Document:

Exhibit 4.10

 

WARRANT AGENT AGREEMENT

 

WARRANT AGENT AGREEMENT,
dated as of April [__], 2015 (“Agreement”), between NeuroMetrix, Inc., a Delaware corporation (the “Company”),
and American Stock Transfer & Trust Company, LLC (the “Warrant Agent”).

 

RECITALS

 

WHEREAS, pursuant to an
effective registration statement, SEC File No. 333-188133, the Company wishes to issue an aggregate of up to [___________]
shares of common stock, par value $0.0001 (the “Common Stock”), and warrants to purchase shares of Common Stock,
the terms and conditions of which are attached hereto as Exhibit A (the “Warrant”). Each whole Warrant
entitles the holder (the “Holders” which term shall include a Holder’s transferees, successors and assigns)
to purchase shares of Common Stock upon the terms and subject to the conditions set forth therein; and

 

WHEREAS, the Company wishes
the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing so to act, in connection with the issuance,
registration, transfer, exchange, exercise and replacement of the Warrants and, in the Warrant Agent’s capacity as the Company’s
transfer agent and registrar, the delivery of the Warrant Shares (as defined below).

 

NOW, THEREFORE, in consideration
of the premises and the mutual agreements herein set forth, the parties hereby agree as follows:

 

Section 1.           Certain
Definitions.  For purposes of this Agreement, the following terms have the meanings indicated:

 

(a)          “Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or
any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to
close.

 

(b)          “Close
of Business” on any given date means 5:00 p.m., New York City time, on such date; provided, however, that if such
date is not a Business Day it means 5:00 p.m., New York City time, on the next succeeding Business Day.

 

(c)          “Exercise
Notice” means with respect to the exercise of a Warrant, a form of election to purchase Common Stock in substantially
the form of Notice of Exercise to the Warrants attached hereto as Exhibit A.

 

(d)          “Exercise
Price” means the exercise price set forth in Exhibit A, as may be adjusted from time to time as described in the Warrant

 

(e)          “Initial
Exercise Date” means the date set forth as the Initial Exercise Date on the Warrant.

 

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(f)          “Termination
Date” means the seven year anniversary of the Initial Exercise Date.

 

(g)          “Person”
means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization,
any other entity or a government or any department or agency thereof.

 

(h)          “Warrant
Shares” means the shares of Common Stock issuable upon exercise of the Warrants.

 

Section 2.            Appointment
of Warrant Agent.  The Company hereby appoints the Warrant Agent to act as agent for the Company in accordance with
the terms and conditions set forth herein, and the Warrant Agent hereby accepts such appointment. The Company may from time to
time appoint such Co-Warrant Agents as it may, in its sole discretion, deem necessary or desirable.

 

Section 3.            Book-Entry
Warrants.

 

(a)          The
Warrants shall be issuable in book entry form. Ownership of beneficial interests in the Warrants shall be shown on, and the transfer
of such ownership shall be effected through, records maintained by (i) the Warrant Agent or its nominee for each Warrant or
(ii) institutions that have accounts with the Warrant Agent (such institution, with respect to a Warrant in its account, a
“Participant”).

 

(b)          If
the Warrant Agent subsequently ceases to make its book-entry settlement system available for the Warrants, the Company may instruct
the Warrant Agent regarding other arrangements for book-entry settlement or may instruct the Warrant Agent to deliver to each Holder
a Warrant Certificate in a form to be mutually agreed upon by the parties.

 

Section 4.            Terms
and Conditions of Warrants.  The terms and conditions of the Warrants are set forth in Exhibit A hereto (the “Terms
and Conditions”).

 

Section 5.            Transfer
of Warrants.  A Holder of a Warrant may transfer or assign its Warrant pursuant to the Terms and Conditions.

 

Section 6.            Registration. 
The Warrant Agent will keep or cause to be kept, at its office in Brooklyn, NY, or at the office of one of its agents, books for
registration and transfer of the Warrants issued hereunder.  Such books shall show the names and addresses of the respective
Holders of the Warrants, the number of Warrants held by each Holder, and the date on which the Warrant was granted to such Holder. 
The Warrant Agent will create a special account for the issuance of the Warrants.

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Section 7.            Exercise
of Warrants. A Holder of a Warrant may exercise the Warrant pursuant to the Terms and Conditions.

 

Section 8.            Certain
Representations; Reservation and Availability of Shares of Common Stock.

 

(a)          This
Agreement has been duly authorized, executed and delivered by the Company and, assuming due authorization, execution and delivery
hereof by the Warrant Agent, constitutes a valid and legally binding obligation of the Company enforceable against the Company
in accordance with its terms, and the Warrants and the Warrant Shares upon issuance have been duly authorized, executed and issued
by the Company and, assuming due authentication thereof by the Warrant Agent pursuant hereto, constitute valid and legally binding
obligations of the Company enforceable against the Company in accordance with their terms and entitled to the benefits hereof;
in each case except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws
relating to or affecting creditors’ rights generally or by general equitable principles (regardless of whether such enforceability
is considered in a proceeding in equity or at law).

 

(b)          The
Company covenants that, during the period the Warrants are outstanding, it will reserve from its authorized and unissued shares
of Common Stock the number of shares of Common Stock that will be sufficient to permit the exercise in full of all outstanding
Warrants. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented
by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance
herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by
the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such
issue).

 

Section 9.            Common
Stock Record Date.  Each person in whose name any certificate for shares of Common Stock is issued (or to whose prime
broker’s account is credited shares of Common Stock through the DWAC system) upon the exercise of Warrants shall for all
purposes be deemed to have become the holder of record for the Common Stock represented thereby on, and such certificate shall
be dated, (x) in the event of a cashless exercise, the date on which the Company receives the Cashless Exercise Notification or
(y) in the event of an exercise for cash, as of the date of delivery of the Exercise Notice in accordance with the Terms and Conditions,
with payment of the Exercise Price and all taxes required to be paid by the Holder, if any, prior to the issuance of the Warrant
Shares, having been paid; provided, however, that if the date of such submission, payment and submission is a date upon which the
Common Stock transfer books of the Company are closed, such person shall be deemed to have become the record holder of such shares
on, and such certificate shall be dated, the next succeeding day on which the Common Stock transfer books of the Company are open.

 

Section 10.          Adjustment
of Exercise Price, Number of Shares of Common Stock or Number of Warrants.  The Exercise Price, the number of shares
covered by each Warrant and the number of Warrants outstanding are subject to adjustment from time to time as provided in the Terms
and Conditions.

 

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Section 11.          Certification
of Adjusted Exercise Price or Number of Shares of Common Stock.  Whenever the Exercise Price or the number of shares
of Common Stock issuable upon the exercise of each Warrant is adjusted as provided in the Terms and Conditions, the Company shall
(a) promptly prepare a certificate setting forth the Exercise Price of each Warrant as so adjusted, and a brief statement
of the facts accounting for such adjustment, (b) promptly file with the Warrant Agent a copy of such certificate and (c) instruct
the Warrant Agent to mail such certificate to each holder of a Warrant.

 

Section 12.          Reclassification,
Consolidation, Purchase, Combination, Sale or Conveyance.  If, at any time while the Warrants are outstanding, the
Company shall effect any Fundamental Transaction, as such term is used in the Terms and Conditions, the Company shall instruct
the Warrant Agent to mail by first class mail, postage prepaid, to each Holder of a Warrant, written notice of the execution of
any such amendment, supplement or agreement. Any supplemented or amended agreement entered into by the successor corporation or
transferee shall provide for adjustments as set forth in the Terms and Conditions. The Warrant Agent shall be under no responsibility
to determine the correctness of any provisions contained in such agreement relating either to the kind or amount of securities
or other property receivable upon exercise of warrants or with respect to the method employed and provided therein for any adjustments
and shall be entitled to rely upon the provisions contained in any such agreement. The provisions of this Section 12 shall
similarly apply to successive Fundamental Transactions.

 

Section 13.          Concerning
the Warrant Agent.

 

(a)          The
Company agrees to pay to the Warrant Agent reasonable compensation for all services rendered by it hereunder and, from time to
time, on demand of the Warrant Agent, its reasonable expenses and counsel fees and other disbursements incurred in the administration
and execution of this Agreement and the exercise and performance of its duties hereunder.

 

(b)          The
Company covenants and agrees to indemnify and to hold the Warrant Agent harmless against any costs, expenses (including reasonable
fees of its legal counsel), losses or damages, which may be paid, incurred or suffered by or to which it may become subject, arising
from or out of, directly or indirectly, any claims or liability resulting from its actions as Warrant Agent pursuant hereto; provided,
that such covenant and agreement does not extend to, and the Warrant Agent shall not be indemnified with respect to, such costs,
expenses, losses and damages incurred or suffered by the Warrant Agent as a result of, or arising out of, the Warrant Agent’s
gross negligence, bad faith, or willful misconduct.

 

(c)          Promptly
after the receipt by the Warrant Agent of notice of any demand or claim or the commencement of any action, suit, proceeding or
investigation, the Warrant Agent shall, if a claim in respect thereof is to be made against the Company, notify the Company thereof
in writing. The Company shall be entitled to participate at its own expense in the defense of any such claim or proceeding, and,
if it so elects at any time after receipt of such notice, it may assume the defense of any suit brought to enforce any such claim
or of any other legal action or proceeding. For the purposes of this Section 13, the terms “expense” or “loss”
mean any amount paid or payable to satisfy any claim, demand, action, suit or proceeding, and all reasonable costs and expenses,
including, but not limited to, reasonable counsel fees and disbursements, paid or incurred in investigating or defending against
any such claim, demand, action, suit, proceeding or investigation.

 

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(d)          Promptly
after the receipt by the Company of notice of any demand or claim or the commencement of any action, suit, proceeding or investigation,
the Company shall, if a claim in respect thereof is to be made against the Warrant Agent, notify the Warrant Agent thereof in writing.
The Warrant Agent shall be entitled to participate at its own expense in the defense of any such claim or proceeding, and, if it
so elects at any time after receipt of such notice, it may assume the defense of any suit brought to enforce any such claim or
of any other legal action or proceeding.  

 

Section 14.          Purchase
or Consolidation or Change of Name of Warrant Agent. Any corporation into which the Warrant Agent or any successor Warrant
Agent may be merged or with which it may be consolidated, or any corporation resulting from any merger or consolidation to which
the Warrant Agent or any successor Warrant Agent shall be party, or any corporation succeeding to the business of the Warrant Agent
or any successor Warrant Agent, shall be the successor to the Warrant Agent under this Agreement without the execution or filing
of any paper or any further act on the part of any of the parties hereto, provided that such corporation would be eligible for
appointment as a successor Warrant Agent under the provisions of Section 13.

 

Section 15.          Duties
of Warrant Agent.  The Warrant Agent undertakes the duties and obligations imposed by this Agreement upon the following
terms and conditions, by all of which the Company and the Holders of Warrants, by their acceptance thereof, shall be bound:

 

(a)          The
Warrant Agent may consult with legal counsel (who may be legal counsel for the Company), and the opinion of such counsel shall
be full and complete authorization and protection to the Warrant Agent as to any action taken or omitted by it in good faith and
in accordance with such opinion.

 

(b)          Whenever
in the performance of its duties under this Agreement the Warrant Agent shall deem it necessary or desirable that any fact or matter
be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence
in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by written (including
electronic) instructions of the Chief Executive Officer or President of the Company or by the Chief Financial Officer of the Company
and delivered to the Warrant Agent; and such certificate shall be full authentication to the Warrant Agent for any action taken
or suffered in good faith by it under the provisions of this Agreement in reliance upon such writing.

 

(c)          The
Warrant Agent shall not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement or
in the Terms and Conditions or be required to verify the same, but all such statements and recitals are and shall be deemed to
have been made by the Company only.

 

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(d)          The
Warrant Agent shall not be under any responsibility in respect of the validity of this Agreement or the execution and delivery
hereof (except the due execution hereof by the Warrant Agent); nor shall it be responsible for any breach by the Company of any
covenant or condition contained in this Agreement or in the Terms and Conditions; nor shall it be responsible for the adjustment
of the Exercise Price or the making of any change in the number of shares of Common Stock or Warrant Shares required under the
provisions of Section 7, Section 10, Section 12 and the Terms and Conditions or responsible for the manner, method or
amount of any such change or the ascertaining of the existence of facts that would require any such adjustment or change (except
with respect to the exercise of Warrants after actual notice of any adjustment of the Exercise Price); nor shall it by any act
hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares of Common Stock
to be issued pursuant to this Agreement or as to whether any shares of Common Stock will, when issued, be duly authorized, validly
issued, fully paid and nonassessable.

 

(e)          The
Company agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered
all such further and other acts, instruments and assurances as may reasonably be required by the Warrant Agent for the carrying
out or performing by the Warrant Agent of the provisions of this Agreement.

 

(f)          The
Warrant Agent is hereby authorized to accept instructions with respect to the performance of its duties hereunder from the Chief
Executive Officer, the President, or the Chief Financial Officer of the Company, and to apply to such officers for advice or instructions
in connection with its duties, and it shall not be liable and shall be indemnified and held harmless for any action taken or suffered
to be taken by it in good faith in accordance with instructions of any such officer.

 

(g)          The
Warrant Agent and any shareholder, director, officer, manager, member or employee of the Warrant Agent may buy, sell or deal in
any of the Warrants or other securities of the Company or become pecuniarily interested in any transaction in which the Company
may be interested, or contract with or lend money to the Company or otherwise act as fully and freely as though it were not Warrant
Agent under this Agreement. Nothing herein shall preclude the Warrant Agent from acting in any other capacity for the Company or
for any other legal entity.

 

(h)          The
Warrant Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself
or by or through its attorney or agents, and the Warrant Agent shall not be answerable or accountable for any act, default, neglect
or misconduct of any such attorney or agents or for any loss to the Company resulting from any such act, default, neglect or misconduct,
provided reasonable care was exercised in the selection and continued employment thereof.

 

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Section 16.         Change
of Warrant Agent.  The Warrant Agent may resign and be discharged from its duties under this Agreement upon 30 days’
notice in writing mailed to the Company and to each transfer agent of the Common Stock by registered or certified mail, and to
the holders of the Warrants. The Company may remove the Warrant Agent or any successor Warrant Agent upon 30 days’ notice
in writing, mailed to the Warrant Agent or successor Warrant Agent, as the case may be, and to each transfer agent of the Common
Stock by registered or certified mail, and to the holders of the Warrants by first-class mail. If the Warrant Agent shall resign
or be removed or shall otherwise become incapable of acting, the Company shall appoint a successor to the Warrant Agent. If the
Company shall fail to make such appointment within a period of 30 days after such removal or after it has been notified in writing
of such resignation or incapacity by the resigning or incapacitated Warrant Agent or by the Holder of a Warrant, then the Holder
of any Warrant may apply to any court of competent jurisdiction for the appointment of a new Warrant Agent. Any successor Warrant
Agent, whether appointed by the Company or by such a court, shall be a corporation organized and doing business under the laws
of the United States or of a state thereof, in good standing. After appointment, the successor Warrant Agent shall be vested with
the same powers, rights, duties and responsibilities as if it had been originally named as Warrant Agent without further act or
deed; but the predecessor Warrant Agent shall deliver and transfer to the successor Warrant Agent any property at the time held
by it hereunder, and execute and deliver any further assurance, conveyance, act or deed necessary for the purpose. Not later than
the effective date of any such appointment, the Company shall file notice thereof in writing with the predecessor Warrant Agent
and each transfer agent of the Common Stock, and mail a notice thereof in writing to the Holders of the Warrants. However, failure
to give any notice provided for in this Section 16, or any defect therein, shall not affect the legality or validity of the
resignation or removal of the Warrant Agent or the appointment of the successor Warrant Agent, as the case may be.

 

Section 17.         Warrant
Exercise Solicitation.  From time to time, the Company may engage one or more registered broker-dealer(s) to act
as the Company’s agent for the solicitation of the exercise of the Warrants.  If so engaged, the Company will provide
the Warrant Agent with written notice of the engagement and the Warrant Agent agrees that it will reasonably cooperate with such
solicitation activities.

 

Section 18.         Notices.  Notices
or demands authorized by this Agreement to be given or made (i) by the Warrant Agent or by the Holder of any Warrant to or
on the Company, (ii)  subject to the provisions of Section 18, by the Company or by the Holder of any Warrant to or on
the Warrant Agent or (iii) by the Company or the Warrant Agent to the Holder of any Warrant Certificate, shall be deemed given
(w) the date of transmission, if such notice or communication is delivered via facsimile or email at the number or email address
set forth below prior to 5:00 p.m. (New York time) on a Business Day, (x) on the date delivered, if delivered personally,
(y) on the first Business Day following the deposit thereof with Federal Express or another recognized overnight courier,
if sent by Federal Express or another recognized overnight courier, and (z) on the fourth Business Day following the mailing
thereof with postage prepaid, if mailed by registered or certified mail (return receipt requested), in each case to the parties
at the following addresses (or at such other address for a party as shall be specified by like notice):

 

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	 	(a)	If to the Company, to:

 

NeuroMetrix, Inc.

62 Fourth Avenue

Waltham, Massachusetts 02451

Attention: Chief Financial Officer

 

	 	(b)	If to the Warrant Agent, to:

 

American Stock Transfer & Trust
Company, LLC

6201 15th Avenue

Brooklyn, NY 11219

Attention: Administration

 

If to the Holder of any
Warrant, to the address of such holder as shown on the registry books of the Company. Any notice required to be delivered by the
Company to the Holder of any Warrant may be given by the Warrant Agent on behalf of the Company.

 

Section 19.          Supplements
and Amendments.

 

(a)          The
Company and the Warrant Agent may from time to time supplement or amend this Agreement without the approval of any Holders of Warrant
Certificates in order to cure any ambiguity, to correct or supplement any provision contained herein which may be defective or
inconsistent with any other provisions herein, or to make any other provisions with regard to matters or questions arising hereunder
which the Company and the Warrant Agent may deem necessary or desirable and which shall not adversely affect the interests of the
Holders of Warrants.

 

(b)          In
addition to the foregoing, with the consent of Holders of Warrants entitled, upon exercise thereof, to receive not less than a
majority of the shares of Warrant Shares issuable thereunder, the Company and the Warrant Agent may modify this Agreement for the
purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Warrant Agreement or
modifying in any manner the rights of the holders of the Warrants; provided, however, that no modification of the
terms (including but not limited to the adjustments described in Section 11) upon which the Warrants are exercisable or reducing
the percentage required for consent to modification of this Agreement may be made without the consent of the holder of each outstanding
warrant certificate affected thereby.

 

Section 20.          Successors.  All
covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to the
benefit of their respective successors and assigns hereunder.

 

Section 21.          Benefits
of this Agreement.  Nothing in this Agreement shall be construed to give any Person other than the Company and the
Warrant Agent any legal or equitable right, remedy or claim under this Agreement; but this Agreement shall be for the sole and
exclusive benefit of the Company, the Warrant Agent and the Holders of the Warrants.

 

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Section 22.         Governing
Law.  This Agreement and each Warrant Certificate issued hereunder shall be governed by, and construed in accordance
with, the laws of the State of New York without giving effect to the conflicts of law principles thereof.

 

Section 23.         Counterparts.  This
Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an
original, and all such counterparts shall together constitute but one and the same instrument.

 

Section 24.         Captions.  The
captions of the sections of this Agreement have been inserted for convenience only and shall not control or affect the meaning
or construction of any of the provisions hereof.

 

Section 25.         Force
Majeure.  Notwithstanding anything to the contrary contained herein, neither Warrant Agent nor the Company shall
be liable for, or considered to be in breach of or default under this Agreement (including Section 13) on account of any delay
or failure to perform its obligations hereunder due to causes beyond such party’s reasonable control including, without limitation,
acts of God, terrorist acts, shortage of supply, breakdowns or malfunctions, interruptions or malfunction of computer facilities,
or loss of data due to power failures or mechanical difficulties with information storage or retrieval systems, labor difficulties,
war, or civil unrest.

 

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IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be duly executed as of the day and year first above written.

 

	 	NEUROMETRIX, INC.	 
	 	 	 	 
	 	By:	 	 
	 	Name: 	 	 
	 	Title:	 	 

 

	 	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC	 
	 	 	 	 
	 	By:	 	 
	 	Name: 	 	 
	 	Title:	 	 

 

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SCHEDULE A

 

WIRE INSTRUCTIONS

 

ABA #

ACCT #

ACCT NAME:  AMERICAN STOCK TRANSFER & TRUST CO

AS AGENT FOR NEUROMETRIX, INC.

 

    	 

    	 

    

  

EXHIBIT A

 

See Exhibit 4.3 to the Registration
Statement on Form S-1Deposit Agreement, dated April 24, 2015

 Exhibit 4.1 

DEPOSIT AGREEMENT 
 Dated

 April 24, 2015 

CITIGROUP INC., 
 AS ISSUER,

 COMPUTERSHARE INC. AND COMPUTERSHARE TRUST COMPANY, N.A., 

AS DEPOSITARY, 
 -and- 

COMPUTERSHARE TRUST COMPANY, N.A., 

AS REGISTRAR AND TRANSFER AGENT 

RELATING TO RECEIPTS, DEPOSITARY SHARES AND RELATED 

5.950% FIXED RATE / FLOATING RATE NONCUMULATIVE PREFERRED STOCK, SERIES P 

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE 1 DEFINITIONS
	  	 	1	  
		
	 ARTICLE 2 FORM OF RECEIPTS, DEPOSIT OF PREFERRED STOCK, EXECUTION AND DELIVERY, TRANSFER, SURRENDER AND REDEMPTION OF
RECEIPTS
	  	 	3	  
			
	 Section 2.01
	 	 Form and Transferability of Receipts
	  	 	3	  
			
	 Section 2.02
	 	 Deposit of Preferred Stock; Execution and Delivery of Receipts in Respect Thereof
	  	 	5	  
			
	 Section 2.03
	 	 Optional Redemption of Preferred Stock for Cash
	  	 	6	  
			
	 Section 2.04
	 	 Registration of Transfers of Receipts
	  	 	8	  
			
	 Section 2.05
	 	 Combinations and Split-ups of Receipts
	  	 	8	  
			
	 Section 2.06
	 	 Surrender of Receipts and Withdrawal of Preferred Stock
	  	 	8	  
			
	 Section 2.07
	 	 Limitations on Execution and Delivery, Transfer, Split-up
	  	 	9	  
			
	 Section 2.08
	 	 Lost Receipts, etc.
	  	 	10	  
			
	 Section 2.09
	 	 Cancellation and Destruction of Surrendered Receipts
	  	 	10	  
			
	 Section 2.10
	 	 No Pre-Release
	  	 	10	  
		
	 ARTICLE 3 CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE COMPANY
	  	 	11	  
			
	 Section 3.01
	 	 Filing Proofs, Certificates and Other Information
	  	 	11	  
			
	 Section 3.02
	 	 Payment of Fees and Expenses
	  	 	11	  
			
	 Section 3.03
	 	 Representations and Warranties as to Preferred Stock
	  	 	11	  
			
	 Section 3.04
	 	 Representation and Warranty as to Receipts and Depositary Shares
	  	 	11	  
			
	 Section 3.05
	 	 Taxes
	  	 	11	  
		
	 ARTICLE 4 THE PREFERRED STOCK; NOTICES
	  	 	12	  
			
	 Section 4.01
	 	 Cash Distributions
	  	 	12	  
			
	 Section 4.02
	 	 Distributions Other Than Cash
	  	 	12	  
			
	 Section 4.03
	 	 Subscription Rights, Preferences or Privileges
	  	 	13	  
			
	 Section 4.04
	 	 Notice of Dividends; Fixing of Record Date for Holders of Receipts
	  	 	14	  
			
	 Section 4.05
	 	 Voting Rights
	  	 	14	  
			
	 Section 4.06
	 	 Changes Affecting Preferred Stock and Reorganization Events
	  	 	15	  
			
	 Section 4.07
	 	 Inspection of Reports
	  	 	15	  
			
	 Section 4.08
	 	 Lists of Receipt Holders
	  	 	15	  
			
	 Section 4.09
	 	 Withholding
	  	 	15	  

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 ARTICLE 5 THE DEPOSITARY AND THE COMPANY
	  	 	16	  
			
	 Section 5.01
	 	 Maintenance of Offices, Agencies and Transfer Books by the Depositary and the Registrar
	  	 	16	  
			
	 Section 5.02
	 	 Prevention or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the Company
	  	 	16	  
			
	 Section 5.03
	 	 Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Company
	  	 	17	  
			
	 Section 5.04
	 	 Resignation and Removal of the Depositary; Appointment of Successor Depositary
	  	 	21	  
			
	 Section 5.05
	 	 Notices, Reports and Documents
	  	 	21	  
			
	 Section 5.06
	 	 Indemnification by the Company
	  	 	22	  
			
	 Section 5.07
	 	 Fees, Charges and Expenses
	  	 	22	  
		
	 ARTICLE 6 AMENDMENT AND TERMINATION
	  	 	22	  
			
	 Section 6.01
	 	 Amendment
	  	 	22	  
			
	 Section 6.02
	 	 Termination
	  	 	23	  
		
	 ARTICLE 7 MISCELLANEOUS
	  	 	23	  
			
	 Section 7.01
	 	 Counterparts
	  	 	23	  
			
	 Section 7.02
	 	 Exclusive Benefits of Parties
	  	 	24	  
			
	 Section 7.03
	 	 Invalidity of Provisions
	  	 	24	  
			
	 Section 7.04
	 	 Notices
	  	 	24	  
			
	 Section 7.05
	 	 Depositary’s Agents
	  	 	25	  
			
	 Section 7.06
	 	 Holders of Receipts Are Parties
	  	 	25	  
			
	 Section 7.07
	 	 Governing Law
	  	 	25	  
			
	 Section 7.08
	 	 Inspection of Deposit Agreement and Certificate of Designations
	  	 	25	  
			
	 Section 7.09
	 	 Headings
	  	 	25	  
			
	 Section 7.10
	 	 Confidentiality
	  	 	26	  
			
	 Section 7.11
	 	 Further Assurances
	  	 	26	  
	
	 Exhibit A – Form of Face of Receipt; Form of Reverse of Receipt
	   

	
	 Exhibit B – Certificate of Designations
	   

  
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 DEPOSIT AGREEMENT 

DEPOSIT AGREEMENT, dated April 24, 2015 among CITIGROUP INC., a Delaware corporation, COMPUTERSHARE INC., a Delaware
corporation (“Computershare”), and its wholly-owned subsidiary, COMPUTERSHARE TRUST COMPANY, N.A., a federally chartered national association (the “Trust Company”), jointly as Depositary (as hereinafter
defined), the Trust Company, as Registrar (as hereinafter defined) and Transfer Agent (as hereinafter defined), and all holders from time to time of Receipts (as hereinafter defined) issued hereunder. 

WITNESSETH: 
 WHEREAS, it is
desired to provide, as hereinafter set forth in this Deposit Agreement, for the deposit of shares of the Company’s Preferred Stock (as hereinafter defined) with the Depositary for the purposes set forth in this Deposit Agreement and for the
issuance hereunder of Depositary Shares representing a fractional interest in the Preferred Stock deposited and for the execution and delivery of Receipts evidencing Depositary Shares; 

WHEREAS, the Receipts are to be substantially in the form of Exhibit A annexed to this Deposit Agreement, with appropriate insertions,
modifications and omissions, as hereinafter provided in this Deposit Agreement; 
 WHEREAS, the terms and conditions of the Preferred Stock
is substantially set forth in the Certificate of Designations attached hereto as Exhibit B; and 
 NOW, THEREFORE, in consideration
of the premises contained herein, it is agreed by and among the parties hereto as follows: 
 ARTICLE 1 

DEFINITIONS 
 The following
definitions shall apply to the respective terms (in the singular and plural forms of such terms) used in this Deposit Agreement and the Receipts: 

“Certificate of Designations” shall mean the certificate that amends the Restated Certificate of Incorporation of the
Company, adopted by the Board of Directors of the Company or a duly authorized committee thereof, establishing and setting forth the rights, preferences and privileges of the Preferred Stock, as filed with the Secretary of State of the State of
Delaware on April 23, 2015 and attached hereto as Exhibit B, and as such certificate may be amended or restated from time to time. 

“Certificate of Incorporation” shall mean the Restated Certificate of Incorporation of the Company dated May 6,
2011, including any certificates of designation, and as restated or amended from time to time. 
 “Company” shall
mean Citigroup Inc., a Delaware corporation, and its successors. 

  
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 “Deposit Agreement” shall mean this agreement, as the same may be
amended, modified or supplemented from time to time. 
 “Depositary” shall mean Computershare and the Trust Company,
acting jointly, and any successor as Depositary hereunder. The Depositary, along with its affiliates, shall maintain combined capital and surplus of at least $50,000,000, and so shall any successor depositary hereunder. 

“Depositary Office” shall mean the principal office of the Depositary at which at any particular time its business in
respect of matters governed by this Deposit Agreement shall be administered, which at the date of this Deposit Agreement is located at 250 Royall Street, Canton, Massachusetts 02010. 

“Depositary Share” shall mean the security representing a 1/25th
fractional interest in a share of Preferred Stock deposited with the Depositary hereunder and the same proportionate interest in any and all other property received by the Depositary in respect of such share of Preferred Stock and held under this
Deposit Agreement, all as evidenced by the Receipts issued hereunder. Subject to the terms of this Deposit Agreement, each owner of a Depositary Share is entitled, proportionately, to all the rights, preferences and privileges of the Preferred Stock
represented by such Depositary Share (including the dividend, voting, redemption and liquidation rights contained in the Certificate of Designations). 

“Depositary’s Agent” shall mean an agent appointed by the Depositary as provided, and for the purposes specified,
in Section 7.05. 
 “Dividend Payment Date” shall have the meaning set forth in the Certificate of
Designations. 
 “Dividend Record Date” shall have the meaning set forth in the Certificate of Designations. 

“DTC” means The Depository Trust Company. 

“DTC Receipt” has the meaning set forth in Section 2.01. 

“Preferred Stock” shall mean shares of the Company’s 5.950% Fixed Rate / Floating Rate Noncumulative Preferred
Stock, Series P (liquidation preference $25,000 per share), $1.00 par value per share, heretofore validly issued, fully paid and nonassessable. 

“Receipt” shall mean a receipt issued hereunder to evidence one or more Depositary Shares, whether in definitive or
temporary form, substantially in the form set forth as Exhibit A hereto. 
 “record date” shall mean the date
fixed pursuant to Section 4.04. 
 “Record holder” or “holder” as applied to a
Receipt shall mean the individual, entity or person in whose name a Receipt is registered on the books maintained by the Depositary for such purpose. 

  
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 “redemption date” has the meaning set forth under
Section 2.03. 
 “redemption price” has the meaning set forth under Section 2.03. 

“Registrar” shall mean the Trust Company or any bank or trust company appointed to register ownership and transfers of
Receipts and the deposited Preferred Stock, as herein provided. 
 “Reorganization Event” shall mean: 

(i) any consolidation or merger of the Company with or into another person (other than a merger or consolidation in which the Company is the
continuing corporation and in which the shares of common stock outstanding immediately prior to the merger or consolidation are not exchanged for cash, securities other property of the Company or another corporation); 

(ii) any sale, transfer, lease or conveyance to another person of all or substantially all the property and assets of the Company; or 

(iii) any statutory exchange of securities of the Company with another Person (other than in connection with a merger or acquisition) or any
binding share exchange which reclassifies or changes its outstanding common stock. 
 “Securities Act” shall mean
the Securities Act of 1933, as amended. 
 “Transfer Agent” shall mean the Trust Company or any bank or trust
company appointed to transfer the Receipts and the deposited Preferred Stock, as herein provided. 
 ARTICLE 2 

FORM OF RECEIPTS, DEPOSIT OF PREFERRED STOCK, EXECUTION AND 

DELIVERY, TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS 

SECTION 2.01 Form and Transferability of Receipts. 

Definitive Receipts shall be printed and shall be substantially in the form set forth in Exhibit A annexed to this Deposit Agreement, in
each case with appropriate insertions, modifications and omissions, as hereinafter provided. Pending the preparation of definitive Receipts, the Depositary, upon, and pursuant to, the written order of the Company delivered in compliance with
Section 2.02 shall be authorized and instructed to, and shall, execute and deliver temporary Receipts which shall be substantially of the tenor of the definitive Receipts in lieu of which they are issued and in each case with such
appropriate insertions, omissions, substitutions and other variations as the persons executing such Receipts may determine (but which do not affect the rights or duties of the Depositary), as evidenced by their execution of such Receipts. If
temporary Receipts are issued, the Company and the Depositary will cause definitive Receipts to be prepared without unreasonable delay. After the preparation of definitive Receipts, the temporary Receipts shall be exchangeable for definitive
Receipts upon surrender of the temporary Receipts at the Depositary Office without charge to the holder. Upon surrender for cancellation of any one or more temporary Receipts, the Depositary is hereby authorized and instructed to, and shall, execute
and deliver in exchange therefor definitive Receipts representing the same number of Depositary Shares as represented by the surrendered temporary Receipt or 

  
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Receipts. Such exchange shall be made at the Company’s expense and without any charge therefor. Until so exchanged, the temporary Receipts shall in all respects be entitled to the same
benefits under this Deposit Agreement, and with respect to the Preferred Stock deposited, as definitive Receipts. 
 Receipts shall be
executed by the Depositary by the manual or facsimile signature of a duly authorized signatory of the Depositary; provided, that if a Registrar for the Receipts (other than the Depositary) shall have been appointed then such Receipts shall
also be countersigned by manual or facsimile signature of a duly authorized signatory of the Registrar. No Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose unless it shall have been
executed as provided in the preceding sentence. The Depositary shall record on its books each Receipt executed as provided above and delivered as hereinafter provided. Receipts bearing the manual or facsimile signature of a duly authorized signatory
of the Depositary who was at any time a proper signatory of the Depositary shall bind the Depositary, notwithstanding that such signatory ceased to hold such office prior to the execution and delivery of such Receipts by the Registrar or did not
hold such office on the date of issuance of such Receipts. 
 Receipts shall be in denominations of any number of whole Depositary Shares.
All Receipts shall be dated the date of their issuance. 
 Receipts may be endorsed with or have incorporated in the text thereof such
legends or recitals or changes not inconsistent with the provisions of this Deposit Agreement as may be required by the Depositary and approved by the Company, or which the Company has determined are required to comply with any applicable law or
regulation or with the rules and regulations of any securities exchange upon which the Depositary Shares may be listed for trading or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any
particular Receipts are subject, in each case as directed by the Company. 
 Title to any Receipt (and to the Depositary Shares evidenced by
such Receipt) that is properly endorsed, or accompanied by a properly executed instrument of transfer or endorsement shall be transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however,
that until transfer of a Receipt shall be registered on the books of the Depositary as provided in Section 2.04, the Depositary may, notwithstanding any notice to the contrary, treat the record holder thereof at such time as the absolute
owner thereof for the purpose of determining the person entitled to distributions of dividends or other distributions or payments with respect to the Preferred Stock, to exercise any redemption or voting rights or to receive any notice provided for
in this Deposit Agreement and for all other purposes. 
 Notwithstanding the foregoing, upon request by the Company, the Depositary and the
Company will make application to DTC for acceptance of all or a portion of the Receipts for its book-entry settlement system. In connection with any such request, the Company hereby appoints the Depositary acting through any authorized officer
thereof as its attorney-in-fact, with full power to delegate, for purposes of executing any agreements, certifications or other instruments or documents necessary or desirable in order to effect the acceptance of such Receipts for DTC eligibility.
So long as the Receipts are eligible for book-entry settlement with 

  
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DTC, unless otherwise required by law, all Depositary Shares to be traded on the New York Stock Exchange with book-entry settlement through DTC shall be represented by a single receipt (the
“DTC Receipt”), which shall be deposited with DTC (or its custodian) evidencing all such Depositary Shares and registered in the name of the nominee of DTC (initially expected to be Cede & Co.). The Depositary or such other
entity as is agreed to by DTC may hold the DTC Receipt as custodian for DTC. Ownership of beneficial interests in the DTC Receipt shall be shown on, and the transfer of such ownership shall be effected through, records maintained by (i) DTC or
its nominee for such DTC Receipt, or (ii) institutions that have accounts with DTC. 
 If issued, the DTC Receipt shall be exchangeable
for definitive Receipts only if (i) DTC notifies the Company at any time that it is unwilling or unable to continue to make its book-entry settlement system available for the Receipts and a successor to DTC is not appointed by the Company
within 90 days of the date the Company is so informed in writing, (ii) DTC notifies the Company at any time that it has ceased to be a clearing agency registered under applicable law and a successor to DTC is not appointed by the Company within
90 days of the date the Company is so informed in writing or (iii) the Company executes and delivers to DTC a notice to the effect that such DTC Receipt shall be so exchangeable. If the beneficial owners of interests in Depositary Shares are
entitled to exchange such interests for definitive Receipts as the result of an event described in clause (i), (ii) or (iii) of the preceding sentence, then without unnecessary delay but in any event not later than the earliest date on
which such beneficial interests may be so exchanged, the Depositary is hereby directed to and shall provide written instructions to DTC to deliver to the Depositary for cancellation the DTC Receipt, and the Company shall instruct the Depositary in
writing to execute and deliver to the beneficial owners of the Depositary Shares previously evidenced by the DTC Receipt definitive Receipts in physical form evidencing such Depositary Shares. The DTC Receipt shall be in such form and shall bear
such legend or legends as may be appropriate or required by DTC in order for it to accept the Depositary Shares for its book-entry settlement system. Notwithstanding any other provision herein to the contrary, if the Receipts are at any time
eligible for book-entry settlement through DTC, delivery of shares of Preferred Stock and other property in connection with the withdrawal or redemption of Depositary Shares will be made through DTC and in accordance with its procedures, unless the
holder of the relevant Receipt otherwise requests and such request is reasonably acceptable to the Depositary and the Company. 

SECTION 2.02 Deposit of Preferred Stock; Execution and Delivery of Receipts in Respect Thereof. 

Concurrently with the execution of this Deposit Agreement, the Company is delivering to the Depositary a certificate or certificates,
registered in the name of the Depositary and evidencing 80,000 shares of Preferred Stock, properly endorsed or accompanied, if required by the Depositary, by a duly executed instrument of transfer or endorsement, in form satisfactory to the
Depositary, together with (i) all such certifications as may be required by the Depositary in accordance with the provisions of this Deposit Agreement and (ii) a written order of the Company directing the Depositary to execute and deliver
to, or upon the written order of, the person or persons stated in such order a Receipt or Receipts for the Depositary Shares representing such deposited Preferred Stock registered in such names specified in such written order. The Depositary
acknowledges receipt of the aforementioned 80,000 shares of Preferred Stock and related documentation and agrees to hold such deposited Preferred Stock in an account to be established by the Depositary

  
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at the Depositary Office or at such other office as the Depositary shall determine. The Company hereby appoints the Trust Company as the Registrar and Transfer Agent for the Preferred Stock
deposited hereunder and the Trust Company hereby accepts such appointment and, as such, will reflect changes in the number of shares (including any fractional shares) of deposited Preferred Stock held by it by notation, book-entry or other
appropriate method. 
 If required by the Depositary, Preferred Stock presented for deposit by the Company at any time, whether or not the
register of stockholders of the Company is closed, shall also be accompanied by an agreement or assignment, or other instrument satisfactory to the Depositary, that will provide for the prompt transfer to the Depositary or its nominee of any
dividend or right to subscribe for additional Preferred Stock or to receive other property that any person in whose name the Preferred Stock is or has been registered may thereafter receive upon or in respect of such deposited Preferred Stock, or in
lieu thereof such agreement of indemnity or other agreement as shall be satisfactory to the Depositary. 
 Upon receipt by the Depositary of
a certificate or certificates for Preferred Stock deposited hereunder, together with the other documents specified above, and upon registering such Preferred Stock in the name of the Depositary, the Depositary, subject to the terms and conditions of
this Deposit Agreement, shall execute and deliver to, or upon the order of, the person or persons named in the written order delivered to the Depositary referred to in the first paragraph of this Section 2.02, a Receipt or Receipts for
the number of whole Depositary Shares representing the Preferred Stock so deposited and registered in such name or names as may be requested by such person or persons. The Depositary shall execute and deliver such Receipt or Receipts at the
Depositary Office, except that, at the request, risk and expense of any person requesting such delivery, such delivery may be made at such other place as may be designated by such person. Other than in the case of splits, combinations or other
reclassifications affecting the Preferred Stock, or in the case of dividends or other distributions of Preferred Stock, if any, there shall be deposited hereunder not more than the number of shares constituting the Preferred Stock as set forth in
the Certificate of Designations, as such may be amended. To the extent that the Company issues shares of Preferred Stock in excess of the amount set forth in the Certificate of Designations as of the date hereof (which shares have been validly
authorized by the Company), the Company shall notify the Depositary of such issuance in writing. 
 The Depositary shall be permitted to
rely on applicable opinions of counsel delivered to the underwriters pursuant to each of Sections 8(b), (c) and (d) of the underwriting agreement dated April 20, 2015 among the Company and the underwriters named therein relating to
the sale of the Depositary Shares to the public. 
 The Company shall deliver to the Depositary from time to time such quantities of
Receipts as the Depositary may request to enable the Depositary to perform its obligations under this Deposit Agreement. 

SECTION 2.03 Optional Redemption of Preferred Stock for Cash. 

Whenever the Company shall elect to redeem shares of deposited Preferred Stock for cash in accordance with the provisions of the Certificate of
Designations, it shall (unless otherwise agreed in writing with the Depositary) give the Depositary not less than 30 nor more 

  
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than 60 days’ prior written notice of the date fixed for redemption of such Preferred Stock (the “redemption date”) and of the number of such shares of Preferred Stock held
by the Depositary to be redeemed and the applicable redemption price (the “redemption price”), as set forth in the Certificate of Designations. The Depositary shall mail, first-class postage prepaid, notice of the redemption of
Preferred Stock and the proposed simultaneous redemption of the Depositary Shares representing the Preferred Stock to be redeemed, not less than 30 and not more than 60 days prior to the redemption date, to the holders of record on the record date
fixed for such redemption pursuant to Section 4.04 of the Receipts evidencing the Depositary Shares to be so redeemed, at the addresses of such holders as the same appear on the records of the Depositary; but neither the failure to mail
any such notice to one or more such holder nor any defect in any such notice shall affect the sufficiency of the proceedings for redemption except as to the holder to whom notice was not given or defective. 

The Company shall prepare and provide the Depositary with such notice, and each such notice shall state: (i) the redemption date;
(ii) the redemption price; (iii) the number of shares of deposited Preferred Stock and Depositary Shares to be redeemed; (iv) if fewer than all Depositary Shares held by any holder are to be redeemed, the number of such Depositary
Shares held by such holder to be so redeemed; (v) the place or places where the Preferred Stock and the Receipts evidencing Depositary Shares to be redeemed are to be surrendered for payment of the redemption price; and (vi) that on the
redemption date dividends in respect of the Preferred Stock represented by the Depositary Shares to be redeemed will cease to accrue. 
 In
the event that notice of redemption has been made as described in the immediately preceding paragraphs and the Company shall then have paid in full to the Depositary the redemption price (determined pursuant to the Certificate of Designations) of
the Preferred Stock deposited with the Depositary to be redeemed, the Depositary shall redeem the number of Depositary Shares representing such Preferred Stock so called for redemption by the Company and on the redemption date (unless the Company
shall have failed to pay for the shares of Preferred Stock to be redeemed by it as set forth in the Company’s notice provided for in the preceding paragraph), all dividends in respect of the shares of Preferred Stock called for redemption shall
cease to accrue, the Depositary Shares called for redemption shall be deemed no longer to be outstanding and all rights of the holders of Receipts evidencing such Depositary Shares (except the right to receive the redemption price) shall, to the
extent of such Depositary Shares, cease and terminate. Upon surrender in accordance with said notice of the Receipts evidencing such Depositary Shares (properly endorsed or assigned for transfer, if the Depositary shall so require), such Depositary
Shares shall be redeemed at a cash redemption price of $1,000 per Depositary Share plus any accrued dividends thereon from the last Dividend Payment Date to, but excluding, the redemption date. The foregoing shall be further subject to the terms and
conditions of the Certificate of Designations. In the event of any conflict between the provisions of the Deposit Agreement and the provisions of the Certificate of Designations, the provisions of the Certificate of Designations will govern and the
Company will instruct the Depositary, as applicable, in writing accordingly of such governing terms; provided, however, that under no circumstances will the Certificate of Designations be deemed to change or modify any of the rights,
duties or immunities of the Depositary contained herein. 
 If fewer than all of the Depositary Shares evidenced by a Receipt are called for
redemption, the Depositary will deliver to the holder of such Receipt upon its surrender to the Depositary, 

  
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together with payment of the redemption price for and all other amounts payable in respect of the Depositary Shares called for redemption, a new Receipt evidencing the Depositary Shares evidenced
by such prior Receipt and not called for redemption. 
 If less than all of the Preferred Stock is redeemed pursuant to the Company’s
exercise of its optional redemption right, the Depositary will select the Depositary Shares to be redeemed pursuant to this Section 2.03 on a pro rata basis, by lot or in such other manner as the Depositary may determine to be fair and
equitable. 
 The Company acknowledges that the bank accounts maintained by Computershare in connection with the services provided under
this Agreement will be in Computershare’s name and that Computershare may receive investment earnings in connection with the investment at Computershare’s risk and for its benefit of funds held in those accounts from time to time. Neither
the Company nor the record holders will receive interest on any deposits or funds held by Computershare hereunder. 
 SECTION 2.04
Registration of Transfers of Receipts. 
 The Company hereby appoints the Trust Company as the Registrar and Transfer Agent for the
Receipts and the Trust Company hereby accepts such appointment and, as such, shall register on its books from time to time transfers of Receipts upon any surrender thereof by the holder in person or by a duly authorized attorney, agent or
representative properly endorsed or accompanied by a properly executed instrument of transfer or endorsement and appropriate evidence of authority, which shall include a signature guarantee from an eligible guarantor institution participating in a
signature guarantee program approved by the Securities Transfer Association, and any other reasonable evidence of authority that may be required by the Trust Company, together with evidence of the payment by the applicable party of any transfer
taxes as may be required by law. Upon such surrender, the Trust Company shall execute a new Receipt or Receipts and deliver the same to or upon the order of the person entitled thereto evidencing the same aggregate number of Depositary Shares
evidenced by the Receipt or Receipts surrendered. 
 SECTION 2.05 Combinations and Split-ups of Receipts. 

Upon surrender of a Receipt or Receipts at the Depositary Office or such other office as the Depositary may designate for the purpose of
effecting a split-up or combination of Receipts, subject to the terms and conditions of this Deposit Agreement, the Depositary shall execute and deliver a new Receipt or Receipts in the authorized denominations requested evidencing the same
aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered. 
 SECTION 2.06 Surrender of Receipts and
Withdrawal of Preferred Stock. 
 Any holder of a Receipt or Receipts may withdraw any number of whole shares of deposited Preferred
Stock represented by the Depositary Shares evidenced by such Receipt or Receipts and all money and other property, if any, represented by such Depositary Shares by surrendering such Receipt or Receipts to the Depositary or at such other office as
the Depositary may designate for such withdrawals; provided, that a holder of a Receipt or Receipts may not withdraw such Preferred Stock (or money and other property, if any, represented thereby) which

  
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has previously been called for redemption. Upon such surrender, upon payment of the fee of the Depositary for the surrender of Receipts to the extent provided in Section 5.07 and
payment of all taxes and governmental charges in connection with such surrender and withdrawal of Preferred Stock, and subject to the terms and conditions of this Deposit Agreement, without unreasonable delay, the Depositary shall deliver to such
holder, or to the person or persons designated by such holder as hereinafter provided, the number of whole shares of such Preferred Stock and all such money and other property, if any, represented by the Depositary Shares evidenced by the Receipt or
Receipts so surrendered for withdrawal, but holders of such whole shares of Preferred Stock will not thereafter be entitled to deposit such Preferred Stock hereunder or to receive Depositary Shares therefor. If the Receipt or Receipts delivered by
the holder to the Depositary in connection with such withdrawal shall evidence a number of Depositary Shares in excess of the number of Depositary Shares representing the number of whole shares of deposited Preferred Stock to be withdrawn, the
Depositary shall at the same time, in addition to such number of whole shares of Preferred Stock and such money and other property, if any, to be withdrawn, deliver to such holder, or upon such holder’s order (subject to
Section 2.04), a new Receipt or Receipts evidencing such excess number of Depositary Shares. Delivery of such Preferred Stock and such money and other property being withdrawn may be made by the delivery of such certificates, documents
of title and other instruments as the Depositary may deem appropriate, which, if required by the Depositary, shall be properly endorsed or accompanied by proper instruments of transfer. 

If the deposited Preferred Stock and the money and other property being withdrawn are to be delivered to a person or persons other than the
record holder of the Receipt or Receipts being surrendered for withdrawal of Preferred Stock, such holder shall execute and deliver to the Depositary a written order so directing the Depositary and the Depositary may require that the Receipt or
Receipts surrendered by such holder for withdrawal of such shares of Preferred Stock be properly endorsed in blank or accompanied by a properly executed instrument of transfer or endorsement in blank. 

The Depositary shall deliver the deposited Preferred Stock and the money and other property, if any, represented by the Depositary Shares
evidenced by Receipts surrendered for withdrawal at the Depositary Office, except that, at the request, risk and expense of the holder surrendering such Receipt or Receipts and for the account of the holder thereof, such delivery may be made at such
other place as may be designated by such holder. 
 SECTION 2.07 Limitations on Execution and Delivery, Transfer, Split-up. 

As a condition precedent to the execution and delivery, transfer, split-up, combination, surrender or exchange of any Receipt, the Depositary,
any of the Depositary’s Agents or the Company may require any or all of the following: (i) payment to it of a sum sufficient for the payment (or, in the event that the Company shall have made such payment, the reimbursement to it) of any
tax or other governmental charge and stock transfer or registration fee with respect thereto (including any such tax or charge with respect to the Preferred Stock being deposited or withdrawn); (ii) the production of proof satisfactory to it as
to the identity and genuineness of any signature (or the authority of any signature) including, as noted in Section 2.04 above, a signature guarantee from an eligible guarantor institution participating in a signature guarantee program
approved by the Securities Transfer Association, and any other reasonable evidence of 

  
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authority that may be required by the Depositary; and (iii) compliance with such regulations, if any, as the Depositary or the Company may establish consistent with the provisions of this
Deposit Agreement as may be required by any securities exchange on which the deposited Preferred Stock, the Depositary Shares or the Receipts may be included for quotation or listed. 

The deposit of Preferred Stock may be refused, the delivery of Receipts against Preferred Stock may be suspended, the transfer of Receipts may
be refused, and the transfer, split-up, combination, surrender, exchange or redemption of outstanding Receipts may be suspended (i) during any period when the register of stockholders of the Company is closed or (ii) if any such action is
deemed reasonably necessary or advisable by the Depositary, any of the Depositary’s Agents or the Company at any time or from time to time because of any requirement of law or of any government or governmental body or commission, or under any
other provision of this Deposit Agreement. 
 SECTION 2.08 Lost Receipts, etc. 

In case any Receipt shall be mutilated and surrendered to the Depositary or destroyed or lost or stolen, the Depositary shall execute and
deliver a Receipt of like form and tenor in exchange and substitution for such mutilated Receipt or in lieu of and in substitution for such destroyed, lost or stolen Receipt; provided, that the holder thereof shall have (i) filed with
the Depositary (a) a request for such execution and delivery before the Depositary has notice that the Receipt has been acquired by a protected purchaser and (b) an indemnity bond, (ii) satisfied any other reasonable requirements
imposed by the Depositary and (iii) complied with such other reasonable regulations and paid such other reasonable charges as the Depositary may prescribe and as required by Section 8-405 of the Uniform Commercial Code as in effect in the
State of New York. 
 SECTION 2.09 Cancellation and Destruction of Surrendered Receipts. 

All Receipts surrendered to the Depositary or any Depositary’s Agent shall be cancelled by the Depositary. Except as prohibited by
applicable law or regulation, the Depositary is authorized, but not required, to destroy such Receipts so cancelled. 
 SECTION 2.10
No Pre-Release. 
 The Depositary shall not deliver any deposited Preferred Stock evidenced by Receipts prior to the receipt and
cancellation of such Receipts or other similar method used with respect to Receipts held by DTC. The Depositary shall not issue any Receipts prior to the receipt by the Depositary of the corresponding Preferred Stock evidenced by such Receipts. At
no time will any Receipts be outstanding if such Receipts do not represent Preferred Stock deposited with the Depositary. 

  
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 ARTICLE 3 

CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE COMPANY 

SECTION 3.01 Filing Proofs, Certificates and Other Information. 

Any person presenting Preferred Stock for deposit or any holder of a Receipt may be required from time to time to file with the Depositary such
proof of residence, guarantee of signature or other information and to execute such certificates as the Depositary may reasonably deem necessary or proper or the Company may reasonably require by written request to the Depositary. The Depositary or
the Company may withhold or delay the delivery of any Receipt, the transfer, redemption or exchange of any Receipt, the withdrawal of the deposited Preferred Stock represented by the Depositary Shares evidenced by any Receipt, the distribution of
any dividend or other distribution or the sale of any rights or of the proceeds thereof, until such proof or other information is filed, or such certificates are executed. 

SECTION 3.02 Payment of Fees and Expenses. 

Holders of Receipts shall be obligated to make payments to the Depositary of certain fees and expenses and taxes or other governmental charges
to the extent provided in Section 5.07, or provide evidence satisfactory to the Depositary that such fees and expenses and taxes or other governmental charges have been paid. Until such payment is made, transfer of any Receipt or any
withdrawal of the Preferred Stock or money or other property, if any, represented by the Depositary Shares evidenced by such Receipt may be refused, any dividend or other distribution may be withheld, and any part or all of the Preferred Stock or
other property represented by the Depositary Shares evidenced by such Receipt may be sold for the account of the holder thereof (after attempting by reasonable means to notify such holder a reasonable number of days prior to such sale). Any dividend
or other distribution so withheld and the proceeds of any such sale may be applied to any payment of such fees or expenses, the holder of such Receipt remaining liable for any deficiency. 

SECTION 3.03 Representations and Warranties as to Preferred Stock. 

In the case of the initial deposit of the Preferred Stock hereunder, the Company represents and warrants that such Preferred Stock and each
certificate therefor are validly issued, fully paid and nonassessable. Such representations and warranties shall survive the deposit of the Preferred Stock and the issuance of Receipts. 

SECTION 3.04 Representation and Warranty as to Receipts and Depositary Shares. 

The Company hereby represents and warrants that the Receipts, when issued, will evidence legal and valid interests in the Depositary Shares and
each Depositary Share will represent a legal and valid 1/25th fractional interest in a share of deposited Preferred Stock represented by such Depositary Share. Such representation and warranty
shall survive the deposit of the Preferred Stock and the issuance of Receipts evidencing the Depositary Shares. 
 SECTION 3.05
Taxes. 
 The Company will pay any and all stock transfer, documentary, stamp and similar taxes that may be payable in respect of any
issuance or delivery of Depositary Shares or shares of Preferred Stock or other securities issued on account of Depositary Shares or certificates representing such shares or securities. The Company will not, however, be required to pay any such tax
that may be payable in respect of any transfer involved in the issuance or delivery of 

  
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shares of Preferred Stock, Depositary Shares or other securities in a name other than that in which the Depositary Shares with respect to which such shares or other securities are issued or
delivered were registered, or in respect of any payment to any person other than a payment to the registered holder thereof, and will not be required to make any such issuance, delivery or payment unless and until the person otherwise entitled to
such issuance, delivery or payment has paid to the Company the amount of any such tax or has established, to the satisfaction of the Company, that such tax has been paid or is not payable. 

ARTICLE 4 
 THE PREFERRED
STOCK; NOTICES 
 SECTION 4.01 Cash Distributions. 

Whenever Computershare shall receive any cash dividend or other cash distribution on the deposited Preferred Stock, including any cash
received upon redemption of any shares of Preferred Stock pursuant to Section 2.03, Computershare shall, subject to Section 3.02, distribute to record holders of Receipts on the record date fixed pursuant to
Section 4.04 such amounts of such sum as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such holders; provided, however, that in case the
Company or Computershare shall be required by law to and shall withhold from any cash dividend or other cash distribution in respect of the Preferred Stock represented by the Receipts held by any holder an amount on account of taxes or as otherwise
required by law, regulation or court process, the amount made available for distribution or distributed in respect of Depositary Shares represented by such Receipts subject to such withholding shall be reduced accordingly. Computershare, however,
shall distribute or make available for distribution, as the case may be, only such amount as can be distributed without attributing to any holder of Receipts a fraction of one cent. Any such fractional amounts shall be rounded down to the nearest
whole cent and so distributed to registered holders entitled thereto and any balance not so distributable shall be held by Computershare (without liability for interest thereon) and shall be added to and be treated as part of the next succeeding
distribution to record holders of such Receipts. Each holder of a Receipt shall provide the Depositary with a properly completed Form W-8 (i.e., Form W-8BEN, Form W-8EXP, Form W-8IMY, Form W8ECI or another applicable Form W-8) or Form W-9 (which
form shall set forth such holder’s certified taxpayer identification number if requested on such form), as may be applicable. Each holder of a Receipt acknowledges that in the event of non-compliance with the preceding sentence, the Internal
Revenue Code of 1986, as amended, may require withholding by Computershare of a portion of any of the distribution to be made hereunder. 

SECTION 4.02 Distributions Other Than Cash. 

Whenever the Depositary shall receive any distribution other than cash on the deposited Preferred Stock, the Depositary shall, subject to
Section 3.02, distribute to record holders of Receipts on the record date fixed pursuant to Section 4.04 such amounts of the securities or property received by it as are, as nearly as practicable, in proportion to the
respective numbers of Depositary Shares evidenced by the Receipts held by such holders, in any manner that the Depositary and the Company may deem equitable and practicable for accomplishing such distribution. The Depositary shall not make any
distribution of securities to the holders of Receipts unless the Company shall have provided to the Depositary an opinion of counsel stating that such securities have been registered under the Securities Act or do not need to be registered. 

  
 12 

 SECTION 4.03 Subscription Rights, Preferences or Privileges. 

If the Company shall at any time offer or cause to be offered to the persons in whose names deposited Preferred Stock is registered on the
books of the Company any rights, preferences or privileges to subscribe for or to purchase any securities or any rights, preferences or privileges of any other nature, such rights, preferences or privileges shall in each such instance be made
available by the Depositary to the record holders of Receipts in such manner as the Company shall instruct (including by the issue to such record holders of warrants representing such rights, preferences or privileges); provided,
however, that (i) if at the time of issue or offer of any such rights, preferences or privileges the Company determines upon advice of its legal counsel that it is not lawful or feasible to make such rights, preferences or privileges
available to the holders of Receipts (by the issue of warrants or otherwise) or (ii) if and to the extent instructed by holders of Receipts who do not desire to exercise such rights, preferences or privileges, the Depositary shall then, if so
directed by the Company and provided with an opinion of counsel that if Depositary undertakes such actions it will not be deemed an “issuer” under the Securities Act or an “investment company” under the Investment Company Act of
1940, as amended, and if applicable laws or the terms of such rights, preferences or privileges so permit, sell such rights, preferences or privileges of such holders at public or private sale, at such place or places and upon such terms as it may
deem proper. The net proceeds of any such sale shall, subject to Sections 3.01 and 3.02, be distributed by the Depositary to the record holders of Receipts entitled thereto as provided by Section 4.01 in the case of a
distribution received in cash. The Depositary shall not make any distribution of such rights, preferences or privileges, unless the Company shall have provided to the Depositary an opinion of counsel stating that such rights, preferences or
privileges have been registered under the Securities Act or do not need to be registered. 
 If registration under the Securities Act of the
securities to which any rights, preferences or privileges relate is required in order for holders of Receipts to be offered or sold the securities to which such rights, preferences or privileges relate, the Company agrees that it will promptly
notify the Depositary of such requirement, that it will promptly file a registration statement pursuant to the Securities Act with respect to such rights, preferences or privileges and securities and use its commercially reasonable efforts and take
all steps available to it to cause such registration statement to become effective sufficiently in advance of the expiration of such rights, preferences or privileges to enable such holders to exercise such rights, preferences or privileges. In no
event shall the Depositary make available to the holders of Receipts any right, preference or privilege to subscribe for or to purchase any securities unless and until such a registration statement shall have become effective or unless the offering
and sale of such securities to such holders are exempt from registration under the provisions of the Securities Act and the Company shall have provided to the Depositary an opinion of counsel to such effect. 

If any other action under the law of any jurisdiction or any governmental or administrative authorization, consent or permit is required in
order for such rights, preferences or privileges to be made available to holders of Receipts, the Company agrees that it will promptly notify the Depositary of such requirement and to use its commercially reasonable efforts to take such action or
obtain such authorization, consent or permit sufficiently in advance of the expiration of such rights, preferences or privileges to enable such holders to exercise such rights, preferences or privileges. 

  
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 The Depositary will not be deemed to have any knowledge of any item for which it is supposed to
receive notification under any section of this Deposit Agreement unless and until it has received such notification. 
 SECTION 4.04
Notice of Dividends; Fixing of Record Date for Holders of Receipts. 
 Whenever any cash dividend or other cash distribution shall
become payable, any distribution other than cash shall be made, or any rights, preferences or privileges shall at any time be offered, with respect to the deposited Preferred Stock, or whenever the Depositary shall receive notice of (i) any
meeting at which holders of such Preferred Stock are entitled to vote or of which holders of such Preferred Stock are entitled to notice or (ii) any election on the part of the Company to redeem any shares of such Preferred Stock, the
Depositary shall in each such instance fix a record date (which shall be the same date as the record date fixed by the Company with respect to the Preferred Stock) (the “record date”) for the determination of the holders of Receipts
who shall be entitled to receive such dividend, distribution, rights, preferences or privileges or the net proceeds of the sale thereof, to give instructions for the exercise of voting rights at any such meeting or to receive notice of such meeting
or whose Depositary Shares are to be so redeemed. 
 SECTION 4.05 Voting Rights. 

Upon receipt of notice of any meeting at which the holders of deposited Preferred Stock are entitled to vote, the Depositary shall, as soon as
practicable thereafter, mail to the record holders of Receipts a notice, which shall be provided by the Company and which shall contain (i) such information as is contained in such notice of meeting, (ii) a statement that the holders of
Receipts at the close of business on a specified record date fixed pursuant to Section 4.04 will be entitled, subject to any applicable provision of law, to instruct the Depositary as to the exercise of the voting rights pertaining to
the amount of Preferred Stock represented by their respective Depositary Shares and (iii) a brief statement as to the manner in which such instructions may be given. Upon the written request of a holder of a Receipt on such record date, the
Depositary shall, insofar as practicable, vote or cause to be voted the amount of Preferred Stock represented by the Depositary Shares evidenced by such Receipt in accordance with the instructions set forth in such request. To the extent any such
instructions request the voting of a fractional interest of a share of deposited Preferred Stock, the Depositary shall aggregate such interest with all other fractional interests resulting from requests with the same voting instructions and shall
vote the number of whole votes resulting from such aggregation in accordance with the instructions received in such requests. Each share of Preferred Stock is entitled to one vote and, accordingly, each Depositary Share is entitled to 1/25th of a vote. The Company hereby agrees to take all reasonable action that may be deemed necessary by the Depositary in order to enable the Depositary to vote such Preferred Stock or cause such
Preferred Stock to be voted. In the absence of specific instructions from the holder of a Receipt, the Depositary will vote all Depositary Shares held by it in proportion with any instructions received. The Depositary shall not exercise any
discretion in voting any Preferred Stock represented by the Depositary Shares evidenced by such Receipt. 

  
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 SECTION 4.06 Changes Affecting Preferred Stock and Reorganization Events. 

Upon any change in liquidation preference, par or stated value, split-up, combination or any other reclassification of the Preferred Stock, any
Reorganization Event or any exchange of the Preferred Stock for cash, securities or other property, the Depositary shall, upon the written instructions of the Company setting forth any of the following adjustments, (i) reflect such adjustments
in the Depositary’s books and records in (a) the fraction of an interest in one share of Preferred Stock represented by one Depositary Share and (b) the ratio of the redemption price per Depositary Share to the redemption price of a
share of Preferred Stock, as may be required by or as is consistent with the provisions of the Certificate of Designations to fully reflect the effects of such change in liquidation preference, par or stated value, split-up, combination or other
reclassification of Preferred Stock, of such Reorganization Event or of such exchange and (ii) treat any shares of stock or other securities or property (including cash) that shall be received by the Depositary in exchange for or in respect of
the Preferred Stock as new deposited property under this Deposit Agreement, and Receipts then outstanding shall thenceforth represent the proportionate interests of holders thereof in the new deposited property so received in exchange for or in
respect of such Preferred Stock. In any such case the Depositary may, upon the receipt of written request of the Company, execute and deliver additional Receipts, or may call for the surrender of all outstanding Receipts to be exchanged for new
Receipts specifically describing such new deposited property. 
 SECTION 4.07 Inspection of Reports. 

The Depositary shall make available for inspection by holders of Receipts at the Depositary Office, and at such other places as it may from
time to time deem advisable during normal business hours, any reports and communications received from the Company that are both received by the Depositary as the holder of deposited Preferred Stock and made generally available to the holders of the
Preferred Stock. In addition, the Depositary shall transmit, upon written request by the Company, certain notices and reports to the holders of Receipts as provided in Section 5.05. 

SECTION 4.08 Lists of Receipt Holders. 

Promptly upon request from time to time by the Company, the Registrar shall furnish to the Company a list, as of a recent date specified by the
Company, of the names, addresses and holdings of Depositary Shares of all persons in whose names Receipts are registered on the books of the Registrar. 

SECTION 4.09 Withholding. 

Notwithstanding any other provision of this Deposit Agreement, in the event that the Depositary determines that any distribution in property is
subject to any tax or other governmental charge which the Depositary is obligated by law to withhold, the Depositary may dispose of, by public or private sale, all or a portion of such property in such amounts and in such manner as the Depositary
deems necessary and practicable to pay such taxes, and the 

  
 15 

 
Depositary shall distribute the net proceeds of any such sale or the balance of any such property after deduction of such taxes to the holders of Receipts entitled thereto in proportion to the
number of Depositary Shares held by them, respectively; provided, however, that in the event the Depositary determines that such distribution of property is subject to withholding tax only with respect to some but not all holders of
Receipts, the Depositary will use its best efforts (i) to sell only that portion of such property distributable to such holders that is required to generate sufficient proceeds to pay such withholding tax and (ii) to effect any such sale
in such a manner so as to avoid affecting the rights of any other holders of Receipts to receive such distribution in property. 
 ARTICLE
5 
 THE DEPOSITARY AND THE COMPANY 

SECTION 5.01 Maintenance of Offices, Agencies and Transfer Books by the Depositary and the Registrar. 

The Depositary shall maintain at the Depositary Office facilities for the execution and delivery, transfer, surrender and exchange, split-up,
combination and redemption of Receipts and deposit and withdrawal of Preferred Stock and at the offices of the Depositary’s Agents, if any, facilities for the delivery, transfer, surrender and exchange, split-up, combination and redemption of
Receipts and deposit and withdrawal of Preferred Stock, all in accordance with the provisions of this Deposit Agreement. 
 The Registrar
shall keep books at the Depositary Office for the registration and transfer of Receipts, which books at all reasonable times shall be open for inspection by the record holders of Receipts as provided by applicable law. The Company may cause the
Registrar to close such books, at any time or from time to time, when deemed expedient by it in connection with the performance of its duties hereunder. 

If the Receipts or the Depositary Shares evidenced thereby or the Preferred Stock represented by such Depositary Shares shall be listed on the
New York Stock Exchange or any other stock exchange, the Depositary may, with the written approval of the Company, appoint a registrar (acceptable to the Company) for registration of such Receipts or Depositary Shares in accordance with the
requirements of such exchange. Such registrar (which may be the Registrar if so permitted by the requirements of such exchange) may be removed and a substitute registrar appointed by the Registrar upon the request or with the written approval of the
Company. If the Receipts, such Depositary Shares or such Preferred Stock are listed on one or more other stock exchanges, the Registrar will, at the request and expense of the Company, arrange such facilities for the delivery, transfer, surrender,
redemption and exchange of such Receipts, such Depositary Shares or such Preferred Stock as may be required by law or applicable stock exchange regulations. 

SECTION 5.02 Prevention or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the Company.

 None of the Depositary, any Depositary’s Agent, any Registrar, any Transfer Agent, or the Company shall incur any liability to any
holder of any Receipt, if by reason of any provision 

  
 16 

 
of any present or future law or regulation thereunder of the United States of America or of any other governmental authority or, in the case of the Depositary, the Depositary’s Agent or the
Registrar or Transfer Agent, by reason of any provision, present or future, of the Certificate of Incorporation or, in the case of the Company, the Depositary, the Depositary’s Agent, the Transfer Agent or the Registrar, by reason of any act of
God or war or other circumstance beyond the control of the relevant party, the Depositary, any Depositary’s Agent, the Transfer Agent, the Registrar or the Company shall be prevented or forbidden from doing or performing any act or thing that
the terms of this Deposit Agreement provide shall be done or performed; nor shall the Depositary, any Depositary’s Agent, the Transfer Agent, any Registrar or the Company incur any liability to any holder of a Receipt by reason of any
nonperformance or delay, caused as aforesaid, in the performance of any act or thing that the terms of this Deposit Agreement provide shall or may be done or performed, or by reason of any exercise of, or failure to exercise, any discretion provided
for in this Deposit Agreement. 
 SECTION 5.03 Obligations of the Depositary, the Depositary’s Agents, the Registrar and the
Company. 
 The Company does not assume any obligation and shall not be subject to any liability under this Deposit Agreement or any
Receipt to holders of Receipts other than from acts or omissions arising out of conduct constituting bad faith, negligence (in the case of any action or inaction with respect to the voting of the deposited Preferred Stock), gross negligence or
willful misconduct in the performance of such duties as are specifically set forth in this Deposit Agreement (which bad faith, negligence, gross negligence or willful misconduct must be determined by a final, non-appealable order, judgment, decree
or ruling of a court of competent jurisdiction). Neither the Depositary nor any Depositary’s Agent nor any Transfer Agent or Registrar assumes any obligation and shall not be subject to any liability under this Deposit Agreement to holders of
Receipts, the Company or any other person or entity other than for its bad faith, gross negligence or willful misconduct (which bad faith, gross negligence or willful misconduct must be determined by a final, non-appealable order, judgment, decree
or ruling of a court of competent jurisdiction). Notwithstanding anything to the contrary contained herein, neither the Depositary, nor any Depositary’s Agent nor any Transfer Agent or Registrar shall be liable for any special, indirect,
incidental, consequential, punitive or exemplary damages, including but not limited to, lost profits, even if such person or entity alleged to be liable has knowledge of the possibility of such damages. Notwithstanding anything contained herein to
the contrary, the Depositary’s aggregate liability during any term of this Agreement with respect to, arising from, or arising in connection with this Agreement, or from all services provided or omitted to be provided under this Agreement,
whether in contract, or in tort, or otherwise, is limited to, and shall not exceed, the amounts paid hereunder by the Company to Depositary as fees and charges, but not including reimbursable expenses. 

None of the Depositary, any Depositary’s Agent, any Registrar or Transfer Agent or the Company shall be under any obligation to appear
in, prosecute or defend any action, suit or other proceeding with respect to the deposited Preferred Stock, Depositary Shares or Receipts that in its opinion may involve it in expense or liability, unless indemnity satisfactory to it against all
expense and liability be furnished as often as may be required. 

  
 17 

 None of the Depositary, any Depositary’s Agent, any Registrar or Transfer Agent or the
Company shall be liable for any action or any failure to act by it in reliance upon the advice of legal counsel or accountants, or information provided by any person presenting Preferred Stock for deposit or any holder of a Receipt. The Depositary,
any Depositary’s Agent, any Registrar or Transfer Agent and the Company may each rely and shall each be protected in acting upon any written notice, request, direction or other document believed by it to be genuine and to have been signed or
presented by the proper party or parties. 
 In the event the Depositary shall receive conflicting claims, requests or instructions from any
holders of Receipts, on the one hand, and the Company, on the other hand, the Depositary shall be entitled to act on such claims, requests or instructions received from the Company, and shall incur no liability and shall be entitled to the full
indemnification set forth in Section 5.06 in connection with any action so taken. 
 The Depositary shall not be responsible for
any failure to carry out any instruction to vote any of the deposited Preferred Stock or for the manner or effect of any such vote made, as long as any such action or non-action does not result from bad faith, gross negligence or willful misconduct
of the Depositary (which bad faith, gross negligence or willful misconduct must be determined by a final, non-appealable order, judgment, decree or ruling of a court of competent jurisdiction). The Depositary undertakes, and any Registrar or
Transfer Agent shall be required to undertake, to perform such duties and only such duties as are specifically set forth in this Deposit Agreement, and no implied covenants or obligations shall be read into this Agreement against the Depositary or
any Registrar or Transfer Agent. 
 The Depositary, its parent, affiliate, or subsidiaries, any Depositary’s Agent, and any Registrar
or Transfer Agent may own, buy, sell or deal in any class of securities of the Company and its affiliates and in Receipts or Depositary Shares or become pecuniarily interested in any transaction in which the Company or its affiliates may be
interested or contract with or lend money to or otherwise act as fully or as freely as if it were not the Depositary or the Depositary’s Agent hereunder. The Depositary may also act as transfer agent or registrar of any of the securities of the
Company and its affiliates or act in any other capacity for the Company or its affiliates. 
 It is intended that neither the Depositary nor
any Depositary’s Agent shall be deemed to be an “issuer” of the securities under the federal securities laws or applicable state securities laws, it being expressly understood and agreed that the Depositary and any Depositary’s
Agent are acting only in a ministerial capacity as Depositary for the deposited Preferred Stock; provided, however, that the Depositary agrees to comply with all information reporting and withholding requirements applicable to it under
law or this Deposit Agreement in its capacity as Depositary. 
 Neither the Depositary (or its officers, directors, employees, agents or
affiliates) nor any Depositary’s Agent makes any representation or has any responsibility as to the validity of the registration statement pursuant to which the Depositary Shares are registered under the Securities Act, the deposited Preferred
Stock, the Depositary Shares, the Receipts (except its countersignature thereon) or any instruments referred to therein or herein, or as to the correctness of any statement made therein or herein; provided, however, that the Depositary
is responsible for its representations in this Deposit Agreement. 

  
 18 

 The Company agrees that it will register the deposited Preferred Stock and the Depositary Shares
in accordance with the applicable securities laws. 
 In the event the Depositary, the Depositary’s Agent or any Registrar or Transfer
Agent believes any ambiguity or uncertainty exists in any notice, instruction, direction, request or other communication, paper or document received by it pursuant to this Deposit Agreement, the Depositary, the Depositary’s Agent, Transfer
Agent or Registrar shall promptly notify the Company of the details of such alleged ambiguity or uncertainty, and may, in its sole discretion, refrain from taking any action, and the Depositary, the Depositary’s Agent, Transfer Agent or
Registrar shall be fully protected and shall incur no liability to any person from refraining from taking such action, absent bad faith, gross negligence or willful misconduct (which bad faith, gross negligence or willful misconduct must be
determined by a final, non-appealable order, judgment, decree or ruling of a court of competent jurisdiction), unless and until (i) the rights of all parties have been fully and finally adjudicated by a court of appropriate jurisdiction or
(ii) the Depositary, the Depositary’s Agent, Transfer Agent or Registrar receives written instructions with respect to such matter signed by the Company that eliminates such ambiguity or uncertainty to the satisfaction of the Depositary,
the Depositary’s Agent, Transfer Agent or Registrar. 
 Whenever in the performance of its duties under this Deposit Agreement, the
Depositary, the Depositary’s Agent, Transfer Agent or Registrar shall deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking, suffering or omitting to take any action hereunder, such fact
or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively provided and established by a certificate signed by any one of the President, any Vice President, the Treasurer, the Deputy
Treasurer, any Assistant Treasurer, Head of Corporate Finance, the Secretary or Assistant Secretary of the Company and delivered to the Depositary, the Depositary’s Agent, Transfer Agent or Registrar; and such certificate shall be full and
complete authorization and protection to the Depositary, the Depositary’s Agent, Transfer Agent or Registrar and the Depositary, the Depositary’s Agent, Transfer Agent or Registrar shall incur no liability for or in respect of any action
taken, suffered or omitted by it under the provisions of this Deposit Agreement in reliance upon such certificate. The Depositary, the Depositary’s Agent, Transfer Agent or Registrar shall not be liable for or by reason of any of the statements
of fact or recitals contained in this Deposit Agreement or in the Receipts (except its countersignature thereof) or be required to verify the same, and all such statements and recitals are and shall be deemed to have been made by the Company only.

 The Depositary, the Depositary’s Agent, Transfer Agent or Registrar will not be under any duty or responsibility to ensure
compliance with any applicable federal or state securities laws in connection with the issuance, transfer or exchange of the Receipts, Preferred Stock or Depositary Shares. 

Notwithstanding anything herein to the contrary, no amendment to the Certificate of Designations shall affect the rights, duties, obligations
or immunities of the Depositary, Transfer Agent, the Depositary’s Agent or Registrar hereunder. 

  
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 The Depositary, Transfer Agent and any Registrar hereunder: 

(i) shall have no duties or obligations other than those specifically set forth herein (and no implied duties or obligations), or as may
subsequently be agreed to in writing by the parties; 
 (ii) shall have no obligation to make payment hereunder unless the Company shall
have provided the necessary federal or other immediately available funds or securities or property, as the case may be, to pay in full amounts due and payable with respect thereto; 

(iii) shall not be obligated to take any legal or other action hereunder; if, however, the Depositary determines to take any legal or other
action hereunder, and, where the taking of such action might in the Depositary’s judgment subject or expose it to any expense or liability, the Depositary shall not be required to act unless it shall have been furnished with an indemnity
satisfactory to it; 
 (iv) may rely on and shall be authorized and protected in acting or failing to act upon any certificate, instrument,
opinion, notice, letter, facsimile transmission or other document or security delivered to the Depositary and believed by the Depositary to be genuine and to have been signed by the proper party or parties, and shall have no responsibility for
determining the accuracy thereof; 
 (v) may rely on and shall be authorized and protected in acting or failing to act upon the written,
telephonic, electronic and oral instructions, with respect to any matter relating to the Depositary’s actions as depositary covered by this Deposit Agreement (or supplementing or qualifying any such actions) of officers of the Company; 

(vi) may consult counsel satisfactory to it, and the advice of such counsel shall be full and complete authorization and protection in respect
of any action taken, suffered or omitted by the Depositary hereunder in accordance with the advice of such counsel; 
 (vii) shall not be
called upon at any time to advise any person with respect to the Depositary Shares or Receipts; 
 (viii) shall not be liable or responsible
for any recital or statement contained in any documents relating hereto or the Depositary Shares or Receipts; and 
 (ix) shall not be
liable in any respect on account of the identity, authority or rights of the parties (other than with respect to the Depositary) executing or delivering or purporting to execute or deliver this Deposit Agreement or any documents or papers deposited
or called for under this Deposit Agreement. 
 The obligations of the Company and the rights of the Depositary set forth in this
Section 5.03 shall survive the replacement, removal or resignation of any Depositary, Registrar, Transfer Agent or Depositary’s Agent or termination of this Deposit Agreement. 

  
 20 

 SECTION 5.04 Resignation and Removal of the Depositary; Appointment of Successor
Depositary. 
 The Depositary may at any time resign as Depositary hereunder by notice of its election to do so delivered to the Company,
such resignation to take effect upon the appointment of a successor depositary and its acceptance of such appointment as hereinafter provided. 

The Depositary may at any time be removed by the Company by notice of such removal delivered to the Depositary, such removal to take effect
upon the appointment of a successor depositary and its acceptance of such appointment as hereinafter provided. Upon any such removal or appointment, the Company shall send notice thereof by first-class mail, postage prepaid, to the holders of
Receipts. 
 In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall, within 60 days after the
delivery of the notice of resignation or removal, as the case may be, appoint a successor depositary, which shall be an entity having its principal office in the United States of America and having a combined capital and surplus of at least
$50,000,000. If a successor depositary shall not have been appointed and have accepted appointment in 60 days, the resigning Depositary may petition a court of competent jurisdiction to appoint a successor depositary. Every successor depositary
shall execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any further act or deed, shall become fully vested with all the rights,
powers, duties and obligations of its predecessor and for all purposes shall be the Depositary under this Deposit Agreement, and such predecessor, upon payment of all sums due it and on the written request of the Company, shall promptly execute and
deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all rights, title and interest in the deposited Preferred Stock and any moneys or property held
hereunder to such successor and shall deliver to such successor a list of the record holders of all outstanding Receipts. 
 Any corporation
or other entity into or with which the Depositary may be merged, consolidated or converted, or any corporation or other entity to which all or a substantial part of the assets of the Depositary may be transferred, shall be the successor of such
Depositary without the execution or filing of any document or any further act. Such successor depositary may execute the Receipts either in the name of the predecessor depositary or in the name of the successor depositary. 

The provisions of this Section 5.04 as they apply to the Depositary apply to the Registrar and Transfer Agent, as if specifically
enumerated herein. 
 SECTION 5.05 Notices, Reports and Documents. 

The Company agrees that it will deliver to the Depositary, and the Depositary, if requested in writing by the Company, will promptly after
receipt of such notice, transmit to the record holders of Receipts, in each case at the address recorded in the Depositary’s books, copies of all notices and reports generally made available by the Company to holders of the Preferred Stock and
not otherwise made publicly available. Such transmission will be at the Company’s expense and the Company will provide the Depositary with such number of copies of such documents as the Depositary may reasonably request. In addition, the
Depositary will transmit to the record holders of Receipts at the Company’s expense such other documents as may be requested by the Company. 

  
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 SECTION 5.06 Indemnification by the Company. 

The Company shall indemnify the Depositary, any Depositary’s Agent and any Transfer Agent or Registrar against, and hold each of them
harmless from, any loss, liability, damage, cost or expense (including the costs and expenses of defending itself) which may arise out of (i) acts performed or omitted in connection with this Deposit Agreement and the Receipts (a) by the
Depositary, any Transfer Agent or Registrar or any of their respective agents (including any Depositary’s Agent), except for any liability arising out of bad faith, gross negligence or willful misconduct (which bad faith, gross negligence or
willful misconduct must be determined by a final, non-appealable order, judgment, decree or ruling of a court of competent jurisdiction) on the respective parts of any such person or persons, or (b) by the Company or any of its agents, or
(ii) the offer, sale or registration of the Receipts or shares of Preferred Stock pursuant to the provisions hereof. The obligations of the Company and the rights of the Depositary set forth in this Section 5.06 shall survive the
replacement, removal or resignation of any Depositary, Registrar, Transfer Agent or Depositary’s Agent or termination of this Deposit Agreement. In no event shall the Depositary have any right of set off or counterclaim against the Depositary
Shares or the Preferred Stock. 
 SECTION 5.07 Fees, Charges and Expenses. 

No charges and expenses of the Depositary or any Depositary’s Agent hereunder shall be payable by any person, except as provided in this
Section 5.07. The Company shall pay all transfer and other taxes and governmental charges arising solely from the existence of this Deposit Agreement. The Company shall also pay all fees and expenses of the Depositary in connection with
the initial deposit of the Preferred Stock and the initial issuance of the Depositary Shares evidenced by the Receipts, any redemption of the Preferred Stock at the option of the Company and all withdrawals of the Preferred Stock by holders of
Receipts. All other fees and expenses of the Depositary and any Depositary’s Agent hereunder and of any Registrar or Transfer Agent (including, in each case, fees and expenses of counsel) incurred in the preparation, delivery, amendment,
administration and execution of this Deposit Agreement and incident to the performance of their respective obligations hereunder will be paid by the Company as previously agreed between the Depositary and the Company. The Depositary (and if
applicable, the Transfer Agent and Registrar) shall present its statement for fees and expenses to the Company once every three months or at such other intervals as the Company and the Depositary may agree. 

ARTICLE 6 
 AMENDMENT AND
TERMINATION 
 SECTION 6.01 Amendment. 

The form of the Receipts and any provision of this Deposit Agreement may at any time and from time to time be amended by agreement between the
Company and the Depositary without the consent of holders of Receipts in any respect that the Company and the Depositary 

  
 22 

 
may deem necessary or desirable; provided, however, that no such amendment (other than any change in the fees of any Depositary, Registrar or Transfer Agent that are payable by the
Company) which (i) shall materially and adversely alter the rights of the holders of Receipts or (ii) would be materially and adversely inconsistent with the rights granted to the holders of the Preferred Stock pursuant to the Certificate
of Incorporation shall be effective unless such amendment shall have been approved by the holders of Receipts evidencing at least two-thirds of the Depositary Shares then outstanding. In no event shall any amendment impair the right, subject to the
provisions of Sections 2.06 and 2.07 and Article 3, of any holder of any Receipts evidencing such Depositary Shares to surrender any Receipt with instructions to the Depositary to deliver to the holder the deposited Preferred
Stock and all money and other property, if any, represented thereby, except in order to comply with mandatory provisions of applicable law. Every holder of an outstanding Receipt at the time any such amendment becomes effective shall be deemed, by
continuing to hold such Receipt, to consent and agree to such amendment and to be bound by this Deposit Agreement as amended thereby. As a condition precedent to the Depositary’s execution of any amendment, the Company shall deliver to the
Depositary a certificate from a duly authorized officer of the Company that states that the proposed amendment is in compliance with the terms of this Section 6.01. 

SECTION 6.02 Termination. 

This Deposit Agreement may be terminated by the Company upon not less than 30 days’ prior written notice to the Depositary if the holders
of Receipts evidencing a majority of the Depositary Shares then outstanding consent to such termination, whereupon the Depositary shall deliver or make available to each holder of a Receipt, upon surrender of the Receipt held by such holder, such
number of whole or fractional shares of deposited Preferred Stock as are represented by the Depositary Shares evidenced by such Receipt, together with any other property held by the Depositary in respect of such Receipt. This Deposit Agreement will
automatically terminate if (i) all outstanding Depositary Shares shall have been redeemed in accordance with the provisions hereof or (ii) there shall have been made a final distribution in respect of the deposited Preferred Stock in
connection with any liquidation, dissolution or winding up of the Company and such distribution shall have been distributed to the holders of Receipts entitled thereto. 

Upon the termination of this Deposit Agreement, the Company shall be discharged from all obligations under this Deposit Agreement except for
its obligations to the Depositary, any Depositary’s Agent and any Transfer Agent or Registrar under Sections 5.03, 5.06 and 5.07. 

ARTICLE 7 
 MISCELLANEOUS

 SECTION 7.01 Counterparts. 

This Deposit Agreement may be executed in any number of counterparts, and by each of the parties hereto on separate counterparts, each of which
counterparts, when so executed and delivered, shall be deemed an original, but all such counterparts taken together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Deposit Agreement by
facsimile shall be effective as delivery of a manually executed counterpart of this Deposit Agreement. 

  
 23 

 SECTION 7.02 Exclusive Benefits of Parties. 

This Deposit Agreement is for the exclusive benefit of the parties hereto, and their respective successors hereunder, and shall not be deemed
to give any legal or equitable right, remedy or claim to any other person whatsoever. 
 SECTION 7.03 Invalidity of Provisions.

 In case any one or more of the provisions contained in this Deposit Agreement or in the Receipts should be or become invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby; provided, however, that if such provision
affects the rights, duties, liabilities or obligations of the Depositary, the Depositary shall be entitled to resign immediately. 

SECTION 7.04 Notices. 

Any and all notices to be given to the Company hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given
if personally delivered or sent by mail, or by facsimile transmission confirmed by letter, addressed to the Company at: 
 Citigroup Inc.

 601 Lexington Avenue 
 New
York, New York 10022 
 Attention: Treasury Department 

Fax: 646-291-1469 
 with a copy to: 

Citigroup Inc. 
 One Court
Square, 45th Floor 
 Long Island City, New York 11120 

Attention: Michael J. Tarpley, Associate General Counsel– Capital Markets 

Fax: 718-248-4107 
 or at any other address of
which the Company shall have notified the Depositary in writing. 
 Any notices to be given to the Depositary, Transfer Agent or Registrar
hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail, or telecopier confirmed by letter, addressed to the Depositary: 

Computershare Trust Company, N.A. 

c/o Computershare Inc. 
 250
Royall Street 
 Canton, Massachusetts 02021 

Attention: General Counsel 

Facsimile: 781-575-4210 

  
 24 

 Any notices given to any record holder of a Receipt hereunder or under the Receipts shall be in
writing and shall be deemed to have been duly given if transmitted through the facilities of DTC in accordance with DTC’s procedures or personally delivered or sent by mail, recognized next-day courier service or telecopier confirmed by letter,
addressed to such record holder at the address of such record holder as it appears on the books of the Depositary; provided, that any record holder may direct the Depositary to deliver notices to such record holder at an alternate address or
in a specific manner that is reasonably requested by such record holder in a written request timely filed with the Depositary and that is reasonably acceptable to the Depositary. 

Delivery of a notice sent by mail shall be deemed to be effected at the time when a duly addressed letter containing the same (or a
confirmation thereof in the case of a facsimile message) is deposited, postage prepaid, in a post office letter box, or in the case of a next-day courier service, when deposited with such courier, courier fees prepaid. The Depositary or the Company
may, however, act upon any facsimile message received by it from the other or from any holder of a Receipt, notwithstanding that such facsimile message shall not subsequently be confirmed by letter as aforesaid. 

SECTION 7.05 Depositary’s Agents. 

The Depositary may from time to time appoint Depositary’s Agents to act in any respect for the Depositary for the purposes of this Deposit
Agreement and may at any time appoint additional Depositary’s Agents and vary or terminate the appointment of such Depositary’s Agents. The Depositary will notify the Company of any such action. 

SECTION 7.06 Holders of Receipts Are Parties. 

The holders of Receipts from time to time shall be deemed to be parties to this Deposit Agreement and shall be bound by all of the terms and
conditions hereof and of the Receipts by acceptance of delivery thereof to the same extent as though such person executed this Deposit Agreement. 

SECTION 7.07 Governing Law. 

This Deposit Agreement and the Receipts and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by, and
construed in accordance with, the law of the State of New York applicable to agreements made and to be performed in said State, without regard to conflicts of laws principles thereof. 

SECTION 7.08 Inspection of Deposit Agreement and Certificate of Designations. 

Copies of this Deposit Agreement and the Certificate of Designations shall be filed with the Depositary and the Depositary’s Agents and
shall be open to inspection during business hours at the Depositary Office by any holder of any Receipt. 
 SECTION 7.09
Headings. 
 The headings of articles and sections in this Deposit Agreement and in the form of the Receipt set forth in Exhibit
A hereto have been inserted for convenience only and are not to be regarded as a part of this Deposit Agreement or to have any bearing upon the meaning or interpretation of any provision contained herein or in the Receipts. 

  
 25 

 SECTION 7.10 Confidentiality. 

The Depositary and the Company agree that all books, records, information and data pertaining to the business of the other party, including,
inter alia, personal, non-public holder information, which are exchanged or received pursuant to the negotiation or the carrying out of this Deposit Agreement, shall remain confidential, and shall not be voluntarily disclosed to any other person,
except as may be required by law or legal process. 
 SECTION 7.11 Further Assurances. 

From time-to-time and after the date hereof, the Company agrees that it will perform, acknowledge and deliver or cause to be performed,
acknowledged and delivered all such further and other acts, documents, instruments and assurances as may be reasonably required by the Depositary for the carrying out or performing by the Depositary of the provisions of this Agreement. 

[Signature Page Follows] 

  
 26 

 IN WITNESS WHEREOF, Citigroup Inc. and Computershare Inc. and Computershare Trust Company, N.A.
have duly executed this Deposit Agreement as of the day and year first set forth above and all holders of Receipts shall become parties hereto by and upon acceptance by them of delivery of Receipts issued in accordance with the terms hereof. 

 

			
	CITIGROUP INC.
		
	By:		 /s/ Le Roy Davis

Authorized Officer

	
	COMPUTERSHARE INC. and COMPUTERSHARE TRUST COMPANY, N.A., as Depositary, and COMPUTERSHARE TRUST COMPANY, N.A., as Registrar and Transfer Agent
		
	By:		 /s/ Dennis V Moccia

			Dennis V. Moccia
			Manager, Contract Administration

  
 [Signature Page to
Deposit Agreement] 

 Exhibit A 

FORM OF FACE OF RECEIPT 

IF GLOBAL RECEIPT IS ISSUED: UNLESS THIS RECEIPT IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE CORPORATION OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY RECEIPT ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS
IS 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. 
 TRANSFERS OF
THIS GLOBAL RECEIPT SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL RECEIPT SHALL BE LIMITED TO TRANSFERS MADE IN
ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE DEPOSIT AGREEMENT REFERRED TO BELOW. 
 IN CONNECTION WITH ANY TRANSFER, THE HOLDER
WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH REGISTRAR AND TRANSFER AGENT MAY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 

  
 A-1 

			
	Certificate Number: A-1		Number of Depositary Shares: 2,000,000

 CUSIP NO.: 172967JM4 

CITIGROUP INC. 
 RECEIPT FOR
DEPOSITARY SHARES 
 Each Representing 1/25th of a Share of 

5.950% Fixed Rate / Floating Rate Noncumulative Preferred Stock, Series P 

(par value $1.00 per share) 

(liquidation preference $25,000 per share) 

Computershare Inc., a Delaware corporation (“Computershare”), and its wholly-owned subsidiary Computershare Trust Company, N.A., a
federally chartered national association (the “Trust Company” and jointly with Computershare, the “Depositary”), hereby certify that CEDE & CO. is the registered owner of two million,(2,000,000) depositary shares
($2,000,000,000 aggregate liquidation preference) (“Depositary Shares”), each Depositary Share representing 1/25th of one share of 5.950% Fixed Rate / Floating Rate Noncumulative
Preferred Stock, Series P, $1.00 par value per share and liquidation preference of $25,000 per share of Citigroup Inc., a Delaware corporation (the “Company”), on deposit with the Depositary, subject to the terms and entitled to the
benefits of the Deposit Agreement, dated April 24, 2015 (the “Deposit Agreement”), among the Company, the Depositary, the Trust Company, as Registrar and Transfer Agent (each term as defined in the Deposit Agreement), and the holders
from time to time of Receipts for Depositary Shares. By accepting this Receipt, the holder hereof becomes a party to and agrees to be bound by all the terms and conditions of the Deposit Agreement. This Receipt shall not be valid or obligatory for
any purpose or entitled to any benefits under the Deposit Agreement unless it shall have been executed by the Depositary by the manual or facsimile signature of a duly authorized officer or, if a Registrar in respect of the Receipts (other than the
Depositary) shall have been appointed, by the manual signature of a duly authorized officer of such Registrar. 
  

							
	 Dated:
 [Countersigned:
				Computershare Inc. and Computershare Trust Company, N.A., as Depositary
				
	  
		]		By:		  

	By						 Debra Sumpter
 Relationship
Manager

  
 A-2 

 [FORM OF REVERSE OF RECEIPT] 

The following abbreviations when used in the instructions on the face of this receipt shall be construed as though they were written out in
full according to applicable laws or regulations. 
  

			
	TEN COM - as tenant in common		 UNIF GIFT MIN ACT -
                    
 Custodian
                    

			                                      
      (Cust)                                
(Minor)
		
	TEN ENT - as tenants by the entireties		Under Uniform Gifts to Minors Act
		
	JT TEN - as joint tenants with right of survivorship and not as tenants in common		 __________________________________________________        

(State)

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

ASSIGNMENT 
 For value
received, ____________________________  hereby sell(s), assign(s) and transfer(s) unto 
 PLEASE INSERT SOCIAL SECURITY OR 

OTHER IDENTIFYING NUMBER OF ASSIGNEE, AS APPLICABLE 
  

 
  

 
 PLEASE PRINT OR TYPEWRITE NAME AND
ADDRESS 
 INCLUDING POSTAL ZIP CODE OF ASSIGNEE 
  

 
 ____________________________ Depositary Shares
represented by the within Receipt, and do hereby irrevocably constitute and appoint 
 ____________________________ Attorney to transfer the said
Depositary Shares on the books of the within named Depositary with full power of substitution in the premises. 
  

							
	Dated                     						  

				
							NOTICE: The signature to the assignment must correspond with the name as written upon the face of this Receipt in every particular, without alteration or enlargement or any change whatever.

 SIGNATURE GUARANTEED 
 NOTICE:
The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations, and credit unions with membership in an approved signature guarantee medallion program), pursuant to Rule 17Ad-15 under
the Securities Exchange Act of 1934. 

  
 A-3 

 Exhibit B 

Certificate of Designations

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