Document:

Consent of Independent Registered Public Accounting Firm

 Exhibit 10(i)(b) 
  

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM’S CONSENT 
  
 To the Board of Directors of 
 C.M. Life
Insurance Company 
  
 We consent to the use in this Post-Effective Amendment No.
15 to Registration Statement No. 33-45122 on Form N-4 of our report dated March 5, 2004 (March 14, 2005 as to the effect of the presentation change regarding the statutory statements of cash flows for the years ended December 31, 2003 and 2002 to
the direct method from the indirect method) with respect to the statutory statement of financial position of C.M. Life Insurance Company (which report on C.M. Life Insurance Company expresses an unqualified opinion and includes explanatory
paragraphs referring to the use of statutory accounting practices and the adoption, effective January 1, 2003, of Statement of Statutory Accounting Principles No. 86, “Accounting for Derivative Instruments and Hedging, Income Generation, and
Replication (Synthetic Asset) Transactions,” both of which practices differ from accounting principles generally accepted in the United States of America and the effect of the presentation change regarding the statutory statements of cash
flows for the years ended December 31, 2003 and 2002 to the direct method from the indirect method) as of December 31, 2003 and the related statutory statements of income, changes in shareholder’s equity, and cash flows for the years ended
December 31, 2003 and 2002, appearing in the Statement of Additional Information, which is a part of such Registration Statement, and to the reference to us under the heading “Experts” in such Statement of Additional Information.

  
 DELOITTE & TOUCHE LLP 
  
 Hartford, Connecticut 
 April 25, 2005Power of Attorney

 Exhibit 10(ii) 
  
 POWER OF ATTORNEY: FEDERAL SECURITIES LAWS 
  
 The Undersigned, Howard Gunton, Director, Executive Vice President, and Chief Financial Officer of C.M. Life Insurance Company (“C.M. Life”), does hereby
constitute and appoint Ann Lomeli, Ken Cohen, Robert Liguori, James M. Rodolakis, and Michael Chong, each of them individually, as his true and lawful attorneys and agents. 
  
 Such attorneys and agents shall have full power of substitution and authority to take any and all action and execute any and all instruments
on the Undersigned’s behalf as Director, Executive Vice President, and Chief Financial Officer of C.M. Life that said attorneys and agents may deem necessary or advisable to enable C.M. Life to comply with the Securities Act of 1933, as
amended, the Securities Exchange Act of 1934, as amended, the Investment Company Act of 1940, as amended, (collectively, the “Acts”) and any rules, regulations, orders or other requirements of the Securities and Exchange Commission (the
“Commission”) there under. This Power of Attorney authorizes such attorneys and agents to sign the Undersigned’s name on his behalf as Director, Executive Vice President and Chief Financial Officer of C. M. Life to any and all
registration statements and/or amendments thereto, reports, instruments or documents filed or to be filed with the Commission under the Acts. Without limiting the scope of this Power of Attorney, it shall apply to filings by or on behalf of C.M.
Life separate investment accounts currently in existence or established in the future, including but not limited to those listed below. 
  
 C.M. Multi-Account A 
 C.M. Life
Variable Life Separate Account I 
 Panorama Plus Separate Account 
  
 The Undersigned hereby ratifies and confirms all that said attorneys and agents shall do or cause to be done by virtue hereof. 

 
 IN WITNESS WHEREOF the Undersigned has set his hand this 26th day of January 2005.

  
  

							
	 /s/ Howard Gunton

	 	 	 	 /s/ Lynn A. Kenney

	 	 
	HOWARD GUNTON	 	 	 	LYNN A. KENNEY	 	 
			
	Director, Executive Vice President, and
Chief Financial Officer	 	Witness	 	 

 Exhibit 10(ii) 
  
 POWER OF ATTORNEY: FEDERAL SECURITIES LAWS 
  
 The Undersigned, Norman A. Smith, Vice President, Controller, and Principal Accounting Officer of C.M. Life Insurance Company (“C.M. Life”), does hereby
constitute and appoint Ann Lomeli, Ken Cohen, Robert Liguori, James M. Rodolakis, and Michael Chong, each of them individually, as his true and lawful attorneys and agents. 
  
 Such attorneys and agents shall have full power of substitution and authority to take any and all action and execute any and all instruments
on the Undersigned’s behalf as Vice President, Controller and Principal Accounting Officer of C.M. Life that said attorneys and agents may deem necessary or advisable to enable C.M. Life to comply with the Securities Act of 1933, as amended,
the Securities Exchange Act of 1934, as amended, the Investment Company Act of 1940, as amended, (collectively, the “Acts”) and any rules, regulations, orders or other requirements of the Securities and Exchange Commission (the
“Commission”) there under. This Power of Attorney authorizes such attorneys and agents to sign the Undersigned’s name on his behalf as Vice President, Controller, and Principal Accounting Officer of C. M. Life to any and all
registration statements and/or amendments thereto, reports, instruments or documents filed or to be filed with the Commission under the Acts. Without limiting the scope of this Power of Attorney, it shall apply to filings by or on behalf of C.M.
Life separate investment accounts currently in existence or established in the future, including but not limited to those listed below. 
  
 C.M. Multi-Account A 
 C.M. Life
Variable Life Separate Account I 
 Panorama Plus Separate Account 
  
 The Undersigned hereby ratifies and confirms all that said attorneys and agents shall do or cause to be done by virtue hereof. 

 
 IN WITNESS WHEREOF the Undersigned has set his hand this 25th day of January 2005. 
  
  

							
	 /s/ Norman A. Smith

	 	 	 	 /s/ Lynn A. Kenney

	 	 
	NORMAN A. SMITH	 	 	 	LYNN A. KENNEY	 	 
			
	Vice President, Controller, and Principal
Accounting Officer	 	WitnessForm of Note for the Company's Principal-Protected Notes

 Exhibit 4.01 
  
 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE THEREOF. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO A NOMINEE OF DTC
OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO CITIGROUP GLOBAL MARKETS HOLDINGS INC. OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), 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. 
  

					
	No. R-1	 	 	 	INITIAL PRINCIPAL AMOUNT
	CUSIP 173079 65 8	 	 	 	REPRESENTED $85,000,000
	 	 	 	 	representing 8,500,000 Notes
	 	 	 	 	($10 per Note)

  
 CITIGROUP GLOBAL
MARKETS HOLDINGS INC. 
 Principal-Protected Notes 
 Based Upon a Group of Asian Currencies Due April 28, 2008 
  
 Citigroup Global Markets Holdings Inc., a New York corporation (hereinafter referred to as the “Company,” which term includes any successor corporation under the Indenture herein referred to), for value
received and on condition that this Note is not redeemed by the Company prior to April 28, 2008 (the “Stated Maturity Date”), hereby promises to pay to CEDE & CO., or its registered assigns, the Maturity Payment (as defined below), on
the Stated Maturity Date. This Note will not bear any interest, is not subject to any sinking fund, is not subject to redemption at the option of the holder thereof prior to the Stated Maturity Date, and is not subject to the defeasance provisions
of the Indenture. 
  
 Payment of the Maturity Payment with respect
to this Note shall be made upon presentation and surrender of this Note at the corporate trust office of the Trustee in the Borough of Manhattan, The City and State of New York, in such coin or currency of the United States as at the time of payment
is legal tender for payment of public and private debts. 
  
 This
Note is one of the series of 8,500,000 Principal-Protected Notes Based Upon a Group of Asian Currencies (the “Currencies Group”) Due 2008 (the “Notes”). 

 INTEREST 
  
 The Notes do not bear interest. No payments on the Notes will be made until the Stated Maturity Date. 
  
 PAYMENT AT MATURITY 
  
 On the Stated Maturity Date, holders of the Notes will receive for each Note the Maturity Payment described below.

  
 DETERMINATION OF THE MATURITY PAYMENT 
  
 The Maturity Payment for each Note equals the sum of the initial principal
amount of $10 per Note plus the Supplemental Return Amount. 
  
 The “Supplemental Return Amount” is calculated as follows: 
  

	 	•	 	If the Supplemental Return Percentage is less than or equal to zero, the Supplemental Return Amount will equal zero. 

  

	 	•	 	If the Supplemental Return Percentage is greater than zero, the Supplemental Return Amount will equal the product of: 

  
 $10 * Supplemental Return Percentage * Participation Rate

  
 The Group of Asian Currencies includes the lawful currency of
South Korea (currently the South Korean won), the lawful currency of Thailand (currently the Thai baht), the lawful currency of India (currently the Indian rupee), the lawful currency of Taiwan (currently the Taiwanese dollar), and the lawful
currency of Australia (currently the Australian dollar). 
  
 The
“Participation Rate” equals 100%. 
  
 The
“Supplemental Return Percentage” will equal the sum of the Currency Return Percentages for each currency in the Currencies Group. 
  
 The “Currency Return Percentage” for each currency in the Currencies Group will equal the following fraction: 
  

			
	Ending Value – Starting Value	  	x Allocation Percentage
	Starting Value	  	 

  
 The “Allocation
Percentage” for each currency in the Currencies Group will equal 20%. 
  
 The “Starting Value” for one South Korean won in U.S. dollars will equal $0.00100115, for one Thai baht in U.S. dollars will equal $0.02537427, for one Indian rupee in U.S. dollars will equal $0.02287544,
for one Taiwanese dollar in U.S. dollars will equal $0.03186439, for one 

  

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Australian dollar in U.S. dollars will equal $0.78070000, the exchange rate into U.S. dollars for one unit of each currency on April 25, 2005, the date on
which the Notes are priced for initial sale to the public. 
  
 The
“Ending Value” for each currency in the Currencies Group will equal the exchange rate of one unit of that currency in U.S. dollars on the Valuation Date. 
  
 The “Valuation Date” will be April 23, 2008. 
  
 The exchange rate for the currency of South Korea on any Business Day will be the U.S. dollar/South Korean won exchange rate
in the interbank market, expressed as the amount of U.S. dollars per one South Korean won, as reported by Bloomberg, L.P. (“Bloomberg”) on page TKC7, or any substitute page, at approximately 3:00 p.m., Tokyo time. 
  
 The exchange rate for the currency of Thailand on any Business Day will be
the U.S. dollar/Thai baht exchange rate in the interbank market, expressed as the amount of U.S. dollars per one Thai baht, as reported by Bloomberg on page TKC7, or any substitute page, at approximately 3:00 p.m., Tokyo time. 
  
 The exchange rate for the currency of India on any Business Day will be the
U.S. dollar/Indian rupee exchange rate in the interbank market, expressed as the amount of U.S. dollars per one Indian rupee, as reported by Bloomberg on page TKC7, or any substitute page, at approximately 3:00 p.m., Tokyo time. 
  
 The exchange rate for the currency of Taiwan on any Business Day will be the
U.S. dollar/Taiwanese dollar exchange rate in the interbank market, expressed as the amount of U.S. dollars per one Taiwanese dollar, as reported by Bloomberg on page TKC7, or any substitute page, at approximately 3:00 p.m., Tokyo time. 

 
 The exchange rate for the currency of Australia on any Business Day will
be the U.S. dollar/Australian dollar exchange rate in the interbank market, expressed as the amount of U.S. dollars per one Australian dollar, as reported by Bloomberg on page TKC7, or any substitute page, at approximately 3:00 p.m., Tokyo time.

  
 If the Ending Value for any currency in the Currencies Group
is less than the Starting Value used for the computation of the Currency Return Percentage, then the Currency Return Percentage will be negative. However, the Supplemental Return Amount cannot be less than zero. 
  
 A “Business Day” means any day that is not a Saturday, a Sunday or
a day on which the securities exchanges or banking institutions or trust companies in the City of New York are authorized or obliged by law or executive order to close. 
  
 If quotes for the exchange rate on the valuation date for any currency in the Currencies Group are not available as
described in the preceding paragraphs, the Exchange Rate used to determine the Ending Value for such currency in the Currencies Group will equal the noon buying rate in New York on the Valuation Date for cable transfers in foreign currencies as
announced by the Federal Reserve Bank of New York for customs purposes (the “Noon Buying Rate”). If the 

  

 3 

 
Noon Buying Rate is not announced on that date, then the Exchange Rate for such currency in the Currencies Group will be calculated on the basis of the
arithmetic mean of the applicable spot quotations received by the calculation agent at approximately 10:00 a.m., New York City time, on the date following the Valuation Date for the purchase or sale for deposit in the relevant currency by the London
offices of three leading banks engaged in the interbank market (selected in the sole discretion of the calculation agent) (the “Reference Banks”). If fewer than three Reference Banks provide spot quotations on that date, then the exchange
rate for such currency in the Currencies Group will be calculated on the basis of the arithmetic mean of the applicable spot quotations received by the calculation agent at approximately 10:00 a.m., New York City time, on the same date from two
leading commercial banks in New York (selected in the sole discretion of the calculation agent), for the purchase or sale for deposits in the relevant currencies. If those spot quotations are available from only one bank, then the calculation agent,
in its sole discretion, will determine which quotation is available and reasonable to be used. If no spot quotation is available, then the exchange rate for such currency in the Currencies Group will be the rate that would be used by the calculation
agent in making valuation determinations for Citigroup Global Markets Inc.’s financial reporting purposes on the date following the Valuation Date. 
  
 GENERAL 
  
 This Note is one of a duly authorized issue of debt securities of the Company (the “Debt Securities”), issued and to be issued in one or more series under a Senior Debt Indenture, dated as of October 27,
1993, as supplemented by a First Supplemental Indenture, dated as of November 28, 1997, a Second Supplemental Indenture, dated as of July 1, 1999, and as further supplemented from time to time (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 reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities
thereunder of the Company, the Trustee and the holders of the Notes, and the terms upon which the Notes are, and are to be, authenticated and delivered. 
  
 If an Event of Default with respect to the Notes shall have occurred and be continuing, the amount declared due and payable upon any acceleration
permitted by the Indenture will be determined by the calculation agent and will be equal to, with respect to this Note, the Maturity Payment calculated as though the Stated Maturity Date of this Note were the date of early repayment. In case of
default at Maturity of this Note, this Note shall bear interest, payable upon demand of the beneficial owners of this Note in accordance with the terms hereof, from and after Maturity through the date when payment of such amount has been made or
duly provided for, at the rate of 4.75% per annum on the unpaid amount due. 
  
 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 a majority in aggregate principal amount of the Debt Securities at the time Outstanding of each series affected thereby. 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 Debt Securities of such series, to waive compliance by the Company with certain provisions
of the Indenture and certain past defaults under the Indenture 

  

 4 

 
and their consequences. Any such consent or waiver by the holder of this Note shall be conclusive and binding upon such holder and upon all future holders of
this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 
  
 The holder of this Note may not enforce such holder’s rights pursuant to
the Indenture or the Notes 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 to pay the Maturity Payment with respect to
this Note, and to pay any interest on any overdue amount thereof at the time, place and rate, and in the coin or currency, herein prescribed. 
  
 All terms used in this Note which are defined in the Indenture but not in this Note shall have the meanings assigned to them in the Indenture. 

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

 5 

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

  

			
	CITIGROUP GLOBAL MARKETS HOLDINGS INC.
		
	By:	 	 /s/ Scott Freidenrich

	Name:	 	Scott Freidenrich
	Title:	 	Executive Vice President and Treasurer

  

			
	Corporate Seal
	Attest:
		
	By:	 	 /s/ Douglas C. Turnbull

	Name:	 	Douglas C. Turnbull
	Title:	 	Assistant Secretary
		
	Dated:	 	April 28, 2005
	
	CERTIFICATE OF AUTHENTICATION
	 	 	This is one of the Notes referred to in
	 	 	the within-mentioned Indenture.
	
	The Bank of New York,
	as Trustee
		
	By:	 	 /s/ Geovanni Barris

	 	 	Authorized Signatory

  

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