Document:

Exhibit 4.02

 

 

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

 

Unless this certificate is presented
by an authorized representative of The Euroclear System or Clearstream Banking, société anonyme (each a “Depository”),
to the Company or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the
name of Citivic Nominees Limited or in such other name as is requested by an authorized representative of the Depository (and any
payment is made to Citivic Nominees Limited or to such other entity as is requested by an authorized representative of the Depository),
ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Citivic Nominees Limited, has an interest herein.

 

 

CITIGROUP INC.

6.250% Notes due March 2, 2017

 

	REGISTERED	REGISTERED
	 	 
	 	CUSIP: 172967 GA 3
	 	ISIN: XS0800340597
	 	Common Code: 080034059
	 	 
	No. R-_____-INT	up to NZ$__________

 

CITIGROUP INC., a Delaware corporation
(the “Company”, which term includes any successor Person under the Indenture), for value received, hereby promises
to pay to Citivic Nominees Limited, or registered assigns, the principal sum of up to NZ$__________ (or such other principal sum
as has been most lately endorsed on the Schedule of Exchanges of Interests hereto) on June 29, 2017 and to pay interest thereon
from and including June 29, 2012 or from the most recent Interest Payment Date to which interest has been paid or duly provided
for, semi-annually on June 29 and December 29 of each year, commencing December 29, 2012, at the rate of 6.250% per annum on each
Interest Payment Date until the principal hereof is paid or made available for payment. The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name
this Note is registered at the close of business on the Record Date for such interest, which shall be the June 15 or December 15
(whether or not a Business Day) immediately preceding such Interest Payment Date.

 

 

    	 

    	 

    

 

Any such interest not so punctually
paid or duly provided for will forthwith cease to be payable to the holder on such Record Date and may either be paid to the Person
in whose name this Note is registered at the close of business on a subsequent Record Date, such subsequent Record Date to be not
less than five days prior to the date of payment of such defaulted interest, notice whereof shall be given to holders of Notes
of this series not less than 15 days prior to such subsequent Record Date, or be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the Notes of this series may be listed, and upon such notice
as may be required by such exchange, all as more fully provided in the Indenture.

 

Interest hereon will be calculated
on the basis of the actual number of days elapsed and the actual number of days in the year divided by two.

 

If either an Interest Payment
Date or the Maturity of the Notes falls on a day that is not a Business Day, such Interest Payment Date or Maturity will be the
next succeeding Business Day. If a date for payment of interest or principal on the Notes falls on a day that is not a business
day in the place of payment, such payment will be made on the next succeeding business day in such place of payment as if made
on the date the payment was due. No interest will accrue on any amounts payable for the period from and after the due date for
payment of such principal or interest.

 

For these purposes, “Business
Day” means any day which is a day on which commercial banks settle payments and are open for general business in The City
of New York, London, Auckland and Wellington.

 

Payment of the principal of and
interest on this Note will be made at the office or agency of the Trustee maintained for that purpose in London in New Zealand
dollars.

 

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

 

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

 

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

 

Dated: June 29, 2012

 

	 	 	 	 
	 	 	CITIGROUP INC.
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	By:	
	 	 	Title:  Chief Financial Officer

 

 

ATTEST:

 

By:___________________________

Title: Assistant Secretary

 

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

 

Dated: June 29, 2012

 

 

	 	 	THE BANK OF NEW YORK MELLON,
	 	 	as Trustee
	 	 	 	 
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:
	 	 	 	 
	 	 	 	 
	 	 	-or-	 
	 	 	 	 
	 	 	 	 
	 	 	CITIBANK, N.A., LONDON OFFICE,
	 	 	as Authenticating Agent
	 	 	 	 
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:

 

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This Note is one of a duly authorized
issue of Securities of the Company (the “Notes”), issued and to be issued in one or more series under the Indenture,
dated as of March 15, 1987 (as amended and supplemented to date, the “Indenture”), between the Company and The Bank
of New York Mellon, formerly known as The Bank of New York, as Trustee (the “Trustee”, which term includes any successor
trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement
of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the holders of
the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the series
designated on the face hereof, initially limited in aggregate principal to NZ$500,000,000.

 

So long as the Notes of this series
are in the form of Global Securities only, all Notes of this series will collectively be evidenced (a) by the Global Securities
for this series registered in the name of Cede & Co. and bearing registration number R-0001-DTC-A (the “DTC Global Note”)
and (b) by this Global Note (the "International Global Note"). The DTC Global Note and the International Global Note
will at all times collectively represent the aggregate principal amount of this series outstanding from time to time. If at any
time a portion of the International Global Note is exchanged for an interest in the DTC Global Note, the principal amount of the
DTC Global Note shall be increased by the amount of such portion, and the DTC Global Note shall be endorsed on the Schedule of
Exchanges of Interests thereto to reflect such principal increase, subject to the limitation that in no event may the principal
amount of the DTC Global Note be greater than the equivalent in U.S. dollars of $500,000,000. If at any time a portion of the DTC
Global Note is exchanged for an interest in the International Global Note, the principal amount of the DTC Global Note shall be
decreased by the amount of such portion, and the DTC Global Note shall be endorsed on the Schedule of Exchanges of Interests thereto
to reflect such principal decrease. To ascertain the U.S. dollar equivalent of the principal amount endorsed on the Schedule of
Exchanges of Interests attached to the DTC Global Note, inquiry shall be made of the exchange agent under the Fiscal Agency Agreement,
and the U.S. dollar equivalent quoted by such exchange agent (and the date of such quote) shall be noted on such Schedule of Exchanges
of Interests next to the corresponding New Zealand dollar amount.

 

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

 

The Indenture contains provisions
for defeasance at any time of the entire indebtedness of this Note upon compliance by the Company with certain conditions set forth
in Sections 11.03 and 11.04 thereof, which provisions apply to this Note.

 

The Indenture contains provisions
permitting the Company and the Trustee, without the consent of the holders of the Securities, to establish, among other things,
the form and terms of any series of Securities issuable thereunder by one or more supplemental indentures, and, with the consent
of the holders of not less than 66 2/3% in aggregate principal amount of Securities at the time outstanding which are affected
thereby, to modify the Indenture or any supplemental indenture or the rights of the holders of Securities of such series to be
affected, provided that no such modification will (i) extend the fixed maturity of any Securities, reduce the rate or extend the
time of payment of interest thereon, reduce the principal amount thereof or the premium, if any, thereon, reduce the amount of
the principal of Original Issue Discount Securities payable on any date, change the currency in which Securities are payable, or
impair the right to institute suit for the enforcement of any such payment on or after the maturity thereof, without the consent
of the holder of each Security so affected, or (ii) reduce the aforesaid percentage of Securities of any series the consent of
the holders of which is required for any such modification without the consent of the holders of all Securities of such series
then outstanding, or (iii) modify, without the written consent of the Trustee, the rights, duties or immunities of the Trustee.

 

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

 

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

 

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

 

 

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

 

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

 

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

 

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

 

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

 

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

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

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

 

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

 

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

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

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

 

		(3)	Additional Amounts will not be payable if a payment
on a Note is reduced as a result of any tax, assessment or other governmental charge that is imposed or withheld in whole or in
part by reason of the beneficial owner being or having been any of the following (as such terms are defined in the Internal Revenue
Code of 1986, as amended):

 

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		(a)	personal holding company;

		(b)	foreign personal holding company;

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

		(d)	passive foreign investment company;

		(e)	controlled foreign corporation or

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

 

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

 

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

 

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

 

		(a)	fiduciary;

		(b)	partnership;

		(c)	limited liability company or

		(d)	other fiscally transparent entity

 

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

 

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

 

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

 

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

 

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

 

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

 

		(a)	estate tax;

		(b)	inheritance tax;

		(c)	gift tax;

		(d)	sales tax;

		(e)	excise tax;

		(f)	transfer tax;

		(g)	wealth tax;

		(h)	personal property tax or

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

 

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

 

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

 

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

 

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

 

As used in this Note,
“United States person” means:

 

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

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

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

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

 

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

 

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

 

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

 

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

		(b)	the obligation to pay Additional Amounts arises as
a result of any change in the laws, regulations or rulings of the United States, or an official position regarding the application
or interpretation of such laws, regulations or rulings, which change is announced or becomes effective on or after June 25, 2012
and

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

 

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

 

		(a)	any act is taken by a taxing authority of the United
States on or after June 25, 2012, whether or not such act is taken in relation to the Company or any affiliate, that results in
a substantial probability that the Company will or may be required to pay Additional Amounts as described above;

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

 

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

 

Any redemption of the Notes as set forth
in clauses (1) or (2) above shall be in whole, and not in part, and will be made at a redemption price equal to 100% of the principal
amount of the Notes Outstanding plus accrued interest thereon to the date of redemption. Holders shall be given not less than 30
days nor more than 60 days prior notice by the Trustee of the date fixed for such redemption.

 

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

 

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SCHEDULE OF EXCHANGES OF INTERESTS

 

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

 

 

	 

         

         

        Date of 

        Exchange
	 

        Amount of decrease

        in Principal Amount 

        of this Note
	 

        Amount of increase

        in Principal Amount 

        of this Note
	Principal
    Amount of

    this Note following

    such decrease (or 

    increase)	Signature
    of 

    Authorized

    Officer of 

    Trustee or 

    Fiscal Agent
	 	 	 	 	 
	June 29, 2012 (original issuance)  	 	NZ$__ 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

  

 

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

 

 

    	R-8Exhibit 4.03

 

 

 

 

 

 

 

CITIGROUP INC.

 

And

 

CITIBANK, N.A.

As Fiscal Agent, Registrar, Transfer
Agent and Exchange Agent

 

 

 

 

 

 

 

 

AGENCY AGREEMENT

NZ$500,000,000 6.250% Notes due 2017

 

Dated as of June 29, 2012

 

 

 

 

 

 

 

    	1

    	 

    

 

 

THIS AGREEMENT is made in London as of June 29, 2012, BY

 

		(1)	CITIGROUP INC. (the “Issuer”).

 

		(2)	CITIBANK, N.A. (“Citibank, N.A.”), which shall act as fiscal agent, registrar,
transfer agent and exchange agent (hereinafter referred to in such respective capacities as “Fiscal Agent”, “Registrar”,
“Transfer Agent” or as “Exchange Agent”, which expressions shall include any successor or
successors thereto).

 

WHEREAS pursuant
to the Terms Agreement dated June 25, 2012, that incorporate by reference the underwriting agreement basic provisions dated March
2, 2006 (together, the “Underwriting Agreement”) between the Issuer and the Underwriters named therein, the
Issuer has agreed to issue its NZ$ 500,000,000 6.250% Notes due June 2017 (the “Notes”); and

 

WHEREAS the Issuer
wishes to appoint Citibank, N.A. to act as Fiscal Agent, Registrar, Transfer Agent and Exchange Agent in relation to the Notes
upon the terms and conditions set forth in this Agreement and the Schedules hereto.

 

 

IT IS HEREBY AGREED
as follows:

 

1.           DEFINITIONS, INTERPRETATION

 

The following
terms shall, unless the context otherwise requires, have the respective meanings indicated below:

 

“Agent(s)”
means any of the Fiscal Agent, the Registrar, the Exchange Agent and the Transfer Agent.

 

“Conditions”
means, with respect to a particular Series, the terms and conditions of such Series, as contained in the applicable Global Notes,
in the Prospectus Supplement dated June 25, 2012 to the Prospectus dated May 12, 2011, and the Indenture.

 

“Global
Notes” means, with respect to a particular Series, either one or both of (i) the International Global Note in the form
of Schedule 1 attached hereto and (ii) the DTC Global Notes in the form of Schedule 2 attached hereto (also referred to herein
as the “International Global Note” and the “DTC Global Note”, respectively).

 

“Indenture”
means the Indenture dated as of March 15, 1987, as amended and supplemented to date, between the Issuer and The Bank of New York
Mellon (the “Trustee”).

 

Terms
not defined herein shall have the same meanings as are assigned thereto in the Underwriting Agreement and the Conditions. References
to “NZ$” are to New Zealand Dollars.

    	2

    	 

    
 

 

2.           APPOINTMENTS

 

2.1          The Issuer hereby appoints Citibank,
N.A. to act as Fiscal Agent, Registrar, Transfer Agent and Exchange Agent in respect of the Notes and Global Notes.

 

2.2           Citibank,
N.A. hereby accepts such appointments, and agrees to act in such capacities, solely on the terms and conditions set out in this
Agreement and the Schedules hereto. In particular, the Fiscal Agent agrees to arrange on behalf of and at the request and expense
of the Issuer any publication of notices pursuant to the Conditions.

 

2.3          The obligations of the Agents are
several and not joint.

 

3.            THE NOTES

 

3.1           The Notes shall be represented by permanent Global Notes without interest coupons as specified in the Conditions. Each International
Global Note and DTC Global Note shall be substantially in the forms attached hereto as Schedules 1 and 2, respectively, in each
case with such changes as may be agreed between the Issuer and the Trustee. The Conditions shall be attached to, or endorsed upon,
each Global Note. In the event that individual definitive Notes are issued, the parties shall enter into a supplement to this Agreement
to provide for the matters set forth herein with regard to such definitive Notes.

 

3.2           Each Global Note shall be signed
manually or in facsimile by a duly authorised officer of the Issuer and dated the Issue Date. Each Global Note shall be authenticated
manually by Citibank, N.A., as authenticating agent on behalf of the Trustee, and delivered to (i) in the case of the International
Global Note, Citibank, N.A. as common depositary for Euroclear and Clearstream, and (ii), in the case of the DTC Global Notes,
Citibank, N.A., London office as custodian for The Depository Trust Company, New York (“DTC”).

 

4.           PAYING AGENCY

 

4.1          The Issuer shall remit the funds
necessary for the payment of interest on and principal of the Notes to the Fiscal Agent, in NZ$ in same-day funds, to such account
at the Fiscal Agent in London as the Fiscal Agent may from time to time specify (the “Redemption Account”) by
10:00 am (London time) on the second Business Day immediately prior to the date on which such payment is due.Business Day shall
mean a day on which commercial banks and foreign exchange markets settle payments and are open for general business in each of
London, Auckland, Wellington and New York City.

 

The Issuer hereby authorizes and directs
the Fiscal Agent, from the amounts so paid to it, to make payment of the principal of, and interest on, the Notes on the due date
for payment set forth in the Conditions and this Agreement. The Fiscal Agent shall be entitled to make payments net of any taxes
or other sums required to be withheld or deducted by any applicable law.

 

The Issuer shall confirm to the Fiscal
Agent not later than 10:00 a.m. (London time) on the second Business Day before the relevant date for such payment that it has
issued irrevocable payment instructions for such payment to be made.

 

4.2           If for any reason the Fiscal Agent does not receive unconditionally the full amount payable by the Issuer on the relevant
due date in respect of all the outstanding or maturing Notes, the Fiscal Agent shall as soon as reasonably practicable notify the
Issuer by facsimile. The Fiscal Agent shall not be bound to make any payment of principal or interest in respect of the Notes until
the Fiscal Agent has received to its order the full amount of the monies then due and payable in respect of all outstanding or
maturing Notes, provided, however, that if the Fiscal Agent shall, in its discretion, make any payment of principal or interest
on or after the due date therefor in respect of the Notes prior to its unconditional receipt of the full amount then due and payable
in respect of all outstanding Notes, the Issuer will promptly pay such amount to the Fiscal Agent and will compensate the Fiscal
Agent at a rate equal to the Fiscal Agent’s cost of funding.

 

 

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4.3           Out of the sums paid to the Fiscal Agent in respect of interest and principal on the Notes, the Fiscal Agent will make payment
free of charge to the registered holder of the International Global Note and the DTC Global Note as stipulated in Clause 9 below,
in the amounts specified in the Conditions. The Fiscal Agent shall obtain from the Registrar, and the Registrar shall supply, such
details as are required for the Fiscal Agent to make payment as stated above.

 

4.4
          In respect of the monies paid to it relating to any Note, the Fiscal Agent

 

4.4.1 shall not be entitled
to exercise any lien, right of set-off or similar claim (including without limitation any claim arising from or relating to any
other issue of securities by the Issuer),

4.4.2
shall not be required to account for interest thereon and

4.4.3
money held by it need not be segregated except as may be required by applicable law.

 

Any funds held by the Fiscal Agent are
held as banker and shall not be subject to the UK FSA Client Money Rules

 

5.           DOCUMENTS FOR INSPECTION AND
PUBLICATION OF NOTICES

 

5.1          On behalf and at the request and expense of the Issuer, the Fiscal Agent shall cause to be published any notices required
to be given by the Issuer in accordance with the Conditions.

 

5.2          The
Issuer shall provide to the Fiscal Agent sufficient copies of all documents required by the Conditions to be available for issue
or inspection, and the Fiscal Agent shall make such copies available to Noteholders upon their request.

 

5.3          To the extent practicable, the Issuer shall provide the Fiscal Agent with a copy (prior to publication) of all notices to
be issued in connection with the Notes.

 

6.           CANCELLATION OF THE GLOBAL
NOTES

 

6.1          
Subject to the terms of the Indenture, as soon as practicable upon the Issuer’s request, the Registrar shall take
all measures necessary to cancel any Notes which the Issuer has repurchased or whose maturity has been accelerated pursuant to
the Conditions. The Registrar shall cause any such Notes (i) to the extent represented by the International Global Note, to be
cancelled resulting in a reduction in the aggregate amount of the Notes represented by the International Global Note by the aggregate
amount of Notes so cancelled, and (ii) to the extent represented by the DTC Global Note, to be cancelled in accordance with the
procedures established for that purpose by DTC, resulting in a reduction in the aggregate amount of the Notes represented by the
DTC Global Note by the aggregate amount of the Notes so cancelled.

 

6.2          
On the same day such cancellation is effected, the Registrar shall record such cancellation of Notes on the Register in
such a way that the aggregate principal amount of Notes cancelled at any time together with the aggregate principal amount of Notes
outstanding and represented by the Global Notes shall equal the aggregate principal amount of Notes originally issued by the Issuer.

 

6.3          
The Registrar shall upon request furnish the Issuer with a notice of cancellation signed by an authorized officer of the
Registrar confirming the cancellation of such Notes and the corresponding reduction of the relevant Global Note(s).

 

7.           DUTIES OF THE REGISTRAR

 

7.1          The Registrar shall maintain the
Register in London in accordance with the Conditions. The Register shall show the aggregate amount of Notes represented by each
Global Note at the date of issue and all subsequent transfers and exchanges involving a change in such amounts and the names and
addresses of the registered holders (each a “Payee”). On the first Business Day after the Record Date for any
interest payment on the Notes, the Registrar shall send payment details in respect of the Payees and the NZ$ accounts to which
transfers should be made to the Fiscal Agent.

 

 

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7.2         Transfers or exchanges of Notes
will be made in accordance with the Conditions, the procedures established for this purpose between Euroclear, Clearstream, DTC
and the Registrar, and Euroclear, Clearstream and DTC’s regulations applicable to such transfers or exchanges. Any such transfer
or exchange which results in a change in the aggregate principal amount of Notes held by Euroclear, Clearstream and DTC shall be
notified by Euroclear, Clearstream and DTC to the Registrar. The Registrar shall promptly enter details of the transfer or exchange
in the Register, which entry shall, without further action, cause the aggregate principal amount represented by each Global Note
to be amended accordingly.

 

7.3          The Registrar shall at all reasonable times during office hours make the Register available to the Issuer and the Fiscal
Agent or any person authorised by either of them for inspection and for the taking of copies thereof or extracts therefrom, and
the Registrar shall deliver to such persons such information contained in the Register or relating to the Notes as they may reasonably
request.

 

		8.	DUTIES OF THE TRANSFER AGENT

 

If and to the extent so specified by the
Conditions and in accordance therewith, or if otherwise requested by the Issuer, the Transfer Agent shall make available all relevant
forms of transfer, inform the Registrar of the name and address of the relevant person to be inserted in the Register and carry
out such other acts as may be necessary to give effect to the Conditions and this Agreement.

 

9.            PAYMENTS TO DTC NOTEHOLDERS

 

9.1          All amounts of principal and interest due in respect of the Notes which are represented by the DTC Global Note (each a “DTC
Amount”) shall be paid in U.S. dollars (each such payment being referred to herein as a “U.S. Dollar
Payment”), unless DTC has advised the Fiscal Agent that the relevant Noteholder has made an effective election to receive
all or a portion of its payment in New Zealand Dollars outside DTC (each a “NZ$ Payment”).

 

9.2          The Fiscal Agent shall, from each DTC Amount received by it, make U.S. Dollar Payments in accordance with the Conditions
and NZ$ Payments in accordance with the Conditions.

 

10.         
DUTIES OF EXCHANGE AGENT

 

For the purposes of this Clause
10, a “payment date” shall be each date on which the Issuer is obligated to remit funds to the Fiscal Agent pursuant
to Clause 4.1.

 

The Exchange Agent shall:

 

		(i)	accept NZ$ by remittance to an account maintained by the Exchange Agent of the total amount of
interest or principal due on any payment date on Notes held by Cede & Co. (as nominee of DTC) on the Record Date. The Exchange
Agent shall be advised by DTC if any beneficial holders of the Notes held by Cede & Co. (as nominee of DTC) have elected to
receive payment in NZ$ and, if so, the amount of Notes held by such holders and the accounts to which such payments in NZ$ are
to be wired. On the payment date, the Exchange Agent shall wire payment in the appropriate NZ$ amounts to the accounts indicated.
The remainder on such payment date shall be exchanged by the Exchange Agent pursuant to sub-clause (ii) below into U.S. dollars
and, after deduction of any costs relating to such exchange, shall be paid to Cede & Co. (as nominee of DTC) on the payment
date; and

 

		(ii)	on the London business day preceding the applicable payment date, enter into a contract for the
purchase of U.S. dollars with the Specified Amount of NZ$ for settlement on such payment date. “Specified Amount”
shall mean the aggregate amount of NZ$ payable to all Noteholders holding Notes through participants of DTC that have not elected
to receive payments in NZ$. The amount of U.S. dollars payable in respect of a particular payment under the DTC Global Note will
be equal to the amount of NZ$ otherwise payable exchanged into U.S. dollars at the NZ$/U.S.$ exchange rate obtained on the London
business day prior to the relevant payment date, less any costs incurred by the Exchange Agent for such conversion (such costs
to be shared pro rata among holders under the DTC Global Note accepting U.S. dollar payments in proportion of their respective
holdings). If an exchange rate bid quotation is not so available, the Exchange Agent shall obtain a bid quotation from a leading
foreign exchange bank in London selected by the Exchange Agent after consultation with the Issuer. If no bid quotation is so available,
payment will be made in NZ$ to the account or accounts specified by DTC to the Exchange Agent. In this sub-clause (ii), the term
“London business day” shall mean any day on which commercial banks and foreign exchange markets settle payments in
London.

 

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11.         CONDITIONS
OF APPOINTMENT

 

11.1        The Issuer will
pay to the Agents a remuneration for all services rendered hereunder by the Agents in connection with the Notes together with any
expenses incurred as separately agreed upon by the Agents and the Issuer.

 

11.2         The Issuer will
indemnify and hold harmless each of the Agents against any loss, liability or expense which it may incur or any claim, action or
demand which may be made against it arising out of or in connection with such Agent’s appointment or the exercise of its
powers and duties hereunder without gross negligence or wilful misconduct on the part of such Agent.

 

11.3         Each Agent will
indemnify and hold harmless the Issuer against any loss, liability or expense incurred by the Issuer or any claim, action or demand
which may be made against the Issuer resulting from the gross negligence or wilful misconduct on the part of such Agent (or such
Agent’s officers, employees or agents) and arising out of or in connection with such Agent’s duties hereunder. Notwithstanding
the foregoing, under no circumstances will any Agent be liable to the Issuer or any other person for any consequential loss (being
loss of business, goodwill, opportunity or profit) even if advised to the possibility of such loss or damages.

 

11.4
        The indemnities above shall survive the termination or expiry of this Agreement.

 

11.5         Each of the Agents
shall be protected and shall incur no liability for or in respect of any action taken, omitted or suffered in reliance upon any
instruction or communication from the Issuer or any document reasonably believed by it to be genuine and to have been delivered,
signed or sent by the proper party or parties in accordance with the provisions hereof, except such as may result from its own
gross negligence or wilful misconduct or that of its officers, employees or agents. Each of the Agents shall be entitled to do
refrain from acting under any instruction, without liability, if the instructions received are conflicting, unclear or equivocal.

 

11.6         In acting hereunder
and in connection with the Notes, the Agents do not assume any relationship of agency and trust for the Noteholders, and shall
not have any obligation towards them except that all funds held by the Fiscal Agent for payment of principal of or interest on
the Notes shall be held for payment to the Noteholders and shall be applied as set forth herein and in the Conditions. Except as
otherwise required by applicable law, no Agent will be required to segregate any funds held by it hereunder from any of its other
funds.

 

11.7         Nothing herein shall
be deemed to require any Agent to advance its own funds in the performance of its duties hereunder.

 

11.8        The Agents may consult with legal
and other professional advisers selected in good faith and satisfactory to them and the opinion of such advisers shall be full
and complete protection in respect of any action taken, omitted or suffered hereunder in good faith and without negligence and
in accordance with the opinion of such advisers.

 

11.9         The Agents shall be obliged to perform such duties and only such duties as are herein specifically set forth, and no implied
duties or obligations shall be read into this Agreement against the Agents. No Agent shall be under any obligation to take any
action hereunder which it expects will result in any expense or liability of such Agent, the payment of which within a reasonable
time is not, in its opinion, assured to it. The obligations of the Agents hereunder are several and not joint.

 

11.10      The Agents, their affiliates and
their respective officers and employees, in their individual or any other capacity, may become the owner of, or acquire any interest
in, any Notes with the same rights that the Agents would have it they were not the Agents hereunder.

 

 

    	6

    	 

    

 

12.         CHANGE IN AGENTS

 

12.1        
 Each of the Fiscal Agent, Registrar, Exchange Agent and Transfer Agent in its capacity as such may be removed at any time
by the giving to it of at least 30 days’ written notice to that effect signed on behalf of the Issuer specifying the date
on which such removal shall become effective. Each of the Fiscal Agent, Registrar, Exchange Agent and Transfer Agent may at any
time resign by giving at least 30 days’ written notice (unless the Issuer agrees to accept less notice) to that effect to
the Issuer specifying the date on which such resignation shall become effective. Notwithstanding the foregoing, no such resignation
or removal shall take effect within 30 days before or after any due date for payment of any Notes or before a new Fiscal Agent,
Registrar, Exchange Agent and Transfer Agent, as the case may be, shall have been appointed by the Issuer as hereinafter provided,
and such new Agent shall have accepted such appointment. Any change in any Agent shall be notified by the Issuer to the other Agent(s).

 

12.2        
The Issuer agrees with the Fiscal Agent that if, by the day falling 10 days before the expiry of any notice under Clause
12.1 above, the Issuer has not appointed a replacement Fiscal Agent, then the Fiscal Agent shall be entitled, on behalf of the
Issuer, to appoint in its place any reputable financial institution of good standing and the Issuer shall not unreasonably object
to such appointment.

 

12.3         Upon the effectiveness of the appointment of any successor Fiscal Agent, Registrar, Exchange Agent and Transfer Agent, as
the case may be, pursuant to Clause 12.1, the Fiscal Agent, Registrar, Exchange Agent and Transfer Agent so removed shall cease
to be a Fiscal Agent, Registrar, Exchange Agent and Transfer Agent, as the case may be, hereunder. Prior to the effectiveness of
such appointment, the Fiscal Agent, Registrar, Exchange Agent and Transfer Agent shall hold all moneys deposited with it or held
by it hereunder in respect of the Notes to the order of the respective successor Fiscal Agent, Registrar, Exchange Agent and Transfer
Agent.

 

13.          NOTICES

 

Notices shall be in writing (including
by facsimile) and addressed to the relevant party hereto as follows:

 

		(a)	If to the Issuer:

 

Citigroup Inc.

153 East 53rd Street,
5th floor

New York, New York 10043

Attention: Treasury Department

Telephone: 212-559-3553

Telefax:212-793-5629

 

		(b)	If to the Fiscal Agent, Registrar, Transfer Agent and Exchange Agent:

 

Citibank, N.A.

Citigroup Centre

Canada Square

Canary Wharf

London E14 5LB

Attn: Agency & Trust, Bond
Desk

 

Fiscal Agent Telefax:+353
1 622 2210

Registrar Telefax: +353 1
506 0339

Exchange Agent Telefax:+353
1 247 6348

 

or at any other address of which any of
the foregoing shall have notified the others, and shall be deemed to have been given when received by the relevant party.

 

14.         
 APPLICABLE LAW, PLACE OF JURISDICTION

 

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14.1         This Agreement shall
be subject to New York law.

 

14.2         The non-exclusive
place for all proceedings arising out of this agreement shall be New York.

 

15.   
      MISCELLANEOUS

 

15.1        The Fiscal Agent
agrees to perform its obligations hereunder through its London Branch to the extent that this is necessary or appropriate in order
to make payments to DTC or DTC Participants in accordance with the Conditions.

 

15.2         The Fiscal Agent
shall promptly advise the Issuer of any notice, including any notice declaring Notes due, which it may receive pursuant to the
Conditions.

 

15.3         Should any of the
provisions of this Agreement be or become invalid, in whole or in part, the other provisions of this Agreement shall remain in
force. Invalid provisions shall, according to the intent and purpose of this Agreement, be replaced by such valid provisions which
in their economic effect come as close as legally possible to that of the invalid provisions.

 

15.4         This Agreement may
be signed in counterparts.

 

15.5         Terms not defined
in this Agreement shall have the meanings ascribed to them in the Underwriting Agreement or the Conditions, as the case may be.

 

15.6         If there is any
conflict between the terms of this Agreement and the terms of the Indenture, the terms of the Indenture shall control.

 

16
          WHOLE AGREEMENT

 

		16.1.	This Agreement contains the whole agreement between the Parties relating to the subject matter
of this Agreement at the date of this Agreement to the exclusion of any terms implied by law which may be excluded by contract
and supersedes any previous written or oral agreement between the Parties in relation to the matters dealt with in this Agreement.
	 	 	 

		16.2	Each Party acknowledges that it has not been induced to enter into this Agreement by any representation,
warranty or undertaking not expressly incorporated into it.
	 	 	 

		16.3	So far as is permitted by law and except in the case of fraud, each Party agrees and acknowledges
that its only right and remedy in relation to any representation, warranty or undertaking made or given in connection with this
Agreement shall be for breach of the terms of this Agreement to the exclusion of all other rights and remedies (including those
in tort or arising under statute)
	 	 	 

		16.4	In Clauses 16.1 to 16.3, “this Agreement” includes the fee letter dated the date hereof
and all documents entered into pursuant to this Agreement.”

 

 

[remainder of page intentionally left blank]

 

 

    	8

    	 

    

 

 

This Agreement has been entered into effective
the date stated at the beginning hereof.

 

 

CITIGROUP INC.

 

 

/s/ Martin A. Waters

Assistant Treasurer

 

 

 

CITIBANK, N.A.

 

 

/s/ Stuart Sullivan

Vice President

 

 

    	9

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