Document:

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                                                                     Exhibit 4.4

                          FIRST SUPPLEMENTAL INDENTURE

                            Dated as of March   , 2002

                    Supplementing and Amending the Indenture
                            Dated as of March   , 2002

                        TRAVELERS PROPERTY CASUALTY CORP.

                                       TO

                              THE BANK OF NEW YORK,
                                                  Trustee

            % Convertible Junior Subordinated Notes Due April   , 2032
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         FIRST SUPPLEMENTAL INDENTURE dated as of March  , 2002 (the
"Supplemental Indenture"), made and entered into by and between TRAVELERS
PROPERTY CASUALTY CORP., a corporation organized and existing under the laws of
the State of Connecticut having its principal office at One Tower Square,
Hartford, CT 06183 (the "Company"), and THE BANK OF NEW YORK, a New York banking
corporation as trustee (together with its successors, the "Trustee").

         WHEREAS the Company entered into an Indenture dated as of March      ,
2002 (the "Basic Indenture") with The Bank of New York, as the Trustee, for the
purposes of issuing its unsecured subordinated debentures, securities, notes or
other evidences of indebtedness to be issued in one or more series (the
"Subordinated Debt Securities"), in such principal amount or amounts as may from
time to time be authorized by or pursuant to the authority granted in one or
more resolutions of the Board of Directors of the Company;

         WHEREAS the Company has requested the Trustee to join with it in the
execution and delivery of this First Supplemental Indenture in order to provide
for a series of Subordinated Debt Securities denominated its " % Convertible
Junior Subordinated Notes Due April , 2032" (such Subordinated Debt Securities
being referred to herein as the "Notes");

         WHEREAS Section 9.1(8) of the Basic Indenture provides that without the
consent of the Holders of Subordinated Debt Securities, the Company, when
authorized by a Board Resolution, and the Trustee may enter into one or more
indentures supplemental to the Basic Indenture, in form satisfactory to the
Trustee, to establish the form or terms of Subordinated Debt Securities of any
series;

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

         WHEREAS all things necessary to make this Supplemental Indenture a
valid agreement of the Company in accordance with its terms have been done.

         NOW, THEREFORE, and in consideration of the premises and purchase of
the Subordinated Debt Securities by the Holders thereof, it is mutually
covenanted and agreed, for the equal and proportionate benefit of all Holders,
without preference, priority or distinction of any of the Subordinated Debt
Securities over any of the others by reason of difference in series or priority
in time of issuance, negotiation or maturity thereof, or otherwise except as
otherwise provided in the Basic Indenture or this Supplemental Indenture, as
follows:

         SECTION 1. The Basic Indenture is hereby amended, solely with respect
to a series of securities that consists of the Notes, as follows:

         (a) Section 3.5 of the Indenture is amended to add in the first line of
the fifth paragraph, after the words "registration of transfer,", the following:
"conversion,".

         (b) Section 3.6 of the Indenture is amended to add in the second line
of the third paragraph, after the words "pursuant to Section 11.4", the
following: "or is about to be converted into shares of Class A Common Stock
pursuant to Article XVI hereof".

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         (c) Section 3.9 of the Indenture is amended to add in the first line,
after the words "surrendered for payment", the following: "conversion,", to
denote the words "submitted for redemption pursuant to Article XI hereof" in the
last sentence as subclause (i) and to add, after such words, the following: "or
(ii) converted pursuant to Article XVI."

         (d) Section 4.1 of the Indenture is amended to add in the second line
of the first paragraph, after the words "any surviving rights of", the
following: "conversion or".

         (e) Section 6.3 of the Indenture is amended to add as a new subclause
(j) the following:

         (j) The Trustee shall not be responsible for the computation of any
    adjustment to the Conversion Price or for any determination as to whether an
    adjustment is required and shall not be deemed to have knowledge of any
    adjustment unless and until it shall have received the notice from the
    Company contemplated by Section 16.6(j).

         (f) Section 10.2 of the Indenture is amended to add in the third line
of the first paragraph, after the words "for registration of transfer or
exchange", the following: "or presented for conversion".

         (g) Section 11.3 of the Indenture is amended to add as a new fourth
paragraph the following:

         If any Note selected for partial redemption is converted in part after
such selection, the converted portion of such Note shall be deemed (so far as
may be) to be the portion to be selected for redemption. The Notes (or portion
thereof) so selected shall be deemed duly selected for redemption for all
purposes hereof, notwithstanding that any such Note is converted in whole or in
part before the mailing of the notice of redemption. Upon any redemption of less
than all the Notes, the Company and the Trustee may treat as outstanding any
Note surrendered for conversion during the period of 14 days next preceding the
mailing of a notice of redemption and need not treat as outstanding any Note
authenticated and delivered during such period in exchange for the unconverted
portion of any Note converted in part during such period.

         (h) Section 11.4 of the Indenture is amended to delete the word "and"
at the end of subclause (5), to delete the period and to add "; and" to the end
of subclause (6) and to add as new subclause (7) the following:

                  (7) that Notes called for redemption may be converted at any
         time prior to the close of business on the last Business Day
         immediately preceding the Redemption Date and if not converted prior to
         the close of business on such date, the right of conversion will
         terminate.

         (i) Section 1.1 of the Indenture is amended to add the following new
definitions thereto, in the appropriate alphabetical sequence, as follows:

         "Capital Stock" of any person means any and all shares, interests,
rights to purchase, warrants, options, participations or other equivalents of or
interests in (however designated) equity of such person, but excluding any debt
securities convertible into such equity.

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         "Common Stock" means any stock of any class of the Company which has no
preference in respect of dividends or of amounts payable in the event of any
voluntary or involuntary liquidation, dissolution or winding up of the Company
and which is not subject to redemption by the Company. Subject to the provisions
of Section 16.7, however, shares issuable on conversion of the Notes shall
include only shares of the class designated as class A Common Stock of the
Company at the date of this Indenture (the "Class A Common Stock") or shares of
any class or classes resulting from any reclassification or reclassifications
thereof and which have no preference in respect of dividends or of amounts
payable in the event of any voluntary or involuntary liquidation, dissolution or
winding up of the Company and which are not subject to redemption by the
Company; provided that if at any time there shall be more than one such
resulting class, the shares of each such class then so issuable shall be
substantially in the proportion which the total number of shares of such class
resulting from all such reclassifications bears to the total number of shares of
all such classes resulting from all such reclassifications.

         "Conversion Price" means the initial conversion price specified in
Section 16.1, as adjusted in accordance with the provisions of Article XVI.

         "Daily Market Price" means the price of a share of Common Stock on the
relevant date, determined on the basis of the last reported sale price regular
way of the Common Stock as traded on the New York Stock Exchange, or as reported
on the principal national securities exchange upon which the Common Stock is
listed or, if the Common Stock is not then listed on a national securities
exchange, then as quoted on the Nasdaq National market.

         "Distribution" means the distribution by Citigroup Inc. of shares of
Common Stock to holders of Citigroup common stock in a transaction qualifying
under Section 355 of the Internal Revenue Code of 1986, as amended.

         "Voting Stock" of a corporation means all classes of Capital Stock of
such corporation then outstanding and normally entitled to vote in the election
of directors.

         (j) The Indenture is amended by adding the following Article Sixteen:

                                   ARTICLE XVI

                               CONVERSION OF NOTES

SECTION 16.1       Right To Convert.

         Subject to and upon compliance with the provisions of this Indenture
(including the Company's right to elect a Cash Settlement as described below),
unless the Company has redeemed or repurchased the Notes, each holder of Notes
shall have the right, at his or her option, after April , 2003 and before 5:00
p.m., New York City time, on April , 2032, (except that, with respect to any
Note or portion thereof which is called for redemption prior to such date, such
right shall terminate before the close of business on the last Business Day
immediately preceding the Redemption Date), if at that time the conditions
described below are satisfied, to convert the principal amount of any Note held
by such holder, or any portion of such principal amount which is $25 or an
integral multiple thereof, at an initial conversion rate of shares of Class A
Common Stock for each $25 principal amount of Notes (equivalent to an initial

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conversion price of $      per share of Class A Common Stock), subject to
adjustment as described below. A holder of Notes will not be entitled to any
rights of a holder of Class A Common Stock until such holder of Notes has
converted his or her Notes to shares of Class A Common Stock, and only to the
extent such Notes are deemed to have been converted to shares of Class A Common
Stock under this Article XVI.

         Holders of Notes may surrender their Notes for conversion into shares
of the Class A Common Stock during the period specified in the preceding
paragraph only under any one of the following circumstances:

         (a) a Holder may surrender its Notes for conversion into shares of
    Class A Common Stock if the average of the daily closing prices (as defined
    in Section 16.6(g)) of Class A Common Stock for the 20 consecutive trading
    days (as defined in Section 16.6(g)) immediately prior to the conversion
    date (as defined in Section 16.6(g)) is at least 20% above the Conversion
    Price on such conversion date.

         (b) a Holder may surrender for conversion any Note called for
    redemption before the close of business on the last Business Day immediately
    preceding the Redemption Date.

         (c) If the Company elects to:

             (1)  issue to all or substantially all holders of its outstanding
                  shares of Class A Common Stock rights or warrants entitling
                  such holders to subscribe for or purchase shares of Class A
                  Common Stock at a price per share less than the Current Market
                  Price (as defined in Section 16.6(g)) on the Record Date fixed
                  for the determination of shareholders entitled to receive such
                  rights or warrants, or

             (2)  by dividend or otherwise, distribute to all holders of its
                  Class A Common Stock shares of any class of Capital Stock of
                  the Company or any of its subsidiaries (other than any
                  dividends or distributions to which Section 16.6(a) applies)
                  or evidences of its indebtedness, cash or other assets
                  (including securities, but excluding any rights or warrants of
                  a type referred to in Section 16.6(c)) which exceeds 15% of
                  the sum of (1) the product of the Current Market Price
                  (determined as provided in Section 16.6(g)) of the Class A
                  Common Stock on the Record Date with respect to such
                  distribution multiplied by the number of shares of Class A
                  Common Stock outstanding on such date and (2) product of the
                  Current Market Price (determined as provided in Section
                  16.6(g)) of the Class B Common Stock on the Record Date with
                  respect to such distribution multiplied by the number of
                  shares of Class B Common Stock outstanding on such date,

    then the Company must notify the Holders of the Notes at least 10 Business
    Days prior to the ex-dividend date for such distribution. Once the Company
    has provided such notice, Holders

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    may surrender their Notes for conversion until the earlier of the close of
    business on the Business Day prior to the ex-dividend date or the Company's
    announcement that such distribution will not take place.

         (d) If the Company is party to any consolidation, merger, share
    exchange or combination of the Company with another corporation as a result
    of which holders of Class A Common Stock shall be entitled to receive stock,
    securities or property or assets (including cash) with respect to or in
    exchange for such Class A Common Stock (other than if the property or assets
    consists of shares of voting common stock of the surviving or acquiring
    person that are, or upon issuance will be, traded on a United States
    national securities exchange or approved for trading on an established
    automated over-the-counter trading market in the United States, and such
    shares represent at least 95% of the aggregate fair market value (as
    determined by the Board of Directors) of the property), a Holder may
    surrender Notes for conversion at any time from and after the date which is
    15 days prior to the anticipated effective date of such transaction until 15
    days after the actual effective date of such transaction.

         (e) A Holder may surrender any of its Notes for conversion if the
    long-term credit ratings assigned to the Notes by Moody's Investors Service,
    Inc. ("Moody's") or Standard & Poor's Ratings Group ("S&P") are reduced to
    or below Ba1 or BB+, respectively, or if either Moody's or S&P, or their
    successors, no longer rates the Notes.

SECTION 16.2       Exercise of Conversion Privilege; Issuance of Class A Common
                   Stock on Conversion; No Adjustment for Interest or Dividends.

         To exercise, in whole or in part, the conversion privilege with respect
to any Note, the holder of such Note shall surrender such Note, duly endorsed,
at an office or agency maintained for that purpose by the Company pursuant to
Section 10.2 (the "Conversion Agent"), accompanied by the funds, if any,
required by the last paragraph of this Section 16.2, and shall give written
notice of conversion in the form provided on the Notes (or such other notice
which is acceptable to the Company) to the Conversion Agent that the holder of
Notes elects to convert such Note or such portion thereof specified in said
notice. Such notice shall also state the name or names (with address or
addresses) in which the certificate or certificates for shares of Class A Common
Stock which are issuable on such conversion shall be issued, and shall be
accompanied by transfer taxes, if required pursuant to Section 16.8. Each such
Note surrendered for conversion shall, unless the shares issuable on conversion
are to be issued in the same name as the registration of such Note, be duly
endorsed by, or be accompanied by instruments of transfer in form satisfactory
to the Company duly executed by, the holder of Notes or his or her duly
authorized attorney. The Holder of such Notes will not be required to pay any
tax or duty which may be payable in respect of the issue or delivery of shares
of Class A Common Stock on conversion, but will be required to pay any tax or
duty which may be payable in respect of any transfer involved in the issue or
delivery of shares of Class A Common Stock in a name other than the same name as
the registration of such Note.

         Subject to Section 16.3, as promptly as practicable after satisfaction
of the requirements for conversion set forth above, the Company shall issue and
shall deliver to such holder at the office or agency maintained by the Company
for such purpose pursuant to Section 10.2, a

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certificate or certificates for the number of full shares of Class A Common
Stock issuable upon the conversion of such Note or portion thereof in accordance
with the provisions of this Article XVI. Certificates representing shares of
Class A Common Stock will not be issued or delivered unless all taxes and
duties, if any, payable by the holder have been paid. In case any Note of a
denomination of an integral multiple greater than $25 is surrendered for partial
conversion, and subject to Section 3.3, the Company shall execute, and the
Trustee shall authenticate and deliver to the holder of the Note so surrendered,
without charge to him or her, a new Note or Notes in authorized denominations in
an aggregate principal amount equal to the unconverted portion of the
surrendered Note.

         Each conversion shall be deemed to have been effected as to any such
Note (or portion thereof) on the date on which the requirements set forth above
in this Section 16.2 have been satisfied as to such Note (or portion thereof),
and the person in whose name any certificate or certificates for shares of Class
A Common Stock are issuable upon such conversion shall be deemed to have become
on said date the holder of record of the shares represented thereby; provided,
however, that any such surrender on any date when the Company's stock transfer
books are closed shall constitute the person in whose name the certificates are
to be issued as the record holder thereof for all purposes on the next
succeeding day on which such stock transfer books are open, but such conversion
shall be at the Conversion Price in effect on the date upon which such Note is
surrendered.

         Any Note or portion thereof surrendered for conversion during the
period from the close of business on any Regular Record Date for any interest
payment through the opening of business on the corresponding Interest Payment
Date shall (unless such Note or portion thereof being converted has been called
for redemption pursuant to a notice of redemption mailed by the Company to the
holders in accordance with the provisions of Section 11.4) after such Regular
Record Date and before such Interest Payment Date be accompanied by payment, in
funds acceptable to the Company, of an amount equal to the interest and
liquidated damages, if any, otherwise payable on such Interest Payment Date on
the principal amount being converted; provided however, that no such payment
need be made if there exists at the time of conversion a default in the payment
of interest or liquidated damages, if applicable, on the Notes. An amount equal
to such payment (or the interest payment due, as the case may be) shall be paid
by the Company on such Interest Payment Date to the holder of such Note at the
close of business on such Record Date; provided, however, that if the Company
defaults in the payment of interest or liquidated damages, if applicable, on
such Interest Payment Date, such amount shall be paid to the person who made
such required payment. Except as provided above in this Section 16.2, no
adjustment shall be made for interest and liquidated damages, if any, accrued on
any Note converted or for dividends on any shares of Class A Common Stock issued
upon the conversion of such Note as provided in this Article XVI.

SECTION 16.3       Right to Make Cash Settlement.

         Notwithstanding anything to the contrary contained in this Article XVI,
from April , 2003, and until the next Business Day following the date of the
Distribution (provided that the Distribution has not occurred by April , 2003),
the Company may elect to make a cash settlement (a "Cash Settlement") in respect
of any Notes surrendered for conversion by delivering notice to the Conversion
Agent not more than five trading days after the Notes are

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surrendered. If the Distribution does not occur, the Company's option to elect a
Cash Settlement will continue.

         The amount of cash that a Holder of Notes will receive in the case of a
Cash Settlement with respect to any Notes surrendered for conversion will be
equal to the value of the underlying shares of Class A Common Stock as
calculated by determining the product of (i) the then applicable conversion rate
(which is equal to, for each $25 principal amount of Notes surrendered for
conversion, $25 divided by the then prevailing Conversion Price) and (ii) the
average of the closing price, as defined in Section 16.6(g), of the Class A
Common Stock on the five trading days beginning two trading days after the
Company's delivery of the notice to the Conversion Agent. The Company will pay
the Cash Settlement as promptly as practicable after the completion of the five
trading day period.

SECTION 16.4       Cash Payments in Lieu of Fractional Shares.

         Except as described in this Section 16.4, the Company will not make any
payment or other adjustment for accrued interest on the Notes or dividends on
any shares of Class A Common Stock issued upon conversation of any Note. No
fractional shares of Class A Common Stock or scrip representing fractional
shares shall be issued upon conversion of Notes. If more than one Note shall be
surrendered for conversion at one time by the same Holder, the number of full
shares of Class A Common Stock which shall be issuable upon conversion shall be
computed on the basis of the aggregate principal amount of the Notes (or
specified portions thereof to the extent permitted hereby) so surrendered for
conversion. If any fractional share of Class A Common Stock otherwise would be
issuable upon the conversion of any Note or Notes, the Company shall make an
adjustment therefor in cash based upon the Daily Market Price of the Class A
Common Stock on the last trading day prior to the date of conversion.

SECTION 16.5       Conversion Price.

         The Conversion Price shall be as specified in Section 16.1, subject to
adjustment as provided in this Article XVI. In the event that the Conversion
Price is adjusted pursuant to the provisions of Section 16.6, the conversion
rate shall be adjusted accordingly.

SECTION 16.6       Adjustment of Conversion Price.

         The Conversion Price shall be adjusted from time to time by the Company
as follows:

         (a) If the Company shall hereafter pay a dividend or make a
distribution to all holders of the outstanding Class A Common Stock in shares of
Class A Common Stock, the Conversion Price in effect at the opening of business
on the date following the date fixed for the determination of shareholders
entitled to receive such dividend or other distribution shall be reduced by
multiplying such Conversion Price by a fraction of which the numerator shall be
the number of shares of Class A Common Stock outstanding at the close of
business on the Record Date (as defined in Section 16.6(g)) fixed for such
determination and the denominator shall be the sum of such number of shares of
Class A Common Stock and the total number of shares of Class A Common Stock
constituting such dividend or other distribution, such reduction to become
effective immediately after the opening of business on the day following the
Record Date. If any dividend or distribution of the type described in this
Section 16.6(a) is declared but

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not so paid or made, the Conversion Price shall again be adjusted to the
Conversion Price which would then be in effect if such dividend or distribution
had not been declared.

         (b) If the outstanding shares of Class A Common Stock shall be
subdivided or split into a greater number of shares of Class A Common Stock or
the Company issues any shares of Capital Stock in connection with a
reclassification of the Company's Class A Common Stock (other than the shares of
Class A Common Stock issued by the Company to Citigroup Inc. within 30 days of
the consummation of the offering of the Notes), the Conversion Price in effect
at the opening of business on the day following the day upon which such
subdivision or split becomes effective shall be proportionately reduced, and,
conversely, if the outstanding shares of Class A Common Stock shall be combined
into a smaller number of shares of Class A Common Stock, the Conversion Price in
effect at the opening of business on the day following the day upon which such
combination becomes effective shall be proportionately increased, such reduction
or increase, as the case may be, to become effective immediately after the
opening of business on the day following the day upon which such subdivision or
combination becomes effective.

         (c) If the Company issues rights or warrants to all or substantially
all holders of its outstanding shares of Class A Common Stock entitling such
holders to subscribe for or purchase shares of Class A Common Stock at a price
per share less than the Current Market Price (as defined in Section 16.6(g)) of
the Class A Common Stock on the Record Date fixed for the determination of
shareholders entitled to receive such rights or warrants, the Conversion Price
shall be adjusted so that the same shall equal the price determined by
multiplying the Conversion Price in effect at the opening of business on the
date after such Record Date by a fraction of which the numerator shall be the
number of shares of Class A Common Stock outstanding at the close of business on
the Record Date plus the number of shares of Class A Common Stock which the
aggregate offering price of the total number of shares of Class A Common Stock
so offered would purchase at such Current Market Price, and of which the
denominator shall be the number of shares of Class A Common Stock outstanding on
the close of business on the Record Date plus the total number of additional
shares of Class A Common Stock so offered for subscription or purchase. Such
adjustment shall become effective immediately after the opening of business on
the day following the Record Date fixed for determination of shareholders
entitled to receive such rights or warrants. To the extent that shares of Class
A Common Stock are not delivered pursuant to such rights or warrants, upon the
expiration or termination of such rights or warrants, the Conversion Price shall
be readjusted to be the Conversion Price which would then be in effect had the
adjustments made upon the issuance of such rights or warrants been made on the
basis of delivery of only the number of shares of Class A Common Stock actually
delivered. If such rights or warrants are not so issued, the Conversion Price
shall again be adjusted to be the Conversion Price which would then be in effect
if such date fixed for the determination of shareholders entitled to receive
such rights or warrants had not been fixed. In determining whether any rights or
warrants entitle the holders to subscribe for or purchase shares of Class A
Common Stock at less than such Current Market Price, and in determining the
aggregate offering price of such shares of Class A Common Stock, there shall be
taken into account any consideration received for such rights or warrants, with
the value of such consideration, if other than cash, to be determined by the
Board of Directors.

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         (d) If the Company shall, by dividend or otherwise, distribute to all
holders of its Class A Common Stock shares of any class of Capital Stock of the
Company or any of its subsidiaries (other than any dividends or distributions to
which Section 16.6(a) applies) or evidences of its indebtedness, cash or other
assets (including securities, but excluding (i) any rights or warrants of a type
referred to in Section 16.6(c) and (ii) dividends and distributions paid
exclusively in cash) (the foregoing hereinafter in this Section 16.6(d) called
the "Securities"), then, in each such case, the Conversion Price shall be
reduced so that the same shall be equal to the price determined by multiplying
the Conversion Price in effect immediately prior to the close of business on the
Record Date (as defined in Section 16.6(g)) with respect to such distribution by
a fraction the numerator of which shall be the Current Market Price (determined
as provided in Section 16.6(g)) of the Class A Common Stock on such date and the
denominator of which shall be the fair market value on such date of the portion
of the Securities so distributed applicable to one share of Class A Common Stock
plus such Current Market Price, such reduction to become effective immediately
prior to the opening of business on the day following the Record Date; provided,
however, that in the event the then fair market value of the portion of the
Securities so distributed applicable to one share of Class A Common Stock is
equal to or greater than the Current Market Price of the Class A Common Stock on
the Record Date, in lieu of the foregoing adjustment, adequate provision shall
be made so that each Holder of Notes shall have the right to receive upon
conversion of a Note (or any portion thereof) the amount of Securities such
holder would have received had such holder converted such Note (or portion
thereof) immediately prior to such Record Date. If such dividend or distribution
is not so paid or made, the Conversion Price shall again be adjusted to be the
Conversion Price which would then be in effect if such dividend or distribution
had not been declared. If the Board of Directors determines the fair market
value of any distribution for purposes of this Section 16.6(d) by reference to
the actual or when issued trading market for any securities comprising all or
part of such distribution, it must in doing so consider the prices in such
market over the same period used in computing the Current Market Price of the
Class A Common Stock pursuant to Section 16.6(g) to the extent possible.

         In the event the Company elects to make a distribution described in the
(c) or (d) above, the Company will be required to give notice to the Holders of
the Notes at least 10 Business Days before the ex-dividend date for such
distribution and, upon the giving of such notice, the Notes may be surrendered
for conversion at any time until the close of business on the Business Day
before to the ex-dividend date or until the Company announces that such
distribution will not take place.

         For the purposes of this Section 16.6(d) only, "fair market value" of
the Securities to be distributed to holders of Class A Common Stock means the
average of the sales prices of those Securities over the first five trading days
after the effective date of the distribution.

         Notwithstanding any other provision of this Section 16.6(d) to the
contrary, rights, warrants, evidences of indebtedness, other securities, cash or
other assets (including, without limitation, any rights distributed pursuant to
any shareholder rights plan) shall be deemed not to have been distributed for
purposes of this Section 16.6 (d) if the Company makes proper provision so that
each holder of Notes who converts a Note (or any portion thereof) after the date
fixed for determination of shareholders entitled to receive such distribution
shall be entitled to receive upon such conversion, in addition to the shares of
Class A Common Stock issuable upon

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such conversion, the amount and kind of such distributions that such holder
would have been entitled to receive if such holder had, immediately prior to
such determination date, converted such Note into shares of Class A Common
Stock.

         Rights or warrants distributed by the Company to all holders of Class A
Common Stock entitling the holders thereof to subscribe for or purchase shares
of the Company's capital stock (either initially or under certain
circumstances), which rights or warrants, until the occurrence of a specified
event or events ("Trigger Event"): (i) are deemed to be transferred with such
shares of Class A Common Stock; (ii) are not exercisable; and (iii) are also
issued in respect of future issuances of Class A Common Stock, shall be deemed
not to have been distributed for purposes of this Section 16.6(d) (and no
adjustment to the Conversion Price under this Section 16.6(d) shall be required)
until the occurrence of the earliest Trigger Event, whereupon such rights and
warrants shall be deemed to have been distributed and an appropriate adjustment
to the Conversion Price under this Section 16.6(d) shall be made. If any such
rights or warrants, including any such existing rights or warrants distributed
prior to the date of this Indenture, are subject to subsequent events, upon the
occurrence of each of which such rights or warrants shall become exercisable to
purchase different securities, evidences of indebtedness or other assets, then
the occurrence of each such event shall be deemed to be such date of issuance
and record date with respect to new rights or warrants (and a termination or
expiration of the existing rights or warrants without exercise by the holder
thereof). In addition, in the event of any distribution (or deemed distribution)
of rights or warrants, or any Trigger Event with respect thereto, that was
counted for purposes of calculating a distribution amount for which an
adjustment to the Conversion Price under this Section 16.6 was made, (1) in the
case of any such rights or warrants which shall all have been redeemed or
repurchased without exercise by any holders thereof, the Conversion Price shall
be readjusted upon such final redemption or repurchase to give effect to such
distribution or Trigger Event, as the case may be, as though it were a cash
distribution, equal to the per share redemption or repurchase price received by
a holder or holders of Class A Common Stock with respect to such rights or
warrants (assuming such holder had retained such rights or warrants), made to
all holders of Class A Common Stock as of the date of such redemption or
repurchase, and (2) in the case of such rights or warrants which shall have
expired or been terminated without exercise by any holders thereof, the
Conversion Price shall be readjusted as if such rights and warrants had not been
issued.

         For purposes of this Section 16.6(d) and Sections 16.6(a) and (c), any
dividend or distribution to which this Section 16.6(d) is applicable that also
includes shares of Class A Common Stock, or rights or warrants to subscribe for
or purchase shares of Class A Common Stock to which Section 16.6(c) applies (or
both), shall be deemed instead to be (1) a dividend or distribution of the
evidences of indebtedness, assets, shares of capital stock, rights or warrants
other than such shares of Class A Common Stock or rights or warrants to which
Section 16.6(c) applies (and any Conversion Price reduction required by this
Section 16.6(d) with respect to such dividend or distribution shall then be
made) immediately followed by (2) a dividend or distribution of such shares of
Class A Common Stock or such rights or warrants (and any further Conversion
Price reduction required by Sections 16.6(a) and (c) with respect to such
dividend or distribution shall then be made, except that (A) the Record Date of
such dividend or distribution shall be substituted as "the date fixed for the
determination of shareholders entitled to receive such dividend or other
distribution", "Record Date fixed for such determination" and "Record Date"
within the meaning of Section 16.6(a) and as "the date fixed for the
determination of

                                       10
<PAGE>
shareholders entitled to receive such rights or warrants", "the Record Date
fixed for the determination of the shareholders entitled to receive such rights
or warrants" and "such Record Date" within the meaning of Section 16.6(c) and
(B) any shares of Class A Common Stock included in such dividend or distribution
shall not be deemed "outstanding at the close of business on the date fixed for
such determination" within the meaning of Section 16.6(a)).

         (e) If the Company shall make a distribution (other than regular
quarterly dividends paid by the Company) consisting exclusively of cash to all
holders of its Common Stock (excluding any cash that is distributed upon a
merger, share exchange or consolidation to which Section 16.7 applies or as part
of a distribution referred to in Section 16.6(d)) in an aggregate amount that,
combined together with (1) the aggregate amount of any other such all-cash
distributions to all holders of its Common Stock within the 12 months preceding
the date of payment of such distribution, and in respect of which no adjustment
pursuant to this Section 16.6(e) has been made, and (2) the aggregate of any
cash plus the fair market value (as determined by the Board of Directors, whose
determination shall be conclusive and described in a resolution of the Board of
Directors) of consideration payable in respect of any tender or exchange offer
by the Company or any of its subsidiaries for all or any portion of the Common
Stock concluded within the 12 months preceding the date of payment of such
distribution, and in respect of which no adjustment pursuant to Section 16.6(f)
has been made, exceeds 15% of the sum of (1) the product of the Current Market
Price (determined as provided in Section 16.6(g)) of the Class A Common Stock on
the Record Date with respect to such distribution multiplied by the number of
shares of Class A Common Stock outstanding on such date and (2) the product of
the Current Market Price (determined as provided in Section 16.6(g)) of the
Class B Common Stock on the Record Date with respect to such distribution
multiplied by the number of shares of Class B Common Stock outstanding on such
date, then, and in each such case, immediately after the close of business on
such date, the Conversion Price shall be reduced so that the same shall equal
the price determined by multiplying the Conversion Price in effect immediately
prior to the close of business on such Record Date by a fraction (i) the
numerator of which shall be equal to the sum of the Current Market Price
(determined as provided in Section 16.6(g)) of the Class A Common Stock on the
Record Date less an amount equal to the quotient of (x) the excess of such
combined amount over such 15% allocable to the shares of Class A Common Stock
and (y) the number of shares of Class A Common Stock outstanding on the Record
Date and (ii) the denominator of which shall be equal to the Current Market
Price of the Class A Common Stock on the Record Date; provided, however, that if
the portion of the cash so distributed applicable to one share of Class A Common
Stock is equal to or greater than the Current Market Price of the Class A Common
Stock on the Record Date, in lieu of the foregoing adjustment, adequate
provision shall be made so that each holder of Notes shall have the right to
receive upon conversion of a Note (or any portion thereof) the amount of cash
such holder would have received had such holder converted such Note (or portion
thereof) immediately prior to such Record Date. If such dividend or distribution
is not so paid or made, the Conversion Price shall again be adjusted to be the
Conversion Price which would then be in effect if such dividend or distribution
had not been declared. Any cash distribution to all holders of Class A Common
Stock as to which the Company makes the election permitted by Section 16.6(m)
and as to which the Company has complied with the requirements of such Section
shall be treated as not having been made for all purposes of this Section
16.6(e).

                                       11
<PAGE>
         (f) If a tender or exchange offer made by the Company or any of its
subsidiaries for all or any portion of the Common Stock expires and such tender
or exchange offer (as amended upon the expiration thereof) requires the payment
to shareholders (based on the acceptance (up to any maximum specified in the
terms of the tender or exchange offer) of Purchased Shares (as defined below))
of an aggregate consideration having a fair market value (as determined by the
Board of Directors, whose determination shall be conclusive and described in a
resolution of the Board of Directors) that, combined together with (1) the
aggregate of the cash plus the fair market value (as determined by the Board of
Directors, whose determination shall be conclusive and described in a resolution
of the Board of Directors), as of the expiration of such tender or exchange
offer, of consideration payable in respect of any other tender offers, by the
Company or any of its subsidiaries for all or any portion of the Common Stock,
expiring within the 12 months preceding the expiration of such tender offer and
in respect of which no adjustment pursuant to this Section 16.6(f) has been made
and (2) the aggregate amount of any such all-cash distributions to all holders
of the Common Stock within 12 months preceding the expiration of such tender
offer and in respect of which no adjustment pursuant to Section 16.6(e) has been
made, exceeds 15% of the sum of (1) the product of the Current Market Price
(determined as provided in Section 16.6(g)) of the Class A Common Stock as of
the last time (the "Expiration Time") tenders could have been made pursuant to
such tender offer (as it may be amended) multiplied by the number of shares of
Class A Common Stock outstanding (including any tendered shares) as of the
Expiration Time and (2) the product of the Current Market Price (determined as
provided in Section 16.6(g)) of the Class B Common Stock as of the Expiration
Time multiplied by the number of shares of Class B Common Stock outstanding
(including any tendered shares) as of the Expiration Time, then, and in each
such case, immediately prior to the opening of business on the day after the
date of the Expiration Time, the Conversion Price shall be adjusted so that the
same shall equal the price determined by multiplying the Conversion Price in
effect immediately prior to close of business on the date of the Expiration Time
by a fraction of which the numerator shall be the number of shares of Class A
Common Stock outstanding (including any tendered shares) as of the Expiration
Time multiplied by the Current Market Price of the Class A Common Stock on the
trading day next succeeding the Expiration Time and the denominator shall be the
sum of (x) the fair market value (determined as aforesaid) of the aggregate
consideration payable to holders of Class A Common Stock based on the acceptance
(up to any maximum specified in the terms of the tender offer) of all shares of
Class A Common Stock validly tendered and not withdrawn as of the Expiration
Time (the shares deemed so accepted, up to any such maximum, being referred to
as the "Purchased Shares") and (y) the product of the number of shares of Class
A Common Stock outstanding (less any Purchased Shares) on the Expiration Time
and the Current Market Price of the Class A Common Stock on the trading day next
succeeding the Expiration Time, such reduction (if any) to become effective
immediately prior to the opening of business on the day following the Expiration
Time. If the Company is obligated to purchase shares pursuant to any such tender
or exchange offer, but the Company is permanently prevented by applicable law
from effecting any such purchases or all such purchases are rescinded, the
Conversion Price shall again be adjusted to be the Conversion Price which would
then be in effect if such tender or exchange offer had not been made. If the
application of this Section 16.6(f) to any tender or exchange offer would result
in an increase in the Conversion Price, no adjustment shall be made for such
tender or exchange offer under this Section 16.6(f).

                                      12
<PAGE>
         (g) For purposes of this Section 16.6, the following terms shall have
the meaning indicated:

             (1) "Class B Common Stock" means any Common Stock of the Company of
the class not designated as Class A Common Stock as of the date of this
Indenture.

             (2) "closing price" with respect to any securities on any day means
the closing price on such day or, if no such sale takes place on such day, the
average of the reported high and low prices on such day, in each case on the
Nasdaq National Market or the New York Stock Exchange, as applicable, or, if
such security is not listed or admitted to trading on such national market or
exchange, on the principal national securities exchange or quotation system on
which such security is quoted or listed or admitted to trading, or, if not
quoted or listed or admitted to trading on any national securities exchange or
quotation system, the average of the high and low prices of such security on the
over-the-counter market on the day in question as reported by the National
Quotation Bureau Incorporated, or a similar generally accepted reporting
service, or, if not so available, in such manner as furnished by any New York
Stock Exchange member firm selected from time to time by the Board of Directors
for that purpose, or a price determined in good faith by the Board of Directors,
whose determination shall be conclusive and described in a resolution of the
Board of Directors.

              (3) "conversion date" means any day on which a Holder surrenders
such Holder's Notes to the Conversion Agent for conversion pursuant to the
procedures in this Section 16.6.

              (4) "Current Market Price" means the average of the daily closing
prices per share of Class A Common Stock or Class B Common Stock, as the case
may be, for the five consecutive trading days immediately prior to the date in
question; provided, however, that (1) if the "ex" date (as hereinafter defined)
for any event (other than the issuance or distribution requiring such
computation) that requires an adjustment to the Conversion Price pursuant to
Sections 16.6(a), (b), (c), (d), (e) or (f) (or, in the case of the Class B
Common Stock, would require an adjustment to the Conversion Price of the Notes
if the Notes were convertible into shares of Class B Common Stock) occurs during
such five consecutive trading days, the closing price for each trading day prior
to the "ex" date for such other event shall be adjusted by multiplying such
closing price by the same fraction by which the Conversion Price is (or, in the
case of the Class B Common Stock, would be) so required to be adjusted as a
result of such other event, (2) if the "ex" date for any event (other than the
issuance or distribution requiring such computation) that requires (or in the
case of the Class B Common Stock, that would require) an adjustment to the
Conversion Price pursuant to Section 16.6(a), (b), (c), (d), (e) or (f) occurs
on or after the "ex" date for the issuance or distribution requiring such
computation and prior to the day in question, the closing price for each trading
day on and after the "ex" date for such other event shall be adjusted by
multiplying such closing price by the reciprocal of the fraction by which the
Conversion Price is (or, in the case of the Class B Common Stock, would be) so
required to be adjusted as a result of such other event, and (3) if the "ex"
date for the issuance or distribution requiring (or, in the case of the Class B
Common Stock, that would require) such computation is prior to the day in
question, after taking into account any adjustment required (or, in the case of
the Class B Common Stock, that would be required) pursuant to clause (1) or (2)
of

                                       13
<PAGE>
this proviso, the closing price for each trading day on or after such "ex" date
shall be adjusted by adding thereto the amount of any cash and the fair market
value (as determined by the Board of Directors in a manner consistent with any
determination of such value for purposes of Sections 16.6(d) or (f), whose
determination shall be conclusive and described in a resolution of the Board of
Directors) of the evidences of indebtedness, shares of capital stock or assets
being distributed applicable to one share of Class A Common Stock, or Class B
Common Stock, as the case may be, as of the close of business on the day before
such "ex" date. For purposes of any computation under Section 16.6(f), the
Current Market Price on any date shall be deemed to be the average of the daily
closing prices per share of Class A Common Stock or Class B Common Stock, as the
case may be, for such day and the next two succeeding trading days; provided,
however, that if the "ex" date for any event (other than the tender or exchange
offer requiring such computation) that requires (or, in the case of the Class B
Common Stock, that would require) an adjustment to the Conversion Price pursuant
to Section 16.6(a), (b), (c), (d), (e) or (f) occurs on or after the Expiration
Time for the tender or exchange offer requiring such computation and prior to
the day in question, the closing price for each trading day on and after the
"ex" date for such other event shall be adjusted by multiplying such Closing
Price by the reciprocal of the fraction by which the Conversion Price is (or, in
the case of the Class B Common Stock, would be) so required to be adjusted as a
result of such other event. For purposes of this paragraph, the term "ex" date,
(1) when used with respect to any issuance or distribution, means the first date
on which the Class A Common Stock or the Class B Common Stock, as the case may
be, trades regular way on the relevant exchange or in the relevant market from
which the closing price was obtained without the right to receive such issuance
or distribution, (2) when used with respect to any subdivision or combination of
shares of Class A Common Stock or Class B Common Stock, as the case may be,
means the first date on which the Class A Common Stock or Class B Common Stock
trades regular way on such exchange or in such market after the time at which
such subdivision or combination becomes effective, and (3) when used with
respect to any tender or exchange offer means the first date on which the Class
A Common Stock or the Class B Common Stock, as the case may be, trades regular
way on such exchange or in such market after the Expiration Time of such offer.
Notwithstanding the foregoing, whenever successive adjustments to the Conversion
Price are (or, in the case of the Class B Common Stock, would be) called for
pursuant to this Section 16.6, such adjustments shall be made to the Current
Market Price as may be necessary or appropriate to effectuate the intent of this
Section 16.6 and to avoid unjust or inequitable results as determined in good
faith by the Board of Directors. Notwithstanding the foregoing, prior to the
Distribution, the Current Market Price of the Class B Common Stock at any time
shall be equal to the Current Market Price of the Class A Common Stock at such
time.

              (5) "fair market value" shall mean the amount which a willing
buyer would pay a willing seller in an arm's length transaction.

              (6) "Record Date" shall mean, with respect to any dividend,
distribution or other transaction or event in which the holders of Class A
Common Stock or Class B Common Stock, as the case may be, have the right to
receive any cash, securities or other property or in which the Class A Common
Stock or Class B Common Stock (or other applicable security) is exchanged for or
converted into any combination of cash, securities or other property, the date
fixed for determination of shareholders entitled to receive such cash,
securities

                                       14
<PAGE>
or other property (whether such date is fixed by the Board of Directors or by
statute, contract or otherwise).

              (7) "trading day" shall mean (x) if the applicable security is
listed or admitted for trading on the New York Stock Exchange or another
national securities exchange, a day on which the New York Stock Exchange or such
other national securities exchange is open for business or (y) if the applicable
security is quoted on the Nasdaq National Market, a day on which trades may be
made thereon or (z) if the applicable security is not so listed, admitted for
trading or quoted, any day other than a Saturday or Sunday or a day on which
banking institutions in the State of New York are authorized or obligated by law
or executive order to close.

         (h) The Company may make such reductions in the Conversion Price, in
addition to those required by Sections 16.6(a), (b), (c), (d), (e) and (f), as
the Board of Directors considers to be advisable to avoid or diminish any income
tax to holders of Class A Common Stock or rights to purchase Class A Common
Stock resulting from any dividend or distribution of shares (or rights to
acquire shares) or from any event treated as such for income tax purposes or for
any other reason.

         The Company from time to time may, to the extent permitted by law,
reduce the Conversion Price by any amount for any period of at least 20 days, if
the Board of Directors has made a determination that such reduction would be in
the Company's best interests, which determination shall be conclusive and
described in a resolution of the Board of Directors. The reduction in Conversion
Price shall be irrevocable during this period. Whenever the Conversion Price is
reduced pursuant to the preceding sentence, the Company shall mail to the
holders of Notes at his or her last address appearing on the Register of holders
maintained for that purpose a notice of the reduction at least 14 days prior to
the date the reduced Conversion Price takes effect, and such notice shall state
the reduced Conversion Price and the period during which it will be in effect.

         (i) No adjustment in the Conversion Price shall be required unless such
adjustment would require an increase or decrease of at least 1% in such price;
provided, however, that any adjustments which by reason of this Section 16.6(i)
are not required to be made shall be carried forward and taken into account in
any subsequent adjustment. All calculations under this Article XVI shall be made
by the Company and shall be made to the nearest cent or to the nearest one
hundredth of a share, as the case may be.

         No adjustment need be made for a change in the par value or no par
value of the Class A Common Stock.

         (j) Whenever the Conversion Price is adjusted as herein provided, the
Company shall promptly file with the Trustee and any Conversion Agent other than
the Trustee an Officers' Certificate setting forth the Conversion Price after
such adjustment and setting forth a brief statement of the facts requiring such
adjustment. Promptly after delivery of such certificate, the Company shall
prepare a notice of such adjustment of the Conversion Price setting forth the
adjusted Conversion Price and the date on which each adjustment becomes
effective and shall mail such notice of such adjustment of the Conversion Price
to each holder of Notes at his or her

                                       15
<PAGE>
last address appearing on the Security Register of holders maintained for that
purpose within 20 days after the effective date of such adjustment. Failure to
deliver such notice shall not affect the legality or validity of any such
adjustment.

         (k) In any case in which this Section 16.6 provides that an adjustment
shall become effective immediately after a Record Date for an event, the Company
may defer until the occurrence of such event issuing to the holder of any Note
converted after such Record Date and before the occurrence of such event the
additional shares of Class A Common Stock issuable upon such conversion by
reason of the adjustment required by such event over and above the Class A
Common Stock issuable upon such conversion before giving effect to such
adjustment.

         (l) For purposes of this Section 16.6, the number of shares of Common
Stock at any time outstanding shall include shares issuable in respect of scrip
certificates issued in lieu of fractions of shares of Common Stock.

         (m) No adjustment of the Conversion Price will be required to be made
for the issuance of any shares of Class A Common Stock pursuant to any present
or future plan providing for the reinvestment of dividends or interest payable
on the securities of the Company and the investment of additional optional
amounts in shares of Class A Common Stock under any such plan, and the issuance
of any shares of Class A Common Stock or options or rights to purchase such
shares pursuant to any employee benefit plan or program of the Company, pursuant
to any option, warrant or exercisable, exchangeable or convertible security
outstanding as of the date hereof.

         (n) If the Company issues rights under its shareholder rights plan,
there shall be no adjustment to the Conversion Price as a result of (i) the
issuance of the rights; (ii) the distribution of separate certificates
representing the rights; (iii) the exercise or redemption of the rights in
accordance with any rights agreement; or (iv) the termination or invalidation of
the rights.

         (o) In lieu of making any adjustment to the Conversion Price pursuant
to Section 16.6(e), the Company may elect to reserve an amount of cash for
distribution to the holders of Notes upon the conversion of the Notes so that
any such holder converting Notes will receive upon such conversion, in addition
to the shares of Class A Common Stock and other items to which such holder is
entitled, the full amount of cash which such holder would have received if such
holder had, immediately prior to the Record Date for such distribution of cash,
converted its Notes into Class A Common Stock, together with any interest
accrued with respect to such amount, in accordance with this Section 16.6(m).
The Company may make such election by providing an Officers' Certificate to the
Trustee to such effect on or prior to the payment date for any such distribution
and depositing with the Trustee on or prior to such date an amount of cash equal
to the aggregate amount that the holders of Notes would have received if such
holders had, immediately prior to the Record Date for such distribution,
converted all of the Notes into Class A Common Stock. Any such funds so
deposited by the Company with the Trustee shall be invested by the Trustee in
U.S. Government Obligations with a maturity not more than three (3) months from
the date of issuance. Upon conversion of Notes by a holder thereof, such holder
shall be entitled to receive, in addition to the Class A Common Stock issuable
upon conversion, an amount of cash equal to the amount such holder would have
received if such holder had, immediately prior to the Record Date for such
distribution, converted its Note into Class A

                                       16
<PAGE>
Common Stock, along with such holder's pro-rata share of any accrued interest
earned as a consequence of the investment of such funds. Promptly after making
an election pursuant to this Section 16.6(m), the Company shall give or shall
cause to be given notice to all holders of Notes of such election, which notice
shall state the amount of cash per $25 principal amount of Notes such holders
shall be entitled to receive (excluding interest) upon conversion of the Notes
as a consequence of the Company having made such election.

SECTION 16.7       Effect of Reclassification, Consolidation, Merger or Sale.

         If any of the following events occur: (i) any reclassification or
change of the outstanding shares of Class A Common Stock (other than a change in
par value, or from par value to no par value, or from no par value to par value,
or as a result of a subdivision or combination), (ii) any consolidation, merger,
share exchange or combination of the Company with another corporation as a
result of which holders of Class A Common Stock shall be entitled to receive
stock, securities or other property or assets (including cash) with respect to
or in exchange for such Class A Common Stock, or (iii) any sale or conveyance of
the properties and assets of the Company as an entirety or substantially as an
entirety to any other corporation as a result of which holders of Class A Common
Stock shall be entitled to receive stock, securities or other property or assets
(including cash) with respect to or in exchange for such Class A Common Stock
(each of the events described in (i), (ii) and (iii) being a "Fundamental
Event"), then the Company or the successor or purchasing corporation, as the
case may be, shall execute with the Trustee a supplemental indenture (which
shall comply with the Trust Indenture Act as in force at the date of execution
of such supplemental indenture if such supplemental indenture is then required
to so comply) providing that the Notes shall be convertible into the kind and
amount of shares of stock and other securities or property or assets (including
cash) receivable upon such reclassification, change, consolidation, merger,
share exchange, combination, sale or conveyance by a holder of a number of
shares of Class A Common Stock issuable upon conversion of the Notes (assuming,
for such purposes, a sufficient number of authorized shares of Class A Common
Stock available to convert all such Notes) immediately prior to such
reclassification, change, consolidation, merger, share exchange, combination,
sale or conveyance assuming such holder of Class A Common Stock did not exercise
his or her rights of election, if any, as to the kind or amount of securities,
cash or other property receivable upon such consolidation, merger, share
exchange, sale or conveyance (provided that, if the kind or amount of
securities, cash or other property receivable upon such consolidation, merger,
share exchange, sale or conveyance is not the same for each share of Class A
Common Stock in respect of which such rights of election have not been exercised
("non-electing share"), then, for the purposes of this Section 16.7, the kind
and amount of securities, cash or other property receivable upon such
consolidation, merger, share exchange, sale or conveyance for each non-electing
share shall be deemed to be the kind and amount so receivable per share by a
plurality of the non-electing shares). Such supplemental indenture shall provide
for adjustments which shall be as nearly equivalent as may be practicable to the
adjustments provided for in this Article XVI. If, in the case of any such
reclassification, change, consolidation, merger, share exchange, combination,
sale or conveyance, the stock or other securities and assets receivable
thereupon by a holder of shares of Class A Common Stock includes shares of stock
or other securities and assets of a corporation other than the successor or
purchasing corporation, as the case may be, in such reclassification, change,
consolidation, merger, share exchange, combination, sale or conveyance, then
such supplemental indenture shall also be executed by such other corporation

                                       17
<PAGE>
and shall contain such additional provisions to protect the interests of the
holders of the Notes as the Board of Directors shall reasonably consider
necessary by reason of the foregoing.

         The Company shall cause notice of the execution of such supplemental
indenture to be mailed to each holder of Notes at his or her address appearing
on the Security Register of holders for that purpose within 20 days after
execution thereof. Failure to deliver such notice shall not affect the legality
or validity of such supplemental indenture.

         The above provisions of this Section 16.7 shall similarly apply to
successive reclassifications, changes, consolidations, mergers, share exchanges,
combinations, sales and conveyances.

         If this Section 16.7 applies to any event or occurrence, Section 16.6
shall not apply.

SECTION 16.8       Taxes on Shares Issued.

         The issue of share certificates on conversions of Notes shall be made
without charge to the converting holder for any tax in respect of the issue
thereof. The Company shall not, however, be required to pay any tax which may be
payable in respect of any transfer involved in the issue and delivery of shares
of Class A Common Stock in any name other than that of the Holder of any Note
converted, and the Company shall not be required to issue or deliver any such
stock certificate unless and until the person or persons requesting the issue
thereof shall have paid to the Company the amount of such tax or shall have
established to the satisfaction of the Company that such tax has been paid.

SECTION 16.9       Reservation of Shares; Shares to Be Fully Paid; Listing of
                   Class A Common Stock.

         The Company shall provide, free from preemptive rights, out of its
authorized but unissued shares, sufficient shares to provide for the conversion
of the Notes from time to time into shares of Class A Common Stock as such Notes
are presented for conversion.

         Before taking any action which would cause an adjustment reducing the
Conversion Price below the then par value, if any, of the shares of Class A
Common Stock issuable upon conversion of the Notes, the Company shall take all
corporate action which may, in the opinion of its counsel, be necessary in order
that the Company may validly and legally issue shares of such Class A Common
Stock at such adjusted Conversion Price.

         The Company covenants that all shares of Class A Common Stock issued
upon conversion of Notes will be fully paid and nonassessable by the Company and
free from all taxes, liens and charges with respect to the issue thereof.

         The Company further covenants that as long as the Class A Common Stock
is traded on the New York Stock Exchange, or its successor, the Company shall
cause all shares of Class A Common Stock issuable upon conversion of the Notes
to be eligible for such listing in accordance with, and at the times required
under, the requirements of such exchange.

                                       18
<PAGE>
SECTION 16.10      Responsibility of Trustee.

         The Trustee shall not at any time be under any duty of responsibility
to any holders of Notes to determine whether any facts exist which may require
any adjustment of the Conversion Price, or with respect to the nature or extent
or calculation of any such adjustment when made, or with respect to the method
employed, or herein or in any supplemental indenture provided to be employed, in
making the same. The Trustee shall not be accountable with respect to the
validity or value (or the kind or amount) of any shares of Class A Common Stock,
or of any securities or property, which may at any time be issued or delivered
upon the conversion of any Note; and the Trustee makes no representations with
respect thereto. Subject to the provisions of Section 6.1, the Trustee shall not
be responsible for any failure of the Company to issue, transfer or deliver any
shares of Class A Common Stock or stock certificates or other securities or
property or cash upon the surrender of any Note for the purpose of conversion or
to comply with any of the duties, responsibilities or covenants of the Company
contained in this Article XVI. Without limiting the generality of the foregoing,
the Trustee shall not have any responsibility to determine the correctness of
any provisions contained in any supplemental indenture entered into pursuant to
Section 16.7 relating either to the kind or amount of shares of stock or
securities or property (including cash) receivable by holders of Notes upon the
conversion of their Notes after any event referred to in such Section 16.7 or to
any adjustment to be made with respect thereto, but, subject to the provisions
of Section 6.1, may accept as conclusive evidence of the correctness of any such
provisions, and shall be protected in relying upon, the Officers' Certificate
and Opinion of Counsel (which the Company shall be obligated to file with the
Trustee prior to the execution of any such supplemental indenture) with respect
thereto.

SECTION 16.11      Notice to Holders Prior to Certain Actions.

         If:

         (a) the Company declares a dividend (or any other distribution) on its
Class A Common Stock (other than in cash out of retained earnings or other than
a dividend that results in an adjustment in the Conversion Price pursuant to
Section 16.6 as to which the Company has made an election in accordance with
Section 16.6(m)); or

         (b) the Company authorizes the granting to the holders of its shares of
Class A Common Stock of rights or warrants entitling such holders to subscribe
for or purchase shares of Class A Common Stock or any other rights or warrants
(other than rights or warrants referred to in the fifth paragraph of Section
16.6(d)); or

         (c) there is any reclassification of the Class A Common Stock (other
than a subdivision or combination of outstanding Class A Common Stock, or a
change in par value, or from par value to no par value, or from no par value to
par value), or of any consolidation, merger or share exchange to which the
Company is a party and for which approval of any shareholders of the Company is
required, or of the sale or transfer of all or substantially all of the assets
of the Company; or

         (d) there is any voluntary or involuntary dissolution, liquidation or
winding-up of the Company;

                                       19
<PAGE>
then the Company shall cause to be filed with the Trustee and to be mailed to
each holder of Notes at his or her address appearing on the Security Register
maintained for that purpose as promptly as possible but in any event at least 14
days prior to the applicable date hereinafter specified, a notice stating (x)
the date on which a record is to be taken for the purpose of such dividend,
distribution, rights or warrants, or, if a record is not to be taken, the date
as of which the holders of Class A Common Stock of record to be entitled to such
dividend, distribution, rights or warrants are to be determined, or (y) the date
on which such reclassification, consolidation, merger, share exchange, sale,
transfer, dissolution, liquidation or winding-up is expected to become effective
or occur, and the date as of which it is expected that holders of Class A Common
Stock of record shall be entitled to exchange their Class A Common Stock for
securities or other property deliverable upon such reclassification,
consolidation, merger, share exchange, sale, transfer, dissolution, liquidation
or winding-up. Failure to give such notice, or any defect therein, shall not
affect the legality or validity of such dividend, distribution,
reclassification, consolidation, merger, share exchange, sale, transfer,
dissolution, liquidation or winding-up.

         SECTION 2. This Supplemental Indenture and each Note shall be deemed to
be a contract made under the laws of the State of New York and this Supplemental
Indenture and each Note shall be governed by and construed in accordance with
the laws of the State of New York.

         SECTION 3. All capitalized terms used in this Supplemental Indenture
and not otherwise defined herein that are defined in the Basic Indenture shall
have the meanings set forth therein.

         SECTION 4. This Supplemental Indenture may be executed in any number of
counterparts, each of which shall be an original; but such counterparts shall
together constitute but one and the same instrument.

         SECTION 5. The recitals contained herein and in the Note, except the
certificate of authentication of the Trustee thereon, shall be taken as
statements of the Company, and the Trustee assumes no responsibility for their
correctness. The Trustee makes no representations as to the validity or
sufficiency of the Basic Indenture, this Supplemental Indenture or the Notes and
shall not be accountable for the use or application by the Company of the Notes
or the proceeds thereof.

                                       20
<PAGE>
         IN WITNESS WHEREOF, the parties hereto have caused this Supplemental
Indenture to be duly executed, and their respective corporate seals to be
hereunto affixed and attested, all as of the day and year first above written.

                                       TRAVELERS PROPERTY CASUALTY CORP.

                                       By:
                                          --------------------------------------
                                          Name:
                                          Title:

                                       THE BANK OF NEW YORK

                                       By:
                                          --------------------------------------
                                          Name:
                                          Title:

                                       21
<PAGE>
                                     ANNEX A

                                 (Face of Note)

         This Note is a Global Note within the meaning of the Indenture
hereinafter referred to and is registered in the name of a Depositary or a
nominee of a Depositary. This Note is exchangeable for Notes registered in the
name of a person other than the Depositary or its nominee only in the limited
circumstances described in the Indenture, and no transfer of this Note (other
than a transfer of this Note as a whole by the Depositary to a nominee of the
Depositary or by a nominee of the Depositary to the Depositary or another
nominee of the Depositary) may be registered except in limited circumstances.

         Unless this Note is presented by an authorized representative of The
Depository Trust Company (55 Water Street, New York, New York) to the issuer or
its agent for registration of transfer, exchange or payment, and any Note issued
is registered in the name of Cede & Co. or such other name as requested by an
authorized representative of The Depository Trust Company and any payment hereon
is made to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY A PERSON IS WRONGFUL since the registered owner hereof, Cede & Co.,
has an interest herein.

No. _________                                               CUSIP No. __________

                        TRAVELERS PROPERTY CASUALTY CORP.

                     % CONVERTIBLE JUNIOR SUBORDINATED NOTES
                                DUE APRIL , 2032

         TRAVELERS PROPERTY CASUALTY CORP., a Connecticut corporation (the
"Company," which term includes any successor corporation under the Indenture
hereinafter referred to), for value received, hereby promises to pay to Cede &
Co., or its registered assigns, the principal sum of          ($        ) on
April   , 2032, and to pay interest on said principal sum from March   , 2002,
or from the most recent interest payment date (each such date, an "Interest
Payment Date") to which interest has been paid or duly provided for, subject to
the Company's right to defer payments of interest, quarterly in arrears on
January   , April   , July   and October    of each year commencing July   ,
2002, at a rate of   % per annum, until the principal hereof shall have become
due and payable, and on any overdue principal and premium, if any, and (without
duplication and to the extent that payment of such interest is enforceable under
applicable law) on any overdue installment of interest at the same rate per
annum compounded quarterly. The amount of interest payable on any Interest
Payment Date shall be computed on the basis of a 360-day year of twelve 30-day
months. In the event that any date on which interest is payable on this Note is
not a Business Day, then payment of interest payable on such date will be made
on the next succeeding day that is a Business Day (and without any interest or
other payment in respect of any such delay), except that, if such Business Day
is in the next succeeding calendar year, such payment shall be made on the
immediately preceding Business Day, in each case with the same force and effect
as if made on such date. The interest installment so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in the
Indenture, be paid to the Person in whose name this

                                       A-1
<PAGE>
Note (or one or more Predecessor Securities, as defined in said Indenture) is
registered at the close of business on the regular record date for such interest
installment, which shall be the close of business on         ,        ,       or
immediately preceding such Interest Payment Date. Any such interest installment
not punctually paid or duly provided for shall forthwith cease to be payable to
the registered Holders on such regular record date and may be paid to the Person
in whose name this Note (or one or more Predecessor Securities) is registered at
the close of business on a special record date to be fixed by the Trustee for
the payment of such defaulted interest, notice whereof shall be given to the
registered Holders of this series of Notes not less than 10 days prior to such
special record date, or may be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the Notes
may be listed, and upon such notice as may be required by such exchange, all as
more fully provided in the Indenture. Payments on this Global Note will be made
to The Depository Trust Company, or to a successor Depositary. If pursuant to
the Indenture the Notes are no longer represented by a Global Note, the Company
shall have the right to select record dates, which shall be more than 14 days
but less than 60 days prior to such Interest Payment Date and the principal of
(and premium, if any) and the interest on this Note shall be payable, the
transfer of the Notes will be registrable and the Notes will be exchangeable at
the office or agency of the Trustee maintained for that purpose in any coin or
currency of the United States of America that at the time of payment is legal
tender for payment of public and private debts; provided, however, that payment
of interest may be made at the option of the Company by check mailed to the
registered Holder at such address as shall appear in the Note Register.

         The indebtedness evidenced by this Note is, to the extent provided in
the Indenture, subordinate and junior in right of payment to the prior payment
in full of all Senior Indebtedness of the Company, and this Note is issued
subject to the provisions of the Indenture with respect thereto. Each Holder of
this Note, by accepting the same, (a) agrees to and shall be bound by, such
provisions, (b) authorizes and directs the Trustee on his or her behalf to take
such action as may be necessary or appropriate to acknowledge or effectuate the
subordination so provided and (c) appoints the Trustee his or her
attorney-in-fact for any and all such purposes. Each Holder hereof, by his or
her acceptance hereof, hereby waives all notice of the acceptance of the
subordination provisions contained herein and in the Indenture by each holder of
Senior Indebtedness of the Company, whether now outstanding or hereafter
incurred, and waives reliance by each such holder upon said provisions.

         This Note shall not be entitled to any benefit under the Indenture
hereinafter referred to, be valid or become obligatory for any purpose until the
Certificate of Authentication hereon shall have been signed by or on behalf of
the Trustee.

         The provisions of this Note are continued on the reverse side hereof
and such continued provisions shall for all purposes have the same effect as
though fully set forth at this place.

         IN WITNESS WHEREOF, the Company has caused this instrument to be
executed.

Dated: __________

                                       A-2
<PAGE>
                                       TRAVELERS PROPERTY CASUALTY CORP.

                                       By:
                                          --------------------------------------
                                          Name:
                                          Title:

CERTIFICATE OF AUTHENTICATION

         This is one of the Notes of the series of Notes described in the
within-mentioned Indenture.

The Bank of New York,
   as Trustee

By:
   --------------------------
   Authorized Signatory

                                       A-3
<PAGE>
                                (Reverse of Note)

         This Note is one of a duly authorized series of securities of the
Company (herein sometimes referred to as the "Notes"), specified in the
Indenture, all issued or to be issued in one or more series under and pursuant
to an Indenture, dated as of March    , 2002 (the "Indenture"), duly executed
and delivered between the Company and The Bank of New York, as Trustee (the
"Trustee"), as supplemented by the First Supplemental Indenture, dated as of
March     , 2002, between the Company and the Trustee, to which Indenture and
all indentures supplemental thereto reference is hereby made for a description
of the respective rights, limitations of rights, obligations, duties and
immunities thereunder of the Trustee, the Company and the Holders of the Notes.
By the terms of the Indenture, the Notes are issuable as provided in the
Indenture. The Notes are limited in aggregate principal amount to $892,500,000.

         The Company will have the right to redeem the Notes, in whole or in
part, from time to time, on or after April    , 2007, upon not less than 30 nor
more than 60 days' notice. The redemption price will be as set forth below
(expressed as a percentage of the principal amount of the Notes being redeemed),
together with any accrued and unpaid interest to, but excluding, the redemption
date:

<TABLE>
<CAPTION>
         YEAR                                                  REDEMPTION PRICE
         ----                                                  ----------------
<S>                                                            <C>

         2007 ...........................................
         2008............................................
         2009............................................
         2010............................................
         2011............................................
         2012 and thereafter.............................       100.00%
</TABLE>

         If fewer than all of the Notes are to be redeemed, the Trustee will
select the Notes to be redeemed by lot, or in its discretion, on a pro rata
basis or by another method the Trustee considers fair and appropriate. If any
Note is to be redeemed in part only, a new Note in principal amount equal to the
unredeemed principal portion will be issued. If a portion of the Notes is
selected for partial redemption and a Holder converts a portion of such Holder's
Notes, the converted portion will be deemed to be of the portion selected for
redemption.

         The Company is not required to make mandatory redemption or sinking
fund payments with respect to the Notes.

         In case an Event of Default, as defined in the Indenture, shall have
occurred and be continuing, the principal of all of the Notes may be declared,
and upon such declaration shall become, due and payable, in the manner, with the
effect and subject to the conditions provided in the Indenture.

         The Indenture contains provisions permitting the Company and the
Trustee, with the consent of the Holders of not less than a majority in
aggregate principal amount of the Notes of each series affected at the time
outstanding, as defined in the Indenture, to execute

                                       A-4
<PAGE>
supplemental indentures for the purpose of adding any provisions to or changing
in any manner or eliminating any of the provisions of the Indenture or of any
supplemental indenture or of modifying in any manner the rights of the Holders
of the Notes; provided, however, that no such supplemental indenture shall,
without the consent of Holders of each Security then outstanding and affected
thereby: change the fixed maturity of the Notes or reduce the principal amount
thereof; reduce the rate or change the time of payment of interest thereon;
reduce any premium payable upon the redemption thereof or change the time at
which such security may or must be redeemed or repurchased; change the money in
which such Note is payable; make any change in the provisions of the Indenture
relating to waivers of past defaults or the rights of Holders to receive
payments of principal of, premium, if any, interest or liquidated damages, if
any, on any of the Notes; make any change in the ability of the Holders to
enforce their rights under the Indenture; reduce the aforesaid percentage of
Notes, the Holders of which are required to consent to any such supplemental
indenture; or, except as permitted by the Indenture, increase any conversion
price or modify the provisions of the Indenture relating to the conversion of
the Notes in a manner adverse to Holders thereof. The Indenture also contains
provisions permitting the Holders of a majority in aggregate principal amount of
the Notes of any series at the time outstanding affected thereby, on behalf of
all of the Holders of the Notes of such series, to waive any past default in the
performance of any of the covenants contained in the Indenture, or established
pursuant to the Indenture with respect to such series, and its consequences,
except a default in the payment of the principal of or premium, if any, interest
or liquidated damages, if any, on any of the Notes. Any such consent or waiver
by the registered Holder of this Note (unless revoked as provided in the
Indenture) shall be conclusive and binding upon such Holder and upon all future
Holders and owners of this Note and of any Note issued in exchange herefor or in
place hereof (whether by registration of transfer or otherwise), irrespective of
whether or not any notation of such consent or waiver is made upon this Note.

         Without the consent of the Holder of each Note so affected, no
supplemental indenture or other amendment or waiver shall, except as permitted
by the Indenture, increase the conversion price or modify the provisions of the
Indenture relating to conversion of the Notes in a manner adverse to the Holders
thereof.

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

         The Company shall have the right at any time during the term of the
Notes and from time to time to extend the interest payment period of such Notes
for up to 20 consecutive interest periods (an "Extended Interest Payment
Period"), at the end of which period the Company shall pay all interest then
accrued and unpaid (together with interest on such deferred interest payments at
the rate specified for the Notes to the extent that payment of such interest is
enforceable under applicable law); provided, that no such Extended Interest
Payment Period shall extend beyond the maturity of the Notes; and provided
further that during any such Extended Interest Payment Period (a) the Company
shall not declare or pay any dividend on, make any distributions with respect
to, or redeem, purchase, acquire or make a liquidation payment with respect to,
any of its capital stock or make any guarantee payment with respect thereto
(other than (i) repurchases, redemptions or other acquisitions of shares of
capital stock of

                                       A-5
<PAGE>
the Company in connection with any employment contract, benefit plan or other
similar arrangement with or for the benefit of employees, officers, directors or
consultants, (ii) as a result of an exchange or conversion of any class or
series of the Company's capital stock for any other class or series of the
Company's capital stock, or (iii) the purchase of fractional interests in shares
of the Company's capital stock pursuant to the conversion or exchange provisions
of such capital stock or the security being converted or exchanged), and (b) the
Company shall not make any payment of interest on or principal of (or premium,
if any, on), or repay, repurchase or redeem, any debt securities issued by the
Company which rank pari passu with or junior to the Notes. The foregoing,
however, will not apply to any stock dividends paid by the Company where the
dividend stock is the same stock as that on which the dividend is being paid.
Before the termination of any such Extended Interest Payment Period, the Company
may further extend such Extended Interest Payment Period, provided that such
Extended Interest Payment Period together with all such further extensions
thereof shall not exceed 20 consecutive interest periods. At the termination of
any such Extended Interest Payment Period and upon the payment of all accrued
and unpaid interest and any additional amounts then due, the Company may
commence a new Extended Interest Payment Period.

         Subject to and upon compliance with the provisions of the Indenture,
and subject to the Company's right to elect a Cash Settlement (as defined
below), unless the Company has redeemed or repurchased the Notes, the registered
holder of this Note has the right at any time after April    , 2003 and prior to
5:00 p.m., New York City time, on April    , 2032 (or in case this Note or any
portion hereof is called for redemption prior to such date, before the close of
business on the last trading day preceding the date fixed for redemption), if at
that time the conditions for conversion contained in the Indenture have been
satisfied, to convert the principal amount hereof, or any portion of such
principal amount which is $25 or an integral multiple thereof, at an initial
conversion rate of     shares of class A common stock of the Company ("Class A
Common Stock") for each $25 principal amount of Notes (equivalent to an initial
conversion price of $    per share of Class A Common Stock, as adjusted from
time to time as provided in the Indenture (the "Conversion Price"), upon
surrender of this Note to the Company at the office or agency maintained for
such purpose (and at such other offices or agencies designated for such purpose
by the Company), accompanied by written notice of conversion duly executed (and
if the shares of Class A Common Stock to be issued on conversion are to be
issued in any name other than that of the registered holder of this Note by
instruments of transfer, in form satisfactory to the Company, duly executed by
the registered holder or its duly authorized attorney) and, in case such
surrender shall be made during the period from the close of business on the
Regular Record Date immediately preceding any Interest Payment Date through the
close of business on the last trading day immediately preceding such Interest
Payment Date (unless this Note or the portion thereof being converted has been
called for redemption on a date in such period), also accompanied by payment, in
funds acceptable to the Company, of an amount equal to the interest otherwise
payable on such Interest Payment Date on the principal amount of this Note then
being converted. Subject to the aforesaid requirement for a payment in the event
of conversion after the close of business on a Regular Record Date immediately
preceding an Interest Payment Date, no adjustment shall be made on conversion
for interest accrued hereon or for dividends on Class A Common Stock delivered
on conversion. Holders may convert this Note during the period specified above
only under any one of the following circumstances, as more fully described in
the Indenture: (i) upon satisfaction of the Class A Common Stock closing price
condition, (ii) if the Note is called for redemption, (iii) upon the occurrence
of certain

                                       A-6
<PAGE>
corporate transactions specified in the Indenture, (iv) upon the occurrence of
certain credit ratings events specified in the Indenture and (v) upon the
occurrence of certain consolidations, mergers, share exchanges or combinations
of the Company as specified in the Indenture. In the event that the Conversion
Price is adjusted as provided in the Indenture, the applicable conversion rate
will be adjusted accordingly.

         The Company shall not issue fractional shares or scrip representing
fractions of shares of Class A Common Stock upon any such conversion, but shall
make an adjustment therefor in cash based upon the current market price, (as
defined in the Indenture) of the Class A Common Stock on the last trading day
prior to the date of conversion.

         From April    , 2003, and until the next Business Day following the
date of the distribution by Citigroup Inc. of shares of Common Stock to holders
of Citigroup Inc. common stock in a transaction qualifying under Section 355 of
the Internal Revenue Code of 1986, as amended (the "Distribution") (provided
that such Distribution has not occurred by April , 2003), the Company may elect
to make a cash settlement (the "Cash Settlement") in respect of any Notes
surrendered for conversion by delivering notice to the Conversion Agent not more
than five trading days after the Notes are surrendered for conversion. If the
Distribution does not occur, the Company's option to elect a Cash Settlement
will continue.

         The amount of cash that a Holder of Notes will receive in the case of a
Cash Settlement with respect to any Notes surrendered for conversion will be
equal to the value of the underlying shares of the Class A Common Stock as
calculated by determining the product of (i) the then applicable conversion rate
( which is equal to, for each $25 principal amount of Notes surrendered for
conversion, $25 divided by the then prevailing Conversion Price) and (ii) the
average of the closing price, as defined in the Indenture, of the Class A Common
Stock on the five trading days beginning two trading days after the Company's
delivery of the notice to the Conversion Agent. The Company will pay the Cash
Settlement as promptly as practicable after the completion of the five trading
day period.

         As provided in the Indenture and subject to certain limitations therein
set forth, this Note is transferable by the registered Holder hereof on the
Security Register of the Company, upon surrender of this Note for registration
of transfer at the office or agency of the Trustee in the City and State of New
York accompanied by a written instrument or instruments of transfer in form
satisfactory to the Company or the Trustee duly executed by the registered
Holder hereof or his attorney duly authorized in writing, and thereupon one or
more new Notes of authorized denominations and for the same aggregate principal
amount and series will be issued to the designated transferee or transferees. No
service charge will be made for any such transfer, but the Company may require
payment of a sum sufficient to cover any tax or other governmental charge
payable in relation thereto.

         Prior to due presentment for registration of transfer of this Note, the
Company, the Trustee, any paying agent and the Note Registrar may deem and treat
the registered holder hereof as the absolute owner hereof (whether or not this
Note shall be overdue and notwithstanding any notice of ownership or writing
hereon made by anyone other than the Note Registrar) for the purpose of
receiving payment of or on account of the principal hereof and premium, if any,
and interest due hereon and for all other purposes, and neither the Company nor

                                       A-7
<PAGE>
the Trustee nor any paying agent nor any Note Registrar shall be affected by any
notice to the contrary.

         No recourse shall be had for the payment of the principal of or the
interest on this Note, or for any claim based hereon, or otherwise in respect
hereof, or based on or in respect of the Indenture, against any incorporator,
stockholder, officer or director, past, present or future, as such, of the
Company or of any predecessor or successor corporation, whether by virtue of any
constitution, statute or rule of law, or by the enforcement of any assessment or
penalty or otherwise, all such liability being, by the acceptance hereof and as
part of the consideration for the issuance hereof, expressly waived and
released.

         This Global Note is exchangeable for Notes in definitive form only
under certain limited circumstances set forth in the Indenture. Notes of this
series so issued are issuable only in registered form without coupons in
denominations of $25 and any integral multiple thereof. As provided in the
Indenture and subject to certain limitations herein and therein set forth, Notes
of this series so issued are exchangeable for a like aggregate principal amount
of Notes of this series of a different authorized denomination, as requested by
the Holder surrendering the same.

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

                                       A-8
<PAGE>
                            FORM OF CONVERSION NOTICE

To:  TRAVELERS PROPERTY CASUALTY CORP.

         The undersigned beneficial owner of the Note hereby irrevocably
exercises the option to convert this Note, or portion hereof (which is $25 or an
integral multiple thereof) below designated, into shares of Class A Common Stock
of Travelers Property Casualty Corp. in accordance with the terms of the
Indenture referred to in this Note, and directs that the shares issuable and
deliverable upon the conversion, together with any check in payment for
fractional shares and Notes representing any unconverted principal amount
hereof, be issued and delivered to the beneficial owner hereof unless a
different name has been indicated below. If shares or any portion of this Note
not converted are to be issued in the name of a person other than the
undersigned, the undersigned will pay all transfer taxes payable with respect
thereto. Any amount required to be paid by the undersigned on account of
interest, liquidated damages, if any, and taxes accompanies this Note.

Dated:
                                            ____________________________________
Fill in for registration of shares
if to be delivered, and Notes if to         ____________________________________
be issued, other than to and in the
name of the beneficial owner                ____________________________________
(Please Print):                             Signature(s)

                                            Principal amount to be converted (if
                                            less than all):

_______________________________________
                 Name                                    $_______

_______________________________________     ____________________________________
           (Street Address)                 Social Security or other Taxpayer
                                            Identification Number
_______________________________________
       (City, State and Zip Code)

Signature Guarantee:

_______________________________________
Signatures must be guaranteed by an eligible Guarantor Institution (banks,
brokers, dealers, savings and loan associations and credit unions) with
membership in an approved signature guarantee medallion program pursuant to
Securities and Exchange Commission Rule 17Ad-15 if shares are to be issued, or
Convertible Subordinated Notes are to be delivered, other than to and in the
name of the registered holder(s).

                                       A-9
<PAGE>
                                 ASSIGNMENT FORM

         To assign this Note, fill in the form below:

         (I) or (we) assign and transfer this Note to

________________________________________________________________________________
               (Insert assignee's social security or tax I.D. no.)

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________
              (Print or type assignee's name, address and zip code)

and irrevocably appoint ________________________________ agent to transfer this
Note on the books of the Company. The agent may substitute another to act for
him.

         Your Signature: _______________________________________________
                         (Sign exactly as your name appears on the
                          other side of this Note)

         Date: ____________________________

         Medallion Signature Guarantee: ________________________________

         Your Signature: _______________________________________________
                         (Sign exactly as your name appears on the
                          other side of this Note)

         Date: ____________________________

         Medallion Signature Guarantee: ________________________________

                                      A-10<PAGE>
                                                                    Exhibit 10.1

                             INTERCOMPANY AGREEMENT

                                  by and among

                        TRAVELERS PROPERTY CASUALTY CORP.

              (formerly named THE TRAVELERS INSURANCE GROUP INC.),

                         THE TRAVELERS INSURANCE COMPANY

                                       and

                                 CITIGROUP INC.

                          Dated as of March 15, 2002.
<PAGE>
                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                                     Page

                         ARTICLE I DEFINITIONS

<S>                                                                                                                  <C>
Section 1.1       Certain Definitions............................................................................     1

                         ARTICLE II COSTS AND EXPENSES

Section 2.1       Allocation of Costs and Expenses...............................................................     7

                         ARTICLE III TRADEMARK LICENSING AGREEMENT

Section 3.1       Grant of Trademark License.....................................................................     7
Section 3.2       Permanent TPC License..........................................................................    10
Section 3.3       Trademark Guidelines and Standards.............................................................    11
Section 3.4       Retention of Trademark Ownership...............................................................    11
Section 3.5       Termination of Trademark Licenses..............................................................    12
Section 3.6       Use After Termination..........................................................................    13
Section 3.7       Trademark Usage Marking Requirements and Quality Control.......................................    14
Section 3.8       Disclaimers of Representations and Warranties..................................................    14

                         ARTICLE IV PATENT LICENSING AGREEMENT

Section 4.1       Grant of TPC Patent License....................................................................    15
Section 4.2       Prosecution, Maintenance and Enforcement of the TPC Licensed Patents...........................    16
Section 4.3       Disclaimers of Representations and Warranties..................................................    17

                         ARTICLE V EQUITY PURCHASE RIGHTS

Section 5.1       Equity Purchase Rights.........................................................................    17

                         ARTICLE VI FINANCIAL AND OTHER INFORMATION

Section 6.1       Twenty Percent Threshold.......................................................................    20
Section 6.2       Citigroup Annual Statements....................................................................    25
Section 6.3       Fifty Percent Threshold........................................................................    26
Section 6.4       Nine Percent Threshold.........................................................................    27
Section 6.5       Attorney Client Privilege......................................................................    28

                         ARTICLE VII REGISTRATION RIGHTS

Section 7.1       Piggyback Registrations........................................................................    28
Section 7.2       Requested Registrations........................................................................    29
Section 7.3       Registration Procedures........................................................................    31
Section 7.4       Restriction on Disposition of Registrable Securities...........................................    35

</TABLE>

                                       i
<PAGE>
<TABLE>
<S>                                                                                                                  <C>

Section 7.5       Selection of Underwriters......................................................................    35
Section 7.6       Registration Expenses..........................................................................    35
Section 7.7       Conversion of Other Securities.................................................................    36
Section 7.8       Rule 144.......................................................................................    36
Section 7.9       Transfer of Registration Rights................................................................    36

                         ARTICLE VIII BUSINESS AND REGISTRATION STATEMENT INDEMNIFICATION

Section 8.1       General Cross Indemnification..................................................................    37
Section 8.2       Registration Statement Indemnification.........................................................    38
Section 8.3       Contribution...................................................................................    40
Section 8.4       Procedure......................................................................................    41
Section 8.5       Other Matters..................................................................................    41

                         ARTICLE IX OTHER PROVISIONS

Section 9.1       Keepwell Payments..............................................................................    42
Section 9.2       Insurance Provided by TPC......................................................................    42
Section 9.3       Insurance Maintained by Citigroup..............................................................    43
Section 9.4       Aviation Services..............................................................................    44
Section 9.5       Software.......................................................................................    45
Section 9.6       Credit Cards...................................................................................    49
Section 9.7       Non-Solicitation; Non-Hire.....................................................................    50
Section 9.8       Employee Benefits..............................................................................    50
Section 9.9       Form S-8.......................................................................................    55
Section 9.10      Sale of Products to Employees..................................................................    55
Section 9.11      Volume Purchasing Arrangements.................................................................    55
Section 9.12      Business Relationships.........................................................................    56
Section 9.13      Services Provided Prior to Trigger Date........................................................    56
Section 9.14      Transition Services Provided Following Trigger Date............................................    57
Section 9.15      Philanthropy; Charitable Contributions.........................................................    57
Section 9.16      Certain Employees of TPC.......................................................................    58
Section 9.17      Structured Settlements.........................................................................    58
Section 9.18      Right of First Offer...........................................................................    58
Section 9.19      Regulatory Approvals...........................................................................    59
Section 9.20      Charter Provision..............................................................................    59
Section 9.21      Access to Historical Records...................................................................    60

</TABLE>

                                       ii
<PAGE>
<TABLE>
<S>                                                                                                                  <C>

Section 9.22      Promotional Agreements.........................................................................    61
Section 9.23      Joint Internet Marketing.......................................................................    61
Section 9.24      Internet Domain Names..........................................................................    61
Section 9.25      Litigation and Settlement Cooperation..........................................................    61

                         ARTICLE X DISPUTE RESOLUTION

Section 10.2      Arbitration....................................................................................    62
Section 10.3      Confidentiality................................................................................    64

                         ARTICLE XI MISCELLANEOUS

Section 11.1      Notices........................................................................................    64
Section 11.2      Binding Nature of Agreement....................................................................    66
Section 11.3      Descriptive Headings...........................................................................    66
Section 11.4      Remedies.......................................................................................    66
Section 11.5      Governing Law..................................................................................    66
Section 11.6      Counterparts...................................................................................    66
Section 11.7      Severability...................................................................................    66
Section 11.8      Confidential Information.......................................................................    67
Section 11.9      Amendment and Modification.....................................................................    67
Section 11.10     Entire Agreement...............................................................................    67
Section 11.11     No Assignment..................................................................................    67
Section 11.12     Recapitalization, Dilution Adjustments, etc....................................................    67
Section 11.13     Other Intercompany Agreements..................................................................    68
Section 11.14     Further Actions................................................................................    68
Section 11.15     Disclosure Schedules...........................................................................    68
Section 11.16     Further Assurances with Respect to Reorganization..............................................    68
Section 11.17     No Third Party Beneficiaries...................................................................    69
Section 11.18     Drafting of Language...........................................................................    69

</TABLE>

                                      iii
<PAGE>
                                LIST OF EXHIBITS

Exhibit A                                    Web Site Linking Agreement

                                LIST OF SCHEDULES

<TABLE>
<S>                                          <C>
Schedule 1.1(a)                              Applicable Restructuring Documents
Schedule 1.1(b)                              TPC Patents Licensed to Citigroup
Schedule 3.1(a)                              Trademarks Licensed by Citigroup to TPC
Schedule 3.1(f)                              Trademarks Licensed by TPC to TIC
Schedule 3.5(a)                              Existing TPC Contractual Commitments relating to the
                                             Citi Marks
Schedule 3.5(c)                              Existing TIC Contractual Commitments relating to the
                                             TPC Marks
Schedule 9.2(a)                              Insurance Provided by TPC to Members of the Citigroup
                                             Affiliated Group
Schedule 9.3(a)                              Insurance Maintained by the Members of the Citigroup
                                             Affiliated Group
Schedule 9.5(a)                              TPC Proprietary Software
Schedule 9.5(b)                              Citigroup Proprietary Software
Schedule 9.5(c)                              Jointly Developed Proprietary Software
Schedule 9.5(d)                              Proprietary Software licensed from TPC to Citigroup
Schedule 9.5(e)                              Proprietary Software licensed from Citigroup to TPC
Schedule 9.8                                 Continuing Employees
Schedule 9.8(e)                              Pension Transfer Assumptions
Schedule 9.8(h)                              Certain Non-qualified and Welfare Plans
Schedule 9.11                                Existing Volume Purchasing Arrangements
Schedule 9.18(a)                             TPC Right of First Offer
Schedule 9.19                                P&C Coverage
Schedule 9.21(a)                             Shared Storage Facilities
Schedule 11.13                               Other Intercompany Agreements
</TABLE>

                                       iv
<PAGE>
                             INTERCOMPANY AGREEMENT

         INTERCOMPANY AGREEMENT, dated as of March   , 2002, by and among
TRAVELERS PROPERTY CASUALTY CORP. (formerly named TRAVELERS INSURANCE GROUP
INC.), a Connecticut corporation ("TPC"), THE TRAVELERS INSURANCE COMPANY
("TIC"), a Connecticut corporation, and CITIGROUP INC., a Delaware corporation
("Citigroup").

         WHEREAS, Travelers/Aetna Property Casualty Corp. (now known as
Travelers Insurance Group Holdings Inc.), a wholly owned subsidiary of TPC, and
Travelers Group Inc. (now known as Citigroup), entered into an Intercompany
Agreement, dated April 2, 1996 (the "1996 Agreement"), to formalize certain
business arrangements; and

         WHEREAS, concurrently with the execution of this Agreement Citigroup
and TPC have terminated the 1996 Agreement; and

         WHEREAS, Citigroup is the indirect owner of all of the issued and
outstanding common stock of TPC immediately prior to the date hereof.

         NOW, THEREFORE, in contemplation of TPC ceasing to be so wholly owned
by Citigroup and for good and valuable consideration, the receipt and adequacy
of which is acknowledged, the parties hereto, intending to be legally bound,
hereby agree as follows:

                                                ARTICLE I

                                   DEFINITIONS

         Section 1.1 Certain Definitions. In addition to the terms defined
elsewhere in this Agreement, the following terms shall have the following
meanings:

         "Agreement" and "hereof" and "herein" means this Intercompany
Agreement, including all amendments, modifications and supplements and any
exhibits or schedules to any of the foregoing, and shall refer to the Agreement
as the same may be in effect at the time such reference becomes operative.

         "Amended and Restated Tax Allocation Agreement" means the Amended and
Restated Tax Allocation Agreement, dated as of the date hereof, by and between
TPC and Citigroup.

         "Applicable Restructuring Documents" means the agreements listed on
Schedule 1.1(a) hereto.
<PAGE>
         "Business Day" or "business day" means each Monday, Tuesday, Wednesday,
Thursday and Friday which is not a day on which banking institutions in New York
City are authorized or obligated by law or executive order to close.

         "Citigroup Affiliated Group" means, collectively, Citigroup and all of
its direct and indirect subsidiaries now or hereafter existing, other than TPC
and its Subsidiaries; for the avoidance of doubt for purposes of this Agreement,
TIC and its subsidiaries shall be deemed to be members of the Citigroup
Affiliated Group and not subsidiaries of TPC (all determinations hereunder to be
made after giving effect to the Reorganization).

         "Class A Common Stock" means the Class A common stock, par value $.01
per share, of TPC.

         "Class B Common Stock" means the Class B common stock, par value $.01
per share, of TPC.

         "Common Stock" means, collectively, the Class A Common Stock and Class
B Common Stock and any other class or series of common stock of TPC hereafter
created.

         "Concurrent Offering" means the offering of Convertible Notes described
in the IPO S-1 to be completed contemporaneously with the Initial Public
Offering.

         "Convertible Notes" means the Convertible Junior Subordinated Notes to
be issued by TPC, as described in the IPO S-1.

         "Continuing Employees" means all active employees of TPC or any TPC
Subsidiary (or of the Citigroup Affiliated Group who are employed by TPC or any
Subsidiary of TPC as of the date of the Distribution) who have not been
terminated by TPC in the ordinary course of business as of the date of the
Distribution (as determined by TPC and provided to Citigroup on a schedule
substantially in the form of Schedule 9.8 hereto). For purposes of this
Agreement, active employees shall include employees who are on approved absences
from work (e.g., disability leave, statutory leave, approved leave of absence,
etc.) as of the date of the Distribution.

         "Distribution" means the distribution by Citigroup of the Common Stock
to holders of Citigroup common stock in a transaction qualifying under Section
355 of the Internal Revenue Code of 1986, as amended.

                                       2
<PAGE>
         "Equity Purchase Shares" means shares of Voting Stock or any securities
convertible into or exchangeable for shares of Voting Stock or any options,
warrants or rights to acquire shares of Voting Stock.

         "Exchange Act" means the Securities Exchange Act of 1934.

         "Expense Allocation Agreement" means the Expense Allocation Agreement,
dated as of January 1, 1995, by and among TIC, TPC and the other parties named
therein.

         "Fair Market Value" means, with respect to shares of Voting Stock, the
fair market value thereof as jointly determined by TPC and Citigroup or, in the
event TPC and Citigroup are unable to agree, as determined by a mutually
acceptable nationally recognized investment banking or other financial advisory
firm.

         "Filings" shall have the meaning ascribed thereto in Section 6.2(b)
hereto.

         "GAAP" means United States generally accepted accounting principles.

         "IPO S-1" means TPC's registration statement on Form S-1 (No.
333-82388) relating to the Initial Public Offering and the Concurrent Offering,
as the same may be amended or supplemented from time to time.

         "Indebtedness" means, with respect to any Person, any liability of such
Person in respect of borrowed money or evidenced by bonds, notes, debentures or
similar instruments and shall also include (a) any liability of such Person
under any agreement related to the fixing of interest rates on any Indebtedness,
(b) any capitalized lease obligations of such Person (if and to the extent the
same would appear on a balance sheet of such Person prepared in accordance with
GAAP), (c) reimbursement obligations of such Person in respect of letters of
credit (regardless of whether such items would appear on a balance sheet of such
Person) and (d) guarantees by such Person with respect to the items described in
(a), (b) and (c) above (regardless of whether such guarantees would appear on a
balance sheet of such Person).

         "Initial Public Offering" means the proposed initial public offering of
the Class A Common Stock as contemplated by the IPO S-1.

         "Keepwell" means any guaranty, keepwell, net worth or financial
condition maintenance agreement of or by any member of the Citigroup Affiliated
Group provided to any Person (including, but not limited to, any insurance

                                       3
<PAGE>
regulatory authority) with respect to any actual or contingent obligation of TPC
or any Subsidiary of TPC, as of the Trigger Date.

         "Outstanding Voting Stock" means the shares of Voting Stock issued and
outstanding, and shall not include shares of Voting Stock held by TPC as
treasury stock or by any Subsidiary of TPC.

         "P&C Business" means the property and casualty insurance business as
historically operated by TIGHI and its predecessors, and all of the assets and
liabilities associated therewith, and such related business (e.g. claim
services, payment services, engineering services, risk assessment services and
reinsurance business) as historically associated or known to be associated with
the property and casualty insurance business as operated by TIGHI and its
predecessors as more fully described in the IPO S-1; for the avoidance of doubt
for purposes of this Agreement, the following shall not be deemed included
within the P&C Business: (i) distribution of property and casualty products and
services through existing Citigroup Affiliated Members distribution channels
other than products and services of TPC and its Subsidiaries and (ii) any other
property and casualty insurance business as historically operated by the
Citigroup Affiliated Group, except for the accident department operated for the
benefit of TPC and its Subsidiaries.

         "Person" means any individual, corporation, partnership, joint venture,
limited liability company, association or other business entity and any trust,
unincorporated organization or government or any agency or political subdivision
thereof.

         "Public Company Stock" means any class or series of Voting Stock
registered under the Exchange Act and broadly held and actively traded by public
stockholders.

         "Prospectus" means the prospectus or prospectuses included in any
Registration Statement, as amended or supplemented by any prospectus supplement
and by all other amendments and supplements to such prospectus, including
post-effective amendments and all material incorporated by reference in such
prospectus or prospectuses.

         "Registrable Securities" means any shares of Common Stock, Convertible
Notes or any other equity security issued by TPC and, in the case of the
Convertible Notes, the Common Stock underlying such Convertible Notes, in each
case held by any member of the Citigroup Affiliated Group or by any transferee
thereof described in Section 7.9 hereof.

                                       4
<PAGE>
         "Registration Statement" means any registration statement of TPC filed
with the SEC under the Securities Act, including, but not limited to, the IPO
S-1, any registration statement related to the Concurrent Offering and any
registration statement which relates to any of the Registrable Securities,
including in each such case the Prospectus relating thereto, amendments and
supplements to such Registration Statement, including post-effective amendments,
all exhibits and all materials incorporated by reference in such Registration
Statement and Prospectus.

         "Regulation S-K" means Regulation S-K of the General Rules and
Regulations under the Securities Act.

         "Regulation S-X" means Regulation S-X of the General Rules and
Regulations under the Securities Act.

         "Reorganization" means the transfer of the specifically identified
contractual rights and obligations or assets and liabilities not related to the
P&C Business described in and documented by the Applicable Restructuring
Documents listed on Schedule 1.1(a) hereto, as may be adjusted pursuant to
Section 11.16 hereto.

         "Retained Employees" shall have the meaning ascribed thereto in Section
9.8(d) hereto.

         "SEC" means the Securities and Exchange Commission.

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

         "Service Expense Reimbursement Agreement" means the Service Expense
Reimbursement Agreement, dated January 1, 1995, by and between Citigroup and
TIC.

         "Subsidiary" or "subsidiary" of TPC shall include all corporations,
partnerships, joint ventures, limited liability companies, associations and
other entities (a) in which TPC owns (directly or indirectly) 50% or more of the
outstanding voting stock, voting power, partnership interests or similar
ownership interests, (b) of which TPC otherwise directly or indirectly controls
or directs the policies or operations and (c) which would be considered
subsidiaries of TPC within the meaning of Regulation S-K or Regulation S-X; for
the avoidance of doubt for the purposes of this Agreement, TIC and its
subsidiaries shall not be deemed to be subsidiaries of TPC, but rather they
shall be deemed to be members of the Citigroup Affiliated Group.

         "TIC" means The Travelers Insurance Company, a Connecticut corporation.

                                       5
<PAGE>
         "TIGHI" means Travelers Insurance Group Holdings Inc. (formerly known
as Travelers Property Casualty Corp.), a Delaware corporation.

         "TPC" means Travelers Property Casualty Corp., a Connecticut
corporation.

         "TPC Employees" means all current, former or retired employees of TPC
or a Subsidiary of TPC.

         "TPC Patents" means all U.S. and foreign patents and patent
applications which TPC or its parent or Subsidiaries own or have a right to
license (i) as of the date hereof or as of the Trigger Date, or (ii) as of or
after the Trigger Date which: (x) result from any continuation,
continuation-in-part, division, reissue, reexamination, substitute or foreign
counterpart of any patent or patent application filed as of the Trigger Date; or
(y) are based on any invention conceived, in any country of the world, as of the
Trigger Date. The TPC Patents include, but are not limited to, those patents and
patent applications specified in Schedule 1.1(b) hereto.

         "TPC Provided P&C Coverage" shall have the meaning ascribed thereto in
Section 9.18(a) hereto.

         "Transactions" means, collectively, (a) the Reorganization, (b) the
Initial Public Offering, (c) the Concurrent Offering and (d) the Distribution.

         "Trigger Date" means the first date on which Citigroup ceases to
beneficially own (excluding for such purposes shares of Common Stock
beneficially owned by Citigroup but not for its own account, including (in such
exclusion) beneficial ownership which arises by virtue of some entity that is an
affiliate of Citigroup being a sponsor or advisor of a mutual or similar fund
that beneficially owns shares of Common Stock) shares entitled to fifty percent
(50%) or more of the votes entitled to be cast by the then outstanding Common
Stock.

         "Underwritten Registration" or "Underwritten Offering" means a
registration in which securities of TPC are sold to underwriters for reoffering
to the public.

         "Voting Stock" means all securities issued by TPC having the ordinary
power to vote in the election of directors of TPC, other than securities having
such power only upon the occurrence of a default or any other extraordinary
contingency.

         "Wholly Owned Subsidiary" of TPC shall include all Subsidiaries of TPC
in which TPC owns (directly or indirectly) all of the outstanding voting stock,

                                       6
<PAGE>
voting power, partnership interests or similar ownership interests, except for
director's qualifying shares in nominal amounts.

                                                  ARTICLE II

                               COSTS AND EXPENSES

         Section 2.1 Allocation of Costs and Expenses. TPC shall pay (or, to the
extent incurred by and paid for by any member of the Citigroup Affiliated Group,
will promptly reimburse such member of the Citigroup Affiliated Group for any
and all amounts so paid) for all fees, costs and expenses incurred by TPC or any
member of the Citigroup Affiliated Group in connection with the Transactions,
including, but not limited to, any and all fees, costs and expenses related to
(a) the preparation and negotiation of this Agreement and of all of the
documentation related to Transactions and all related transactions, (b) the
preparation and execution or filing of any and all further documents,
agreements, forms, applications, contracts or consents associated with the
Transactions and all related transactions, (c) TPC's organizational documents,
(d) the preparation, printing and filing of the IPO S-1 and any other
registration statements relating to any of the Transactions, including all fees
and expenses of complying with applicable federal, state or foreign securities
laws and domestic or foreign securities exchange rules and regulations, together
with fees and expenses of counsel retained to effect such compliance, (e) the
preparation, printing and distribution of each of the prospectuses for the
Initial Public Offering, the Concurrent Offering and the other financing
Transactions, (f) the listing of the Common Stock, the Convertible Notes and any
other securities of TPC on any domestic or foreign securities exchange, (g) the
private letter ruling from the Internal Revenue Service sought in connection
with the Distribution and (h) the preparation (including, but not limited to,
the printing of documents) related to implementing TPC's employee benefit plans,
retirement plans and equity-based plans as a result of the Transaction.

                                                  ARTICLE III

                          TRADEMARK LICENSING AGREEMENT

         Section 3.1 Grant of Trademark License.

               (a) Citigroup hereby grants to TPC, or to the extent another
member of the Citigroup Affiliated Group owns the Citi Marks (as defined below)
Citigroup hereby causes such member to grant to TPC (which grants in each case
are pursuant to the reservation of rights by TPC set forth in the Trademark
Assignment Agreement between TPC and TIC dated March __, 2002), for the term set
forth in Section 3.5(a) hereof, a non-exclusive royalty-free license (the "Citi
License") to use

                                       7
<PAGE>
the marks set forth in Schedule 3.1(a) hereto (such marks hereinafter referred
to as the "Citi Marks"), but only in the manner identified in Schedule 3.1(a)
hereto or as otherwise approved in advance in writing by Citigroup's trademark
counsel, in each case, solely for the purpose of identifying, advertising,
marketing, and promoting TPC's property and casualty insurance business,
products, and services and activities related thereto (e.g., claims services,
payment services, engineering services, risk assessment services and reinsurance
business) in any form or media in the United States and/or Canada or geographic
portions thereof as set forth on Schedule 3.1(a) hereto. TPC shall only use the
Citi Marks in connection with its business, products, and services and
activities related thereto of a nature and quality which are at least equal to
that used by TPC and its Subsidiaries in connection with the Citi Marks as of
the date of this Agreement, and in a manner that is in conformity with past
practices and existing agreements between Citigroup and TPC regarding quality
control and usage of such marks. TPC shall have no right to sublicense the Citi
Marks; provided, however, that TPC may sublicense the Citi Marks to any
Subsidiary of TPC (for so long as such Subsidiary remains a Subsidiary of TPC)
and for purposes of advertising, marketing, promoting, and selling products and
services bearing Citi Marks in accordance with the terms of this Article III (a
"Designated TPC Sublicensee"). Notwithstanding the foregoing, Citigroup agrees
that independent agents appointed by TPC to market TPC's products and services
and that comply with the terms of this Article III (including a person appointed
by TPC or its designated subsidiary after the date of the IPO), or any third
party that enters a Linking Agreement with TPC (in the form of attached Exhibit
A) for use of a Citi Mark to link from that party's Internet web site to a TPC
web site and that complies with the terms of this Article III shall be a
Designated TPC Sublicensee. A breach by a Designated TPC Sublicensee of any of
the provisions of this Article III shall be deemed a breach by TPC of this
Article III. The Parties agree that subject to the terms of this Agreement and
in particular the Citi License, TPC may use the Umbrella mark (as set forth on
Schedule 3.1(a) hereto) in the property and casualty business consistent with
this Agreement and past practices between Citigroup and TPC regarding trademark
usage and quality control. TPC shall not use any Citi Mark as a corporate name
for any new business, and shall not use the terms "Citi" or "Associates" in the
name of any new product, service, or corporate entity. Subsequent to the date of
this Agreement, except as provided in Section 3.1(b) below if TPC identifies
additional marks that were in use as of the date of this Agreement and which
should have been included in Schedule 3.1(a) hereto, then at TPC's written
request and subject to Citigroup 's written approval (such approval not to be
unreasonably withheld or delayed), Citigroup shall grant TPC a license to use
such other marks, and such marks shall be deemed Citi Marks for all purposes
under this Agreement.

               (b) The parties agree that prior to the Trigger Date Citigroup
shall grant to TPC a phase-out license for use of the "CitiCapital Insurance

                                       8
<PAGE>
Company" name and mark, the "Associates Lloyds Company" name, and the
"Associates Insurance Company" name and mark, with quality control and other
reasonable terms to be agreed upon. Notwithstanding anything in this Agreement,
TPC shall use reasonable best efforts to cease all use of the mark "A Member of
Citigroup" as of the Trigger Date.

               (c) TPC agrees that the Citi License is a "phase-out" license and
agrees that during the term of the Citi License its use of the Citi Marks shall
be consistent with the purposes of such "phase-out" licenses.

               (d) TPC shall have no rights with respect to the Citi Marks other
than those expressly set forth in this Agreement. This Agreement and the
Permanent TPC License (as hereinafter defined) supersede all prior agreements
(whether written, oral or implied) between any member of the Citigroup
Affiliated Group and TPC or any Subsidiary of TPC, with respect to the use of
the Citi Marks. In the event of a conflict between any provision of this
Agreement, on the one hand, and any provision of the Permanent TPC License, on
the other hand, the Permanent TPC License shall control.

               (e) TPC and each Designated TPC Sublicensee shall execute all
additional documents which Citigroup may reasonably request (at Citigroup's
expense),both prior and subsequent to the expiration or earlier termination of
the Citi License, in order to perfect, maintain, defend or terminate any right
of any party in the Citi Marks in any jurisdiction of the world.

               (f) TPC hereby grants, or to the extent a TPC Subsidiary owns the
TPC Marks (as defined below) TPC hereby causes such Subsidiary to grant, for the
term set forth in Section 3.5(c), to TIC a worldwide, non-exclusive,
royalty-free license (the "TPC License") to use the marks set forth in Schedule
3.1(f) hereto (such marks hereinafter referred to as the "TPC Marks"), but only
in the manner identified in Schedule 3.1(f) hereto or as otherwise approved in
advance in writing by TPC, in each case, solely for the purpose of identifying,
advertising, marketing, and promoting Citigroup's business, products and
services and activities related thereto as reasonably necessary to operate
existing Citigroup businesses that are using the TPC Marks and any new lines of
business (other than new lines of business involving the offering and
manufacture of property and casualty insurance products and services), and as
reasonably necessary to administer run-off blocks of business (e.g., the long
term care business, the group life business). TIC shall only use the TPC Marks
in connection with the business, products, and services and activities related
thereto of TIC and the Citigroup Affiliated Group and of a nature and quality
which are at least equal to that currently used by TIC or any member of the
Citigroup Affiliated Group in connection with the TPC Marks as of the date of
this Agreement, and in a manner that is in conformity with past practices and
existing agreements

                                       9
<PAGE>
between TIC and TPC regarding quality control and usage of such marks. TIC shall
have no right to sublicense the TPC Marks; provided, however, that TIC may
sublicense the TPC Marks to any member of the Citigroup Affiliated Group (for so
long as such member of the Citigroup Affiliated Group remains a member of the
Citigroup Affiliated Group) and for purposes of advertising, marketing,
promoting, and selling products and services bearing TPC Marks in accordance
with the terms of this Article III (a "Designated TIC Sublicensee").
Notwithstanding the foregoing, TPC agrees that independent agents appointed by
TIC to market TIC's products and services and that comply with the terms of this
Article III (including a person appointed by TIC or a Designated TIC Sublicensee
after the date of the Initial Public Offering), or a third party that enters a
Linking Agreement with TIC (in the form of attached Exhibit A) for use of a TPC
Mark to link from that party's Internet web site to a Citigroup web site and
that complies with the terms of this Article III shall be a Designated TIC
Sublicensee. A breach by a Designated TIC Sublicensee of any of the provisions
of this Article III shall be deemed a breach by TIC of this Article III.
Subsequent to the date of this Agreement, if TIC identifies additional marks
that were in use as of the date of this Agreement and which should have been
included in Schedule 3.1(f) hereto, then at TIC's written request and subject to
TPC's written approval (such approval not to be unreasonably withheld or
delayed), TPC shall grant TIC a license to use such other marks, and such marks
shall be deemed TPC Marks for all purposes under this Agreement.

               (g) TIC agrees that the TPC License is a "phase-out" license and
agrees that during the term of the TPC License its use of the TPC Marks shall be
consistent with the purposes of such "phase-out" licenses.

               (h) TIC shall have no rights with respect to the TPC Marks other
than those expressly set forth in this Agreement and the Permanent TPC License.
This Agreement and the Permanent TPC License supersede all prior agreements
(whether written, oral or implied) between any member of the Citigroup
Affiliated Group and TPC or any Subsidiary of TPC, with respect to the use of
the TPC Marks. In the event of a conflict between any provision of this
Agreement, on the one hand, and any provision of the Permanent TPC License, on
the other hand, the Permanent TPC License shall control.

               (i) TIC and each Designated TIC Sublicensee shall execute all
additional documents which TPC may reasonably request (at TPC's expense), both
prior and subsequent to the expiration or earlier termination of the TPC
License, in order to perfect, maintain, defend, or terminate any right of any
party in the TPC Marks hereunder in any jurisdiction of the world.

         Section 3.2 Permanent TPC License. TIC and TPC agree that TPC shall
grant a license to TIC (with a right to assign or sublicense to a member of the

                                       10
<PAGE>
Citigroup Affiliated Group) for certain names and marks for use in the life
insurance and annuity business and related activities (and for certain run-off
blocks of business) worldwide perpetually (the "Permanent TPC License"). The
Parties shall negotiate in good faith the terms of a letter agreement addressing
the use of marks to be licensed under the Permanent TPC license during the time
period between the Initial Public Offering and the effective date of Permanent
TPC License.

         Section 3.3 Trademark Guidelines and Standards.

               (a) TPC agrees that, in the conduct of the business and
activities of TPC and its Designated TPC Sublicensees under the Citi License, it
shall, and shall cause each Designated TPC Sublicensee to, adhere to the
appropriate ethical standards pertaining to TPC's and its Designated TPC
Sublicensees' businesses and operations, and shall, and shall cause each
Designated TPC Sublicensee to, do nothing to bring disrepute to or damage the
goodwill symbolized by the Citi Marks.

               (b) TIC agrees that, in the conduct of the business and
activities of TIC and its Designated TIC Sublicensees under the TPC Marks, it
shall, and shall cause each Designated TIC Sublicensee to, adhere to the
appropriate ethical standards pertaining to TIC's and its Designated TIC
Sublicensees' businesses and operations, and shall, and shall cause each
Designated TIC Sublicensee to, do nothing to bring disrepute to or damage the
goodwill symbolized by the TPC Marks.

         Section 3.4 Retention of Trademark Ownership.

               (a) TPC acknowledges and agrees that Citigroup, and/or such other
member of the Citigroup Affiliated Group referred to in the first sentence of
Section 3.1(a) hereof, as the case may be, is the owner of all of the right,
title, and interest in and to the Citi Marks and all goodwill associated
therewith throughout the world and acknowledges the validity of the Citi Marks
and of all trademark and service mark registrations and applications of each
member of the Citigroup Affiliated Group pertaining thereto. TPC agrees that it
shall, and shall cause each Designated TPC Sublicensee to, uphold the goodwill
inherent in the Citi Marks and to assist Citigroup at Citigroup's expense to
protect the rights of Citigroup and the other members of the Citigroup
Affiliated Group therein. All use of the Citi Marks by TPC and all Designated
TPC Sublicensees (including all past, present and future use), and the goodwill
generated thereby, shall inure to the benefit of Citigroup and shall not vest in
TPC or in any Designated TPC Sublicensee. TPC shall not, directly or indirectly,
contest or challenge the validity or enforceability of the Citi Marks and/or
Citigroup's ownership thereof. To the extent that TPC or any Designated TPC
Sublicensee is deemed to have any ownership rights in the Citi Marks, at
Citigroup's written request, TPC shall, and shall cause each such Designated TPC

                                       11
<PAGE>
Sublicensee to, assign such rights to Citigroup or to a member of the Citigroup
Affiliated Group designated by Citigroup.

               (b) TIC acknowledges and agrees that TPC, and/or such other TPC
Subsidiary referred to in the first sentence of Section 3.1(f) hereof, as the
case may be, is the owner of all of the right, title, and interest in and to the
TPC Marks and all goodwill associated therewith throughout the world and
acknowledges the validity of the TPC Marks and of all trademark and service mark
registrations and applications of TPC and its Subsidiaries pertaining thereto.
TIC agrees that it shall, and shall cause each Designated TIC Sublicensee to,
uphold the goodwill inherent in the TPC Marks and to assist TPC at TPC's expense
to protect the rights of TPC and its Subsidiaries therein. All use of the TPC
Marks by TIC and all Designated TIC Sublicensees (including all past, present
and future use), and the goodwill generated thereby, shall inure to the benefit
of TPC and shall not vest in TIC or in any Designated TIC Sublicensee. TIC shall
not, directly or indirectly, contest or challenge the validity or enforceability
of the TPC Marks and/or TPC's ownership thereof. To the extent that TIC or any
Designated TIC Sublicensee is deemed to have any ownership rights in the TPC
Marks, at TPC's written request, TIC shall, and shall cause each such Designated
TIC Sublicensee to, assign such rights to TPC or to such other TPC Subsidiary
designated by TPC.

         Section 3.5 Termination of Trademark Licenses.

               (a) The Citi License granted pursuant to this Article III shall
automatically expire (subject to earlier termination in accordance with Section
3.5(b) hereof) upon the earlier to occur of (i) the date on which TPC and the
Designated TPC Sublicensees cease use of all the Citi Marks with no intent to
resume use (for which TPC shall notify Citigroup in writing as soon as
reasonably practicable thereafter), or (ii) the second anniversary of the
consummation of the Initial Public Offering; provided, however, that
notwithstanding anything in this Agreement to the contrary, the Citi License
will be extended as and to the extent required by applicable law, regulation, or
for TPC and its Subsidiaries to comply with applicable contractual commitments
existing as of the date of this Agreement, as set forth on Schedule 3.5(a).

               (b) Citigroup shall have the right to terminate the Citi License
with regard to a particular business unit of TPC or of a TPC Subsidiary or with
regard to a particular Designated TPC Sublicensee at any time if such business
unit of TPC or of such TPC Subsidiary or such Designated TPC Sublicensee has
materially breached any term or provision of this Article III, and in either
case (i) TPC has not taken reasonable steps to cure such non-compliance within
60 days of TPC's receipt of written notice of such non-compliance; and (ii) TPC
has not cured such non-compliance within a commercially reasonable period of
time following the

                                       12
<PAGE>
60 day period; provided, that such time periods shall be extended if necessary
to obtain required regulatory approvals.

               (c) The TPC License granted pursuant to the Article III shall
automatically expire (subject to earlier termination in accordance with Section
3.5(d) hereof) upon the earlier to occur of (i) the date on which TIC and the
Designated TIC Sublicensees cease use of all the TPC Marks with no intent to
resume use (for which TIC shall notify TPC in writing as soon as reasonably
practicable thereafter) or (ii) the second anniversary of the consummation of
the Initial Public Offering; provided, however, that notwithstanding anything in
this Agreement to the contrary, the TPC License will be extended as and to the
extent required by applicable law, regulation, or for TIC to comply with
applicable contractual commitments existing as of the date of this Agreement, as
set forth on Schedule 3.5(c).

               (d) TPC shall have the right to terminate the TPC License with
regard to a particular business unit of TIC or with regard to a particular
Designated TIC Sublicensee at any time if such business unit of TIC or such
Designated TIC Sublicensee has materially breached any term or provision of this
Article III, and in either case (i) TIC or such Designated TIC Sublicensee has
not taken reasonable steps to cure such non-compliance within 60 days of TIC's
receipt of written notice of such non-compliance; and (ii) TIC or such
Designated TIC Sublicensee has not cured such non-compliance within a
commercially reasonable period of time following the 60 day period; provided
that such time periods shall be extended if necessary to obtain required
regulatory approvals.

         Section 3.6 Use After Termination.

               (a) Upon the expiration or earlier termination of the Citi
License , TPC shall, and shall cause each of the Designated TPC Sublicensees to,
subject to the provisions of Section 3.5(a) hereof, discontinue all uses of the
Citi Marks within 60 days; provided, however, that Citigroup in its reasonable
discretion may reduce such time period within which TPC and its Designated TPC
Sublicensees shall discontinue any and all uses of one or more of the Citi Marks
if, in Citigroup's reasonable determination, continuation of the use of such
Citi Marks would have a material adverse effect upon the reputation of, or the
goodwill associated with, the Citi Marks or any member of the Citigroup
Affiliated Group.

               (b) Subject to the Permanent TPC License, upon the expiration or
earlier termination of the TPC License , TIC shall, and shall cause each of the
Designated TIC Sublicensees to, subject to the provisions of Section 3.5(c)
hereof, discontinue all uses of the TPC Marks within 60 days; provided, however,
that TPC in its reasonable discretion may reduce such time period within which
TIC and its Designated TIC Sublicensees shall discontinue any and all such uses
of one

                                       13
<PAGE>
or more of the TPC Marks if, in TPC's reasonable determination, continuation of
the use of the TPC Marks would have a material adverse effect upon the
reputation of, or the goodwill associated with, the TPC Marks or any TPC
Subsidiary.

               (c) Citigroup agrees that for one year following the expiration
or earlier termination of the Citi License it and the members of the Citigroup
Affiliated Group shall not use or license the Citi Marks for use in the property
and casualty business for which TPC was licensed to use the Citi Marks during
the term of the Citi License, unless such Citi Marks were already in use by or
used by a third party in accordance with a license from Citigroup or a member of
the Citigroup Affiliated Group for such competitive purposes during the term of
and in accordance with the terms of the Citi License.

               (d) TPC agrees that for one year following the expiration or
earlier termination of the TPC License it and its Subsidiaries shall not use or
license the TPC Marks for use in a manner that is competitive with the purposes
for which TIC was licensed to use the TPC Marks during the term of the TPC
License unless such TPC Marks were already in use by or used by a third party in
accordance with a license from TPC or its Subsidiaries for such competitive
purposes during the term of and in accordance with the terms of the TPC License.

         Section 3.7 Trademark Usage Marking Requirements and Quality Control.

               (a) Citigroup shall have the right to periodically inspect and
evaluate the products and services bearing the Citi Marks of TPC or any
Designated TPC Sublicensee. Upon request by Citigroup, no more than twice per
year (unless reasonably justified under the circumstances), TPC shall deliver to
Citigroup samples of such use.

               (b) TPC shall have the right to periodically inspect and evaluate
the products and services bearing the TPC Marks of TIC or any Designated TIC
Sublicensee. Upon request by TPC, no more than twice per year(unless reasonably
justified under the circumstances), TIC shall, or Citigroup shall cause the
Designated TIC Sublicensee, deliver to TPC samples of such use.

         Section 3.8 Disclaimers of Representations and Warranties.

               (a) CITIGROUP, ON ITS OWN BEHALF AND ON BEHALF OF THE CITIGROUP
AFFILIATED GROUP, HEREBY SPECIFICALLY DISCLAIMS ANY AND ALL REPRESENTATIONS AND
WARRANTIES, EXPRESS OR IMPLIED (INCLUDING WITHOUT LIMITATION ANY IMPLIED
WARRANTY OF MERCHANTABILITY,

                                       14
<PAGE>
FITNESS FOR A PARTICULAR PURPOSE, VALIDITY, REGISTRABILITY, OR NON-INFRINGEMENT
AND IMPLIED WARRANTIES ARISING FROM COURSE OF DEALING OR COURSE OF PERFORMANCE),
REGARDING THE CITI MARKS. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, TPC
ACKNOWLEDGES THAT THE LICENSES GRANTED IN THIS AGREEMENT (INCLUDING THOSE
GRANTED IN THIS ARTICLE III ) AND THE CITI MARKS ARE PROVIDED "AS IS."

               (b) TPC, ON ITS OWN BEHALF AND ON BEHALF OF ITS SUBSIDIARIES,
HEREBY SPECIFICALLY DISCLAIMS ANY AND ALL REPRESENTATIONS AND WARRANTIES,
EXPRESS OR IMPLIED (INCLUDING WITHOUT LIMITATION ANY IMPLIED WARRANTY OF
MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, VALIDITY, REGISTRABILITY, OR
NON-INFRINGEMENT AND IMPLIED WARRANTIES ARISING FROM COURSE OF DEALING OR COURSE
OF PERFORMANCE), REGARDING THE TPC MARKS. WITHOUT LIMITING THE GENERALITY OF THE
FOREGOING, TIC ACKNOWLEDGES THAT THE LICENSES GRANTED IN THIS AGREEMENT
(INCLUDING THOSE GRANTED IN THIS ARTICLE III ) AND THE TPC MARKS ARE PROVIDED
"AS IS."

                                        ARTICLE IV

                           PATENT LICENSING AGREEMENT

               Section 4.1 Grant of TPC Patent License. TPC hereby grants, or to
the extent a TPC affiliate owns or has the right to license the TPC Patents, TPC
hereby causes such affiliate to grant, to TIC a perpetual, royalty-free,
worldwide, non-exclusive license (the "TPC Patent License"), under the TPC
Patents to make, have made, use, sell, offer to sell, lease and import products
and services covered under such patents (the "Citigroup Licensed Products or
Services"); provided, however, that the licensed field of use shall exclude the
property and casualty insurance business. TIC shall have no right to sublicense
the TPC Patents; provided, however, that TIC may sublicense the TPC Patents
within the scope of the TPC Patent License to any member of the Citigroup
Affiliated Group for so long as such member of the Citigroup Affiliated Group
remains a member of the Citigroup Affiliated Group, and that the licenses in
this Section 4.1 include the right to convey to any customer of TIC or customer
of a Citigroup Affiliated Group, with respect to any Citigroup Licensed Products
or Services which are sold or leased by TIC or a member of the Citigroup
Affiliated Group to such customer, rights to use such Citigroup Licensed
Products or Services; provided, however, that the provision of certain
pass-through rights shall not be a sham to effect the sublicensing of a
competitor of TPC. This Agreement supersedes all prior agreements (whether
written, oral, or implied) between any member of the Citigroup Affiliated Group
and

                                       15
<PAGE>
TPC or any Subsidiary of TPC, with respect to the Citigroup Patents. Citigroup
shall have no rights to the TPC Patents other than those expressly set forth in
this Agreement.

         Section 4.2 Prosecution, Maintenance and Enforcement of the TPC
Licensed Patents.

               (a) Prosecution and Maintenance of the TPC Patents. In the event
that TPC intends to cease prosecution or maintenance of a particular TPC Patent
then TPC shall notify TIC as soon as practicable, and in no event, less than
thirty (30) days prior to any relevant statutory deadline, and at the written
request and expense (for out-of-pocket costs) of TIC, execute such documents and
perform such acts in a timely manner as may be reasonably necessary to effect an
assignment of TPC's right, title and interest in and to such TPC Patent to TIC.
TIC agrees to grant back to TPC a perpetual, worldwide, royalty-free,
non-transferable, non-sublicensable (except that TPC may transfer or sublicense
to any TPC affiliates), non-exclusive license to any such assigned TPC Patent,
provided, however, that the provision of certain pass-through rights pursuant to
such license shall not be a sham to effect the sublicensing of a competitor of
TIC or a competitor of another member of the Citigroup Affiliated Group.

               (b) Licenses of the TPC Patents to Third Parties. TPC agrees that
it will not, without TIC's prior consent (such consent not to be unreasonably
withheld), assign, transfer, convey, relinquish control of, or license the TPC
Patents to third parties, or enter into any settlements or consent judgments
relating to the TPC Patents if such license would impair TIC's rights hereunder.

               (c) Enforcement of the TPC Patents. Citigroup shall, at its sole
discretion, inform TPC of any alleged infringement of the TPC Patents by a third
party and of any evidence thereof. TPC has the first right to prosecute at its
own expense and for its own benefit (subject to the limitations set forth in
Section 4.2(b) above) any infringements of the TPC Patent Rights. In the event
that TPC chooses not to prosecute such infringement of the TPC Patents, or if
within six (6) months of receiving notice from Citigroup of such infringement
TPC is unsuccessful in causing the alleged infringer to desist and/or take a
license subject to the limitations set forth in Section 4.2(b) above, and is not
diligently enforcing an infringement action against such alleged infringer, TPC
shall, at Citigroup's request, prosecute at Citigroup's expense (for legal and
out-of-pocket costs) such alleged infringement of the TPC Patents. Any recovery
or damages derived from any such infringement suit prosecuted at Citigroup's
expense shall first be used to reimburse Citigroup for all expenses (including
TPC's expenses) relating to the suit and thereafter split fifty percent (50%)
each between Citigroup and TPC.

                                       16

<PAGE>

         Section 4.3 Disclaimers of Representations and Warranties.

         TPC, ON ITS OWN BEHALF AND ON BEHALF OF ITS SUBSIDIARIES, HEREBY
SPECIFICALLY DISCLAIMS ANY AND ALL REPRESENTATIONS AND WARRANTIES, EXPRESS OR
IMPLIED (INCLUDING WITHOUT LIMITATION ANY IMPLIED WARRANTY OF MERCHANTABILITY,
FITNESS FOR A PARTICULAR PURPOSE, VALIDITY, REGISTRABILITY, OR NON-INFRINGEMENT
AND IMPLIED WARRANTIES ARISING FROM COURSE OF DEALING OR COURSE OF PERFORMANCE),
REGARDING THE TPC PATENTS. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, TIC
ACKNOWLEDGES THAT THE LICENSES GRANTED IN THIS ARTICLE IV AND THE TPC PATENTS
ARE PROVIDED "AS IS."

                                        ARTICLE V

                             EQUITY PURCHASE RIGHTS

         Section 5.1 Equity Purchase Rights. So long as the members of the
Citigroup Affiliated Group beneficially own, in aggregate, (excluding for such
purposes shares of Common Stock beneficially owned by Citigroup but not for its
own account, including (in such exclusion) beneficial ownership which arises by
virtue of some entity that is an affiliate of Citigroup being a sponsor or
advisor of a mutual or similar fund that beneficially owns shares of Common
Stock) shares entitled to twenty percent (20%) or more of the votes entitled to
be cast by the then outstanding Common Stock, the members of the Citigroup
Affiliated Group shall have the equity purchase rights set forth in this Section
5.1 (the "Equity Purchase Rights"); provided, that the members of the Citigroup
Affiliated Group shall not be entitled to Equity Purchase Rights to the extent
that the principal national securities exchange in the United States on which
the Common Stock is listed, if any, prohibits or limits the granting by TPC of
such Equity Purchase Rights.

         As soon as practicable after determining to issue Equity Purchase
Shares, but in any event at least five Business Days prior to the issuance of
Equity Purchase Shares to any Person other than to a member of the Citigroup
Affiliated Group (and other than Equity Purchase Shares (i) if TPC then has
outstanding Public Company Stock, issued under dividend reinvestment plans which
offer Voting Stock to security holders at a discount from Average Market Price
(as defined below) no greater than is then customary for public corporations,
(ii) issued pursuant to the Transactions, (iii) issued in mergers, acquisitions
and exchange offers or (iv) pursuant to its equity incentive plans), TPC shall
notify Citigroup in writing of such proposed sale (which notice shall specify,
to the extent practicable, the purchase price for, and terms and conditions of,
such Equity Purchase Shares) and shall offer

                                       17
<PAGE>
to sell to Citigroup (which offer may be assigned by Citigroup to another member
of the Citigroup Affiliated Group) at the purchase price (net of any
underwriting discounts or commissions), if any, to be paid by the transferee(s)
of such Equity Purchase Shares an amount of Equity Purchase Shares determined as
provided below. Immediately after the amount of Equity Purchase Shares to be
sold to other Persons is known to TPC, it shall notify Citigroup (or such
assignee) of such amount. If such offer is accepted in writing within five
Business Days after the notice of such proposed sale (or such longer period as
is necessary for the members of the Citigroup Affiliated Group to obtain
regulatory approvals), TPC shall sell to such member of the Citigroup Affiliated
Group an amount of Equity Purchase Shares (the "Equity Purchase Share Amount")
equal to the product of (A) the quotient of (x) the number of shares of Voting
Stock owned by the members of the Citigroup Affiliated Group, in the aggregate,
immediately prior to the issuance of the Equity Purchase Shares by (y) the
aggregate number of shares of Outstanding Voting Stock owned by Persons other
than by members of the Citigroup Affiliated Group immediately prior to the
issuance of the Equity Purchase Shares, multiplied by (B) the aggregate number
of Equity Purchase Shares being issued by TPC to Persons other than to members
of the Citigroup Affiliated Group rounded up to the nearest whole Equity
Purchase Share. If, at the time of the determination of any Equity Purchase
Share Amount, any other Person has preemptive or other equity purchase rights
similar to the Equity Purchase Rights, such Equity Purchase Share Amount shall
be recalculated to take into account the amount of Voting Stock to be sold to
such Persons, rounding up such Equity Purchase Share Amount to the nearest whole
Equity Purchase Share. If TPC determines in good faith that, in light of the
advice of an investment banking firm advising it or of its other financial
advisors, it must consummate the issuance and sale of the Equity Purchase Shares
prior to the members of the Citigroup Affiliated Group having obtained the
necessary regulatory approvals, TPC shall notify Citigroup in writing of such
determination and shall then be free so to consummate such issuance and sale
without the members of the Citigroup Affiliated Group having the right then to
purchase its proportionate share of such Equity Purchase Shares; provided,
however, that in such event the members of the Citigroup Affiliated Group shall
have the right to purchase from TPC, within 60 Business Days (or such longer
period (up to two years) as is necessary for the members of the Citigroup
Affiliated Group to obtain regulatory approvals) Voting Stock in an amount equal
to the amount of Voting Stock it would have received had it been able to
purchase (and, in the case of Equity Purchase Shares other than Voting Stock,
securities exercisable or exchangeable for or convertible into Voting Stock) the
Equity Purchase Shares offered to it pursuant to this Section 5.1, at a per
share purchase price equal to the lower of (i) the sum of the purchase price
(net of any underwriting discounts or commissions), if any, paid by the
transferee(s) plus the exercise price, if any, of such Equity Purchase Shares,
or (ii) the Average Market Price per share of Voting Stock and, if there is no
Average Market Price, the Fair

                                       18
<PAGE>
Market Value per share of Voting Stock, in each case, at the time of purchase by
the members of the Citigroup Affiliated Group.

         The purchase and sale of any Equity Purchase Shares pursuant to this
Section 5.1 shall take place at 9:00 am on the latest of (i) the fifth Business
Day following the acceptance of such offer, (ii) the Business Day on which such
Equity Purchase Shares are issued to Persons other than the members of the
Citigroup Affiliated Group and (iii) the fifth Business Day following the
expiration of any required governmental or other regulatory waiting periods or
the obtaining of any required governmental or other regulatory consents or
approvals, at the offices of Citigroup indicated in Section 11.1 hereof, or at
such other time and place in New York City as Citigroup and TPC shall agree. At
the time of purchase, TPC shall deliver to Citigroup (or such assignee)
certificates registered in the name of the appropriate members of the Citigroup
Affiliated Group representing the shares purchased and the members of the
Citigroup Affiliated Group shall transfer to TPC the purchase price in United
States dollars by bank check or wire transfer of immediately available funds, as
specified by TPC, to an account designated by TPC not less than five Business
Days prior to the date of purchase. TPC and the members of the Citigroup
Affiliated Group will use their best efforts to comply as soon as practicable
with all federal and state laws and regulations and stock exchange listing
requirements applicable to any purchase and sale of securities under this
Section 5.1.

         As used herein, "Average Market Price" of any security on any date
means the average of the daily closing prices for the 10 consecutive trading
days selected by TPC commencing not less than 20 days nor more than 30 trading
days before the day in question. The closing price for each day shall be the
last reported sales price regular way or, in case no such reported sale takes
place on such day, the average of the reported closing bid and asked prices
regular way, in either case on the New York Stock Exchange, Inc. or, if such
security is not listed or admitted to trading on such Exchange, on the principal
national securities exchange on which such security is listed or admitted to
trading or, if not listed or admitted to trading on any national securities
exchange, on the National Association of Securities Dealers, Inc. Automated
Quotations National Market System or, if such security is not listed or admitted
to trading on any national securities exchange or quoted on such National Market
System, the average of the closing bid and asked prices in the over-the-counter
market as furnished by any New York Stock Exchange member firm selected from
time to time by TPC for that purpose. For the purpose of this definition, the
term "trading day" shall mean each Monday, Tuesday, Wednesday, Thursday and
Friday, other than any day on which securities are not traded on such exchange
or in such market.

                                       19
<PAGE>
                                        ARTICLE VI

                         FINANCIAL AND OTHER INFORMATION

         Section 6.1 Twenty Percent Threshold. TPC agrees that, during any
period in which the members of the Citigroup Affiliated Group beneficially own,
in the aggregate, (excluding for such purposes shares of Common Stock
beneficially owned by Citigroup but not for its own account, including (in such
exclusion) beneficial ownership which arises by virtue of some entity that is an
affiliate of Citigroup being a sponsor or advisor of a mutual or similar fund
that beneficially owns shares of Common Stock) shares entitled to twenty percent
(20%) or more of the votes entitled to be cast by the then outstanding Common
Stock, or during any period in which any member of the Citigroup Affiliated
Group is required to account for its investment in TPC on a consolidated basis
or under the equity method of accounting (determined in accordance with GAAP
consistently applied after consultation with Citigroup Auditors (as defined
below)):

               (a) Maintenance of Books and Records. TPC shall, and shall cause
each of its consolidated subsidiaries to, (i) make and keep books, records and
accounts, which, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of TPC and such subsidiaries and
(ii) devise and maintain a system of internal accounting controls sufficient to
provide reasonable assurances that: (w) transactions are executed in accordance
with management's general or specific authorization, (x) transactions are
recorded as necessary (1) to permit preparation of financial statements in
conformity with GAAP or any other criteria applicable to such statements and (2)
to maintain accountability for assets, and (y) access to assets is permitted
only in accordance with management's general or specific authorization.

               (b) Fiscal Year. TPC shall, and shall cause each of its
consolidated subsidiaries to, maintain a fiscal year which commences on January
1 and ends on December 31 of each calendar year; provided that, if on the date
hereof any consolidated Subsidiary of TPC has a fiscal year which ends on a date
other than December 31, TPC shall use its best efforts to cause such subsidiary
to change its fiscal year to one which ends on December 31 if such change is
reasonably practical.

               (c) Summary Monthly Financial Information. As soon as
practicable, and within five Business Days after the end of each month in each
fiscal year of TPC, TPC shall deliver to Citigroup a summary of consolidated net
income and consolidated pre-tax income for TPC and its subsidiaries for such
month and the year-to-date period.

                                       20
<PAGE>
               (d) Detailed Monthly Financial Information. As soon as
practicable, and within ten Business Days after the end of each month in each
fiscal year of TPC, TPC shall deliver to Citigroup information consistent with
that presently provided in the "Executive Management Report."

               (e) Unaudited Quarterly Financial Statements. As soon as
practicable, and within 35 days after the end of each of the first three fiscal
quarters in each fiscal year of TPC, TPC shall deliver to Citigroup drafts of
(i) the consolidated financial statements of TPC and its subsidiaries (and notes
thereto) for such periods and for the period from the beginning of the current
fiscal year to the end of such quarter, setting forth in each case in
comparative form for each such fiscal quarter of TPC the consolidated figures
(and notes thereto) for the corresponding quarter and periods of the previous
fiscal year and all in reasonable detail and prepared in accordance with Article
10 of Regulation S-X, and (ii) a discussion and analysis by management of TPC's
and its subsidiaries' financial condition and results of operations for such
fiscal period, including, without limitation, an explanation of any material
adverse change, all in reasonable detail and prepared in accordance with Item
303(b) of Regulation S-K. The information set forth in clauses (i) and (ii)
above is herein referred to as the "Quarterly Financial Statements." TPC shall
deliver to Citigroup all revisions to such drafts as soon as any such revisions
are prepared or made. No later than the date TPC publicly files the Quarterly
Financial Statements with the SEC or otherwise, TPC shall deliver to Citigroup
the final form of the Quarterly Financial Statements certified by the chief
financial officer of TPC as presenting fairly, in all material respects, the
financial condition and results of operations of TPC and its consolidated
subsidiaries.

               (f) Quarterly and Annual Reports Furnished to State Insurance
Regulatory Authorities. Prior to the filing by TPC or any Subsidiary of TPC of
quarterly or annual reports with any and all state insurance regulatory
authorities in each jurisdiction in which such reports are required to be filed,
TPC shall deliver drafts of such reports to Citigroup and shall give Citigroup a
reasonable opportunity to review and comment on such reports.

               (g) Audited Annual Financial Information. As soon as is
practicable, TPC shall deliver to Citigroup (i) within 60 days after the end of
each fiscal year of TPC, drafts of (x) the consolidated financial statements of
TPC (and notes thereto) for such year, setting forth in each case in comparative
form the consolidated figures (and notes thereto) for the previous fiscal year
and all in reasonable detail and prepared in accordance with Regulation S-X and
(y) a discussion and analysis by management of TPC's consolidated financial
condition and results of operations for such year, including, without
limitation, an explanation of any material adverse change, all in reasonable
detail and prepared in accordance with Item 303(a) of Regulation S-K and (ii)
within 45 days after the end of each

                                       21
<PAGE>
fiscal year of TPC, a draft of a discussion and analysis of TPC's consolidated
financial condition and results of operations for such year, including, without
limitation, an explanation of any material adverse change, all in reasonable
detail and prepared in accordance with Item 303(a) of Regulation S-K, for
inclusion in the annual report to stockholders of any member of the Citigroup
Affiliated Group. The information set forth in (i) and (ii) above is herein
referred to as the "Annual Financial Statements." TPC shall deliver to Citigroup
all revisions to such drafts as soon as any such revisions are prepared or made.
TPC shall deliver to Citigroup, no later than 90 days after the end of each
fiscal year of TPC (or on such earlier date on which the same are filed with the
SEC), in final form, the Annual Financial Statements accompanied by an opinion
thereon by TPC's independent certified public accountants.

               (h) Other Financial Information. TPC shall provide to Citigroup
upon request such other information and analyses as Citigroup may reasonably
request on behalf of any member of the Citigroup Affiliated Group in order to
analyze the financial statements and condition of TPC and its subsidiaries and
shall provide Citigroup and its accountants with an opportunity to meet with
management of TPC and its accountants in connection therewith. TPC shall deliver
to Citigroup all Quarterly Financial Statements and Annual Financial Statements
of each subsidiary of TPC which is itself required to file financial statements
with the SEC or otherwise make such financial statements publicly available,
with such financial statements to be provided in the same manner and detail and
on the same time schedule as those financial statements of TPC required to be
delivered to Citigroup pursuant to this Section 6.1.

               (i) General Financial Statement Requirements. All information
provided by TPC or any of its subsidiaries to Citigroup pursuant to Sections
6.1(c)-(j) inclusive, shall be consistent in terms of format and detail and
otherwise with the procedures and practices in effect on the date hereof with
respect to the provision of such financial and other information by TPC and its
subsidiaries to Citigroup (and where appropriate, as presently presented in
financial and other reports delivered to the Board of Directors of Citigroup),
with such changes therein as may be reasonably requested by Citigroup from time
to time, unless changes in such procedures or practices are required in order to
comply with the rules and regulations of the SEC, as applicable.

               (j) Public Information and SEC Reports. TPC and each of its
subsidiaries which files information with the SEC shall deliver to Citigroup (to
the attention of its Co-General Counsel) as soon as the same are substantially
final, drafts of all reports, notices and proxy and information statements to be
sent or made available by TPC or any of its subsidiaries to their security
holders and all regular, periodic and other reports filed under Sections 13, 14
and 15 of the Exchange Act

                                       22
<PAGE>
(including Reports on Forms 10-K, 10-Q and 8-K and Annual Reports to
Shareholders), and all registration statements and prospectuses to be filed by
TPC or any of its subsidiaries with the SEC or any securities exchange pursuant
to the listed company manual (or similar requirements) of such exchange
(collectively, "TPC Public Documents") but in no event later than two Business
Days in the case of any report on Form 8-K, or 10 Business Days in the case of
any other such filing, prior to the filing thereof with the SEC, and, no later
than the date the same are printed, sent or filed, whichever is earliest, final
copies of all TPC Public Documents. Prior to issuance, TPC shall deliver to
Citigroup copies of all press releases and other statements to be made available
by TPC or any of its subsidiaries to the public, including, without limitation,
information concerning material developments in the business, properties,
results of operations, financial condition or prospects of TPC or any of its
subsidiaries. No report, registration, information or proxy statement,
prospectus or other document which refers, or contains information with respect,
to any member of the Citigroup Affiliated Group shall be filed with the SEC or
otherwise made public by TPC or any of its subsidiaries without the prior
written consent of Citigroup with respect to those portions of such document
which contain information with respect to any member of the Citigroup Affiliated
Group, except as may be required by law, rule or regulation (in such cases TPC
shall use its best efforts to notify the relevant member of the Citigroup
Affiliated Group and obtain such member's consent before making such a filing
with the SEC or otherwise making any such information public).

               (k) Budgets and Projections. TPC shall, as promptly as
practicable, deliver to Citigroup copies of annual and other budgets and
financial projections (consistent in terms of format and detail and otherwise
with the procedures in effect on the date hereof) relating to TPC or any of its
subsidiaries and shall provide Citigroup an opportunity to meet with management
of TPC to discuss such budgets and projections.

               (l) Other Information. With reasonable promptness, TPC shall
deliver to Citigroup such additional financial and other information and data
with respect to TPC and its subsidiaries and their business, properties,
financial position, results of operations and prospects as from time to time may
be reasonably requested by Citigroup. Citigroup shall have the right to request
financial information of the type covered in Sections 6.1(c) - (g) inclusive, on
a more expedited time frame upon no less than five Business Days prior written
notice. Such requests will be made only to the extent such information is
applicable to one or more members of the Citigroup Affiliated Group.

               (m) Earnings Releases. Citigroup agrees that, unless required by
law, rule or regulation or unless TPC shall have consented thereto, no member of
the Citigroup Affiliated Group will publicly release any quarterly, annual or
other

                                       23
<PAGE>
financial information of TPC or any of its subsidiaries ("TPC Information")
delivered to Citigroup pursuant to this Section 6.1 prior to the time that
Citigroup publicly releases financial information of Citigroup for the relevant
period. TPC and Citigroup will consult on the timing of their annual and
quarterly earnings releases and will give each other an opportunity to review
the information therein relating to TPC and its subsidiaries and to comment
thereon. In the event that any member of the Citigroup Affiliated Group is
required by law to publicly release such TPC Information prior to the public
release of Citigroup' financial information, Citigroup will give TPC notice of
such release of TPC Information as soon as practicable but no later than two
days prior to such release of TPC Information.

               (n) Citigroup Affiliated Group Public Filings. Each of Citigroup
and TPC shall cooperate fully with each other to the extent reasonably requested
by the other in the preparation of any of their respective public earnings
releases, quarterly reports on Form 10-Q, Annual Reports to Shareholders, Annual
Reports on Form 10-K, any Current Reports on Form 8-K and any other proxy,
information and registration statements, reports, notices, prospectuses and any
other filings made by them or any of their respective subsidiaries with the SEC,
any national securities exchange or otherwise made publicly available
(collectively, "Public Filings"). Each of Citigroup and TPC agree to provide to
each other all information that the other reasonably requests in connection with
any such Public Filings or that, in the judgment of their respective General
Counsels, is required to be disclosed therein under any law, rule or regulation.
Such information shall be provided by Citigroup or TPC, as the case may be, in a
timely manner to enable TPC or Citigroup, as the case may be, to prepare, print
and release such Public Filings on such date as Citigroup or TPC, as the case
may be, shall determine. If and to the extent requested by Citigroup or TPC, the
other party shall diligently review all drafts of such Public Filings and
prepare in a diligent and timely fashion any portion of such Public Filing
pertaining to such other party or its subsidiaries. Prior to any printing or
public release of any Public Filing, an appropriate executive officer of
Citigroup or TPC, as the case may be, shall, if requested by the other party,
certify that the information relating to Citigroup or TPC, as the case may be,
in such Public Filing is accurate, true and correct in all material respects.
Unless required by law, rule or regulation, Citigroup or TPC, as the case may
be, shall not publicly release any financial or other information which
conflicts with the information with respect to the other party that is included
in any Public Filing without the prior consent of TPC or Citigroup, as the case
may be.

               (o) Subject to the requirements of all applicable laws, rules and
regulations, (i) if TPC is to submit to a vote of its stockholders the election,
approval or ratification of the selection of its firm of independent certified
public accountants pursuant to Schedule 14A under the Exchange Act, TPC shall so
submit to such a vote such accounting firm as is designated by Citigroup and
(ii) if TPC

                                       24
<PAGE>
does not so submit a firm of accountants to such a vote, TPC shall cause its
independent certified public accountants to be such accounting firm as is
designated, from time to time, by Citigroup.

         Section 6.2 Citigroup Annual Statements. In connection with any
Citigroup Affiliated Group member's preparation of its audited annual financial
statements and its Annual Reports to Shareholders (collectively the "Citigroup
Annual Statements"), during any period in which the members of the Citigroup
Affiliated Group own, in the aggregate, (excluding for such purposes shares of
Common Stock owned by Citigroup but not for its own account, including (in such
exclusion) beneficial ownership which arises by virtue of some entity that is an
affiliate of Citigroup being a sponsor or advisor of a mutual or similar fund
that beneficially owns shares of Common Stock) shares entitled to twenty percent
(20%) or more of the votes entitled to be cast by the then outstanding Common
Stock, (or such lesser percentage during any time that any member of the
Citigroup Affiliated Group is required, in accordance with GAAP, to account for
its investment in TPC on a consolidated basis or under the equity method of
accounting), TPC agrees as follows:

               (a) Coordination of Auditors' Opinions. TPC will use its best
efforts to enable its independent certified public accountants (the "TPC
Auditors") to complete their audit such that they will date their opinion on
TPC's audited annual financial statements (the "TPC Annual Financial
Statements") on the same date that Citigroup independent certified public
accountants (the "Citigroup Auditors") date their opinion on the Citigroup
Annual Statements, and to enable Citigroup to meet its timetable for the
printing, filing and public dissemination of the Citigroup Annual Statements.

               (b) Cooperation. Each of Citigroup and TPC will provide to the
other party on a timely basis all information that such other party or any of
its subsidiaries reasonably requires to meet its schedule for the preparation,
printing, filing, and public dissemination of its annual and quarterly statutory
statements, its audited annual financial statements, its Annual Reports to
Shareholders, its annual, quarterly and current reports under the Exchange Act,
and any of its registration statements, prospectuses and other filings made with
the SEC (collectively, the "Filings"). In this respect, Citigroup or TPC, as the
case may be, will provide all required financial information with respect to it
and its consolidated subsidiaries to the other party's auditors and management
in a sufficient and reasonable time and in sufficient detail to permit such
auditors to take all steps and perform all review necessary to provide
sufficient assistance to such auditors with respect to information to be
included or contained in the Filings, such assistance to such auditors to be in
conformity with current and past practices.

                                       25

<PAGE>
                  (c) Access to Personnel and Working Papers. TPC will authorize
the TPC Auditors to make available to the Citigroup Auditors both the personnel
who performed or are performing the annual audit of TPC and, consistent with
customary professional practice and courtesy of such auditors with respect to
the furnishing of work papers, work papers related to the annual audit of TPC,
in all cases within a reasonable time after the TPC Auditor's opinion date, so
that the Citigroup Auditors are able to perform the procedures they consider
necessary to take responsibility for the work of the TPC Auditors as it relates
to the Citigroup Auditors' report on the Citigroup Annual Statements, all within
sufficient time to enable Citigroup to meet its timetable for the printing,
filing and public dissemination of the Citigroup Annual Statements.

         Section 6.3 Fifty Percent Threshold. TPC agrees that during any period
in which the members of the Citigroup Affiliated Group beneficially own, in the
aggregate, (excluding for such purposes shares of Common Stock beneficially
owned by Citigroup but not for its own account, including (in such exclusion)
beneficial ownership which arises by virtue of some entity that is an affiliate
of Citigroup being a sponsor or advisor of a mutual or similar fund that
beneficially owns shares of Common Stock) shares entitled to fifty percent (50%)
or more of the votes entitled to be cast by the then outstanding Common Stock
(or in which, notwithstanding such percentage, any member of the Citigroup
Affiliated Group is required, in accordance with GAAP, to consolidate TPC's
financial statements with its financial statements):

                  (a) Internal Auditors. TPC shall provide Citigroup's internal
auditors or other representatives of Citigroup access to TPC's and its
subsidiaries' books and records so that Citigroup may conduct reasonable audits
relating to the financial statements provided by TPC pursuant to Sections
6.1(c)-(h) hereof, inclusive, as well as to the internal accounting controls and
operations of TPC and its subsidiaries.

                  (b) Accounting Estimates and Principles. TPC will give
Citigroup reasonably notice of any proposed significant change in accounting
estimates or material changes in accounting principles from those in effect on
the date hereof, excluding changes that are mandated or required by the SEC, the
Financial Accounting Standards Board or the American Institute of Certified
Public Accountants, that could affect both TPC or Citigroup. In this connection,
TPC will consult with Citigroup and, if requested by Citigroup, TPC will consult
with its independent public accountants with respect thereto. As to material
changes in accounting principles which could affect TPC or Citigroup, TPC will
not make any such changes without Citigroup's prior written consent, excluding
changes that are mandated or required by the SEC, the Financial Accounting
Standards Board or the American Institute of Certified Public Accountants, if
such a change would be

                                       26
<PAGE>
sufficiently material to be required to be disclosed in TPC's financial
statements as filed with the SEC or otherwise publicly disclosed therein. If
Citigroup so requests, TPC will be required to obtain the concurrence of TPC
Auditors as to such material change prior to its implementation.

                  (c) Management Certification. TPC's chief financial or
accounting officer shall submit a quarterly representation in the form
prescribed by Citigroup attesting to the accuracy and completeness of the
financial and accounting records referred to therein in all material respects.

                  (d) Detailed Quarterly Financial Information. As soon as
practicable, and within five Business Days after the end of the first three
fiscal quarters in each fiscal year of TPC, TPC shall deliver to Citigroup (i) a
detailed consolidated balance sheet and consolidated statement of income
consistent with Citigroup's present chart of accounts (with such changes in such
chart of accounts as may be requested by Citigroup from time to time) and (ii)
statistical information necessary for inclusion in any Citigroup Affiliated
Group member's quarterly earnings press release, along with appropriate
supporting documentation.

                  (e) Detailed Annual Financial Information. As soon as
practicable, and within five Business Days after the end of each fiscal year of
TPC, TPC shall deliver to Citigroup (i) a detailed consolidated balance sheet
and consolidated statement of income consistent with Citigroup's present chart
of accounts (with such changes in such chart of accounts as may be requested by
Citigroup from time to time) as of and for the full fiscal year, and (ii)
statistical information necessary for inclusion in any Citigroup Affiliated
Group member's annual earnings press release, along with appropriate supporting
documentation.

                  (f) Accountants' Reports. Promptly, but in no event later than
five Business Days following the receipt thereof, TPC shall deliver to Citigroup
copies of all reports submitted to TPC or any of its subsidiaries by their
independent certified public accountants, including, without limitation, each
report submitted to TPC or any of its subsidiaries concerning its accounting
practices and systems and any comment letter submitted to management in
connection with their annual audit and all responses by management to such
reports and letters.

         Section 6.4 Nine Percent Threshold. TPC agrees that, during any period
in which the members of the Citigroup Affiliated Group beneficially own, in the
aggregate, (excluding for such purposes shares of Common Stock beneficially
owned by Citigroup but not for its own account, including (in such exclusion)
beneficial ownership which arises by virtue of some entity that is an affiliate
of Citigroup being a sponsor or advisor of a mutual or similar fund that
beneficially owns shares of Common Stock) shares entitled to nine percent (9%)
but less than

                                       27
<PAGE>
twenty percent (20%) of the votes entitled to be cast by the then outstanding
Common Stock, TPC shall:

                  (a) furnish to Citigroup as soon as publicly available, copies
of all financial statements, reports, notices and proxy statements sent by TPC
in a general mailing to all its shareholders, of all reports on Forms 10-K, 10-Q
and 8-K, of all final prospectuses filed pursuant to Rule 424 under the
Securities Act; and

                  (b) permit Citigroup to visit and inspect any of the
properties, corporate books, and financial and other records of TPC and its
subsidiaries, and to discuss the affairs, finances and accounts of any such
corporations with the officers of TPC and the TPC Auditors, all at such times
and as often as Citigroup may reasonably request.

         Section 6.5 Attorney Client Privilege. The provision of any information
pursuant to this Article VI shall not be deemed a waiver of any privilege,
including privileges arising under or related to the attorney-client privilege
(a "Privilege"). Following the Trigger Date, neither TPC nor its Subsidiaries
will be required to provide any information pursuant to this Article VI if the
provision of such information would serve as a waiver of any Privilege afforded
such information.

                                  ARTICLE VII

                               REGISTRATION RIGHTS

         Section 7.1 Piggyback Registrations.

                  (a) Right to Piggyback. Whenever TPC proposes to register any
of its Common Stock (or securities convertible into or exchangeable or
exercisable for Common Stock) under the Securities Act for its own account or
the account of any stockholder of TPC (other than the Initial Public Offering of
TPC's Common Stock and the Concurrent Offering contemplated by the IPO S-1,
offerings pursuant to employee benefit plans, or noncash offerings in connection
with a proposed acquisition, exchange offer, recapitalization or similar
transaction) and the registration form to be used may be used for the
registration of Registrable Securities (a "Piggyback Registration"), TPC will
give prompt written notice to Citigroup and to all other holders of Common Stock
having similar registration rights, of its intention to effect such a
registration and, subject to Section 7.1(b) hereof, shall include in such
registration all Registrable Securities with respect to which TPC has received
written request for inclusion therein within 15 days after receipt of TPC's
notice.

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<PAGE>
                  (b) Priority. If a registration pursuant to this Section 7.1
involves an Underwritten Offering and the managing underwriter advises TPC in
good faith that in its opinion the number of securities requested to be included
in such registration exceeds the number which can be sold in such offering
without having an adverse effect on such offering, including the price at which
such securities can be sold, then TPC will be required to include in such
registration the maximum number of shares that such underwriter advises can be
so sold, allocated

                           (i) if such registration was initiated by TPC, (x)
         first, to the securities TPC proposes to sell, (y) second, among the
         shares of Common Stock requested to be included in such registration by
         members of the Citigroup Affiliated Group and any other stockholder of
         TPC owning shares of Common Stock eligible for registration, pro rata,
         on the basis of the number of shares of Common Stock each holder
         requests be included in such registration, and (z) third, among other
         securities, if any, requested and otherwise eligible to be included in
         such registration; and

                           (ii) if such registration was initiated by a security
         holder of TPC, (w) first, among the shares of Common Stock requested to
         be included in such registration by such requesting security holder,
         (x) second, among the shares of Common Stock requested to be included
         in such registration by any member of Citigroup Affiliated Group, (y)
         third, among the shares of Common Stock requested to be included in
         such registration by any other stockholder of TPC owning shares of
         Common Stock eligible for such registration, pro rata, on the basis of
         the number of shares of Common Stock each holder requests be included
         in such registration, and (z) fourth, among other securities, if any,
         requested and otherwise eligible to be included in such registration
         (including securities to be sold for the account of TPC).

                  (c) In the case of a registration initialed by TPC, nothing
contained herein shall prohibit TPC from determining, at any time, not to file a
registration statement or, if filed, to withdraw such registration or terminate
or abandon the registration related thereto, without prejudice, however, to the
rights of the members of the Citigroup Affiliated Group to immediately request a
registration pursuant to Section 7.2 hereof.

         Section 7.2 Requested Registrations.

                  (a) Right to Request Registration. At any time after the date
hereof, upon the written request of any member of the Citigroup Affiliated Group

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<PAGE>
requesting that TPC effect the registration under the Securities Act of all or
part of the Registrable Securities (a "Demand Registration"), TPC shall use its
best efforts to effect, as expeditiously as possible, the registration under the
Securities Act of such number of Registrable Securities requested to be so
registered; provided, that TPC shall not be required to file a registration
statement pursuant to this Section 7.2(a), (i) within a period of six months
after the effective date of any other registration statement of TPC requested
hereunder or pursuant to which any member of the Citigroup Affiliated Group
shall have been given an opportunity to participate pursuant to Section 7.1
hereof, (ii) relating to an offering on a delayed or continuous basis pursuant
to Rule 415 (or any successor rule to similar effect) promulgated under the
Securities Act if TPC is not, at the time, eligible to register shares of Common
Stock on Form S-3 (or a successor form), or (iii) with respect to any offering
that is not reasonably expected to yield gross proceeds of at least $60 million;
provided, that in the event that the members of the Citigroup Affiliated Group,
collectively, do not own at the time of such request such amount of Registrable
Securities of the kind and type being so registered that would be reasonably
expected to yield gross proceeds of at least $60 million, then the restriction
contained in clause (iii) of this Section 7.2(a) shall be disregarded with
respect to such registration.

         Promptly after receipt of any such request for Demand Registration, TPC
shall give written notice of such request to all other holders of Common Stock
having rights to have their shares included in such registration and shall,
subject to the provisions of Section 7.2(c) hereof, include in such registration
all such Registrable Securities with respect to which each member of the
Citigroup Affiliated Group or such other stockholder has requested to be so
registered.

                  (b) Effective Registration. A registration requested pursuant
to this Section 7.2 shall not be deemed to have been effected (and, therefore,
not requested for purposes of Section 7.2(a) above) (i) unless the registration
statement relating thereto has become effective under the Securities Act, (ii)
if after it has become effective such registration is interfered with by any
stop order, injunction or other order or requirement of the SEC or other
governmental agency or court for any reason other than a misrepresentation or an
omission by any member of the Citigroup Affiliated Group and, as a result
thereof, the Registrable Securities requested to be registered cannot be
completely distributed in accordance with the plan of distribution, (iii) if the
conditions to closing specified in the purchase agreement or underwriting
agreement entered into in connection with such registration are not satisfied or
waived other than by reason of some act or omission by any member of the
Citigroup Affiliated Group, or (iv) if, pursuant to Section 7.2(c) hereof, less
than all of the Registrable Securities requested be registered were actually
registered.

                                       30
<PAGE>
                  (c) Priority. If a requested registration pursuant to this
Section 7.2 involves an underwritten offering and the managing underwriter shall
advise TPC that in its opinion the number of securities requested to be included
in such registration exceeds the number which can be sold in such offering
without having an adverse effect on such offering, including the price at which
such securities can be sold, then TPC will be required to include in such
registration the maximum number of shares that such underwriter advises can be
so sold, allocated (i) first, to Registrable Securities requested by the members
of the Citigroup Affiliated Group to be included in such registration, (ii)
second, among all shares of Common Stock requested to be included in such
registration by any other stockholder of TPC owning shares of Common Stock
eligible for such registration, pro rata on the basis of the number of shares of
Common Stock requested to be included in such registration and (iii) third,
among other securities, if any, requested and otherwise eligible to be included
in such registration (including securities to be sold for the account of TPC).

                  (d) Preemption of Demand Registration. Notwithstanding the
foregoing, if the Board of Directors of TPC determines in its good faith
judgment, (i) after consultation with a nationally recognized investment banking
firm, that there will be an adverse effect on a then contemplated public
offering of TPC's securities, (ii) that the disclosures that would be required
to be made by TPC in connection with such registration would be materially
harmful to TPC because of transactions then being considered by, or other events
then concerning, TPC, or (iii) that registration at the time would require the
inclusion of pro forma or other information, which requirement TPC is reasonably
unable to comply with, then TPC may defer the filing (but not the preparation)
of the registration statement which is required to effect any registration
pursuant to this Section 7.2 for a reasonable period of time, but not in excess
of 90 calendar days (or any longer period agreed to by the requesting holders of
Registrable Securities); provided, that at all times TPC is in good faith using
all reasonable efforts to file the registration statement as soon as
practicable.

                  (e) Other Registration Rights. TPC shall not grant to any
Person the right, except to employees, directors, agents and consultants of TPC,
to request TPC to register any securities of TPC except such rights as are not
more favorable than the rights granted to the members of the Citigroup
Affiliated Group herein, without the written consent of Citigroup.

         Section 7.3 Registration Procedures. If and whenever TPC is required to
use its best efforts to effect or cause the registration of any Registrable
Securities under the Securities Act as provided in this Agreement, TPC shall:

                  (a) prepare and file with the SEC as expeditiously as possible
but in no event later than 90 days after receipt of a request for registration
with

                                       31
<PAGE>
respect to such Registrable Securities, a registration statement on any form for
which TPC then qualifies or which counsel for TPC shall deem appropriate, which
form shall be available for the sale of the Registrable Securities in accordance
with the intended methods of distribution thereof, and use its best efforts to
cause such registration statement to become effective as soon as practicable;
provided, that before filing with the SEC a registration statement or prospectus
or any amendments or supplements thereto, including any documents incorporated
by reference therein, TPC shall (x) furnish to Citigroup and to one counsel
selected by Citigroup (or by Citigroup and holders of other securities covered
by such registration statement, but in no event to more than one firm of
attorneys for all such selling security holders) copies of all such documents
proposed to be filed, which documents shall be subject to the review of
Citigroup and such counsel, and (y) notify Citigroup of any stop order issued or
threatened by the SEC and take all reasonable actions required to prevent the
entry of such stop order or to remove it if entered;

                  (b) prepare and file with the SEC such amendments and
supplements to such registration statement and the prospectus used in connection
therewith as may be necessary to keep such registration statement effective for
a period of not less than 180 days or such shorter period which shall terminate
when all Registrable Securities covered by such registration statement have been
sold (but not before the expiration of the applicable period referred to in
Section 4(3) of the Securities Act and Rule 174, or any successor thereto,
thereunder, if applicable), and comply with the provisions of the Securities Act
with respect to the disposition of all securities covered by such registration
statement during such period in accordance with the intended methods of
disposition by the sellers thereof set forth in such registration statement;

                  (c) furnish, without charge, to Citigroup and each
underwriter, if any, such number of copies of such registration statement, each
amendment and supplement thereto (including one conformed copy to Citigroup and
one signed copy to each managing underwriter and in each case including all
exhibits thereto), and the prospectus included in such registration statement
(including each preliminary prospectus), in conformity with the requirements of
the Securities Act, and such other documents as Citigroup may reasonably request
in order to facilitate the disposition of the Registrable Securities registered
thereunder;

                  (d) use its best efforts to register or qualify such
Registrable Securities covered by such registration statement under such other
securities or blue sky laws of such jurisdictions as the selling holders, and
the managing underwriter, if any, reasonably requests and do any and all other
acts and things which may be reasonably necessary or advisable to enable the
selling holders and each underwriter, if any, to consummate the disposition in
such jurisdictions of the Registrable Securities registered thereunder;
provided, that TPC shall not be required to (i)

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<PAGE>
qualify generally to do business in any jurisdiction where it would not
otherwise be required to qualify but for this paragraph (d), (ii) subject itself
to taxation in any such jurisdiction or (iii) consent to general service of
process in any such jurisdiction;

                  (e) use its best efforts to cause the Registrable Securities
covered by such registration statement to be registered with or approved by such
insurance regulatory authorities as may be necessary by virtue of the business
and operations of TPC to enable the selling holders to consummate the
disposition of Registrable Securities registered thereunder;

                  (f) immediately notify the managing underwriter, if any,
Citigroup and the selling holders at any time when a prospectus relating thereto
is required to be delivered under the Securities Act, of the happening of any
event which comes to TPC's attention if as a result of such event the prospectus
included in such registration statement contains an untrue statement of a
material fact or omits to state any material fact required to be stated therein
or necessary to make the statements therein not misleading, and TPC shall
promptly prepare and furnish to the selling holders a supplement or amendment to
such prospectus so that as thereafter delivered, such prospectus shall not
contain an untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein
not misleading; provided, however, that if TPC determines in good faith that the
disclosure that would be required to be made by TPC would be materially harmful
to TPC because of transactions then being considered by, or other events then
concerning, TPC, or a supplement or amendment to such prospectus at such time
would require the inclusion of pro forma or other information, which requirement
TPC is reasonably unable to comply with, then TPC may defer, for a reasonable
period of time not to exceed 90 days, furnishing to the selling holders a
supplement or amendment to such prospectus; provided further, that at all times
TPC is in good faith using all reasonable efforts to file such amendment as soon
as practicable;

                  (g) use its best efforts to cause all such securities being
registered to be listed on each securities exchange on which similar securities
issued by TPC are then listed, and enter into such customary agreements
including a listing application and indemnification agreement in customary form,
provided, that the applicable listing requirements are satisfied, and to provide
a transfer agent and registrar for such Registrable Securities covered by such
registration statement no later than the effective date of such registration
statement;

                  (h) make available for inspection by Citigroup and any holder
of securities covered by such registration statement, any underwriter
participating in any distribution pursuant to such registration statement, and
any attorney, accountant or other agent retained by such persons (collectively,
the "Inspectors"), all financial

                                       33
<PAGE>
and other records, pertinent corporate documents and properties of TPC and its
subsidiaries (collectively, "Records"), if any, as shall be reasonably necessary
to enable them to exercise their due diligence responsibilities, and cause TPC's
and its subsidiaries' officers, directors and employees to supply all
information and respond to all inquiries reasonably requested by any such
Inspector in connection with such registration statement. Notwithstanding the
foregoing, TPC shall have no obligation to disclose any Records to the
Inspectors in the event TPC determines that such disclosure is reasonable likely
to have an adverse effect on TPC's ability to assert the existence of an
attorney-client privilege with respect thereto;

                  (i) if requested, use its best efforts to obtain a "cold
comfort" letter from TPC's independent public accountants in customary form and
covering such matters of the type customarily covered by "cold comfort" letters;

                  (j) make available senior management personnel to participate
in, and cause them to cooperate with the underwriters in connection with, "road
show" and other customary marketing activities, including "one-on-one" meetings
with prospective purchasers of the Registrable Securities;

                  (k) otherwise use its best efforts to comply with all
applicable rules and regulations of the SEC, and make available to its security
holders, as soon as reasonably practicable, an earning statement covering a
period of at least 12 months, beginning with the first month after the effective
date of the registration statement (as the term "effective date" is defined in
Rule 158(c) under the Securities Act), which earning statement shall satisfy the
provisions of Section 11(a) of the Securities Act and Rule 158 thereunder; and

                  (l) if requested to do so by the selling holders, use its best
efforts to create a depositary arrangement whereby depositary shares
representing fractional shares of Registrable Securities will be issued and to
cause to be prepared and to execute customary documentation with respect to such
depositary arrangement and such other documentation that the selling holders may
reasonably request in order to facilitate the disposition of the depositary
shares created thereunder (including, but not limited to, engaging a depositary
and preparing and executing a depositary agreement).

         It shall be a condition precedent to the obligation of TPC to take any
action pursuant to this Agreement in respect of the Registrable Securities which
are to be registered at the request of any member of the Citigroup Affiliated
Group shall furnish to TPC such information regarding the securities held by TPC
and the intended method of disposition thereof as TPC shall reasonably request
and as shall be required in connection with the action taken by TPC.

                                       34
<PAGE>
         Section 7.4 Restriction on Disposition of Registrable Securities.
Citigroup agrees that, upon receipt of any notice from TPC of the happening of
any event of the kind described in Section 7.3(f) hereof, Citigroup shall, and
shall cause each member of the Citigroup Affiliated Group to, discontinue
disposition of Registrable Securities pursuant to the registration statement
covering such Registrable Securities until receipt of the copies of the
supplemented or amended prospectus contemplated by Section 7.3(f) hereof, or
until otherwise notified by TPC, and, if so directed by TPC, Citigroup shall,
and shall cause each member of the Citigroup Affiliated Group to, deliver to TPC
(at TPC's expense) all copies (including, without limitation, any and all
drafts), other than permanent file copies, then in their possession, of the
prospectus covering such Registrable Securities at the time of receipt of such
notice. In the event TPC shall give any such notice, the 180-day period
mentioned in Section 7.3(b) hereof shall be extended by the greater of (x) three
months or (y) the number of days during the period from and including the date
of the giving of such notice pursuant to Section 7.3(f) hereof to and including
the date when the selling holders shall have received the copies of the
supplemented or amended prospectus contemplated by Section 7.3(f) hereof.

         Section 7.5 Selection of Underwriters. If any offering pursuant to a
registration requested pursuant to Section 7.2 hereof is to be an Underwritten
Offering, Citigroup shall have the right to select a managing underwriter or
underwriters to administer the offering, which may be Salomon Smith Barney Inc.

         Section 7.6 Registration Expenses. TPC shall pay for all costs and
expenses with respect to its compliance with its obligations in connection with
a registration hereunder, including, but not limited to: (i) all registration
and filing fees, (ii) fees and expenses of compliance with securities or blue
sky laws (including reasonable fees and disbursements of counsel in connection
with blue sky qualifications of the Registrable Securities), (iii) printing
expenses, (iv) internal expenses (including without limitation, all salaries and
expenses of its officers and employees performing legal or accounting duties),
(v) the fees and expenses incurred in connection with the listing of the
Registrable Securities on any national securities exchange or interdealer
quotation system, (vi) the reasonable fees and disbursements of counsel for TPC
and customary fees and expenses for independent certified public accountants
retained by TPC (including the expenses of any comfort letters or costs
associated with the delivery by independent certified public accountants of a
comfort letter or comfort letters), (vii) the reasonable fees and disbursements
of not more than one firm of attorneys acting as legal counsel for all of the
selling stockholders, collectively, (viii) the fees and expenses of any
registrar and transfer agent or any depositary, (ix) the underwriting fees,
discounts and commissions applicable to any Common Stock sold for the account of
TPC and (x) the cost of preparing all documentation in connection therewith.
Except as otherwise provided in clause (ix) of this Section 7.6, TPC shall have
no obligation to pay any underwriting fees,

                                       35
<PAGE>
discounts, commissions or expenses attributable to the sale of Registrable
Securities, including, without limitation, the fees and expenses of any
underwriters and such underwriters' counsel.

         Section 7.7 Conversion of Other Securities. If any holder of
Registrable Securities offers any options, rights, warrants or other securities
issued by it or any other person that are offered with, convertible into or
exercisable or exchangeable for any Registrable Securities (including the
Convertible Notes or similar securities), the Registrable Securities underlying
such options, rights, warrants or other securities shall be eligible for
registration pursuant to Sections 7.1 and 7.2 hereof.

         Section 7.8 Rule 144. If and for so long as TPC is subject to the
reporting requirements of the Exchange Act, TPC shall take such measures and
file such information, documents and reports as shall be required by the SEC as
a condition to the availability of Rule 144 (or any successor provision) under
the Securities Act.

         Section 7.9 Transfer of Registration Rights.

                  (a) Any member of the Citigroup Affiliated Group may transfer
all or any portion of its rights under this Article VII and Article VIII hereof
to any transferee (each, a "transferee") of Registrable Securities. Any transfer
of registration rights pursuant to this Section 7.9 shall be effective upon
receipt by TPC of written notice from such member of the Citigroup Affiliated
Group stating the name and address of any transferee and identifying the amount
of Registrable Securities with respect to which the rights under this Article
VII (and Article VIII hereof) are being transferred and the nature of the rights
so transferred. In connection with any such transfer, the term "Citigroup" or
"member of the Citigroup Affiliated Group" as used in this Agreement shall,
where appropriate to assign such rights and obligations to such transferee, be
deemed to refer to the transferee holder of such Registrable Securities. Any
member of the Citigroup Affiliated Group and such transferees may exercise the
registration rights hereunder in such proportion as they shall agree among
themselves.

                  (b) After such transfer, each member of the Citigroup
Affiliated Group shall retain its rights under this Agreement with respect to
all other Registrable Securities owned by such member of the Citigroup
Affiliated Group.

                  (c) Upon the request of any member of the Citigroup Affiliated
Group, TPC shall execute a Registration Rights Agreement with such transferee or
a proposed transferee substantially similar to the applicable sections of this
Agreement.

                                       36
<PAGE>
                                  ARTICLE VIII

               BUSINESS AND REGISTRATION STATEMENT INDEMNIFICATION

         Section 8.1 General Cross Indemnification.

                  (a) Citigroup agrees to indemnify and hold harmless TPC and
its Subsidiaries and each of the officers, directors, employees and agents of
TPC and its Subsidiaries against any and all costs and expenses arising out of
third party claims (including, without limitation, attorneys' fees, interest,
penalties and costs of investigation or preparation for defense), judgments,
fines, losses, claims, damages, liabilities, demands, assessments and amounts
paid in settlement (collectively, "Losses"), in each case, based on, arising out
of, resulting from or in connection with any claim, action, cause of action,
suit, proceeding or investigation, whether civil, criminal, administrative,
investigative or other (collectively, "Actions"), based on, arising out of,
pertaining to or in connection with (i) any breach by Citigroup of this
Agreement or any other agreement between TPC and its Subsidiaries on the one
hand and any member of the Citigroup Affiliated Group on the other hand, (ii)
the ownership or the operation of the assets or properties (other than capital
stock of TPC and its subsidiaries), and the operation or conduct of the business
of, including contracts entered into by, the members of the Citigroup Affiliated
Group, whether before, on or after the date hereof (all determinations hereunder
to be made after giving effect to the Reorganization), (iii) any claim that the
Citi Marks licensed to and used by TPC and the Designated TPC Sublicensees
within the scope of the Citi License infringe upon a third party's intellectual
property rights, (iv) any use of the TPC Marks by TIC or any member of the
Citigroup Affiliated Group that is in breach of the TPC License and (v) any
untrue statement or alleged untrue statement of a material fact contained in any
Filing of TPC or any Subsidiary of TPC, or any omission or alleged omission to
state therein a material fact required to be stated therein or necessary to make
the statements therein not misleading, but only with respect to financial
information, if any, provided by Citigroup Inc. in writing to TPC or any of its
Subsidiaries expressly for use in such Filing of TPC; provided, that this clause
(v) shall apply only to Citigroup Agency Information (as defined in Section
8.2(a) below) and only to the extent that any member of the Citigroup Affiliated
Group has acted negligently in the preparation thereof.

                  (b) TPC agrees to indemnify and hold harmless each member of
the Citigroup Affiliated Group and each of the officers, directors, employees
and agents of each member of the Citigroup Affiliated Group against any and all
Losses, in each case, based on, arising out of, resulting from or in connection
with any Actions, based on, arising out of, pertaining to or in connection with
(i) any activities, action or inaction on the part of TPC or any of its
Subsidiaries or any of their officers, directors, employees, affiliates acting
as such (other than a member of

                                       37
<PAGE>
the Citigroup Affiliated Group acting as such), fiduciaries or agents, (ii) any
breach by TPC of this Agreement or by TPC or any of its Subsidiaries of any
other agreement between TPC or any of its Subsidiaries on the one hand and any
member of the Citigroup Affiliated Group on the other hand, (iii) the ownership
or the operation of the assets or properties, and the operation or conduct of
the business of, including contracts entered into by, TPC and its Subsidiaries,
whether before, on or after the date hereof (all determinations hereunder to be
made after giving effect to the Reorganization), (iv) any claim that the TPC
Marks licensed to and used by TIC and the Designated TIC Sublicensees within the
scope of the TPC License infringe upon a third party's intellectual property
rights, (v) any use of the Citi Marks by TPC or any of its Subsidiaries that is
in breach of the Citi License, (v) any Keepwell, (vi) any representation,
whether oral or written, to any TPC Employees with respect to the subject matter
set forth in Section 9.8 of this Agreement and (vii) any untrue statement or
alleged untrue statement of a material fact contained in any Filing of any
member of the Citigroup Affiliated Group, or any omission or alleged omission to
state therein a material fact required to be stated therein or necessary to make
the statements therein not misleading, but only with respect to information, if
any, provided by TPC or any of its Subsidiaries in writing to any member of the
Citigroup Affiliated Group expressly for use in such Filing and (x) which is, or
would be required to be, included in any Filing of TPC or any of its
Subsidiaries (but excluding any Citigroup Agency Information to the extent that
a member of the Citigroup Affiliated Group has acted negligently in the
preparation thereof) or (y) constitutes TPC Agency Information (as defined
below); provided, that this clause (vii) shall apply with respect to any TPC
Agency Information only to the extent that TPC or any Subsidiary of TPC has
acted negligently in the preparation thereof. As used herein, "TPC Agency
Information" means information provided to any member of the Citigroup
Affiliated Group by TPC or any of its Subsidiaries which has been prepared and
so provided by TPC or any of its Subsidiaries in its capacity as agent for one
or more members of the Citigroup Affiliated Group.

                  (c) The indemnity agreement contained in Sections 8.1(a) and
(b) shall be applicable whether or not any Action or the facts or transactions
giving rise to such Action arose prior to, on or subsequent to the date of this
Agreement.

         Section 8.2 Registration Statement Indemnification.

                  (a) TPC agrees to indemnify and hold harmless each member of
the Citigroup Affiliated Group, each Person to whom registration rights shall
have been transferred pursuant to Section 7.9 hereof and each person, if any,
who controls any of the foregoing within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act (collectively, the
"Registration Indemnitees") from and against any and all Losses arising out of
or based upon any untrue statement or alleged untrue statement of a material
fact contained in any Registration Statement or

                                       38
<PAGE>
Prospectus, or arising out of or based upon any omission or alleged omission to
state therein a material fact required to be stated therein or necessary to make
the statements therein not misleading, except insofar as such Losses arise out
of or are based upon any untrue statement or omission or alleged untrue
statement or omission which has been made therein or omitted therefrom in
reliance upon and in conformity with (i) information relating to a Registration
Indemnitee furnished in writing to TPC by or on behalf of such Registration
Indemnitee expressly for use in the Registration Statement or Prospectus, (ii)
financial information, if any, provided by a Registration Indemnitee in writing
to TPC expressly for use in the Registration Statement or Prospectus; provided,
that this clause (ii) shall apply only to Registration Indemnitee Agency
Information and only to the extent that such Registration Indemnitee has acted
negligently in the preparation thereof and (iii) information relating to any
underwriter furnished in writing to TPC or any of its Subsidiaries by or on
behalf of such underwriter expressly for use in the Registration Statement or
Prospectus. As used herein, "Registration Indemnitee Agency Information" means
information provided to TPC or any of its Subsidiaries which has been prepared
and so provided by Citigroup Inc. or, as applicable, the relevant transferee
exercising registration rights pursuant to Section 7.9 hereto, in writing to TPC
or any of its Subsidiaries.

                  (b) Each Registration Indemnitee agrees, severally and not
jointly, to indemnify and hold harmless TPC and its Subsidiaries and any of
their respective directors or officers who sign any Registration Statement, and
any person who controls TPC within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act, to the same extent as the foregoing
indemnity from TPC to each Registration Indemnitee, but only with respect to (i)
information relating to such Registration Indemnitee furnished in writing to TPC
by or on behalf of such Registration Indemnitee expressly for use in the
Registration Statement or Prospectus and (ii) financial information, if any,
provided by such Registration Indemnitee in writing to TPC expressly for use in
the Registration Statement or Prospectus; provided, that this clause (ii) shall
apply only to Citigroup Agency Information and only to the extent that such
Registration Indemnitee has acted negligently in the preparation thereof. For
purposes of this Section 8.2(b), any information relating to any underwriter
that is contained in a Registration Statement or Prospectus shall not be deemed
to be information relating to a Registration Indemnitee. If any Action shall be
brought against TPC, any of its directors, any such officer, or any such
controlling person based on any Registration Statement or Prospectus and in
respect of which indemnity may be sought against a Registration Indemnitee
pursuant to this paragraph (b), such Registration Indemnitee shall have the
rights and duties given to TPC by Section 8.4 hereof (except that if TPC shall
have assumed the defense thereof such Registration Indemnitee shall not be
required to do so, but may employ separate counsel therein and participate in
the defense thereof, but the fees and expenses of such counsel shall be at such
Registration

                                       39
<PAGE>
Indemnitee's expense), and TPC, its directors, any such officer, and any such
controlling person shall have the rights and duties given to such Registration
Indemnitee by Section 8.4 hereof.

         Section 8.3 Contribution.

                  (a) If the indemnification provided for in this Article VIII
is unavailable to an indemnified party under Section 8.2 hereof in respect of
any Losses referred to therein, then an indemnifying party, in lieu of
indemnifying such indemnified party, shall contribute to the amount paid or
payable by such indemnified party as a result of such Losses (i) in such
proportion as is appropriate to reflect the relative benefits received by TPC on
the one hand and the applicable Registration Indemnitee on the other hand from
the offering of the securities covered by such Registration Statement and
Prospectus, or (ii) if the allocation provided by clause (i) above is not
permitted by applicable law, in such proportion as is appropriate to reflect not
only the relative benefits referred to in clause (i) above but also the relative
fault of TPC on the one hand and the applicable Registration Indemnitee on the
other in connection with the statements or omissions that resulted in such
Losses, as well as any other relevant equitable considerations. The relative
benefits received by TPC on the one hand and a Registration Indemnitee on the
other shall be deemed to be in the same proportion as the total net proceeds
from the applicable securities offering (before deducting expenses) received by
TPC bear to the total net proceeds from such offering (before deducting
expenses) received by such Registration Indemnitee. The relative fault of TPC on
the one hand and the applicable Registration Indemnitee on the other hand shall
be determined by reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or the omission or alleged omission to state
a material fact relates to information supplied by TPC on the one hand or by
such Registration Indemnitee on the other hand and the parties' relative intent,
knowledge, access to information and opportunity to correct or prevent such
statement or omission.

                  (b) TPC and each Registration Indemnitee agree that it would
not be just and equitable if contribution pursuant to this Section 8.3 were
determined by a pro rata allocation or by any other method of allocation that
does not take account of the equitable considerations referred to in paragraph
(a) above. The amount paid or payable by an indemnified party as a result of the
Losses referred to in paragraph (a) above shall be deemed to include, subject to
the limitations set forth above, any legal or other expenses reasonably incurred
by such indemnified party in connection with investigating any claim or
defending any such Action. Notwithstanding the provisions of this Section 8.3, a
Registration Indemnitee shall not be required to contribute any amount in excess
of the amount by which the proceeds to such Registration Indemnitee exceeds the
amount of any damages which such Registration Indemnitee has otherwise been
required to pay by reason of such

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<PAGE>
untrue or alleged untrue statement or omission or alleged omission. No person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution from any person who was
not guilty of such fraudulent misrepresentation.

         Section 8.4 Procedure. If any Action shall be brought against a
Registration Indemnitee or any other person entitled to indemnification pursuant
to this Article VIII (collectively with the Registration Indemnitees, the
"Indemnitees") in respect of which indemnity may be sought against TPC, such
Indemnitee shall promptly notify TPC, and TPC shall assume the defense thereof,
including the employment of counsel and payment of all fees and expenses. Such
Indemnitee shall have the right to employ separate counsel in any such action,
suit or proceeding and to participate in the defense thereof, but the fees and
expenses of such counsel shall be at the expense of such person unless (i) TPC
has agreed in writing to pay such fees and expenses, (ii) TPC has failed to
assume the defense and employ counsel, or (iii) the named parties to an Action
(including any impleaded parties) include both an Indemnitee and TPC and such
Indemnitee shall have been advised by its counsel that representation of such
indemnified party and TPC by the same counsel would be inappropriate under
applicable standards of professional conduct (whether or not such representation
by the same counsel has been proposed) due to actual or potential differing
interests between them (in which case TPC shall not have the right to assume the
defense of such Action on behalf of such Indemnitee). It is understood, however,
that TPC shall, in connection with any one such Action or separate but
substantially similar or related Actions in the same jurisdiction arising out of
the same general allegations or circumstances, be liable for the reasonable fees
and expenses of only one separate firm of attorneys (in addition to any local
counsel) at any time for all such indemnified persons not having actual or
potential differing interests among themselves, and that all such fees and
expenses shall be reimbursed as they are incurred. TPC shall not be liable for
any settlement of any such Action effected without its written consent, but if
settled with such written consent, or if there be a final judgment for the
plaintiff in any such Action, TPC agrees to indemnify and hold harmless each
Indemnitee, to the extent provided in the preceding paragraph, from and against
any Losses by reason of such settlement or judgment.

         Section 8.5 Other Matters.

                  (a) No indemnifying party shall, without the prior written
consent of the indemnified party, effect any settlement of any pending or
threatened Action in respect of which any indemnified party is or could have
been a party and indemnity could have been sought hereunder by such indemnified
party, unless such settlement includes an unconditional release of such
indemnified party from all liability on claims that are the subject matter of
such Action.

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<PAGE>
                  (b) Any Losses for which an indemnified party is entitled to
indemnification or contribution under this Article VIII shall be paid by the
indemnifying party to the indemnified party as such Losses are incurred. The
indemnity and contribution agreements contained in this Article VIII shall
remain operative and in full force and effect, regardless of (i) any
investigation made by or on behalf of any Indemnitee, TPC, its directors or
officers, or any person controlling TPC, and (ii) any termination of this
Agreement.

                  (c) The parties hereto shall, and shall cause their respective
subsidiaries to, cooperate with each other in a reasonable manner with respect
to access to unprivileged information and similar matters in connection with any
Action. The provisions of this Article VIII are for the benefit of, and are
intended to create third party beneficiary rights in favor of, each of the
indemnified parties referred to herein.

                                   ARTICLE IX

                                OTHER PROVISIONS

         Section 9.1 Keepwell Payments. TPC agrees to reimburse any member of
the Citigroup Affiliated Group who has provided a Keepwell for any and all
amounts paid or payable (including all fees, costs and expenses incurred) by
such member of the Citigroup Affiliated Group in connection with the performance
by such member of its obligations under any Keepwell.

         Section 9.2 Insurance Provided by TPC.

                  (a) TPC shall cause each of its Subsidiaries to continue to
offer and to provide to the members of the Citigroup Affiliated Group the
insurance coverage described in Schedule 9.2(a) hereto, and any other insurance
coverage that members of the Citigroup Affiliated Group may from time to time
reasonably request. TPC shall, and shall cause each of its Subsidiaries to,
offer and provide such insurance coverage on premium and coverage terms that are
consistent with past practices. It is understood that some of the insurance
coverage listed in Schedule 9.2(a) may include the interests of TPC and its
Subsidiaries as insured, which interests shall be governed by and terminated in
accordance with the terms of Section 9.3 hereof. TPC's obligations pursuant to
this Section 9.2 shall terminate as of the Trigger Date; provided, that no such
termination shall have the effect of shortening or terminating the period of
coverage of any such insurance policy then currently in effect, except for
coverage provided under the worker's compensation insurance policy which shall
be non-renewed prior to the Trigger Date; and provided further, that TPC shall,
and shall cause its Subsidiaries to, cooperate with the members of the Citigroup
Affiliated Group after the Trigger Date to find mutually

                                       42
<PAGE>
acceptable arrangements whereby the insurance coverage referred to in this
Section 9.2 shall continue to be made available to the members of the Citigroup
Affiliated Group if they so choose.

         Notwithstanding the foregoing, until the fifth anniversary of the
Trigger Date, TPC shall cause one or more of its Subsidiaries to offer and, upon
Citigroup's acceptance of the offer, provide excess SIPC protection to members
of the Citigroup Affiliated Group; provided, however, if TPC or one of its
Subsidiaries offers to provide excess SIPC protection to members of the
Citigroup Affiliated Group, and the members of the Citigroup Affiliated Group do
not accept such offer, neither TPC nor its Subsidiaries will be required to make
any additional offers to provide such excess SIPC protection in the future. All
such excess SIPC protection shall be so offered and provided on premium and
coverage terms that are consistent with prevailing market rates, terms and
conditions for such coverage, including but not limited to market underwriting
and indemnification commensurate with the financial risk assumed by TAP;
provided, that a TPC Subsidiary continues to write excess SIPC protection. At
least 90 days before any annual expiration date of the excess SIPC protection
TPC may notify Citigroup in writing of a nonrenewal of coverage on the then
effective terms. If no such notice is provided within such time period, TAP
shall offer to renew such excess SIPC protection on the same terms as then in
effect. The notice contemplated by the immediately preceding sentence shall not
be required to be made with respect to any such anniversary date if the excess
SIPC protection referred to therein shall have been terminated by agreement of
the parties prior to such anniversary date.

                  (b) The Citigroup Affiliated Group shall be responsible for
any and all losses against it (and related expenses), including the deductibles
(and self-insured retentions) applicable to the insurance coverage referred to
in Section 9.2(a) hereof. Unless otherwise mutually agreed to in writing,
Citigroup shall have the sole and absolute authority to handle any and all
claims filed under any policy referred to in this Section 9.2, or any insurance
coverage or self-insurance relating to prior periods, by any member of the
Citigroup Affiliated Group, including, without limitation, decisions regarding
the settlement of any or all such claims.

         Section 9.3 Insurance Maintained by Citigroup.

                  (a) Prior to the Trigger Date, Citigroup shall use its best
efforts to (i) continue to obtain and maintain the insurance coverage for itself
and on behalf of TPC and its Subsidiaries described in Schedule 9.3(a) hereto to
the extent that Citigroup obtains and maintains such coverage on a company-wide
basis and for the benefit of the members of the Citigroup Affiliated Group
generally or (ii) assist TPC in finding mutually acceptable arrangements to
replace the insurance coverage referred to in this Section 9.3. To the extent
that such insurance coverage are so

                                       43
<PAGE>
obtained and maintained, Citigroup shall use its reasonable best efforts to
obtain and maintain such insurance coverage on payment terms consistent with the
past cost allocation practices of the members of the Citigroup Affiliated Group
and on such other terms as are consistent with past practices. Citigroup's
obligations pursuant to this Section 9.3 shall terminate as of the Trigger Date;
provided, however, that as of and after the Trigger Date Citigroup shall use its
best efforts to continue to obtain and maintain the insurance coverage on behalf
of TPC and its Subsidiaries described on Schedule 9.3(a) hereto with respect to
occurrences pre-dating the Trigger Date on payment terms in accordance with such
allocation practices and other terms as are determined by Citigroup in its
reasonable discretion, for a term continuing until the sixth anniversary of the
Trigger Date.

                  (b) TPC and its Subsidiaries shall be responsible for any and
all losses and related expenses against them, including, but not limited to, the
deductibles (and self-insured retentions), defense costs and expenses,
retrospective premium adjustments, workers' compensation self-insurance
assessments, surety bonds, Risk Management Information System charges, Loss
Prevention Engineering charges, Corporate Insurance Department cost allocations,
etc., applicable to the insurance coverage referred to in Section 9.3(a) hereof,
any other insurance coverage that either (i) preceded those listed in Schedule
9.3(a) or (ii) are listed on Schedule 9.3(a). For any given period of coverage
under any insurance policy referred to in Section 9.3(a) hereof for which a
portion of the premiums are paid for (by intercompany cost allocation or
otherwise) by TPC or its Subsidiaries, TPC and its Subsidiaries, collectively,
shall be entitled to make claims in respect of such policy and receive
reimbursements for claims made thereunder. Citigroup shall have the sole and
absolute authority to manage any and all claims filed under any policy referred
to in this Section 9.3 or any insurance coverage or self-insurance relating to
prior periods; provided, however, in the event of a conflict of interest between
Citigroup and TPC, the parties agree to discuss and decide upon a management
process for the settlement of any claims with respect to the insurance coverage
maintained by Citigroup on behalf of TPC and its Subsidiaries described on
Schedule 9.3(a) hereto with respect to occurrences pre-dating the Trigger Date.
Subject to the foregoing proviso, TPC shall have the right to consult with
Citigroup regarding the management and settlement decisions regarding any and
all of its claims provided that all contacts with the insurance company
providing the subject coverage shall be directed exclusively through Citigroup.

         Section 9.4 Aviation Services.

From and after the date hereof, no member of the Citigroup Affiliated Group
shall be obligated to provide to TPC or any of its Subsidiaries use of any
aircraft owned or leased by any member of the Citigroup Affiliated Group or any
aviation services related thereto. To the extent that Citigroup permits such use
by or provides such

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<PAGE>
services to TPC or any of its Subsidiaries, TPC agrees that (i) TPC shall
promptly pay to the member of the Citigroup Affiliated Group that so provides
such aircraft or services an amount equal to all costs, fees and expenses
incurred, directly or indirectly, by such member in connection with providing
such use or services (including, without limitation, allocations of salaries
(including benefits) of personnel, hangar fees, insurance costs, fuel,
maintenance and depreciation, in each case as determined by such member in its
reasonable discretion) and (ii) the continued use of such aircraft and aviation
services by TPC and its Subsidiaries is subject to the continuing consent of
Citigroup, which can be revoked by Citigroup at any time, in whole or in part,
in the sole and absolute discretion of Citigroup. Citigroup shall sell, convey,
transfer, assign and deliver (or cause to be sold, conveyed, transferred,
assigned and delivered) to TPC all of Citigroup's right, title and interest in a
Falcon 2000 executive jet (sn 20. Tail number N389GS), helicopter (sn. 760462
Tail number N387GS) and certain other equipment used or operated at the Bradley
International Airport upon such material terms as have already been separately
agreed to by the parties. The sale and transfer of such aviation related
equipment is expected to occur on or about April 1, 2002.

         Section 9.5 Software

                  (a) Ownership of TPC Proprietary Software. Citigroup
acknowledges and agrees that, as between TPC and/or its Subsidiaries and
Citigroup and/or any other member(s) of the Citigroup Affiliated Group, TPC
and/or its Subsidiaries are the owners of all of the right, title, and interest
in all computer software, whether in source or object code form, that was
developed (x) by employees of TPC and/or its Subsidiaries within the scope of
their employment or (y) by independent contractors who have assigned their
rights to TPC and/or its Subsidiaries pursuant to written agreements
(hereinafter collectively referred to as the "TPC Proprietary Software").
Schedule 9.5(a) sets forth a list of TPC Proprietary Software identified by TPC
as of the date of this Agreement. TPC acknowledges and agrees that to the extent
it identifies additional TPC Proprietary Software after the date of this
Agreement, it shall provide Citigroup with written notice of the existence of
such additional software and shall update Schedule 9.5(a) accordingly. TPC
further acknowledges and agrees that, in the event that it identifies additional
TPC Proprietary Software after the date of this Agreement, Citigroup shall have
at least six (6) months from the date it receives notice from TPC of the
existence of such additional TPC Proprietary Software to amend Schedule 9.5(d)
accordingly to include such additional software.

                  (b) Ownership of Citigroup Proprietary Software. TPC
acknowledges and agrees that, as between Citigroup and/or any other member(s) of
the Citigroup Affiliated Group and TPC and/or its Subsidiaries, Citigroup and/or
such other member(s) of the Citigroup Affiliated Group as may be applicable are
the

                                       45
<PAGE>
owners of all of the right, title, and interest in all computer software,
whether in source or object code form, that was developed (x) by employees of
Citigroup and/or such other member(s) of the Citigroup Affiliated Group as may
be applicable within the scope of their employment or (y) by independent
contractors who have assigned their rights to Citigroup and/or such other
member(s) of the Citigroup Affiliated Group as may be applicable pursuant to
written agreements (hereinafter collectively referred to as the "Citigroup
Proprietary Software"). Schedule 9.5(b) sets forth a complete list of Citigroup
Proprietary Software identified by Citigroup as of the date of this Agreement.
Citigroup acknowledges and agrees that to the extent it identifies additional
Citigroup Proprietary Software after the date of this Agreement, it shall
provide TPC with written notice of the existence of such additional software and
shall update Schedule 9.5(b) accordingly. Citigroup further acknowledges and
agrees that, in the event that it identifies additional Citigroup Proprietary
Software after the date of this Agreement, TPC shall have at least six (6)
months from the date it receives notice from Citigroup of the existence of such
additional Citigroup Proprietary Software to amend Schedule 9.5(e) accordingly
to include such additional software.

                  (c) Ownership of Jointly Developed Proprietary Software.
Citigroup and TPC acknowledge and agree that ownership of all computer software,
whether in source or object code form, developed (i) by (a) employees of
Citigroup and/or such other member(s) of the Citigroup Affiliated Group as may
be applicable within the scope of their employment and (b) by employees of TPC
and/or its Subsidiaries within the scope of their employment, or (ii) by
independent contractors who have assigned their rights to TPC and/or its
subsidiaries and Citigroup and/or such other member(s) of the Citigroup
Affiliated Group as may be applicable pursuant to written agreements, shall be
joint and several (hereinafter collectively referred to as the "Jointly
Developed Proprietary Software"). Schedule 9.5(c) sets forth a complete list of
Jointly Developed Proprietary Software identified by TPC and Citigroup as of the
date of this Agreement. TPC and Citigroup acknowledge and agree that to the
extent either party identifies additional Jointly Developed Proprietary Software
after the date of this Agreement, it shall provide the other party with written
notice of the existence of such additional software and shall update Schedule
9.5(c) accordingly. Neither Citigroup and/or any other member(s) of the
Citigroup Affiliated Group on the one hand, and TPC and/or its Subsidiaries, on
the other hand, shall (x) have a duty to account to the other for any share of
any profits earned from the use, sale, license or distribution of the Jointly
Developed Proprietary Software or any derivative works created therefrom; or (y)
be limited in any way from seeking copyright or patent protection on the Jointly
Developed Software or any derivative works independently created therefrom,
provided that (a) all expenses associated with such copyright or patent
protection shall accrue to the party seeking such protection, (b) neither
Citigroup and/or any other member(s) of the Citigroup Affiliated Group on the
one hand, and TPC and/or its Subsidiaries, on the other hand,

                                       46
<PAGE>
shall seek patent or copyright protection on Joint Developed Proprietary
software identified by either Citigroup or TPC in writing as sensitive, (c) in
the event a copyright or patent is issued on Jointly Developed Software, the
party receiving such copyright or patent shall, upon the written request of
Citigroup and/or any other member(s) of the Citigroup Affiliated Group on the
one hand, and TPC and/or its Subsidiaries, on the other hand, provide requesting
party a royalty-free, perpetual, worldwide, fully sublicensable and transferable
right and license to such copyright or patent, (d) neither Citigroup and/or any
other member(s) of the Citigroup Affiliated Group on the one hand, and TPC
and/or its Subsidiaries, on the other hand, shall use any such copyright or
patent to prevent the other from using the Jointly Developed Proprietary
Software or any such derivative works, and (e) neither Citigroup and/or any
other member(s) of the Citigroup Affiliated Group on the one hand, and TPC
and/or its Subsidiaries, on the other hand, shall encumber any copyright or
patent in the Jointly Developed Proprietary Software without the prior written
consent of the other, such consent not to be unreasonably withheld or delayed.

                  (d) Grant of License from TPC to TIC. TPC and/or its
applicable Subsidiaries hereby grant to TIC a non-exclusive, perpetual,
irrevocable, sublicensable to any member of the Citigroup Affiliated Group or
any Wholly Owned Subsidiary of a member of the Citigroup Affiliated Group (as
long as it remains a Subsidiary), Worldwide, royalty-free, unlimited license to
use the TPC Proprietary Software specified on Schedule 9.5(d), which such
schedule Citigroup and TPC shall use their reasonable best efforts to finalize
no later than December 31, 2002. Citigroup and TPC acknowledge and agree that
(x) Schedule 9.5(d) shall specify the process by which copies of the listed
software will be copied, as well as the process for and timing of the transfer
of the listed software from TPC and/or its applicable Subsidiaries to TIC, and
(y) that the incremental costs associated with the creation or transfer of any
such copies shall accrue to TIC. Citigroup and TPC further acknowledge and agree
that THE TPC PROPRIETARY SOFTWARE LICENSED PURSUANT TO THIS SECTION 9.5(D) IS
BEING PROVIDED "AS IS." TPC SPECIFICALLY DISCLAIMS ANY AND ALL REPRESENTATIONS
AND WARRANTIES, EXPRESS OR IMPLIED (INCLUDING WITHOUT LIMITATION ANY IMPLIED
WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR
NON-INFRINGEMENT AND IMPLIED WARRANTIES ARISING FROM COURSE OF DEALING OR COURSE
OF PERFORMANCE), REGARDING THE TPC PROPRIETARY SOFTWARE. Notwithstanding
anything in this Section 9.5(d) to the contrary, neither TIC nor the other
members of the Citigroup Affiliated Group or any Wholly Owned Subsidiary of a
member of the Citigroup Affiliated Group shall use the TPC Proprietary Software
specified on Schedule 9.5(d) in connection with the property and casualty
insurance business, provided that, TIC and the other members of the Citigroup
Affiliated Group or any Wholly Owned Subsidiary of a member of the Citigroup
Affiliated Group may use such software in connection with the provision

                                       47
<PAGE>
of services to the Accident Department of The Travelers Insurance Company being
operated on behalf of TPC.

                  (e) Grant of License from Citigroup to TPC. Citigroup and/or
the applicable member(s) of the Citigroup Affiliated Group hereby grant to TPC a
non-exclusive, perpetual, irrevocable, sublicensable to any Wholly Owned
Subsidiary of TPC (as long as it remains a Subsidiary), royalty-free, unlimited
license to use the Citigroup Proprietary Software set forth on Schedule 9.5(e),
which such schedule shall reflect the Citigroup Proprietary Software being used
by TPC as of the Trigger Date, and which Citigroup and TPC shall use their
reasonable best efforts to finalize no later than December 31, 2002. Citigroup
and TPC acknowledge and agree that if the Citigroup and TPC acknowledge and
agree that (x) Schedule 9.5(e) shall specify the process by which copies of the
listed software will be copied, as well as the process for and timing of the
transfer of and the listed software from Citigroup and/or the applicable other
members of the Citigroup Affiliated Group to TPC and/or its applicable
Subsidiaries, and (y) that the incremental costs associated with the creation or
transfer of any such copies shall accrue to TPC and/or its applicable
Subsidiaries. Citigroup and TPC further acknowledge and agree that THE CITIGROUP
PROPRIETARY SOFTWARE LICENSED PURSUANT TO THIS SECTION 9.5(E) IS BEING PROVIDED
"AS IS." CITIGROUP SPECIFICALLY DISCLAIMS ANY AND ALL REPRESENTATIONS AND
WARRANTIES, EXPRESS OR IMPLIED (INCLUDING WITHOUT LIMITATION ANY IMPLIED
WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR
NON-INFRINGEMENT AND IMPLIED WARRANTIES ARISING FROM COURSE OF DEALING OR COURSE
OF PERFORMANCE), REGARDING THE CITIGROUP PROPRIETARY SOFTWARE. Notwithstanding
anything in this Section 9.5(e) to the contrary, the license set forth in this
Section 9.5(e) shall not include a license to use software identified by
Citigroup and/or the applicable member(s) of the Citigroup Affiliated Group as
sensitive.

                  (f) Third Party Software. Citigroup and TPC acknowledge and
agree that, subject to licensor consent, as well as the terms of the applicable
license agreements, Citigroup shall use its reasonable best efforts, and shall
cause any other applicable members of the Citigroup Affiliated Group to use
their reasonable best efforts, to assign to TPC and/or its Subsidiaries all
third-party computer software, whether in source or object code form, licensed
by Citigroup and/or any other member(s) of the Citigroup Affiliated Group but
used exclusively by TPC and/or its Subsidiaries as of the date of this
Agreement. Citigroup and TPC further acknowledge and agree that, subject to
licensor consent, as well as the terms of the applicable license agreements, TPC
shall use its reasonable best efforts, and shall cause any applicable Subsidiary
to use their reasonable best efforts to assign to TIC all third-party computer
software, whether in source or object code form, licensed by TPC and/or its
Subsidiaries but used exclusively by TIC and/or

                                       48
<PAGE>
member(s) of the Citigroup Affiliated Group as of the date of this Agreement.
Citigroup and TPC acknowledge and agree that all licenses to use third-party
software not used exclusively by TPC and/or its Subsidiaries, or a member of the
Citigroup Affiliated Group (hereinafter collectively referred to as "Shared
Third Party Software") shall remain in the name of the licensee as of the date
of this Agreement, and shall, to the extent possible, be partitioned between the
parties using such Shared Third Party Software as of the date of this Agreement,
provided that any such partitioning shall be undertaken only as mutually agreed
by Citigroup and TPC. Citigroup acknowledges and agrees that, if requested by
TPC, Citigroup shall use its reasonable best efforts, and shall cause any other
applicable members of the Citigroup Affiliated Group to use their reasonable
best efforts, to assist TPC and/or its Subsidiaries in obtaining the
independent, non-exclusive right to use Shared Third Party Software licensed in
the name of Citigroup and/or a member of the Citigroup Affiliated Group as of
the date of this Agreement, including, but not limited to partitioning (e.g.,
allocating by number of copies, capacity or like measure) the licenses for such
Shared Third Party Software. TPC acknowledges and agrees that, if requested by
Citigroup, TPC shall use its reasonable best efforts, and shall cause any
applicable Subsidiary to use its reasonable best efforts, to assist TIC and/or
any other member of the Citigroup Affiliated Group in obtaining the independent,
non-exclusive right to use Shared Third Party Software licensed in the name of
TPC and/or its Subsidiaries as of the date of this Agreement, including, but not
limited to partitioning (e.g., allocating by number of copies, capacity or like
measure) the licenses for such Shared Third Party Software. Citigroup and TPC
acknowledge and agree that all arrangements for Shared Third Party Software
shall be subject to licensor consent, as well as the terms of the applicable
license agreement, and that all costs associated with the division of Shared
Third Party Software shall accrue to the party seeking the independent right to
use that software.

                  (g) Data Processing Services. Citigroup and TPC acknowledge
and agree that, until the Trigger Date, those data processing services currently
provided by TPC to TIC and/or other members of the Citigroup Affiliated Group
shall continue to be provided to TIC and/or other members of the Citigroup
Affiliated Group on the same terms and at the same cost as such services are
being provided to TIC and/or other members of the Citigroup Affiliated Group as
of the date of this Agreement. Citigroup and TPC further acknowledge and agree
that, until the Trigger Date, those data processing services currently provided
by Citigroup to TPC and/or its Subsidiaries shall continue to be provided to TPC
and/or its Subsidiaries on the same terms and at the same cost as such services
are being provided to TPC and/or its Subsidiaries as of the date of this
Agreement.

         Section 9.6 Credit Cards. TPC shall use Diners Club as its exclusive
corporate credit card from the date hereof for a period of one year from the
Trigger Date. TPC agrees to reimburse any member of the Citigroup Affiliated

                                       49
<PAGE>
Group for any and all amounts paid by such member (including all fees, costs and
expenses incurred) in connection with any guaranty or similar agreement provided
by such member to Diners Club or any other bank or credit card issuer with
respect to the payment of delinquent or past due credit card accounts of any
current, future or past employee of TPC or of any Subsidiary of TPC.

         Section 9.7 Non-Solicitation; Non-Hire. For a period of two years
following the Initial Public Offering, neither the Citigroup Affiliated Group on
the one hand nor TPC and its Subsidiaries on the other hand will, without the
prior written consent of the other party, either directly or indirectly, on
their own behalf or in the service or on behalf of others, solicit or hire, or
attempt to solicit or hire, any person employed by the other party whose annual
base salary plus cash bonus exceeds $200,000, excluding any equity-based
compensation element of such bonus (the "Restricted Employees"), whether or not
such employee is a full-time or a temporary employee of either the Citigroup
Affiliated Group or TPC and its Subsidiaries (as applicable), and whether or not
such employment is pursuant to written agreement; provided, that the foregoing
will not (i) prevent either party from soliciting or hiring any such person
after the termination of such employee's employment by their respective employer
unless specifically prohibited by such employee's separation agreement, if any,
with a member of the Citigroup Affiliated Group or TPC and its Subsidiaries or
(ii) prohibit either party from placing public advertisements or conducting any
other form of general solicitation which is not specifically targeted towards
the Restricted Employees; provided, further, that a general solicitation
conducted by an employment agency on behalf of one of the parties which
inadvertently contacts a Restricted Employee will not trigger this Section 9.7,
so long as such Restricted Employee is not hired by such party conducting the
general solicitation for employees.

         Section 9.8 Employee Benefits(a) Until the date of the Distribution,
Citigroup shall allow all Continuing Employees to participate in those employee
benefit and retirement plans (other than stock option, restricted stock and
similar equity-based plans) that are at such time maintained by the Citigroup
Affiliated Group and generally available to employees and retirees of the
members of the Citigroup Affiliated Group and TPC, but only to the extent that
the terms of such plans as of such time permit such participation. The Citigroup
Affiliated Group agrees to provide to TPC at least 60 days' prior written notice
of any event (prior to the date of the Distribution) that would cause any
employee benefit plan referenced in the preceding sentence to no longer provide
for participation by Continuing Employees in such plans. TPC agrees to provide
Citigroup at least 60 days' prior written notice of TPC's adoption (prior to the
date of the Distribution) of comparable plans or other events which would cause
TPC to no longer require coverage under the relevant Citigroup Affiliated Group
plans.

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<PAGE>
                  (b) Until the date of the Distribution, Citigroup shall allow
all Continuing Employees to continue to participate in stock option, restricted
stock and similar equity-based plans maintained by Citigroup, but solely with
respect to (i) awards granted to such Continuing Employees prior to the
completion of the Initial Public Offering and (ii) reload options granted
between the completion of the Initial Public Offering and the date of the
Distribution, to the extent that the terms of such plans as of such time permit
such participation. All matters relating to the treatment of taxes with respect
to the plans specified in this Section 9.8(b) shall be governed by the Amended
and Restated Tax Allocation Agreement. The parties hereto agree that, as of the
date of the Distribution, (x) the outstanding awards of Continuing Employees
under Citigroup's various equity incentive plans ("Citigroup Awards"),
including, but not limited to stock options and restricted and deferred stock
awards, shall be cancelled and (y) TPC shall cause such awards to be replaced,
in accordance with the Financial Accounting Standard Board's APB 25
Interpretation No. 44, by awards ("TPC Awards") under TPC's 2002 Stock Incentive
Plan having the same restrictions and vesting conditions (in the case of
restricted or deferred shares of TPC common stock) and the equivalent value and
the same restrictions and vesting conditions (in the case of options) as applied
to the Citigroup Awards immediately prior to the date of the Distribution.

                  (c) Nothing contained in this Section 9.8 shall be construed
to limit the ability of any member of the Citigroup Affiliated Group to amend,
modify or terminate any plan specified in Sections 9.8(a) or (b) hereof,
consistent with the terms of such plan, as determined in such member's sole
discretion; provided that, Citigroup shall provide to TPC at least 60-days'
prior written notice of any such member's intention to take any action which
would result in the termination of any TPC Employee's participation in any such
plan prior to the date of the Distribution.

                  (d) Except as otherwise provided herein, TPC agrees that TPC
shall, no later than the date of the Distribution, establish employee benefit
plans comparable to the benefit plans specified in Section 9.8(a) for the
benefit of the Continuing Employees. As of the date of the Distribution, (i) all
Continuing Employees shall cease to participate in all employee benefit plans
maintained by the Citigroup Affiliated Group, except as otherwise provided
herein, and (ii) the participation of all TPC Employees other than the
Continuing Employees (the "Retained Employees") in the employee benefit plans
maintained by the Citigroup Affiliated Group shall continue in accordance with
the terms and conditions of the applicable employee benefit plans.

                  (e) (i) Following the completion of the Initial Public
Offering, TPC Employees shall continue to participate in the Citigroup Pension
Plan (the "Citigroup Pension Plan") on the same terms and conditions as applied
to such TPC Employees immediately prior to the completion of the Initial Public
Offering.

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<PAGE>
As soon as practicable after, and in any event within 90 days after, and
effective as of, the date of the Distribution, TPC shall establish a defined
benefit pension plan (the "TPC Retirement Plan") (with terms and conditions
substantially comparable in all material respects to the Citigroup Pension Plan
(as applicable to the Continuing Employees)) and a related trust intended to
qualify under Section 401(a) and Section 501(a) of the Code for the benefit of
the Continuing Employees who participated in the Citigroup Pension Plan
immediately prior to the date of the Distribution (the "TPC Retirement Plan
Participants"). Effective as of the date of the Distribution, all TPC Retirement
Plan Participants shall participate in the TPC Retirement Plan and shall no
longer accrue benefits under the Citigroup Pension Plan. Notwithstanding the
generality of the foregoing, TPC shall cause the TPC Retirement Plan to (A)
provide the optional forms of benefit required to be preserved by Section
411(d)(6) of the Code and (B) recognize the service of each Continuing Employee
with the Citigroup Affiliated Group prior to the date of the Distribution.

                           (ii) Subject to applicable legal and fiduciary
         requirements, within 90 days following the date of the Distribution,
         Citigroup shall direct the trustee of the trust under the Citigroup
         Pension Plan ("Citigroup Trust") to transfer from the Citigroup Trust
         to the trustee of the TPC Trust, an amount estimated by the actuary for
         the Citigroup Pension Plan to equal 90% of the Transfer Amount, as
         defined below. The "Transfer Amount" shall mean the Projected Benefit
         Obligation ("PBO"), as defined in Statement of Financial Accounting
         Standards No. 87 - Employers' Accounting for Pensions, for the TPC
         Retirement Plan Participants under the Citigroup Pension Plan as of the
         date of the Distribution, determined in accordance with Schedule 9.8(e)
         hereto, as equitably adjusted to reflect the benefit payments made to
         TPC Retirement Plan Participants between the date of the Distribution
         and the date on which the Transfer Amount is transferred (the "Transfer
         Date"), as determined by the actuary for the Citigroup Pension Plan. As
         soon as practicable following the Transfer Date, Citigroup shall direct
         the trustee of the Citigroup Trust to transfer to the trustee of the
         TPC Trust the excess of the Transfer Amount over the actual amount
         previously transferred, plus interest on such excess at a rate equal to
         the yield on 90-day T-bills as of the Transfer Date compounded daily
         from the Transfer Date. The transfer of assets contemplated by this
         Section 9.8(e) shall be made in kind or in cash or cash equivalents, as
         agreed by Citigroup and TPC. Upon the receipt of the Transfer Amount
         (i) the TPC Retirement Plan shall assume the liabilities of the
         Citigroup Pension Plan for accrued benefits of the TPC Retirement Plan
         Participants, (ii) neither TPC nor any TPC Subsidiaries shall have any
         liability with respect to the Citigroup Pension Plan, (iii) Citigroup
         Affiliated Group shall not have

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<PAGE>
         any liability with respect to the accrued benefits of TPC Retirement
         Plan Participants and (iv) the Citigroup Pension Plan shall retain all
         liabilities for accrued benefits of Citigroup Pension Plan participants
         who are not TPC Retirement Plan Participants.

                           (iii) Notwithstanding anything to the contrary
         contained herein, the Transfer Amount shall not be less than the amount
         certified by the Citigroup actuary as sufficient for purposes of
         Section 414(l) of the Code and the regulations promulgated thereunder,
         and shall be calculated by the Citigroup actuary utilizing the
         assumptions and methods set forth on Schedule 9.8(e) hereto. The
         Transfer Amount shall be determined by the Citigroup actuary and shall
         be reviewed and agreed to as being done in accordance with the
         methodology and assumptions set forth in this Section 9.8(e) and
         Schedule 9.8(e) by an actuary selected by TPC. The Citigroup actuary
         shall provide the actuary selected by TPC with all documentation
         reasonably necessary for TPC to verify the determination of the
         Citigroup actuary.

                  (f) (i) Following the completion of the Initial Public
Offering, TPC Employees shall continue to participate in the Citigroup 401(k)
Plan (the "Citigroup Savings Plan") on the same terms and conditions as applied
to such TPC Employees immediately prior to the completion of the Initial Public
Offering. Not later than the date of the Distribution, TPC shall establish a
qualified defined contribution savings plan (the "TPC Savings Plan") (with terms
and conditions that are substantially comparable in all material respects to the
Citigroup Savings Plan (as applicable to the Continuing Employees)), and a
related trust intended to qualify under Section 401(a) and Section 501(a) of the
Code for the benefit of the Continuing Employees who participated in the
Citigroup Savings Plan immediately prior to the date of the Distribution (the
"TPC Savings Plan Participants"). TPC shall make a recommendation to the
investment committee under the TPC Savings Plan to continue the Citigroup common
stock fund as an investment option under the TPC Savings Plan. All TPC Savings
Plan Participants shall be eligible to participate in the TPC Savings Plan as of
the date of its establishment. Notwithstanding the generality of the foregoing,
TPC shall cause the TPC Savings Plan to (A) provide the optional forms of
benefit required to be preserved by Section 411(d)(6) of the Code and (B)
recognize the service of each Continuing Employee with Citigroup Affiliated
Group prior to the date of the Distribution.

                           (ii) Subject to applicable legal and fiduciary
         requirements, within 90 days following the date of the Distribution,
         Citigroup shall direct the trustee of the Citigroup Savings Plan to
         transfer to the trustee of the TPC Savings Plan the account balances of

                                       53
<PAGE>
         the TPC Savings Plan Participants under the Citigroup Savings Plan as
         of the date of transfer (the "Savings Plan Transfer Amount"). Such
         transfer may be made in kind or in cash or cash equivalents, as agreed
         by Citigroup and TPC (including, without limitation, in shares of
         common stock of Citigroup to the extent of the aggregate number of
         shares credited to the accounts of the TPC Savings Plan Participants).
         TPC shall cause the TPC Savings Plan to allocate the amounts
         transferred among the TPC Savings Plan Participants and to the
         available investment funds in the manner in which such accounts were
         allocated under the Citigroup Savings Plan, unless different investment
         funds are available under the TPC Savings Plan as adopted by TPC. Upon
         the transfer of the Savings Plan Transfer Amount, the TPC Savings Plan
         shall assume all liabilities for all accrued benefits under the
         Citigroup Savings Plan in respect of the TPC Savings Plan Participants,
         and the Citigroup Savings Plan shall be relieved of all liabilities for
         such accrued benefits.

                  (g) Nothing contained in this Section 9.8 shall be construed
to limit the ability of TPC following the date of the Distribution to amend,
modify or terminate any plan adopted by TPC, consistent with the terms of such
plan, as determined in TPC's sole discretion.

                  (h) The rights and obligations of TPC and Citigroup Affiliated
Group in connection with the plans and trusts listed on Schedule 9.8(h) hereto
shall be set forth in the Contribution, Assignment and Assumption Agreement
between Travelers Property Casualty Corp. (formerly known as The Travelers
Insurance Group Inc.) and the Travelers Insurance Company, dated as of March __,
2002, to which Citigroup is a third party beneficiary.

                  (i) TPC and Citigroup shall provide each other with such
records and information, and shall cooperate, as may be necessary or appropriate
to carry out their obligations under this Section 9.8, including but not limited
to, (i) with respect to administration of the TPC Retirement Plan, Citigroup
Pension Plan, TPC Savings Plan and Citigroup Savings Plan and (ii) TPC providing
to Citigroup Schedule 9.8 within 45 days after the date of the Distribution. TPC
and Citigroup shall, in connection with the transfers contemplated by this
Section 9.8, cooperate in making any required filings pursuant to applicable
law. Notwithstanding anything to the contrary contained herein, in the event
that any TPC Retirement Plan Participant or TPC Savings Plan Participant has
retired pursuant to the terms of the Citigroup Pension Plan or Citigroup Savings
Plan, respectively, prior to the date of the Distribution but is subsequently
rehired by TPC following the date of the Distribution, Citigroup and TPC shall
cooperate as necessary to determine the proper

                                       54
<PAGE>
disposition of such participant's accrued benefits, to the extent not previously
distributed.

         Section 9.9 Form S-8. To the extent necessary to enable the
unrestricted transfer of the applicable shares of TPC's common stock, upon
consummation of the Initial Public Offering, TPC shall file and cause to remain
effective a registration statement on Form S-8 (or such other applicable form)
with the Securities Exchange Commission to register the shares of TPC's common
stock that may be acquired by employees of Citigroup pursuant to Citigroup's
employee stock or option plans.

         Section 9.10 Sale of Products to Employees.

                  (a) Until the Trigger Date, Citigroup shall, and shall cause
each other member of the Citigroup Affiliated Group to, offer and provide any
and all products and services, discounted or otherwise (e.g., Citibank credit
cards, Commercial Credit Corporation loans, brokerage services), of any member
of the Citigroup Affiliated Group and any and all products and services,
discounted or otherwise (e.g., discounted prescription eyeglasses), of parties
unaffiliated with Citigroup and TPC, to the employees of TPC and of any
Subsidiary of TPC, in each case to the extent that such products and services
are then generally offered, and on terms substantially similar to those offered,
by such member to the employees of the members of the Citigroup Affiliated
Group.

                  (b) Until the Trigger Date, TPC shall, and shall cause each of
its Subsidiaries to, offer and provide any and all products and services,
discounted or otherwise (e.g., homeowners insurance policies), of TPC and its
Subsidiaries and products and services, discounted or otherwise, of parties
unaffiliated with Citigroup and TPC, to the employees of the members of the
Citigroup Affiliated Group, in each case to the extent that such products and
services are then generally offered, and on terms substantially similar to those
offered, by TPC or any Subsidiary of TPC, as the case may be, to the employees
of TPC or of any Subsidiary of TPC.

         Section 9.11 Volume Purchasing Arrangements. The parties hereto agree
that all arrangements in existence as of the date hereof pursuant to which
Citigroup and TPC purchase discounted products and services (e.g., volume
purchase discounts for computers, telephones, furniture and stationary, and long
distance telephone calling packages) listed in Schedule 9.11 hereto shall, to
the extent permitted by the underlying vendor or supplier contract continue for
their existing term; provided, that for the period of time between the Trigger
Date and the expiration of any such volume purchasing arrangements (i) TPC
indemnifies Citigroup for any Losses arising out of, based on, or in connection
with any with

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such arrangements, (ii) Citigroup maintains the right to terminate TPC's
participation in any such arrangements upon a change of control of TPC and (iii)
the cost associated with such arrangements are properly allocated (upon the
mutual agreement of the parties) between TPC and Citigroup. If such offerings,
provisions or arrangements would result in an increase in the per unit cost of
such products or services to any member of the Citigroup Affiliated Group then
such members' obligations to offer such products or services to TPC and its
Subsidiaries under this Section 9.11 shall terminate, unless TPC reimburses each
such member of the Citigroup Affiliated Group for the aggregate increase in the
cost to such members of such products or services (in addition to TPC's
obligation to pay for the entire cost of the products or services used by TPC
and its Subsidiaries). Following the Trigger Date, TPC and Citigroup will
independently pursue and participate in separate volume purchasing agreements;
provided, however, that Citigroup and TPC may enter into additional joint volume
purchasing arrangements upon the mutual agreement of the parties

         Section 9.12 Business Relationships. The parties hereto agree that all
arrangements in existence as of the date hereof pursuant to which TPC or any of
its Subsidiaries utilize the distribution channels of any member of the
Citigroup Affiliated Group for the distribution of TPC's or its Subsidiaries'
property and casualty insurance products shall continue until the expiration of
the contract, on such payment terms that are consistent with the past cost
allocation practices of the members of the Citigroup Affiliated Group and on
such other terms as are consistent with past practices. During the period of
time between the date hereof and the Trigger Date, Citigroup and TPC agree to
review and discuss mutually acceptable arrangements for the distribution of
TPC's property and casualty insurance products through the distribution channels
of the Citigroup Affiliated Group and the sale of Citigroup Affiliated Group
products and services through the distribution channels of TPC and its
Subsidiaries, except as provided in Section 9.22 hereto. Following the Trigger
Date, all exclusive distribution arrangements between Citigroup and TPC will be
terminated unless specifically agreed otherwise.

         Section 9.13 Services Provided Prior to Trigger Date. Until the Trigger
Date and only to the extent not otherwise provided for in the Service Expense
Reimbursement Agreement and the Expense Allocation Agreement (i) Citigroup may,
or may cause another member of the Citigroup Affiliated Group to, continue to
provide to TPC and any Subsidiary of TPC and (ii) TPC may, or may cause one or
more of its Subsidiaries to, continue to provide to the members of the Citigroup
Affiliated Group, any and all administrative and other services (unless
otherwise specifically agreed by the parties) which have been, consistent with
past practices, provided by any member of the Citigroup Affiliated Group to any
Subsidiary of TPC and vice-versa, as requested by the other party. If such
services are so provided, the entity providing such services shall be reimbursed
by the user of

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<PAGE>
such services for all costs, fees and expenses incurred by such provider,
including reasonable allocations of salaries (including benefits) of personnel
and overhead on a basis that is consistent with the past cost allocation
practices of the members of the Citigroup Affiliated Group; provided, that the
provision of such services shall only be required to the extent that they are
consistent with appropriate standards of business conduct.

         Section 9.14 Transition Services Provided Following Trigger Date. The
parties hereto agree to use their reasonable best efforts to negotiate in good
faith the terms of a transition services agreement, on terms consistent with
this Section 9.14, and including a schedule of services, for the provision of
certain facilities sharing, systems, corporate, administrative and other
existing shared services to be provided by each party following the Trigger
Date. Unless specifically agreed otherwise, the term for the provision of each
service will be one year, except for the provision of data processing services
and related support which will be two years, subject to an extension for another
one-year term upon advance notice from the receiving party, services related to
the Accident Department of TIC operated for the benefit of TPC will be two years
and payroll and human resources services to TPC which will be two years plus the
remaining portion of the calendar year in which such two-year expiration occurs.
The cost for the provision of each such transition service will reflect terms
consistent with the current cost allocation methodology (as may need to be
adjusted based on current standards); provided, any additional costs imposed by
a third party for the provision of a transition service will be allocated to the
party receiving such transition service. The receiving party may terminate the
provision of any transition service upon 60 days advance written notice to the
providing party. The parties further agree to develop, and the providing party
agrees to assist the receiving party (at the receiving party's expense) in
developing, their own internal capabilities in the future in order to reduce
such party's reliance on the other party for the provision of the transition
services following the Trigger Date. Each party will have the right to
reasonable audit rights for the transition services provided by the other party.

         Section 9.15 Philanthropy; Charitable Contributions. Until the Trigger
Date, TPC shall, and shall cause each of its Subsidiaries to, continue to make
contributions to the Citigroup Foundation and other charitable organizations on
a basis that is mutually agreed upon annually by Citigroup and TPC and, to the
extent that any member of the Citigroup Affiliated Group (other than the
Citigroup Foundation to the extent that the same may be deemed to be a member of
the Citigroup Affiliated Group) makes philanthropic and charitable contributions
on behalf of TPC or any Subsidiary of TPC, upon the provision of reasonable
written notice, TPC shall reimburse Citigroup for all such contributions, the
amount of such reimbursement to be determined by Citigroup on a basis that is
consistent with the past cost allocation practices of the members of the
Citigroup Affiliated Group.

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         Section 9.16 Certain Employees of TPC. Until the Trigger Date, TPC
shall use its best efforts to cause the General Counsel of Citigroup or a person
designated by a General Counsel of Citigroup to hold the offices of Assistant
Secretary of TPC and Assistant General Counsel of TPC.

         Section 9.17 Structured Settlements. The parties hereto agree that all
arrangements in existence as of the date hereof related to the purchase of
structured claims settlements by TPC or any of its Subsidiaries from TIC or its
subsidiaries, will continue, on the same economic terms as in existence on the
date hereof, until December 31, 2003. During the calendar year 2004, TPC and any
of its Subsidiaries will utilize TIC or its subsidiaries as its most preferred
provider of such structured settlement claims; provided, TIC or its subsidiaries
maintain competitive ratings and its product are competitively priced.

         Section 9.18 Right of First Offer.

                  (a) TPC Right to Provide Coverage. For a period of two years
following the Trigger Date, TPC shall have a right of first offer to provide
members of the Citigroup Affiliated Group with the types of property casualty
insurance coverage set forth on Schedule 9.18(a) hereto (as set forth on such
Schedule, as the same may be amended from time to time by mutual agreement of
the parties, "TPC Provided P&C Coverage") it does not then provide to members of
the Citigroup Affiliated Group, upon such terms and conditions and at such rates
as prevailing in the market at the time such TPC Provided P&C Coverage is
initiated. During the period set forth in the preceding sentence, not less than
five Business Days prior to entering into an agreement or arrangement with a
party other than TPC for the provision of TPC Provided P&C Coverage, members of
the Citigroup Affiliated Group will present TPC, in writing, with the
opportunity to provide such TPC Provided P&C Coverage. From the date of receipt
of such notice, TPC shall have five Business Days to deliver an offer capable of
being accepted for the provision of such TPC Provided P&C Coverage. If an offer
is delivered by Citigroup within such five Business Day Period, Citigroup may
either accept or reject the offer; provided, however, that if Citigroup rejects
the offer it may not enter an agreement with another party (other than TPC) to
provide such TPC Provided P&C Coverage on substantially the same terms and
conditions and at substantially the same rates (or on less favorable terms or
more expensive rates) as reflected in the offer for the remaining term of this
Section 9.18(a). If no such offer is delivered by TPC within such five Business
Day period, Citigroup shall be free to enter into an agreement with another
carrier for the provision of such TPC Provided P&C Coverage and TPC shall have
no further rights pursuant to this Section 9.18(a) with respect to such TPC
Provided P&C Coverage.

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<PAGE>
                  (b) Citigroup Right to Provide Financial Services. For a
period of two years following the Trigger Date, Citigroup shall have a right of
first offer to provide TPC and its Subsidiaries with any financial services it
does not then provide to TPC and its Subsidiaries, upon such terms and
conditions and at such rates as prevailing in the market at the time such
services are provided. During the period set forth in the preceding sentence,
not less than five Business Days prior to entering into an agreement or
arrangement with a party other than Citigroup for the provision of financial
services, TPC shall, and shall cause its Subsidiaries to, present Citigroup, in
writing, with the opportunity to provide such financial services. From the date
of receipt of such notice, Citigroup shall have five Business Days to deliver an
offer capable of being accepted for the provision of such financial services. If
an offer is delivered by Citigroup within such five Business Day Period, TPC may
either accept or reject the offer; provided, however, that if TPC rejects the
offer it may not enter an agreement with another party (other than Citigroup) to
provide such coverage on substantially the same terms and conditions and at
substantially the same rates (or on less favorable terms or more expensive
rates) as reflected in the offer for the remaining term of this Section 9.18(b).
If no such offer is delivered by Citigroup within such five Business Day period,
TPC shall be free to enter into an agreement with another entity for the
provision of such financial services and Citigroup shall have no further rights
pursuant to this Section 9.18(b) with respect to such financial services.

         Section 9.19 Regulatory Approvals. To the extent that any regulatory or
other approvals shall be necessary to effect and perform any of the provisions
of this Agreement, the parties hereto shall use their best efforts to obtain
such approvals prior to the date upon which not obtaining such approvals would
result in a default of such party's obligations hereunder. If such approvals
have not been obtained by such date, then each party hereto shall not be deemed
to be in default of its obligations hereunder so long as such party is in good
faith diligently using their best efforts to obtain such approvals as soon as
practicable. To the extent that any such regulatory approval is not obtained
within a reasonable period of time after such date, Citigroup and TPC shall in
good faith use their best efforts to find and effect an alternative means to
achieve the same or substantially the same result as that contemplated by such
provision.

         Section 9.20 Charter Provision. TPC covenants to cause each of its
present and future direct and indirect Subsidiaries to take any and all actions
necessary to ensure continued compliance by TPC and its Subsidiaries with its
charter provisions. TPC shall notify Citigroup in writing as soon as possible
after becoming aware of any act or activity taken or proposed to be taken by TPC
or any of its Subsidiaries which resulted or would result in non-compliance with
its charter provisions and shall take or refrain from taking all such actions as
Citigroup shall in

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its sole discretion determine necessary or desirable to prevent or remedy any
such non-compliance.

         Section 9.21 Access to Historical Records.

                  (a) Shared Historical Records. Following the Trigger Date,
Citigroup and TPC will retain the right to access the shared or commingled
historical records, including but not limited to, the books, records, and such
other records, files, information and/or data, or portions thereof (the
"Records"), related to the historical corporate association of TPC and TIC as
stored or maintained in the storage facilities identified on Schedule 9.21(a)
hereto (the "Storage Facilities"). Upon reasonable notice and at each party's
own expense, Citigroup (and its authorized representatives) and TPC (and its
authorized representatives) will be afforded access to the Records at reasonable
times and during normal business hours at the Storage Facilities, and each party
(and its authorized representatives) will be permitted, at its own expense, to
make abstracts from, or copies of, any such Records; provided, however, that
such access does not unreasonably disrupt the normal operations of Citigroup or
TPC, as the case may be. The parties hereto agree to jointly negotiate a
mutually acceptable agreement for the allocation of cost related to the storage
of the Records in the Storage Facilities and, following the Trigger Date, to
keep separate the records related to the independent operation of their
respective business from the Records. Notwithstanding anything in this Agreement
to the contrary, the retention of and access to Records related to the tax
matters of TPC and TIC will be governed exclusively by the Amended and Restated
Tax Allocation Agreement. The provision of any Records shall not be deemed a
waiver of any Privilege and the parties shall use reasonable efforts to maintain
and protect such Privileges with reasonable prior notice and in consultation
with the other parties.

                  (b) Records Stemming from Affiliate Relationship. For a period
of one year following the Trigger Date, subject to an extension of up to five
years upon the demonstration of a legal or regulatory requirement for such
extension by the requesting party, Citigroup and TPC will retain the right to
access such other records which exist resulting from Citigroup's and TPC's
relationship as affiliates. Upon reasonable notice and at each party's own
expense, Citigroup (and its authorized representatives) and TPC (and its
authorized representatives) will be afforded access to such records at
reasonable times and during normal business hours and each party (and its
authorized representatives) will be permitted, at its own expense, to make
abstracts from, or copies of, any such records; provided, access to such records
may be denied if (i) Citigroup or TPC, as the case may be, cannot demonstrate a
legitimate business need, for the one year period following the Trigger Date, or
a legal or regulatory requirement, for the extension period described above, for
such access to the records, (ii) the information contained in the records is
subject to any applicable confidentiality commitment to a third party, (iii) a
bona fide

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competitive reason exists to deny such access, (iv) the records are to be used
for the initiation of, or as part of, a suit or claim against the other party,
(v) such access would serve as a waiver of any Privilege afforded to such
record, and (vi) such access will unreasonably disrupt the normal operations of
Citigroup or TPC, as the case may be.

         Section 9.22 Promotional Agreements. All mutual promotional
arrangements existing on the date hereof shall remain in full force and effect
until the Trigger Date. Following the Trigger Date, additional, mutual
promotional arrangements shall be entered into only upon the mutual agreement of
the parties; provided, however, in 2003 Citigroup shall allocate to TPC fifty
percent (50%) of the number of Masters tickets allocated to TPC by Citigroup in
2002 (subject to a pro rata reduction on the basis of the number of Master
tickets allocated to Citigroup pursuant to its promotion of the Masters
Tournament) at cost reasonably allocable to such tickets as determined by
Citigroup.

         Section 9.23 Joint Internet Marketing. Until the Trigger Date,
Citigroup and TPC agree to review and discuss the applicability of any
arrangements in existence as of the date hereof whereby Citigroup and TPC
jointly market their products and services on the Internet; provided, that such
review and discussion shall at all times take into consideration commercially
reasonable standards relating to such businesses. Following the Trigger Date,
such joint Internet marketing arrangements shall be entered into only upon the
mutual agreement of the parties.

         Section 9.24 Internet Domain Names. Prior to the Trigger Date,
Citigroup shall transfer to TPC, subject to feasibility and TPC's expense, the
"Class B Space" and TPC shall cease to use the "Class C Space," and, as
appropriate, transfer the "Class C Space" to Citigroup.

         Section 9.25 Litigation and Settlement Cooperation. Prior to the
Trigger Date, Citigroup will use its reasonable best efforts to include TPC and
its Subsidiaries in the settlement of any threatened or filed third-party
action, claim or dispute which jointly involves a member of the Citigroup
Affiliated Group and TPC or any of its Subsidiaries ("Third Party Action");
provided, however, that TPC shall be responsible for its share of any such
settlement obligation and any incremental cost (as reasonably determined by
Citigroup) to Citigroup of including TPC in such settlement. The parties agree
to cooperate in the defense and settlement of any Third-Party Action which
primarily relates to matters, actions, events or occurrences taking place prior
to the Trigger Date. In addition, both TPC and Citigroup will use their
reasonable best efforts to make the necessary filings to permit each Party to
defend its own interests in any Third Party Action as of the Trigger Date, or as
soon as practicable thereafter.

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                                   ARTICLE X

                               DISPUTE RESOLUTION

         Section 10.1 Negotiation. (a) In the event of any dispute, controversy
or claim arising out of or relating to this Agreement or the breach, termination
or validity thereof (a "Dispute"), upon the written notice ("Notice") of either
party hereto ("Party"), the Parties shall attempt in good faith to negotiate a
resolution of the Dispute; provided, however, that this Article X shall not
apply to any dispute, controversy or claim arising out of Article III of this
Agreement, for which each Party hereby submits to the exclusive jurisdiction of
the Federal or State Courts in New York, New York (the "New York Courts"). Each
Party unconditionally and irrevocably waives any objections which it may have
now or in the future to the jurisdiction of the New York Courts over such
disputes including, without limitations, objections by reason of lack of
personal jurisdiction, improper venue or inconvenient forum.

                  (b) If the Parties are unable for any reason to resolve a
Dispute within 30 days after the receipt of the Notice, then either Party may
submit the Dispute to arbitration in accordance with Section 10.2 hereof as the
exclusive means to resolve such Dispute.

         Section 10.2 Arbitration.

                  (a) Any Dispute not resolved pursuant to Section 10.1 hereof
shall, at the request of either Party, be finally settled by arbitration
administered by the American Arbitration Association (the "AAA") under its
Commercial Arbitration Rules then in effect (the "Rules") except as modified
herein. The arbitration shall be held in New York, New York.

                  (b) There shall be three arbitrators of whom each Party shall
select one within 15 days of respondent's receipt of claimant's demand for
arbitration. The two party-appointed arbitrators shall select a third arbitrator
to serve as Chair of the tribunal within 15 days of the selection of the second
arbitrator. If any arbitrator has not been appointed within the time limits
specified herein, such appointment shall be made by the AAA in accordance with
the Rules upon the written request of either Party within 15 days of such
request. The hearing shall be held no later than 120 days following the
appointment of the third arbitrator.

                  (c) The arbitral tribunal shall permit prehearing discovery
that is relevant to the subject matter of the Dispute taking into account the
Parties' desire that the arbitration be conducted expeditiously and cost
effectively. All discovery shall be completed within 60 days of the appointment
of the third arbitrator.

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<PAGE>
                  (d) By agreeing to arbitration, the parties do not intend to
deprive a court of its jurisdiction to issue a pre-arbitral injunction,
pre-arbitral attachment, or other order in aid of arbitration proceedings and
the enforcement of any award. Without prejudice to such provisional remedies as
may be available under the jurisdiction of a court, the arbitral tribunal shall
full authority to grant provisional remedies, to direct the parties to request
that any court modify or vacate any temporary or preliminary relief issued by
such court, and to award damages for the failure of any party to respect the
arbitral tribunal's orders to that effect. For the purpose of any provisional
relief contemplated hereunder, the parties hereby submit to the exclusive
jurisdiction of the New York Courts. Each party unconditionally and irrevocably
waives any objections which they may have now or in the future to the
jurisdiction of the New York Courts including without limitation objections by
reason of lack of personal jurisdiction, improper venue, or inconvenient forum.

                  (e) The award shall be in writing, shall state the findings of
fact and conclusions of law on which it is based, shall be final and binding and
shall be the sole and exclusive remedy between the Parties regarding any claims,
counterclaims, issues, or accounting presented to the arbitral tribunal. The
arbitration shall be governed by the United States Arbitration Act, 9 U.S.C.
Section 1-15, and judgment upon any award may be entered in any court having
jurisdiction.

                  (f) The Parties will bear equally all fees, costs,
disbursements and other expenses of the arbitration, and each Party shall be
solely responsible for all fees, costs, disbursements and other expenses
incurred in the preparation and prosecution of their own case; provided that in
the event that a Party fails to comply with the orders or decision of the
arbitral tribunal, then such noncomplying party shall be liable for all costs
and expenses (including, without limitation, attorneys fees) incurred by the
other Party in its effort to obtain either an order to compel, or an enforcement
of an award, from a court of competent jurisdiction.

                  (g) The arbitral tribunal shall be authorized in its
discretion to grant pre-award and post-award interest at commercial rates. The
arbitral tribunal shall have no authority to award punitive damages or any other
damages not measured by the prevailing parties actual damages. The arbitral
tribunal shall have the authority to order specific performance or to issue any
other type of temporary or permanent injunction.

                  (h) All notices by one Party to the other in connection with
the arbitration shall be in accordance with the provisions of Section 10.1
hereof, except that all notices made pursuant to this Article X must be made by
personal delivery or overnight courier. This agreement to arbitrate shall be
binding upon the successors and permitted assigns of each Party. This Agreement
and the rights and obligations

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of the Parties shall remain in full force and effect pending the award in any
arbitration proceeding hereunder.

         Section 10.3 Confidentiality. Except to the extent necessary in
connection with arbitration of any Dispute under this Agreement, a court
challenge to the arbitration contemplated by Section 10.1 hereof or for
enforcement of an arbitral award, information concerning (i) the existence of an
arbitration pursuant to Section 10.1 hereof, (ii) any documentary or other
evidence given by a Party or a witness in the arbitration or (iii) the
arbitration award may not be disclosed by the tribunal administrator, the
arbitrators, any Party or its counsel to any person or entity not connected with
the proceeding unless required by law or by a court or competent regulatory
body, and then only to the extent of disclosing what is legally required. A
Party filing any document arising out of or relating to any arbitration in court
shall seek from the court confidential treatment for all such document.

                                   ARTICLE XI

                                  MISCELLANEOUS

         Section 11.1 Notices. All notices and other communications provided for
hereunder shall be dated and in writing and shall be deemed to have been given
(a) when delivered, if delivered personally, sent by confirmed telecopy or sent
by registered or certified mail, return receipt requested, postage prepaid, (b)
on the next business day if sent by overnight courier and (c) when received if
delivered otherwise. Such notices shall be delivered to the address set forth
below, or to such other address as a party shall have furnished to the other
party in accordance with this Section.

         If to Citigroup or any other member of the Citigroup Affiliated Group,
         to:

                           Citigroup Inc.
                           399 Park Avenue
                           New York, NY 10022
                           Attention: Office of General Counsel
                           Phone: (212) 559-1000
                           Fax: (212) _________________________

         With a copy to:

                           Citigroup Inc.
                           399 Park Avenue
                           New York, NY 10022

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                           Attention: Controller
                                        _______________________
                           Phone: (212) _______________________
                           Fax: (212) _________________________

         With respect to trademark matters, with a copy to:

                           Citigroup Inc.
                           425 Park Avenue
                           New York, New York 10022
                           Attention:  Chief Trademark Counsel
                           Phone: (212) 559-7205
                           Fax: (212) 793-4405

         If to TIC, to:

                           The Travelers Insurance Company
                           ____________________________________
                           ____________________________________
                           Attention: _________________________
                                      Chief Executive Officer
                           Phone: (___)
                           Fax: (___) _______________

         With a copy to:

                           The Travelers Insurance Company.
                           ____________________________________
                           ____________________________________
                           Attention: Office of General Counsel
                           Phone: (___) ______________
                           Fax: (___) ________________

If to TPC, to:

                           Travelers Property Casualty Corp.
                           One Tower Square
                           Hartford, CT 05813
                           Attention:  Office of General Counsel
                           Phone: (860) 277-0111
                           Fax: (860)

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<PAGE>
         Section 11.2 Binding Nature of Agreement. This Agreement shall be
binding upon and inure to the benefit of and be enforceable by the parties
hereto or their successors in interest, except as expressly otherwise provided
herein.

         Section 11.3 Descriptive Headings. The descriptive headings of the
several articles and sections of this Agreement are inserted for reference only
and shall not limit or otherwise affect the meaning hereof.

         Section 11.4 Remedies. Without limiting the rights of each party hereto
to pursue any and all other legal and equitable rights available to such party
for the other parties' failure to perform their obligations under this
Agreement, the parties hereto acknowledge and agree that the remedy at law for
any failure to perform their obligations hereunder would be inadequate and that
each of them, respectively, shall be entitled to specific performance,
injunctive relief or other equitable remedies in the event of any such failure.
Without limiting the generality of the foregoing, TPC acknowledges and agrees
that (a) its covenants and obligations hereunder are special, unique and relate
to matters of extraordinary importance to Travelers, that in the event TPC fails
to perform, observe or discharge any of its obligations under this agreement
Citigroup will be irreparably harmed and that no remedy at law will provide
adequate relief to Citigroup and (b) Citigroup shall be entitled to a temporary
restraining order and temporary and permanent injunctive and other equitable
relief in case of any failure by TPC to perform, observe or discharge any of its
covenants or obligations hereunder and without the necessity of proving actual
damages. The remedies provided herein shall be cumulative and shall not preclude
assertion by any party hereto of any other rights or the seeking of any other
remedies, either legal or equitable, against any other party hereto.

         Section 11.5 Governing Law. This Agreement shall be construed and
enforced in accordance with, and the rights and duties of the parties shall be
governed by, the laws of the State of New York, without regard to the principles
of conflicts of law other than Section 5-1401 of the General Obligations Law of
the State of New York.

         Section 11.6 Counterparts. This Agreement may be executed in one or
more counterparts, each of which shall be deemed an original, but both of which
together shall constitute one and the same instrument.

         Section 11.7 Severability. In the event that any one or more of the
provisions contained herein, or the application thereof in any circumstances, is
held invalid, illegal or unenforceable in any respect for any reason, the
validity, legality and enforceability of any such provision in every other
respect and of the remaining provisions contained herein shall not be in any way
impaired thereby, it being intended that all of the rights and privileges of the
parties hereto shall be enforceable

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<PAGE>
to the fullest extent permitted by law. To the extent that any such provision is
so held to be invalid, illegal or unenforceable, Citigroup and TPC shall in good
faith use their best efforts to find and effect an alternative means to achieve
the same or substantially the same result as that contemplated by such
provision.

         Section 11.8 Confidential Information. All information provided by
either party shall, including information provided pursuant to the 1996
Agreement, except if the purpose for which such information is furnished
pursuant to this Agreement contemplates such disclosure and except for
disclosure to the other members of the Citigroup Affiliated Group by Citigroup,
be kept strictly confidential and, unless otherwise required by law, rule or
regulation, neither party will disclose such information in any manner
whatsoever until such information otherwise becomes generally available to the
public; provided, however, this Section 11.8 shall not apply to information
relating to or disclosed in the IPO S-1 filed in connection with the Initial
Public Offering and Concurrent Offering. Any information furnished to Citigroup
by TPC pursuant to Sections 6.1(h), 6.1(k), 6.1(l), 6.2(c), 6.3 and 6.4(b)
hereof shall be used solely for financial reporting, planning, control and
record keeping purposes of the members of the Citigroup Affiliated Group.

         Section 11.9 Amendment and Modification. Subject to applicable law,
this Agreement may be amended, modified or supplemented only by written
agreement executed by the parties hereto.

         Section 11.10 Entire Agreement. This Agreement, including any schedules
or exhibits annexed hereto, embodies the entire agreement and understanding of
the parties hereto in respect of the transactions contemplated by this
Agreement. There are no restrictions, promises, representations, warranties,
covenants or undertakings, other than those expressly set forth or referred to
herein. This Agreement supersedes all prior agreements and understandings
between the parties with respect to such subject matter, including the 1996
Agreement.

         Section 11.11 No Assignment. Except as otherwise provided for in this
Agreement, neither this Agreement nor any of the rights, interests or
obligations of any party hereto may be assigned by such party without the prior
written consent of the other parties; provided, however, that Citigroup or TIC
may assign all or part of its rights or obligations hereunder to one or more
other members of the Citigroup Affiliated Group without the prior consent of
TPC.

         Section 11.12 Recapitalization, Dilution Adjustments, etc.. In the
event that any capital stock or other securities are issued in respect of, in
exchange for, or in substitution of, any shares of Common Stock by reason of any
reorganization, recapitalization, reclassification, merger, consolidation,
spin-off, partial or complete liquidation, stock dividend, split-up, sale of
assets, distribution to

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<PAGE>
stockholders or combination of the shares of Common Stock then, in each such
case, appropriate adjustments shall be made so as to fairly and equitably
preserve, as far as practicable, the original rights and obligations of the
parties hereto under this Agreement.

         Section 11.13 Other Intercompany Agreements. In connection with the
execution and delivery of this Agreement, the agreements listed on Schedule
11.13 hereto describe all of the agreements between members of the Citigroup
Affiliated Group and TPC and its Subsidiaries in effect as of the date hereof.
Prior to the Trigger Date, the parties hereto agree to review such scheduled
agreements and to cooperate to take such further action as may be necessary for
the termination, alteration or amendment of such agreements in order for such
agreements to be consistent with, and provided for, the implementation of the
transactions contemplated hereby.

         Section 11.14 Further Actions. Each party hereto shall, on notice of
request from any other party hereto, take such further action not specifically
required hereby at the expense of the requesting party, as the requesting party
may reasonably request for the implementation of the transactions contemplated
hereby.

         Section 11.15 Disclosure Schedules. Prior to the execution of this
Agreement, the parties hereto prepared, provided and attached draft disclosures
schedules corresponding to the relevant sections of this Agreement. The parties
hereto agree to supplement and amend such draft disclosure schedules to correct
inaccuracies, omissions or oversights prior to April 30, 2002 in order to
accomplish the objectives of this Agreement.

         Section 11.16 Further Assurances with Respect to Reorganization. At any
time prior to the Trigger Date, each of the parties to this Agreement shall
execute, acknowledge and deliver, or cause to be executed, acknowledged and
delivered all such further conveyances, bills of sale, deeds, endorsements,
assignments, assumptions, releases and other instruments, and shall take such
further actions, as may be otherwise reasonably required to (i) effectively
convey and transfer to, and vest in, TPC and put TPC in possession of any assets
and liabilities or contractual rights and obligations primarily related to the
P&C Business which were not transferred or conveyed pursuant to the Applicable
Restructuring Documents listed on Schedule 1.1(a) hereto and (ii) effectively
convey and transfer to, and vest in, the Citigroup Affiliated Group and put the
Citigroup Affiliated Group in possession of any assets and liabilities or
contractual rights and obligations not primarily related to the P&C Business
which were not transferred or conveyed pursuant to the Applicable Restructuring
Documents listed on Schedule 1.1(a) hereto. In connection with the foregoing,
any conveyance or transfer of contractual rights or obligations without balance
sheet impact or assets and liabilities with

                                       68
<PAGE>
balance sheet impact (x) shall be made with all corresponding contractual rights
and obligations or assets and liabilities, as the case may be, that are
primarily related thereto and (y) the recipient or transferor, as the case may
be, shall pay to the other party, as appropriate, in order to ensure that there
is no balance sheet impact (if any would otherwise would have occurred) after
giving effect to any transfer pursuant to this Section 11.16, cash in an amount
equal to the (1) net book value of any assets or (2) stated value of liabilities
transferred, in each case, net of any corresponding assets and liabilities so
transferred. The parties hereto agree to execute any transaction contemplated in
this Section 11.16 pursuant to a document reasonably satisfactory to both
parties, including a schedule specifically identifying the contractual rights
and obligations or assets and liabilities to be transferred.

         Section 11.17 No Third Party Beneficiaries. Nothing in this Agreement
shall convey any rights upon any person or entity which is not a party or a
permitted assignee of a party to this Agreement.

         Section 11.18 Drafting of Language. Each of Citigroup and TPC agrees
that the drafting of the language contained in this Agreement was a cooperative
effort, that each party was equally responsible for such drafting and that it
would be inequitable for either party to be deemed the "drafter" of any specific
language contained herein pursuant to any judicial doctrine or presumption
relating thereto.

                                       69
<PAGE>
                  IN WITNESS HEREOF, the parties have caused this Intercompany
Agreement to be executed and delivered as of the date first above written.

                                        CITIGROUP INC.

                                        ---------------------------------
                                        Name:
                                        Title:

                                        TRAVELERS PROPERTY CASUALTY CORP.

                                        ---------------------------------
                                        Name:
                                        Title:

                                        THE TRAVELERS INSURANCE COMPANY

                                        ---------------------------------
                                        Name:
                                        Title:

                                       70

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