").

            As used above, a "principal financial center" means the capital city
of the country issuing the specified currency. However, with respect to
Australian dollars, Canadian dollars, and Swiss francs, the principal financial
center shall be Sydney, Toronto and Zurich, respectively.

            If this Note is an Amortizing Note as shown on the face hereof or in
the pricing supplement attached hereto or delivered herewith, a portion or all
the principal amount of the Note is payable prior to Stated Maturity in
accordance with a schedule, by application of a formula, or by reference to an
index (as described above).

            The principal hereof and any premium and interest hereon are payable
by the Company in the Specified Currency shown above. If the Specified Currency
shown above is other than U.S. dollars, the Company will arrange to convert all
payments in respect hereof into U.S. dollars in the manner described on the
reverse hereof. The Holder hereof may, if so indicated above, elect to receive
all payments in respect hereof in the Specified Currency by delivery of a
written notice to Citibank, N.A. ("Citibank") not later than fifteen calendar
days prior to the applicable payment date. Such election will remain in effect
until revoked by written notice to Citibank received not later than fifteen
calendar days prior to the applicable payment date. If the Company determines
that the Specified Currency is not available for making payments in respect
hereof due to the imposition of exchange controls or other circumstances beyond
the Company's control or is no longer used by the government of the country
issuing such currency or for the settlement of transactions by public
institutions or within the international banking community, then the Holder
hereof may not so elect to receive payments in the Specified Currency, and any
such outstanding election shall be automatically suspended, and payments shall
be in U.S. dollars, until the Company determines that the Specified Currency is
again available for making such payments.

            Payments of interest in U.S. dollars (other than interest payable at
Maturity) will be made by check mailed to the address of the Person entitled
thereto as such address shall
<PAGE>
appear on the Security Register on the applicable Record Date, provided, that,
if the Holder hereof is the Holder of U.S.$10,000,000 (or the equivalent thereof
in a currency other than U.S. dollars determined as provided on the reverse
hereof) or more in aggregate principal amount of Notes of like tenor and term,
such U.S. dollar interest payments will be made by wire transfer of immediately
available funds, but only if appropriate wire transfer instructions have been
received in writing by Citibank not less than fifteen calendar days prior to the
applicable Interest Payment Date. Simultaneously with any election by the Holder
hereof to receive payments in respect hereof in the Specified Currency (if other
than U.S. dollars), such Holder shall provide appropriate wire transfer
instructions to Citibank and all such payments will be made by wire transfer of
immediately available funds to an account maintained by the payee with a bank
located outside the United States. The principal hereof and any premium and
interest hereon payable at Maturity will be paid in immediately available funds
upon surrender of this Note at the offices of Citibank located in the City and
State of New York.

            REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET
FORTH ON THE REVERSE HEREOF AND IN ANY PRICING SUPPLEMENT ATTACHED HERETO OR
DELIVERED HEREWITH, AND SUCH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE
SAME EFFECT AS THOUGH FULLY SET FORTH IN THIS PLACE.

            This Note shall not become valid or obligatory for any purpose
unless and until this Note has been authenticated by, or on behalf of, The Bank
of New York, or its successor, as Trustee.
<PAGE>
      IN WITNESS WHEREOF, the Company has caused this Note to be executed under
its corporate seal.

Dated:
                                    CITIGROUP INC.

                                       By_______________________________________
                                          Authorized Officer

                                     Attest_____________________________________
                                          Assistant Secretary

                          CERTIFICATE OF AUTHENTICATION

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

Dated:

                                    THE BANK OF NEW YORK, as Trustee

                                    By  CITIBANK, N.A., as Authentication Agent

                                        ________________________________________
                                         Authorized Signatory

<PAGE>

                              (REVERSE OF SECURITY)

                                 CITIGROUP INC.
                       MEDIUM-TERM SENIOR NOTE, SERIES H,
                 DUE NINE MONTHS OR MORE FROM THE DATE OF ISSUE
                           (FLOATING OR INDEXED RATE)

General

         This Note is one of a series of duly authorized debt securities of the
Company (the "Debt Securities") issued or to be issued in one or more series
under an indenture, dated as of March 15, 1987, as amended (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 Debt Securities and of the
terms upon which the Debt Securities are, and are to be, authenticated and
delivered. The U.S. dollar equivalent of the public offering price or purchase
price of Notes denominated in currencies other than U.S. dollars will be
determined by the Company or its agent, as exchange rate agent for the Notes
(the "Exchange Rate Agent") on the basis of, unless otherwise specified in the
pricing supplement, the noon buying rate in New York City for cable transfers in
foreign currencies as certified for customs purposes by the Federal Reserve Bank
of New York (the "Market Exchange Rate") for such currencies on the applicable
issue dates.

         The Notes are in registered form without coupons. Unless otherwise
specified above, the authorized denominations of Notes denominated in U.S.
dollars will be U.S.$1,000 and any larger amount that is an integral multiple of
U.S.$1,000. The authorized denominations of Notes denominated in a currency
other than U.S. dollars will be as set forth on the respective faces thereof.

         Each Note will be issued initially as either a Book-Entry Note or, if
so specified above, a Certificated Note. Book-Entry Notes will not be
exchangeable for Certificated Notes and, except as otherwise provided in the
Indenture, will not otherwise be issuable as Certificated Notes.

Floating Rate Notes

         Unless otherwise specified on the face hereof or in the pricing
supplement attached hereto or delivered herewith, if this Note is a Floating
Rate Note, this Note will bear interest from its Original Issue Date to, but not
including, the first Interest Reset Date (as defined below) at the Initial
Interest Rate set forth on the face hereof or in the pricing supplement attached
hereto or delivered herewith. Thereafter, the interest rate hereon for each
Interest Reset Period will be determined by reference to the Base Rate specified
on the face hereof or in the pricing supplement attached hereto or delivered
herewith, plus or minus the Spread, if any, or multiplied by the Spread
Multiplier, if any, specified on the face hereof or in the pricing supplement
attached hereto or delivered herewith. The Base Rates that may be specified on
the face hereof or in the pricing supplement attached hereto or delivered
herewith are the CD Rate, the Commercial Paper Rate, the Federal Funds Rate,
LIBOR Moneyline Telerate, LIBOR Reuters, the Treasury Rate, Treasury Rate
Constant Maturity, the Prime Rate, the Eleventh District Cost of Funds Rate,
EURIBOR or any other Base Rate specified on the face hereof or in the pricing
supplement attached hereto or delivered herewith.
<PAGE>
         "H.15(519)" means the publication entitled "Statistical Release
H.15(519), Selected Interest Rates" or any successor publication, published by
the Board of Governors of the Federal Reserve System.

         "H.15 Daily Update" means the daily update of the Board of Governors of
the Federal Reserve System at http://www.bog.frb.fed.us/releases/H15/update or
any successor site or publication.

         "Calculation Date," where applicable, means the date on which the
Calculation Agent is to calculate the interest rate for Floating Rate Notes
which shall be the earlier of (1) the tenth calendar day after the related Rate
Determination Date, or if any such day is not a business day, the next
succeeding business day or (2) the business day preceding the applicable
Interest Payment Date or the Stated Maturity, as the case may be.

         As specified on the face hereof or in the pricing supplement attached
hereto or delivered herewith, this Note may also have either or both of the
following (in each case expressed as a rate per annum on a simple interest
basis): (i) a maximum limitation, or ceiling, on the rate at which interest may
accrue during any interest period ("Maximum Interest Rate") and/or (ii) a
minimum limitation, or floor, on the rate at which interest may accrue during
any interest period ("Minimum Interest Rate"). In addition to any Maximum
Interest Rate that may be specified on the face hereof or in the pricing
supplement attached hereto or delivered herewith, the interest rate will in no
event be higher than the maximum rate permitted by applicable law, as the same
may be modified by United States law of general application.

         The Company will appoint, and enter into an agreement with, agents
(each, a "Calculation Agent") to calculate interest rates on this Note. All
determinations of interest rates by the Calculation Agent shall, in the absence
of manifest error, be conclusive for all purposes and binding on the Holder
hereof. Unless otherwise specified on the face hereof or in the pricing
supplement attached hereto or delivered herewith, The Bank of New York shall be
the Calculation Agent for this Note. At the request of the Holder hereof, the
Calculation Agent will provide the interest rate then in effect and, if
determined, the interest rate that will become effective on the next Interest
Reset Date.

         The interest rate hereon will be reset daily, weekly, monthly,
quarterly, semiannually or annually (such period being the "Interest Reset
Period" specified on the face hereof or in the pricing supplement attached
hereto or delivered herewith, and the first day of each Interest Reset Period
being an "Interest Reset Date"). Unless otherwise specified on the face hereof
or in the pricing supplement attached hereto or delivered herewith, the Interest
Reset Dates will be as follows: (i) if this Note resets daily, each Business
Day; (ii) if this Note (unless this Note is a Treasury Rate Note) resets weekly,
Wednesday of each week; (iii) if this Note is a Treasury Rate Note that resets
weekly, Tuesday of each week (except as provided below under "Determination of
Treasury Rate"); (iv) if this Note resets monthly, the third Wednesday of each
month (with the exception of monthly reset Eleventh District Cost of Funds Rate
Notes, which reset on the first calendar day of each month); (v) if this Note
resets quarterly, the third Wednesday of March, June, September and December of
each year; (vi) if this Note resets semiannually, the third Wednesday of the two
months of each year specified on the face hereof or in the pricing supplement
attached hereto or delivered herewith; (vii) and if this Note resets annually,
the third Wednesday of the month of each year specified on the face hereof or in
the pricing supplement attached hereto or delivered herewith. If an Interest
Reset Date would otherwise be a day that is not a Business Day, such Interest
Reset Date shall be postponed to the next succeeding Business Day, except that,
if the Base Rate specified on the face hereof or in the pricing supplement
attached hereto or delivered herewith is LIBOR or EURIBOR and such
<PAGE>
Business Day is in the next succeeding calendar month, such Interest Reset Date
shall instead be the immediately preceding Business Day. If an auction of direct
obligations of United States Treasury Bills falls on a day that is an Interest
Reset Date for Treasury Rate Notes, the Interest Reset Date shall be the
succeeding Business Day.

         Unless otherwise specified on the face hereof or in the pricing
supplement attached hereto or delivered herewith, the interest payable hereon on
each Interest Payment Date shall be the interest accrued from and including the
Original Issue Date or the last date to which interest has been paid, as the
case may be, to but excluding such Interest Payment Date, provided, however,
that if the interest rate is reset daily or weekly, the interest payable hereon
shall be the interest accrued from and including the Original Issue Date or the
last date to which interest has been accrued and paid, as the case may be, to
but excluding the Record Date immediately preceding such Interest Payment Date,
except that, at Maturity, the interest payable will include interest accrued to,
but excluding, the date of Maturity.

         If more than one Interest Reset Date occurs during any period for which
accrued interest is being calculated, accrued interest shall be calculated by
multiplying the principal amount hereof (or if this Note is an Indexed Principal
Note, the Face Amount specified on the face hereof or in the pricing supplement
attached hereto or delivered herewith) by an accrued interest factor. Such
accrued interest factor will be computed by adding the interest factors
calculated for each day in the period for which accrued interest is being
calculated. The interest factor (expressed as a decimal calculated to seven
decimal places without rounding) for each such day will be computed, unless
otherwise specified on the face hereof or in the pricing supplement attached
hereto or delivered herewith, by dividing the interest rate in effect on such
day by 360 if the Base Rate specified on the face hereof or in the pricing
supplement attached hereto or delivered herewith is the CD Rate, the Commercial
Paper Rate, the Federal Funds Rate, LIBOR Moneyline Telerate, LIBOR Reuters, the
Prime Rate, the Eleventh District Cost of Funds Rate or EURIBOR or by the actual
number of days in the year, if the Base Rate specified on the face hereof or in
the pricing supplement attached hereto or delivered herewith is the Treasury
Rate or Treasury Rate Constant Maturity. For purposes of making the foregoing
calculations, the interest rate in effect on any Interest Reset Date will be the
applicable rate as reset on such date. In all other cases, accrued interest
shall be calculated by multiplying the principal amount hereof (or if this Note
is an Indexed Principal Note, the Face Amount specified on the face hereof or in
the pricing supplement attached hereto or delivered herewith) by the interest
rate in effect during the period for which accrued interest is being calculated,
and multiplying that product by the quotient obtained by dividing the number of
days in the period for which accrued interest is being calculated by 360 if the
Base Rate specified on the face hereof or in the pricing supplement attached
hereto or delivered herewith is the CD Rate, the Commercial Paper Rate, the
Federal Funds Rate, LIBOR Moneyline Telerate, LIBOR Reuters, the Prime Rate, the
Eleventh District Cost of Funds Rate or EURIBOR or by the actual number of days
in the year, if the Base Rate specified on the face hereof or in the pricing
supplement attached hereto or delivered herewith is the Treasury Rate or
Treasury Rate Constant Maturity.

         Unless otherwise specified on the face hereof or in the pricing
supplement attached hereto or delivered herewith, all percentages resulting from
any calculation of the rate of interest hereof will be rounded, if necessary, to
the nearest 1/100,000 of 1% (.0000001), with five one-millionths of a percentage
point rounded upward, and all currency amounts used in or resulting from such
calculation will be rounded to the nearest one-hundredth of a unit (with .005 of
a unit being rounded upward).

         Unless otherwise specified on the face hereof or in the pricing
supplement attached hereto or delivered herewith, interest will be payable as
follows: (i) if this Note resets
<PAGE>
daily, weekly or monthly (other than Eleventh District Cost of Funds Rate
Notes), interest will be payable on the third Wednesday of each month or on the
third Wednesday of March, June, September and December of each year, as
specified on the face hereof or in the pricing supplement attached hereto or
delivered herewith or, (ii) in the case of Eleventh District Cost of Funds Rate
Notes, interest will be payable on the first calendar day of each March, June,
September and December; (iii) if this Note resets quarterly, interest will be
payable on the third Wednesday of March, June, September and December of each
year; (iv) if this Note resets semiannually, interest will be payable on the
third Wednesday of each of two months of each year specified on the face hereof
or in the pricing supplement attached hereto or delivered herewith; and (v) if
this Note resets annually, interest will be payable on the third Wednesday of
the month of each year specified on the face hereof or in the pricing supplement
attached hereto or delivered herewith, and in each case at Maturity (each such
day being an "Interest Payment Date"). If an Interest Payment Date would
otherwise fall on a day that is not a Business Day, such Interest Payment Date
shall be postponed to the next succeeding Business Day, except that, if the Base
Rate specified on the face hereof or in the pricing supplement attached hereto
or delivered herewith is LIBOR or EURIBOR and such Business Day is in the next
succeeding calendar month, such Interest Payment Date shall instead be the
immediately preceding Business Day, provided, however, if with respect to any
Note for which "Accrue to Pay" is not specified on the face hereof or in the
pricing supplement attached hereto or delivered herewith, if an Interest Payment
Date with respect to such Note would otherwise be a day that is not a Business
Day, such Interest Payment Date shall not be postponed; provided, further, that
any payment required to be made in respect of a Note that does not Accrue to Pay
on a date (including the day of Stated Maturity) that is not a Business Day for
such Note need not be made on such date, but may be made on the next succeeding
Business Day with the same force and effect as if made on such date, and no
additional interest shall accrue as a result of such delayed payment.

         Upon the request of the holder of this Floating Rate Note, the
Calculation Agent for the Note will provide the interest rate then in effect
and, if determined, the interest rate that will become effective on the next
Interest Reset Date with respect to the Note.

         Subject to applicable provisions of law and except as specified herein,
on each Interest Reset Date the rate of interest shall be the rate determined in
accordance with the provisions of the applicable heading below.

Determination of CD Rate

         If the Base Rate specified on the face hereof or in the pricing
supplement attached hereto or delivered herewith is the CD Rate, this Note will
bear interest for each Interest Reset Period at the interest rate calculated
with reference to the CD Rate and the Spread or Spread Multiplier, if any,
specified on the face hereof or in the pricing supplement attached hereto or
delivered herewith. The "CD Rate" for each Interest Reset Period shall be the
rate as of the second Business Day prior to the Interest Reset Date for such
Interest Reset Period (a "CD Rate Determination Date") for negotiable
certificates of deposit having the Index Maturity specified on the face hereof
or in the pricing supplement attached hereto or delivered herewith as published
in H.15(519) under the heading "CDs (Secondary Market)."

         The following procedures will be followed if the CD Rate cannot be
determined as described above. If the above rate is not published prior to 3:00
P.M., New York City time, on the Calculation Date pertaining to the CD Rate
Determination Date, then the "CD Rate" for such Interest Reset Period will be
the rate on the CD Rate Determination Date for negotiable U.S. dollar
certificates of deposit of the Index Maturity specified on the face hereof or in
the pricing supplement attached hereto or delivered herewith as published in the
H.15 Daily Update,
<PAGE>
or other recognized electronic source used for the purpose of displaying the
applicable rate, under the heading "CDs (Secondary Market)." If by 3:00 P.M.,
New York City time, on such Calculation Date such rate is not yet published,
then the "CD Rate" for such Interest Reset Period will be calculated by the
Calculation Agent and will be the arithmetic mean of the secondary market
offered rates as of 10:00 a.m., New York City time, on the CD Rate Determination
Date of three leading nonbank dealers in negotiable U.S. dollar certificates of
deposit in The City of New York selected by the Calculation Agent for negotiable
U.S. dollar certificates of deposit of major United States money center banks of
the highest credit standing (in the market for negotiable certificates of
deposit) with a remaining maturity closest to the Index Maturity on the face
hereof or in the pricing supplement attached hereto or delivered herewith in a
denomination of $5,000,000, provided, however, that if the dealers selected as
aforesaid by the Calculation Agent are not quoting offered rates as mentioned in
this sentence, the CD Rate for such Interest Reset Period will be the same as
the CD Rate for the immediately preceding Interest Reset Period (or, if there
was no such Interest Reset Period, the Initial Interest Rate).

         CD Rate Notes, like other Notes, are not deposit obligations of a bank
and are not insured by the Federal Deposit Insurance Corporation.

Determination of Commercial Paper Rate

         If the Base Rate shown on the face hereof or in the pricing supplement
attached hereto or delivered herewith is the Commercial Paper Rate, this Note
will bear interest for each Interest Reset Period at the interest rate
calculated with reference to the Commercial Paper Rate and the Spread or Spread
Multiplier, if any, specified on the face hereof or in the pricing supplement
attached hereto or delivered herewith. The "Commercial Paper Rate" for each
Interest Reset Period will be determined by the Calculation Agent as of the
Business Day immediately preceding the Interest Reset Date for such Interest
Reset Period (a "Commercial Paper Rate Determination Date") and shall be the
Money Market Yield (as defined below) on such Commercial Paper Rate
Determination Date of the rate for commercial paper having the Index Maturity
specified on the face hereof or in the pricing supplement attached hereto or
delivered herewith, as such rate shall be published in H.15(519) under the
heading "Commercial Paper -- Nonfinancial."

         The following procedures will be followed if the Commercial Paper Rate
cannot be determined as described above. In the event that such rate is not
published prior to 3:00 P.M., New York City time, on the Calculation Date
pertaining to the Commercial Paper Rate Determination Date, then the Commercial
Paper Rate for such Interest Reset Period shall be the Money Market Yield on the
Commercial Paper Rate Determination Date of the rate for commercial paper of the
specified Index Maturity as published in the H.15 Daily Update under the heading
"Commercial Paper -- Nonfinancial." If by 3:00 P.M., New York City time, on such
Calculation Date such rate is not yet published, then the "Commercial Paper
Rate" for such Interest Reset Period shall be the Money Market Yield of the
arithmetic mean of the offered rates as of 11:00 A.M., New York City time, on
the Commercial Paper Rate Determination Date of three leading dealers of U.S.
dollar commercial paper in The City of New York selected by the Calculation
Agent for commercial paper of the Index Maturity specified on the face hereof or
in the pricing supplement attached hereto or delivered herewith placed for an
industrial issuer whose bonds are rated "AA" or the equivalent by a nationally
recognized rating agency, provided, however, that if the dealers selected as
aforesaid by the Calculation Agent are not quoting offered rates as mentioned in
this sentence, the "Commercial Paper Rate" for such Interest Reset Period will
be the same as the Commercial Paper Rate for the immediately preceding Interest
Reset Period (or, if there was no such Interest Reset Period, the Commercial
Paper Rate will be the Initial Interest Rate).
<PAGE>
         "Money Market Yield" shall be a yield calculated in accordance with the
following formula:

                                          D x 360
                 Money Market Yield =  ------------- X 100
                                       360 - (D x M)

where "D" refers to the applicable per annum rate for commercial paper quoted on
a bank discount basis and expressed as a decimal and "M" refers to the actual
number of days in the applicable Interest Reset Period.

Determination of Federal Funds Rate

         If the Base Rate specified on the face hereof or in the pricing
supplement attached hereto or delivered herewith is the Federal Funds Rate, this
Note will bear interest for each Interest Reset Period at the interest rate
calculated with reference to the Federal Funds Rate and Spread or Spread
Multiplier, if any, specified on the face hereof or in the pricing supplement
attached hereto or delivered herewith. The "Federal Funds Rate" for each
Interest Reset Period shall be the effective rate on the business day
immediately preceeding the Interest Reset Date for such Interest Reset Period (a
"Federal Funds Rate Determination Date") for U.S. dollar Federal Funds as
published in H.15(519) under the heading "Federal Funds (Effective)" and
displayed on Moneyline Telerate (or any successor service) on Page 120 or any
other page as may replace the specified page on that service.

         The following procedures will be followed if the Federal Funds Rate
cannot be determined as described above. In the event that such rate is not
published prior to 3:00 P.M., New York City time, on the Calculation Date
pertaining to the Federal Funds Rate Determination Date, the "Federal Funds
Rate" for such Interest Reset Period shall be the rate on the Federal Funds Rate
Determination Date as published in the H.15 Daily Update under the heading
"Federal Funds (Effective)," or such other recognized electronic source used for
the purpose of displaying the applicable rate. If by 3:00 P.M., New York City
time, on such Calculation Date, such rate is not yet published, then the
"Federal Funds Rate" for such Interest Reset Period shall be the arithmetic mean
of the rates for the last transaction in overnight U.S. dollar federal funds
arranged by three leading brokers of U.S. dollar federal funds transactions in
New York City, selected by the Calculation Agent prior to 9:00 A.M., New York
City time on the Federal Funds Rate Determination Date; provided, however, that
if the brokers so selected by the Calculation Agent are not quoting as mentioned
above, the Federal Funds Rate for such Interest Reset Period will be the Federal
Funds Rate in effect for the particular Federal Funds Rate Determination Date
(or, if there is no such Federal Funds Rate in effect for the Interest Reset
Period, the Federal Funds Rate will be the Initial Interest Rate).

Determination of LIBOR

         If the Base Rate specified on the face hereof or in the pricing
supplement attached hereto or delivered herewith is LIBOR Moneyline Telerate or
LIBOR Reuters, this Note will bear interest for each Interest Reset Period at
the interest rate calculated with reference to LIBOR and the Spread or Spread
Multiplier, if any, specified on the face hereof or in the pricing supplement
attached hereto or delivered herewith. "LIBOR" for each Interest Reset Period
will be determined by the Calculation Agent as follows.

         On the second London Business Day prior to the Interest Reset Date for
such Interest Reset Period (a "LIBOR Determination Date"), the Calculation Agent
for such LIBOR Note will determine the offered rates for deposits in the
Specified Currency for the period of the Index
<PAGE>
Maturity specified on the face hereof or in the pricing supplement attached
hereto or delivered herewith, commencing on such Interest Reset Date, which
appear on the Designated LIBOR Page at approximately 11:00 A.M., London time, on
such LIBOR Determination Date. "Designated LIBOR Page" means either (a) if
"LIBOR Moneyline Telerate" is designated on the face hereof or in the pricing
supplement attached hereto or delivered herewith, the display designated as page
"3750" on the Moneyline Telerate Service (or such other page as may replace page
"3750" on such service or such other successor service selected for the purpose
of displaying the London interbank offered rates of major banks), and LIBOR for
such Interest Reset Period will be the relevant offered rate as determined by
the Calculation Agent; or (b) if "LIBOR Reuters" is designated on the face
hereof or in the pricing supplement attached hereto or delivered herewith,
"Designated LIBOR Page" means the display designated as page "LIBO" on the
Reuters Monitor Money Rates Service and LIBOR will be the arithmetic mean of the
offered rates, calculated by the calculation agent, or the offered rate, if the
Designated LIBOR Page by its terms provides only for a single rate. If the LIBO
page on such service is replaced by another page, or if the Reuters Monitor
Money Rates Service is replaced by a successor service, then ""LIBOR Reuters"
means the replacement page or service selected to display the London interbank
offered rates of major banks. If neither LIBOR Reuters nor LIBOR Moneyline
Telerate is specified on the face hereof or in the pricing supplement attached
hereto or delivered herewith, LIBOR will be determined as if LIBOR Moneyline
Telerate had been specified.

         If LIBOR cannot be determined as described above, the Calculation Agent
will determine "LIBOR" as follows. The Calculation Agent will request the
principal London offices of each of four major banks in the London interbank
market selected by the Calculation Agent to provide the Calculation Agent with
its offered quotations for deposits in the Specified Currency for the period of
the Index Maturity specified on the face hereof or in the pricing supplement
attached hereto or delivered herewith, commencing on such Interest Reset Date,
to prime banks in the London interbank market at approximately 11:00 a.m.,
London time, on the LIBOR Determination Date and such offered quotations will be
in a principal amount equal to an amount of at least $1,000,000 or its
approximate equivalent thereof in the Specified Currency that is representative
of a single transaction in such market at such time. If two or more such
quotations are provided, "LIBOR" for such Interest Reset Period will be the
arithmetic mean of such quotations. If less than two such quotations are
provided, "LIBOR" for such Interest Reset Period will be the arithmetic mean of
rates quoted by three major banks in The City of New York selected by the
Calculation Agent for such LIBOR Note at approximately 11:00 A.M., New York City
time, on the LIBOR Determination Date for loans in the Specified Currency to
leading European banks for the period of the Index Maturity specified on the
face hereof or in the pricing supplement attached hereto or delivered herewith,
commencing on such Interest Reset Date, and in a principal amount equal to an
amount of at least $1,000,000 or the approximate equivalent thereof in the
Specified Currency that is representative of a single transaction in such market
at such time, provided, however, that if fewer than three banks selected as
aforesaid by the Calculation Agent are quoting rates as mentioned in this
sentence, "LIBOR" for such Interest Reset Period will be the same as LIBOR for
the immediately preceding Interest Reset Period (or, if there was no such
Interest Reset Period, the LIBOR Rate will be the Initial Interest Rate).

Determination of Treasury Rate

         If the Base Rate specified on the face hereof or in the pricing
supplement attached hereto or delivered herewith is the Treasury Rate or
Treasury Rate Constant Maturity, this Note will bear interest for each Interest
Reset Period at the interest rate calculated with reference to the Treasury Rate
and the Spread or Spread Multiplier, if any, specified on the face hereof or in
the pricing supplement attached hereto or delivered herewith. Unless "Constant
Maturity" is specified on the face hereof or in the pricing supplement attached
hereto or delivered herewith,
<PAGE>
the "Treasury Rate" for each Interest Reset Period will be the rate for the
auction held on the Treasury Rate Determination Date (as defined below) for such
Interest Reset Period of direct obligations of the United States ("Treasury
Securities") that have the Index Maturity specified on the face hereof or in the
pricing supplement attached hereto or delivered herewith, as such rate appears
on either Moneyline Telerate (or any successor service) on Page 56 (or any other
page as may replace the page on that service) or on Page 57 (or any other page
as may replace the page on that service) under the heading "INVESTMENT RATE."
The following procedures will be followed if the Treasury Rate cannot be
determined as described above. If not so published by 3:00 P.M., New York City
time, on the Calculation Date pertaining to the Treasury Rate Determination
Date, the "Treasury Rate" for such Interest Reset Period will be the Bond
Equivalent Yield (as defined below) of the rate for the applicable treasury
securities as published in H.15 Daily Update, or another recognized electronic
source used for the purpose of displaying the applicable rate, under the heading
"U.S. Government Securities/Treasury Bills/Auction High." In the event that this
rate is not so published by 3:00 P.M., New York City time, on such Calculation
Date, then the "Treasury Rate" for such Interest Reset Period will be the Bond
Equivalent Yield of the auction rate of the applicable treasury securities as
announced by the United States Department of the Treasury. If this rate is not
announced by the United States Department of the Treasury, or if the auction is
not held, then the Treasury Rate will be the Bond Equivalent Yield of the rate
on the Treasury Rate Determination Date of the applicable Treasury Securities as
published in H.15(519) under the heading "U.S. Government Securities/Treasury
Bills/Secondary Market." If by 3:00 P.M., New York City time, on such
Calculation Date that rate is not so published in H.15(519), then the Treasury
Rate for such Interest Reset Period will be the rate on the Treasury Rate
Determination Date of the applicable Treasury Securities as published in H.15
Daily Update, or another recognized electronic source used for the purpose of
displaying the applicable rate, under the heading "U.S. Government
Securities/Treasury Bills/Secondary Market.'" If by 3:00 P.M., New York City
time, on such Calculation Date this rate is not so published in H.15 Daily
Update, then the Treasury Rate for such Interest Reset Period will be the rate
on the Treasury Rate Determination Date calculated by the Calculation Agent as
the Bond Equivalent Yield of the arithmetic mean of the secondary market bid
rates, as of approximately 3:30 P.M., New York City time, on the Treasury Rate
Determination Date, of three primary United States government securities dealers
selected by the calculation agent, for the issue of Treasury Securities with a
remaining maturity closest to the index maturity specified in the applicable
pricing supplement, provided, however, that if the dealers selected as aforesaid
by the Calculation Agent are not quoting bid rates as mentioned in this
sentence, then the "Treasury Rate" for such Interest Reset Period will be the
same as the Treasury Rate for the immediately preceding Interest Reset Period
(or, if there was no such Interest Reset Period, the Initial Interest Rate).

         The "Treasury Rate Determination Date" for each Interest Reset Period
will be the day of the week in which the Interest Reset Date for such Interest
Reset Period falls on which Treasury Securities would normally be auctioned.
Treasury Securities are normally sold at auction on Monday of each week, unless
that day is a legal holiday, in which case the auction is normally held on the
following Tuesday, except that such auction may be held on the preceding Friday.
If, as the result of a legal holiday, an auction is so held on the preceding
Friday, such Friday will be the Treasury Rate Determination Date pertaining to
the Interest Reset Period commencing in the next succeeding week. If an auction
date shall fall on any day that would otherwise be an Interest Reset Date for a
Treasury Rate Note, then such Interest Reset Date shall instead be the Business
Day immediately following such auction date.

         The "Bond Equivalent Yield" will be calculated as follows:

                                D X N
Bond Equivalent Yield   =   ------------- X 100
                            360 - (D X M)
<PAGE>
where "D" refers to the applicable per annum rate for Treasury Securities quoted
on a bank discount basis and expressed as a decimal, "N" refers to 365 or 366,
as the case may be, and "M" refers to the actual number of days in the
applicable Interest Reset Period.

         If "Constant Maturity" is specified on the face hereof or in the
pricing supplement attached hereto or delivered herewith, the "Treasury Rate"
for each Interest Reset Period will be the rate displayed on the Designated CMT
Moneyline Telerate Page under the caption "Treasury Constant Maturities" under
the column for the Designated CMT Maturity Index in the following manner (1) if
the Designated CMT Moneyline Telerate Page is 7051, the Treasury Rate will be
the rate on such Constant Maturity Treasury Rate Determination Date provided,
however, (A) if the rate does not appear on Moneyline Telerate Page 7051, then
the Treasury Rate will be the treasury constant maturity rate for the Designated
CMT Maturity Index as published in the relevant H.15(519) under the caption
"Treasury Constant Maturities," or (B) if that rate does not so appear in
H.15(519), then the Treasury Rate will be the constant treasury maturity rate on
the Constant Maturity Treasury Rate Determination Date for the Designated CMT
Maturity Index as may then be published by either the Federal Reserve System
Board of Governors or the United States Department of the Treasury that the
Calculation Agent determines to be comparable to the rate which would have
otherwise been published in H.15(519), and (2) if the Designated CMT Moneyline
Telerate Page is 7052, then the Treasury Rate will be the weekly or monthly
average, as specified on the face hereof or in the pricing supplement attached
hereto or delivered herewith, for the week or the month, as applicable, ended
immediately preceding the week or month, as applicable, in which the related
Constant Maturity Treasury Rate Determination Date occurs provided, however, (A)
if the rate referred to above does not appear on Moneyline Telerate Page 7052,
then the Treasury Rate will be the one-week or one-month, as specified on the
face hereof or in the applicable pricing supplement attached hereto or delivered
herewith, average of the treasury constant maturity rate for the Designated CMT
Maturity Index for the week or month as applicable, preceding the Constant
Maturity Treasury Determination Date as published in the relevant H.15(519)
under the caption "Treasury Constant Maturities," or (B) if that rate does not
so appear in H.15(519), then the Treasury Rate will be the one-week or
one-month, as specified on the face hereof or in the applicable pricing
supplement attached hereto or delivered herewith, average of the constant
treasury maturity rate for the Designated CMT Maturity Index as otherwise
announced by the Federal Reserve Bank of New York for the week or month, as
applicable, ended immediately preceding the week or month, as applicable, in
which the Constant Maturity Treasury Rate Determination Date falls.

         The following procedures will be followed in the order set forth below
if the Treasury Rate cannot be determined as indicated in (1) or (2) above. If
such information, as applicable, is not so published, then the Treasury Rate on
the Constant Maturity Treasury Rate Determination Date will be calculated by the
Calculation Agent as follows. Such Treasury Rate will be a yield to maturity,
based on the arithmetic mean of the secondary market bid prices as of
approximately 3:30 P.M., New York City time, on the Constant Maturity Treasury
Rate Determination Date of three leading U.S. government securities dealers in
The City of New York selected by the Calculation Agent, one of which may be the
Agent, from five such dealers selected by the Calculation Agent and eliminating
the highest and lowest quotations, or in the event of equality, one of the
highest, and the lowest quotation, or, in the event of equality, one of the
lowest, for United States treasury securities ("Treasury Notes"), with an
original maturity of approximately the Designated CMT Maturity Index and a
remaining term to maturity of not less than such Designated CMT Maturity Index
minus one year and in a principal amount that is representative for a single
transaction in the securities market at that time.
<PAGE>
         If three or four, but not five, of such dealers provide quotations as
described above, then the Treasury Rate will be based on the arithmetic mean of
the bid prices obtained and neither the highest nor the lowest of such quotes
will be eliminated.

         If the Calculation Agent is unable to obtain three such Treasury Note
quotations, the Treasury Rate on the Constant Maturity Treasury Rate
Determination Date will be calculated by the Calculation Agent as follows. Such
Treasury Rate will be a yield to maturity based on the arithmetic mean of the
secondary market bid prices as of approximately 3:30 P.M., New York City time,
on the Constant Maturity Treasury Rate Determination Date reported, according to
their written records, by three leading U.S. government securities dealers in
the City of New York selected by the Calculation Agent for Treasury Notes with
an original maturity of the number of years that is the next highest to the
Designated CMT Maturity Index and a remaining maturity closest to the Index
Maturity specified on the face hereof or in the pricing supplement attached
hereto or delivered herewith, and in an amount that is representative for a
single transaction in that market at that time. The three government securities
dealers referenced above will be identified from five such dealers who are
selected by the calculation agent, one of which may be the agent, by eliminating
the dealers with the highest and lowest quotations, or in the event of equality,
one of the highest and/or lowest quotation, as the case may require.

         If two Treasury Notes with an original maturity, as described herein,
have remaining terms to maturity equally close to the Designated CMT Maturity
Index, the Calculation Agent will obtain quotations for the Treasury Note with
the shorter remaining term to maturity and will use such quotations to calculate
the Treasury Rate as set forth herein.

         If three or four, and not five, of such dealers are quoting as
described above, then the Treasury Rate will be based on the arithmetic mean of
the offer prices obtained and neither the highest nor the lowest of such quotes
will be eliminated. However,if fewer than three of such dealers selected by the
Calculation Agent provide quotations as described above, the Treasury Rate
determined as of the Constant Maturity Treasury Rate Determination Date will be
the Treasury Rate in effect on such Constant Maturity Treasury Rate
Determination Date.

         "Designated CMT Moneyline Telerate Page" means the display on the
Telerate Service, or any successor service on the page specified in the
applicable pricing supplement, or any other page as may replace such page on
that service, or any successor service, for the purpose of displaying Treasury
Constant Maturities as reported in H.15(519). If no such page is specified in
the applicable pricing supplement, the Designated CMT Moneyline Telerate Page
shall be 7052, for the most recent week.

         "Designated CMT Maturity Index" means the original period to maturity
of the U.S. Treasury securities, either one, two, three, five, seven, ten,
twenty or thirty years, specified in the applicable pricing supplement with
respect to which the Treasury Rate will be calculated. If no such maturity is
specified in the applicable pricing supplement, the Designated CMT Maturity
Index shall be two years.

         "The Constant Maturity Treasury Rate Determination Date" shall be the
second Business Day prior to the Interest Reset Date for the applicable Interest
Reset Period.

Determination of Prime Rate

         Prime Rate Notes will bear interest at the interest rates (calculated
with reference to the Prime Rate and the Spread and/or Spread Multiplier, if
any) specified in the Prime Rate Notes and in the applicable pricing supplement.
<PAGE>
            Unless otherwise indicated on the face hereof or in the pricing
supplement attached hereto or delivered herewith, the "Prime Rate" for each
Interest Reset Period will be determined by the Calculation Agent for such Prime
Rate Note as of the second Business Day prior to the Interest Reset Date for
such Interest Reset Period (a "Prime Rate Determination Date") and shall be the
rate made available and subsequently published on such date in H.15(519) under
the heading "Bank Prime Loan." The following procedures will be followed if the
Prime Rate cannot be determined as described above. If the above rate is not
published prior to 3:00 P.M., New York City time, on the related Calculation
Date, then the Prime Rate will be the rate on the Prime Rate Determination Date
as published in the H.15 Daily Update, or such other recognized electronic
source used for the purpose of displaying the applicable rate, under the heading
"Bank Prime Loan." In the event that such rate has not been published prior to
3:00 P.M., New York City time, on the Calculation Date, the Prime Rate will be
calculated by the Calculation Agent and will be the arithmetic mean of the rates
of interest publicly announced by each bank that appears on the Reuters Screen
USPRIME1 Page (as defined below) as such bank's prime rate or base lending rate
as of 11:00 A.M. New York City time, on the Prime Rate Determination Date. If
fewer than four such rates appear on the Reuters Screen USPRIME1 Page for the
Prime Rate Determination Date, the rate shall be the arithmetic mean of the
prime rates or base lending rates quoted on the basis of the actual number of
days in the year divided by 360 as of the close of business on the Prime Rate
Determination Date by three major banks in The City of New York selected by the
Calculation Agent. However, if the banks so selected by the Calculation Agent
are not quoting as mentioned in the previous sentence, the Prime Rate will be
the Prime Rate in effect on the Prime Rate Determination Date. "Reuters Screen
USPRIME1 Page" means the display designated as page "USPRIME1" on the Reuters
Monitor Money Rates Service (or such other page as may replace the USPRIME1 page
on that service for the purpose of displaying prime rates or base lending rates
of major United States banks).

Determination of Eleventh District Cost of Funds Rate

            Eleventh District Cost of Funds Rate Notes will bear interest at the
interest rates (calculated by reference to the Eleventh District Cost of Funds
Rate and the Spread and/or Spread Multiplier, if any) specified in the Eleventh
District Cost of Funds Rate Notes and in the applicable pricing supplement.

            Unless otherwise indicated on the face hereof or in the pricing
supplement attached hereto or delivered herewith, the "Eleventh District Cost of
Funds Rate," for each Interest Reset Period will be determined by the
Calculation Agent for such Eleventh District Cost of Funds Rate Note as of the
last working day of the month immediately prior to such Interest Reset Date for
such Interest Reset Period on which the Federal Home Loan Bank of San Francisco
(the "FHLB of San Francisco") publishes the Eleventh District Cost of Funds
Index (as defined below) (the "Eleventh District Cost of Funds Rate
Determination Date"), and shall be the rate equal to the monthly weighted
average cost of funds for the calendar month preceding such Eleventh District
Cost of Funds Rate Determination Date as set forth under the caption "Eleventh
District" on the Moneyline Telerate (or any successor service) on Page 7058 as
of 11:00 A.M., San Francisco time, on such Eleventh District Cost of Funds Rate
Determination Date.

            The following procedures will be followed if the Eleventh District
Cost of Funds Rate cannot be determined as described above. If such rate does
not appear on Moneyline Telerate Page (or any successor service) on 7058 on any
related Eleventh District Cost of Funds Rate Determination Date, the Eleventh
District Cost of Funds Rate for such Eleventh District Cost of Funds Rate
Determination Date shall be the monthly weighted average cost of funds paid by
member institutions of the Eleventh Federal Home Loan Bank District that was
most recently announced (the "Eleventh District Cost of Funds Rate Index") by
the FHLB of San Francisco as

<PAGE>

such cost of funds for the calendar month preceding the date of such
announcement. If the FHLB of San Francisco fails to announce the Eleventh
District Cost of Funds Index on or prior to the Eleventh District Cost of Funds
Rate Determination Date of the calendar month immediately preceding that date,
then the Eleventh District Cost of Funds Rate for such Eleventh District Cost of
Funds Rate Determination Date will be the Eleventh District Cost of Funds Rate
in effect on such Eleventh District Cost of Funds Rate Determination Date.

Determination of EURIBOR

            If the Base Rate specified on the face hereof or in the pricing
supplement attached hereto or delivered herewith is EURIBOR, this Note will bear
interest for each Interest Reset Period at the interest rate calculated with
reference to EURIBOR and the Spread or Spread Multiplier, if any, specified on
the face hereof or in the pricing supplement attached hereto or delivered
herewith. "EURIBOR" for each Interest Reset Period will be determined by the
Calculation Agent as follows.

            On the second TARGET Business Day prior to the Interest Reset Date
for such Interest Reset Period (a "EURIBOR Determination Date"), the Calculation
Agent for such EURIBOR Note will determine the offered rates for deposits in
euros as sponsored, calculated and published jointly by the European Banking
Federation and ACI - The Financial Market Association, or any company
established by the joint sponsors for purposes of compiling and publishing those
rates, for the period of the index maturity specified on the face hereof or in
the pricing supplement attached hereto or delivered herewith, commencing on such
Interest Reset Date, which appears on the Designated EURIBOR Page as of 11:00
a.m., Brussels time, on such EURIBOR Determination Date. "Designated EURIBOR
Page" means the display designated as page "248" on the Telerate Service (or any
successor service or such other page as may replace page "248" on such service),
and EURIBOR for such Interest Reset Period will be the relevant offered rate as
determined by the Calculation Agent.

            If EURIBOR cannot be determined as described above (either because
the Designated EURIBOR Page is no longer available or because fewer than two
offered rates appear on the Designated EURIBOR Page on the EURIBOR Determination
Date), the Calculation Agent will determine "EURIBOR" as follows. The
Calculation Agent will request the principal Euro-zone (as defined below) office
of each of four major banks in the Euro-zone interbank market selected by the
Calculation Agent to provide the Calculation Agent with their respective offered
quotations for deposits in euros for the period of the Index Maturity specified
on the face hereof or in the pricing supplement attached hereto or delivered
herewith, commencing on such Interest Reset Date, to prime banks in the
Euro-zone interbank market at approximately 11:00 a.m., Brussels time, on the
EURIBOR Determination Date and such offered quotations will be in a principal
amount equal to an amount of at least $1,000,000 or its approximate equivalent
thereof in euros that is representative of a single transaction in such market
at such time. If two or more such quotations are provided, "EURIBOR" for such
Interest Reset Period will be the arithmetic mean of such quotations. If less
than two such quotations are provided, "EURIBOR" for such Interest Reset Period
will be the arithmetic mean of rates quoted by four major banks in the Euro-zone
selected by the Calculation Agent for such EURIBOR Note at approximately 11:00
a.m., Brussels time, on the EURIBOR Determination Date for loans in euros to
leading European banks for the period of the Index Maturity specified on the
face hereof or in the pricing supplement attached hereto or delivered herewith,
commencing on such Interest Reset Date, and in a principal amount equal to an
amount of at least $1,000,000 or the approximate equivalent thereof in euros
that is representative of a single transaction in such market at such time,
provided, however, that if the banks so selected as aforesaid by the Calculation
Agent are not quoting rates as mentioned in this sentence, "EURIBOR" for such

<PAGE>

Interest Reset Period will be the same as EURIBOR for the immediately preceding
Interest Reset Period (or, if there was no such Interest Reset Period, the
EURIBOR Rate will be the Initial Interest Rate).

            "Euro-zone" means the region comprised of member states of the
European Union that adopt the single currency in accordance with the treaty
establishing the European Community, as amended by the treaty on European Union.

Inverse Floating Rate Notes

            If this Note is designated as an Inverse Floating Rate Note on the
face hereof or in the pricing supplement attached hereto or delivered herewith,
the interest rate on such Inverse Floating Rate shall be equal to (i) in the
case of the period, if any, commencing on the Issue Date (or such other date
which may be specified on the face hereof or in the pricing supplement attached
hereto or delivered herewith as the date on which this Note shall begin to
accrue interest), up to the first Interest Reset Date, the Initial Fixed
Interest Rate shown above, and (ii) in the case of each period commencing on an
Interest Reset Date, the Reset Fixed Reference Rate shown above minus the
interest rate determined by reference to the Base Rate shown above, as adjusted
by the Spread or Spread Multiplier, if any, as determined in accordance with the
provisions hereof, provided, however, that on any Inverse Floating Rate Note the
interest rate thereon will not be less than zero.

Floating Rate/Fixed Rate Notes

            If this Note is designated as a Floating Rate/Fixed Rate Note, this
Note will be a Floating Rate note for a specified portion of its term and a
Fixed Rate Note for the remainder of its term, in which event the interest rate
on this Note will be determined as provided herein as if it were a Floating Rate
Note and a Fixed Rate Note hereunder for each such respective period, all as
described herein and in the applicable pricing supplement.

Subsequent Interest Periods

            If so specified on the face hereof or in the pricing supplement
attached hereto or delivered herewith, the Spread or Spread Multiplier on this
Note may be reset by the Company on the date or dates specified on the face
hereof or in the pricing supplement attached hereto or delivered herewith (each
an "Optional Reset Date"). Not later than 40 days prior to each Optional Reset
Date, the Trustee will mail to the Holder of this Note a notice (the "Reset
Notice"), first class, postage prepaid, indicating whether the Company has
elected to reset the Spread or Spread Multiplier, and if so, (i) such new Spread
or Spread Multiplier and (ii) the provisions, if any, for redemption during the
period from such Optional Reset Date to the next Optional Reset Date, or, if
there is no such next Optional Reset Date, to the Stated Maturity of this Note
(each such period, a "Subsequent Interest Period"), including the date or dates
on which or the period or periods during which and the price or prices at which
such redemption may occur during the Subsequent Interest Period. Upon the
transmittal by the Trustee of a Reset Notice to the holder of a Note, such new
interest rate shall take effect automatically. Except as modified by the Reset
Notice and as described below, such Note will have the same terms as prior to
the transmittal of such Reset Notice. Notwithstanding the foregoing, not later
than 20 days prior to the Optional Reset Date, the Company may, at its option,
revoke the Spread or Spread Multiplier provided for in the Reset Notice and
establish a higher Spread or Spread Multiplier for the Subsequent Interest
Period by causing the Trustee to mail notice of such higher Spread or Spread
Multiplier to the Holder of this Note. Such notice shall be irrevocable. All

<PAGE>

Notes with respect to which the Spread or Spread Multiplier is reset on an
Optional Reset Date will bear such higher Spread or Spread Multiplier whether or
not tendered for repayment.

            The Holder of this Note will have the option to elect repayment by
the Company on each Optional Reset Date at a price equal to the principal amount
hereof, plus interest accrued to such Optional Reset Date. In order to obtain
repayment on an Optional Reset Date, the Holder must follow the procedures set
forth below for optional repayment, except that the period for delivery or
notification to the Trustee shall be at least 25 but not more than 35 days prior
to such Optional Reset Date, and except that if the Holder has tendered this
Note for repayment pursuant to a Reset Notice, the Holder may, by written notice
to the Trustee, revoke such tender for repayment until the close of business on
the tenth day before the Optional Reset Date.

Indexed Notes

            If this Note is an Indexed Note, then certain or all interest
payments, in the case of an Indexed Rate Note, and/or the principal amount
payable at Stated Maturity or earlier redemption or retirement, in the case of
an Indexed Principal Note, is determined by reference to the amount designated
on the face hereof or in the pricing supplement attached hereto or delivered
herewith as the Face Amount of this Note and by reference to the Index as
described on the face hereof or in the pricing supplement attached hereto or
delivered herewith. If this Note is a Floating Rate Note or Indexed Rate Note
that is also an Indexed Principal Note, the amount of any interest payment will
be determined by reference to the Face Amount described on the face hereof or in
the pricing supplement attached hereto or delivered herewith unless otherwise
specified. If this Note is an Indexed Principal Note, the principal amount
payable at Stated Maturity or any earlier redemption or repayment of this Note
may be different from the Face Amount.

            If a third party is appointed to calculate or announce the Index for
a particular Indexed Note and this third party either suspends the calculation
or announcement of such Index or changes the basis upon which such Index is
calculated, in a manner that is inconsistent with the applicable pricing
supplement, then the Company will select another third party to calculate or
announce the Index. The agent or another affiliate of the Company may be either
the original or successor third party selected by the Company.

            If for any reason such Index cannot be calculated on the same basis
and subject to the same conditions and controls as applied to the original third
party, then the indexed interest payments, if any, or any indexed principal
amount of such Indexed Note will be calculated in the manner set forth in the
applicable pricing supplement. Any determination by the selected third party
will be binding on all parties, except in the case of an obvious error.

Specified Currency

            If the Specified Currency is other than U.S. dollars, the amount of
any U.S. dollar payment to be made in respect hereof will be determined by the
Company or its agent based on the Specified Currency/U.S. dollar exchange rate
prevailing at 11:00 a.m., London time, on the second London Business Day prior
to the applicable payment date, or if an exchange rate bid quotation is not so
available, the Exchange Rate Agent shall obtain a bid quotation from a leading
foreign exchange bank in London selected by the Exchange Rate Agent after
consultation with the Company, for settlement on such payment date, of the
aggregate amount of the Specified Currency payable on such payment date in
respect of all Notes denominated in such Specified Currency. All currency
exchange costs will be borne by the Holders of such Notes by deductions from
such payments. If no such bid quotations are available, then such

<PAGE>

payments will be made in the Specified Currency, unless the Specified Currency
is unavailable due to the imposition of exchange controls or to other
circumstances beyond the Company's control, in which case payment will be made
as described in the next paragraph.

Payments in Currencies Other than the Specified Currency

            Except as set forth below, if any payment in respect hereof is
required to be made in a Specified Currency other than U.S. dollars and such
currency is (i) unavailable due to the imposition of exchange controls or other
circumstances beyond the Company's control, (ii) is no longer used by the
government of the country issuing such currency or (iii) is no longer used for
the settlement of transactions by public institutions of or within the
international banking community, then such payment shall be made in U.S. dollars
until such currency is again available or so used. The amount so payable on any
date in such foreign currency shall be converted into U.S. dollars on the basis
of the most recently available Market Exchange Rate for such currency or as
otherwise indicated on the face hereof or in the pricing supplement attached
hereto or delivered herewith. Any payment made under such circumstances in U.S.
dollars will not constitute an Event of Default under the Indenture.

            In the event of an official redenomination of the Specified Currency
of this Note (other than as a result of European Monetary Union, but including,
without limitation, an official redenomination of any such Specified Currency
that is a composite currency), the obligations of the Company with respect to
payments on this Note shall, in all cases, be deemed immediately following such
redenomination to provide for the payment of that amount of redenominated
currency representing the amount of such obligations immediately before such
redenomination. This Note does not provide for any adjustment to any amount
payable under this Note as a result of (i) any change in the value of the
Specified Currency hereof relative to any other currency due solely to
fluctuations in exchange rates or (ii) any redenomination of any component
currency of any composite currency (unless such composite currency is itself
officially redenominated). If this Note is denominated in a currency of a
country participating in the European Monetary Union, the procedures described
in this paragraph shall not apply, and the obligations of the Company with
respect to payments on this Note shall instead be determined as set forth in the
following paragraph.

Dual Currency Notes

            If this Note is specified on the face hereof or in the pricing
supplement attached hereto or delivered herewith as a Dual Currency Note, the
Company may have a one time option, exercisable on one or more dates (each an
"Option Election Date") in whole, but not in part, with respect to all Dual
Currency Notes issued on the same day and having the same terms (a "Tranche"),
of thereafter making all payments of principal, premium, if any, and interest
(which payments would otherwise be made in the Specified Currency of such Notes)
in an optional currency (the "Optional Payment Currency"). Such option will be
exercisable in whole but not in part on an "Option Election Date," which will be
any one of the dates specified on the face hereof or in the pricing supplement
attached hereto or delivered herewith.

            If the Company makes such an election, the amount payable in the
Optional Payment Currency shall be determined using the Designated Exchange Rate
specified on the face hereof or in the pricing supplement attached hereto or
delivered herewith. If such election is made, notice of such election shall be
mailed in accordance with the terms of the applicable

<PAGE>

Tranche of Dual Currency Notes within two Business Days of the Option Election
Date and shall state (i) the first date, whether an Interest Payment Date and/or
Stated Maturity, on which scheduled payments in the Optional Payment Currency
will be made and (ii) the Designated Exchange Rate. Any such notice by the
Company, once given, may not be withdrawn. The equivalent value in the Specified
Currency of payments made after such an election may be less, at the then
current exchange rate, than if the Company had made such payment in the
Specified Currency.

Renewable Notes

            If this Note is specified on the face hereof or in the pricing
supplement attached hereto or delivered herewith as a Renewable Note, this Note
will mature on an Interest Payment Date occurring in or prior to the twelfth
month following the Original Issue Date of this Note (the "Initial Maturity
Date") unless the term of all or any portion of this Note is renewed in
accordance with the following procedures.

            On the Interest Payment Date occurring in the sixth month (unless a
different interval (the "Special Election Interval") is specified on the face
hereof or in the pricing supplement attached hereto or delivered herewith) prior
to the Initial Maturity Date of this Note (the "Initial Renewal Date") and on
the Interest Payment Date occurring in each sixth month (or in the last month of
each Special Election Interval) after such Initial Renewal Date (each, together
with the Initial Renewal Date, a "Renewal Date"), the term of this Note may be
extended to the Interest Payment Date occurring in the twelfth month (or, if a
Special Election Interval is specified on the face hereof or in the pricing
supplement attached hereto or delivered herewith, the last month in a period
equal to twice the Special Election Interval) after such Renewal Date, if the
Holder of this Note elects to extend the term of this Note or any portion
thereof as described below. If the Holder does not elect to extend the term of
any portion of the principal amount of this Note during the specified period
prior to any Renewal Date, such portion will become due and payable on the
Interest Payment Date occurring in the sixth month (or the last month in the
Special Election Interval) after such Renewal Date (the "New Maturity Date").

            The Holder may elect to renew the term of this Note, or if so
specified, any portion thereof, by delivering a notice to such effect to the
Trustee (or any duly appointed paying agent) at the corporate trust office of
the Trustee or agency of the Trustee in the City of New York not less than 15
nor more than 30 days prior to such Renewal Date, unless another period is
specified on the face hereof or in the pricing supplement attached hereto or
delivered herewith. Such election will be irrevocable and will be binding upon
each subsequent Holder of this Note. An election to renew the term of this Note
may be exercised with respect to less than the entire principal amount of this
Note only if so specified on the face hereof or in the pricing supplement
attached hereto or delivered herewith and then only in such principal amount, or
any integral multiple in excess of such amount, as is specified on the face
hereof or in the pricing supplement attached hereto or delivered herewith.
Notwithstanding the foregoing, the term of this Note may not be extended beyond
the Stated Maturity specified for this Note on the face hereof or in the pricing
supplement attached hereto or delivered herewith.

            If the Holder does not elect to renew the term, this Note must be
presented to the Trustee (or any duly appointed paying agent) and, as soon as
practicable following receipt of such Note the Trustee (or any duly appointed
paying agent) shall issue in exchange therefor in the name of such Holder (i) a
Note, in a principal amount equal to the principal amount of such exchanged Note
for which no election to renew the term thereof was exercised, with terms
identical to those specified on such exchanged Note (except that such Note shall
have a fixed,

<PAGE>

nonrenewable Stated Maturity on the New Maturity Date) and (ii) if an election
to renew is made with respect to less than the full principal amount of such
Holder's Note, the Trustee, or any duly appointed paying agent, shall issue in
exchange for such Note in the name of such holder, a replacement Renewable Note,
in a principal amount equal to the principal amount of such exchanged Note for
which the election to renew was made, with terms otherwise identical to the
exchanged Note.

Extension of Maturity

            If so specified on the face hereof or in the pricing supplement
attached hereto or delivered herewith, the Maturity of this Note may be extended
at the option of the Company for one or more periods of whole years specified on
the face hereof or in the pricing supplement attached hereto or delivered
herewith (each an "Extension Period") from one to five whole years, up to but
not beyond, the date (the "Final Maturity") set forth on the face hereof or in
the pricing supplement attached hereto or delivered herewith. The Company may
exercise such option by notifying the Trustee of this Note at least 45 but not
more than 60 days prior to the old Stated Maturity of this Note. If the Company
exercises such option, the Trustee will mail to the Holder of this Note not
later than 40 days prior to the old Stated Maturity a notice (the "Extension
Notice") first class, postage prepaid indicating (i) the election of the Company
to extend the Stated Maturity, (ii) the new Stated Maturity, (iii) the Spread or
Spread Multiplier applicable to the Extension Period and (iv) the provisions, if
any, for redemption during such Extension Period including the date or dates on
which, or the period or periods during which, and the price or prices at which
such redemption may occur during the extension period. Upon the Trustee's
mailing of the Extension Notice, the Stated Maturity of this Note shall be
extended automatically and, except as modified by the Extension Notice and as
described in the next paragraph, this Note will have the same terms as prior to
the mailing of such Extension Notice. Notwithstanding the foregoing, not later
than 20 days prior to the old Stated Maturity of this Note, the Company may, at
its option, revoke the Spread or Spread Multiplier provided for in the Extension
Notice and establish a higher Spread or Spread Multiplier for the Extension
Period by causing the Trustee to mail notice of such higher Spread or Spread
Multiplier, first class, postage prepaid to the Holder of this Note. Such notice
shall be irrevocable. All Notes with respect to which the Stated Maturity is
extended will bear such higher Spread or Spread Multiplier for the extension
period, whether or not tendered for repayment.

            If the Company extends the Stated Maturity of this Note, the Holder
will have the option to elect repayment of this Note by the Company on the old
Stated Maturity at a price equal to the principal amount hereof, plus interest
accrued to such date. In order to obtain repayment on such old Stated Maturity
once the Company has extended the Stated Maturity hereof, the Holder must follow
the procedures set forth below for optional repayment, except that the period
for delivery of this Note or notification to the Trustee shall be at least 25
but not more than 35 days before the such old Stated Maturity, and except that
if the Holder has tendered this Note for repayment pursuant to an Extension
Notice, the Holder may, by written notice to the Trustee, revoke such tender for
repayment until the close of business on the tenth day before the old Stated
Maturity.

Optional Redemption, Repayment and Repurchase

            If so specified on the face hereof or in the pricing supplement
attached hereto or delivered herewith, the Company may, at its option, redeem
this Note in whole or in part, on the date or dates (each an "Optional
Redemption Date") specified herein, at the price (the "Redemption Price")
(together with interest accrued to such Optional Redemption Date) specified
herein. Unless otherwise stated on the face hereof or in the pricing supplement

<PAGE>

attached hereto or delivered herewith, the Trustee shall mail to the Holder a
notice of such redemption first class, postage prepaid at least 30 days prior to
the date of redemption. Unless otherwise stated herein, the Company may exercise
such option with respect to a redemption of this Note in part only by notifying
the Trustee for this Note at least 45 days prior to any Optional Redemption
Date. In the event of redemption of this Note in part only, a new Note or Notes
for the unredeemed portion hereof will be issued to the Holder hereof upon the
cancellation hereof.

            If so specified on the face hereof or in the pricing supplement
attached hereto or delivered herewith, this Note will be repayable prior to
Maturity at the option of the Holder on the Optional Repayment Dates shown on
the face hereof or in the pricing supplement attached hereto or delivered
herewith at the Optional Repayment Prices shown on the face hereof or in the
pricing supplement attached hereto or delivered herewith, together with interest
accrued to the date of repayment. In order for this Note to be repaid, the
Trustee must receive at least 30 but not more than 45 days prior to an Optional
Repayment Date (i) this Note with the form below entitled "Option to Elect
Repayment" duly completed, or (ii) a telegram, telex, facsimile transmission or
letter from a member of a national securities exchange or the National
Association of Securities Dealers, Inc. or a commercial bank or trust company in
the United States of America setting forth the name of the Holder of this Note,
the principal amount of the Note to be repaid, the certificate number or a
description of the tenor and terms of this Note, a statement that the option to
elect repayment is being exercised hereby and a guarantee that this Note with
the form below entitled "Option to Elect Repayment" duly completed will be
received by the Trustee not later than five Business Days after the date of such
telegram, telex, facsimile transmission or letter. If the guarantee procedure
described in clause (ii) of the preceding sentence is followed, this Note with
form duly completed must be received by the Trustee by such fifth Business Day.
Any tender of this Note for repayment (except pursuant to a Reset Notice or an
Extension Notice) shall be irrevocable. The repayment option may be exercised by
the Holder of this Note for less than the entire principal amount of the Note,
provided, that the principal amount of this Note remaining outstanding after
repayment is an authorized denomination. Upon such partial repayment, this Note
shall be canceled and a new Note or Notes for the remaining principal amount
hereof shall be issued in the name of the Holder of this Note.

            Unless otherwise specified on the face hereof or in the pricing
supplement attached hereto or delivered herewith, this Note will not be subject
to any sinking fund.

            Notwithstanding anything herein to the contrary, if this Note is an
OID Note (other than an Indexed Note), the amount payable in the event of
redemption or repayment prior to the Stated Maturity hereof (other than pursuant
to an optional redemption by the Company at a stated Redemption Price) shall be
the Amortized Face Amount of this Note as of the redemption date or the date of
repayment, as the case may be. The Amortized Face Amount of this Note on any
date shall be the amount equal to (i) the Issue Price set forth on the face
hereof or in the pricing supplement attached hereto or delivered herewith plus
(ii) that portion of the difference between such Issue Price and the stated
principal amount of such Note that has accrued by such date at (x) the Bond
Yield to Maturity set forth on the face hereof or in the pricing supplement
attached hereto or delivered herewith or (y) if so specified, the Bond Yield to
Call set forth on the face hereof or in the pricing supplement attached hereto
or delivered herewith (computed in each case in accordance with generally
accepted United States bond yield computation principles), provided, however,
that in no event shall the Amortized Face Amount of a Note exceed its stated
principal amount. The Bond Yield to Call listed on the face of this Note or in
the pricing supplement attached hereto or delivered herewith shall be computed
on the basis of the first occurring Optional Redemption Date with respect to
such Note and the amount payable on such Optional Redemption Date. In the event
that such Note is not redeemed on such first

<PAGE>

occurring Optional Redemption Date, the Bond Yield to Call with respect to such
Note shall be recomputed on such Optional Redemption Date on the basis of the
next occurring Optional Redemption Date and the amount payable on such Optional
Redemption Date, and shall continue to be so recomputed on each succeeding
Optional Redemption Date until the Note is so redeemed.

            The Company may at any time purchase Notes at any price in the open
market or otherwise. Notes so purchased by the Company may, at the discretion of
the Company, be held or resold or surrendered to the Trustee for such Notes for
cancellation.

Other Terms

            As provided in the Indenture and subject to certain limitations
therein set forth, this Note is exchangeable for a like aggregate principal
amount of Notes of different authorized denominations, as requested by the
Person surrendering the same.

            As provided in the Indenture and subject to certain limitations
therein set forth, the transfer of this Note is registrable on the Security
Register of the Company, upon surrender of this Note for registration of
transfer at the office or agency of the Company in the Borough of Manhattan, the
City and State of New York, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Company, the Security
Registrar and the Trustee duly executed by the Holder hereof or his attorney
duly authorized in writing, and thereupon one or more new Notes of this series,
of authorized denominations and for the same aggregate principal amount, will be
issued to the designated transferee or transferees.

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

            Prior to due presentment of this 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 Holder 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.

            If an Event of Default with respect to the Debt Securities of this
series shall have occurred and be continuing, the principal of all the Debt
Securities of this series may be declared due and payable in this manner and
with the effect provided in the Indenture.

            In case this Note shall at any time become mutilated, destroyed,
stolen or lost and this Note or evidence of the loss, theft, or destruction
hereof (together with such indemnity and such other documents or proof as may be
required by the Company or the Trustee) shall be delivered to the principal
corporate trust office of the Trustee, a new Note of like tenor and principal
amount will be issued by the Company in exchange for, or in lieu of, this Note.
All expenses and reasonable charges associated with procuring such indemnity and
with the preparation, authentication and delivery of a new Note shall be borne
by the Holder of this Note.

            The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Debt Securities of each series to
be affected under the Indenture at any time by the Company and the Trustee with
the consent of the Holders of not less than 66 2/3% in aggregate principal
amount of Debt Securities at the time outstanding of each series to be affected.
The Indenture also contains provisions permitting the Holders of specified

<PAGE>

percentages in aggregate principal amount of the Debt Securities of any series
at the time outstanding, on behalf of the Holders of all the Debt Securities of
such series, to waive compliance by the Company with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Holder of this Debt Security shall be
conclusive and binding upon such Holder and upon all future Holders of this Debt
Security and of any Debt Security issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof, whether or not notation of such
consent or waiver is made upon the Debt Security.

            Holders of Debt Securities may not enforce their rights pursuant to
the Indenture or the Note except as provided in the Indenture. 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 premium, if any) and interest on
this Note at the times, place and rate, and the coin or currency, herein
prescribed.

            This Note shall be deemed to be a contract made and to be performed
solely in the State of New York and for all purposes be governed by, and
construed in accordance with, the laws of said State without regard to the
conflicts of law rules of said State.

            All terms used in this Note that are defined in the Indenture shall
have the meanings assigned to them in the Indenture.

<PAGE>

                                  ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this
instrument, shall be construed as though they were written out in full according
to applicable laws or regulations:

<TABLE>
<S>         <C>                                 <C>                   <C>
TEN COM     -as tenants in  common              UNIF GIFT MIN ACT     _____________ Custodian ____________
TEN ENT     -as tenants by the entireties                                (Cust)                 (Minor)
JT ENT      -as joint tenants with right of                            Under Uniform Gifts to Minors Act
            survivorship and not as
            tenants in
            common                                                    ____________________________________
                                                                                    (State)
</TABLE>

     Additional abbreviations may also be used though not in the above list

                               ------------------

                            OPTION TO ELECT REPAYMENT

The undersigned hereby irrevocably requests and instructs the Company to repay
$____ principal amount of the within Note, pursuant to its terms, on the
"Optional Repayment Date" first occurring after the date of receipt of the
within Note as specified below, together with interest thereon accrued to the
date of repayment, to the undersigned at:

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
           (Please Print or Type Name and Address of the Undersigned)

and to issue to the undersigned, pursuant to the terms of the Indenture, a new
Note or Notes representing the remaining principal amount of this Note.

            For this Option to Elect Repayment to be effective, this Note with
the Option to Elect Repayment duly completed must be received by the Company
within the relevant time period set forth above at its office or agency in the
Borough of Manhattan, the City and State of New York, located initially at the
office of the Trustee at 101 Barclay Street, 21 West, Attention: Corporate Trust
Administration, New York, New York 10286.

Dated: ________________________________

                                        Note: The signature to this Option to
                                        Elect Repayment must correspond with the
                                        name as written upon the face of the
                                        within Note in every particular without
                                        alteration or enlargement or any change
                                        whatsoever.

            FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto

Please Insert Social Security or Other
  Identifying Number of Assignee

--------------------------------------

--------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
      Please Print or Type Name and Address Including Zip Code of Assignee

--------------------------------------------------------------------------------
the within Note and all rights thereunder, hereby irrevocably constituting and
appointing ___________________________________________________________________
attorney to transfer such Note on the books of Citigroup Inc., with full power
of substitution in the premises.

<PAGE>

Dated:  _______________________________
        ___________________________________________________
                                    Signature

        ___________________________________________________
                                        NOTICE: The signature to this assignment
                                        must correspond with the name as it
                                        appears upon the face of the Note in
                                        every particular, without alteration of
                                        enlargement or any change whatsoever

<PAGE>

      This Note is a Global Security within the meaning of the Indenture
hereinafter referred to and is registered in the name of the Depositary named
below or a nominee of the Depositary. This Note is not exchangeable for Notes
registered in the name of a Person other than the Depositary 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
Depositary to a nominee of the Depositary) 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 "Depositary"), 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 Depositary (and any
payment is made to Cede & Co. or to such other entity as is requested by an
authorized representative of the Depositary), 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.

REGISTERED                                      PRINCIPAL AMOUNT
NO. FX  __                                      OR FACE AMOUNT:
                                                $___________________
                                                CUSIP:______________

                                 CITIGROUP INC.
                    MEDIUM-TERM SUBORDINATED NOTE, SERIES H,
                 DUE NINE MONTHS OR MORE FROM THE DATE OF ISSUE
                                  (FIXED RATE)

      THIS SECURITY IS NOT A DEPOSIT OR SAVINGS ACCOUNT BUT IS AN UNSECURED
OBLIGATION OF CITIGROUP. THIS SECURITY IS NOT INSURED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY OR INSTRUMENTALITY.

      IF APPLICABLE, THE "TOTAL AMOUNT OF OID" AND "YIELD TO MATURITY" SET FORTH
BELOW WILL BE COMPLETED SOLELY FOR THE PURPOSES OF APPLYING THE UNITED STATES
FEDERAL INCOME TAX ORIGINAL ISSUE DISCOUNT ("OID") RULES.

Issue Price:                                          Original Issue Date:

Interest Rate:                                        Stated Maturity:

Specified Currency (If other than U.S. dollars):

Authorized Denominations:
         (If other than as set forth in the Prospectus Supplement)

<PAGE>

<TABLE>
<S>      <C>          <C>                     <C>                        <C>
Dual Currency Note:                           [ ] Yes (see attached)     [ ]  No

         Optional Payment Currency:
         Designated Exchange Rate:

Interest Payment Dates:      Accrue to Pay:   [ ]  Yes                   [ ]  No

Indexed Principal Note:                       [ ]  Yes (see attached)    [ ]  No

Interest Rate Reset:  [ ] The Interest Rate may not be changed prior to
                          Stated Maturity.

                      [ ] The Interest Rate may be changed prior to Stated
                          Maturity (see attached).

Optional Reset Dates (if applicable):

Amortizing Note:                              [ ]  Yes                   [ ]  No

         Amortization Schedule:

Optional Redemption:                          [ ]  Yes                   [ ]  No

         Optional Redemption Dates:

         Redemption Prices:

Bond Yield to Maturity:                       Bond Yield to Call:

Optional Repayment:                           [ ]  Yes                   [ ]  No

         Optional Repayment Dates:            Optional Repayment Prices:

Optional Extension of Stated Maturity:        [ ]  Yes                   [ ]  No

         Final Maturity:

Discount Note:                                [ ]  Yes                   [ ]  No

         Total Amount of OID:                 Yield to Maturity:

Renewable Note:                               [ ]  Yes (see attached)    [ ]  No
</TABLE>

                   Special Election Interval (if applicable):

                  Amount (if less than entire principal amount)
                     as to which election may be exercised:

<PAGE>

      CITIGROUP INC., a corporation duly organized and existing under the laws
of the State of Delaware (herein referred to as the "Company"), for value
received hereby promises to pay CEDE & CO. or registered assigns, (a) the
Principal Amount or, in the case of an Indexed Principal Note, the Face Amount
adjusted by reference to prices, changes in prices, or differences between
prices, of securities, currencies, intangibles, goods, articles or commodities
or by such other objective price, economic or other measures (an "Index") as
described on the face hereof or in the pricing supplement attached hereto or
delivered herewith, in the Specified Currency on the Stated Maturity shown
above, or earlier if and to the extent so provided herein, and (b) accrued
interest on the Principal Amount then outstanding (or in the case of an Indexed
Principal Note, the Face Amount, then outstanding) at the Interest Rate shown
above from the Original Issue Date shown above or from the most recent date to
which interest has been paid or duly provided for, semiannually in arrears on
the Interest Payment Dates specified on the face of this Note or in the pricing
supplement attached hereto or delivered herewith and at Maturity, until, in
either case, the Principal Amount then outstanding or the Face Amount is paid or
duly provided for in accordance with the terms hereof. Unless otherwise
specified herein, interest on this Note, if any, will be computed on the basis
of a 360-day year of twelve 30-day months.

      The interest so payable, and punctually paid or duly provided for, on any
Interest Payment Date will, as provided in the Indenture referred to on the
reverse hereof, be paid to the Person in whose name this Note (or one or more
Predecessor Securities) is registered at the close of business on the Regular
Record Date for such interest, which (other than interest payable at Maturity)
shall be the date (whether or not a Business Day) fifteen calendar days
immediately preceding such Interest Payment Date, and, in the case of interest
payable at Stated Maturity, shall be the Stated Maturity of this Note.
Notwithstanding the foregoing, if this Note is issued between a Regular Record
Date and the related Interest Payment Date, the interest so payable for the
period from the Original Issue Date to such Interest Payment Date shall be paid
on the next succeeding Interest Payment Date to the Registered Holder hereof on
the related Regular Record Date. Any such interest not so punctually paid or
duly provided for shall forthwith cease to be payable to the Registered Holder
hereof on such Regular Record Date, and may be paid to the Person in whose name
this Note (or one or more Predecessor Securities) is registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest to
be fixed by the Trustee (referred to on the reverse hereof), notice whereof
shall be given to Holders of Notes not less than fifteen days prior to such
Special Record Date, or may be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the Notes
may be listed, and upon such notice as may be required by such exchange, all as
more fully provided in said Indenture. If an Interest Payment Date with respect
to any Note would otherwise be a day that is not a Business Day, such Interest
Payment Date shall not be postponed; provided, however, that any payment
required to be made in respect of such Note on a date (including the day of
Stated Maturity) that is not a Business Day for such Note need not be made on
such date, but may be made on the next succeeding Business Day with the same
force and effect as if made on such date, and no additional interest shall
accrue as a result of such delayed payment. However, if with respect to any Note
for which "Accrue to Pay" is specified on the face hereof or in the pricing
supplement attached hereto or delivered herewith, and any Interest Payment Date
with respect to such Fixed Rate Note would otherwise be a day that is not a
Business Day, such Interest Payment Date shall be postponed

<PAGE>

to the next succeeding Business Day. Each payment of interest in respect of an
Interest Payment Date shall include interest accrued through the day before such
Interest Payment Date.

            For purposes of this Note, (A) "Business Day" means: (i) with
respect to any Note, any day that is not a Saturday or Sunday and that, in The
City of New York, is not a day on which banking institutions generally are
authorized or obligated by law or executive order to close; (ii) with respect to
LIBOR Notes only, any such day on which dealings in deposits in U.S. dollars are
transacted in the London interbank market; (iii) with respect to Notes having a
specified currency other than U.S. dollars only, other than Notes denominated in
euros, any day that, in the principal financial center (as defined below) of the
country of the specified currency, is not a day on which banking institutions
generally are authorized or obligated by law to close; and (iv) with respect to
EURIBOR Notes and Notes denominated in euros, a day on which the Trans-European
Automated Real-Time Gross Settlement Express Transfer ("TARGET") System is open,
and (B) "London Business Day" means, with respect to any determination by the
Exchange Rate Agent of an exchange rate pursuant to Notes having a Specified
Currency other than U.S. dollars, any day on which banking institutions and
foreign exchange markets settle payments in New York City and London.

      As used above, a "principal financial center" means the capital city of
the country issuing the specified currency. However, with respect to Australian
dollars, Canadian dollars and Swiss francs, the principal financial center shall
be Sydney, Toronto, and Zurich, respectively.

      The indebtedness evidenced by this Note is, to the extent set forth in the
Indenture, expressly subordinated and subject in right of payment to the prior
payment in full of Senior Indebtedness as defined in the Indenture, and this
Note is issued subject to such provisions, and each Holder of this Note, by
accepting the same, agrees to and shall be bound by such provisions and
authorizes and directs the Trustee in his behalf to take such action as may be
necessary or appropriate to acknowledge or effectuate the subordination as
provided in the Indenture and appoints the Trustee as his attorney-in-fact for
any and all such purposes.

      If this Note is an Amortizing Note as shown on the face hereof or in the
pricing supplement attached hereto or delivered herewith, a portion or all the
principal amount of the Note is payable prior to Stated Maturity in accordance
with a schedule, by application of a formula, or by reference to an index (as
described above).

      The principal hereof and any premium and interest hereon are payable by
the Company in the Specified Currency shown above. If the Specified Currency
shown above is other than U.S. dollars, the Company will arrange to convert all
payments in respect hereof into U.S. dollars in the manner described on the
reverse hereof. The Holder hereof may, if so indicated above, elect to receive
all payments in respect hereof in the Specified Currency by delivery of a
written notice to Citibank, N.A. ("Citibank") not later than fifteen calendar
days prior to the applicable payment date. Such election will remain in effect
until revoked by written notice to Citibank received not later than fifteen
calendar days prior to the applicable payment date. If the Company determines
that the Specified Currency is not available for making payments in respect
hereof due to the imposition of exchange controls or other

<PAGE>

circumstances beyond the Company's control or is no longer used by the
government of the country issuing such currency or for the settlement of
transactions by public institutions or within the international banking
community, then the Holder hereof may not so elect to receive payments in the
Specified Currency, and any such outstanding election shall be automatically
suspended, and payments shall be in U.S. dollars, until the Company determines
that the Specified Currency is again available for making such payments.

      Payments of interest in U.S. dollars (other than interest payable at
Maturity) will be made by check mailed to the address of the Person entitled
thereto as such address shall appear on the Security Register on the applicable
Record Date, provided, that, if the Holder hereof is the Holder of
U.S.$10,000,000 (or the equivalent thereof in a currency other than U.S. dollars
determined as provided on the reverse hereof) or more in aggregate principal
amount of Notes of like tenor and term, such U.S. dollar interest payments will
be made by wire transfer of immediately available funds, but only if appropriate
wire transfer instructions have been received in writing by Citibank not less
than fifteen calendar days prior to the applicable Interest Payment Date.
Simultaneously with any election by the Holder hereof to receive payments in
respect hereof in the Specified Currency (if other than U.S. dollars), such
Holder shall provide appropriate wire transfer instructions to Citibank and all
such payments will be made by wire transfer of immediately available funds to an
account maintained by the payee with a bank located outside the United States.
The principal hereof and any premium and interest hereon payable at Maturity
will be paid in immediately available funds upon surrender of this Note at the
offices of Citibank located in the City and State of New York.

      REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH
ON THE REVERSE HEREOF AND IN ANY PRICING SUPPLEMENT ATTACHED HERETO OR DELIVERED
HEREWITH, AND SUCH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME
EFFECT AS THOUGH FULLY SET FORTH IN THIS PLACE.

      This Note shall not become valid or obligatory for any purpose unless and
until this Note has been authenticated by, or on behalf of, Bank One Trust
Company, N.A., or its successor, as Trustee.

<PAGE>

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

Dated:
                                      CITIGROUP INC.

                                      By________________________________
                                              Authorized Officer

                                      Attest____________________________
                                              Assistant Secretary

                          CERTIFICATE OF AUTHENTICATION

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

Dated:

                                      BANK ONE TRUST COMPANY,
                                      N.A., as Trustee

                                      By CITIBANK, N.A., as Authentication Agent

                                             --------------------------------
                                                  Authorized Signatory

<PAGE>

                              (REVERSE OF SECURITY)

                                 CITIGROUP INC.
                    MEDIUM-TERM SUBORDINATED NOTE, SERIES H,
                 DUE NINE MONTHS OR MORE FROM THE DATE OF ISSUE
                                  (FIXED RATE)

General

      This Note is one of a series of duly authorized debt securities of the
Company (the "Debt Securities") issued or to be issued in one or more series
under an indenture, dated as of April 12, 2001, as the same may be amended from
time to time (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 Debt Securities and of the terms upon which the Debt Securities
are, and are to be, authenticated and delivered. The U.S. dollar equivalent of
the public offering price or purchase price of Notes denominated in currencies
other than U.S. dollars will be determined by the Company or its agent, as
exchange rate agent for the Notes (the "Exchange Rate Agent") on the basis of,
unless otherwise specified in the pricing supplement, the noon buying rate in
New York City for cable transfers in foreign currencies as certified for customs
purposes by the Federal Reserve Bank of New York (the "Market Exchange Rate")
for such currencies on the applicable issue dates.

      The Notes are in registered form without coupons. Unless otherwise
specified above, the authorized denominations of Notes denominated in U.S.
dollars will be U.S.$1,000 and any larger amount that is an integral multiple of
U.S.$1,000. The authorized denominations of Notes denominated in a currency
other than U.S. dollars will be as set forth on the respective faces thereof.

      Each Note will be issued initially as either a Book-Entry Note or, if so
specified above, a Certificated Note. Book-Entry Notes will not be exchangeable
for Certificated Notes and, except as otherwise provided in the Indenture, will
not otherwise be issuable as Certificated Notes.

Fixed Rate Notes

      This Note will bear interest from its Original Issue Date, or from the
last Interest Payment Date to which interest has been paid or duly provided for,
at the rate per annum stated on the face hereof or in the pricing supplement
attached hereto or delivered herewith until the principal amount hereof is paid
or made available for payment, except as otherwise described below under
"Subsequent Interest Periods" and "Extension of Maturity," and except that if so
specified in the attached pricing supplement, the rate of interest payable on
certain Fixed Rate Notes may be subject to adjustment as specified therein.

<PAGE>

      Unless otherwise set forth herein, interest on this Note will be payable
semiannually in arrears on the Interest Payment Dates set forth above and at
Stated Maturity. If an Interest Payment Date with respect to any Note would
otherwise be a day that is not a Business Day, such Interest Payment Date shall
not be postponed; provided, however, that any payment required to be made in
respect of such Note on a date (including the day of Stated Maturity) that is
not a Business Day for such Note need not be made on such date, but may be made
on the next succeeding Business Day with the same force and effect as if made on
such date, and no additional interest shall accrue as a result of such delayed
payment. However, if with respect to any Note for which "Accrue to Pay" is
specified on the face hereof or in the pricing supplement attached hereto or
delivered herewith, and any Interest Payment Date with respect to such Fixed
Rate Note would otherwise be a day that is not a Business Day, such Interest
Payment Date shall be postponed to the next succeeding Business Day.

      Each payment of interest in respect of an Interest Payment Date shall
include interest accrued through the day before such Interest Payment Date.
Unless otherwise specified herein, interest on this Note will be computed on the
basis of a 360-day year of twelve 30-day months ("30 over 360").

Subsequent Interest Periods

      If so specified on the face hereof or in the pricing supplement attached
hereto or delivered herewith, the Interest Rate on this Note may be reset by the
Company on the date or dates specified on the face hereof or in the pricing
supplement attached hereto or delivered herewith (each an "Optional Reset
Date"). Not later than 40 days prior to each Optional Reset Date, the Trustee
will mail to the Holder of this Note a notice (the "Reset Notice"), first class,
postage prepaid, indicating whether the Company has elected to reset the
Interest Rate, and if so, (i) such new Interest Rate and (ii) the provisions, if
any, for redemption during the period from such Optional Reset Date to the next
Optional Reset Date, or, if there is no such next Optional Reset Date, to the
Stated Maturity of this Note (each such period, a "Subsequent Interest Period"),
including the date or dates on which or the period or periods during which and
the price or prices at which such redemption may occur during the Subsequent
Interest Period. Upon the transmittal by the Trustee of a Reset Notice to the
holder of a Note, such new interest rate shall take effect automatically. Except
as modified by the Reset Notice and as described below, such Note will have the
same terms as prior to the transmittal of such Reset Notice. Notwithstanding the
foregoing, not later than 20 days prior to the Optional Reset Date, the Company
may, at its option, revoke the Interest Rate provided for in the Reset Notice
and establish a higher Interest Rate for the Subsequent Interest Period by
causing the Trustee to mail notice of such higher Interest Rate to the Holder of
this Note. Such notice shall be irrevocable. All Notes with respect to which the
Interest Rate is reset on an Optional Reset Date will bear such higher Interest
Rate whether or not tendered for repayment.

      The Holder of this Note will have the option to elect repayment by the
Company on each Optional Reset Date at a price equal to the principal amount
hereof, plus interest accrued to such Optional Reset Date. In order to obtain
repayment on an Optional Reset Date, the Holder must follow the procedures set
forth below for optional repayment, except that the period for delivery or
notification to the Trustee shall be at least 25 but not more than

<PAGE>

35 days prior to such Optional Reset Date, and except that if the Holder has
tendered this Note for repayment pursuant to a Reset Notice, the Holder may, by
written notice to the Trustee, revoke such tender for repayment until the close
of business on the tenth day before the Optional Reset Date.

Indexed Notes

      If this Note is an Indexed Principal Note, then the principal amount
payable at Stated Maturity or earlier redemption or retirement, is determined by
reference to the amount designated on the face hereof or in the pricing
supplement attached hereto or delivered herewith as the Face Amount of this Note
and by reference to the Index as described on the face hereof or in the pricing
supplement attached hereto or delivered herewith. If this Note is an Indexed
Principal Note, the principal amount payable at Stated Maturity or any earlier
redemption or repayment of this Note may be different from the Face Amount.

      If a third party is appointed to calculate or announce the Index for a
particular Indexed Note and this third party either suspends the calculation or
announcement of such Index or changes the basis upon which such Index is
calculated, in a manner that is inconsistent with the applicable pricing
supplement, then the Company will select another third party to calculate or
announce the Index. The agent or another affiliate of the Company may be either
the original or successor third party selected by the Company.

      If for any reason such Index cannot be calculated on the same basis and
subject to the same conditions and controls as applied to the original third
party, then the indexed interest payments, if any, or any indexed principal
amount of such Indexed Principal Note will be calculated in the manner set forth
in the applicable pricing supplement. Any determination by the selected third
party will be binding on all parties, except in the case of an obvious error.

Specified Currency

            If the Specified Currency is other than U.S. dollars, the amount of
any U.S. dollar payment to be made in respect hereof will be determined by the
Company or its agent based on the Specified Currency/U.S. dollar exchange rate
prevailing at 11:00 a.m., London time, on the second London Business Day prior
to the applicable payment date, or if an exchange rate bid quotation is not so
available, the Exchange Rate Agent shall obtain a bid quotation from a leading
foreign exchange bank in London selected by the Exchange Rate Agent after
consultation with the Company, for settlement on such payment date, of the
aggregate amount of the Specified Currency payable on such payment date in
respect of all Notes denominated in such Specified Currency. All currency
exchange costs will be borne by the Holders of such Notes by deductions from
such payments. If no such bid quotations are available, then such payments will
be made in the Specified Currency, unless the Specified Currency is unavailable
due to the imposition of exchange controls or to other circumstances beyond the
Company's control, in which case payment will be made as described in the next
paragraph.

<PAGE>
Payments in Currencies Other than the Specified Currency

      Except as set forth below, if any payment in respect hereof is required to
be made in a Specified Currency other than U.S. dollars and such currency is (i)
unavailable due to the imposition of exchange controls or other circumstances
beyond the Company's control, (ii) is no longer used by the government of the
country issuing such currency or (iii) is no longer used for the settlement of
transactions by public institutions of or within the international banking
community, then such payment shall be made in U.S. dollars until such currency
is again available or so used. The amount so payable on any date in such foreign
currency shall be converted into U.S. dollars on the basis of the most recently
available Market Exchange Rate for such currency or as otherwise indicated on
the face hereof or in the pricing supplement attached hereto or delivered
herewith. Any payment made under such circumstances in U.S. dollars will not
constitute a Default under the Indenture.

      In the event of an official redenomination of the Specified Currency of
this Note (other than as a result of European Monetary Union, but including,
without limitation, an official redenomination of any such Specified Currency
that is a composite currency), the obligations of the Company with respect to
payments on this Note shall, in all cases, be deemed immediately following such
redenomination to provide for the payment of that amount of redenominated
currency representing the amount of such obligations immediately before such
redenomination. This Note does not provide for any adjustment to any amount
payable under this Note as a result of (i) any change in the value of the
Specified Currency hereof relative to any other currency due solely to
fluctuations in exchange rates or (ii) any redenomination of any component
currency of any composite currency (unless such composite currency is itself
officially redenominated). If this Note is denominated in a currency of a
country participating in the European Monetary Union, the procedures described
in this paragraph shall not apply, and the obligations of the Company with
respect to payments on this Note shall instead be determined as set forth in the
following paragraph.

Dual Currency Notes

      If this Note is specified on the face hereof or in the pricing supplement
attached hereto or delivered herewith as a Dual Currency Note, the Company may
have a one time option, exercisable on one or more dates (each an "Option
Election Date") in whole, but not in part, with respect to all Dual Currency
Notes issued on the same day and having the same terms (a "Tranche"), of
thereafter making all payments of principal, premium, if any, and interest
(which payments would otherwise be made in the Specified Currency of such Notes)
in an optional currency (the "Optional Payment Currency"). Such option will be
exercisable in whole but not in part on an "Option Election Date," which will be
any one of the dates specified on the face hereof or in the pricing supplement
attached hereto or delivered herewith.

      If the Company makes such an election, the amount payable in the Optional
Payment Currency shall be determined using the Designated Exchange Rate
specified on the face hereof or in the pricing supplement attached hereto or
delivered herewith. If such election is made, notice of such election shall be
mailed in accordance with the terms of the applicable Tranche of Dual Currency
Notes within two Business Days of the Option Election Date and
<PAGE>
shall state (i) the first date, whether an Interest Payment Date and/or Stated
Maturity, on which scheduled payments in the Optional Payment Currency will be
made and (ii) the Designated Exchange Rate. Any such notice by the Company, once
given, may not be withdrawn. The equivalent value in the Specified Currency of
payments made after such an election may be less, at the then current exchange
rate, than if the Company had made such payment in the Specified Currency.

Renewable Notes

      If this Note is specified on the face hereof or in the pricing supplement
attached hereto or delivered herewith as a Renewable Note, this Note will mature
on an Interest Payment Date occurring in or prior to the twelfth month following
the Original Issue Date of this Note (the "Initial Maturity Date") unless the
term of all or any portion of this Note is renewed in accordance with the
following procedures:

      On the Interest Payment Date occurring in the sixth month (unless a
different interval (the "Special Election Interval") is specified on the face
hereof or in the pricing supplement attached hereto or delivered herewith) prior
to the Initial Maturity Date of this Note (the "Initial Renewal Date") and on
the Interest Payment Date occurring in each sixth month (or in the last month of
each Special Election Interval) after such Initial Renewal Date (each, together
with the Initial Renewal Date, a "Renewal Date"), the term of this Note may be
extended to the Interest Payment Date occurring in the twelfth month (or, if a
Special Election Interval is specified on the face hereof or in the pricing
supplement attached hereto or delivered herewith, the last month in a period
equal to twice the Special Election Interval) after such Renewal Date, if the
Holder of this Note elects to extend the term of this Note or any portion
thereof as described below. If the Holder does not elect to extend the term of
any portion of the principal amount of this Note during the specified period
prior to any Renewal Date, such portion will become due and payable on the
Interest Payment Date occurring in the sixth month (or the last month in the
Special Election Interval) after such Renewal Date (the "New Maturity Date").

      The Holder may elect to renew the term of this Note, or if so specified,
any portion thereof, by delivering a notice to such effect to the Trustee (or
any duly appointed paying agent) at the corporate trust office of the Trustee or
agency of the Trustee in the City of New York not less than 15 nor more than 30
days prior to such Renewal Date, unless another period is specified on the face
hereof or in the pricing supplement attached hereto or delivered herewith. Such
election will be irrevocable and will be binding upon each subsequent Holder of
this Note. An election to renew the term of this Note may be exercised with
respect to less than the entire principal amount of this Note only if so
specified on the face hereof or in the pricing supplement attached hereto or
delivered herewith and then only in such principal amount, or any integral
multiple in excess of such amount, as is specified on the face hereof or in the
pricing supplement attached hereto or delivered herewith. Notwithstanding the
foregoing, the term of this Note may not be extended beyond the Stated Maturity
specified for this Note on the face hereof or in the pricing supplement attached
hereto or delivered herewith.
<PAGE>
      If the Holder does not elect to renew the term, this Note must be
presented to the Trustee (or any duly appointed paying agent) and, as soon as
practicable following receipt of such Note the Trustee (or any duly appointed
paying agent) shall issue in exchange therefor in the name of such Holder (i) a
Note, in a principal amount equal to the principal amount of such exchanged Note
for which no election to renew the term thereof was exercised, with terms
identical to those specified on such exchanged Note (except that such Note shall
have a fixed, nonrenewable Stated Maturity on the New Maturity Date) and (ii) if
an election to renew is made with respect to less than the full principal amount
of such Holder's Note, the Trustee, or any duly appointed paying agent, shall
issue in exchange for such Note in the name of such holder, a replacement
Renewable Note, in a principal amount equal to the principal amount of such
exchanged Note for which the election to renew was made, with terms otherwise
identical to the exchanged Note.

Extension of Maturity

      If so specified on the face hereof or in the pricing supplement attached
hereto or delivered herewith, the Maturity of this Note may be extended at the
option of the Company for one or more periods of whole years specified on the
face hereof or in the pricing supplement attached hereto or delivered herewith
(each an "Extension Period") from one to five whole years, up to but not beyond,
the date (the "Final Maturity") set forth on the face hereof or in the pricing
supplement attached hereto or delivered herewith. The Company may exercise such
option by notifying the Trustee for this Note at least 45 but not more than 60
days prior to the old Stated Maturity of this Note. If the Company exercises
such option, the Trustee will mail to the Holder of this Note not later than 40
days prior to the old Stated Maturity a notice (the "Extension Notice") first
class, postage prepaid indicating (i) the election of the Company to extend the
Stated Maturity, (ii) the new Stated Maturity, (iii) the Interest Rate
applicable to the Extension Period and (iv) the provisions, if any, for
redemption during such Extension Period including the date or dates on which, or
the period or periods during which, and the price or prices at which such
redemption may occur during the extension period. Upon the Trustee's mailing of
the Extension Notice, the Stated Maturity of this Note shall be extended
automatically and, except as modified by the Extension Notice and as described
in the next paragraph, this Note will have the same terms as prior to the
mailing of such Extension Notice. Notwithstanding the foregoing, not later than
20 days prior to the old Stated Maturity of this Note, the Company may, at its
option, revoke the Interest Rate provided for in the Extension Notice and
establish a higher Interest Rate for the Extension Period by causing the Trustee
to mail notice of such higher Interest Rate, first class, postage prepaid to the
Holder of this Note. Such notice shall be irrevocable. All Notes with respect to
which the Stated Maturity is extended will bear such higher Interest Rate for
the extension period, whether or not tendered for repayment.

      If the Company extends the Stated Maturity of this Note, the Holder will
have the option to elect repayment of this Note by the Company on the old Stated
Maturity at a price equal to the principal amount hereof, plus interest accrued
to such date. In order to obtain repayment on such old Stated Maturity once the
Company has extended the Stated Maturity hereof, the Holder must follow the
procedures set forth below for optional repayment, except that the period for
delivery of this Note or notification to the Trustee shall be at least 25 but
not more than 35 days before the old Stated Maturity, and except that if the
Holder has
<PAGE>
tendered this Note for repayment pursuant to an Extension Notice, the Holder
may, by written notice to the Trustee, revoke such tender for repayment until
the close of business on the tenth day before the old Stated Maturity.

Optional Redemption, Repayment and Repurchase

      If so specified on the face hereof or in the pricing supplement attached
hereto or delivered herewith, the Company may, at its option, redeem this Note
in whole or in part, on the date or dates (each an "Optional Redemption Date")
specified herein, at the price (the "Redemption Price") (together with accrued
interest to such Optional Redemption Date) specified herein. Unless otherwise
stated on the face hereof or in the pricing supplement attached hereto or
delivered herewith, the Trustee shall mail to the Holder a notice of such
redemption first class, postage prepaid at least 30 days prior to the date of
redemption. Unless otherwise stated herein, the Company may exercise such option
with respect to a redemption of this Note in part only by notifying the Trustee
for this Note at least 45 days prior to any Optional Redemption Date. In the
event of redemption of this Note in part only, a new Note or Notes for the
unredeemed portion hereof will be issued to the Holder hereof upon the
cancellation hereof.

      If so specified on the face hereof or in the pricing supplement attached
hereto or delivered herewith, this Note will be repayable prior to Maturity at
the option of the Holder on the Optional Repayment Dates shown on the face
hereof or in the pricing supplement attached hereto or delivered herewith at the
Optional Repayment Prices shown on the face hereof or in the pricing supplement
attached hereto or delivered herewith, together with interest accrued to the
date of repayment. In order for this Note to be repaid, the Trustee must receive
at least 30 but not more than 45 days prior to an Optional Repayment Date (i)
this Note with the form below entitled "Option to Elect Repayment" duly
completed, or (ii) a telegram, telex, facsimile transmission or letter from a
member of a national securities exchange or the National Association of
Securities Dealers, Inc. or a commercial bank or trust company in the United
States of America setting forth the name of the Holder of this Note, the
principal amount of the Note to be repaid, the certificate number or a
description of the tenor and terms of this Note, a statement that the option to
elect repayment is being exercised hereby and a guarantee that this Note with
the form below entitled "Option to Elect Repayment" duly completed will be
received by the Trustee not later than five Business Days after the date of such
telegram, telex, facsimile transmission or letter. If the guarantee procedure
described in clause (ii) of the preceding sentence is followed, this Note with
form duly completed must be received by the Trustee by such fifth Business Day.
Any tender of this Note for repayment (except pursuant to a Reset Notice or an
Extension Notice) shall be irrevocable. The repayment option may be exercised by
the Holder of this Note for less than the entire principal amount of the Note,
provided, that the principal amount of this Note remaining outstanding after
repayment is an authorized denomination. Upon such partial repayment, this Note
shall be canceled and a new Note or Notes for the remaining principal amount
hereof shall be issued in the name of the Holder of this Note.

      Unless otherwise specified on the face hereof or in the pricing supplement
attached hereto or delivered herewith, this Note will not be subject to any
sinking fund.
<PAGE>
      Notwithstanding anything herein to the contrary, if this Note is an OID
Note (other than an Indexed Principal Note), the amount payable in the event of
redemption or repayment prior to the Stated Maturity hereof (other than pursuant
to an optional redemption by the Company at a stated Redemption Price) shall be
the Amortized Face Amount of this Note as of the redemption date or the date of
repayment, as the case may be. The Amortized Face Amount of this Note on any
date shall be the amount equal to (i) the Issue Price set forth on the face
hereof or in the pricing supplement attached hereto or delivered herewith plus
(ii) that portion of the difference between such Issue Price and the stated
principal amount of such Note that has accrued by such date at (x) the Bond
Yield to Maturity set forth on the face hereof or in the pricing supplement
attached hereto or delivered herewith or (y) if so specified, the Bond Yield to
Call set forth on the face hereof or in the pricing supplement attached hereto
or delivered herewith (computed in each case in accordance with generally
accepted United States bond yield computation principles), provided, however,
that in no event shall the Amortized Face Amount of a Note exceed its stated
principal amount. The Bond Yield to Call listed on the face of this Note or in
the pricing supplement attached hereto or delivered herewith shall be computed
on the basis of the first occurring Optional Redemption Date with respect to
such Note and the amount payable on such Optional Redemption Date. In the event
that such Note is not redeemed on such first occurring Optional Redemption Date,
the Bond Yield to Call with respect to such Note shall be recomputed on such
Optional Redemption Date on the basis of the next occurring Optional Redemption
Date and the amount payable on such Optional Redemption Date, and shall continue
to be so recomputed on each succeeding Optional Redemption Date until the Note
is so redeemed.

      The Company may at any time purchase Notes at any price in the open market
or otherwise. Notes so purchased by the Company may, at the discretion of the
Company, be held or resold or surrendered to the Trustee for such Notes for
cancellation.

Other Terms

      As provided in the Indenture and subject to certain limitations therein
set forth, this Note is exchangeable for a like aggregate principal amount of
Notes of different authorized denominations, as requested by the Person
surrendering the same.

      As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Note is registrable on the Security Register of
the Company, upon surrender of this Note for registration of transfer at the
office or agency of the Company in the Borough of Manhattan, the City and State
of New York, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Company, the Security Registrar and the
Trustee duly executed by the Holder hereof or his attorney duly authorized in
writing, and thereupon one or more new Notes of this series, of authorized
denominations and for the same aggregate principal amount, will be issued to the
designated transferee or transferees.
<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 Holder 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.

      If an Event of Default with respect to the Debt Securities of this series
shall have occurred and be continuing, the principal of all the Debt Securities
of this series may be declared due and payable in this manner and with the
effect provided in the Indenture.

      In case this Note shall at any time become mutilated, destroyed, stolen or
lost and this Note or evidence of the loss, theft, or destruction hereof
(together with such indemnity and such other documents or proof as may be
required by the Company or the Trustee) shall be delivered to the principal
corporate trust office of the Trustee, a new Note of like tenor and principal
amount will be issued by the Company in exchange for, or in lieu of, this Note.
All expenses and reasonable charges associated with procuring such indemnity and
with the preparation, authentication and delivery of a new Note shall be borne
by the Holder of this Note.

      The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Debt Securities of each series to
be affected under the Indenture at any time by the Company and the Trustee with
the consent of the Holders of not less than a majority in aggregate principal
amount of Debt Securities at the time outstanding of each series to be affected.
The Indenture also contains provisions permitting the Holders of specified
percentages in aggregate principal amount of the Debt Securities of any series
at the time outstanding, on behalf of the Holders of all the Debt Securities of
such series, to waive compliance by the Company with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Holder of this Debt Security shall be
conclusive and binding upon such Holder and upon all future Holders of this Debt
Security and of any Debt Security issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof, whether or not notation of such
consent or waiver is made upon the Debt Security.

      Holders of Debt Securities may not enforce their rights pursuant to the
Indenture or the Note except as provided in the Indenture. 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 premium, if any) and interest on this Note at the
times, place and rate, and the coin or currency, herein prescribed.

      This Note shall be deemed to be a contract made and to be performed solely
in the State of New York and for all purposes be governed by, and construed in
accordance with, the laws of said State without regard to the conflicts of law
rules of said State.
<PAGE>
      All terms used in this Note that are defined in the Indenture shall have
the meanings assigned to them in the Indenture.
<PAGE>
                                  ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this
instrument, shall be construed as though they were written out in full according
to applicable laws or regulations:

TEN COM  -as tenants in common    UNIF GIFT MIN ACT __________Custodian ________
TEN ENT  -as tenants by the                          (Cust)             (Minor)
          entireties                           Under Uniform Gifts to Minors Act
JT ENT   -as joint tenants                     _________________________________
          with right of                                    (State)
          survivorship and not
          as tenants in common

     Additional abbreviations may also be used though not in the above list

                               ___________________

                            OPTION TO ELECT REPAYMENT

            The undersigned hereby irrevocably requests and instructs the
Company to repay $____ principal amount of the within Note, pursuant to its
terms, on the "Optional Repayment Date" first occurring after the date of
receipt of the within Note as specified below, together with interest thereon
accrued to the date of repayment, to the undersigned at:

________________________________________________________________________________

________________________________________________________________________________
         (Please Print or Type Name and Address of the Undersigned)

and to issue to the undersigned, pursuant to the terms of the Indenture, a new
Note or Notes representing the remaining principal amount of this Note.

            For this Option to Elect Repayment to be effective, this Note with
the Option to Elect Repayment duly completed must be received by the Company
within the relevant time period set forth above at its office or agency in the
Borough of Manhattan, the City and State of New York, located initially at the
office of the Trustee at 55 Water Street, 1st Floor, Jeanette Park Entrance,
New York, New York 10041.

Dated:
                                          ______________________________________
                                          Note:  The signature to this
                                          Option to Elect Repayment must
                                          correspond with the name as
                                          written upon the face of the
                                          within Note in every particular
                                          without alteration or
                                          enlargement or any change
                                          whatsoever.

     FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
                              transfer(s) unto

      Please Insert Social Security or Other
        Identifying Number of Assignee
        ______________________________

        ______________________________

      __________________________________________________________________________
         Please Print or Type Name and Address Including Zip Code of Assignee

      __________________________________________________________________________
      the within Note and all rights thereunder, hereby irrevocably
      constituting and appointing
      __________________________________________________________________________

      __________________________________________________________________attorney
      to transfer such Note on the books of Citigroup Inc., with full
      power of substitution in the premises.

Dated:____________________    __________________________________________________
                                    Signature

                              __________________________________________________
                              NOTICE: The signature to this assignment must
                              correspond with the name as it appears upon the
                              face of the Note in every particular, without
                              alteration of enlargement or any change whatsoever
<PAGE>
            This Note is a Global Security within the meaning of the Indenture
hereinafter referred to and is registered in the name of the Depositary named
below or a nominee of the Depositary. This Note is not exchangeable for Notes
registered in the name of a Person other than the Depositary 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
Depositary to a nominee of the Depositary) 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 "Depositary"), 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 Depositary (and any
payment is made to Cede & Co. or to such other entity as is requested by an
authorized representative of the Depositary), 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.

REGISTERED                                         PRINCIPAL AMOUNT
NO. FL ____                                        OR FACE AMOUNT:
                                                   $  _______________________
                                                   CUSIP:  __________________

                               CITIGROUP INC.
                  MEDIUM-TERM SUBORDINATED NOTE, SERIES H,
               DUE NINE MONTHS OR MORE FROM THE DATE OF ISSUE
                         (FLOATING OR INDEXED RATE)

      THIS SECURITY IS NOT A DEPOSIT OR SAVINGS ACCOUNT BUT IS AN UNSECURED
OBLIGATION OF CITIGROUP. THIS SECURITY IS NOT INSURED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY OR INSTRUMENTALITY.

      IF APPLICABLE, THE "TOTAL AMOUNT OF OID" AND "YIELD TO MATURITY" SET FORTH
BELOW WILL BE COMPLETED SOLELY FOR THE PURPOSES OF APPLYING THE UNITED STATES
FEDERAL INCOME TAX ORIGINAL ISSUE DISCOUNT ("OID") RULES.

Issue Price:                                                Original Issue Date:
Initial Interest Rate:                                          Stated Maturity:
<PAGE>
Specified Currency (If other than U.S. dollars):

Authorized Denominations:
      (If other than as set forth in the Prospectus Supplement)

Dual Currency Note:               [ ]  Yes (see attached)  [ ]  No

      Optional Payment Currency:
      Designated Exchange Rate:

Base Rate:  [ ]  CD Rate          [ ]  Commercial       [ ]  Federal Funds Rate
                                       Paper Rate
            [ ]  LIBOR Telerate   [ ]  LIBOR Reuters
            [ ]  Treasury Rate
            [ ]  Treasury Rate    [ ]  Prime Rate
                 Constant Maturity
            [ ]  Eleventh District Cost of Funds Rate   [ ] EURIBOR
            [ ]  Other (see attached)

Interest Reset Period                                   Index Maturity:
or Interest Reset Dates:

Interest Payment Dates:               Accrue to Pay:    [ ]  Yes  [ ]  No

Indexed Principal Note:               [ ]  Yes (see attached)     [ ]  No

Floating Rate:  [ ]  Indexed Interest Rate:             [ ]  (see attached)

Spread Multiplier:                                      Spread (+/-):

Spread Reset    [ ] The Spread or Spread Multiplier may not be
                    changed prior to Stated Maturity.

                [ ] The Spread or Spread Multiplier may be changed prior to
                    Stated Maturity (see attached).

Optional Reset Dates (if applicable):

Maximum Interest Rate:                                Minimum Interest Rate:

Inverse Floating Rate Note:          [ ]  Yes (see attached)      [ ]No
<PAGE>
      Initial Fixed Interest Rate:                  Reset Fixed Reference Rate:

Floating Rate / Fixed Rate Note:       [ ]  Yes (see attached)  [ ]  No

Amortizing Note:                       [ ]  Yes                 [ ]  No

      Amortization Schedule:

Optional Redemption:                   [ ]  Yes                 [ ]  No

      Optional Redemption Dates:

      Redemption Prices:

Bond Yield to Maturity:                                    Bond Yield to Call:

Optional Repayment:                    [ ]  Yes                 [ ]  No

Optional Repayment Dates:             Optional Repayment Prices:

Optional Extension of Stated Maturity: [ ]  Yes                 [ ]  No

      Final Maturity:

Discount Note:                         [ ]  Yes                 [ ]  No

Total Amount of OID:                                       Yield to Maturity:

Renewable Note:                        [ ]  Yes (see attached)  [ ]  No

      Initial Maturity Date:

                   Special Election Interval (if applicable):

            Amount (if less than entire principal amount) as to which
                           election may be exercised:
<PAGE>
      CITIGROUP INC., a corporation duly organized and existing under the laws
of the State of Delaware (herein referred to as the "Company") for value
received hereby promises to pay CEDE & CO. or registered assigns, (a) the
Principal Amount or, in the case of an Indexed Principal Note, the Face Amount
adjusted by reference to prices, changes in prices, or differences between
prices, of securities, currencies, intangibles, goods, articles or commodities
or by such other objective price, economic or other measures (an "Index") as
described above or in the pricing supplement attached hereto or delivered
herewith, in the Specified Currency on the Stated Maturity shown above, or
earlier if and to the extent so provided herein, and (b) accrued interest on the
Principal Amount then outstanding (or, in the case of an Indexed Principal Note,
the Face Amount then outstanding): (i) if this is a Floating Rate Note, at the
Initial Interest Rate shown above from the Original Issue Date shown above until
the first Interest Reset Date shown above following the Original Issue Date and
thereafter at the Base Rate shown above, adjusted by the Spread or Spread
Multiplier, if any, shown above, determined in accordance with the provisions
hereof, (ii) if this is an Indexed Rate Note, at a rate determined by reference
to an Index as described herein, (iii) if this is an Inverse Floating Rate Note,
at the Initial Interest Rate shown above from the Original Issue Date shown
above until the first Interest Reset Date shown above following the Original
Issue Date and thereafter at the Inverse Floating Rate, as determined in
accordance with the provisions hereof, or (iv) if this is a Floating Rate/Fixed
Rate Note, at a rate determined as described herein, until, in each case, the
Principal Amount or the Face Amount is paid or duly provided for in accordance
with the terms hereof. The interest so payable, and punctually paid or duly
provided for, on each Interest Payment Date specified herein will, as provided
in the Indenture referred to on the reverse hereof, be paid to the person in
whose name this Note (or one or more Predecessor Securities) is registered at
the close of business on the Regular Record Date for such interest, which,
unless otherwise specified in the pricing supplement, in the case of any
Interest Payment Date (i) for a Floating Rate Note shall be the Business Day
immediately preceding such Interest Payment Date and (ii) for an Indexed Rate
Note, an Inverse Floating Rate Note and a Floating Rate/Fixed Rate Note, shall
be the date (whether or not a Business Day) fifteen calendar days immediately
preceding such Interest Payment Date, and, in the case of interest payable at
Stated Maturity shall be the Stated Maturity of this Note. Notwithstanding the
foregoing, if this Note is issued between a Regular Record Date and the related
Interest Payment Date, the interest so payable for the period from the Original
Issue Date to such Interest Payment Date shall be paid on the next succeeding
Interest Payment Date to the Registered Holder hereof on the related Regular
Record Date. Any such interest not so punctually paid or duly provided for shall
forthwith cease to be payable to the Registered Holder hereof on such Regular
Record Date and may be paid to the Person in whose name this Note (or one or
more Predecessor Securities) is registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest to be fixed by the
Trustee (referred to on the reverse hereof), notice whereof shall be given to
Holders of Notes not less than fifteen days prior to such Special Record Date,
or may be paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Notes may be listed, and
upon such notice as may be required by such exchange, all as more fully provided
in said Indenture.

            For purposes of this Note, "Business Day" means: (i) with respect to
any Note, any day that is not a Saturday or Sunday and that, in The City of New
York, is not a day on which banking institutions generally are authorized or
obligated by law or executive order to close; (ii) (x) with respect to LIBOR
Notes only, any such day on which dealings in deposits in
<PAGE>
U.S. dollars are transacted in the London interbank market and (y) with respect
to any determination by the Exchange Rate Agent of an exchange rate pursuant to
Notes having a Specified Currency other than U.S. dollars, any day on which
banking institutions and foreign exchange markets settle payments in New York
City and London (each a "London Business Day"); (iii) with respect to Notes
having a specified currency other than U.S. dollars only, other than Notes
denominated in euros, any day that, in the principal financial center (as
defined below) of the country of the specified currency, is not a day on which
banking institutions generally are authorized or obligated by law to close; and
(iv) with respect to EURIBOR Notes and Notes denominated in euros, a day on
which the Trans-European Automated Real-Time Gross Settlement Express Transfer
("TARGET") System is open (a "TARGET Business Day").

      As used above, a "principal financial center" means the capital city of
the country issuing the specified currency. However, with respect to Australian
dollars, Canadian dollars, and Swiss francs, the principal financial center
shall be Sydney, Toronto and Zurich, respectively.

      The indebtedness evidenced by this Note is, to the extent set forth in the
Indenture, expressly subordinated and subject in right of payment to the prior
payment in full of Senior Indebtedness as defined in the Indenture, and this
Note is issued subject to such provisions, and each Holder of this Note, by
accepting the same, agrees to and shall be bound by such provisions and
authorizes and directs the Trustee in his behalf to take such action as may be
necessary or appropriate to acknowledge or effectuate the subordination as
provided in the Indenture and appoints the Trustee as his attorney-in-fact for
any and all such purposes.

      If this Note is an Amortizing Note as shown on the face hereof or in the
pricing supplement attached hereto or delivered herewith, a portion or all the
principal amount of the Note is payable prior to Stated Maturity in accordance
with a schedule, by application of a formula, or by reference to an index (as
described above).

      The principal hereof and any premium and interest hereon are payable by
the Company in the Specified Currency shown above. If the Specified Currency
shown above is other than U.S. dollars, the Company will arrange to convert all
payments in respect hereof into U.S. dollars in the manner described on the
reverse hereof. The Holder hereof may, if so indicated above, elect to receive
all payments in respect hereof in the Specified Currency by delivery of a
written notice to the Citibank, N.A. ("Citibank") not later than fifteen
calendar days prior to the applicable payment date. Such election will remain in
effect until revoked by written notice to Citibank received not later than
fifteen calendar days prior to the applicable payment date. If the Company
determines that the Specified Currency is not available for making payments in
respect hereof due to the imposition of exchange controls or other circumstances
beyond the Company's control or is no longer used by the government of the
country issuing such currency or for the settlement of transactions by public
institutions or within the international banking community, then the Holder
hereof may not so elect to receive payments in the Specified Currency, and any
such outstanding election shall be automatically suspended, and payments shall
be in U.S. dollars, until the Company determines that the Specified Currency is
again available for making such payments.

      Payments of interest in U.S. dollars (other than interest payable at
Maturity) will be made by check mailed to the address of the Person entitled
thereto as such address shall appear on the
<PAGE>
Security Register on the applicable Record Date, provided, that, if the Holder
hereof is the Holder of U.S.$10,000,000 (or the equivalent thereof in a currency
other than U.S. dollars determined as provided on the reverse hereof) or more in
aggregate principal amount of Notes of like tenor and term, such U.S. dollar
interest payments will be made by wire transfer of immediately available funds,
but only if appropriate wire transfer instructions have been received in writing
by Citibank not less than fifteen calendar days prior to the applicable Interest
Payment Date. Simultaneously with any election by the Holder hereof to receive
payments in respect hereof in the Specified Currency (if other than U.S.
dollars), such Holder shall provide appropriate wire transfer instructions to
Citibank and all such payments will be made by wire transfer of immediately
available funds to an account maintained by the payee with a bank located
outside the United States. The principal hereof and any premium and interest
hereon payable at Maturity will be paid in immediately available funds upon
surrender of this Note at the offices of Citibank located in the City and State
of New York.

      REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH
ON THE REVERSE HEREOF AND IN ANY PRICING SUPPLEMENT ATTACHED HERETO OR DELIVERED
HEREWITH, AND SUCH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME
EFFECT AS THOUGH FULLY SET FORTH IN THIS PLACE.

      This Note shall not become valid or obligatory for any purpose unless and
until this Note has been authenticated by, or on behalf of, Bank One Trust
Company, N.A., or its successor, as Trustee.
<PAGE>
      IN WITNESS WHEREOF, the Company has caused this Note to be executed under
its corporate seal.

Dated:
                                    CITIGROUP INC.

                                    By    ______________________________________
                                          Authorized Officer

                                    Attest _____________________________________
                                          Assistant Secretary

                          CERTIFICATE OF AUTHENTICATION

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

Dated:
                                    BANK ONE TRUST COMPANY, N.A., as
                                     Trustee

                                    By  CITIBANK, N.A., as Authentication
                                      Agent

                                           _____________________________________
                                            Authorized Signatory
                                            Authorized Signatory
<PAGE>
                           (REVERSE OF SECURITY)

                               CITIGROUP INC.
                  MEDIUM-TERM SUBORDINATED NOTE, SERIES H,
               DUE NINE MONTHS OR MORE FROM THE DATE OF ISSUE
                         (FLOATING OR INDEXED RATE)

General

      This Note is one of a series of duly authorized debt securities of the
Company (the "Debt Securities") issued or to be issued in one or more series
under an indenture, dated as of April 12, 2001, as the same may be amended from
time to time (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 Debt Securities and of the terms upon which the Debt Securities
are, and are to be, authenticated and delivered. The U.S. dollar equivalent of
the public offering price or purchase price of Notes denominated in currencies
other than U.S. dollars will be determined by the Company or its agent, as
exchange rate agent for the Notes (the "Exchange Rate Agent") on the basis of,
unless otherwise specified in the pricing supplement, the noon buying rate in
New York City for cable transfers in foreign currencies as certified for customs
purposes by the Federal Reserve Bank of New York (the "Market Exchange Rate")
for such currencies on the applicable issue dates.

      The Notes are in registered form without coupons. Unless otherwise
specified above, the authorized denominations of Notes denominated in U.S.
dollars will be U.S.$1,000 and any larger amount that is an integral multiple of
U.S.$1,000. The authorized denominations of Notes denominated in a currency
other than U.S. dollars will be as set forth on the respective faces thereof.

      Each Note will be issued initially as either a Book-Entry Note or, if so
specified above, a Certificated Note. Book-Entry Notes will not be exchangeable
for Certificated Notes and, except as otherwise provided in the Indenture, will
not otherwise be issuable as Certificated Notes.

Floating Rate Notes

      Unless otherwise specified on the face hereof or in the pricing supplement
attached hereto or delivered herewith, if this Note is a Floating Rate Note,
this Note will bear interest from its Original Issue Date to, but not including,
the first Interest Reset Date (as defined below) at the Initial Interest Rate
set forth on the face hereof or in the pricing supplement attached hereto or
delivered herewith. Thereafter, the interest rate hereon for each Interest Reset
Period will be determined by reference to the Base Rate specified on the face
hereof or in the pricing supplement attached hereto or delivered herewith, plus
or minus the Spread, if any, or multiplied by the Spread Multiplier, if any,
specified on the face hereof or in the pricing supplement attached hereto or
delivered herewith. The Base Rates that may be specified on the face hereof or
in the pricing supplement attached hereto or delivered herewith are the CD Rate,
the
<PAGE>
Commercial Paper Rate, the Federal Funds Rate, LIBOR Moneyline Telerate, LIBOR
Reuters, the Treasury Rate, Treasury Rate Constant Maturity, the Prime Rate, the
Eleventh District Cost of Funds Rate, EURIBOR or any other Base Rate specified
on the face hereof or in the pricing supplement attached hereto or delivered
herewith.

      "H.15(519)" means the publication entitled "Statistical Release H.15(519),
Selected Interest Rates" or any successor publication, published by the Board of
Governors of the Federal Reserve System.

      "H.15 Daily Update" means the daily update of the Board of Governors of
the Federal Reserve System at http://www.bog.frb.fed.us/releases/H15/update or
any successor site or publication.

      "Calculation Date," where applicable, means the date on which the
Calculation Agent is to calculate the interest rate for Floating Rate Notes
which shall be the earlier of (1) the tenth calendar day after the related Rate
Determination Date, or if any such day is not a business day, the next
succeeding business day or (2) the business day preceding the applicable
Interest Payment Date or the Stated Maturity, as the case may be.

      As specified on the face hereof or in the pricing supplement attached
hereto or delivered herewith, this Note may also have either or both of the
following (in each case expressed as a rate per annum on a simple interest
basis): (i) a maximum limitation, or ceiling, on the rate at which interest may
accrue during any interest period ("Maximum Interest Rate") and/or (ii) a
minimum limitation, or floor, on the rate at which interest may accrue during
any interest period ("Minimum Interest Rate"). In addition to any Maximum
Interest Rate that may be specified on the face hereof or in the pricing
supplement attached hereto or delivered herewith, the interest rate will in no
event be higher than the maximum rate permitted by applicable law, as the same
may be modified by United States law of general application.

      The Company will appoint, and enter into an agreement with, agents (each,
a "Calculation Agent") to calculate interest rates on this Note. All
determinations of interest rates by the Calculation Agent shall, in the absence
of manifest error, be conclusive for all purposes and binding on the Holder
hereof. Unless otherwise specified on the face hereof or in the pricing
supplement attached hereto or delivered herewith, Citibank, N.A. shall be the
Calculation Agent for this Note. At the request of the Holder hereof, the
Calculation Agent will provide the interest rate then in effect and, if
determined, the interest rate that will become effective on the next Interest
Reset Date.

      The interest rate hereon will be reset daily, weekly, monthly, quarterly,
semiannually or annually (such period being the "Interest Reset Period"
specified on the face hereof or in the pricing supplement attached hereto or
delivered herewith, and the first day of each Interest Reset Period being an
"Interest Reset Date"). Unless otherwise specified on the face hereof or in the
pricing supplement attached hereto or delivered herewith, the Interest Reset
Dates will be as follows: (i) if this Note resets daily, each Business Day; (ii)
if this Note (unless this Note is a Treasury Rate Note) resets weekly, Wednesday
of each week; (iii) if this Note is a Treasury Rate Note that resets weekly,
Tuesday of each week (except as provided below under "Determination of Treasury
Rate"); (iv) if this Note resets monthly, the third Wednesday of each month
(with the
<PAGE>
exception of monthly reset Eleventh District Cost of Funds Rate Notes, which
reset on the first calendar day of each month); (v) if this Note resets
quarterly, the third Wednesday of March, June, September and December of each
year; (vi) if this Note resets semiannually, the third Wednesday of the two
months of each year specified on the face hereof or in the pricing supplement
attached hereto or delivered herewith; (vii) and if this Note resets annually,
the third Wednesday of the month of each year specified on the face hereof or in
the pricing supplement attached hereto or delivered herewith. If an Interest
Reset Date would otherwise be a day that is not a Business Day, such Interest
Reset Date shall be postponed to the next succeeding Business Day, except that,
if the Base Rate specified on the face hereof or in the pricing supplement
attached hereto or delivered herewith is LIBOR or EURIBOR and such Business Day
is in the next succeeding calendar month, such Interest Reset Date shall instead
be the immediately preceding Business Day. If an auction of direct obligations
of United States Treasury Bills falls on a day that is an Interest Reset Date
for Treasury Rate Notes, the Interest Reset Date shall be the succeeding
Business Day.

      Unless otherwise specified on the face hereof or in the pricing supplement
attached hereto or delivered herewith, the interest payable hereon on each
Interest Payment Date shall be the interest accrued from and including the
Original Issue Date or the last date to which interest has been paid, as the
case may be, to but excluding such Interest Payment Date, provided, however,
that if the interest rate is reset daily or weekly, the interest payable hereon
shall be the interest accrued from and including the Original Issue Date or the
last date to which interest has been accrued and paid, as the case may be, to
but excluding the Record Date immediately preceding such Interest Payment Date,
except that, at Maturity, the interest payable will include interest accrued to,
but excluding, the date of Maturity.

      If more than one Interest Reset Date occurs during any period for which
accrued interest is being calculated, accrued interest shall be calculated by
multiplying the principal amount hereof (or if this Note is an Indexed Principal
Note, the Face Amount specified on the face hereof or in the pricing supplement
attached hereto or delivered herewith) by an accrued interest factor. Such
accrued interest factor will be computed by adding the interest factors
calculated for each day in the period for which accrued interest is being
calculated. The interest factor (expressed as a decimal calculated to seven
decimal places without rounding) for each such day will be computed, unless
otherwise specified on the face hereof or in the pricing supplement attached
hereto or delivered herewith, by dividing the interest rate in effect on such
day by 360 if the Base Rate specified on the face hereof or in the pricing
supplement attached hereto or delivered herewith is the CD Rate, the Commercial
Paper Rate, the Federal Funds Rate, LIBOR Moneyline Telerate, LIBOR Reuters, the
Prime Rate, the Eleventh District Cost of Funds Rate or EURIBOR or by the actual
number of days in the year, if the Base Rate specified on the face hereof or in
the pricing supplement attached hereto or delivered herewith is the Treasury
Rate or Treasury Rate Constant Maturity. For purposes of making the foregoing
calculations, the interest rate in effect on any Interest Reset Date will be the
applicable rate as reset on such date. In all other cases, accrued interest
shall be calculated by multiplying the principal amount hereof (or if this Note
is an Indexed Principal Note, the Face Amount specified on the face hereof or in
the pricing supplement attached hereto or delivered herewith) by the interest
rate in effect during the period for which accrued interest is being calculated,
and multiplying that product by the quotient obtained by dividing the number of
days in the period for which accrued interest is being calculated by 360 if the
Base Rate specified on the face hereof or in the pricing supplement
<PAGE>
attached hereto or delivered herewith is the CD Rate, the Commercial Paper Rate,
the Federal Funds Rate, LIBOR Moneyline Telerate, LIBOR Reuters, the Prime Rate,
the Eleventh District Cost of Funds Rate or EURIBOR or by the actual number of
days in the year, if the Base Rate specified on the face hereof or in the
pricing supplement attached hereto or delivered herewith is the Treasury Rate or
Treasury Rate Constant Maturity.

      Unless otherwise specified on the face hereof or in the pricing supplement
attached hereto or delivered herewith, all percentages resulting from any
calculation of the rate of interest hereof will be rounded, if necessary, to the
nearest 1/100,000 of 1% (.0000001), with five one-millionths of a percentage
point rounded upward, and all currency amounts used in or resulting from such
calculation will be rounded to the nearest one-hundredth of a unit (with .005 of
a unit being rounded upward).

      Unless otherwise specified on the face hereof or in the pricing supplement
attached hereto or delivered herewith, interest will be payable as follows: (i)
if this Note resets daily, weekly or monthly (other than Eleventh District Cost
of Funds Rate Notes), interest will be payable on the third Wednesday of each
month or on the third Wednesday of March, June, September and December of each
year, as specified on the face hereof or in the pricing supplement attached
hereto or delivered herewith or (ii) in the case of Eleventh District Cost of
Funds Rate Notes, interest will be payable on the first calendar day of each
March, June, September and December; (iii) if this Note resets quarterly,
interest will be payable on the third Wednesday of March, June, September and
December of each year; (iv) if this Note resets semiannually, interest will be
payable on the third Wednesday of each of two months of each year specified on
the face hereof or in the pricing supplement attached hereto or delivered
herewith; and (v) if this Note resets annually, interest will be payable on the
third Wednesday of the month of each year specified on the face hereof or in the
pricing supplement attached hereto or delivered herewith, and in each case at
Maturity (each such day being an "Interest Payment Date"). If an Interest
Payment Date would otherwise fall on a day that is not a Business Day, such
Interest Payment Date shall be postponed to the next succeeding Business Day,
except that, if the Base Rate specified on the face hereof or in the pricing
supplement attached hereto or delivered herewith is LIBOR or EURIBOR and such
Business Day is in the next succeeding calendar month, such Interest Payment
Date shall instead be the immediately preceding Business Day, provided, however,
if with respect to any Note for which "Accrue to Pay" is not specified on the
face hereof or in the pricing supplement attached hereto or delivered herewith,
if an Interest Payment Date with respect to such Note would otherwise be a day
that is not a Business Day, such Interest Payment Date shall not be postponed;
provided, further, that any payment required to be made in respect of a Note
that does not Accrue to Pay on a date (including the day of Stated Maturity)
that is not a Business Day for such Note need not be made on such date, but may
be made on the next succeeding Business Day with the same force and effect as if
made on such date, and no additional interest shall accrue as a result of such
delayed payment.

      Upon the request of the holder of this Floating Rate Note, the Calculation
Agent for the Note will provide the interest rate then in effect and, if
determined, the interest rate that will become effective on the next Interest
Reset Date with respect to the Note.
<PAGE>
      Subject to applicable provisions of law and except as specified herein, on
each Interest Reset Date the rate of interest shall be the rate determined in
accordance with the provisions of the applicable heading below.

Determination of CD Rate

      If the Base Rate specified on the face hereof or in the pricing supplement
attached hereto or delivered herewith is the CD Rate, this Note will bear
interest for each Interest Reset Period at the interest rate calculated with
reference to the CD Rate and the Spread or Spread Multiplier, if any, specified
on the face hereof or in the pricing supplement attached hereto or delivered
herewith. The "CD Rate" for each Interest Reset Period shall be the rate as of
the second Business Day prior to the Interest Reset Date for such Interest Reset
Period (a "CD Rate Determination Date") for negotiable certificates of deposit
having the Index Maturity specified on the face hereof or in the pricing
supplement attached hereto or delivered herewith as published in H.15(519) under
the heading "CDs (Secondary Market)."

      The following procedures will be followed if the CD Rate cannot be
determined as described above. If the above rate is not published prior to 3:00
P.M., New York City time, on the Calculation Date pertaining to the CD Rate
Determination Date, then the "CD Rate" for such Interest Reset Period will be
the rate on the CD Rate Determination Date for negotiable U.S. dollar
certificates of deposit of the Index Maturity specified on the face hereof or in
the pricing supplement attached hereto or delivered herewith as published in the
H.15 Daily Update, or other recognized electronic source used for the purpose of
displaying the applicable rate, under the heading "CDs (Secondary Market)." If
by 3:00 P.M., New York City time, on such Calculation Date such rate is not yet
published, then the "CD Rate" for such Interest Reset Period will be calculated
by the Calculation Agent and will be the arithmetic mean of the secondary market
offered rates as of 10:00 a.m., New York City time, on the CD Rate Determination
Date of three leading nonbank dealers in negotiable U.S. dollar certificates of
deposit in The City of New York selected by the Calculation Agent for negotiable
U.S. dollar certificates of deposit of major United States money center banks of
the highest credit standing (in the market for negotiable certificates of
deposit) with a remaining maturity closest to the Index Maturity on the face
hereof or in the pricing supplement attached hereto or delivered herewith in a
denomination of $5,000,000, provided, however, that if the dealers selected as
aforesaid by the Calculation Agent are not quoting offered rates as mentioned in
this sentence, the CD Rate for such Interest Reset Period will be the same as
the CD Rate for the immediately preceding Interest Reset Period (or, if there
was no such Interest Reset Period, the Initial Interest Rate).

      CD Rate Notes, like other Notes, are not deposit obligations of a bank and
are not insured by the Federal Deposit Insurance Corporation.

Determination of Commercial Paper Rate

      If the Base Rate shown on the face hereof or in the pricing supplement
attached hereto or delivered herewith is the Commercial Paper Rate, this Note
will bear interest for each Interest Reset Period at the interest rate
calculated with reference to the Commercial Paper Rate and the Spread or Spread
Multiplier, if any, specified on the face hereof or in the pricing supplement
attached hereto or delivered herewith. The "Commercial Paper Rate" for each
Interest Reset
<PAGE>
Period will be determined by the Calculation Agent as of the Business Day
immediately preceding the Interest Reset Date for such Interest Reset Period (a
"Commercial Paper Rate Determination Date") and shall be the Money Market Yield
(as defined below) on such Commercial Paper Rate Determination Date of the rate
for commercial paper having the Index Maturity specified on the face hereof or
in the pricing supplement attached hereto or delivered herewith, as such rate
shall be published in H.15(519) under the heading "Commercial Paper --
Nonfinancial."

      The following procedures will be followed if the Commercial Paper Rate
cannot be determined as described above. In the event that such rate is not
published prior to 3:00 P.M., New York City time, on the Calculation Date
pertaining to the Commercial Paper Rate Determination Date, then the Commercial
Paper Rate for such Interest Reset Period shall be the Money Market Yield on the
Commercial Paper Rate Determination Date of the rate for commercial paper of the
specified Index Maturity as published in the H.15 Daily Update under the heading
"Commercial Paper -- Nonfinancial." If by 3:00 P.M., New York City time, on such
Calculation Date such rate is not yet published, then the "Commercial Paper
Rate" for such Interest Reset Period shall be the Money Market Yield of the
arithmetic mean of the offered rates as of 11:00 A.M., New York City time, on
the Commercial Paper Rate Determination Date of three leading dealers of U.S.
dollar commercial paper in The City of New York selected by the Calculation
Agent for commercial paper of the Index Maturity specified on the face hereof or
in the pricing supplement attached hereto or delivered herewith placed for an
industrial issuer whose bonds are rated "AA" or the equivalent by a nationally
recognized rating agency, provided, however, that if the dealers selected as
aforesaid by the Calculation Agent are not quoting offered rates as mentioned in
this sentence, the "Commercial Paper Rate" for such Interest Reset Period will
be the same as the Commercial Paper Rate for the immediately preceding Interest
Reset Period (or, if there was no such Interest Reset Period, the Commercial
Paper Rate will be the Initial Interest Rate).

      "Money Market Yield" shall be a yield calculated in accordance with the
following formula:

           Money Market Yield =      D x 360      X 100
                                  -------------
                                  360 - (D x M)

where "D" refers to the applicable per annum rate for commercial paper quoted on
a bank discount basis and expressed as a decimal and "M" refers to the actual
number of days in the applicable Interest Reset Period.

Determination of Federal Funds Rate

      If the Base Rate specified on the face hereof or in the pricing supplement
attached hereto or delivered herewith is the Federal Funds Rate, this Note will
bear interest for each Interest Reset Period at the interest rate calculated
with reference to the Federal Funds Rate and Spread or Spread Multiplier, if
any, specified on the face hereof or in the pricing supplement attached hereto
or delivered herewith. The "Federal Funds Rate" for each Interest Reset Period
shall be the effective rate on the business day immediately preceeding the
Interest Reset Date for such Interest Reset Period (a "Federal Funds Rate
Determination Date") for U.S. dollar Federal Funds
<PAGE>
as published in H.15(519) under the heading "Federal Funds (Effective)" and
displayed on Moneyline Telerate (or any successor service) on Page 120 or any
other page as may replace the specified page on that service.

      The following procedures will be followed if the Federal Funds Rate cannot
be determined as described above. In the event that such rate is not published
prior to 3:00 P.M., New York City time, on the Calculation Date pertaining to
the Federal Funds Rate Determination Date, the "Federal Funds Rate" for such
Interest Reset Period shall be the rate on the Federal Funds Rate Determination
Date as published in the H.15 Daily Update under the heading "Federal Funds
(Effective)," or such other recognized electronic source used for the purpose of
displaying the applicable rate. If by 3:00 P.M., New York City time, on such
Calculation Date, such rate is not yet published, then the "Federal Funds Rate"
for such Interest Reset Period shall be the arithmetic mean of the rates for the
last transaction in overnight U.S. dollar federal funds arranged by three
leading brokers of U.S. dollar federal funds transactions in New York City,
selected by the Calculation Agent prior to 9:00 A.M., New York City time on the
Federal Funds Rate Determination Date; provided, however, that if the brokers so
selected by the Calculation Agent are not quoting as mentioned above, the
Federal Funds Rate for such Interest Reset Period will be the Federal Funds Rate
in effect for the particular Federal Funds Rate Determination Date (or, if there
is no such Federal Funds Rate in effect for the Interest Reset Period, the
Federal Funds Rate will be the Initial Interest Rate).

Determination of LIBOR

      If the Base Rate specified on the face hereof or in the pricing supplement
attached hereto or delivered herewith is LIBOR Moneyline Telerate or LIBOR
Reuters, this Note will bear interest for each Interest Reset Period at the
interest rate calculated with reference to LIBOR and the Spread or Spread
Multiplier, if any, specified on the face hereof or in the pricing supplement
attached hereto or delivered herewith. "LIBOR" for each Interest Reset Period
will be determined by the Calculation Agent as follows.

      On the second London Business Day prior to the Interest Reset Date for
such Interest Reset Period (a "LIBOR Determination Date"), the Calculation Agent
for such LIBOR Note will determine the offered rates for deposits in the
Specified Currency for the period of the Index Maturity specified on the face
hereof or in the pricing supplement attached hereto or delivered herewith,
commencing on such Interest Reset Date, which appear on the Designated LIBOR
Page at approximately 11:00 A.M., London time, on such LIBOR Determination Date.
"Designated LIBOR Page" means either (a) if "LIBOR Moneyline Telerate" is
designated on the face hereof or in the pricing supplement attached hereto or
delivered herewith, the display designated as page "3750" on the Moneyline
Telerate Service (or such other page as may replace page "3750" on such service
or such other successor service selected for the purpose of displaying the
London interbank offered rates of major banks), and LIBOR for such Interest
Reset Period will be the relevant offered rate as determined by the Calculation
Agent; or (b) if "LIBOR Reuters" is designated on the face hereof or in the
pricing supplement attached hereto or delivered herewith, "Designated LIBOR
Page" means the display designated as page "LIBO" on the Reuters Monitor Money
Rates Service and LIBOR will be the arithmetic mean of the offered rates,
calculated by the calculation agent, or the offered rate, if the Designated
LIBOR Page by its terms provides only for a single rate. If the LIBO page on
such service is replaced by another
<PAGE>
page, or if the Reuters Monitor Money Rates Service is replaced by a successor
service, then ""LIBOR Reuters" means the replacement page or service selected to
display the London interbank offered rates of major banks. If neither LIBOR
Reuters nor LIBOR Moneyline Telerate is specified on the face hereof or in the
pricing supplement attached hereto or delivered herewith, LIBOR will be
determined as if LIBOR Moneyline Telerate had been specified.

      If LIBOR cannot be determined as described above, the Calculation Agent
will determine "LIBOR" as follows. The Calculation Agent will request the
principal London offices of each of four major banks in the London interbank
market selected by the Calculation Agent to provide the Calculation Agent with
its offered quotations for deposits in the Specified Currency for the period of
the Index Maturity specified on the face hereof or in the pricing supplement
attached hereto or delivered herewith, commencing on such Interest Reset Date,
to prime banks in the London interbank market at approximately 11:00 a.m.,
London time, on the LIBOR Determination Date and such offered quotations will be
in a principal amount equal to an amount of at least $1,000,000 or its
approximate equivalent thereof in the Specified Currency that is representative
of a single transaction in such market at such time. If two or more such
quotations are provided, "LIBOR" for such Interest Reset Period will be the
arithmetic mean of such quotations. If less than two such quotations are
provided, "LIBOR" for such Interest Reset Period will be the arithmetic mean of
rates quoted by three major banks in The City of New York selected by the
Calculation Agent for such LIBOR Note at approximately 11:00 A.M., New York City
time, on the LIBOR Determination Date for loans in the Specified Currency to
leading European banks for the period of the Index Maturity specified on the
face hereof or in the pricing supplement attached hereto or delivered herewith,
commencing on such Interest Reset Date, and in a principal amount equal to an
amount of at least $1,000,000 or the approximate equivalent thereof in the
Specified Currency that is representative of a single transaction in such market
at such time, provided, however, that if fewer than three banks selected as
aforesaid by the Calculation Agent are quoting rates as mentioned in this
sentence, "LIBOR" for such Interest Reset Period will be the same as LIBOR for
the immediately preceding Interest Reset Period (or, if there was no such
Interest Reset Period, the LIBOR Rate will be the Initial Interest Rate).

Determination of Treasury Rate

      If the Base Rate specified on the face hereof or in the pricing supplement
attached hereto or delivered herewith is the Treasury Rate or Treasury Rate
Constant Maturity, this Note will bear interest for each Interest Reset Period
at the interest rate calculated with reference to the Treasury Rate and the
Spread or Spread Multiplier, if any, specified on the face hereof or in the
pricing supplement attached hereto or delivered herewith. Unless "Constant
Maturity" is specified on the face hereof or in the pricing supplement attached
hereto or delivered herewith, the "Treasury Rate" for each Interest Reset Period
will be the rate for the auction held on the Treasury Rate Determination Date
(as defined below) for such Interest Reset Period of direct obligations of the
United States ("Treasury Securities") that have the Index Maturity specified on
the face hereof or in the pricing supplement attached hereto or delivered
herewith, as such rate appears on either Moneyline Telerate (or any successor
service) on Page 56 (or any other page as may replace the page on that service)
or on Page 57 (or any other page as may replace the page on that service) under
the heading "INVESTMENT RATE." The following procedures will be followed if the
Treasury Rate cannot be determined as described above. If not so published by
3:00 P.M., New York City time, on the Calculation Date pertaining to the
Treasury Rate
<PAGE>
Determination Date, the "Treasury Rate" for such Interest Reset Period will be
the Bond Equivalent Yield (as defined below) of the rate for the applicable
treasury securities as published in H.15 Daily Update, or another recognized
electronic source used for the purpose of displaying the applicable rate, under
the heading "U.S. Government Securities/Treasury Bills/Auction High." In the
event that this rate is not so published by 3:00 P.M., New York City time, on
such Calculation Date, then the "Treasury Rate" for such Interest Reset Period
will be the Bond Equivalent Yield of the auction rate of the applicable treasury
securities as announced by the United States Department of the Treasury. If this
rate is not announced by the United States Department of the Treasury, or if the
auction is not held, then the Treasury Rate will be the Bond Equivalent Yield of
the rate on the Treasury Rate Determination Date of the applicable Treasury
Securities as published in H.15(519) under the heading "U.S. Government
Securities/Treasury Bills/Secondary Market." If by 3:00 P.M., New York City
time, on such Calculation Date that rate is not so published in H.15(519), then
the Treasury Rate for such Interest Reset Period will be the rate on the
Treasury Rate Determination Date of the applicable Treasury Securities as
published in H.15 Daily Update, or another recognized electronic source used for
the purpose of displaying the applicable rate, under the heading "U.S.
Government Securities/Treasury Bills/Secondary Market." If by 3:00 P.M., New
York City time, on such Calculation Date this rate is not so published in H.15
Daily Update, then the Treasury Rate for such Interest Reset Period will be the
rate on the Treasury Rate Determination Date calculated by the Calculation Agent
as the Bond Equivalent Yield of the arithmetic mean of the secondary market bid
rates, as of approximately 3:30 P.M., New York City time, on the Treasury Rate
Determination Date, of three primary United States government securities dealers
selected by the calculation agent, for the issue of Treasury Securities with a
remaining maturity closest to the index maturity specified in the applicable
pricing supplement, provided, however, that if the dealers selected as aforesaid
by the Calculation Agent are not quoting bid rates as mentioned in this
sentence, then the "Treasury Rate" for such Interest Reset Period will be the
same as the Treasury Rate for the immediately preceding Interest Reset Period
(or, if there was no such Interest Reset Period, the Initial Interest Rate).

      The "Treasury Rate Determination Date" for each Interest Reset Period will
be the day of the week in which the Interest Reset Date for such Interest Reset
Period falls on which Treasury Securities would normally be auctioned. Treasury
Securities are normally sold at auction on Monday of each week, unless that day
is a legal holiday, in which case the auction is normally held on the following
Tuesday, except that such auction may be held on the preceding Friday. If, as
the result of a legal holiday, an auction is so held on the preceding Friday,
such Friday will be the Treasury Rate Determination Date pertaining to the
Interest Reset Period commencing in the next succeeding week. If an auction date
shall fall on any day that would otherwise be an Interest Reset Date for a
Treasury Rate Note, then such Interest Reset Date shall instead be the Business
Day immediately following such auction date.

      The "Bond Equivalent Yield" will be calculated as follows:

Bond Equivalent Yield     =           D X N         X 100
                                  -------------
                                  360 - (D X M)
<PAGE>

where "D" refers to the applicable per annum rate for Treasury Securities quoted
on a bank discount basis and expressed as a decimal, "N" refers to 365 or 366,
as the case may be, and "M" refers to the actual number of days in the
applicable Interest Reset Period.

         If "Constant Maturity" is specified on the face hereof or in the
pricing supplement attached hereto or delivered herewith, the "Treasury Rate"
for each Interest Reset Period will be the rate displayed on the Designated CMT
Moneyline Telerate Page under the caption "Treasury Constant Maturities" under
the column for the Designated CMT Maturity Index in the following manner (1) if
the Designated CMT Moneyline Telerate Page is 7051, the Treasury Rate will be
the rate on such Constant Maturity Treasury Rate Determination Date provided,
however, (A) if the rate does not appear on Moneyline Telerate Page 7051, then
the Treasury Rate will be the treasury constant maturity rate for the Designated
CMT Maturity Index as published in the relevant H.15(519) under the caption
"Treasury Constant Maturities," or (B) if that rate does not so appear in
H.15(519), then the Treasury Rate will be the constant treasury maturity rate on
the Constant Maturity Treasury Rate Determination Date for the Designated CMT
Maturity Index as may then be published by either the Federal Reserve System
Board of Governors or the United States Department of the Treasury that the
Calculation Agent determines to be comparable to the rate which would have
otherwise been published in H.15(519), and (2) if the Designated CMT Moneyline
Telerate Page is 7052, then the Treasury Rate will be the weekly or monthly
average, as specified on the face hereof or in the pricing supplement attached
hereto or delivered herewith, for the week or the month, as applicable, ended
immediately preceding the week or month, as applicable, in which the related
Constant Maturity Treasury Rate Determination Date occurs provided, however, (A)
if the rate referred to above does not appear on Moneyline Telerate Page 7052,
then the Treasury Rate will be the one-week or one-month, as specified on the
face hereof or in the applicable pricing supplement attached hereto or delivered
herewith, average of the treasury constant maturity rate for the Designated CMT
Maturity Index for the week or month as applicable, preceding the Constant
Maturity Treasury Determination Date as published in the relevant H.15(519)
under the caption "Treasury Constant Maturities," or (B) if that rate does not
so appear in H.15(519), then the Treasury Rate will be the one-week or
one-month, as specified on the face hereof or in the applicable pricing
supplement attached hereto or delivered herewith, average of the constant
treasury maturity rate for the Designated CMT Maturity Index as otherwise
announced by the Federal Reserve Bank of New York for the week or month, as
applicable, ended immediately preceding the week or month, as applicable, in
which the Constant Maturity Treasury Rate Determination Date falls.

         The following procedures will be followed in the order set forth below
if the Treasury Rate cannot be determined as indicated in (1) or (2) above. If
such information, as applicable, is not so published, then the Treasury Rate on
the Constant Maturity Treasury Rate Determination Date will be calculated by the
Calculation Agent as follows. Such Treasury Rate will be a yield to maturity,
based on the arithmetic mean of the secondary market bid prices as of
approximately 3:30 P.M., New York City time, on the Constant Maturity Treasury
Rate Determination Date of three leading U.S. government securities dealers in
The City of New York selected by the Calculation Agent, one of which may be the
Agent, from five such dealers selected by the Calculation Agent and eliminating
the highest and lowest quotations, or in the event of equality, one of the
highest, and the lowest quotation, or, in the event of equality, one of the
lowest, for United States treasury securities ("Treasury Notes"), with an
original maturity of approximately the Designated CMT Maturity Index and a
remaining term to maturity of not less than such
<PAGE>
Designated CMT Maturity Index minus one year and in a principal amount that is
representative for a single transaction in the securities market at that time.

         If three or four, but not five, of such dealers provide quotations as
described above, then the Treasury Rate will be based on the arithmetic mean of
the bid prices obtained and neither the highest nor the lowest of such quotes
will be eliminated.

         If the Calculation Agent is unable to obtain three such Treasury Note
quotations, the Treasury Rate on the Constant Maturity Treasury Rate
Determination Date will be calculated by the Calculation Agent as follows. Such
Treasury Rate will be a yield to maturity based on the arithmetic mean of the
secondary market bid prices as of approximately 3:30 P.M., New York City time,
on the Constant Maturity Treasury Rate Determination Date reported, according to
their written records, by three leading U.S. government securities dealers in
the City of New York selected by the Calculation Agent for Treasury Notes with
an original maturity of the number of years that is the next highest to the
Designated CMT Maturity Index and a remaining maturity closest to the Index
Maturity specified on the face hereof or in the pricing supplement attached
hereto or delivered herewith, and in an amount that is representative for a
single transaction in that market at that time. The three government securities
dealers referenced above will be identified from five such dealers who are
selected by the calculation agent, one of which may be the agent, by eliminating
the dealers with the highest and lowest quotations, or in the event of equality,
one of the highest and/or lowest quotation, as the case may require.

         If two Treasury Notes with an original maturity, as described herein,
have remaining terms to maturity equally close to the Designated CMT Maturity
Index, the Calculation Agent will obtain quotations for the Treasury Note with
the shorter remaining term to maturity and will use such quotations to calculate
the Treasury Rate as set forth herein.

         If three or four, and not five, of such dealers are quoting as
described above, then the Treasury Rate will be based on the arithmetic mean of
the offer prices obtained and neither the highest nor the lowest of such quotes
will be eliminated. However, if fewer than three of such dealers selected by the
Calculation Agent provide quotations as described above, the Treasury Rate
determined as of the Constant Maturity Treasury Rate Determination Date will be
the Treasury Rate in effect on such Constant Maturity Treasury Rate
Determination Date.

         "Designated CMT Moneyline Telerate Page" means the display on the
Telerate Service, or any successor service on the page specified in the
applicable pricing supplement, or any other page as may replace such page on
that service, or any successor service, for the purpose of displaying Treasury
Constant Maturities as reported in H.15(519). If no such page is specified in
the applicable pricing supplement, the Designated CMT Moneyline Telerate Page
shall be 7052, for the most recent week.

         "Designated CMT Maturity Index" means the original period to maturity
of the U.S. Treasury securities, either one, two, three, five, seven, ten,
twenty or thirty years, specified in the applicable pricing supplement with
respect to which the Treasury Rate will be calculated. If no such maturity is
specified in the applicable pricing supplement, the Designated CMT Maturity
Index shall be two years.
<PAGE>
         "The Constant Maturity Treasury Rate Determination Date" shall be the
second Business Day prior to the Interest Reset Date for the applicable Interest
Reset Period.

Determination of Prime Rate

         Prime Rate Notes will bear interest at the interest rates (calculated
with reference to the Prime Rate and the Spread and/or Spread Multiplier, if
any) specified in the Prime Rate Notes and in the applicable pricing supplement.

         Unless otherwise indicated on the face hereof or in the pricing
supplement attached hereto or delivered herewith, the "Prime Rate" for each
Interest Reset Period will be determined by the Calculation Agent for such Prime
Rate Note as of the second Business Day prior to the Interest Reset Date for
such Interest Reset Period (a "Prime Rate Determination Date") and shall be the
rate made available and subsequently published on such date in H.15(519) under
the heading "Bank Prime Loan." The following procedures will be followed if the
Prime Rate cannot be determined as described above. If the above rate is not
published prior to 3:00 P.M., New York City time, on the related Calculation
Date, then the Prime Rate will be the rate on the Prime Rate Determination Date
as published in the H.15 Daily Update, or such other recognized electronic
source used for the purpose of displaying the applicable rate, under the heading
"Bank Prime Loan." In the event that such rate has not been published prior to
3:00 P.M., New York City time, on the Calculation Date, the Prime Rate will be
calculated by the Calculation Agent and will be the arithmetic mean of the rates
of interest publicly announced by each bank that appears on the Reuters Screen
USPRIME1 Page (as defined below) as such bank's prime rate or base lending rate
as of 11:00 A.M. New York City time, on the Prime Rate Determination Date. If
fewer than four such rates appear on the Reuters Screen USPRIME1 Page for the
Prime Rate Determination Date, the rate shall be the arithmetic mean of the
prime rates or base lending rates quoted on the basis of the actual number of
days in the year divided by 360 as of the close of business on the Prime Rate
Determination Date by three major banks in The City of New York selected by the
Calculation Agent. However, if the banks so selected by the Calculation Agent
are not quoting as mentioned in the previous sentence, the Prime Rate will be
the Prime Rate in effect on the Prime Rate Determination Date. "Reuters Screen
USPRIME1 Page" means the display designated as page "USPRIME1" on the Reuters
Monitor Money Rates Service (or such other page as may replace the USPRIME1 page
on that service for the purpose of displaying prime rates or base lending rates
of major United States banks).

Determination of Eleventh District Cost of Funds Rate

         Eleventh District Cost of Funds Rate Notes will bear interest at the
interest rates (calculated by reference to the Eleventh District Cost of Funds
Rate and the Spread and/or Spread Multiplier, if any) specified in the Eleventh
District Cost of Funds Rate Notes and in the applicable pricing supplement.

         Unless otherwise indicated on the face hereof or in the pricing
supplement attached hereto or delivered herewith, the "Eleventh District Cost of
Funds Rate," for each Interest Reset Period will be determined by the
Calculation Agent for such Eleventh District Cost of Funds Rate Note as of the
last working day of the month immediately prior to such Interest Reset Date for
such Interest Reset Period on which the Federal Home Loan Bank of San Francisco
(the
<PAGE>
"FHLB of San Francisco") publishes the Eleventh District Cost of Funds
Index (as defined below) (the "Eleventh District Cost of Funds Rate
Determination Date"), and shall be the rate equal to the monthly weighted
average cost of funds for the calendar month preceding such Eleventh District
Cost of Funds Rate Determination Date as set forth under the caption "Eleventh
District" on the Moneyline Telerate (or any successor service) on Page 7058 as
of 11:00 A.M., San Francisco time, on such Eleventh District Cost of Funds Rate
Determination Date.

         The following procedures will be followed if the Eleventh District Cost
of Funds Rate cannot be determined as described above. If such rate does not
appear on Moneyline Telerate Page (or any successor service) on 7058 on any
related Eleventh District Cost of Funds Rate Determination Date, the Eleventh
District Cost of Funds Rate for such Eleventh District Cost of Funds Rate
Determination Date shall be the monthly weighted average cost of funds paid by
member institutions of the Eleventh Federal Home Loan Bank District that was
most recently announced (the "Eleventh District Cost of Funds Rate Index") by
the FHLB of San Francisco as such cost of funds for the calendar month preceding
the date of such announcement. If the FHLB of San Francisco fails to announce
the Eleventh District Cost of Funds Index on or prior to the Eleventh District
Cost of Funds Rate Determination Date of the calendar month immediately
preceding that date, then the Eleventh District Cost of Funds Rate for such
Eleventh District Cost of Funds Rate Determination Date will be the Eleventh
District Cost of Funds Rate in effect on such Eleventh District Cost of Funds
Rate Determination Date.

Determination of EURIBOR

         If the Base Rate specified on the face hereof or in the pricing
supplement attached hereto or delivered herewith is EURIBOR, this Note will bear
interest for each Interest Reset Period at the interest rate calculated with
reference to EURIBOR and the Spread or Spread Multiplier, if any, specified on
the face hereof or in the pricing supplement attached hereto or delivered
herewith. "EURIBOR" for each Interest Reset Period will be determined by the
Calculation Agent as follows.

         On the second TARGET Business Day prior to the Interest Reset Date for
such Interest Reset Period (a "EURIBOR Determination Date"), the Calculation
Agent for such EURIBOR Note will determine the offered rates for deposits in
euros as sponsored, calculated and published jointly by the European Banking
Federation and ACI - The Financial Market Association, or any company
established by the joint sponsors for purposes of compiling and publishing those
rates, for the period of the index maturity specified on the face hereof or in
the pricing supplement attached hereto or delivered herewith, commencing on such
Interest Reset Date, which appears on the Designated EURIBOR Page as of 11:00
a.m., Brussels time, on such EURIBOR Determination Date. "Designated EURIBOR
Page" means the display designated as page "248" on the Telerate Service (or any
successor service or such other page as may replace page "248" on such service),
and EURIBOR for such Interest Reset Period will be the relevant offered rate as
determined by the Calculation Agent.

         If EURIBOR cannot be determined as described above (either because the
Designated EURIBOR Page is no longer available or because fewer than two offered
rates appear on the Designated EURIBOR Page on the EURIBOR Determination Date),
the Calculation Agent will determine "EURIBOR" as follows. The Calculation Agent
will request the principal Euro-zone
<PAGE>
(as defined below) office of each of four major banks in the Euro-zone interbank
market selected by the Calculation Agent to provide the Calculation Agent with
their respective offered quotations for deposits in euros for the period of the
Index Maturity specified on the face hereof or in the pricing supplement
attached hereto or delivered herewith, commencing on such Interest Reset Date,
to prime banks in the Euro-zone interbank market at approximately 11:00 a.m.,
Brussels time, on the EURIBOR Determination Date and such offered quotations
will be in a principal amount equal to an amount of at least $1,000,000 or its
approximate equivalent thereof in euros that is representative of a single
transaction in such market at such time. If two or more such quotations are
provided, "EURIBOR" for such Interest Reset Period will be the arithmetic mean
of such quotations. If less than two such quotations are provided, "EURIBOR" for
such Interest Reset Period will be the arithmetic mean of rates quoted by four
major banks in the Euro-zone selected by the Calculation Agent for such EURIBOR
Note at approximately 11:00 a.m., Brussels time, on the EURIBOR Determination
Date for loans in euros to leading European banks for the period of the Index
Maturity specified on the face hereof or in the pricing supplement attached
hereto or delivered herewith, commencing on such Interest Reset Date, and in a
principal amount equal to an amount of at least $1,000,000 or the approximate
equivalent thereof in euros that is representative of a single transaction in
such market at such time, provided, however, that if the banks so selected as
aforesaid by the Calculation Agent are not quoting rates as mentioned in this
sentence, "EURIBOR" for such Interest Reset Period will be the same as EURIBOR
for the immediately preceding Interest Reset Period (or, if there was no such
Interest Reset Period, the EURIBOR Rate will be the Initial Interest Rate).

         "Euro-zone" means the region comprised of member states of the European
Union that adopt the single currency in accordance with the treaty establishing
the European Community, as amended by the treaty on European Union.

Inverse Floating Rate Notes

         If this Note is designated as an Inverse Floating Rate Note on the face
hereof or in the pricing supplement attached hereto or delivered herewith, the
interest rate on such Inverse Floating Rate shall be equal to (i) in the case of
the period, if any, commencing on the Issue Date (or such other date which may
be specified on the face hereof or in the pricing supplement attached hereto or
delivered herewith as the date on which this Note shall begin to accrue
interest), up to the first Interest Reset Date, the Initial Fixed Interest Rate
shown above, and (ii) in the case of each period commencing on an Interest Reset
Date, the Reset Fixed Reference Rate shown above minus the interest rate
determined by reference to the Base Rate shown above, as adjusted by the Spread
or Spread Multiplier, if any, as determined in accordance with the provisions
hereof, provided, however, that on any Inverse Floating Rate Note the interest
rate thereon will not be less than zero.

Floating Rate/Fixed Rate Notes

         If this Note is designated as a Floating Rate/Fixed Rate Note, this
Note will be a Floating Rate note for a specified portion of its term and a
Fixed Rate Note for the remainder of its term, in which event the interest rate
on this Note will be determined as provided herein as if it were a Floating Rate
Note and a Fixed Rate Note hereunder for each such respective period, all as
described herein and in the applicable pricing supplement.

<PAGE>
Subsequent Interest Periods

      If so specified on the face hereof or in the pricing supplement attached
hereto or delivered herewith, the Spread or Spread Multiplier on this Note may
be reset by the Company on the date or dates specified on the face hereof or in
the pricing supplement attached hereto or delivered herewith (each an "Optional
Reset Date"). Not later than 40 days prior to each Optional Reset Date, the
Trustee will mail to the Holder of this Note a notice (the "Reset Notice"),
first class, postage prepaid, indicating whether the Company has elected to
reset the Spread or Spread Multiplier, and if so, (i) such new Spread or Spread
Multiplier and (ii) the provisions, if any, for redemption during the period
from such Optional Reset Date to the next Optional Reset Date, or, if there is
no such next Optional Reset Date, to the Stated Maturity of this Note (each such
period, a "Subsequent Interest Period"), including the date or dates on which or
the period or periods during which and the price or prices at which such
redemption may occur during the Subsequent Interest Period. Upon the transmittal
by the Trustee of a Reset Notice to the holder of a Note, such new interest rate
shall take effect automatically. Except as modified by the Reset Notice and as
described below, such Note will have the same terms as prior to the transmittal
of such Reset Notice. Notwithstanding the foregoing, not later than 20 days
prior to the Optional Reset Date, the Company may, at its option, revoke the
Spread or Spread Multiplier provided for in the Reset Notice and establish a
higher Spread or Spread Multiplier for the Subsequent Interest Period by causing
the Trustee to mail notice of such higher Spread or Spread Multiplier to the
Holder of this Note. Such notice shall be irrevocable. All Notes with respect to
which the Spread or Spread Multiplier is reset on an Optional Reset Date will
bear such higher Spread or Spread Multiplier whether or not tendered for
repayment.

      The Holder of this Note will have the option to elect repayment by the
Company on each Optional Reset Date at a price equal to the principal amount
hereof, plus interest accrued to such Optional Reset Date. In order to obtain
repayment on an Optional Reset Date, the Holder must follow the procedures set
forth below for optional repayment, except that the period for delivery or
notification to the Trustee shall be at least 25 but not more than 35 days prior
to such Optional Reset Date, and except that if the Holder has tendered this
Note for repayment pursuant to a Reset Notice, the Holder may, by written notice
to the Trustee, revoke such tender for repayment until the close of business on
the tenth day before the Optional Reset Date.

Indexed Notes

      If this Note is an Indexed Note, then certain or all interest payments, in
the case of an Indexed Rate Note, and/or the principal amount payable at Stated
Maturity or earlier redemption or retirement, in the case of an Indexed
Principal Note, is determined by reference to the amount designated on the face
hereof or in the pricing supplement attached hereto or delivered herewith as the
Face Amount of this Note and by reference to the Index as described on the face
hereof or in the pricing supplement attached hereto or delivered herewith. If
this Note is a Floating Rate Note or Indexed Rate Note that is also an Indexed
Principal Note, the amount of any interest payment will be determined by
reference to the Face Amount described on the face hereof or in the pricing
supplement attached hereto or delivered herewith unless otherwise specified. If
this Note is an Indexed Principal Note, the principal amount payable at Stated
Maturity or any earlier redemption or repayment of this Note may be different
from the Face Amount.

<PAGE>

      If a third party is appointed to calculate or announce the Index for a
particular Indexed Note and this third party either suspends the calculation or
announcement of such Index or changes the basis upon which such Index is
calculated, in a manner that is inconsistent with the applicable pricing
supplement, then the Company will select another third party to calculate or
announce the Index. The agent or another affiliate of the Company may be either
the original or successor third party selected by the Company.

      If for any reason such Index cannot be calculated on the same basis and
subject to the same conditions and controls as applied to the original third
party, then the indexed interest payments, if any, or any indexed principal
amount of such Indexed Note will be calculated in the manner set forth in the
applicable pricing supplement. Any determination by the selected third party
will be binding on all parties, except in the case of an obvious error.

Specified Currency

            If the Specified Currency is other than U.S. dollars, the amount of
any U.S. dollar payment to be made in respect hereof will be determined by the
Company or its agent based on the Specified Currency/U.S. dollar exchange rate
prevailing at 11:00 a.m., London time, on the second London Business Day prior
to the applicable payment date, or if an exchange rate bid quotation is not so
available, the Exchange Rate Agent shall obtain a bid quotation from a leading
foreign exchange bank in London selected by the Exchange Rate Agent after
consultation with the Company, for settlement on such payment date, of the
aggregate amount of the Specified Currency payable on such payment date in
respect of all Notes denominated in such Specified Currency. All currency
exchange costs will be borne by the Holders of such Notes by deductions from
such payments. If no such bid quotations are available, then such payments will
be made in the Specified Currency, unless the Specified Currency is unavailable
due to the imposition of exchange controls or to other circumstances beyond the
Company's control, in which case payment will be made as described in the next
paragraph.

Payments in Currencies Other than the Specified Currency

      Except as set forth below, if any payment in respect hereof is required to
be made in a Specified Currency other than U.S. dollars and such currency is (i)
unavailable due to the imposition of exchange controls or other circumstances
beyond the Company's control, (ii) is no longer used by the government of the
country issuing such currency or (iii) is no longer used for the settlement of
transactions by public institutions of or within the international banking
community, then such payment shall be made in U.S. dollars until such currency
is again available or so used. The amount so payable on any date in such foreign
currency shall be converted into U.S. dollars on the basis of the most recently
available Market Exchange Rate for such currency or as otherwise indicated on
the face hereof or in the pricing supplement attached hereto or delivered
herewith. Any payment made under such circumstances in U.S. dollars will not
constitute a Default under the Indenture.

      In the event of an official redenomination of the Specified Currency of
this Note (other than as a result of European Monetary Union, but including,
without limitation, an official redenomination of any such Specified Currency
that is a composite currency), the obligations of the Company with respect to
payments on this Note shall, in all cases, be deemed immediately

<PAGE>

following such redenomination to provide for the payment of that amount of
redenominated currency representing the amount of such obligations immediately
before such redenomination. This Note does not provide for any adjustment to any
amount payable under this Note as a result of (i) any change in the value of the
Specified Currency hereof relative to any other currency due solely to
fluctuations in exchange rates or (ii) any redenomination of any component
currency of any composite currency (unless such composite currency is itself
officially redenominated). If this Note is denominated in a currency of a
country participating in the European Monetary Union, the procedures described
in this paragraph shall not apply, and the obligations of the Company with
respect to payments on this Note shall instead be determined as set forth in the
following paragraph.

Dual Currency Notes

      If this Note is specified on the face hereof or in the pricing supplement
attached hereto or delivered herewith as a Dual Currency Note, the Company may
have a one time option, exercisable on one or more dates (each an "Option
Election Date") in whole, but not in part, with respect to all Dual Currency
Notes issued on the same day and having the same terms (a "Tranche"), of
thereafter making all payments of principal, premium, if any, and interest
(which payments would otherwise be made in the Specified Currency of such Notes)
in an optional currency (the "Optional Payment Currency"). Such option will be
exercisable in whole but not in part on an "Option Election Date," which will be
any one of the dates specified on the face hereof or in the pricing supplement
attached hereto or delivered herewith.

      If the Company makes such an election, the amount payable in the Optional
Payment Currency shall be determined using the Designated Exchange Rate
specified on the face hereof or in the pricing supplement attached hereto or
delivered herewith. If such election is made, notice of such election shall be
mailed in accordance with the terms of the applicable Tranche of Dual Currency
Notes within two Business Days of the Option Election Date and shall state (i)
the first date, whether an Interest Payment Date and/or Stated Maturity, on
which scheduled payments in the Optional Payment Currency will be made and (ii)
the Designated Exchange Rate. Any such notice by the Company, once given, may
not be withdrawn. The equivalent value in the Specified Currency of payments
made after such an election may be less, at the then current exchange rate, than
if the Company had made such payment in the Specified Currency.

Renewable Notes

      If this Note is specified on the face hereof or in the pricing supplement
attached hereto or delivered herewith as a Renewable Note, this Note will mature
on an Interest Payment Date occurring in or prior to the twelfth month following
the Original Issue Date of this Note (the "Initial Maturity Date") unless the
term of all or any portion of this Note is renewed in accordance with the
following procedures.

      On the Interest Payment Date occurring in the sixth month (unless a
different interval (the "Special Election Interval") is specified on the face
hereof or in the pricing supplement attached hereto or delivered herewith) prior
to the Initial Maturity Date of this Note (the "Initial Renewal Date") and on
the Interest Payment Date occurring in each sixth month (or in the last month of
each Special Election Interval) after such Initial Renewal Date (each, together
with the Initial

<PAGE>

Renewal Date, a "Renewal Date"), the term of this Note may be extended to the
Interest Payment Date occurring in the twelfth month (or, if a Special Election
Interval is specified on the face hereof or in the pricing supplement attached
hereto or delivered herewith, the last month in a period equal to twice the
Special Election Interval) after such Renewal Date, if the Holder of this Note
elects to extend the term of this Note or any portion thereof as described
below. If the Holder does not elect to extend the term of any portion of the
principal amount of this Note during the specified period prior to any Renewal
Date, such portion will become due and payable on the Interest Payment Date
occurring in the sixth month (or the last month in the Special Election
Interval) after such Renewal Date (the "New Maturity Date").

      The Holder may elect to renew the term of this Note, or if so specified,
any portion thereof, by delivering a notice to such effect to the Trustee (or
any duly appointed paying agent) at the corporate trust office of the Trustee or
agency of the Trustee in the City of New York not less than 15 nor more than 30
days prior to such Renewal Date, unless another period is specified on the face
hereof or in the pricing supplement attached hereto or delivered herewith. Such
election will be irrevocable and will be binding upon each subsequent Holder of
this Note. An election to renew the term of this Note may be exercised with
respect to less than the entire principal amount of this Note only if so
specified on the face hereof or in the pricing supplement attached hereto or
delivered herewith and then only in such principal amount, or any integral
multiple in excess of such amount, as is specified on the face hereof or in the
pricing supplement attached hereto or delivered herewith. Notwithstanding the
foregoing, the term of this Note may not be extended beyond the Stated Maturity
specified for this Note on the face hereof or in the pricing supplement attached
hereto or delivered herewith.

      If the Holder does not elect to renew the term, this Note must be
presented to the Trustee (or any duly appointed paying agent) and, as soon as
practicable following receipt of such Note the Trustee (or any duly appointed
paying agent) shall issue in exchange therefor in the name of such Holder (i) a
Note, in a principal amount equal to the principal amount of such exchanged Note
for which no election to renew the term thereof was exercised, with terms
identical to those specified on such exchanged Note (except that such Note shall
have a fixed, nonrenewable Stated Maturity on the New Maturity Date) and (ii) if
an election to renew is made with respect to less than the full principal amount
of such Holder's Note, the Trustee, or any duly appointed paying agent, shall
issue in exchange for such Note in the name of such holder, a replacement
Renewable Note, in a principal amount equal to the principal amount of such
exchanged Note for which the election to renew was made, with terms otherwise
identical to the exchanged Note.

Extension of Maturity

      If so specified on the face hereof or in the pricing supplement attached
hereto or delivered herewith, the Maturity of this Note may be extended at the
option of the Company for one or more periods of whole years specified on the
face hereof or in the pricing supplement attached hereto or delivered herewith
(each an "Extension Period") from one to five whole years, up to but not beyond,
the date (the "Final Maturity") set forth on the face hereof or in the pricing
supplement attached hereto or delivered herewith. The Company may exercise such
option by notifying the Trustee of this Note at least 45 but not more than 60
days prior to the old Stated Maturity of this Note. If the Company exercises
such option, the Trustee will mail to the Holder of this Note not later than 40
days prior to the old Stated Maturity a notice (the "Extension

<PAGE>

Notice") first class, postage prepaid indicating (i) the election of the Company
to extend the Stated Maturity, (ii) the new Stated Maturity, (iii) the Spread or
Spread Multiplier applicable to the Extension Period and (iv) the provisions, if
any, for redemption during such Extension Period including the date or dates on
which, or the period or periods during which and the price or prices at which
such redemption may occur during the extension period. Upon the Trustee's
mailing of the Extension Notice, the Stated Maturity of this Note shall be
extended automatically and, except as modified by the Extension Notice and as
described in the next paragraph, this Note will have the same terms as prior to
the mailing of such Extension Notice. Notwithstanding the foregoing, not later
than 20 days prior to the old Stated Maturity of this Note, the Company may, at
its option, revoke the Spread or Spread Multiplier provided for in the Extension
Notice and establish a higher Spread or Spread Multiplier for the Extension
Period by causing the Trustee to mail notice of such higher Spread or Spread
Multiplier, first class, postage prepaid to the Holder of this Note. Such notice
shall be irrevocable. All Notes with respect to which the Stated Maturity is
extended will bear such higher Spread or Spread Multiplier for the extension
period, whether or not tendered for repayment.

      If the Company extends the Stated Maturity of this Note, the Holder will
have the option to elect repayment of this Note by the Company on the old Stated
Maturity at a price equal to the principal amount hereof, plus interest accrued
to such date. In order to obtain repayment on such old Stated Maturity once the
Company has extended the Stated Maturity hereof, the Holder must follow the
procedures set forth below for optional repayment, except that the period for
delivery of this Note or notification to the Trustee shall be at least 25 but
not more than 35 days before the such old Stated Maturity, and except that if
the Holder has tendered this Note for repayment pursuant to an Extension Notice,
the Holder may, by written notice to the Trustee, revoke such tender for
repayment until the close of business on the tenth day before the old Stated
Maturity.

Optional Redemption, Repayment and Repurchase

      If so specified on the face hereof or in the pricing supplement attached
hereto or delivered herewith, the Company may, at its option, redeem this Note
in whole or in part, on the date or dates (each an "Optional Redemption Date")
specified herein, at the price (the "Redemption Price") (together with interest
accrued to such Optional Redemption Date) specified herein. Unless otherwise
stated on the face hereof or in the pricing supplement attached hereto or
delivered herewith, the Trustee shall mail to the Holder a notice of such
redemption first class, postage prepaid at least 30 days prior to the date of
redemption. Unless otherwise stated herein, the Company may exercise such option
with respect to a redemption of this Note in part only by notifying the Trustee
for this Note at least 45 days prior to any Optional Redemption Date. In the
event of redemption of this Note in part only, a new Note or Notes for the
unredeemed portion hereof will be issued to the Holder hereof upon the
cancellation hereof.

      If so specified on the face hereof or in the pricing supplement attached
hereto or delivered herewith, this Note will be repayable prior to Maturity at
the option of the Holder on the Optional Repayment Dates shown on the face
hereof or in the pricing supplement attached hereto or delivered herewith at the
Optional Repayment Prices shown on the face hereof or in the pricing supplement
attached hereto or delivered herewith, together with interest accrued to the
date of repayment. In order for this Note to be repaid, the Trustee must receive
at least 30 but not more than 45 days prior to an Optional Repayment Date (i)
this Note with the form below

<PAGE>

entitled "Option to Elect Repayment" duly completed, or (ii) a telegram, telex,
facsimile transmission or letter from a member of a national securities exchange
or the National Association of Securities Dealers, Inc. or a commercial bank or
trust company in the United States of America setting forth the name of the
Holder of this Note, the principal amount of the Note to be repaid, the
certificate number or a description of the tenor and terms of this Note, a
statement that the option to elect repayment is being exercised hereby and a
guarantee that this Note with the form below entitled "Option to Elect
Repayment" duly completed will be received by the Trustee not later than five
Business Days after the date of such telegram, telex, facsimile transmission or
letter. If the guarantee procedure described in clause (ii) of the preceding
sentence is followed, this Note with form duly completed must be received by the
Trustee by such fifth Business Day. Any tender of this Note for repayment
(except pursuant to a Reset Notice or an Extension Notice) shall be irrevocable.
The repayment option may be exercised by the Holder of this Note for less than
the entire principal amount of the Note, provided, that, the principal amount of
this Note remaining outstanding after repayment is an authorized denomination.
Upon such partial repayment, this Note shall be canceled and a new Note or Notes
for the remaining principal amount hereof shall be issued in the name of the
Holder of this Note.

      Unless otherwise specified on the face hereof or in the pricing supplement
attached hereto or delivered herewith, this Note will not be subject to any
sinking fund.

      Notwithstanding anything herein to the contrary, if this Note is an OID
Note (other than an Indexed Note), the amount payable in the event of redemption
or repayment prior to the Stated Maturity hereof (other than pursuant to an
optional redemption by the Company at a stated Redemption Price) shall be the
Amortized Face Amount of this Note as of the redemption date or the date of
repayment, as the case may be. The Amortized Face Amount of this Note on any
date shall be the amount equal to (i) the Issue Price set forth on the face
hereof or in the pricing supplement attached hereto or delivered herewith plus
(ii) that portion of the difference between such Issue Price and the stated
principal amount of such Note that has accrued by such date at (x) the Bond
Yield to Maturity set forth on the face hereof or in the pricing supplement
attached hereto or delivered herewith or (y) if so specified, the Bond Yield to
Call set forth on the face hereof or in the pricing supplement attached hereto
or delivered herewith (computed in each case in accordance with generally
accepted United States bond yield computation principles), provided, however,
that in no event shall the Amortized Face Amount of a Note exceed its stated
principal amount. The Bond Yield to Call listed on the face of this Note or in
the pricing supplement attached hereto or delivered herewith shall be computed
on the basis of the first occurring Optional Redemption Date with respect to
such Note and the amount payable on such Optional Redemption Date. In the event
that such Note is not redeemed on such first occurring Optional Redemption Date,
the Bond Yield to Call with respect to such Note shall be recomputed on such
Optional Redemption Date on the basis of the next occurring Optional Redemption
Date and the amount payable on such Optional Redemption Date, and shall continue
to be so recomputed on each succeeding Optional Redemption Date until the Note
is so redeemed.

      The Company may at any time purchase Notes at any price in the open market
or otherwise. Notes so purchased by the Company may, at the discretion of the
Company, be held or resold or surrendered to the Trustee for such Notes for
cancellation.

<PAGE>

Other Terms

      As provided in the Indenture and subject to certain limitations therein
set forth, this Note is exchangeable for a like aggregate principal amount of
Notes of different authorized denominations, as requested by the Person
surrendering the same.

      As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Note is registrable on the Security Register of
the Company, upon surrender of this Note for registration of transfer at the
office or agency of the Company in the Borough of Manhattan, the City and State
of New York, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Company, the Security Registrar and the
Trustee duly executed by the Holder hereof or his attorney duly authorized in
writing, and thereupon one or more new Notes of this series, of authorized
denominations and for the same aggregate principal amount, will be issued to the
designated transferee or transferees.

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

      Prior to due presentment of this 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 Holder 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.

      If an Event of Default with respect to the Debt Securities of this series
shall have occurred and be continuing, the principal of all the Debt Securities
of this series may be declared due and payable in this manner and with the
effect provided in the Indenture.

      In case this Note shall at any time become mutilated, destroyed, stolen or
lost and this Note or evidence of the loss, theft, or destruction hereof
(together with such indemnity and such other documents or proof as may be
required by the Company or the Trustee) shall be delivered to the principal
corporate trust office of the Trustee, a new Note of like tenor and principal
amount will be issued by the Company in exchange for, or in lieu of, this Note.
All expenses and reasonable charges associated with procuring such indemnity and
with the preparation, authentication and delivery of a new Note shall be borne
by the Holder of this Note.

      The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Debt Securities of each series to
be affected under the Indenture at any time by the Company and the Trustee with
the consent of the Holders of not less than a majority in aggregate principal
amount of Debt Securities at the time outstanding of each series to be affected.
The Indenture also contains provisions permitting the Holders of specified
percentages in aggregate principal amount of the Debt Securities of any series
at the time outstanding, on behalf of the Holders of all the Debt Securities of
such series, to waive compliance by the Company with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Holder of this Debt Security shall be
conclusive and binding upon such Holder and upon all future Holders of this Debt
Security and

<PAGE>

of any Debt Security issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof, whether or not notation of such consent or
waiver is made upon the Debt Security.

      Holders of Debt Securities may not enforce their rights pursuant to the
Indenture or the Note except as provided in the Indenture. 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 premium, if any) and interest on this Note at the
times, place and rate, and the coin or currency, herein prescribed.

      This Note shall be deemed to be a contract made and to be performed solely
in the State of New York and for all purposes be governed by, and construed in
accordance with, the laws of said State without regard to the conflicts of law
rules of said State.

      All terms used in this Note that are defined in the Indenture shall have
the meanings assigned to them in the Indenture.

                  (Remainder of Page Intentionally Left Blank)

<PAGE>

                                  ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this
instrument, shall be construed as though they were written out in full according
to applicable laws or regulations:

<TABLE>
<S>         <C>                                      <C>                   <C>
TEN COM     - as tenants in common                   UNIF GIFT MIN ACT     ____________Custodian____________
TEN ENT     - as tenants by the entireties                                   (Cust)              (Minor)
JT ENT      - as joint tenants with right of                               Under Uniform Gifts to Minors Act
              survivorship and not as tenants in                           _________________________________
              common                                                                    (State)
</TABLE>

     Additional abbreviations may also be used though not in the above list

                           -------------------------

                            OPTION TO ELECT REPAYMENT

            The undersigned hereby irrevocably requests and instructs the
Company to repay $      principal amount of the within Note, pursuant to its
terms, on the "Optional Repayment Date" first occurring after the date of
receipt of the within Note as specified below, together with interest thereon
accrued to the date of repayment, to the undersigned at:

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
           (Please Print or Type Name and Address of the Undersigned)

and to issue to the undersigned, pursuant to the terms of the Indenture, a new
Note or Notes representing the remaining principal amount of this Note.

      For this Option to Elect Repayment to be effective, this Note with the
Option to Elect Repayment duly completed must be received by the Company within
the relevant time period set forth above at its office or agency in the Borough
of Manhattan, the City and State of New York, located initially at the office of
the Trustee at 55 Water Street, 1st Floor, Jeanette Park Entrance, New York, New
York 10041, Attention: Global Corporate Trust Services.

Dated:                  ________________________________________________________
                        Note: The signature to this Option to Elect Repayment
                        must correspond with the name as written upon the face
                        of the within Note in every particular without
                        alteration or enlargement or any change whatsoever.

      FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto

Please Insert Social Security or Other
  Identifying Number of Assignee

--------------------------------------

--------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Please Print or Type Name and Address Including Zip Code of Assignee

________________________________________________________________________________
the within Note and all rights thereunder, hereby irrevocably constituting
and appointing ___________________________________________________
attorney to transfer such Note on the books of Citigroup Inc., with full
power of substitution in the premises.

Dated:  _____________   ________________________________________________________
                        Signature

                        --------------------------------------------------------
                        NOTICE: The signature to this assignment must correspond
                        with the name as it appears upon the face of the Note in
                        every particular, without alteration of enlargement or
                        any change whatsoever<PAGE>
                                                                    EXHIBIT 4.22

                        AMENDED AND RESTATED DECLARATION

                                    OF TRUST

                              CITIGROUP CAPITAL XI

                              Dated as of     , 20
<PAGE>
                                TABLE OF CONTENTS

<TABLE>
<S>                                                                                                              <C>
                                         ARTICLE I INTERPRETATION AND DEFINITIONS

SECTION 1.1 Definitions...........................................................................................1

                                              ARTICLE II TRUST INDENTURE ACT

SECTION 2.1 Trust Indenture Act; Application......................................................................7

SECTION 2.2 Lists of Holders of Securities........................................................................7

SECTION 2.3 Reports by the Institutional Trustee..................................................................7

SECTION 2.4 Periodic Reports to Institutional Trustee.............................................................8

SECTION 2.5 Evidence of Compliance with Conditions Precedent......................................................8

SECTION 2.6 Defaults; Waiver......................................................................................8

SECTION 2.7 Default; Notice.......................................................................................9

                                                 ARTICLE III ORGANIZATION

SECTION 3.1 Name.................................................................................................10

SECTION 3.2 Office...............................................................................................10

SECTION 3.3 Purpose..............................................................................................10

SECTION 3.4 Authority............................................................................................11

SECTION 3.5 Title to Property of the Trust.......................................................................11

SECTION 3.6 Powers and Duties of the Regular Trustees............................................................11

SECTION 3.7 Prohibition of Actions by the Trust and the Trustees.................................................14

SECTION 3.8 Powers and Duties of the Institutional Trustee.......................................................14

SECTION 3.9 Certain Duties and Responsibilities of the Institutional Trustee.....................................16

SECTION 3.10 Certain Rights of Institutional Trustee.............................................................17

SECTION 3.11 Delaware Trustee....................................................................................19

SECTION 3.12 Execution of Documents..............................................................................19

SECTION 3.13 Not Responsible for Recitals or Issuance of Securities..............................................20

SECTION 3.14 Duration of Trust...................................................................................20

SECTION 3.15 Mergers.............................................................................................20

                                                    ARTICLE IV SPONSOR

SECTION 4.1 Sponsor's Purchase of Common Securities..............................................................21

SECTION 4.2 Responsibilities of the Sponsor......................................................................22
</TABLE>

                                       i
<PAGE>
<TABLE>
<S>                                                                                                              <C>
                                                    ARTICLE V TRUSTEES

SECTION 5.1 Number of Trustees...................................................................................22

SECTION 5.2 Delaware Trustee.....................................................................................23

SECTION 5.3 Institutional Trustee; Eligibility...................................................................23

SECTION 5.4 Qualifications of Regular Trustees and Delaware Trustee Generally....................................24

SECTION 5.5 Initial Trustees; Additional Powers of Regular Trustees..............................................24

SECTION 5.6 Appointment, Removal and Resignation of Trustees.....................................................25

SECTION 5.7 Vacancies among Trustees.............................................................................26

SECTION 5.8 Effect of Vacancies..................................................................................27

SECTION 5.9 Meetings.............................................................................................27

SECTION 5.10 Delegation of Power.................................................................................27

SECTION 5.11 Merger, Conversion, Consolidation or Succession to Business.........................................27

                                                 ARTICLE VI DISTRIBUTIONS

SECTION 6.1 Distributions........................................................................................28

                                            ARTICLE VII ISSUANCE OF SECURITIES

SECTION 7.1 General Provisions Regarding Securities..............................................................28

                                             ARTICLE VIII TERMINATION OF TRUST

SECTION 8.1 Termination of Trust.................................................................................29

                                             ARTICLE IX TRANSFER OF INTERESTS

SECTION 9.1 Transfer of Securities...............................................................................30

SECTION 9.2 Transfer of Certificates.............................................................................30

SECTION 9.3 Deemed Security Holders..............................................................................31

SECTION 9.4 Book Entry Interests.................................................................................31

SECTION 9.5 Notices to Clearing Agency...........................................................................31

SECTION 9.6 Appointment of Successor Clearing Agency.............................................................32

SECTION 9.7 Definitive Capital Security Certificates.............................................................32

SECTION 9.8 Mutilated, Destroyed, Lost or Stolen Certificates....................................................32

                      ARTICLE X LIMITATION OF LIABILITY OF HOLDERS OF SECURITIES, TRUSTEES OR OTHERS

SECTION 10.1 Liability...........................................................................................33

SECTION 10.2 Exculpation.........................................................................................33

SECTION 10.3 Fiduciary Duty......................................................................................34

SECTION 10.4 Indemnification.....................................................................................34
</TABLE>

                                       ii
<PAGE>
<TABLE>
<S>                                                                                                              <C>
SECTION 10.5 Outside Businesses..................................................................................37

                                                   ARTICLE XI ACCOUNTING

SECTION 11.1 Fiscal Year.........................................................................................37

SECTION 11.2 Certain Accounting Matters..........................................................................38

SECTION 11.3 Banking.............................................................................................38

SECTION 11.4 Withholding.........................................................................................38

                                            ARTICLE XII AMENDMENTS AND MEETINGS

SECTION 12.1 Amendments..........................................................................................39

SECTION 12.2 Meetings of the Holders of Securities; Action by Written Consent....................................40

                        ARTICLE XIII REPRESENTATIONS OF INSTITUTIONAL TRUSTEE AND DELAWARE TRUSTEE

SECTION 13.1 Representations and Warranties of Institutional Trustee.............................................42

SECTION 13.2 Representations and Warranties of Delaware Trustee..................................................42

                                                 ARTICLE XIV MISCELLANEOUS

SECTION 14.1 Notices.............................................................................................43

SECTION 14.2 Governing Law.......................................................................................44

SECTION 14.3 Intention of the Parties............................................................................44

SECTION 14.4 Headings............................................................................................44

SECTION 14.5 Successors and Assigns..............................................................................45

SECTION 14.6 Partial Enforceability..............................................................................45

SECTION 14.7 Counterparts........................................................................................45
</TABLE>

<TABLE>
<S>             <C>                                                                         <C>
ANNEX I         TERMS OF SECURITIES .........................................................I-1
EXHIBIT A-1     FORM OF CAPITAL SECURITY CERTIFICATE........................................A1-1
EXHIBIT A-2     FORM OF COMMON SECURITY CERTIFICATE.........................................A2-1
EXHIBIT B       SPECIMEN OF DEBENTURE........................................................B-1
EXHIBIT C       UNDERWRITING AGREEMENT.......................................................C-1
</TABLE>

                                      iii
<PAGE>
                             CROSS-REFERENCE TABLE*

<TABLE>
<CAPTION>
Section of
Trust Indenture Act
of 1939, as amended                                                        Section of Declaration
-------------------                                                        ----------------------
<S>                                                                        <C>
310(a).....................................................................................5.3(a)
310(c)...............................................................................Inapplicable
311(c)...............................................................................Inapplicable
312(a).....................................................................................2.2(a)
312(b).....................................................................................2.2(b)
313...........................................................................................2.3
314(a)........................................................................................2.4
314(b)...............................................................................Inapplicable
314(c)........................................................................................2.5
314(d)...............................................................................Inapplicable
314(f)...............................................................................Inapplicable
315(a).....................................................................................3.9(b)
315(c).....................................................................................3.9(a)
315(d).....................................................................................3.9(a)
316(a)....................................................................................Annex I
316(c).....................................................................................3.6(e)
</TABLE>

----------

*     This Cross-Reference Table does not constitute part of the Declaration and
      shall not affect the interpretation of any of its terms or provisions.

                                       iv
<PAGE>
                              AMENDED AND RESTATED

                              DECLARATION OF TRUST

                                       OF

                              CITIGROUP CAPITAL XI

                                            , 20

            AMENDED AND RESTATED DECLARATION OF TRUST ("Declaration") dated and
effective as of      , 20 , by the Trustees (as defined herein), the Sponsor (as
defined herein) and by the holders, from time to time, of undivided beneficial
interests in the Trust to be issued pursuant to this Declaration;

            WHEREAS, the Trustees and the Sponsor established Citigroup Capital
XI (the "Trust"), a trust under the Statutory Trust Act (as defined herein)
pursuant to a Declaration of Trust dated as of December 7, 1998 (the "Original
Declaration") and a Certificate of Trust filed with the Secretary of State of
the State of Delaware on December 7, 1998, for the sole purpose of issuing and
selling certain securities representing undivided beneficial interests in the
assets of the Trust and investing the proceeds thereof in certain Debentures of
the Debenture Issuer;

            WHEREAS, as of the date hereof, no interests in the Trust have been
issued;

            WHEREAS, all of the Trustees and the Sponsor, by this Declaration,
amend and restate each and every term and provision of the Original Declaration;
and

            NOW, THEREFORE, it being the intention of the parties hereto to
continue the Trust as a statutory trust under the Statutory Trust Act and that
this Declaration constitute the governing instrument of such statutory trust,
the Trustees declare that all assets contributed to the Trust will be held in
trust for the benefit of the holders, from time to time, of the securities
representing undivided beneficial interests in the assets of the Trust issued
hereunder, subject to the provisions of this Declaration.

                                    ARTICLE I
                         INTERPRETATION AND DEFINITIONS

SECTION 1.1 Definitions.

            Unless the context otherwise requires:

            (a) Capitalized terms used in this Declaration but not defined in
the preamble above have the respective meanings assigned to them in this Section
1.1;
<PAGE>
            (b) a term defined anywhere in this Declaration has the same meaning
throughout;

            (c) all references to "the Declaration" or "this Declaration" are to
this Declaration as modified, supplemented or amended from time to time;

            (d) all references in this Declaration to Articles and Sections and
Annexes and Exhibits are to Articles and Sections of and Annexes and Exhibits to
this Declaration unless otherwise specified;

            (e) a term defined in the Trust Indenture Act has the same meaning
when used in this Declaration unless otherwise defined in this Declaration or
unless the context otherwise requires; and

            (f) a reference to the singular includes the plural and vice versa.

            "Affiliate" has the same meaning as given to that term in Rule 405
of the Securities Act or any successor rule thereunder.

            "Authorized Officer" of a Person means any Person that is authorized
to bind such Person.

            "Book Entry Interest" means a beneficial interest in a Global
Certificate, ownership and transfers of which shall be maintained and made
through book entries by a Clearing Agency as described in Section 9.4.

            "Business Day" means any day other than a Saturday, Sunday or a day
on which banking institutions in the City of New York, New York are permitted or
required by any applicable law to close.

            "Capital Securities Guarantee" means the guarantee agreement dated
as of     , 20 , of the Sponsor in respect of the Capital Securities.

            "Capital Security" has the meaning specified in Section 7.1.

            "Capital Security Beneficial Owner" means, with respect to a Book
Entry Interest, a Person who is the beneficial owner of such Book Entry
Interest, as reflected on the books of the Clearing Agency, or on the books of a
Person maintaining an account with such Clearing Agency (directly as a Clearing
Agency Participant or as an indirect participant, in each case in accordance
with the rules of such Clearing Agency).

            "Capital Security Certificate" means a certificate representing a
Capital Security substantially in the form of Exhibit A-1.

            "Certificate" means a Common Security Certificate or a Capital
Security Certificate.

            "Citigroup" means Citigroup Inc., a Delaware corporation.

                                       2
<PAGE>
            "Clearing Agency" means an organization registered as a "Clearing
Agency" pursuant to Section 17A of the Exchange Act that is acting as depositary
for the Capital Securities and in whose name or in the name of a nominee of that
organization shall be registered a Global Certificate and which shall undertake
to effect book entry transfers and pledges of the Capital Securities.

            "Clearing Agency Participant" means a broker, dealer, bank, other
financial institution or other Person for whom from time to time the Clearing
Agency effects book entry transfers and pledges of securities deposited with the
Clearing Agency.

            "Closing Date" means     , 20 .

            "Code" means the Internal Revenue Code of 1986, as amended from time
to time, or any successor legislation.

            "Commission" means the Securities and Exchange Commission.

            "Common Security" has the meaning specified in Section 7.1.

            "Common Security Certificate" means a definitive certificate in
fully registered form representing a Common Security substantially in the form
of Exhibit A-2.

            "Company Indemnified Person" means (a) any Regular Trustee; (b) any
Affiliate of any Regular Trustee; (c) any officers, directors, shareholders,
members, partners, employees, representatives or agents of any Regular Trustee;
or (d) any officer, employee or agent of the Trust or its Affiliates.

            "Corporate Trust Office" means the office of the Institutional
Trustee at which the corporate trust business of the Institutional Trustee
shall, at any particular time, be principally administered, which office at the
date of execution of this Declaration is located at 4 New York Plaza - 15th
Floor, New York, New York 10004.

            "Covered Person" means: (a) any officer, director, shareholder,
partner, member, representative, employee or agent of (i) the Trust or (ii) the
Trust's Affiliates; and (b) any Holder of Securities.

            "Debenture Issuer" means Citigroup Inc. (or the Sponsor) in its
capacity as issuer of the Debentures under the Indenture.

            "Debenture Trustee" means JPMorgan Chase Bank (formerly known as The
Chase Manhattan Bank), as trustee under the Indenture until a successor is
appointed thereunder, and thereafter means such successor trustee.

            "Debentures" means the series of Debentures to be issued by the
Debenture Issuer under the Indenture to be held by the Institutional Trustee, a
specimen certificate for such series of Debentures being Exhibit B.

                                       3
<PAGE>
            "Default" in respect of the Securities means a Default (as defined
in the Indenture) has occurred and is continuing in respect of the Debentures.

            "Definitive Capital Security Certificates" has the meaning set forth
in Section 9.4.

            "Delaware Trustee" has the meaning set forth in Section 5.2.

            "Distribution" has the meaning set forth in Section 6.1.

            "DTC" means the Depository Trust Company, the initial Clearing
Agency.

            "Exchange Act" means the Securities Exchange Act of 1934, as amended
from time to time, or any successor legislation.

            "Fiduciary Indemnified Person" has the meaning set forth in Section
10.4(b).

            "Global Certificate" has the meaning set forth in Section 9.4.

            "Holder" means a Person in whose name a Certificate representing a
Security is registered, such Person being a beneficial owner within the meaning
of the Statutory Trust Act.

            "Indemnified Person" means a Company Indemnified Person or a
Fiduciary Indemnified Person.

            "Indenture" means the Indenture dated as of July 23, 2004, between
the Debenture Issuer and the Debenture Trustee, pursuant to which the Debentures
are to be issued.

            "Institutional Trustee" means the Trustee meeting the eligibility
requirements set forth in Section 5.3.

            "Institutional Trustee Account" has the meaning set forth in Section
3.8(c).

            "Investment Company" means an investment company as defined in the
Investment Company Act.

            "Investment Company Act" means the Investment Company Act of 1940,
as amended from time to time, or any successor legislation.

            "Investment Company Event" has the meaning set forth in Annex I
hereto.

            "Legal Action" has the meaning set forth in Section 3.6(g).

            "Majority in liquidation amount of the Securities" means, except as
provided in the terms of the Capital Securities or by the Trust Indenture Act,
Holder(s) of outstanding Securities voting together as a single class or, as the
context may require, Holders of outstanding Capital Securities or Holders of
outstanding Common Securities voting separately as a class, who are the record
owners of an aggregate liquidation amount representing more than 50% of the
aggregate liquidation amount (including the stated amount that would be paid on
redemption,

                                       4
<PAGE>
liquidation or otherwise, plus accrued and unpaid Distributions to the date upon
which the voting percentages are determined) of all outstanding Securities of
the relevant class.

            "Ministerial Action" has the meaning set forth in the terms of the
Securities as set forth in Annex I.

            "Officers' Certificate" means, with respect to any Person, a
certificate signed by two Authorized Officers of such Person. Any Officers'
Certificate delivered with respect to compliance with a condition or covenant
provided for in this Declaration shall include:

            (a) a statement that each officer signing the Officers' Certificate
has read the covenant or condition and the definitions relating thereto;

            (b) a brief statement of the nature and scope of the examination or
investigation undertaken by each officer in rendering the Officers' Certificate;

            (c) a statement that each such officer has made such examination or
investigation as, in such officer's opinion, is necessary to enable such officer
to express an informed opinion as to whether or not such covenant or condition
has been complied with; and

            (d) a statement as to whether, in the opinion of each such officer,
such condition or covenant has been complied with.

            "Paying Agent" has the meaning specified in Section 3.8(h).

            "Payment Amount" has the meaning specified in Section 6.1.

            "Person" means a legal person, including any individual,
corporation, estate, partnership, joint venture, association, joint stock
company, limited liability company, trust, unincorporated association, or
government or any agency or political subdivision thereof, or any other entity
of whatever nature.

            "Quorum" means any one Regular Trustee or, if there is only one
Regular Trustee, such Regular Trustee.

            "Regular Trustee" has the meaning specified in Section 5.1.

            "Regulatory Capital Event" has the meaning set forth in Annex I
hereto.

            "Related Party" means, with respect to the Sponsor, any direct or
indirect wholly owned subsidiary of the Sponsor or any other Person that owns,
directly or indirectly, 100% of the outstanding voting securities of the
Sponsor.

            "Responsible Officer" means, with respect to the Institutional
Trustee, any officer within the Corporate Trust Office of the Institutional
Trustee with direct responsibility for the administration of this Declaration
and also means, with respect to a particular corporate trust matter, any other
officer to whom such matter is referred because of that officer's knowledge of
and familiarity with the particular subject.

                                       5
<PAGE>
            "Rule 3a-5" means Rule 3a-5 under the Investment Company Act.

            "Securities" means the Common Securities and the Capital Securities.

            "Securities Act" means the Securities Act of 1933, as amended from
time to time, or any successor legislation.

            "Special Event" has the meaning set forth in Annex I hereto.

            "Sponsor" means Citigroup Inc. or any successor entity in a merger,
consolidation or amalgamation, in its capacity as sponsor of the Trust.

            "Statutory Trust Act" means Chapter 38 of Title 12 of the Delaware
Code, 12 Del. Code Section 3801 et seq., as it may be amended from time to time,
or any successor legislation.

            "Successor Delaware Trustee" has the meaning set forth in Section
5.6.

            "Successor Entity" has the meaning set forth in Section 3.15(b).

            "Successor Institutional Trustee" has the meaning set forth in
Section 5.6.

            "Successor Securities" has the meaning set forth in Section 3.15(b).

            "Super Majority" has the meaning set forth in Section 2.6(a)(ii).

            "Tax Event" has the meaning set forth in Annex I hereto.

            "10% in liquidation amount of the Securities" means, except as
provided in the terms of the Capital Securities or by the Trust Indenture Act,
Holder(s) of outstanding Securities voting together as a single class or, as the
context may require, Holders of outstanding Capital Securities or Holders of
outstanding Common Securities voting separately as a class, who are the record
owners of an aggregate liquidation amount representing 10% or more of the
aggregate liquidation amount (including the stated amount that would be paid on
redemption, liquidation or otherwise, plus accrued and unpaid Distributions to
the date upon which the voting percentages are determined) of all outstanding
Securities of the relevant class.

            "Treasury Regulations" means the income tax regulations, including
temporary and proposed regulations, promulgated under the Code by the United
States Treasury, as such regulations may be amended from time to time (including
corresponding provisions of succeeding regulations).

            "Trustee" or "Trustees" means each Person who has signed this
Declaration as a trustee, so long as such Person shall continue in office in
accordance with the terms hereof, and all other Persons who may from time to
time be duly appointed, qualified and serving as Trustees in accordance with the
provisions hereof, and references herein to a Trustee or the Trustees shall
refer to such Person or Persons solely in their capacity as trustees hereunder.

                                       6
<PAGE>
            "Trust Indenture Act" means the Trust Indenture Act of 1939, as
amended from time to time, or any successor legislation.

            "Underwriting Agreement" means the Underwriting Agreement for the
offering and sale of Capital Securities in the form of Exhibit C.

                                   ARTICLE II
                               TRUST INDENTURE ACT

SECTION 2.1 Trust Indenture Act; Application.

            (a) This Declaration is subject to the provisions of the Trust
Indenture Act that are required to be part of this Declaration and shall, to the
extent applicable, be governed by such provisions.

            (b) The Institutional Trustee shall be the only Trustee that is a
Trustee for the purposes of the Trust Indenture Act.

            (c) If and to the extent that any provision of this Declaration
limits, qualifies or conflicts with the duties imposed by Sections 310 to
317, inclusive, of the Trust Indenture Act, such imposed duties shall control.

            (d) The application of the Trust Indenture Act to this Declaration
shall not affect the nature of the Securities as equity securities representing
undivided beneficial interests in the assets of the Trust.

SECTION 2.2 Lists of Holders of Securities.

            (a) Each of the Sponsor and the Regular Trustees on behalf of the
Trust shall provide the Institutional Trustee (i) within 14 days after each
record date for payment of Distributions, a list, in such form as the
Institutional Trustee may reasonably require, of the names and addresses of the
Holders of the Securities ("List of Holders") as of such record date, provided,
that neither the Sponsor nor the Regular Trustees on behalf of the Trust shall
be obligated to provide such List of Holders at any time the List of Holders
does not differ from the most recent List of Holders given to the Institutional
Trustee by the Sponsor and the Regular Trustees on behalf of the Trust, and (ii)
at any other time, within 30 days of receipt by the Trust of a written request
for a List of Holders as of a date no more than 14 days before such List of
Holders is given to the Institutional Trustee. The Institutional Trustee shall
preserve, in as current a form as is reasonably practicable, all information
contained in Lists of Holders given to it or which it receives in the capacity
as Paying Agent (if acting in such capacity), provided, that the Institutional
Trustee may destroy any List of Holders previously given to it on receipt of a
new List of Holders.

            (b) The Institutional Trustee shall comply with its obligations
under Sections 311(a), 311(b) and 312(b) of the Trust Indenture Act.

SECTION 2.3 Reports by the Institutional Trustee.

                                       7
<PAGE>
            Within 60 days after May 15 of each year, the Institutional Trustee
shall provide to the Holders of the Capital Securities such reports as are
required by Section 313 of the Trust Indenture Act, if any, in the form and in
the manner provided by Section 313 of the Trust Indenture Act. The Institutional
Trustee shall also comply with the requirements of Section 313(d) of the Trust
Indenture Act.

SECTION 2.4 Periodic Reports to Institutional Trustee.

            Each of the Sponsor and the Regular Trustees on behalf of the Trust
shall provide to the Institutional Trustee such documents, reports and
information as required by Section 314 of the Trust Indenture Act (if any) and
the compliance certificate required by Section 314 of the Trust Indenture Act in
the form, in the manner and at the times required by Section 314 of the Trust
Indenture Act.

SECTION 2.5 Evidence of Compliance with Conditions Precedent.

            Each of the Sponsor and the Regular Trustees on behalf of the Trust
shall provide to the Institutional Trustee such evidence of compliance with any
conditions precedent provided for in this Declaration that relate to any of the
matters set forth in Section 314(c) of the Trust Indenture Act. Any certificate
or opinion required to be given by an officer pursuant to Section 314(c)(1) of
the Trust Indenture Act may be given in the form of an Officers' Certificate.

SECTION 2.6 Defaults; Waiver.

            (a) The Holders of a Majority in liquidation amount of Capital
Securities may, by vote, on behalf of the Holders of all of the Capital
Securities, waive any past Default in respect of the Capital Securities and its
consequences, provided, that if the underlying Default under the Indenture:

            (i) is not waivable under the Indenture, the Default under the
      Declaration shall also not be waivable; or

            (ii) is waivable only with the consent of holders of more than a
      majority in principal amount of the Debentures (a "Super Majority")
      affected thereby, only the Holders of at least the proportion in aggregate
      liquidation amount of the Capital Securities that the relevant Super
      Majority represents of the aggregate principal amount of the Debentures
      outstanding may waive such Default in respect of the Capital Securities
      under the Declaration.

The foregoing provisions of this Section 2.6(a) shall be in lieu of Section
316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the
Trust Indenture Act is hereby expressly excluded from this Declaration and the
Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such
default shall cease to exist, and any Default with respect to the Capital
Securities arising therefrom shall be deemed to have been cured, for every
purpose of this Declaration, but no such waiver shall extend to any subsequent
or other default or a Default with respect to the Capital Securities or impair
any right consequent thereon. Any waiver by the Holders of the Capital
Securities of a Default with respect to the Capital Securities shall also be
deemed to constitute a waiver by the Holders of the Common Securities of any
such Default with

                                       8
<PAGE>
respect to the Common Securities for all purposes of this Declaration without
any further act, vote, or consent of the Holders of the Common Securities.

            (b) The Holders of a Majority in liquidation amount of the Common
Securities may, by vote, on behalf of the Holders of all of the Common
Securities, waive any past Default with respect to the Common Securities and its
consequences, provided, that if the underlying Default under the Indenture:

            (i) is not waivable under the Indenture, except where the Holders of
      the Common Securities are deemed to have waived such Default under the
      Declaration as provided in this Section 2.6(b), the Default under the
      Declaration shall also not be waivable; or

            (ii) is waivable only with the consent of a Super Majority, except
      where the Holders of the Common Securities are deemed to have waived such
      Default under the Declaration as provided in this Section 2.6(b), only the
      Holders of at least the proportion in aggregate liquidation amount of the
      Common Securities that the relevant Super Majority represents of the
      aggregate principal amount of the Debentures outstanding may waive such
      Default in respect of the Common Securities under the Declaration;

provided, further each Holder of Common Securities will be deemed to have waived
any such Default and all Defaults with respect to the Common Securities and its
consequences until all Defaults with respect to the Capital Securities have been
cured, waived or otherwise eliminated, and until such Defaults with respect to
the Capital Securities have been so cured, waived or otherwise eliminated, the
Institutional Trustee will be deemed to be acting solely on behalf of the
Holders of the Capital Securities and only the Holders of the Capital Securities
will have the right to direct the Institutional Trustee in accordance with the
terms of the Securities. The foregoing provisions of this Section 2.6(b) shall
be in lieu of Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust
Indenture Act and such Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust
Indenture Act are hereby expressly excluded from this Declaration and the
Securities, as permitted by the Trust Indenture Act. Subject to the foregoing
provisions of this Section 2.6(b), upon the waiver of a Default by the Holders
of a Majority in liquidation amount of the Common Securities, any such default
shall cease to exist and any Default with respect to the Common Securities
arising therefrom shall be deemed to have been cured for every purpose of this
Declaration, but no such waiver shall extend to any subsequent or other default
or Default with respect to the Common Securities or impair any right consequent
thereon.

            (c) A waiver of a Default under the Indenture by the Institutional
Trustee at the direction of the Holders of the Capital Securities, constitutes a
waiver of the corresponding Default under this Declaration. The foregoing
provisions of this Section 2.6(c) shall be in lieu of Section 316(a)(1)(B) of
the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act
is hereby expressly excluded from this Declaration and the Securities, as
permitted by the Trust Indenture Act.

SECTION 2.7 Default; Notice.

                                       9
<PAGE>
            (a) The Institutional Trustee shall, within 90 days after the
occurrence of a Default, transmit by mail, first class postage prepaid, to the
Holders of the Securities, notices of (i) all defaults with respect to the
Securities actually known to a Responsible Officer of the Institutional Trustee,
unless such defaults have been cured before the giving of such notice (the term
"defaults" for the purposes of this Section 2.7(a) being hereby defined to be a
Default as defined in the Indenture, not including any periods of grace provided
for therein and irrespective of the giving of any notice provided therein) and
(ii) any notice of default received from the Indenture Trustee with respect to
the Debentures, which notice from the Institutional Trustee to the Holders shall
state that a Default under the Indenture also constitutes a Default with respect
to the Securities; provided that, except for a default in the payment of
principal of (or premium, if any) or interest on any of the Debentures or in the
payment of any sinking fund installment established for the Debentures, the
Institutional Trustee shall be protected in withholding such notice if and so
long as a Responsible Officer of the Institutional Trustee in good faith
determines that the withholding of such notice is in the interests of the
Holders of the Securities.

            (b) The Institutional Trustee shall not be deemed to have knowledge
of any default except:

            (i) a default under Sections 5.7(b) and 5.7(c) of the Indenture; or

            (ii) any default as to which the Institutional Trustee shall have
      received written notice or of which a Responsible Officer of the
      Institutional Trustee charged with the administration of the Declaration
      shall have actual knowledge.

                                   ARTICLE III
                                  ORGANIZATION

SECTION 3.1 Name.

            The Trust is named "Citigroup Capital XI," as such name may be
modified from time to time by the Regular Trustees following written notice to
the Institutional Trustee, the Delaware Trustee and the Holders of Securities.
The Trust's activities may be conducted under the name of the Trust or any other
name deemed advisable by the Regular Trustees.

SECTION 3.2 Office.

            The address of the principal office of the Trust is c/o Citigroup
Inc., 399 Park Avenue, New York, NY 10043. On ten Business Days written notice
to the Institutional Trustee, the Delaware Trustee and the Holders of
Securities, the Regular Trustees may designate another principal office.

SECTION 3.3 Purpose.

            The exclusive purposes and functions of the Trust are (a) to issue
and sell Securities and use the proceeds from such sale to acquire the
Debentures, and (b) except as otherwise limited herein, to engage in only those
other activities necessary, or incidental thereto.

                                       10
<PAGE>
The Trust shall not borrow money, issue debt or reinvest proceeds derived from
investments, pledge any of its assets, or otherwise undertake (or permit to be
undertaken) any activity that would cause the Trust not to be classified for
United States federal income tax purposes as a grantor trust.

SECTION 3.4 Authority.

            Subject to the limitations provided in this Declaration and to the
specific duties of the Institutional Trustee, the Regular Trustees shall have
exclusive and complete authority to carry out the purposes of the Trust. An
action taken by the Regular Trustees in accordance with their powers shall
constitute the act of and serve to bind the Trust and an action taken by the
Institutional Trustee on behalf of the Trust in accordance with its powers shall
constitute the act of and serve to bind the Trust. In dealing with the Trustees
acting on behalf of the Trust, no person shall be required to inquire into the
authority of the Trustees to bind the Trust. Persons dealing with the Trust are
entitled to rely conclusively on the power and authority of the Trustees as set
forth in this Declaration.

SECTION 3.5 Title to Property of the Trust.

            Except as provided in Section 3.8 with respect to the Debentures and
the Institutional Trustee Account or as otherwise provided in this Declaration,
legal title to all assets of the Trust shall be vested in the Trust. The Holders
shall not have legal title to any part of the assets of the Trust, but shall
have an undivided beneficial interest in the assets of the Trust.

SECTION 3.6 Powers and Duties of the Regular Trustees.

            The Regular Trustees shall have the exclusive power, duty and
authority to cause the Trust to engage in the following activities:

            (a) to issue and sell the Capital Securities and the Common
Securities in accordance with this Declaration; provided, however, that the
Trust may issue no more than one series of Capital Securities and no more than
one series of Common Securities, and, provided further, that there shall be no
interests in the Trust other than the Securities, and the issuance of Securities
shall be limited to a simultaneous issuance of both Capital Securities and
Common Securities on the Closing Date;

            (b) in connection with the issue and sale of the Capital Securities,
at the direction of the Sponsor, to:

            (i) execute and file with the Commission on behalf of the Trust a
      registration statement on Form S-3 or on another appropriate form, or a
      registration statement under Rule 462(b) of the Securities Act, in each
      case prepared by the Sponsor, including any pre-effective or
      post-effective amendments thereto, relating to the registration under the
      Securities Act of the Capital Securities;

            (ii) execute and file any documents prepared by the Sponsor, or take
      any acts as determined by the Sponsor to be necessary in order to qualify
      or register all or part of

                                       11
<PAGE>
      the Capital Securities in any State in which the Sponsor has determined to
      qualify or register such Capital Securities for sale;

            (iii) execute and file an application, prepared by the Sponsor, to
      the New York Stock Exchange, Inc., any other national stock exchange or
      the Nasdaq National Market for listing upon notice of issuance of any
      Capital Securities;

            (iv) execute and file with the Commission on behalf of the Trust a
      registration statement on Form 8-A, prepared by the Sponsor, including any
      pre-effective or post-effective amendments thereto, relating to the
      registration of the Capital Securities under Section 12(b) of the Exchange
      Act; and

            (v) deliver the Underwriting Agreement providing for the sale of the
      Capital Securities;

            (c) to acquire the Debentures with the proceeds of the sale of the
Capital Securities and the Common Securities; provided, however, that the
Regular Trustees shall cause legal title to the Debentures to be held of record
in the name of the Institutional Trustee for the benefit of the Holders of the
Capital Securities and the Holders of Common Securities;

            (d) to give the Sponsor and the Institutional Trustee prompt written
notice of the occurrence of a Special Event; provided, that the Regular Trustees
shall consult with the Sponsor and the Institutional Trustee before taking or
refraining from taking any Ministerial Action in relation to a Special Event;

            (e) to establish a record date with respect to all actions to be
taken hereunder that require a record date be established, including and with
respect to, for the purposes of Section 316(c) of the Trust Indenture Act,
Distributions, voting rights, redemptions and exchanges, and to issue relevant
notices to the Holders of Capital Securities and Holders of Common Securities as
to such actions and applicable record dates;

            (f) to take all actions and perform such duties as may be required
of the Regular Trustees pursuant to the terms of the Securities;

            (g) to bring or defend, pay, collect, compromise, arbitrate, resort
to legal action, or otherwise adjust claims or demands of or against the Trust
("Legal Action"), unless pursuant to Section 3.8(e), the Institutional Trustee
has the exclusive power to bring such Legal Action;

            (h) to employ or otherwise engage employees and agents (who may be
designated as officers with titles) and managers, contractors, advisors, and
consultants and pay reasonable compensation for such services;

            (i) to cause the Trust to comply with the Trust's obligations under
the Trust Indenture Act;

            (j) to give the certificate required by Section 314(a)(4) of the
Trust Indenture Act to the Institutional Trustee, which certificate may be
executed by any Regular Trustee;

                                       12
<PAGE>
            (k) to incur expenses that are necessary or incidental to carry out
any of the purposes of the Trust;

            (l) to act as, or appoint another Person to act as, registrar and
transfer agent for the Securities;

            (m) to give prompt written notice to the Holders of the Securities
of any notice received from the Debenture Issuer of its election to defer
payments of interest on the Debentures by extending the interest payment period
under the Indenture;

            (n) to take all action that may be necessary or appropriate for the
preservation and the continuation of the Trust's valid existence, rights,
franchises and privileges as a statutory statutory trust under the laws of the
State of Delaware and of each other jurisdiction in which such existence is
necessary to protect the limited liability of the Holders of the Capital
Securities or to enable the Trust to effect the purposes for which the Trust was
created;

            (o) to take any action, not inconsistent with this Declaration or
with applicable law, that the Regular Trustees determine in their discretion to
be necessary or desirable in carrying out the activities of the Trust as set out
in this Section 3.6, including, but not limited to:

            (i) causing the Trust not to be deemed to be an Investment Company
      required to be registered under the Investment Company Act;

            (ii) causing the Trust to be classified for United States federal
      income tax purposes as a grantor trust; and

            (iii) cooperating with the Debenture Issuer to ensure that the
      Debentures will be treated as indebtedness of the Debenture Issuer for
      United States federal income tax purposes;

provided, that any such action does not adversely affect the interests of
Holders;

            (p) to take all action necessary to cause all applicable tax returns
and tax information reports that are required to be filed with respect to the
Trust to be duly prepared and filed by the Regular Trustees, on behalf of the
Trust; and

            (q) to execute all documents or instruments, perform all duties and
powers, and do all things for and on behalf of the Trust in all matters
necessary or incidental to the foregoing.

            The Regular Trustees must exercise the powers set forth in this
Section 3.6 in a manner that is consistent with the purposes and functions of
the Trust set out in Section 3.3, and the Regular Trustees shall not take any
action that is inconsistent with the purposes and functions of the Trust set
forth in Section 3.3.

            Subject to this Section 3.6, the Regular Trustees shall have none of
the powers or the authority of the Institutional Trustee set forth in Section
3.8.

                                       13
<PAGE>
            Any expenses incurred by the Regular Trustees pursuant to this
Section 3.6 shall be reimbursed by the Debenture Issuer.

SECTION 3.7 Prohibition of Actions by the Trust and the Trustees.

            (a) The Trust shall not, and the Trustees (including the
Institutional Trustee) shall not cause the Trust to, engage in any activity
other than as required or authorized by this Declaration. In particular, the
Trust shall not:

            (i) invest any proceeds received by the Trust from holding the
      Debentures, but shall promptly distribute all such proceeds to Holders of
      Securities pursuant to the terms of this Declaration and of the
      Securities;

            (ii) acquire any assets other than as expressly provided herein;

            (iii) possess Trust property for other than a Trust purpose;

            (iv) make any loans or incur any indebtedness;

            (v) possess any power or otherwise act in such a way as to vary the
      Trust assets or the terms of the Securities in any way whatsoever;

            (vi) issue any securities or other evidences of beneficial ownership
      of, or beneficial interest in, the Trust other than the Securities; or

            (vii) other than as provided in this Declaration or Annex I, (A)
      direct the time, method and place of exercising any trust or power
      conferred upon the Debenture Trustee with respect to the Debentures, (B)
      waive any past Default that is waivable under the Indenture, (C) exercise
      any right to rescind or annul any declaration that the principal of all
      the Debentures shall be due and payable or (D) consent to any amendment,
      modification or termination of the Indenture or the Debentures where such
      consent shall be required unless the Trust shall have obtained an opinion
      of nationally recognized independent tax counsel experienced in such
      matters to the effect that as a result of such action, the Trust will not
      fail to be classified as a grantor trust for United States federal income
      tax purposes.

SECTION 3.8 Powers and Duties of the Institutional Trustee.

            (a) The legal title to the Debentures shall be owned by and held of
record in the name of the Institutional Trustee in trust for the benefit of the
Holders of the Securities. The right, title and interest of the Institutional
Trustee to the Debentures shall vest automatically in each Person who may
hereafter be appointed as Institutional Trustee in accordance with Section 5.6.
Such vesting and cessation of title shall be effective whether or not
conveyancing documents with regard to the Debentures have been executed and
delivered.

            (b) The Institutional Trustee shall not transfer its right, title
and interest in the Debentures to the Regular Trustees or to the Delaware
Trustee (if the Institutional Trustee does not also act as Delaware Trustee).

                                       14
<PAGE>
            (c) The Institutional Trustee shall:

            (i) establish and maintain a segregated non-interest bearing trust
      account (the "Institutional Trustee Account") in the name of and under the
      exclusive control of the Institutional Trustee on behalf of the Holders of
      the Securities and, upon the receipt of payments of funds made in respect
      of the Debentures held by the Institutional Trustee, deposit such funds
      into the Institutional Trustee Account and make payments to the Holders of
      the Capital Securities and Holders of the Common Securities from the
      Institutional Trustee Account in accordance with Section 6.1. Funds in the
      Institutional Trustee Account shall be held uninvested until disbursed in
      accordance with this Declaration. The Institutional Trustee Account shall
      be an account that is maintained with a banking institution the rating on
      whose long-term unsecured indebtedness assigned by a "nationally
      recognized statistical rating organization," as that term is defined for
      purposes of Rule 436(g)(2) under the Securities Act, is at least equal to
      the rating assigned to the Capital Securities by a nationally recognized
      statistical rating organization;

            (ii) engage in such ministerial activities as shall be necessary or
      appropriate to effect the redemption of the Capital Securities and the
      Common Securities to the extent the Debentures are redeemed or mature; and

            (iii) upon written notice of distribution issued by the Regular
      Trustees in accordance with the terms of the Securities, engage in such
      ministerial activities as shall be necessary or appropriate to effect the
      distribution of the Debentures to Holders of Securities upon the
      occurrence of certain Special Events or other specified circumstances
      pursuant to the terms of the Securities.

            (d) The Institutional Trustee shall take all actions and perform
such duties as may be specifically required of the Institutional Trustee
pursuant to the terms of the Securities.

            (e) Subject to Section 2.6, the Institutional Trustee shall take any
Legal Action which arises out of or in connection with a Default of which a
Responsible Officer of the Institutional Trustee has actual knowledge or the
Institutional Trustee's duties and obligations under this Declaration or the
Trust Indenture Act.

            (f) The Institutional Trustee shall not resign as a Trustee unless
either:

            (i) the Trust has been completely liquidated and the proceeds of the
      liquidation distributed to the Holders of Securities pursuant to the terms
      of the Securities; or

            (ii) a Successor Institutional Trustee has been appointed and has
      accepted that appointment in accordance with Section 5.6.

            (g) The Institutional Trustee shall have the legal power to exercise
all of the rights, powers and privileges of a holder of Debentures under the
Indenture and, if a Default actually known to a Responsible Officer of the
Institutional Trustee occurs and is continuing, the Institutional Trustee shall,
for the benefit of Holders of the Securities, enforce its rights as holder

                                       15
<PAGE>
of the Debentures subject to the rights of the Holders pursuant to the terms of
such Securities, this Declaration, the Statutory Trust Act and the Trust
Indenture Act.

            (h) The Institutional Trustee may authorize one or more Persons
(each, a "Paying Agent") to pay Distributions, redemption payments or
liquidation payments on behalf of the Trust with respect to all securities and
any such Paying Agent shall comply with Section 317(b) of the Trust Indenture
Act. Any Paying Agent may be removed by the Institutional Trustee at any time
and a successor Paying Agent or additional Paying Agents may be appointed at any
time by the Institutional Trustee.

            (i) Subject to this Section 3.8, the Institutional Trustee shall
have none of the duties, liabilities, powers or the authority of the Regular
Trustees set forth in Section 3.6.

            The Institutional Trustee must exercise the powers set forth in this
Section 3.8 in a manner that is consistent with the purposes and functions of
the Trust set out in Section 3.3, and the Institutional Trustee shall not take
any action that is inconsistent with the purposes and functions of the Trust set
out in Section 3.3.

SECTION 3.9 Certain Duties and Responsibilities of the Institutional Trustee.

            (a) The Institutional Trustee, before the occurrence of any Default
and after the curing of all Defaults that may have occurred, shall undertake to
perform only such duties as are specifically set forth in this Declaration and
no implied covenants shall be read into this Declaration against the
Institutional Trustee. In case a Default has occurred (that has not been cured
or waived pursuant to Section 2.6) of which a Responsible Officer of the
Institutional Trustee has actual knowledge, the Institutional Trustee shall
exercise such of the rights and powers vested in it by this Declaration, and use
the same degree of care and skill in the exercise of such rights and powers, as
a prudent person would exercise or use under the circumstances in the conduct of
his or her own affairs.

            (b) No provision of this Declaration shall be construed to relieve
the Institutional Trustee from liability for its own negligent action, its own
negligent failure to act, or its own willful misconduct, except that:

            (i) prior to the occurrence of a Default and after the curing or
      waiving of all such Defaults that may have occurred:

                  (A) the duties and obligations of the Institutional Trustee
            shall be determined solely by the express provisions of this
            Declaration and the Institutional Trustee shall not be liable except
            for the performance of such duties and obligations as are
            specifically set forth in this Declaration, and no implied covenants
            or obligations shall be read into this Declaration against the
            Institutional Trustee; and

                  (B) in the absence of bad faith on the part of the
            Institutional Trustee, the Institutional Trustee may conclusively
            rely, as to the truth of the statements and the correctness of the
            opinions expressed therein, upon any certificates or opinions
            furnished to the Institutional Trustee and conforming to the
            requirements

                                       16
<PAGE>
            of this Declaration; but in the case of any such certificates or
            opinions that by any provision hereof are specifically required to
            be furnished to the Institutional Trustee, the Institutional Trustee
            shall be under a duty to examine the same to determine whether or
            not they conform to the requirements of this Declaration;

            (ii) the Institutional Trustee shall not be liable for any error of
      judgment made in good faith by a Responsible Officer of the Institutional
      Trustee, unless it shall be proved that the Institutional Trustee was
      negligent in ascertaining the pertinent facts;

            (iii) the Institutional Trustee shall not be liable with respect to
      any action taken or omitted to be taken by it in good faith in accordance
      with the direction of the Holders of not less than a Majority in
      liquidation amount of the Securities relating to the time, method and
      place of conducting any proceeding for any remedy available to the
      Institutional Trustee, or exercising any trust or power conferred upon the
      Institutional Trustee under this Declaration;

            (iv) no provision of this Declaration shall require the
      Institutional Trustee to expend or risk its own funds or otherwise incur
      personal financial liability in the performance of any of its duties or in
      the exercise of any of its rights or powers, if it shall have reasonable
      grounds for believing that the repayment of such funds or liability is not
      reasonably assured to it under the terms of this Declaration or indemnity
      reasonably satisfactory to the Institutional Trustee against such risk or
      liability is not reasonably assured to it;

            (v) the Institutional Trustee's sole duty with respect to the
      custody, safe keeping and physical preservation of the Debentures and the
      Institutional Trustee Account shall be to deal with such property in a
      similar manner as the Institutional Trustee deals with similar property
      for its own account, subject to the protections and limitations on
      liability afforded to the Institutional Trustee under this Declaration and
      the Trust Indenture Act;

            (vi) the Institutional Trustee shall have no duty or liability for
      or with respect to the value, genuineness, existence or sufficiency of the
      Debentures or the payment of any taxes or assessments levied thereon or in
      connection therewith;

            (vii) the Institutional Trustee shall not be liable for any interest
      on any money received by it except as it may otherwise agree with the
      Sponsor. Money held by the Institutional Trustee need not be segregated
      from other funds held by it except in relation to the Institutional
      Trustee Account maintained by the Institutional Trustee pursuant to
      Section 3.8(c)(i) and except to the extent otherwise required by law; and

            (viii) the Institutional Trustee shall not be responsible for
      monitoring the compliance by the Regular Trustees or the Sponsor with
      their respective duties under this Declaration, nor shall the
      Institutional Trustee be liable for any default or misconduct of the
      Regular Trustees or the Sponsor.

SECTION 3.10 Certain Rights of Institutional Trustee.

                                       17

<PAGE>
            (a) Subject to the provisions of Section 3.9:

            (i) the Institutional Trustee may conclusively rely and shall be
      fully protected in acting or refraining from acting upon any resolution,
      certificate, statement, instrument, opinion, report, notice, request,
      direction, consent, order, bond, debenture, note, other evidence of
      indebtedness or other paper or document believed by it to be genuine and
      to have been signed, sent or presented by the proper party or parties;

            (ii) any direction or act of the Sponsor or the Regular Trustees
      contemplated by this Declaration shall be sufficiently evidenced by an
      Officers' Certificate;

            (iii) whenever in the administration of this Declaration, the
      Institutional Trustee shall deem it desirable that a matter be proved or
      established before taking, suffering or omitting any action hereunder, the
      Institutional Trustee (unless other evidence is herein specifically
      prescribed) may, in the absence of bad faith on its part, request and
      conclusively rely upon an Officers' Certificate which, upon receipt of
      such request, shall be promptly delivered by the Sponsor or the Regular
      Trustees;

            (iv) the Institutional Trustee shall have no duty to see to any
      recording, filing or registration of any instrument (including any
      financing or continuation statement or any filing under tax or securities
      laws) or any rerecording, refiling or registration thereof;

            (v) the Institutional Trustee may consult with counsel or other
      experts and the advice or opinion of such counsel and experts with respect
      to legal matters or advice within the scope of such experts' area of
      expertise shall be full and complete authorization and protection in
      respect of any action taken, suffered or omitted by it hereunder in good
      faith and in accordance with such advice or opinion, such counsel may be
      counsel to the Sponsor or any of its Affiliates, and may include any of
      its employees. The Institutional Trustee shall have the right at any time
      to seek instructions concerning the administration of this Declaration
      from any court of competent jurisdiction;

            (vi) the Institutional Trustee shall be under no obligation to
      exercise any of the rights or powers vested in it by this Declaration at
      the request or direction of any Holder, unless such Holder shall have
      provided to the Institutional Trustee security and indemnity, reasonably
      satisfactory to the Institutional Trustee, against the costs, expenses
      (including attorneys' fees and expenses and the expenses of the
      Institutional Trustee's agents, nominees or custodians) and liabilities
      that might be incurred by it in complying with such request or direction,
      including such reasonable advances as may be requested by the
      Institutional Trustee provided that nothing contained in this Section
      3.10(a)(vi) shall be taken to relieve the Institutional Trustee, upon the
      occurrence of a Default, of its obligation to exercise the rights and
      powers vested in it by this Declaration;

            (vii) the Institutional Trustee shall not be bound to make any
      investigation into the facts or matters stated in any resolution,
      certificate, statement, instrument, opinion, report, notice, request,
      direction, consent, order, bond, debenture, note, other evidence of
      indebtedness or other paper or document, but the Institutional Trustee, in
      its discretion, may make such further inquiry or investigation into such
      facts or matters as it may see fit;

                                       18
<PAGE>
            (viii) the Institutional Trustee may execute any of the trusts or
      powers hereunder or perform any duties hereunder either directly or by or
      through agents, custodians, nominees or attorneys and the Institutional
      Trustee shall not be responsible for any misconduct or negligence on the
      part of any agent or attorney appointed with due care by it hereunder;

            (ix) any action taken by the Institutional Trustee or its agents
      hereunder shall bind the Trust and the Holders of the Securities, and the
      signature of the Institutional Trustee or its agents alone shall be
      sufficient and effective to perform any such action and no third party
      shall be required to inquire as to the authority of the Institutional
      Trustee to so act or as to its compliance with any of the terms and
      provisions of this Declaration, both of which shall be conclusively
      evidenced by the Institutional Trustee's or its agent's taking such
      action;

            (x) whenever in the administration of this Declaration the
      Institutional Trustee shall deem it desirable to receive instructions with
      respect to enforcing any remedy or right or taking any other action
      hereunder, the Institutional Trustee (i) may request instructions from the
      Holders of the Securities which instructions may only be given by the
      Holders of the same proportion in liquidation amount of the Securities as
      would be entitled to direct the Institutional Trustee under the terms of
      the Securities in respect of such remedy, right or action, (ii) may
      refrain from enforcing such remedy or right or taking such other action
      until such instructions are received, and (iii) shall be protected in
      conclusively relying on or acting in or accordance with such instructions;
      and

            (xi) except as otherwise expressly provided by this Declaration, the
      Institutional Trustee shall not be under any obligation to take any action
      that is discretionary under the provisions of this Declaration.

            (b) No provision of this Declaration shall be deemed to impose any
duty or obligation on the Institutional Trustee to perform any act or acts or
exercise any right, power, duty or obligation conferred or imposed on it, in any
jurisdiction in which it shall be illegal, or in which the Institutional Trustee
shall be unqualified or incompetent in accordance with applicable law, to
perform any such act or acts, or to exercise any such right, power, duty or
obligation. No permissive power or authority available to the Institutional
Trustee shall be construed to be a duty.

SECTION 3.11 Delaware Trustee.

            Notwithstanding any other provision of this Declaration other than
Section 5.2, the Delaware Trustee shall not be entitled to exercise any powers,
nor shall the Delaware Trustee have any of the duties and responsibilities of
the Regular Trustees or the Institutional Trustee described in this Declaration.
Except as set forth in Section 5.2, the Delaware Trustee shall be a Trustee for
the sole and limited purpose of fulfilling the requirements of Section 3807 of
the Statutory Trust Act.

SECTION 3.12 Execution of Documents.

                                       19
<PAGE>
            Unless otherwise determined by the Regular Trustees, and except as
otherwise required by the Statutory Trust Act, any Regular Trustee is authorized
to execute on behalf of the Trust any documents that the Regular Trustees have
the power and authority to execute pursuant to Section 3.6; provided, that the
registration statement referred to in Section 3.6(b)(i), including any
amendments thereto, shall be signed by all of the Regular Trustees.

SECTION 3.13 Not Responsible for Recitals or Issuance of Securities.

            The recitals contained in this Declaration and the Securities shall
be taken as the statements of the Sponsor, and the Trustees do not assume any
responsibility for their correctness. The Trustees make no representations as to
the value or condition of the property of the Trust or any part thereof. The
Trustees make no representations as to the validity or sufficiency of this
Declaration or the Securities.

SECTION 3.14 Duration of Trust.

            The Trust, unless terminated pursuant to the provisions of Article
VIII hereof, shall have existence for fifty-five (55) years from the Closing
Date.

SECTION 3.15 Mergers.

            (a) The Trust may not consolidate, amalgamate, merge with or into,
or be replaced by, or convey, transfer or lease its properties and assets
substantially as an entirety to any corporation or other body, except as
described in Section 3.15(b) and (c).

            (b) The Trust may, with the consent of the Regular Trustees or, if
there are more than two, a majority of the Regular Trustees and without the
consent of the Holders of the Securities, the Delaware Trustee or the
Institutional Trustee, consolidate, amalgamate, merge with or into, or be
replaced by a trust organized as such under the laws of any State; provided,
that:

            (i) such successor entity (the "Successor Entity") either:

                  (A) expressly assumes all of the obligations of the Trust
            under the Securities; or

                  (B) substitutes for the Securities other securities having
            substantially the same terms as the Capital Securities (the
            "Successor Securities") so long as the Successor Securities rank the
            same as the Capital Securities rank with respect to Distributions
            and payments upon liquidation, redemption and otherwise;

            (ii) the Debenture Issuer expressly acknowledges a trustee of the
      Successor Entity that possesses the same powers and duties as the
      Institutional Trustee in its capacity as the Holder of the Debentures;

            (iii) the Capital Securities or any Successor Securities are listed,
      or any Successor Securities will be listed upon notification of issuance,
      on any national

                                       20
<PAGE>
      securities exchange or with any other organization on which the Capital
      Securities are then listed or quoted;

            (iv) such merger, consolidation, amalgamation or replacement does
      not cause the Capital Securities (including any Successor Securities) to
      be downgraded by any nationally recognized statistical rating
      organization;

            (v) such merger, consolidation, amalgamation or replacement does not
      adversely affect the rights, preferences and privileges of the Holders of
      the Securities (including any Successor Securities) in any material
      respect (other than with respect to any dilution of such Holders'
      interests in the new entity as a result of such merger, consolidation,
      amalgamation or replacement);

            (vi) such Successor Entity has a purpose identical to that of the
      Trust;

            (vii) prior to such merger, consolidation, amalgamation or
      replacement, the Trust has received an opinion of a nationally recognized
      independent counsel to the Trust experienced in such matters to the effect
      that:

                  (A) such merger, consolidation, amalgamation or replacement
            does not adversely affect the rights, preferences and privileges of
            the Holders of the Securities (including any Successor Securities)
            in any material respect (other than with respect to any dilution of
            the Holders' interest in the new entity); and

                  (B) following such merger, consolidation, amalgamation or
            replacement, neither the Trust nor the Successor Entity will be
            required to register as an Investment Company; and

                  (C) following such merger, consolidation, amalgamation or
            replacement, the Trust (or the Successor Entity) will continue to be
            classified as a grantor trust for United States federal income tax
            purposes; and

            (viii) the Sponsor guarantees the obligations of such Successor
      Entity under the Successor Securities at least to the extent provided by
      the Capital Securities Guarantee.

            (c) Notwithstanding Section 3.15(b), the Trust shall not, except
with the consent of Holders of 100% in liquidation amount of the Securities,
consolidate, amalgamate, merge with or into, or be replaced by any other entity
or permit any other entity to consolidate, amalgamate, merge with or into, or
replace it, if in the opinion of a nationally recognized independent tax counsel
experienced in such matters, such consolidation, amalgamation, merger or
replacement would cause the Trust or the Successor Entity to be classified as
other than a grantor trust for United States federal income tax purposes.

                                   ARTICLE IV
                                     SPONSOR

SECTION 4.1 Sponsor's Purchase of Common Securities.

                                       21
<PAGE>
            On the Closing Date, the Sponsor will purchase all of the Common
Securities issued by the Trust in an amount equal to 3% or more of the capital
of the Trust, at the same time as the Capital Securities are sold.

SECTION 4.2 Responsibilities of the Sponsor.

            In connection with the issue and sale of the Capital Securities, the
Sponsor shall have the exclusive right and responsibility to engage in the
following activities:

            (a) to prepare for filing by the Trust with the Commission a
registration statement on Form S-3 or on another appropriate form, or a
registration statement under Rule 462(b) of the Securities Act, including any
pre-effective or post-effective amendments thereto, relating to the registration
under the Securities Act of the Capital Securities;

            (b) to determine the States in which to take appropriate action to
qualify or register for sale all or part of the Capital Securities and to do any
and all such acts, other than actions which must be taken by the Trust, and
advise the Trust of actions it must take, and prepare for execution and filing
any documents to be executed and filed by the Trust, as the Sponsor deems
necessary or advisable in order to comply with the applicable laws of any such
States;

            (c) to prepare for filing by the Trust an application to the New
York Stock Exchange, any other national stock exchange or the Nasdaq National
Market for listing upon notice of issuance of any Capital Securities;

            (d) to prepare for filing by the Trust with the Commission a
registration statement on Form 8-A, including any pre-effective or
post-effective amendments thereto, relating to the registration of the Capital
Securities under Section 12(b) of the Exchange Act, including any amendments
thereto; and

            (e) to negotiate the terms of the Underwriting Agreement providing
for the sale of the Capital Securities.

                                   ARTICLE V
                                    TRUSTEES

SECTION 5.1 Number of Trustees.

            The number of Trustees initially shall be five (5), and:

            (a) at any time before the issuance of any Securities, the Sponsor
may, by written instrument, increase or decrease the number of Trustees; and

            (b) after the issuance of any Securities, the number of Trustees may
be increased or decreased by vote of the Holders of a majority in liquidation
amount of the Common Securities voting as a class at a meeting of the Holders of
the Common Securities,

                                       22
<PAGE>
provided, however, that the number of Trustees shall in no event be less than
two (2); provided further that (1) one Trustee, in the case of a natural person,
shall be a person who is a resident of the State of Delaware or that, if not a
natural person, shall be an entity which has its principal place of business in
the State of Delaware (the "Delaware Trustee"); (2) there shall be at least one
Trustee who is an employee or officer of, or is affiliated with the Sponsor (a
"Regular Trustee"); and (3) one Trustee shall be the Institutional Trustee for
so long as this Declaration is required to qualify as an indenture under the
Trust Indenture Act, and such Trustee may also serve as Delaware Trustee if it
meets the applicable requirements.

SECTION 5.2 Delaware Trustee.

            If required by the Statutory Trust Act, the Delaware Trustee shall
be:

            (a) a natural person who is a resident of the State of Delaware; or

            (b) if not a natural person, an entity which has its principal place
of business in the State of Delaware, and otherwise meets the requirements of
applicable law,

provided, that if the Institutional Trustee has its principal place of business
in the State of Delaware and otherwise meets the requirements of applicable law,
then the Institutional Trustee shall also be the Delaware Trustee and Section
3.11 shall have no application.

SECTION 5.3 Institutional Trustee; Eligibility.

            (a) There shall at all times be one Trustee that shall act as
Institutional Trustee which shall:

            (i) not be an Affiliate of the Sponsor;

            (ii) be a corporation organized and doing business under the laws of
      the United States of America or any State or Territory thereof or of the
      District of Columbia, or a corporation or Person permitted by the
      Commission to act as an institutional trustee under the Trust Indenture
      Act, authorized under such laws to exercise corporate trust powers, having
      a combined capital and surplus of at least 50 million U.S. dollars
      ($50,000,000), and subject to supervision or examination by Federal,
      State, Territorial or District of Columbia authority. If such corporation
      publishes reports of condition at least annually, pursuant to law or to
      the requirements of the supervising or examining authority referred to
      above, then for the purposes of this Section 5.3(a)(ii), the combined
      capital and surplus of such corporation shall be deemed to be its combined
      capital and surplus as set forth in its most recent report of condition so
      published; and

            (iii) if the Trust is excluded from the definition of an Investment
      Company solely by means of Rule 3a-7 and to the extent Rule 3a-7 requires
      a trustee having certain qualifications to hold title to the "eligible
      assets" of the Trust, the Institutional Trustee shall possess those
      qualifications.

                                       23
<PAGE>
            (b) If at any time the Institutional Trustee shall cease to be
eligible to so act under Section 5.3(a), the Institutional Trustee shall
immediately resign in the manner and with the effect set forth in Section
5.6(c).

            (c) If the Institutional Trustee has or shall acquire any
"conflicting interest" within the meaning of Section 310(b) of the Trust
Indenture Act, the Institutional Trustee and the Holders of the Common
Securities (as if such Holders were the obligor referred to in Section 310(b) of
the Trust Indenture Act) shall in all respects comply with the provisions of
Section 310(b) of the Trust Indenture Act.

            (d) The Capital Securities Guarantee shall be deemed to be
specifically described in this Declaration for purposes of clause (i) of the
first provision contained in Section 310(b) of the Trust Indenture Act.

            (e) The initial Institutional Trustee shall be as set forth in
Section 5.5 hereof.

SECTION 5.4 Qualifications of Regular Trustees and Delaware Trustee Generally.

            Each Regular Trustee and the Delaware Trustee (unless the
Institutional Trustee also acts as Delaware Trustee) shall be either a natural
person who is at least 21 years of age or a legal entity that shall act through
one or more Authorized Officers.

SECTION 5.5 Initial Trustees; Additional Powers of Regular Trustees.

            (a) The initial Regular Trustees shall be:

                     William P. Hannon
                     Todd S. Thomson
                     Guy R. Whittaker

                     The initial Delaware Trustee shall be:

                     Chase Manhattan Bank USA, National Association
                     c/o JPMorgan Chase Bank
                     Attn:  Institutional Trust Services
                     500 Stanton Christiana Rd., OPS4 /3rd Floor
                     Newark, Delaware  19713

                     The initial Institutional Trustee shall be:

                     JPMorgan Chase Bank
                     4 New York Plaza - 15th Floor
                     New York, New York 10004

            (b) Except as expressly set forth in this Declaration and except if
a meeting of the Regular Trustees is called with respect to any matter over
which the Regular Trustees have

                                       24
<PAGE>
power to act, any power of the Regular Trustees may be exercised by, or with the
consent of, any one such Regular Trustee.

            (c) Unless otherwise determined by the Regular Trustees, and except
as otherwise required by the Statutory Trust Act or applicable law, any Regular
Trustee is authorized to execute on behalf of the Trust any documents which the
Regular Trustees have the power and authority to cause the Trust to execute
pursuant to Section 3.6, provided, that the registration statement referred to
in Section 3.6, including any amendments thereto, shall be signed by all of the
Regular Trustees; and

            (d) a Regular Trustee may, by power of attorney consistent with
applicable law, delegate to any other natural person over the age of 21 his or
her power for the purposes of signing any documents which the Regular Trustees
have power and authority to cause the Trust to execute pursuant to Section 3.6.

SECTION 5.6 Appointment, Removal and Resignation of Trustees.

            (a) Subject to Section 5.6(b), Trustees may be appointed or removed
without cause at any time:

            (i) until the issuance of any Securities, by written instrument
      executed by the Sponsor; and

            (ii) in the case of the Regular Trustees, after the issuance of any
      Securities, by vote of the Holders of a Majority in liquidation amount of
      the Common Securities voting as a class at a meeting of the Holders of the
      Common Securities;

            (iii) in the case of the Institutional Trustee and the Delaware
      Trustee, unless a Default shall have occurred and be continuing after the
      issuance of any Securities, by a vote of the Holders of a Majority in
      liquidation amount of the Common Securities voting as a class at a meeting
      of the Holders of the Common Securities; and

            (iv) in the case of the Institutional Trustee and the Delaware
      Trustee, if a Default shall have occurred and be continuing after the
      issuance of the Securities, by a vote of the Holders of a Majority in
      liquidation amount of the Capital Securities voting as a class at a
      meeting of the Holders of the Capital Securities.

            (b) (i) The Trustee that acts as Institutional Trustee shall not be
removed in accordance with Section 5.6(a) until a successor Trustee possessing
the qualifications to act as Institutional Trustee under Section 5.3 (a
"Successor Institutional Trustee") has been appointed and has accepted such
appointment by written instrument executed by such Successor Institutional
Trustee and delivered to the Regular Trustees and the Sponsor; and

            (ii) the Trustee that acts as Delaware Trustee shall not be removed
      in accordance with Section 5.6(a) until a successor Trustee possessing the
      qualifications to act as Delaware Trustee under Sections 5.2 and 5.4 (a
      "Successor Delaware Trustee") has been appointed and has accepted such
      appointment by written instrument executed by such Successor Delaware
      Trustee and delivered to the Regular Trustees and the Sponsor.

                                       25
<PAGE>
            (c) A Trustee appointed to office shall hold office until his
successor shall have been appointed or until his death, removal or resignation.
Any Trustee may resign from office (without need for prior or subsequent
accounting) by an instrument in writing signed by the Trustee and delivered to
the Sponsor and the Trust, which resignation shall take effect upon such
delivery or upon such later date as is specified therein; provided, however,
that:

            (i) No such resignation of the Trustee that acts as the
      Institutional Trustee shall be effective:

                  (A) until a Successor Institutional Trustee has been appointed
            and has accepted such appointment by instrument executed by such
            Successor Institutional Trustee and delivered to the Trust, the
            Sponsor and the resigning Institutional Trustee; or

                  (B) until the assets of the Trust have been completely
            liquidated and the proceeds thereof distributed to the holders of
            the Securities; and

            (ii) no such resignation of the Trustee that acts as the Delaware
      Trustee shall be effective until a Successor Delaware Trustee has been
      appointed and has accepted such appointment by instrument executed by such
      Successor Delaware Trustee and delivered to the Trust, the Sponsor and the
      resigning Delaware Trustee.

            (d) The Holders of the Common Securities shall use their best
efforts to promptly appoint a Successor Delaware Trustee or Successor
Institutional Trustee as the case may be if the Institutional Trustee or the
Delaware Trustee delivers an instrument of resignation in accordance with this
Section 5.6.

            (e) If no Successor Institutional Trustee or Successor Delaware
Trustee shall have been appointed and accepted appointment as provided in this
Section 5.6 within 60 days after delivery to the Sponsor and the Trust of an
instrument of resignation, the resigning Institutional Trustee or Delaware
Trustee, as applicable, may petition any court of competent jurisdiction for
appointment of a Successor Institutional Trustee or Successor Delaware Trustee.
Such court may thereupon, after prescribing such notice, if any, as it may deem
proper and prescribe, appoint a Successor Institutional Trustee or Successor
Delaware Trustee, as the case may be.

            (f) No Institutional Trustee or Delaware Trustee shall be liable for
the acts or omissions to act of any Successor Institutional Trustee or Successor
Delaware Trustee, as the case may be.

SECTION 5.7 Vacancies among Trustees.

            If a Trustee ceases to hold office for any reason and the number of
Trustees is not reduced pursuant to Section 5.1, or if the number of Trustees is
increased pursuant to Section 5.1, a vacancy shall occur. A resolution
certifying the existence of such vacancy by the Regular Trustees or, if there
are more than two, a majority of the Regular Trustees shall be conclusive
evidence of the existence of such vacancy. The vacancy shall be filled with a
Trustee appointed in accordance with Section 5.6.

                                       26
<PAGE>
SECTION 5.8 Effect of Vacancies.

            The death, resignation, retirement, removal, bankruptcy,
dissolution, liquidation, incompetence or incapacity to perform the duties of a
Trustee shall not operate to annul the Trust. Whenever a vacancy in the number
of Regular Trustees shall occur, until such vacancy is filled by the appointment
of a Regular Trustee in accordance with Section 5.6, the Regular Trustees in
office, regardless of their number, shall have all the powers granted to the
Regular Trustees and shall discharge all the duties imposed upon the Regular
Trustees by this Declaration.

SECTION 5.9 Meetings.

            If there is more than one Regular Trustee, meetings of the Regular
Trustees shall be held from time to time upon the call of any Regular Trustee.
Regular meetings of the Regular Trustees may be held at a time and place fixed
by resolution of the Regular Trustees. Notice of any in-person meetings of the
Regular Trustees shall be hand delivered or otherwise delivered in writing
(including by facsimile, with a hard copy by overnight courier) not less than 48
hours before such meeting. Notice of any telephonic meetings of the Regular
Trustees or any committee thereof shall be hand delivered or otherwise delivered
in writing (including by facsimile, with a hard copy by overnight courier) not
less than 24 hours before a meeting. Notices shall contain a brief statement of
the time, place and anticipated purposes of the meeting. The presence (whether
in person or by telephone) of a Regular Trustee at a meeting shall constitute a
waiver of notice of such meeting except where a Regular Trustee attends a
meeting for the express purpose of objecting to the transaction of any activity
on the ground that the meeting has not been lawfully called or convened. Unless
provided otherwise in this Declaration, any action of the Regular Trustees may
be taken at a meeting by vote of a majority of the Regular Trustees present
(whether in person or by telephone) and eligible to vote with respect to such
matter, provided that a Quorum is present, or without a meeting by the unanimous
written consent of the Regular Trustees. In the event there is only one Regular
Trustee, any and all action of such Regular Trustee shall be evidenced by a
written consent of such Regular Trustee.

SECTION 5.10 Delegation of Power.

            (a) Any Regular Trustee may, by power of attorney consistent with
applicable law, delegate to any other natural person over the age of 21 his or
her power for the purpose of executing any documents contemplated in Section
3.6, including any registration statement or amendment thereto filed with the
Commission, or making any other governmental filing; and

            (b) the Regular Trustees shall have power to delegate from time to
time to such of their number or to officers of the Trust the doing of such
things and the execution of such instruments either in the name of the Trust or
the names of the Regular Trustees or otherwise as the Regular Trustees may deem
expedient, to the extent such delegation is not prohibited by applicable law or
contrary to the provisions of the Trust, as set forth herein.

SECTION 5.11 Merger, Conversion, Consolidation or Succession to Business.

                                       27
<PAGE>

            Any corporation into which the Institutional Trustee or the Delaware
Trustee, as the case may be, may be merged or converted or with which either may
be consolidated, or any corporation resulting from any merger, conversion or
consolidation to which the Institutional Trustee or the Delaware Trustee, as the
case may be, shall be a party, or any corporation succeeding to all or
substantially all the corporate trust business of the Institutional Trustee or
the Delaware Trustee, as the case may be, shall be the successor of the
Institutional Trustee or the Delaware Trustee, as the case may be, hereunder,
provided such corporation shall be otherwise qualified and eligible under this
Article, without the execution or filing of any paper or any further act on the
part of any of the parties hereto.

                                   ARTICLE VI
                                  DISTRIBUTIONS

SECTION 6.1 Distributions.

            Holders shall receive Distributions (as defined herein) in
accordance with the applicable terms of the relevant Holder's Securities.
Distributions shall be made on the Capital Securities and the Common Securities
in accordance with the preferences set forth in their respective terms. If and
to the extent that the Debenture Issuer makes a payment of interest (including
Compounded Interest (as defined in the Indenture) and Additional Interest (as
defined in the Indenture)), premium and/or principal on the Debentures held by
the Institutional Trustee (the amount of any such payment being a "Payment
Amount"), the Institutional Trustee shall and is directed to make a distribution
(a "Distribution") of the Payment Amount to Holders.

                                  ARTICLE VII
                             ISSUANCE OF SECURITIES

SECTION 7.1 General Provisions Regarding Securities.

            (a) The Regular Trustees shall on behalf of the Trust issue one
class of capital securities representing undivided beneficial interests in the
assets of the Trust having such terms as are set forth in Annex I (the "Capital
Securities") and one class of common securities representing undivided
beneficial interests in the assets of the Trust having such terms as are set
forth in Annex I (the "Common Securities"). The Trust shall issue no securities
or other interests in the assets of the Trust other than the Capital Securities
and the Common Securities.

            (b) The Certificates shall be signed on behalf of the Trust by a
Regular Trustee. Such signature shall be the manual or facsimile signature of
any present or any future Regular Trustee. In case any Regular Trustee of the
Trust who shall have signed any of the Securities shall cease to be such Regular
Trustee before the Certificates so signed shall be delivered by the Trust, such
Certificates nevertheless may be delivered as though the person who signed such
Certificates had not ceased to be such Regular Trustee; and any Certificate may
be signed on behalf of the Trust by such persons who, at the actual date of
execution of such Security, shall be the Regular Trustees of the Trust, although
at the date of the execution and delivery of the Declaration any such person was
not such a Regular Trustee. Certificates shall be printed, lithographed or
engraved or may be produced in any other manner as is reasonably acceptable to
the Regular Trustees, as evidenced by their execution thereof, and may have such

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<PAGE>
letters, numbers or other marks of identification or designation and such
legends or endorsements as the Regular Trustees may deem appropriate, or as may
be required to comply with any law or with any rule or regulation of any stock
exchange on which Securities may be listed, or to conform to usage.

            (c) The consideration received by the Trust for the issuance of the
Securities shall constitute a contribution to the capital of the Trust and shall
not constitute a loan to the Trust.

            (d) Upon issuance of the Securities as provided in this Declaration,
the Securities so issued shall be deemed to be validly issued, fully paid and
non-assessable.

            (e) Every Person, by virtue of having become a Holder or a Capital
Security Beneficial Owner in accordance with the terms of this Declaration,
shall be deemed to have expressly assented and agreed to the terms of, and shall
be bound by, this Declaration.

                                  ARTICLE VIII
                              TERMINATION OF TRUST

SECTION 8.1 Termination of Trust.

            (a) The Trust shall terminate:

            (i) upon the bankruptcy of any Holder of the Common Securities or
      the Sponsor;

            (ii) upon the filing of a certificate of dissolution or its
      equivalent with respect to any Holder of the Common Securities or the
      Sponsor; the filing of a certificate of cancellation with respect to the
      Trust or the revocation of the Holder of the Common Securities or the
      Sponsor's charter and the expiration of 90 days after the date of
      revocation without a reinstatement thereof;

            (iii) upon the entry of a decree of judicial dissolution of any
      Holder of the Common Securities, the Sponsor or the Trust;

            (iv) Subject to obtaining any required regulatory approval, when all
      of the Securities have been called for redemption and the amounts
      necessary for redemption thereof have been paid to the Holders in
      accordance with the terms of the Securities;

            (v) Subject to obtaining any required regulatory approval, when the
      Trust shall have been dissolved in accordance with the terms of the
      Securities upon election by the Sponsor of its right to terminate the
      Trust and distribute all of the Debentures to the Holders of Securities in
      exchange for all of the Securities and all of the Debentures shall have
      been distributed to the Holders of Securities in accordance with such
      election;

            (vi) before the issuance of any Securities, with the consent of all
      of the Regular Trustees and the Sponsor; or

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<PAGE>
            (vii) upon the expiration of the term of the Trust set forth in
      Section 3.14.

            (b) As soon as is practicable after the occurrence of an event
referred to in Section 8.1(a), the Trustees shall file a certificate of
cancellation with the Secretary of State of the State of Delaware.

            (c) The provisions of Section 3.9 and Article X shall survive the
termination of the Trust.

                                   ARTICLE IX
                              TRANSFER OF INTERESTS

SECTION 9.1 Transfer of Securities.

            (a) Securities may only be transferred, in whole or in part, in
accordance with the terms and conditions set forth in this Declaration and in
the terms of the Securities. Any transfer or purported transfer of any Security
not made in accordance with this Declaration shall be null and void.

            (b) Subject to this Article IX, Capital Securities shall be freely
transferable.

            (c) Subject to this Article IX, the Sponsor and any Related Party
may only transfer Common Securities to the Sponsor or a Related Party of the
Sponsor; provided, that any such transfer is subject to the condition precedent
that the transferor obtain the written opinion of nationally recognized
independent counsel experienced in such matters that such transfer would not
cause more than an insubstantial risk that:

            (i) the Trust would not be classified for United States federal
      income tax purposes as a grantor trust; and

            (ii) the Trust would be an Investment Company or the transferee
      would become an Investment Company.

SECTION 9.2 Transfer of Certificates.

            The Regular Trustees shall provide for the registration of
Certificates and of transfers of Certificates, which will be effected without
charge but only upon payment (with such indemnity as the Regular Trustees may
require) in respect of any tax or other government charges that may be imposed
in relation to it. Upon surrender for registration of transfer of any
Certificate, the Regular Trustees shall cause one or more new Certificates to be
issued in the name of the designated transferee or transferees. Every
Certificate surrendered for registration of transfer shall be accompanied by a
written instrument of transfer in form satisfactory to the Regular Trustees duly
executed by the Holder or such Holder's attorney duly authorized in writing.
Each Certificate surrendered for registration of transfer shall be canceled by
the Regular Trustees. A transferee of a Certificate shall be entitled to the
rights and subject to the obligations of a Holder hereunder upon the receipt by
such transferee of a Certificate. By acceptance of a Certificate, each
transferee shall be deemed to have agreed to be bound by this Declaration.

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<PAGE>
SECTION 9.3 Deemed Security Holders.

            The Trustees may treat the Person in whose name any Certificate
shall be registered on the books and records of the Trust as the sole holder of
such Certificate and of the Securities represented by such Certificate for
purposes of receiving Distributions and for all other purposes whatsoever and,
accordingly, shall not be bound to recognize any equitable or other claim to or
interest in such Certificate or in the Securities represented by such
Certificate on the part of any Person, whether or not the Trust shall have
actual or other notice thereof.

SECTION 9.4 Book Entry Interests.

            Unless otherwise specified in the terms of the Capital Securities,
the Capital Securities Certificates, on original issuance, will be issued in the
form of one or more, fully registered, global Capital Security Certificates
(each a "Global Certificate"), to be delivered to DTC, the initial Clearing
Agency, by, or on behalf of, the Trust. Such Global Certificates shall initially
be registered on the books and records of the Trust in the name of Cede & Co.,
the nominee of DTC, and no Capital Security Beneficial Owner will receive a
definitive Capital Security Certificate representing such Capital Security
Beneficial Owner's interests in such Global Certificates, except as provided in
Section 9.7. Unless and until definitive, fully registered Capital Security
Certificates (the "Definitive Capital Security Certificates") have been issued
to the Capital Security Beneficial Owners pursuant to Section 9.7:

            (a) the provisions of this Section 9.4 shall be in full force and
effect;

            (b) the Trust and the Trustees shall be entitled to deal with the
Clearing Agency for all purposes of this Declaration (including the payment of
Distributions on the Global Certificates and receiving approvals, votes or
consents hereunder) as the Holder of the Capital Securities and the sole holder
of the Global Certificates and shall have no obligation to the Capital Security
Beneficial Owners;

            (c) to the extent that the provisions of this Section 9.4 conflict
with any other provisions of this Declaration, the provisions of this Section
9.4 shall control; and

            (d) the rights of the Capital Security Beneficial Owners shall be
exercised only through the Clearing Agency and shall be limited to those
established by law and agreements between such Capital Security Beneficial
Owners and the Clearing Agency and/or the Clearing Agency Participants and
receive and transmit payments of Distributions on the Global Certificates to
such Clearing Agency Participants. DTC will make book entry transfers among the
Clearing Agency Participants.

SECTION 9.5 Notices to Clearing Agency.

            Whenever a notice or other communication to the Capital Security
Holders is required under this Declaration, unless and until Definitive Capital
Security Certificates shall have been issued to the Capital Security Beneficial
Owners pursuant to Section 9.7, the Regular Trustees shall give all such notices
and communications specified herein to be given to the Capital Security Holders
to the Clearing Agency, and shall have no notice obligations to the Capital
Security Beneficial Owners.

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<PAGE>
SECTION 9.6 Appointment of Successor Clearing Agency.

            If any Clearing Agency elects to discontinue its services as a
securities depositary with respect to the Capital Securities, the Regular
Trustees may, in their sole discretion, appoint a successor Clearing Agency with
respect to such Capital Securities.

SECTION 9.7 Definitive Capital Security Certificates.

            If:

            (a) a Clearing Agency elects to discontinue its services as a
securities depositary with respect to the Capital Securities and a successor
Clearing Agency is not appointed within 90 days after such discontinuance
pursuant to Section 9.6; or

            (b) the Regular Trustees elect after consultation with the Sponsor
to terminate the book entry system through the Clearing Agency with respect to
the Capital Securities,

then:

            (c) Definitive Capital Security Certificates shall be prepared by
the Regular Trustees on behalf of the Trust with respect to such Capital
Securities; and

            (d) upon surrender of the Global Certificates by the Clearing
Agency, accompanied by registration instructions, the Regular Trustees shall
cause Definitive Certificates to be delivered to Capital Security Beneficial
Owners in accordance with the instructions of the Clearing Agency. Neither the
Trustees nor the Trust shall be liable for any delay in delivery of such
instructions and each of them may conclusively rely on and shall be protected in
relying on, said instructions of the Clearing Agency. The Definitive Capital
Security Certificates shall be printed, lithographed or engraved or may be
produced in any other manner as is reasonably acceptable to the Regular
Trustees, as evidenced by their execution thereof, and may have such letters,
numbers or other marks of identification or designation and such legends or
endorsements as the Regular Trustees may deem appropriate, or as may be required
to comply with any law or with any rule or regulation made pursuant thereto or
with any rule or regulation of any stock exchange on which Capital Securities
may be listed, or to conform to usage.

SECTION 9.8 Mutilated, Destroyed, Lost or Stolen Certificates.

If:

            (a) any mutilated Certificates should be surrendered to the Regular
Trustees, or if the Regular Trustees shall receive evidence to their
satisfaction of the destruction, loss or theft of any Certificate; and

            (b) there shall be delivered to the Regular Trustees such security
or indemnity as may be required by them to keep each of them harmless.

then, in the absence of notice that such Certificate shall have been acquired by
a bona fide purchaser, any Regular Trustee on behalf of the Trust shall execute
and deliver, in exchange for

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<PAGE>
or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a new
Certificate of like denomination. In connection with the issuance of any new
Certificate under this Section 9.8, the Regular Trustees may require the payment
of a sum sufficient to cover any tax or other governmental charge that may be
imposed in connection therewith. Any duplicate Certificate issued pursuant to
this Section shall constitute conclusive evidence of an ownership interest in
the relevant Securities, as if originally issued, whether or not the lost,
stolen or destroyed Certificate shall be found at any time.

                                   ARTICLE X
                      LIMITATION OF LIABILITY OF HOLDERS OF
                         SECURITIES, TRUSTEES OR OTHERS

SECTION 10.1 Liability.

            (a) Except as expressly set forth in this Declaration, the Capital
Securities Guarantee and the terms of the Securities, the Sponsor shall not be:

            (i) personally liable for the return of any portion of the capital
      contributions (or any return thereon) of the Holders of the Securities
      which shall be made solely from assets of the Trust; and

            (ii) required to pay to the Trust or to any Holder of Securities any
      deficit upon dissolution of the Trust or otherwise.

            (b) The Holder of the Common Securities shall be liable for all of
the debts and obligations of the Trust (other than with respect to the
Securities) to the extent not satisfied out of the Trust's assets.

            (c) Pursuant to Section 3803(a) of the Statutory Trust Act, the
Holders of the Capital Securities shall be entitled to the same limitation of
personal liability extended to stockholders of private corporations for profit
organized under the General Corporation Law of the State of Delaware.

SECTION 10.2 Exculpation.

            (a) No Indemnified Person shall be liable, responsible or
accountable in damages or otherwise to the Trust or any Covered Person for any
loss, damage or claim incurred by reason of any act or omission performed or
omitted by such Indemnified Person in good faith on behalf of the Trust and in a
manner such Indemnified Person reasonably believed to be within the scope of the
authority conferred on such Indemnified Person by this Declaration or by law,
except that an Indemnified Person shall be liable for any such loss, damage or
claim incurred by reason of such Indemnified Person's gross negligence or
willful misconduct with respect to such acts or omissions.

            (b) An Indemnified Person shall be fully protected in relying in
good faith upon the records of the Trust and upon such information, opinions,
reports or statements presented to the Trust by any Person as to matters the
Indemnified Person reasonably believes are within such other Person's
professional or expert competence and who has been selected with

                                       33
<PAGE>
reasonable care by or on behalf of the Trust, including information, opinions,
reports or statements as to the value and amount of the assets, liabilities,
profits, losses, or any other facts pertinent to the existence and amount of
assets from which Distributions to Holders of Securities might properly be paid.

SECTION 10.3 Fiduciary Duty.

            (a) To the extent that, at law or in equity, an Indemnified Person
has duties (including fiduciary duties) and liabilities relating thereto to the
Trust or to any other Covered Person, an Indemnified Person acting under this
Declaration shall not be liable to the Trust or to any other Covered Person for
its good faith reliance on the provisions of this Declaration. The provisions of
this Declaration, to the extent that they restrict the duties and liabilities of
an Indemnified Person otherwise existing at law or in equity (other than the
duties imposed on the Institutional Trustee under the Trust Indenture Act), are
agreed by the parties hereto to replace such other duties and liabilities of
such Indemnified Person.

            (b) Unless otherwise expressly provided herein:

            (i) whenever a conflict of interest exists or arises between any
      Covered Persons; or

            (ii) whenever this Declaration or any other agreement contemplated
      herein or therein provides that an Indemnified Person shall act in a
      manner that is, or provides terms that are, fair and reasonable to the
      Trust or any Holder of Securities,

the Indemnified Person shall resolve such conflict of interest, take such action
or provide such terms, considering in each case the relative interest of each
party (including its own interest) to such conflict, agreement, transaction or
situation and the benefits and burdens relating to such interests, any customary
or accepted industry practices, and any applicable generally accepted accounting
practices or principles. In the absence of bad faith by the Indemnified Person,
the resolution, action or term so made, taken or provided by the Indemnified
Person shall not constitute a breach of this Declaration or any other agreement
contemplated herein or of any duty or obligation of the Indemnified Person at
law or in equity or otherwise.

            (c) Whenever in this Declaration an Indemnified Person is permitted
or required to make a decision:

            (i) in its "discretion" or under a grant of similar authority, the
      Indemnified Person shall be entitled to consider such interests and
      factors as it desires, including its own interests, and shall have no duty
      or obligation to give any consideration to any interest of or factors
      affecting the Trust or any other Person; or

            (ii) in its "good faith" or under another express standard, the
      Indemnified Person shall act under such express standard and shall not be
      subject to any other or different standard imposed by this Declaration or
      by applicable law.

SECTION 10.4 Indemnification.

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<PAGE>
            (a) (i) The Debenture Issuer shall indemnify, to the full extent
permitted by law, any Company Indemnified Person who was or is a party or is
threatened to be made a party to any threatened, pending or completed action,
suit or proceeding, whether civil, criminal, administrative or investigative
(other than an action by or in the right of the Trust) by reason of the fact
that he is or was a Company Indemnified Person against expenses (including
attorneys' fees), judgments, fines and amounts paid in settlement actually and
reasonably incurred by him in connection with such action, suit or proceeding if
he acted in good faith and in a manner he reasonably believed to be in or not
opposed to the best interests of the Trust, and, with respect to any criminal
action or proceeding, had no reasonable cause to believe his conduct was
unlawful. The termination of any action, suit or proceeding by judgment, order,
settlement, conviction, or upon a plea of nolo contendere or its equivalent,
shall not, of itself, create a presumption that the Company Indemnified Person
did not act in good faith and in a manner which he reasonably believed to be in
or not opposed to the best interests of the Trust, and, with respect to any
criminal action or proceeding, had reasonable cause to believe that his conduct
was unlawful.

            (ii) The Debenture Issuer shall indemnify, to the full extent
      permitted by law, any Company Indemnified Person who was or is a party or
      is threatened to be made a party to any threatened, pending or completed
      action or suit by or in the right of the Trust to procure a judgment in
      its favor by reason of the fact that he is or was a Company Indemnified
      Person against expenses (including attorneys' fees) actually and
      reasonably incurred by him in connection with the defense or settlement of
      such action or suit if he acted in good faith and in a manner he
      reasonably believed to be in or not opposed to the best interests of the
      Trust and except that no such indemnification shall be made in respect of
      any claim, issue or matter as to which such Company Indemnified Person
      shall have been adjudged to be liable to the Trust unless and only to the
      extent that the Court of Chancery of Delaware or the court in which such
      action or suit was brought shall determine upon application that, despite
      the adjudication of liability but in view of all the circumstances of the
      case, such person is fairly and reasonably entitled to indemnity for such
      expenses which such Court of Chancery or such other court shall deem
      proper.

            (iii) To the extent that a Company Indemnified Person shall be
      successful on the merits or otherwise (including dismissal of an action
      without prejudice or the settlement of an action without admission of
      liability) in defense of any action, suit or proceeding referred to in
      paragraphs (i) and (ii) of this Section 10.4(a), or in defense of any
      claim, issue or matter therein, he shall be indemnified, to the full
      extent permitted by law, against expenses (including attorneys' fees)
      actually and reasonably incurred by him in connection therewith.

            (iv) Any indemnification under paragraphs (i) and (ii) of this
      Section 10.4(a) (unless ordered by a court) shall be made by the Debenture
      Issuer only as authorized in the specific case upon a determination that
      indemnification of the Company Indemnified Person is proper in the
      circumstances because he has met the applicable standard of conduct set
      forth in paragraphs (i) and (ii). Such determination shall be made (1) by
      the Regular Trustees by a majority vote of a quorum consisting of such
      Regular Trustees who were not parties to such action, suit or proceeding,
      (2) if such a quorum is not obtainable, or, even if obtainable, if a
      quorum of disinterested Regular Trustees so directs, by

                                       35
<PAGE>
      independent legal counsel in a written opinion, or (3) by the Common
      Security Holder of the Trust.

            (v) Expenses (including attorneys' fees) incurred by a Company
      Indemnified Person in defending a civil, criminal, administrative or
      investigative action, suit or proceeding referred to in paragraphs (i) and
      (ii) of this Section 10.4(a) shall be paid by the Debenture Issuer in
      advance of the final disposition of such action, suit or proceeding upon
      receipt of an undertaking by or on behalf of such Company Indemnified
      Person to repay such amount if it shall ultimately be determined that he
      is not entitled to be indemnified by the Debenture Issuer as authorized in
      this Section 10.4(a). Notwithstanding the foregoing, no advance shall be
      made by the Debenture Issuer if a determination is reasonably and promptly
      made (i) by the Regular Trustees by a majority vote of a quorum of
      disinterested Regular Trustees, (ii) if such a quorum is not obtainable,
      or, even if obtainable, if a quorum of disinterested Regular Trustees so
      directs, by independent legal counsel in a written opinion or (iii) the
      Common Security Holder of the Trust, that, based upon the facts known to
      the Regular Trustees, counsel or the Common Security Holder at the time
      such determination is made, such Company Indemnified Person acted in bad
      faith or in a manner that such person did not believe to be in or not
      opposed to the best interests of the Trust, or, with respect to any
      criminal proceeding, that such Company Indemnified Person believed or had
      reasonable cause to believe his conduct was unlawful. In no event shall
      any advance be made in instances where the Regular Trustees, independent
      legal counsel or Common Security Holder reasonably determine that such
      person deliberately breached his duty to the Trust or its Common or
      Capital Security Holders.

            (vi) The indemnification and advancement of expenses provided by, or
      granted pursuant to, the other paragraphs of this Section 10.4(a) shall
      not be deemed exclusive of any other rights to which those seeking
      indemnification and advancement of expenses may be entitled under any
      agreement, vote of stockholders or disinterested directors of the
      Debenture Issuer or Capital Security Holders of the Trust or otherwise,
      both as to action in his official capacity and as to action in another
      capacity while holding such office. All rights to indemnification under
      this Section 10.4(a) shall be deemed to be provided by a contract between
      the Debenture Issuer and each Company Indemnified Person who serves in
      such capacity at any time while this Section 10.4(a) is in effect. Any
      repeal or modification of this Section 10.4(a) shall not affect any rights
      or obligations then existing.

            (vii) The Debenture Issuer may purchase and maintain insurance on
      behalf of any person who is or was a Company Indemnified Person against
      any liability asserted against him and incurred by him in any such
      capacity, or arising out of his status as such, whether or not the
      Debenture Issuer would have the power to indemnify him against such
      liability under the provisions of this Section 10.4(a).

            (viii) For purposes of this Section 10.4(a), references to "the
      Trust" shall include, in addition to the resulting or surviving entity,
      any constituent entity (including any constituent of a constituent)
      absorbed in a consolidation or merger, so that any person who is or was a
      director, trustee, officer or employee of such constituent entity, or is
      or

                                       36
<PAGE>
      was serving at the request of such constituent entity as a director,
      trustee, officer, employee or agent of another entity, shall stand in the
      same position under the provisions of this Section 10.4(a) with respect to
      the resulting or surviving entity as he would have with respect to such
      constituent entity if its separate existence had continued.

            (ix) The indemnification and advancement of expenses provided by,
      or granted pursuant to, this Section 10.4(a) shall, unless otherwise
      provided when authorized or ratified, continue as to a person who has
      ceased to be a Company Indemnified Person and shall inure to the benefit
      of the heirs, executors and administrators of such a person.

            (b) The Debenture Issuer agrees to indemnify the (i) Institutional
Trustee, (ii) the Delaware Trustee, (iii) any Affiliate of the Institutional
Trustee and the Delaware Trustee, and (iv) any officers, directors,
shareholders, members, partners, employees, representatives, custodians,
nominees or agents of the Institutional Trustee and the Delaware Trustee (each
of the Persons in (i) through (iv) being referred to as a "Fiduciary Indemnified
Person") for, and to hold each Fiduciary Indemnified Person harmless against,
any loss, liability or expense incurred without negligence or bad faith on its
part, arising out of or in connection with the acceptance or administration or
the trust or trusts hereunder, including the costs and expenses (including
reasonable legal fees and expenses) of defending itself against or investigating
any claim or liability in connection with the exercise or performance of any of
its powers or duties hereunder. The obligation to indemnify as set forth in this
Section 10.4(b) shall survive the resignation or removal of the Institutional
Trustee or the Delaware Trustee, as the case may be, and the satisfaction and
discharge of this Declaration.

SECTION 10.5 Outside Businesses.

            Any Covered Person, the Sponsor, the Delaware Trustee and the
Institutional Trustee may engage in or possess an interest in other business
ventures of any nature or description, independently or with others, similar or
dissimilar to the business of the Trust, and the Trust and the Holders of
Securities shall have no rights by virtue of this Declaration in and to such
independent ventures or the income or profits derived therefrom, and the pursuit
of any such venture, even if competitive with the business of the Trust, shall
not be deemed wrongful or improper. No Covered Person, the Sponsor, the Delaware
Trustee, or the Institutional Trustee shall be obligated to present any
particular investment or other opportunity to the Trust even if such opportunity
is of a character that, if presented to the Trust, could be taken by the Trust,
and any Covered Person, the Sponsor, the Delaware Trustee and the Institutional
Trustee shall have the right to take for its own account (individually or as a
partner or fiduciary) or to recommend to others any such particular investment
or other opportunity. Any Covered Person, the Delaware Trustee and the
Institutional Trustee may engage or be interested in any financial or other
transaction with the Sponsor or any Affiliate of the Sponsor, or may act as
depositary for, trustee or agent for, or act on any committee or body of holders
of, securities or other obligations of the Sponsor or its Affiliates.

                                   ARTICLE XI
                                   ACCOUNTING

SECTION 11.1      Fiscal Year.

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<PAGE>
            The fiscal year ("Fiscal Year") of the Trust shall be the calendar
year, or such other year as is required by the Code.

SECTION 11.2 Certain Accounting Matters.

            (a) At all times during the existence of the Trust, the Regular
Trustees shall keep, or cause to be kept, full books of account, records and
supporting documents, which shall reflect in reasonable detail, each transaction
of the Trust. The books of account shall be maintained on the accrual method of
accounting, in accordance with generally accepted accounting principles,
consistently applied. The Trust shall use the accrual method of accounting for
United States federal income tax purposes. The books of account and the records
of the Trust shall be examined by and reported upon as of the end of each Fiscal
Year of the Trust by a firm of independent certified public accountants selected
by the Regular Trustees.

            (b) The Regular Trustees shall cause to be prepared and delivered to
each of the Holders of Securities, to the extent, if any, required by the Trust
Indenture Act, within 90 days after the end of each Fiscal Year of the Trust,
annual financial statements of the Trust, including a balance sheet of the Trust
as of the end of such Fiscal Year, and the related statements of income or loss;

            (c) The Regular Trustees shall cause to be duly prepared and
delivered to each of the Holders of Securities, any annual United States federal
income tax information statement required by the Code, containing such
information with regard to the Securities held by each Holder as is required by
the Code and the Treasury Regulations. Notwithstanding any right under the Code
to deliver any such statement at a later date, the Regular Trustees shall
endeavor to deliver all such statements within 30 days after the end of each
Fiscal Year of the Trust.

            (d) The Regular Trustees shall cause to be duly prepared and filed
with the appropriate taxing authority, an annual United States federal income
tax return, on a Form 1041 or such other form required by United States federal
income tax law, and any other annual income tax returns required to be filed by
the Regular Trustees on behalf of the Trust with any state or local taxing
authority.

SECTION 11.3 Banking.

The Trust shall maintain one or more bank accounts in the name and for the sole
benefit of the Trust; provided, however, that all payments of funds in respect
of the Debentures held by the Institutional Trustee shall be made directly to
the Institutional Trustee Account and no other funds of the Trust shall be
deposited in the Institutional Trustee Account. The sole signatories for such
accounts shall be designated by the Regular Trustees; provided, however, that
the Institutional Trustee shall designate the signatories for the Institutional
Trustee Account.

SECTION 11.4 Withholding.

            The Trust and the Regular Trustees shall comply with all withholding
requirements under United States federal, state and local law. The Trust shall
request, and the Holders shall provide to the Trust, such forms or certificates
as are necessary to establish an exemption from withholding with respect to each
Holder, and any representations and forms as

                                       38
<PAGE>
shall reasonably be requested by the Trust to assist it in determining the
extent of, and in fulfilling, its withholding obligations. The Regular Trustees
shall file required forms with applicable jurisdictions and, unless an exemption
from withholding is properly established by a Holder, shall remit amounts
withheld with respect to the Holder to applicable jurisdictions. To the extent
that the Trust is required to withhold and pay over any amounts to any authority
with respect to distributions or allocations to any Holder, the amount withheld
shall be deemed to be a distribution in the amount of the withholding to the
Holder. In the event of any claimed overwithholding, Holders shall be limited to
an action against the applicable jurisdiction. If the amount required to be
withheld was not withheld from actual Distributions made, the Trust may reduce
subsequent Distributions by the amount of such withholding.

                                   ARTICLE XII
                             AMENDMENTS AND MEETINGS

SECTION 12.1 Amendments.

            (a) Except as otherwise provided in this Declaration or by any
applicable terms of the Securities, this Declaration may only be amended by a
written instrument approved and executed by:

            (i) the Regular Trustees (or, if there are more than two Regular
      Trustees a majority of the Regular Trustees);

            (ii) if the amendment affects the rights, powers, duties,
      obligations or immunities of the Institutional Trustee, the Institutional
      Trustee; and

            (iii) if the amendment affects the rights, powers, duties,
      obligations or immunities of the Delaware Trustee, the Delaware Trustee;

            (b) no amendment shall be made, and any such purported amendment
shall be void and ineffective:

            (i) unless, in the case of any proposed amendment, the Institutional
      Trustee shall have first received an Officers' Certificate from each of
      the Trust and the Sponsor that such amendment is permitted by, and
      conforms to, the terms of this Declaration (including the terms of the
      Securities);

            (ii) unless, in the case of any proposed amendment which affects the
      rights, powers, duties, obligations or immunities of the Institutional
      Trustee, the Institutional Trustee shall have first received:

                  (A) an Officers' Certificate from each of the Trust and the
            Sponsor that such amendment is permitted by, and conforms to, the
            terms of this Declaration (including the terms of the Securities);
            and

                  (B) an opinion of counsel (who may be counsel to the Sponsor
            or the Trust) that such amendment is permitted by, and conforms to,
            the terms of this Declaration (including the terms of the
            Securities); and

                                       39
<PAGE>
            (iii) to the extent the result of such amendment would be to:

                  (A) cause the trust to fail to continue to be classified for
            purposes of United States federal income taxation as a grantor
            trust;

                  (B) reduce or otherwise adversely affect the powers of the
            Institutional Trustee in contravention of the Trust Indenture Act;
            or

                  (C) cause the Trust to be deemed to be an Investment Company
            required to be registered under the Investment Company Act;

            (c) at such time after the Trust has issued any Securities that
remain outstanding, any amendment that would adversely affect the rights,
privileges or preferences of any Holder of Securities may be effected only with
such additional requirements as may be set forth in the terms of such
Securities;

            (d) Section 9.1(c) and this Section 12.1 shall not be amended
without the consent of all of the Holders of the Securities;

            (e) Article IV shall not be amended without the consent of the
Holders of a Majority in liquidation amount of the Common Securities and;

            (f) the rights of the Holders of the Common Securities under Article
V to increase or decrease the number of, and appoint and remove Trustees shall
not be amended without the consent of the Holders of a Majority in liquidation
amount of the Common Securities; and

            (g) subject to Section 12.1(c), this Declaration may be amended
without the consent of the Holders of the Securities to:

            (i) cure any ambiguity;

            (ii) correct or supplement any provision in this Declaration that
      may be defective or inconsistent with any other provision of this
      Declaration;

            (iii) add to the covenants, restrictions or obligations of the
      Sponsor;

            (iv) to conform to any change in Rule 3a-5 or written change in
      interpretation or application of Rule 3a-5 by any legislative body, court,
      government agency or regulatory authority which amendment does not have a
      material adverse effect on the right, preferences or privileges of the
      Holders; and

            (v) to modify, eliminate and add to any provision of the Declaration
      to such extent as may be reasonably necessary to effectuate any of the
      foregoing or to otherwise comply with applicable law.

SECTION 12.2 Meetings of the Holders of Securities; Action by Written Consent.

                                       40
<PAGE>
            (a) Meetings of the Holders of any class of Securities may be called
at any time by the Regular Trustees (or as provided in the terms of the
Securities) to consider and act on any matter on which Holders of such class of
Securities are entitled to act under the terms of this Declaration, the terms of
the Securities or the rules of any stock exchange on which the Capital
Securities are listed or admitted for trading. The Regular Trustees shall call a
meeting of the Holders of such class if directed to do so by the Holders of
Securities representing at least 10% in liquidation amount of such class of
Securities. Such direction shall be given by delivering to the Regular Trustees
one or more calls in a writing stating that the signing Holders of Securities
wish to call a meeting and indicating the general or specific purpose for which
the meeting is to be called. Any Holders of Securities calling a meeting shall
specify in writing the Security Certificates held by the Holders of Securities
exercising the right to call a meeting and only those Securities specified shall
be counted for purposes of determining whether the required percentage set forth
in the second sentence of this paragraph has been met.

            (b) Except to the extent otherwise provided in the terms of the
Securities, the following provisions shall apply to meetings of Holders of
Securities:

            (i) notice of any such meeting shall be given to all the Holders of
      Securities having a right to vote thereat at least 7 days and not more
      than 60 days before the date of such meeting. Whenever a vote, consent or
      approval of the Holders of Securities is permitted or required under this
      Declaration or the rules of any stock exchange on which the Capital
      Securities are listed or admitted for trading, such vote, consent or
      approval may be given at a meeting of the Holders of Securities. Any
      action that may be taken at a meeting of the Holders of Securities may be
      taken without a meeting if a consent in writing setting forth the action
      so taken is signed by the Holders of Securities owning not less than the
      minimum amount of Securities in liquidation amount that would be necessary
      to authorize or take such action at a meeting at which all Holders of
      Securities having a right to vote thereon were present and voting. Prompt
      notice of the taking of action without a meeting shall be given to the
      Holders of Securities entitled to vote who have not consented in writing.
      The Regular Trustees may specify that any written ballot submitted to the
      Security Holder for the purpose of taking any action without a meeting
      shall be returned to the Trust within the time specified by the Regular
      Trustees;

            (ii) each Holder of a Security may authorize any Person to act for
      it by proxy on all matters in which a Holder of Securities is entitled to
      participate, including waiving notice of any meeting, or voting or
      participating at a meeting. No proxy shall be valid after the expiration
      of 11 months from the date thereof unless otherwise provided in the proxy.
      Every proxy shall be revocable at the pleasure of the Holder of Securities
      executing it. Except as otherwise provided herein, all matters relating to
      the giving, voting or validity of proxies shall be governed by the General
      Corporation Law of the State of Delaware relating to proxies, and judicial
      interpretations thereunder, as if the Trust were a Delaware corporation
      and the Holders of the Securities were stockholders of a Delaware
      corporation;

            (iii) each meeting of the Holders of the Securities shall be
      conducted by the Regular Trustees or by such other Person that the Regular
      Trustees may designate; and

                                       41
<PAGE>
            (iv) unless the Statutory Trust Act, this Declaration, the terms of
      the Securities, the Trust Indenture Act or the listing rules of any stock
      exchange on which the Capital Securities are then listed or trading,
      otherwise provides, the Regular Trustees, in their sole discretion, shall
      establish all other provisions relating to meetings of Holders of
      Securities, including notice of the time, place or purpose of any meeting
      at which any matter is to be voted on by any Holders of Securities, waiver
      of any such notice, action by consent without a meeting, the establishment
      of a record date, quorum requirements, voting in person or by proxy or any
      other matter with respect to the exercise of any such right to vote.

                                  ARTICLE XIII
                    REPRESENTATIONS OF INSTITUTIONAL TRUSTEE
                              AND DELAWARE TRUSTEE

SECTION 13.1 Representations and Warranties of Institutional Trustee.

            The Trustee that acts as initial Institutional Trustee represents
and warrants to the Trust and to the Sponsor at the date of this Declaration,
and each Successor Institutional Trustee represents and warrants to the Trust
and the Sponsor at the time of the Successor Institutional Trustee's acceptance
of its appointment as Institutional Trustee that:

            (a) the Institutional Trustee is a banking corporation with trust
powers, duly organized, validly existing and in good standing under the laws of
the State of New York, with trust power and authority to execute and deliver,
and to carry out and perform its obligations under the terms of, this
Declaration;

            (b) the execution, delivery and performance by the Institutional
Trustee of the Declaration has been duly authorized by all necessary corporate
action on the part of the Institutional Trustee. The Declaration has been duly
executed and delivered by the Institutional Trustee, and it constitutes a legal,
valid and binding obligation of the Institutional Trustee, enforceable against
it in accordance with its terms, subject to applicable bankruptcy,
reorganization, moratorium, insolvency, and other similar laws affecting
creditors' rights generally and to general principles of equity and the
discretion of the court (regardless of whether the enforcement of such remedies
is considered in a proceeding in equity or at law);

            (c) the execution, delivery and performance of the Declaration by
the Institutional Trustee does not conflict with or constitute a breach of the
Articles of Organization or By-laws of the Institutional Trustee; and

            (d) no consent, approval or authorization of, or registration with
or notice to, any State or Federal banking authority is required for the
execution, delivery or performance by the Institutional Trustee, of the
Declaration.

SECTION 13.2 Representations and Warranties of Delaware Trustee.

            The Trustee that acts as initial Delaware Trustee represents and
warrants to the Trust and to the Sponsor at the date of this Declaration, and
each Successor Delaware Trustee

                                       42
<PAGE>
represents and warrants to the Trust and the Sponsor at the time of the
Successor Delaware Trustee's acceptance of its appointment as Delaware Trustee
that:

            (a) The Delaware Trustee is a national banking association with
trust powers, duly organized, validly existing and in good standing under the
laws of the United States of America, with trust power and authority to execute
and deliver, and to carry out and perform its obligations under the terms of,
the Declaration.

            (b) The Delaware Trustee has been authorized to perform its
obligations under the Certificate of Trust and the Declaration. The Declaration
under Delaware law constitutes a legal, valid and binding obligation of the
Delaware Trustee, enforceable against it in accordance with its terms, subject
to applicable bankruptcy, reorganization, moratorium, insolvency, and other
similar laws affecting creditors' rights generally and to general principles of
equity and the discretion of the court (regardless of whether the enforcement of
such remedies is considered in a proceeding in equity or at law).

            (c) No consent, approval or authorization of, or registration with
or notice to, any State or Federal banking authority is required for the
execution, delivery or performance by the Delaware Trustee, of the Declaration.

            (d) The Delaware Trustee is an entity which maintains its principal
place of business in the State of Delaware.

                                   ARTICLE XIV
                                  MISCELLANEOUS

SECTION 14.1 Notices.

            All notices provided for in this Declaration shall be in writing,
duly signed by the party giving such notice, and shall be delivered, telecopied
or mailed by registered or certified mail, as follows:

            (a) if given to the Trust, in care of the Regular Trustees at the
Trust's mailing address set forth below (or such other address as the Trust may
give notice of to the Holders of the Securities):

                  Citigroup Capital XI
                  c/o Citigroup Inc.
                  153 East 53rd Street
                  New York, NY  10043
                  Attention: Guy R. Whittaker

            (b) if given to the Delaware Trustee, at the mailing address set
forth below (or such other address as Delaware Trustee may give notice of to the
Holders of the Securities):

                                       43
<PAGE>
                  Chase Manhattan Bank USA, National Association
                  c/o JPMorgan Chase Bank
                  Attention:  Institutional Trust Services
                  500 Stanton Christiana Rd., OPS4 /3rd Floor
                  Newark, Delaware  19713

            (c) if given to the Institutional Trustee, at the mailing address
set forth below (or such other address as the Institutional Trustee may give
notice of to the Holders of the Securities):

                  JPMorgan Chase Bank
                  4 New York Plaza - 15th Floor
                  New York, New York 10004
                  Attention: Institutional Trust Services

            (d) if given to the Holder of the Common Securities, at the mailing
address of the Sponsor set forth below (or such other address as the Holder of
the Common Securities may give notice of to the Trust):

                  Citigroup Inc.
                  153 East 53rd Street
                  New York, NY  10043
                  Attention: Guy R. Whittaker, Treasurer

            (e) if given to any other Holder, at the address set forth on the
books and records of the Trust.

            All such notices shall be deemed to have been given when received in
person, telecopied with receipt confirmed, or mailed by first class mail,
postage prepaid except that if a notice or other document is refused delivery or
cannot be delivered because of a changed address of which no notice was given,
such notice or other document shall be deemed to have been delivered on the date
of such refusal or inability to deliver.

SECTION 14.2 Governing Law.

            This Declaration and the rights of the parties hereunder shall be
governed by and interpreted in accordance with the laws of the State of Delaware
and all rights and remedies shall be governed by such laws without regard to
principles of conflict of laws.

SECTION 14.3 Intention of the Parties.

            It is the intention of the parties hereto that the Trust be
classified for United States federal income tax purposes as a grantor trust. The
provisions of this Declaration shall be interpreted to further this intention of
the parties.

SECTION 14.4 Headings.

                                       44
<PAGE>
            Headings contained in this Declaration are inserted for convenience
of reference only and do not affect the interpretation of this Declaration or
any provision hereof.

SECTION 14.5 Successors and Assigns.

            Whenever in this Declaration any of the parties hereto is named or
referred to, the successors and assigns of such party shall be deemed to be
included, and all covenants and agreements in this Declaration by the Sponsor
and the Trustees shall bind and inure to the benefit of their respective
successors and assigns, whether so expressed.

SECTION 14.6 Partial Enforceability.

            If any provision of this Declaration, or the application of such
provision to any Person or circumstance, shall be held invalid, the remainder of
this Declaration, or the application of such provision to Persons or
circumstances other than those to which it is held invalid, shall not be
affected thereby.

SECTION 14.7 Counterparts.

            This Declaration may contain more than one counterpart of the
signature page and this Declaration may be executed by the affixing of the
signature of each of the Trustees to one of such counterpart signature pages.
All of such counterpart signature pages shall be read as though one, and they
shall have the same force and effect as though all of the signers had signed a
single signature page.

                                       45
<PAGE>
            IN WITNESS WHEREOF, the undersigned has caused these presents to be
executed as of the day and year first above written.

                                    _______________________________________
                                    Name:  Guy R. Whittaker
                                    Title: Regular Trustee

                                    _______________________________________
                                    Name:  William P. Hannon
                                    Title: Regular Trustee

                                    CHASE MANHATTAN BANK USA,
                                    NATIONAL ASSOCIATION,
                                    as Delaware Trustee

                                    By:____________________________________
                                    Name:
                                    Title:

                                    JPMORGAN CHASE BANK, as Institutional
                                    Trustee

                                    By:____________________________________
                                    Name:
                                    Title:

                                    CITIGROUP INC., as Sponsor

                                    By:____________________________________
                                    Name:  Guy R. Whittaker
                                    Title: Treasurer
<PAGE>
                                     ANNEX I

                                    TERMS OF
                              % CAPITAL SECURITIES
                               % COMMON SECURITIES

            Pursuant to Section 7.1 of the Amended and Restated Declaration of
Trust, dated as of , 20 (as amended from time to time, the "Declaration"), the
designation, rights, privileges, restrictions, preferences and other terms and
provisions of the Capital Securities and the Common Securities are set out below
(each capitalized term used but not defined herein has the meaning set forth in
the Declaration or, if not defined in such Declaration, as defined in the
Prospectus referred to below):

            1.    Designation and Number.

            (a) Capital Securities. Capital Securities of the Trust (or up to
Capital Securities if the over-allotment option is exercised pursuant to Section
of the Underwriting Agreement) with an aggregate liquidation amount with respect
to the assets of the Trust of      dollars ($      ) (or up to
($          ) if the over-allotment option is exercised pursuant to Section of
the Underwriting Agreement), and a liquidation amount with respect to the assets
of the Trust of $ per capital security, are hereby designated for the purposes
of identification only as "    % Capital Securities" (the "Capital Securities").
The Capital Security Certificates evidencing the Capital Securities shall be
substantially in the form of Exhibit A-1 to the Declaration, with such changes
and additions thereto or deletions therefrom as may be required by ordinary
usage, custom or practice or to conform to the rules of any stock exchange on
which the Capital Securities are listed.

            (b) Common Securities. Common Securities of the Trust (or up to
Common Securities if the over-allotment option is exercised pursuant to Section
of the Underwriting Agreement) with an aggregate liquidation amount with respect
to the assets of the Trust of                  dollars ($      ) (or up to
                  ($              ) if the over-allotment option is exercised
pursuant to Section of the Underwriting Agreement), and a liquidation amount
with respect to the assets of the Trust of $ per common security, are hereby
designated for the purposes of identification only as "     % Common Securities"
(the "Common Securities"). The Common Security Certificates evidencing the
Common Securities shall be substantially in the form of Exhibit A-2 to the
Declaration, with such changes and additions thereto or deletions therefrom as
may be required by ordinary usage, custom or practice.

            2.    Distributions.

            (a) Distributions payable on each Security will be fixed at a rate
per annum of % (the "Coupon Rate") of the stated liquidation amount of $ per
Security, such rate being the rate of interest payable on the Debentures to be
held by the Institutional Trustee. Distributions in arrears beyond the first
date such Distributions are payable (or would be payable, if not for any
Extension Period (as defined below) or default by the Debenture Issuer on the
Debentures) will bear interest thereon compounded quarterly at the Coupon Rate
(to the extent permitted by

                                      I-1
<PAGE>
applicable law). The term "Distributions" as used herein includes such cash
distributions and any such interest payable unless otherwise stated. A
Distribution is payable only to the extent that payments are made in respect of
the Debentures held by the Institutional Trustee and to the extent the
Institutional Trustee has funds available therefor. The amount of Distributions
payable for any period will be computed for any full quarterly Distribution
period on the basis of a 360-day year of twelve 30-day months, and for any
period shorter than a full quarterly Distribution period for which Distributions
are computed, Distributions will be computed on the basis of the actual number
of days elapsed per 90-day quarter.

            (b) Distributions on the Securities will be cumulative, will accrue
from and including       , 20  , and will be payable quarterly in arrears, on
      ,       ,       and of each year, commencing on       , 20  . When, as and
if available for payment, Distributions will be made by the Institutional
Trustee, except as otherwise described below. The Debenture Issuer has the right
under the Indenture to defer payments of interest on the Debentures by extending
the interest payment period from time to time on the Debentures for a period not
exceeding 20 consecutive quarters (each an "Extension Period"), during which
Extension Period no interest shall be due and payable on the Debentures,
provided, that no Extension Period may extend beyond the date of maturity of the
Debentures. As a consequence of the Debenture Issuer's extension of the interest
payment period, quarterly Distributions will also be deferred. Despite such
deferral, quarterly Distributions will continue to accrue with interest thereon
(to the extent permitted by applicable law) at the Coupon Rate compounded
quarterly during any such Extension Period. In the event that the Debenture
Issuer exercises its right to extend the interest payment period, then (a) the
Debenture Issuer shall not declare or pay any dividend on, make any
distributions with respect to, or redeem, purchase, acquire or make a
liquidation payment with respect to, any of its capital stock or make any
guarantee payment with respect thereto (other than (i) repurchases, redemptions
or other acquisitions of shares of capital stock of Citigroup in connection with
any employment contract, benefit plan or other similar arrangement with or for
the benefit of employees, officers, directors or consultants, (ii) as a result
of an exchange or conversion of any class or series of Citigroup's capital stock
for any other class or series of Citigroup's capital stock, or (iii) the
purchase of fractional interests in shares of Citigroup's capital stock pursuant
to the conversion or exchange provisions of such capital stock or the security
being converted or exchanged) and (b) the Debenture Issuer shall not make any
payment of interest on or principal of (or premium, if any, on), or repay,
repurchase or redeem, any debt securities issued by the Debenture Issuer that
rank pari passu with or junior to the Debentures. The foregoing, however, will
not apply to any stock dividends paid by Citigroup where the dividend stock is
the same stock as that on which the dividend is being paid. Prior to the
termination of any such Extension Period, the Debenture Issuer may further
extend such Extension Period; provided, that such Extension Period, together
with all such previous and further extensions thereof, may not exceed 20
consecutive quarters; provided further, that no Extension Period may extend
beyond the maturity of the Debentures. Payments of deferred Distributions and
accrued interest thereon will be payable to Holders as they appear on the books
and records of the Trust on the first record date after the end of the Extension
Period. Upon the termination of any Extension Period and the payment of all
amounts then due, the Debenture Issuer may commence a new Extension Period,
subject to the above requirements. The Regular Trustees will give notice to each
Holder of any Extension Period upon their receipt of notice thereof from the
Debenture Issuer.

                                      I-2
<PAGE>
            (c) Distributions on the Securities will be payable to the Holders
thereof as they appear on the books and records of the Trust at the close of
business on the relevant record dates. While the Capital Securities remain in
book-entry only form, the relevant record dates shall be one Business Day prior
to the relevant payment dates which payment dates shall correspond to the
interest payment dates on the Debentures. Subject to any applicable laws and
regulations and the provisions of the Declaration, each such payment in respect
of the Capital Securities will be made as described under the heading
"Description of the Capital Securities -- Book-Entry Only Issuance" in the
Prospectus dated       , 20 (the "Prospectus"), of the Trust included in the
Registration Statement on Form S-3 of the Sponsor, the Trust and certain other
statutory trusts. The relevant record dates for the Common Securities shall be
the same record date as for the Capital Securities. If the Capital Securities
shall not continue to remain in book-entry only form, the relevant record dates
for the Capital Securities shall conform to the rules of any securities exchange
on which the securities are listed and, if none, shall be selected by the
Regular Trustees, which dates shall be more than 14 days but less than 60 days
prior to the relevant payment dates, which payment dates shall correspond to the
interest payment dates on the Debentures. Distributions payable on any
Securities that are not punctually paid on any Distribution payment date, as a
result of the Debenture Issuer having failed to make a payment under the
Debentures, will cease to be payable to the Person in whose name such Securities
are registered on the relevant record date, and such defaulted Distribution will
instead be payable to the Person in whose name such Securities are registered on
the special record date or other specified date determined in accordance with
the Indenture. If any date on which Distributions are payable on the Securities
is not a Business Day, then payment of the Distribution payable on such date
will be made on the next succeeding day that is a Business Day (and without any
interest or other payment in respect of any such delay) except that, if such
Business Day is in the next succeeding calendar year, such payment shall be made
on the immediately preceding Business Day, in each case with the same force and
effect as if made on such date.

            (d) In the event that there is any money or other property held by
or for the Trust that is not accounted for hereunder, such property shall be
distributed Pro Rata (as defined herein) among the Holders of the Securities.

            3.    Liquidation Distribution Upon Dissolution.

            (a) In the event of any voluntary or involuntary dissolution,
winding-up or termination of the Trust, the Holders of the Securities on the
date of the dissolution, winding-up or termination, as the case may be, will be
entitled to receive out of the assets of the Trust available for distribution to
Holders of Securities after satisfaction of liabilities of creditors,
distributions in an amount equal to the aggregate of the stated liquidation
amount of $ per Security plus accrued and unpaid Distributions thereon to the
date of payment (such amount being the "Liquidation Distribution"), unless, in
connection with such dissolution, winding-up or termination, Debentures in an
aggregate principal amount equal to the aggregate stated liquidation amount of,
with an interest rate equal to the Coupon Rate, and bearing accrued and unpaid
interest in an amount equal to the accrued and unpaid Distributions on, such
Securities outstanding at such time, have been distributed on a Pro Rata basis
to the Holders of the Securities in exchange for such Securities. Prior to any
such Liquidation Distribution, the Debenture Issuer will obtain any required
regulatory approval.

                                      I-3
<PAGE>
            (b) If, upon any such dissolution, the Liquidation Distribution can
be paid only in part because the Trust has insufficient assets available to pay
in full the aggregate Liquidation Distribution, then the amounts payable
directly by the Trust on the Securities shall be paid on a Pro Rata basis.

            4.    Redemption and Distribution.

            (a) Upon the repayment of the Debentures in whole or in part,
whether at maturity or upon redemption (either at the option of the Debenture
Issuer or pursuant to a Special Event as described below), the proceeds from
such repayment or payment shall be simultaneously applied to redeem Securities
having an aggregate liquidation amount equal to the aggregate principal amount
of the Debentures so repaid or redeemed at a redemption price of $ per Security
plus an amount equal to accrued and unpaid Distributions thereon at the date of
the redemption, payable in cash (the "Redemption Price"). Holders shall be given
not less than 30 nor more than 60 days' notice of such redemption. Prior to any
such redemption, the Debenture Issuer will obtain any required regulatory
approval.

            (b) If fewer than all the outstanding Securities are to be so
redeemed, the Securities will be redeemed Pro Rata and the Capital Securities to
be redeemed will be as described in Section 4(f)(ii) below.

            (c) Subject to obtaining any required regulatory approval, if, at
any time, a Tax Event, an Investment Company Event or a Regulatory Capital Event
(each as defined below, and each a "Special Event") shall occur and be
continuing, Citigroup shall have the right, upon not less than 30 nor more than
60 days' notice, to redeem the Debentures, in whole or in part, for cash within
90 days following the occurrence of such Special Event, and, following such
redemption, Securities with an aggregate liquidation amount equal to the
aggregate principal amount of the Debentures so redeemed shall be redeemed by
the Trust at the Redemption Price on a Pro Rata basis; provided, however, that
if at the time there is available to Citigroup or the Trust the opportunity to
eliminate, within such 90-day period, the Special Event by taking some
ministerial action, such as filing a form or making an election or pursuing some
other similar reasonable measure that will have no adverse effect on the Trust,
Citigroup or the holders of the Securities, then Citigroup or the Trust will
pursue such measure in lieu of redemption.

            "Tax Event" means that the Regular Trustees shall have received an
opinion of a nationally recognized independent tax counsel experienced in such
matters (a "Tax Event Opinion") to the effect that, as a result of (a) any
amendment to, or change (including any announced prospective change) in, the
laws (or any regulations thereunder) of the United States or any political
subdivision or taxing authority thereof or therein or (b) any amendment to, or
change in, an interpretation or application of such laws or regulations by any
legislative body, court, governmental agency or regulatory authority (including
the enactment of any legislation and the publication of any judicial decision or
regulatory determination on or after the date of the Prospectus), in either case
after the date of the Prospectus, there is more than an insubstantial risk that
(i) the Trust would be subject to United States federal income tax with respect
to interest accrued or received on the Debentures, (ii) the Trust would be
subject to more than a de minimis amount of other taxes, duties or other
governmental charges, or (iii) interest payable to the Trust

                                      I-4
<PAGE>
on the Debentures would not be deductible, in whole or in part, by the Debenture
Issuer for United States federal income tax purposes.

            "Investment Company Event" means that the Regular Trustees shall
have received an opinion of a nationally recognized independent counsel
experienced in practice under the Investment Company Act (an "Investment Company
Event Opinion") to the effect that, as a result of the occurrence of a change in
law or regulation or a written change in interpretation or application of law or
regulation by any legislative body, court, governmental agency or regulatory
authority (a "Change in 1940 Act Law"), there is a more than an insubstantial
risk that the Trust is or will be considered an Investment Company which is
required to be registered under the Investment Company Act, which Change in 1940
Act Law becomes effective on or after the date of the Prospectus.

            "Regulatory Capital Event" means a determination by Citigroup, based
on an opinion of counsel experienced in such matters (who may be an employee of
Citigroup or any of its affiliates), that, as a result of (a) any amendment to,
clarification of or change (including any announced prospective change) in
applicable laws or regulations or official interpretations thereof or policies
with respect thereto or (b) any official administrative pronouncement or
judicial decision interpreting or applying such laws or regulations, which
amendment, clarification, change, pronouncement or decision is announced or is
effective after the date of the Prospectus, there is more than an insubstantial
risk that the Capital Securities will no longer constitute Tier I Capital of
Citigroup or any bank holding company of which Citigroup is a subsidiary (or its
equivalent) for purposes of the capital adequacy guidelines or policies of the
Board of Governors of the Federal Reserve System or its successor as Citigroup's
primary federal banking regulator.

            On and from the date fixed by the Regular Trustees for any
distribution of the Debentures and dissolution of the Trust: (i) the Securities
will no longer be deemed to be outstanding, (ii) DTC or its nominee (or any
successor Clearing Agency or its nominee), as the record Holder of the Capital
Securities, will receive a registered global certificate or certificates
representing the Debentures to be delivered upon such distribution and (iii) any
certificates representing Securities, except for certificates representing
Capital Securities held by DTC or its nominee (or any successor Clearing Agency
or its nominee), will be deemed to represent beneficial interests in the
Debentures having an aggregate principal amount equal to the aggregate stated
liquidation amount of, with an interest rate identical to the Coupon Rate of,
and accrued and unpaid interest equal to accrued and unpaid Distributions on
such Securities until such certificates are presented to the Debenture Issuer or
its agent for transfer or reissue.

            (d) The Trust may not redeem fewer than all the outstanding
Securities unless all accrued and unpaid Distributions have been paid on all
Securities for all quarterly Distribution periods terminating on or before the
date of redemption.

            (e) If the Debentures are distributed to the Holders of the
Securities, pursuant to the terms of the Indenture, the Debenture Issuer will
use its best efforts to cause the Debentures to be listed on the New York Stock
Exchange or on such other exchange as the Capital Securities were listed
immediately prior to the distribution of the Debentures.

                                      I-5
<PAGE>
            (f) Redemption or Distribution procedures will be as follows:

            (i) Notice of any redemption of, or notice of distribution of
      Debentures in exchange for the Securities (a "Redemption/Distribution
      Notice") will be given by the Trust by mail to each Holder of the
      Securities to be redeemed or exchanged not fewer than 30 nor more than 60
      days before the date fixed for redemption or exchange thereof which, in
      the case of a redemption, will be the date fixed for redemption of the
      Debentures. For purposes of the calculation of the date of redemption or
      exchange and the dates on which notices are given pursuant to this Section
      4(f)(i), a Redemption/ Distribution Notice shall be deemed to be given on
      the day such notice is first mailed by first-class mail, postage prepaid,
      to the Holders of the Securities. Each Redemption/Distribution Notice
      shall be addressed to the Holders of the Securities at the address of each
      such Holder appearing in the books and records of the Trust. No defect in
      the Redemption/Distribution Notice or in the mailing of either thereof
      with respect to any Holder shall affect the validity of the redemption or
      exchange proceedings with respect to any other Holder.

            (ii) In the event that fewer than all the outstanding Securities are
      to be redeemed, the Securities to be redeemed shall be redeemed Pro Rata
      from each Holder of Capital Securities, it being understood that, in
      respect of Capital Securities registered in the name of and held of record
      by DTC or its nominee (or any successor Clearing Agency or its nominee),
      the distribution of the proceeds of such redemption will be made to each
      Clearing Agency Participant (or Person on whose behalf such nominee holds
      such securities) in accordance with the procedures applied by such agency
      or nominee.

            (iii) If Securities are to be redeemed and the Trust gives a
      Redemption/Distribution Notice, which notice may only be issued if the
      Debentures are redeemed as set out in this Section 4 (which notice will be
      irrevocable), then (A) while the Capital Securities are in book-entry only
      form, with respect to the Capital Securities, by 12:00 noon, New York City
      time, on the redemption date, provided, that the Debenture Issuer has paid
      to the Institutional Trustee a sufficient amount of cash in connection
      with the related redemption or maturity of the Debentures, the
      Institutional Trustee will deposit irrevocably with DTC or its nominee (or
      successor Clearing Agency or its nominee) funds sufficient to pay the
      applicable Redemption Price with respect to the Capital Securities and
      will give DTC (or any successor Clearing Agency) irrevocable instructions
      and authority to pay the Redemption Price to the Holders of the Capital
      Securities, and (B) with respect to Capital Securities issued in
      definitive form and Common Securities, provided, that the Debenture Issuer
      has paid the Institutional Trustee a sufficient amount of cash in
      connection with the related redemption or maturity of the Debentures, the
      Institutional Trustee will pay the relevant Redemption Price to the
      Holders of such Securities by check mailed to the address of the relevant
      Holder appearing on the books and records of the Trust on the redemption
      date. If a Redemption/Distribution Notice shall have been given and funds
      deposited as required, if applicable, then immediately prior to the close
      of business on the date of such deposit, or on the redemption date, as
      applicable, distributions will cease to accrue on the Securities so called
      for redemption and all rights of the Holders of such Securities so called
      for redemption will cease, except the right of the Holders of such
      Securities to receive the

                                      I-6
<PAGE>
      Redemption Price, but without interest on such Redemption Price. Neither
      the Regular Trustees nor the Trust shall be required to register or cause
      to be registered the transfer of any Securities that have been so called
      for redemption. If any date fixed for redemption of Securities is not a
      Business Day, then payment of the Redemption Price payable on such date
      will be made on the next succeeding day that is a Business Day (and
      without any interest or other payment in respect of any such delay) except
      that, if such Business Day falls in the next calendar year, such payment
      will be made on the immediately preceding Business Day, in each case with
      the same force and effect as if made on such date fixed for redemption. If
      payment of the Redemption Price in respect of any Securities is improperly
      withheld or refused and not paid either by the Institutional Trustee or by
      the Sponsor as guarantor pursuant to the relevant Securities Guarantee,
      Distributions on such Securities will continue to accrue from the original
      redemption date to the actual date of payment, in which case the actual
      payment date will be considered the date fixed for redemption for purposes
      of calculating the Redemption Price.

            (iv) Redemption/Distribution Notices shall be sent by the Regular
      Trustees on behalf of the Trust to (A) in respect of the Capital
      Securities, DTC or its nominee (or any successor Clearing Agency or its
      nominee) if the Global Certificates have been issued or, if Definitive
      Capital Security Certificates have been issued, to the Holder thereof and
      (B) in respect of the Common Securities to the Holder thereof.

            (v) Subject to the foregoing and applicable law (including, without
      limitation, United States federal securities laws), the Debenture Issuer
      or its affiliates may at any time and from time to time purchase
      outstanding Capital Securities by tender, in the open market or by private
      agreement.

            5.    Voting Rights - Capital Securities.

            (a) Except as provided under Sections 5(b) and 7 and as otherwise
required by law and the Declaration, the Holders of the Capital Securities will
have no voting rights.

            (b) Subject to the requirements set forth in this paragraph, the
Holders of a Majority in aggregate liquidation amount of the Capital Securities,
voting separately as a class, may direct the time, method, and place of
conducting any proceeding for any remedy available to the Institutional Trustee,
or direct the exercise of any trust or power conferred upon the Institutional
Trustee under the Declaration, including the right to direct the Institutional
Trustee, as holder of the Debentures, to (i) direct the time, method and place
of conducting any proceeding for any remedy available to the Debenture Trustee,
or exercise any trust or power conferred on the Debenture Trustee with respect
to the Debentures, (ii) waive any past Default (as defined in the Indenture)
that is waivable under Section 5.6 of the Indenture, (iii) exercise any right to
rescind or annul a declaration that the principal of all the Debentures shall be
due and payable or (iv) consent to any amendment, modification or termination of
the Indenture or the Debentures where such consent shall be required; provided,
however, that, where a consent or action under the Indenture would require the
consent or act of each holder of each Debenture affected thereby, such consent
or action under the Indenture shall not be effective until each Holder of
Capital Securities shall have consented to such action or provided such consent.
The Institutional Trustee shall not revoke any action previously authorized or
approved by a vote of

                                      I-7
<PAGE>
the Holders of the Capital Securities. Except with respect to directing the
time, method and place of conducting a proceeding for a remedy available to the
Institutional Trustee, the Institutional Trustee, as holder of the Debentures,
shall not take any of the actions described in clauses (i), (ii), (iii) or (iv)
above unless the Institutional Trustee has obtained an opinion of a nationally
recognized independent tax counsel experienced in such matters to the effect
that as a result of such action, the Trust will not fail to be classified as a
grantor trust for United States federal income tax purposes. If the
Institutional Trustee fails to enforce its rights under the Debentures, any
Holder of Capital Securities may directly institute a legal proceeding against
the Debenture Issuer to enforce the Institutional Trustee's rights under the
Debentures without first instituting a legal proceeding against the
Institutional Trustee or any other Person or entity. If a Default under the
Declaration has occurred and is continuing and such event is attributable to the
failure of the Debenture Issuer to pay interest or principal on the Debentures
on the date such interest or principal is otherwise payable (or in the case of
redemption, on the redemption date), then a holder of Capital Securities may
also directly institute a proceeding for enforcement of payment to such holder
(a "Direct Action") of the principal of or interest on the Debentures having a
principal amount equal to the aggregate liquidation amount of the Capital
Securities of such holder on or after the respective due date specified in the
Debentures without first (i) directing the Institutional Trustee to enforce the
terms of the Debentures or (ii) instituting a legal proceeding directly against
the Debenture Issuer to enforce the Institutional Trustee's rights under the
Debentures. Except as provided in the preceding sentence, the Holders of Capital
Securities will not be able to exercise directly any other remedy available to
the holders of the Debentures. In connection with such Direct Action, Citigroup
will be subrogated to the rights of such Holder of Capital Securities under the
Declaration to the extent of any payment made by Citigroup to such holder of
Capital Securities in such Direct Action.

            Any required approval or direction of Holders of Capital Securities
may be given at a separate meeting of Holders of Capital Securities convened for
such purpose, at a meeting of all of the Holders of Securities in the Trust or
pursuant to written consent. The Regular Trustees will cause a notice of any
meeting at which Holders of Capital Securities are entitled to vote, or of any
matter upon which action by written consent of such Holders is to be taken, to
be mailed to each Holder of record of Capital Securities. Each such notice will
include a statement setting forth (i) the date of such meeting or the date by
which such action is to be taken, (ii) a description of any resolution proposed
for adoption at such meeting on which such Holders are entitled to vote or of
such matter upon which written consent is sought and (iii) instructions for the
delivery of proxies or consents.

            No vote or consent of the Holders of the Capital Securities will be
required for the Trust to redeem and cancel Capital Securities or to distribute
the Debentures in accordance with this Declaration and the terms of the
Securities.

            Notwithstanding that Holders of Capital Securities are entitled to
vote or consent under any of the circumstances described above, any of the
Capital Securities that are owned by the Sponsor or any Affiliate of the Sponsor
shall not be entitled to vote or consent and shall, for purposes of such vote or
consent, be treated as if they were not outstanding.

                                      I-8
<PAGE>
            6.    Voting Rights - Common Securities.

            (a) Except as provided under Sections 6(b), (c) and 7 as otherwise
required by law and the Declaration, the Holders of the Common Securities will
have no voting rights.

            (b) The Holders of the Common Securities are entitled, in accordance
with and subject to Article V of the Declaration, to vote to appoint, remove or
replace any Trustee or to increase or decrease the number of Trustees.

            (c) Subject to Section 2.6 of the Declaration and only after the
Default with respect to the Capital Securities has been cured, waived, or
otherwise eliminated and subject to the requirements of the second to last
sentence of this paragraph, the Holders of a Majority in liquidation amount of
the Common Securities, voting separately as a class, may direct the time,
method, and place of conducting any proceeding for any remedy available to the
Institutional Trustee, or direct the exercise of any trust or power conferred
upon the Institutional Trustee under the Declaration, including (i) directing
the time, method, place of conducting any proceeding for any remedy available to
the Debenture Trustee, or exercising any trust or power conferred on the
Debenture Trustee with respect to the Debentures, (ii) waiving any past Default
(as defined in the Indenture) that is waivable under Section 5.6 of the
Indenture, or (iii) exercising any right to rescind or annul a declaration that
the principal of all the Debentures shall be due and payable, provided that,
where a consent or action under the Indenture would require the consent or act
of the Holders of greater than a majority in principal amount of Debentures
affected thereby (a "Super Majority"), the Institutional Trustee may only give
such consent or take such action at the written direction of the Holders of at
least the proportion in liquidation amount of the Common Securities which the
relevant Super Majority represents of the aggregate principal amount of the
Debentures outstanding. Pursuant to this Section 6(c), the Institutional Trustee
shall not revoke any action previously authorized or approved by a vote of the
Holders of the Capital Securities. Other than with respect to directing the
time, method and place of conducting any proceeding for any remedy available to
the Institutional Trustee or the Debenture Trustee as set forth above, the
Institutional Trustee shall not take any action in accordance with the
directions of the Holders of the Common Securities under this paragraph unless
the Institutional Trustee has obtained an opinion of tax counsel to the effect
that for the purposes of United States federal income tax the Trust will not be
classified as other than a grantor trust on account of such action. If the
Institutional Trustee fails to enforce its rights under the Declaration, any
Holder of Common Securities may institute a legal proceeding directly against
any Person to enforce the Institutional Trustee's rights under the Declaration,
without first instituting a legal proceeding against the Institutional Trustee
or any other Person.

            Any approval or direction of Holders of Common Securities may be
given at a separate meeting of Holders of Common Securities convened for such
purpose, at a meeting of all of the Holders of Securities in the Trust or
pursuant to written consent. The Regular Trustees will cause a notice of any
meeting at which Holders of Common Securities are entitled to vote, or of any
matter upon which action by written consent of such Holders is to be taken, to
be mailed to each Holder of record of Common Securities. Each such notice will
include a statement setting forth (i) the date of such meeting or the date by
which such action is to be taken, (ii) a description of any resolution proposed
for adoption at such meeting on which such

                                      I-9
<PAGE>
Holders are entitled to vote or of such matter upon which written consent is
sought and (iii) instructions for the delivery of proxies or consents.

            No vote or consent of the Holders of the Common Securities will be
required for the Trust to redeem and cancel Common Securities or to distribute
the Debentures in accordance with the Declaration and the terms of the
Securities.

            7.    Amendments to Declaration and Indenture.

            (a) In addition to any requirements under Section 12.1 of the
Declaration, if any proposed amendment to the Declaration provides for, or the
Regular Trustees otherwise propose to effect, (i) any action that would
adversely affect the powers, preferences or special rights of the Securities,
whether by way of amendment to the Declaration or otherwise, or (ii) the
dissolution, winding-up or termination of the Trust, other than as described in
Section 8.1 of the Declaration, then the Holders of outstanding Securities as a
class, will be entitled to vote on such amendment or proposal (but not on any
other amendment or proposal) and such amendment or proposal shall not be
effective except with the approval of the Holders of at least a Majority in
liquidation amount of the Securities, voting together as a single class;
provided, however, if any amendment or proposal referred to in clause (i) above
would adversely affect only the Capital Securities or only the Common
Securities, then only the affected class will be entitled to vote on such
amendment or proposal and such amendment or proposal shall not be effective
except with the approval of a Majority in liquidation amount of such class of
Securities.

            (b) In the event the consent of the Institutional Trustee as the
holder of the Debentures is required under the Indenture with respect to any
amendment, modification or termination on the Indenture or the Debentures, the
Institutional Trustee shall request the written direction of the Holders of the
Securities with respect to such amendment, modification or termination and shall
vote with respect to such amendment, modification or termination as directed by
a Majority in liquidation amount of the Securities voting together as a single
class; provided, however, that where a consent under the Indenture would require
the consent of the holders of greater than a majority in aggregate principal
amount of the Debentures (a "Super Majority"), the Institutional Trustee may
only give such consent at the direction of the Holders of at least the
proportion in liquidation amount of the Securities which the relevant Super
Majority represents of the aggregate principal amount of the Debentures
outstanding; provided, further, that the Institutional Trustee shall not take
any action in accordance with the directions of the Holders of the Securities
under this Section 7(b) unless the Institutional Trustee has obtained an opinion
of tax counsel to the effect that for the purposes of United States federal
income tax the Trust will not be classified as other than a grantor trust on
account of such action.

            8.    Pro Rata.

            A reference in these terms of the Securities to any payment,
distribution or treatment as being "Pro Rata" shall mean pro rata to each Holder
of Securities according to the aggregate liquidation amount of the Securities
held by the relevant Holder in relation to the aggregate liquidation amount of
all Securities outstanding unless, in relation to a payment, an a Default under
the Declaration has occurred and is continuing, in which case any funds
available to make such payment shall be paid first to each Holder of the Capital
Securities pro rata

                                      I-10
<PAGE>
according to the aggregate liquidation amount of Capital Securities held by the
relevant Holder relative to the aggregate liquidation amount of all Capital
Securities outstanding, and only after satisfaction of all amounts owed to the
Holders of the Capital Securities, to each Holder of Common Securities pro rata
according to the aggregate liquidation amount of Common Securities held by the
relevant Holder relative to the aggregate liquidation amount of all Common
Securities outstanding.

            9.    Ranking.

            The Capital Securities rank pari passu and payment thereon shall be
made Pro Rata with the Common Securities except that, where a Default (as
defined in the Indenture) occurs and is continuing under the Indenture in
respect of the Debentures held by the Institutional Trustee, the rights of
Holders of the Common Securities to payment in respect of Distributions and
payments upon liquidation, redemption and otherwise are subordinated to the
rights to payment of the Holders of the Capital Securities.

            10.   Listing.

            The Regular Trustees shall use their best efforts to cause the
Capital Securities to be listed on the New York Stock Exchange.

            11.   Acceptance of Securities Guarantee and Indenture.

            Each Holder of Capital Securities and Common Securities, by the
acceptance thereof, agrees to the provisions of the Capital Securities
Guarantee, including the subordination provisions therein and to the provisions
of the Indenture.

            12.   No Preemptive Rights.

            The Holders of the Securities shall have no preemptive rights to
subscribe for any additional securities.

            13.   Miscellaneous.

            These terms constitute a part of the Declaration.

            The Sponsor will provide a copy of the Declaration or the Capital
Securities Guarantee, and the Indenture to a Holder without charge on written
request to the Sponsor at its principal place of business.

                                      I-11
<PAGE>
                                   EXHIBIT A-1
                      FORM OF CAPITAL SECURITY CERTIFICATE

            THIS CAPITAL SECURITY IS A GLOBAL CERTIFICATE WITHIN THE MEANING OF
THE DECLARATION HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE
DEPOSITORY TRUST COMPANY (THE "DEPOSITARY") OR A NOMINEE OF THE DEPOSITARY. THIS
CAPITAL SECURITY IS EXCHANGEABLE FOR CAPITAL SECURITIES REGISTERED IN THE NAME
OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE DECLARATION AND NO TRANSFER OF THIS CAPITAL
SECURITY (OTHER THAN A TRANSFER OF THIS CAPITAL SECURITY AS A WHOLE BY THE
DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO
THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN
LIMITED CIRCUMSTANCES.

            UNLESS THIS CAPITAL SECURITY IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITARY (55 WATER STREET, NEW YORK, NEW YORK) TO THE
TRUST OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CAPITAL SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER
NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY AND ANY
PAYMENT HEREON IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY A PERSON IS WRONGFUL SINCE THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

Certificate Number                                Number of Capital Securities

                                                  CUSIP NO.
                                                            --------------

                    Certificate Evidencing Capital Securities

                                       of

                              CITIGROUP CAPITAL XI

                              % Capital Securities
                (Liquidation Amount $      per Capital Security)

            CITIGROUP CAPITAL XI, a statutory trust formed under the laws of the
State of Delaware (the "Trust"), hereby certifies that ___________ (the
"Holder") is the registered owner of ________ (____) capital securities of the
Trust representing undivided beneficial interests in the assets of the Trust
designated the      % Capital Securities (the "Capital Securities"). The Capital
Securities are transferable on the books and records of the Trust, in person or
by a duly authorized attorney, upon surrender of this certificate duly endorsed
and in proper form for transfer. The designation, rights, privileges,
restrictions, preferences and other terms and provisions of the Capital
Securities are set forth in, and this certificate and the Capital Securities
represented hereby are issued and shall in all respects be subject to, the
provisions of the

                                      A1-1
<PAGE>
Amended and Restated Declaration of Trust of the Trust dated as of       , 20 ,
as the same may be amended from time to time (the "Declaration"), including the
designation of the terms of the Capital Securities as set forth in Annex I
thereto. Capitalized terms used herein but not defined shall have the meaning
given them in the Declaration. The Holder is entitled to the benefits of the
Capital Securities Guarantee to the extent provided therein. The Sponsor will
provide a copy of the Declaration, the Capital Securities Guarantee and the
Indenture to a Holder without charge upon written request to the Sponsor at its
principal place of business.

            The Holder of this certificate, by accepting this certificate, is
deemed to have (i) agreed to the terms of the Indenture and the Debentures,
including that the Debentures are subordinate and junior in right of payment to
all Senior Indebtedness (as defined in the Indenture) and (ii) agreed to the
terms of the Capital Securities Guarantee, including that the Capital Securities
Guarantee is (A) subordinate and junior in right of payment to all other
liabilities of Citigroup, (B) pari passu with the most senior preferred or
preference stock now or hereafter issued by Citigroup and with any guarantee now
or hereafter issued by Citigroup with respect to preferred or preference stock
of Citigroup's affiliates and (C) senior to Citigroup's common stock.

            Upon receipt of this certificate, the Holder is bound by the
Declaration and is entitled to the benefits thereunder.

            By acceptance, the Holder agrees to treat, for United States federal
income tax purposes, the Debentures as indebtedness and the Capital Securities
as evidence of indirect beneficial ownership in the Debentures.

                                      A1-2
<PAGE>
            IN WITNESS WHEREOF, the Trust has executed this certificate this ___
day of _______, ____.

                                    -----------------------------------
                                    Name:
                                    Title: Regular Trustee

                                      A1-3
<PAGE>
                              ---------------------

                                   ASSIGNMENT

FOR VALUE RECEIVED, the undersigned assigns and transfers this Capital Security
Certificate to:

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

---------------------------------------
        (Insert assignee's social security or tax identification number)

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

---------------------------------------
                    (Insert address and zip code of assignee)

and irrevocably appoints

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
agent to transfer this Capital Security Certificate on the books of the Trust.
The agent may substitute another to act for him or her.

Date:
      -----------------------

Signature:
           ------------------
(Sign exactly as your name appears on the other side of this Capital Security
Certificate)

                                      A1-4
<PAGE>
                                   EXHIBIT A-2

                       FORM OF COMMON SECURITY CERTIFICATE

                          TRANSFER OF THIS CERTIFICATE
                          IS SUBJECT TO THE CONDITIONS
                          SET FORTH IN THE DECLARATION
                                REFERRED TO BELOW

Certificate Number                                   Number of Common Securities

                    Certificate Evidencing Common Securities

                                       of

                              CITIGROUP CAPITAL XI

                               % Common Securities
                (Liquidation Amount $      per Common Security)

            CITIGROUP CAPITAL XI, a statutory trust formed under the laws of the
State of Delaware (the "Trust"), hereby certifies that Citigroup Inc., a
Delaware corporation (the "Holder"), is the registered owner of __________
(________) common securities of the Trust representing undivided beneficial
interests in the assets of the Trust designated the      % Common Securities
(the "Common Securities"). The Common Securities are transferable on the books
and records of the Trust, in person or by a duly authorized attorney, upon
surrender of this certificate duly endorsed and in proper form for transfer and
satisfaction of the other conditions set forth in the Declaration (as defined
below), including, without limitation, Section 9.1 thereof. The designation,
rights, privileges, restrictions, preferences and other terms and provisions of
the Common Securities represented hereby are issued and shall in all respects be
subject to the provisions of the Amended and Restated Declaration of Trust of
the Trust dated as of       , 20 , as the same may be amended from time to time
(the "Declaration"), including the designation of the terms of the Common
Securities as set forth in Annex I thereto. Capitalized terms used herein but
not defined shall have the meaning given them in the Declaration. The Sponsor
will provide a copy of the Declaration and the Indenture to a Holder without
charge upon written request to the Sponsor at its principal place of business.

            Upon receipt of this certificate, the Holder is bound by the
Declaration and is entitled to the benefits thereunder.

            The Holder of this certificate, by accepting this certificate, is
deemed to have agreed to the terms of the Indenture and the Debentures,
including that the Debentures are subordinate and junior in right of payment to
all Senior Indebtedness (as defined in the Indenture) as and to the extent
provided in the Indenture.

                                      A2-1
<PAGE>
            By acceptance, the Holder agrees to treat, for United States federal
income tax purposes, the Debentures as indebtedness and the Common Securities as
evidence of indirect beneficial ownership in the Debentures.

                                      A2-2
<PAGE>
            IN WITNESS WHEREOF, the Trust has executed this certificate this ___
day of _______, ____.

                                    -----------------------------------
                                    Name:
                                    Title: Regular Trustee

                                      A2-3
<PAGE>
                              ---------------------

                                   ASSIGNMENT

FOR VALUE RECEIVED, the undersigned assigns and transfers this Common Security
Certificate to:

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

---------------------------------------
(Insert assignee's social security or tax identification number)

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

---------------------------------------
(Insert address and zip code of assignee)

and irrevocably appoints
                         -------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
agent to transfer this Common Security Certificate on the books of the Trust.
The agent may substitute another to act for him or her.

Date:
      -----------------------
Signature:
          -------------------
(Sign exactly as your name appears on the other side of this Common Security
Certificate)

                                      A2-4
<PAGE>
                                    EXHIBIT B

                              SPECIMEN OF DEBENTURE

                                      B-1
<PAGE>
                                    EXHIBIT C

                             UNDERWRITING AGREEMENT

                                      C-1

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