Document:

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                                                                    EXHIBIT 4(a)

                                     FORM OF

                        AMENDED AND RESTATED DECLARATION

                                    OF TRUST

                             TARGETS TRUST [XXVIII]

                             DATED AS OF     , 2006

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                                TABLE OF CONTENTS

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

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

                                               ARTICLE II
                                           TRUST INDENTURE ACT

SECTION 2.1     Trust Indenture Act; Application.................................................     7
SECTION 2.2     Lists of Holders of Securities...................................................     8
SECTION 2.3     Reports by the Institutional Trustee.............................................     8
SECTION 2.4     Periodic Reports to Institutional Trustee........................................     8
SECTION 2.5     Evidence of Compliance with Conditions Precedent.................................     8
SECTION 2.6     Acceleration Events; Waiver......................................................     8
SECTION 2.7     Acceleration Event; Notice.......................................................    10

                                               ARTICLE III
                                              ORGANIZATION

SECTION 3.1     Name.............................................................................    10
SECTION 3.2     Office...........................................................................    11
SECTION 3.3     Purpose..........................................................................    11
SECTION 3.4     Authority........................................................................    11
SECTION 3.5     Title to Property of the Trust...................................................    11
SECTION 3.6     Powers and Duties of the Regular Trustees........................................    11
SECTION 3.7     Prohibition of Actions by the Trust and the Trustees.............................    14
SECTION 3.8     Powers and Duties of the Institutional Trustee...................................    15
SECTION 3.9     Certain Duties and Responsibilities of the Institutional Trustee.................    17
SECTION 3.10    Certain Rights of the Institutional Trustee......................................    19
SECTION 3.11    Delaware Trustee.................................................................    21
SECTION 3.12    Execution of Documents...........................................................    21
SECTION 3.13    Not Responsible for Recitals or Issuance of Securities...........................    21
SECTION 3.14    Duration of Trust................................................................    21
SECTION 3.15    Mergers..........................................................................    21

                                               ARTICLE IV
                                                 SPONSOR

SECTION 4.1     Sponsor's Purchase of Common Securities..........................................    23
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<TABLE>
<S>             <C>                                                                                  <C>
SECTION 4.2     Responsibilities of the Sponsor..................................................    23

                                                ARTICLE V
                                                TRUSTEES

SECTION 5.1     Number of Trustees...............................................................    24
SECTION 5.2     Delaware Trustee.................................................................    24
SECTION 5.3     Institutional Trustee; Eligibility...............................................    25
SECTION 5.4     Qualifications of Regular Trustees and Delaware Trustee Generally................    25
SECTION 5.5     Initial Trustees; Additional Powers of Regular Trustees..........................    26
SECTION 5.6     Appointment, Removal and Resignation of Trustees.................................    26
SECTION 5.7     Vacancies among Trustees.........................................................    28
SECTION 5.8     Effect of Vacancies..............................................................    28
SECTION 5.9     Meetings.........................................................................    28
SECTION 5.10    Delegation of Power..............................................................    28
SECTION 5.11    Merger, Conversion, Consolidation or Succession to Business......................    29

                                               ARTICLE VI
                                              DISTRIBUTIONS

SECTION 6.1     Distributions....................................................................    29

                                               ARTICLE VII
                                         ISSUANCE OF SECURITIES

SECTION 7.1     General Provisions Regarding Securities..........................................    29

                                              ARTICLE VIII
                                DISSOLUTION AND TERMINATION OF THE TRUST

SECTION 8.1     Dissolution of the Trust.........................................................    31
SECTION 8.2     Termination of the Trust.........................................................    32

                                               ARTICLE IX
                                          TRANSFER OF INTERESTS

SECTION 9.1     Transfer of Securities...........................................................    32
SECTION 9.2     Transfer of Trust Certificates...................................................    32
SECTION 9.3     Surrender of Securities..........................................................    33
SECTION 9.4     Deemed Security Holders..........................................................    33
SECTION 9.5     Book-Entry Interests.............................................................    33
SECTION 9.6     Notices to Clearing Agency.......................................................    34
SECTION 9.7     Appointment of Successor Clearing Agency.........................................    34
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<TABLE>
<S>             <C>                                                                                  <C>
SECTION 9.8     Definitive TARGETS Certificates..................................................    34
SECTION 9.9     Mutilated, Destroyed, Lost or Stolen Trust Certificates..........................    35

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

SECTION 10.1    Liability........................................................................    35
SECTION 10.2    Exculpation......................................................................    36
SECTION 10.3    Fiduciary Duty...................................................................    36
SECTION 10.4    Indemnification..................................................................    37
SECTION 10.5    Outside Businesses...............................................................    39

                                               ARTICLE XI
                                               ACCOUNTING

SECTION 11.1    Fiscal Year......................................................................    40
SECTION 11.2    Certain Accounting Matters.......................................................    40
SECTION 11.3    Banking..........................................................................    41
SECTION 11.4    Withholding......................................................................    41

                                               ARTICLE XII
                                         AMENDMENTS AND MEETINGS

SECTION 12.1    Amendments.......................................................................    41
SECTION 12.2    Meetings of the Holders of Securities; Action by Written Consent.................    43

                                              ARTICLE XIII
                                              MISCELLANEOUS

SECTION 13.1    Notices..........................................................................    44
SECTION 13.2    Governing Law....................................................................    45
SECTION 13.3    Intention of the Parties.........................................................    46
SECTION 13.4    Headings.........................................................................    46
SECTION 13.5    Successors and Assigns...........................................................    46
SECTION 13.6    Partial Enforceability...........................................................    46
SECTION 13.7    Counterparts.....................................................................    46

ANNEX I          TERMS OF SECURITIES.............................................................    I-1
EXHIBIT A-1      FORM OF TARGETS CERTIFICATE.....................................................   A1-1
EXHIBIT A-2      FORM OF COMMON SECURITY CERTIFICATE.............................................   A2-1
EXHIBIT B        SPECIMEN OF FORWARD CONTRACT CERTIFICATE........................................    B-1
EXHIBIT C        UNDERWRITING AGREEMENT..........................................................    C-1
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                             CROSS-REFERENCE TABLE*

<TABLE>
<CAPTION>
        Section of
    Trust Indenture Act                                                                Section of
    of 1939, as amended                                                                Declaration
    -------------------                                                                -----------
<S>                                                                                    <C>
310(a).............................................................................    5.3(a)
310(c).............................................................................    Inapplicable
311(c).............................................................................    Inapplicable
312(b).............................................................................    2.2
313................................................................................    2.3
314(a).............................................................................    2.4
314(b).............................................................................    Inapplicable
314(c).............................................................................    2.5
314(d).............................................................................    Inapplicable
314(f).............................................................................    Inapplicable
315(a).............................................................................    3.9(b)
315(c).............................................................................    3.9(a)
315(d).............................................................................    3.9(b)
316(a).............................................................................    2.6, Annex I
316(c).............................................................................    3.6(e)
</TABLE>

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

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                              AMENDED AND RESTATED
                              DECLARATION OF TRUST
                                       OF
                             TARGETS TRUST [XXVIII]

            AMENDED AND RESTATED DECLARATION OF TRUST ("Declaration") dated and
effective as of     , 2006, by the Trustees (as defined herein), the Sponsor (as
defined herein), the Guarantor (as defined herein), and by the holders, from
time to time, of undivided beneficial interests in the Trust to be issued
pursuant to this Declaration.

            WHEREAS, the Regular Trustees (as defined herein) and the Delaware
Trustee (as defined herein) established TARGETS Trust [XXVIII] (the "Trust"),
under the Statutory Trust Act (as defined herein) pursuant to a Declaration of
Trust dated as of March 8, 2006 (the "Original Declaration") and a Certificate
of Trust filed with the Secretary of State of the State of Delaware on March 8,
2006, for the sole purpose of issuing and selling certain securities
representing undivided beneficial interests in the assets of the Trust and
investing the proceeds thereof in the Forward Contract represented by the
Forward Contract Certificates and the Treasury Securities (each as defined
herein);

            WHEREAS, the Guarantor has fully and unconditionally guaranteed the
payment obligations of the Sponsor in respect of the TARGETS (as defined herein)
pursuant to a guarantee agreement of even date herewith;

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

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

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

                                    ARTICLE I

                         INTERPRETATION AND DEFINITIONS

     SECTION 1.1 DEFINITIONS.

           Unless the context otherwise requires:

          (a) Capitalized terms used in this Declaration but not defined in the
     preamble above have the respective meanings assigned to them in this
     Section 1.1;

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          (b) a term defined anywhere in this Declaration has the same meaning
     throughout;

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

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

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

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

          "ACCELERATED MATURITY DATE" has the meaning specified in the
Indenture.

          "ACCELERATED MATURITY PAYMENT" has the meaning specified in the
Indenture.

          "ACCELERATION EVENT" has the meaning specified in Annex I hereto.

          "ACCELERATION NOTICE" has the meaning specified in Annex I.

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

          "AUTHORIZED OFFICER" of a Person means any Person that is authorized
to bind such Person.

          "BANKRUPTCY EVENT" has the meaning specified in Annex I.

          "BOOK-ENTRY INTEREST" means a beneficial interest in a Global
Certificate, ownership and transfers of which shall be maintained and made
through book entries by a Clearing Agency as described in Section 9.5.

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

          "CFI" means Citigroup Funding Inc., a Delaware corporation, together
with any successor entity in a merger, consolidation or amalgamation.

          "CLEARING AGENCY" means an organization registered as a "Clearing
Agency" pursuant to Section 17A of the Exchange Act that is acting as depositary
for the TARGETS and in whose name or in the name of a nominee of that
organization shall be registered a Global Certificate and which shall undertake
to effect book-entry transfers and pledges of the TARGETS. The initial Clearing
Agency shall be DTC.

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

            "CLOSING DATE" means     , 2006.

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

            "COMMISSION" means the Securities and Exchange Commission.

            "COMMON SECURITIES" has the meaning specified in Section 7.1.

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

            The "COMPANY" means CFI in its capacity as issuer of the Forward
Contract under the Indenture.

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

            "CORPORATE TRUST OFFICE" means the office of the Institutional
Trustee at which the corporate trust business of the Institutional Trustee
shall, at any particular time, be principally administered, which office at the
date of execution of this Declaration is located at 4 New York Plaza - 6th
Floor, New York, New York 10004.

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

            "DEFINITIVE TARGETS CERTIFICATES" has the meaning specified in
Section 9.5.

            "DELAWARE TRUSTEE" has the meaning specified in Section 5.1.

            "DIRECT ACTION" has the meaning specified in Annex I.

            "DISTRIBUTION" has the meaning specified in Section 6.1.

            "DTC" means The Depository Trust Company.

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

            "FIDUCIARY INDEMNIFIED PERSON" has the meaning specified in Section
10.4(b).

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            "FORWARD CONTRACT" means the Forward Contract, dated      , 2006,
with respect to the Common Stock of      to be issued by the Company and
guaranteed by the Guarantor under the Indenture.

            "FORWARD CONTRACT CERTIFICATES" means the certificates (defined in
the Indenture as the "Securities") evidencing interests in the Forward Contract,
a specimen of which is attached hereto as Exhibit B.

            "GLOBAL CERTIFICATE" has the meaning specified in Section 9.5.

            "GUARANTOR" means Citigroup Inc., a Delaware corporation, together
with any successor entity in a merger, consolidation or amalgamation, in its
capacity as guarantor of the Forward Contract Certificates or guarantor under
the TARGETS Guarantee, as the case may be.

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

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

            "INDENTURE" means the Indenture with respect to the Forward
Contract, dated as of August 24, 2005, among the Company, the Guarantor and the
Indenture Trustee, as amended or supplemented.

            "INDENTURE TRUSTEE" means JPMorgan Chase Bank, N.A., as trustee
under the Indenture until a successor is appointed thereunder, and thereafter
means such successor trustee.

            "INSTITUTIONAL TRUSTEE" means the Trustee meeting the eligibility
requirements specified in Section 5.3.

            "INSTITUTIONAL TRUSTEE ACCOUNT" has the meaning specified in Section
3.8(c).

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

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

            "INVESTMENT COMPANY EVENT" has the meaning specified in Annex I.

            "LEGAL ACTION" has the meaning specified in Section 3.6(g).

            "MAJORITY OF THE SECURITIES", "MAJORITY OF THE TARGETS" OR "MAJORITY
OF THE COMMON SECURITIES" means, as the context may require, except as provided
in the terms of the Securities or by the Trust Indenture Act, Holder(s) of
outstanding Securities voting together as a single class, or Holders of
outstanding TARGETS or Holders of outstanding Common Securities voting
separately as a class, who are the record owners of an aggregate amount of such

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securities representing more than 50% of all outstanding beneficial interests in
the assets of the Trust by all Holders of Securities or Holders of the relevant
class of Securities, as the case may be.

            "MATURITY DATE" has the meaning specified in the Indenture.

            "MATURITY PAYMENT" has the meaning specified in the Forward
Contract.

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

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

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

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

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

            "PAYING AGENT" has the meaning specified in Section 3.8(i).

            "PAYMENT AMOUNT" has the meaning specified in Section 6.1.

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

            "PRO RATA" has the meaning specified in Annex I.

            "PROSPECTUS" has the meaning specified in Annex I.

            "QUARTERLY DISTRIBUTIONS" has the meaning specified in Annex I.

            "QUORUM" means a majority of the Regular Trustees or, if there are
only two Regular Trustees, both of them.

            "REGULAR TRUSTEE" has the meaning specified in Section 5.1.

            "RELATED PARTY" means, with respect to the Sponsor or the Guarantor,
any direct or indirect wholly owned subsidiary of the Sponsor or the Guarantor,
or any other Person that

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owns, directly or indirectly, 100% of the outstanding voting securities of the
Sponsor or the Guarantor, as applicable.

            "RESPONSIBLE OFFICER" means, with respect to the Institutional
Trustee, any officer within the Corporate Trust Office of the Institutional
Trustee, including any vice president, any assistant vice president, any
assistant secretary, the treasurer, any assistant treasurer, trust officer or
other officer of the Corporate Trust Office of the Institutional Trustee
customarily performing functions similar to those performed by any of the above
designated officers and who, in any case, has direct responsibility for the
administration of this Declaration and also means, with respect to a particular
corporate trust matter, any other officer to whom such matter is referred
because of that officer's knowledge of and familiarity with the particular
subject.

            "RULE 3a-5" means Rule 3a-5 under the Investment Company Act.

            "SECURITIES" means the Common Securities and the TARGETS.

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

            "SPONSOR" means CFI, in its capacity as successor sponsor of the
Trust.

            "STATUTORY TRUST ACT" means Chapter 38 of Title 12 of the Delaware
Code, 12 Del. Code Sections 3801 et seq., as it may be amended from time to
time, or any successor legislation.

            "SUCCESSOR DELAWARE TRUSTEE" has the meaning specified in Section
5.6.

            "SUCCESSOR ENTITY" has the meaning specified in Section 3.15(b).

            "SUCCESSOR INSTITUTIONAL TRUSTEE" has the meaning specified in
Section 5.6.

            "SUCCESSOR SECURITIES" has the meaning specified in Section 3.15(b).

            "SUPER MAJORITY" has the meaning specified in Section 2.6(a)(ii).

            "TARGETS" has the meaning specified in Section 7.1.

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

            "TARGETS CERTIFICATE" means a definitive certificate in fully
registered form representing one or more TARGETS substantially in the form of
Exhibit A-1.

            "TARGETS GUARANTEE" means the guarantee agreement of the Sponsor and
the Guarantor, dated as of the Closing Date, in respect of the TARGETS.

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            "TAX EVENT" has the meaning specified in Annex I.

            "10% OF THE SECURITIES" means, as the context may require, except as
provided in the terms of the Securities or by the Trust Indenture Act, Holder(s)
of outstanding Securities voting together as a single class, Holders of
outstanding TARGETS or Holders of outstanding Common Securities voting
separately as a class, who are the record owners of an aggregate amount of such
Securities representing 10% or more of the beneficial interests in the assets of
the Trust by all Holders of Securities or Holders of the relevant class of
Securities, as the case may be.

            "TREASURY PROCEEDS" has the meaning specified in Section 3.6(d).

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

            "TREASURY SECURITIES" means the securities having the terms
specified in Schedule I hereto.

            "TRUST CERTIFICATE" means a Common Security Certificate or a TARGETS
Certificate.

            "TRUST INDENTURE ACT" means the Trust Indenture Act of 1939, as
amended from time to time, or any successor legislation.

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

            "YIELD ENHANCEMENT PAYMENTS" has the meaning specified in the
Indenture.

                                   ARTICLE II

                               TRUST INDENTURE ACT

          SECTION 2.1 TRUST INDENTURE ACT; APPLICATION.

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

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

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

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

     SECTION 2.2 LISTS OF HOLDERS OF SECURITIES.

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

     SECTION 2.3 REPORTS BY THE INSTITUTIONAL TRUSTEE.

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

     SECTION 2.4 PERIODIC REPORTS TO INSTITUTIONAL TRUSTEE.

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

     SECTION 2.5 EVIDENCE OF COMPLIANCE WITH CONDITIONS PRECEDENT.

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

     SECTION 2.6 ACCELERATION EVENTS; WAIVER.

          (a) The Holders of a Majority of TARGETS may, by vote, on behalf of
     the Holders of all of the TARGETS, waive any past Acceleration Event in
     respect of the TARGETS and its consequences; provided that, if the
     underlying Acceleration Event under the Indenture:

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

               (ii) is waivable only with the consent of holders of more than a
          simple majority (determined in accordance with the Indenture) of the
          outstanding Forward

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          Contract Certificates (a "Super Majority") affected thereby, only the
          Holders of at least the same proportion of the TARGETS that the
          relevant Super Majority represents of the aggregate outstanding
          beneficial interests in the Forward Contract represented by all the
          TARGETS outstanding may waive such Acceleration Event in respect of
          the TARGETS under this Declaration.

The foregoing provisions of this Section 2.6(a) shall be in lieu of Section
316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the
Trust Indenture Act is hereby expressly excluded from this Declaration and the
Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such
default shall cease to exist, and any Acceleration Event with respect to the
TARGETS arising therefrom shall be deemed to have been cured, for every purpose
of this Declaration, but no such waiver shall extend to any subsequent or other
default or an Acceleration Event with respect to the TARGETS or impair any right
consequent thereon. Any waiver by the Holders of the TARGETS of an Acceleration
Event with respect to the TARGETS shall also be deemed to constitute a waiver by
the Holders of the Common Securities of any such Acceleration Event with respect
to the Common Securities for all purposes of this Declaration without any
further act, vote, or consent of the Holders of the Common Securities.

          (b) The Holders of a Majority of the Common Securities may, by vote,
on behalf of the Holders of all of the Common Securities, waive any past
Acceleration Event with respect to the Common Securities and its consequences;
provided that, if the underlying Acceleration Event:

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

               (ii) is waivable only with the consent of a Super Majority of the
          Securities, only the Holders of at least the proportion of the Common
          Securities that the relevant Super Majority represents of the
          aggregate outstanding beneficial interests in the Forward Contract
          represented by all the Common Securities outstanding may waive such
          Acceleration Event in respect of the Common Securities under the
          Declaration, except where the Holders of the Common Securities are
          deemed to have waived such Acceleration Event under the Declaration as
          provided in this Section 2.6(b);

provided, further, that each Holder of Common Securities will be deemed to have
waived any such Acceleration Event and all Acceleration Events with respect to
the Common Securities and their consequences until all Acceleration Events with
respect to the TARGETS have been cured, waived or otherwise eliminated, and
until such Acceleration Events with respect to the TARGETS have been so cured,
waived or otherwise eliminated, the Institutional Trustee will be deemed to be
acting solely on behalf of the Holders of the TARGETS and only the Holders of
the TARGETS will have the right to direct the Institutional Trustee in
accordance with the terms of the Securities. The foregoing provisions of this
Section 2.6(b) shall be in lieu of Sections 316(a)(1)(A) and 316(a)(1)(B) of the
Trust Indenture Act and such Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust
Indenture Act are hereby expressly excluded from this Declaration and the
Securities, as permitted by the Trust Indenture Act. Subject to the foregoing
provisions of

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this Section 2.6(b), upon the waiver of an Acceleration Event by the Holders of
a Majority of the Common Securities, any such default shall cease to exist and
any Acceleration Event with respect to the Common Securities arising therefrom
shall be deemed to have been cured for every purpose of this Declaration, but no
such waiver shall extend to any subsequent or other default or Acceleration
Event with respect to the Common Securities or impair any right consequent
thereon.

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

     SECTION 2.7 ACCELERATION EVENT; NOTICE.

     (a) The Institutional Trustee shall, within 90 days after the occurrence of
an Acceleration Event, transmit by mail, first class postage prepaid, to the
Holders of the Securities, notices of (i) all defaults with respect to the
Securities actually known to a Responsible Officer of the Institutional Trustee,
unless such defaults have been cured before the giving of such notice (the term
"defaults" for the purposes of this Section 2.7(a) being hereby defined to be an
Acceleration Event as defined in the Indenture not including any periods of
grace provided for therein and irrespective of the giving of any notice provided
therein) and (ii) any notice of default received from the Indenture Trustee with
respect to any Forward Contract Certificate which notice from the Institutional
Trustee to the Holders shall state that an Acceleration Event under the
Indenture also constitutes an Acceleration Event with respect to the Securities;
provided that, except for a default in the payment of amounts due at maturity of
any of the Trust Certificates, the Institutional Trustee shall be protected in
withholding such notice if and so long as a Responsible Officer of the
Institutional Trustee in good faith determines that the withholding of such
notice is in the interests of the Holders of the Securities.

     (b) The Institutional Trustee shall not be deemed to have knowledge of any
default except any default as to which the Institutional Trustee shall have
received written notice or of which a Responsible Officer of the Institutional
Trustee charged with the administration of the Declaration shall have actual
knowledge.

                                   ARTICLE III

                                  ORGANIZATION

     SECTION 3.1 NAME.

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

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     SECTION 3.2 OFFICE.

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

     SECTION 3.3 PURPOSE.

            The exclusive purposes and functions of the Trust are (a) to issue
and sell the Securities and use at least 85% of the proceeds from such sale to
purchase the Forward Contract Certificates and to use not more than 15% of such
proceeds to acquire the Treasury Securities, and (b) except as otherwise limited
herein, to engage in only those other activities necessary, or incidental
thereto. The Trust shall not borrow money, issue debt or reinvest proceeds
derived from investments, pledge any of its assets, or otherwise undertake (or
permit to be undertaken) any activity that would cause the Trust not to be
classified for United States federal income tax purposes as a grantor trust.

     SECTION 3.4 AUTHORITY.

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

     SECTION 3.5 TITLE TO PROPERTY OF THE TRUST.

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

     SECTION 3.6 POWERS AND DUTIES OF THE REGULAR TRUSTEES.

            Acting together or (except as set forth in Section 3.6(b)(i) below)
individually, the Regular Trustees shall have the exclusive power, duty and
authority to cause the Trust to engage in the following activities:

            (a) to issue and sell the Securities in accordance with this
Declaration; provided, however, that the Trust may issue no more than one series
of TARGETS and no more than one series of Common Securities; and provided,
further, that there shall be no interests in

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the Trust other than the Securities, and the issuance of Securities shall be
limited to a simultaneous issuance of the TARGETS and the Common Securities on
the Closing Date and any other date TARGETS are sold pursuant to any
overallotment option granted to any underwriters in accordance with the terms of
an underwriting agreement;

          (b) in connection with the issue and sale of the TARGETS, to:

               (i) execute and file with the Commission on behalf of the Trust a
          registration statement on Form S-3 or on another appropriate form, in
          each case prepared by the Sponsor and/or the Guarantor, including any
          pre-effective or post-effective amendments thereto, relating to the
          registration under the Securities Act of the TARGETS; provided,
          however, that such registration statement and any amendment thereto
          shall be executed, whenever there is more than one Regular Trustee, by
          a majority of the Regular Trustees;

               (ii) execute and file any documents prepared by the Sponsor
          and/or the Guarantor, or take any acts as determined by the Sponsor
          and/or the Guarantor to be necessary in order to qualify or register
          all or part of the TARGETS in any jurisdiction in which the Sponsor
          and/or the Guarantor have determined to qualify or register such
          TARGETS for sale;

               (iii) execute and file an application, prepared by the Sponsor
          and/or the Guarantor, to the American Stock Exchange, any other
          national stock exchange or national securities market for listing upon
          notice of issuance of any TARGETS;

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

               (v) execute and deliver an underwriting agreement providing for
          the sale of the TARGETS;

          (c) to enter into the Forward Contract and acquire the Forward
Contract Certificates and the Treasury Securities with the proceeds of the sale
of the TARGETS and the Common Securities and to take all actions and perform
such duties as may be required pursuant to the terms of the Forward Contract
Certificates and the Treasury Securities; provided, however, that the Regular
Trustees, acting together or individually, shall cause legal title to the
Forward Contract Certificates and the Treasury Securities to be held of record
in the name of the Institutional Trustee for the benefit of the Holders of the
Securities;

          (d) upon an Acceleration Event, to (i) give the Sponsor, the
Guarantor and the Institutional Trustee prompt written notice of the occurrence
of such Acceleration Event; and (ii) give written instructions to the
Institutional Trustee to (A) liquidate the Treasury Securities by soliciting at
least three all-cash bids (one of which may be from an Affiliate of the Sponsor
or

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the Guarantor) and selling and transferring the Treasury Securities to the
highest of the three bidders, and (B) distribute the net proceeds therefrom (the
"Treasury Proceeds") and the Accelerated Maturity Payment to Holders of
Securities; provided that the Regular Trustee or Trustees taking such action
shall consult with the Sponsor, the Guarantor and the Institutional Trustee
before taking or refraining from taking any ministerial action in relation to an
Acceleration Event;

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

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

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

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

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

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

          (k) to incur expenses that are necessary or incidental to carrying
out any of the purposes of the Trust;

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

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

          (n) to take any action, not inconsistent with this Declaration or
with applicable law, that a Regular Trustee determines in his or her discretion
to be necessary or desirable in carrying out the activities of the Trust as set
out in this Section 3.6, including, but not limited to:

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

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

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

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

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

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

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

            Any expenses incurred by the Regular Trustees pursuant to this
Section 3.6 shall be reimbursed by the Company.

     SECTION 3.7 PROHIBITION OF ACTIONS BY THE TRUST AND THE TRUSTEES.

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

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

            (ii) dispose of the Forward Contract Certificates prior to earlier
     of the Maturity Date or an Accelerated Maturity Date or dispose of any of
     the Treasury Securities prior to an Accelerated Maturity Date;

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

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

            (v) make any loans or incur any indebtedness;

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

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

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

     SECTION 3.8 POWERS AND DUTIES OF THE INSTITUTIONAL TRUSTEE.

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

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

     (c) The Institutional Trustee shall:

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

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     unsubordinated indebtedness of CFI by a nationally recognized statistical
     rating organization;

          (ii) engage in such ministerial activities as shall be necessary or
     appropriate to carry out the functions described in clause (i) above; and

          (iii) upon written notice of distribution issued by the Regular
     Trustees in accordance with the terms of the Securities, engage in such
     ministerial activities as shall be necessary or appropriate to effect the
     distribution of the Accelerated Maturity Payment and the Treasury Proceeds
     to Holders of Securities upon the occurrence of an Acceleration Event or
     other specified circumstances pursuant to the terms of the Securities.

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

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

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

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

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

     (g) The Institutional Trustee shall have the legal power to exercise all of
the rights, powers and privileges of a holder of Forward Contract Certificates
under the Indenture and, if an Acceleration Event actually known to a
Responsible Officer of the Institutional Trustee occurs and is continuing, the
Institutional Trustee shall, for the benefit of Holders of the Securities,
enforce its rights as a holder of Forward Contract Certificates subject to the
rights of the Holders pursuant to the terms of such Securities, this
Declaration, the Statutory Trust Act and the Trust Indenture Act.

     (h) The Institutional Trustee shall have the legal power to exercise all of
the rights, powers and privileges of a holder of the Treasury Securities and the
Institutional Trustee shall, for the benefit of the Holders of the Securities,
enforce its rights as a holder of the Treasury Securities subject to the rights
of the Holders pursuant to the terms of such Securities, this Declaration, the
Statutory Trust Act and the Trust Indenture Act.

     (i) The Institutional Trustee may authorize one or more Persons (each, a
"Paying Agent") to pay Distributions on behalf of the Trust with respect to all
Securities and any such Paying Agent shall comply with Section 317(b) of the
Trust Indenture Act. Any Paying Agent may be

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removed by the Institutional Trustee at any time and a successor Paying Agent or
additional Paying Agents may be appointed at any time by the Institutional
Trustee.

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

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

     SECTION 3.9 CERTAIN DUTIES AND RESPONSIBILITIES OF THE INSTITUTIONAL
TRUSTEE.

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

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

          (i) prior to the occurrence of an Acceleration Event and after the
     curing or waiving of all such Acceleration Events that may have occurred:

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

               (B) in the absence of bad faith on the part of the Institutional
          Trustee, the Institutional Trustee may conclusively rely, as to the
          truth of the statements and the correctness of the opinions expressed
          therein, upon any certificates or opinions furnished to the
          Institutional Trustee and conforming to the requirements of this
          Declaration; but in the case of any such certificates or opinions that
          by any provision hereof are specifically required to be furnished to
          the Institutional Trustee, the Institutional Trustee shall be under a
          duty to examine the same to determine whether or not they conform to
          the requirements of this Declaration;

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

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

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

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

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

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

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

          (ix) the granting of any right to the Institutional Trustee hereunder
     shall not be deemed to impose on the Institutional Trustee an obligation to
     exercise such rights subject to Section 3.9(b)(x);

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          (x) the Institutional Trustee shall not be obligated to exercise any
     remedy or take any action hereunder unless directed to do so by the Holders
     of a Majority of the Securities and shall have no liability for its failure
     to act pending receipt of any such direction.

            This Section 3.9 is in furtherance of and subject to Sections 315
and 316 of the Trust Indenture Act.

     SECTION 3.10 CERTAIN RIGHTS OF THE INSTITUTIONAL TRUSTEE.

     (a) Subject to the provisions of Section 3.9:

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

          (ii) any direction, request, certification, order or act of the
     Sponsor, the Guarantor or a Regular Trustee contemplated by this
     Declaration shall be sufficiently evidenced by an Officers' Certificate and
     any Resolution of the Board of Directors of the Sponsor or the Guarantor
     shall be sufficiently evidenced by a Board Resolution of the Sponsor or the
     Guarantor, as the case may be;

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

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

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

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

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

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

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

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

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

     (b) No provision of this Declaration shall be deemed to impose any duty or
obligation on the Institutional Trustee to perform any act or acts or exercise
any right, power, duty or

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

     SECTION 3.11 DELAWARE TRUSTEE.

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

     SECTION 3.12 EXECUTION OF DOCUMENTS.

            Unless otherwise determined by a Regular Trustee, and except as
otherwise required by the Statutory Trust Act or otherwise stated herein, if
there is more than one Regular Trustee, any power of the Regular Trustees to
execute documents on behalf of the Trust pursuant to Section 3.6 may be
exercised by, or with the consent of, any Regular Trustee acting individually;
provided, that the registration statement referred to in Section 3.6(b)(i),
including any amendments thereto, shall be signed by a majority of the Regular
Trustees. If there is only one Regular Trustee, all powers of the Regular
Trustees shall be executed by such Regular Trustee.

     SECTION 3.13 NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF SECURITIES.

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

     SECTION 3.14 DURATION OF TRUST.

            The Trust, unless dissolved pursuant to the provisions of Article
VIII hereof, shall have existence for five (5) years from the Closing Date.

     SECTION 3.15 MERGERS.

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

     (b) The Trust may, with the consent of the Regular Trustees or, if there
are more than two, a majority of the Regular Trustees and without the consent of
the Holders of the Securities,

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the Delaware Trustee or the Institutional Trustee, consolidate, amalgamate,
merge with or into, or be replaced by a trust organized as such under the laws
of any State; provided that:

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

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

               (B) substitutes for the Securities other securities having
          substantially the same terms as the TARGETS and the Common Securities
          (together, the "Successor Securities") so long as such series of
          Successor Securities ranks the same as the series of Securities for
          which it is substituted ranks with respect to Distributions and
          payments upon liquidation and otherwise;

          (ii) the Company and the Guarantor expressly acknowledge a trustee of
     the Successor Entity that possesses the same powers and duties as the
     Institutional Trustee as the Holder of the Forward Contract Certificates
     and the Treasury Securities;

          (iii) any Successor Securities to the TARGETS are listed, or any
     Successor Securities to the TARGETS will be listed upon notification of
     issuance, on any national securities exchange or with any organization on
     which the TARGETS are then listed or quoted;

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

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

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

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

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

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

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

          (viii) the Sponsor and the Guarantor guarantee the obligations of such
     Successor Entity under the Successor Securities at least to the extent
     provided by the TARGETS Guarantee.

     (c) Notwithstanding Section 3.l5(b), the Trust shall not, without the
consent of Holders of all of the Securities, consolidate, amalgamate, merge with
or into, or be replaced by any other entity or permit any other entity to
consolidate, amalgamate, merge with or into, or replace it, if in the opinion of
a nationally recognized independent tax counsel experienced in such matters,
such consolidation, amalgamation, merger or replacement would cause the Trust or
Successor Entity to be classified as other than a grantor trust for United
States federal income tax purposes.

                                   ARTICLE IV

                                     SPONSOR

     SECTION 4.1 SPONSOR'S PURCHASE OF COMMON SECURITIES.

            On the Closing Date, the Sponsor will purchase all of the Common
Securities issued by the Trust at the same time as the TARGETS are sold.

     SECTION 4.2 RESPONSIBILITIES OF THE SPONSOR.

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

            (a) to prepare for filing by the Trust with the Commission a
registration statement on Form S-3 or on another appropriate form relating to
the registration under the Securities Act of the TARGETS;

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

            (c) to prepare for filing by the Trust an application to the
American Stock Exchange, any other national stock exchange or national
securities exchange for listing upon notice of issuance of any TARGETS;

            (d) to prepare for filing by the Trust with the Commission a
registration statement on Form 8-A, including any pre-effective or
post-effective amendments thereto,

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relating to the registration of the TARGETS under Section 12(b) of the Exchange
Act, including any amendments thereto; and

            (e) to negotiate the terms of an underwriting agreement or
agreements providing for the sale of the TARGETS.

                                    ARTICLE V

                                    TRUSTEES

     SECTION 5.1 NUMBER OF TRUSTEES.

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

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

            (b) after the issuance of any Securities, the number of Trustees may
be increased or decreased by vote of the Holders of a Majority of the Common
Securities voting as a class at a meeting of the Holders of the Common
Securities or by written consent of such holders in lieu of a meeting,

provided, however, that, the number of Trustees shall in no event be less than
two (2); provided, further, that (1) one Trustee, in the case of a natural
person, shall be a person who is a resident of the State of Delaware or that, if
not a natural person, shall be an entity which has its principal place of
business in the State of Delaware (the "Delaware Trustee"); (2) there shall be
at least one Trustee who is an employee or officer of, or is affiliated with,
the Sponsor (a "Regular Trustee"); (3) one Trustee shall be the Institutional
Trustee for so long as this Declaration is required to qualify as an indenture
under the Trust Indenture Act, and such Trustee may also serve as the Delaware
Trustee if it meets the applicable requirements; and (4) all Trustees are U.S.
persons within the meaning of Internal Revenue Code Section 7701(a)(30) and at
least one of the Trustees is a bank within the meaning of Internal Revenue Code
Section 581, a U.S. Government-owned agency or a U.S. Government-sponsored
enterprise.

     SECTION 5.2 DELAWARE TRUSTEE.

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

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

            (b) if not a natural person, an entity which has its principal place
of business in the State of Delaware, and otherwise meets the requirements of
applicable law, provided that, if the Institutional Trustee has its principal
place of business in the State of Delaware and otherwise meets the requirements
of applicable law, then the Institutional Trustee shall also be the Delaware
Trustee and Section 3.11 shall have no application.

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     SECTION 5.3 INSTITUTIONAL TRUSTEE; ELIGIBILITY.

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

          (i) not be an Affiliate of the Sponsor or the Guarantor;

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

          (iii) if the Trust is excluded from the definition of an Investment
     Company solely by means of Rule 3a-5 and to the extent Rule 3a-5 requires a
     trustee having certain qualifications to hold title to the "eligible
     assets" of the Trust, the Institutional Trustee shall possess those
     qualifications.

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

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

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

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

     SECTION 5.4 QUALIFICATIONS OF REGULAR TRUSTEES AND DELAWARE TRUSTEE
GENERALLY.

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

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     SECTION 5.5 INITIAL TRUSTEES; ADDITIONAL POWERS OF REGULAR TRUSTEES.

     (a) The initial Regular Trustees shall be:

                                Scott Freidenrich

                              Geoffrey S. Richards

                                  Cliff Verron

         The initial Delaware Trustee shall be:

                      Chase Bank USA, National Association

         The initial Institutional Trustee shall be:

                            JPMorgan Chase Bank, N.A.

     (b) Except as expressly specified in this Declaration and except if a
meeting of the Regular Trustees is called with respect to any matter over which
the Regular Trustees have power to act, any power of the Regular Trustees may be
exercised by, or with the consent of, any one such Regular Trustee; and

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

     SECTION 5.6 APPOINTMENT, REMOVAL AND RESIGNATION OF TRUSTEES.

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

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

          (ii) after the issuance of any Securities, by vote of the Holders of a
     Majority of the Common Securities voting as a class at a meeting of the
     Holders of the Common Securities or by written consent of such holders in
     lieu of a meeting.

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

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

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

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

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

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

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

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

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

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

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     SECTION 5.7 VACANCIES AMONG TRUSTEES.

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

     SECTION 5.8 EFFECT OF VACANCIES.

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

     SECTION 5.9 MEETINGS.

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

     SECTION 5.10 DELEGATION OF POWER.

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

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

     SECTION 5.11 MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS.

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

                                   ARTICLE VI

                                  DISTRIBUTIONS

     SECTION 6.1 DISTRIBUTIONS.

            Holders shall receive Distributions in accordance with the
applicable terms of the relevant Holder's Securities. Distributions shall be
made on the TARGETS and the Common Securities in accordance with the preferences
specified in their respective terms. If and to the extent that (i) the Company
or the Guarantor makes a payment in respect of the Forward Contract Certificates
held by the Institutional Trustee or (ii) the issuer of the Treasury Securities
makes a payment in respect of the Treasury Securities held by the Institutional
Trustee (the amount of any such payments described in the foregoing clauses (i)
and (ii) is referred to herein as a "Payment Amount"), the Institutional Trustee
shall be and is directed to make a distribution (a "Distribution") of the
Payment Amount to the Holders on a Pro Rata basis.

                                   ARTICLE VII

                             ISSUANCE OF SECURITIES

     SECTION 7.1 GENERAL PROVISIONS REGARDING SECURITIES.

     (a) The Regular Trustees shall, on behalf of the Trust, issue (i) one class
of securities, known as the Targeted Growth Enhanced Terms Securities
(TARGETS(R)) (the "TARGETS") representing undivided beneficial interests in the
assets of the Trust having such terms as are specified in Annex I and (ii) one
class of common securities (the "Common Securities") representing undivided
beneficial interests in the assets of the Trust having such terms as are
specified in Annex I. The Trust shall issue no securities or other interests in
the assets of the Trust other than the TARGETS and the Common Securities.

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     (b) The Trust Certificates shall be signed on behalf of the Trust by a
Regular Trustee. Such signature shall be the manual or facsimile signature of
any present or any future Regular Trustee. In case any Regular Trustee of the
Trust who shall have signed any of the Securities shall cease to be such Regular
Trustee before the Trust Certificates so signed shall be delivered by the Trust,
such Trust Certificates nevertheless may be delivered as though the person who
signed such Trust Certificates had not ceased to be such Regular Trustee; and
any Trust Certificate may be signed on behalf of the Trust by any person who, at
the actual date of execution of such Security, shall be a Regular Trustee of the
Trust, although at the date of the execution and delivery of the Declaration any
such person was not a Regular Trustee. Trust Certificates shall be printed,
lithographed or engraved or may be produced in any other manner as is reasonably
acceptable to the Regular Trustees, as evidenced by their execution thereof, and
may have such letters, numbers or other marks of identification or designation
and such legends or endorsements as the Regular Trustees may deem appropriate,
or as may be required to comply with any law or with any rule or regulation of
any stock exchange on which Securities may be listed, or to conform to usage.

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

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

     (e) Each of the Trust, CFI and the Guarantor, and each Holder of
Securities, by acceptance of the TARGETS Certificate, hereby agrees that for
U.S. federal income tax purposes: (i) it will treat the Indenture and any
Forward Contract in its entirety as a forward contract for the delivery of cash
under the terms of which contract (A) at the time of issuance of the Securities
the Holder deposits irrevocably with the Trust a fixed amount of cash equal to
the purchase price of the TARGETS less the purchase price of the Treasury
Securities, to assure the fulfillment of the Holder's purchase obligation
described in clause (C) below, which deposit will unconditionally and
irrevocably be applied by the Trust at Maturity to satisfy such obligation, (B)
until the Maturity Date CFI may be obligated to pay Yield Enhancement Payments
on such deposit as compensation to the Holder for CFI's use of such cash deposit
during the term of the Securities and (C) at the Maturity Date such cash deposit
unconditionally and irrevocably will be applied by the Trust in full
satisfaction of the holder's obligation under the forward purchase contract, and
the Trust will deliver to the holder the amount of cash that the holder is
entitled to receive at that time pursuant to the terms of the Securities; (ii)
it will treat, consistent with the above characterization, amounts paid to the
Trust in respect of the forward contract as allocable in their entirety to the
amount of the cash deposit attributable to such forward contract; (iii) it will
not treat the Indenture and any Forward Contract, any portion of the Securities,
or any obligation arising therefrom as giving rise to any interest income
(except in regards to Yield Enhancement Payments (if any)) or other inclusions
of ordinary income (in the case of each Holder) or as giving rise to any
interest expense or other deductions of ordinary expense (in the case of CFI);
(iv) it will not treat the delivery of any portion of the cash value of the
shares to be delivered pursuant to the Indenture or any Forward Contract (except
in regards to Yield Enhancement Payments (if any)) as the payment of interest or
ordinary income; and (v) it will not take any action (including filing any tax
return or form or taking any position in any tax proceeding) that is
inconsistent with the obligations contained in clauses (i) through (iv), unless

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such action or position is required by an applicable taxing authority or unless
such action or position is required by a change in statutory law or regulation
or by a judicial or other authoritative interpretation of the law enacted,
promulgated or published after the date hereof.

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

                                  ARTICLE VIII

                    DISSOLUTION AND TERMINATION OF THE TRUST

     SECTION 8.1 DISSOLUTION OF THE TRUST.

     (a) The Trust shall dissolve:

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

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

          (iii) upon the occurrence and continuation of an Acceleration Event
     pursuant to which the Trust is dissolved in accordance with the terms of
     the Securities and the Accelerated Maturity Payment and the Treasury
     Proceeds shall have been distributed to the Holders of Securities in
     exchange for all of the Securities;

          (iv) upon distribution to the Holders of the Maturity Payment and the
     final payment due in respect of the Treasury Securities;

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

          (vi) upon the expiration of the term of the Trust specified in Section
     3.14; provided that, so long as any TARGETS are outstanding and are not
     held entirely by CFI, the Guarantor or an Affiliate or Related Party
     thereof, the Trust may not voluntarily liquidate, dissolve, wind-up or
     terminate except in connection with the occurrence of an Acceleration
     Event.

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

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

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     SECTION 8.2 TERMINATION OF THE TRUST

     The Trust shall terminate upon the filing of a certificate of cancellation
with respect to the Trust.

                                   ARTICLE IX

                              TRANSFER OF INTERESTS

     SECTION 9.1 TRANSFER OF SECURITIES.

     (a) Securities may only be transferred, in whole or in part, in accordance
with the terms and conditions specified in this Declaration and in the terms of
the Securities. To the fullest extent permitted by law, any transfer or
purported transfer of any Security not made in accordance with this Declaration
shall be null and void.

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

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

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

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

     SECTION 9.2 TRANSFER OF TRUST CERTIFICATES.

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

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     SECTION 9.3 SURRENDER OF SECURITIES.

            By acceptance of any Security or Common Security, the Holder thereof
agrees to surrender such Security or Common Security to the Indenture Trustee
promptly, prior to such Holder's receipt of the final payment thereon.

     SECTION 9.4 DEEMED SECURITY HOLDERS.

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

     SECTION 9.5 BOOK-ENTRY INTERESTS.

            Unless otherwise specified in the terms of the TARGETS, the TARGETS
Certificates, on original issuance, will be issued in the form of one or more,
fully registered, global certificates (each a "Global Certificate"), to be
delivered to DTC, as the initial Clearing Agency, by, or on behalf of, the
Trust. Such Global Certificates shall initially be registered on the books and
records of the Trust in the name of Cede & Co., the nominee of DTC, and no
TARGETS Beneficial Owner will receive a definitive TARGETS Certificate
representing such TARGETS Beneficial Owner's interests in such Global
Certificates, except as provided in Section 9.8. Unless and until definitive,
fully registered TARGETS Certificates (the "Definitive TARGETS Certificates")
have been issued to the TARGETS Beneficial Owners pursuant to Section 9.8:

            (a) the provisions of this Section 9.5 shall be in full force and
effect;

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

            (c) to the extent that the provisions of this Section 9.5 conflict
with any other provisions of this Declaration, the provisions of this Section
9.5 shall control; and

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

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     SECTION 9.6 NOTICES TO CLEARING AGENCY.

            Whenever a notice or other communication to the TARGETS Holders is
required under this Declaration, unless and until Definitive TARGETS
Certificates shall have been issued to the TARGETS Beneficial Owners pursuant to
Section 9.8, the Regular Trustees shall give all such notices and communications
specified herein to be given to the TARGETS Holders to the Clearing Agency, and
upon doing so shall have no obligations to give any additional notice to the
TARGETS Beneficial Owners.

     SECTION 9.7 APPOINTMENT OF SUCCESSOR CLEARING AGENCY.

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

     SECTION 9.8 DEFINITIVE TARGETS CERTIFICATES.

            If:

            (a) a Clearing Agency elects to discontinue its services as
securities depositary with respect to the TARGETS and a successor Clearing
Agency is not appointed within 90 days after such discontinuance pursuant to
Section 9.7; or

            (b) the Regular Trustees elect after consultation with the Sponsor
to terminate the book-entry system through the Clearing Agency with respect to
the TARGETS;

          then:

               (x) Definitive TARGETS Certificates shall be prepared by the
          Regular Trustees on behalf of the Trust with respect to such TARGETS;
          and

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

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     SECTION 9.9 MUTILATED, DESTROYED, LOST OR STOLEN TRUST CERTIFICATES.

            If:

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

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

then, in the absence of notice that such Trust Certificate shall have been
acquired by a protected purchaser, any Regular Trustee on behalf of the Trust
shall execute and deliver, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Trust Certificate, a new Trust Certificate of like
denomination. In connection with the issuance of any new Trust Certificate under
this Section 9.9, the Regular Trustees may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection therewith. Any duplicate Trust Certificate issued pursuant to this
Section shall constitute conclusive evidence of an ownership interest in the
relevant Securities, as if originally issued, whether or not the lost, stolen or
destroyed Trust Certificate shall be found at any time.

                                    ARTICLE X

                           LIMITATION OF LIABILITY OF
                    HOLDERS OF SECURITIES, TRUSTEES OR OTHERS

     SECTION 10.1 LIABILITY.

     (a) Except as expressly specified in this Declaration, the TARGETS
Guarantee and the terms of the Securities, neither the Sponsor nor the Guarantor
shall be:

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

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

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

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

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     SECTION 10.2 EXCULPATION.

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

     (b) An Indemnified Person shall be fully protected in relying in good faith
upon the records of the Trust and upon such information, opinions, reports or
statements presented to the Trust by any Person as to matters the Indemnified
Person reasonably believes are within such other Person's professional or expert
competence and who has been selected with reasonable care by or on behalf of the
Trust, including information, opinions, reports or statements as to the value
and amount of the assets, liabilities, profits, losses, or any other facts
pertinent to the existence and amount of assets from which Distributions to
Holders of Securities might properly be paid.

     SECTION 10.3 FIDUCIARY DUTY.

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

     (b) Unless otherwise expressly provided herein:

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

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

the Indemnified Person shall resolve such conflict of interest, take such action
or provide such terms, considering in each case the relative interest of each
party (including its own interest) to such conflict, agreement, transaction or
situation and the benefits and burdens relating to such interests, any customary
or accepted industry practices, and any applicable generally accepted accounting
practices or principles. In the absence of bad faith by the Indemnified Person,
the resolution, action or term so made, taken or provided by the Indemnified
Person shall not constitute a breach of this Declaration or any other agreement
contemplated herein or of any duty or obligation of the Indemnified Person at
law or in equity or otherwise.

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     (c) Whenever in this Declaration an Indemnified Person is permitted or
required to make a decision:

          (i) in its "discretion" or under a grant of similar authority, the
     Indemnified Person shall be entitled to consider such interests and factors
     as it desires, including its own interests, and shall have no duty or
     obligation to give any consideration to any interest of or factors
     affecting the Trust or any other Person; or

          (ii) in its "good faith" or under another express standard, the
     Indemnified Person shall act under such express standard and shall not be
     subject to any other or different standard imposed by this Declaration or
     by applicable law.

     SECTION 10.4 INDEMNIFICATION.

     (a) (i) The Company and the Guarantor shall jointly and severally
indemnify, to the full extent permitted by law, any Company Indemnified Person
who was or is a party or is threatened to be made a party to any threatened,
pending or completed action, suit or proceeding, whether civil, criminal,
administrative or investigative (other than an action by or in the right of the
Trust) by reason of the fact that such person is or was a Company Indemnified
Person against expenses (including attorneys' fees), judgments, fines and
amounts paid in settlement actually and reasonably incurred by him or her in
connection with such action, suit or proceeding if he or she acted in good faith
and in a manner he or she reasonably believed to be in or not opposed to the
best interests of the Trust, and, with respect to any criminal action or
proceeding, had no reasonable cause to believe his or her conduct was unlawful.
The termination of any action, suit or proceeding by judgment, order,
settlement, conviction, or upon a plea of nolo contendere or its equivalent,
shall not, of itself, create a presumption that the Company Indemnified Person
did not act in good faith and in a manner which he or she reasonably believed to
be in or not opposed to the best interests of the Trust, and, with respect to
any criminal action or proceeding, had reasonable cause to believe that his or
her conduct was unlawful.

          (ii) The Company and the Guarantor shall jointly and severally
     indemnify, to the full extent permitted by law, any Company Indemnified
     Person who was or is a party or is threatened to be made a party to any
     threatened, pending or completed action or suit by or in the right of the
     Trust to procure a judgment in its favor by reason of the fact that such
     person is or was a Company Indemnified Person against expenses (including
     attorneys' fees) actually and reasonably incurred by him or her in
     connection with the defense or settlement of such action or suit if he or
     she acted in good faith and in a manner he or she reasonably believed to be
     in or not opposed to the best interests of the Trust and except that no
     such indemnification shall be made in respect of any claim, issue or matter
     as to which such Company Indemnified Person shall have been adjudged to be
     liable to the Trust unless and only to the extent that the Court of
     Chancery of Delaware or the court in which such action or suit was brought
     shall determine upon application that, despite the adjudication of
     liability but in view of all the circumstances of the case, such person is
     fairly and reasonably entitled to indemnity for such expenses which such
     Court of Chancery or such other court shall deem proper.

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          (iii) To the extent that a Company Indemnified Person shall be
     successful on the merits or otherwise (including dismissal of an action
     without prejudice or the settlement of an action without admission of
     liability) in defense of any action, suit or proceeding referred to in
     paragraphs (i) and (ii) of this Section 10.4(a), or in defense of any
     claim, issue or matter therein, such person shall be indemnified, to the
     full extent permitted by law, against expenses (including attorneys' fees)
     actually and reasonably incurred by him or her in connection therewith.

          (iv) Any indemnification under paragraphs (i) and (ii) of this Section
     10.4(a) (unless ordered by a court) shall be made by the Company and the
     Guarantor only as authorized in the specific case upon a determination that
     indemnification of the Company Indemnified Person is proper in the
     circumstances because he or she has met the applicable standard of conduct
     specified in paragraphs (i) and (ii). Such determination shall be made (1)
     by the Regular Trustees by a majority vote of a quorum consisting of such
     Regular Trustees who were not parties to such action, suit or proceeding,
     (2) if such a quorum is not obtainable, or, even if obtainable, if a quorum
     of disinterested Regular Trustees so directs, by independent legal counsel
     in a written opinion, or (3) by the Common Security Holder of the Trust.

          (v) Expenses (including attorneys' fees) incurred by a Company
     Indemnified Person in defending a civil, criminal, administrative or
     investigative action, suit or proceeding referred to in paragraphs (i) and
     (ii) of this Section 10.4(a) shall be paid by the Company and the Guarantor
     in advance of the final disposition of such action, suit or proceeding upon
     receipt of an undertaking by or on behalf of such Company Indemnified
     Person to repay such amount if it shall ultimately be determined that he or
     she is not entitled to be indemnified by the Company and the Guarantor as
     authorized in this Section 10.4(a). Notwithstanding the foregoing, no
     advance shall be made by the Company or the Guarantor if a determination is
     reasonably and promptly made (i) by the Regular Trustees by a majority vote
     of a quorum of disinterested Regular Trustees, (ii) if such a quorum is not
     obtainable, or, even if obtainable, if a quorum of disinterested Regular
     Trustees so directs, by independent legal counsel in a written opinion or
     (iii) the Common Security Holder of the Trust, that, based upon the facts
     known to the Regular Trustees, counsel or the Common Security Holder at the
     time such determination is made, such Company Indemnified Person acted in
     bad faith or in a manner that such person did not believe to be in or not
     opposed to the best interests of the Trust, or, with respect to any
     criminal proceeding, that such Company Indemnified Person believed or had
     reasonable cause to believe his or her conduct was unlawful. In no event
     shall any advance be made in instances where the Regular Trustees,
     independent legal counsel or Common Security Holder reasonably determine
     that such person deliberately breached his or her duty to the Trust or its
     Common or TARGETS Holders.

          (vi) The indemnification and advancement of expenses provided by, or
     granted pursuant to, the other paragraphs of this Section 10.4(a) shall not
     be deemed exclusive of any other rights to which those seeking
     indemnification and advancement of expenses may be entitled under any
     agreement, vote of stockholders or disinterested directors of the Company
     or the Guarantor, or TARGETS Holders of the Trust or otherwise, both as to
     action in his or her official capacity and as to action in another capacity
     while holding

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     such office. All rights to indemnification under this Section 10.4(a) shall
     be deemed to be provided by a contract among the Company, the Guarantor and
     each Company Indemnified Person who serves in such capacity at any time
     while this Section 10.4(a) is in effect. Any repeal or modification of this
     Section 10.4(a) shall not affect any rights or obligations then existing.

          (vii) The Company and the Guarantor may purchase and maintain
     insurance on behalf of any person who is or was a Company Indemnified
     Person against any liability asserted against him or her and incurred by
     him or her in any such capacity, or arising out of his or her status as
     such, whether or not the Company and the Guarantor would have the power to
     indemnify him or her against such liability under the provisions of this
     Section 10.4(a).

          (viii) For purposes of this Section 10.4(a), references to "the Trust"
     shall include, in addition to the resulting or surviving entity, any
     constituent entity (including any constituent of a constituent) absorbed in
     a consolidation or merger, so that any person who is or was a director,
     trustee, officer or employee of such constituent entity, or is or was
     serving at the request of such constituent entity as a director, trustee,
     officer, employee or agent of another entity, shall stand in the same
     position under the provisions of this Section 10.4(a) with respect to the
     resulting or surviving entity as he or she would have with respect to such
     constituent entity if its separate existence had continued.

          (ix) The indemnification and advancement of expenses provided by, or
     granted pursuant to, this Section 10.4(a) shall, unless otherwise provided
     when authorized or ratified, continue as to a person who has ceased to be a
     Company Indemnified Person and shall inure to the benefit of the heirs,
     executors and administrators of such a person.

     (b) The Company and the Guarantor jointly and severally agree to indemnify
the (i) Institutional Trustee, (ii) the Delaware Trustee, (iii) any Affiliate of
the Institutional Trustee and the Delaware Trustee, and (iv) any officers,
directors, shareholders, members, partners, employees, representatives,
custodians, nominees or agents of the Institutional Trustee and the Delaware
Trustee (each of the Persons in (i) through (iv) being referred to as a
"Fiduciary Indemnified Person") for, and to hold each Fiduciary Indemnified
Person harmless against, any loss, liability or expense incurred without
negligence or bad faith on its part, arising out of or in connection with the
acceptance or administration or the trust or trusts hereunder, including the
costs and expenses (including reasonable legal fees and expenses) of defending
itself against or investigating any claim or liability in connection with the
exercise or performance of any of its powers or duties hereunder. The obligation
to indemnify as specified in this Section 10.4(b) shall survive the satisfaction
and discharge of this Declaration.

     SECTION 10.5 OUTSIDE BUSINESSES.

            Any Covered Person, the Sponsor, the Guarantor, the Delaware Trustee
and the Institutional Trustee (subject to Section 5.3(b)) may engage in or
possess an interest in other business ventures of any nature or description,
independently or with others, similar or dissimilar to the business of the
Trust, and the Trust and the Holders of Securities shall have no rights by
virtue of this Declaration in and to such independent ventures or the income or
profits derived

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therefrom, and the pursuit of any such venture, even if competitive with the
business of the Trust, shall not be deemed wrongful or improper. No Covered
Person, the Sponsor, the Guarantor, the Delaware Trustee, or the Institutional
Trustee shall be obligated to present any particular investment or other
opportunity to the Trust even if such opportunity is of a character that, if
presented to the Trust, could be taken by the Trust, and any Covered Person, the
Sponsor, the Guarantor, the Delaware Trustee and the Institutional Trustee shall
have the right to take for its own account (individually or as a partner or
fiduciary) or to recommend to others any such particular investment or other
opportunity. Any Covered Person, the Delaware Trustee and the Institutional
Trustee may engage or be interested in any financial or other transaction with
the Sponsor or the Guarantor or any Affiliate of the Sponsor or the Guarantor,
or may act as depositary for, trustee or agent for, or act on any committee or
body of holders of, securities or other obligations of the Sponsor or the
Guarantor or their respective Affiliates.

                                   ARTICLE XI

                                   ACCOUNTING

     SECTION 11.1 FISCAL YEAR.

            The fiscal year ("Fiscal Year") of the Trust shall be the calendar
year, or such other year as is required by the Code.

     SECTION 11.2 CERTAIN ACCOUNTING MATTERS.

     (a) At all times during the existence of the Trust, the Regular Trustees
shall keep or cause to be kept, full books of account, records and supporting
documents, which shall reflect in reasonable detail, each transaction of the
Trust. The books of account shall be maintained on the accrual method of
accounting, in accordance with United States generally accepted accounting
principles, consistently applied. The Trust shall use the accrual method of
accounting for United States federal income tax purposes. The books of account
and the records of the Trust shall be examined by and reported upon as of the
end of each Fiscal Year of the Trust by a firm of independent certified public
accountants selected by the Regular Trustees.

     (b) The Regular Trustees shall cause to be prepared and delivered to each
of the Holders of Securities, to the extent, if any, required by the Trust
Indenture Act, within 180 days after the end of each Fiscal Year of the Trust,
annual financial statements of the Trust, including a balance sheet of the Trust
as of the end of such Fiscal Year, and the related statements of income or loss.

     (c) The Regular Trustees shall cause to be duly prepared and delivered to
each of the Holders of Securities, any annual United States federal income tax
information statement, required by the Code, containing such information with
regard to the Securities held by each Holder as is required by the Code and the
Treasury Regulations. Notwithstanding any right under the Code to deliver any
such statement at a later date, the Regular Trustees shall endeavor to deliver
all such statements within 30 days after the end of each Fiscal Year of the
Trust.

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     (d) The Regular Trustees shall cause to be duly prepared and filed with the
appropriate taxing authority, an annual United States federal income tax return,
on a Form 1041 or such other form required by United States federal income tax
law, and any other annual income tax returns required to be filed by the Regular
Trustees on behalf of the Trust with any state or local taxing authority.

     SECTION 11.3 BANKING.

            The Trust shall maintain one or more bank accounts in the name and
for the sole benefit of the Trust; provided, however, that all payments of funds
in respect of the Forward Contract Certificates or the Treasury Securities held
by the Institutional Trustee shall be made directly to the Institutional Trustee
Account and no other funds of the Trust shall be deposited in the Institutional
Trustee Account. The sole signatories for such accounts shall be designated by
the Regular Trustees; provided, however, that the Institutional Trustee shall
designate the signatories for the Institutional Trustee Account.

     SECTION 11.4 WITHHOLDING.

     The Trust and the Regular Trustees shall comply with all withholding
requirements under United States federal, state and local law. The Trust shall
request, and the Holders shall provide to the Trust, such forms or certificates
as are necessary to establish an exemption from withholding with respect to each
Holder, and any representations and forms as shall reasonably be requested by
the Trust to assist it in determining the extent of, and in fulfilling, its
withholding obligations. The Regular Trustees shall file required forms with
applicable jurisdictions and, unless an exemption from withholding is properly
established by a Holder, shall remit amounts withheld with respect to the Holder
to applicable jurisdictions. To the extent that the Trust is required to
withhold and pay over any amounts to any authority with respect to distributions
or allocations to any Holder, the amount withheld shall be deemed to be a
distribution in the amount of the withholding to the Holder. In the event of any
claimed over withholding, Holders shall be limited to an action against the
applicable jurisdiction. If the amount required to be withheld was not withheld
from actual Distributions made to any Holder, the Trust may reduce subsequent
Distributions to such Holder by the amount of such withholding.

                                   ARTICLE XII

                             AMENDMENTS AND MEETINGS

     SECTION 12.1 AMENDMENTS.

     (a) Except as otherwise provided in this Declaration or by any applicable
terms of the Securities, this Declaration may only be amended by a written
instrument approved and executed by:

          (i) the Regular Trustees (or, if there are more than two Regular
     Trustees a majority of the Regular Trustees);

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          (ii) if the amendment affects the rights, powers, duties, obligations
     or immunities of the Institutional Trustee, the Institutional Trustee; and

          (iii) if the amendment affects the rights, powers, duties, obligations
     or immunities of the Delaware Trustee, the Delaware Trustee.

     (b) No amendment shall be made, and any such purported amendment shall be
void and ineffective:

          (i) unless, in the case of any proposed amendment, the Institutional
     Trustee shall have first received:

               (A) an Officers' Certificate from each of the Trust, the Sponsor
          and the Guarantor that such amendment is permitted by, and conforms
          to, the terms of this Declaration (including the terms of the
          Securities); and

               (B) if such proposed amendment affects the rights, powers,
          duties, obligations or immunities of the Institutional Trustee, an
          opinion of counsel (who may be counsel to the Sponsor, the Guarantor
          or the Trust and which opinion shall be prepared at the expense of the
          Sponsor or the Guarantor) that such amendment is permitted by, and
          conforms to, the terms of this Declaration (including the terms of the
          Securities); and

          (ii) to the extent the result of such amendment would be to:

               (A) cause the Trust to fail to continue to be classified for
          purposes of United States federal income taxation as a grantor trust;

               (B) reduce or otherwise adversely affect the powers of the
          Institutional Trustee in contravention of the Trust Indenture Act; or

               (C) cause the Trust to be deemed to be an Investment Company
          required to be registered under the Investment Company Act.

     (c) At such time after the Trust has issued any Securities that remain
outstanding, any amendment that would adversely affect the rights, privileges or
preferences of any Holder of Securities may be effected only with such
additional requirements as may be specified in the terms of such Securities.

     (d) Section 9.1(c) and this Section 12.1 shall not be amended without the
consent of all of the Holders of the Securities.

     (e) Article IV shall not be amended without the consent of the Holders of a
Majority of the Common Securities.

     (f) The rights of the Holders of the Common Securities under Article V to
increase or decrease the number of and appoint and remove Trustees shall not be
amended without the consent of the Holders of a Majority of the Common
Securities.

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     (g) Subject to Section 12.1(c), this Declaration may be amended by the
Regular Trustees (or, if there are more than two Regular Trustees a majority of
the Regular Trustees) without the consent of the Holders of the Securities to:

          (i) cure any ambiguity;

          (ii) correct or supplement any provision in this Declaration that may
     be defective or inconsistent with any other provision of this Declaration;

          (iii) add to the covenants, restrictions or obligations of the
     Sponsor;

          (iv) conform to any change in Rule 3a-5 or written change in
     interpretation or application of Rule 3a-5 by any legislative body, court,
     government agency or regulatory authority which amendment does not have a
     material adverse effect on the rights, preferences or privileges of the
     Holders; and

          (v) modify, eliminate and add to any provision of the Declaration to
     such extent as may be reasonably necessary to effectuate any of the
     foregoing or to otherwise comply with applicable law.

     SECTION 12.2 MEETINGS OF THE HOLDERS OF SECURITIES; ACTION BY WRITTEN
CONSENT.

     (a) Meetings of the Holders of any class of Securities may be called at any
time by the Regular Trustees (or as provided in the terms of the Securities) to
consider and act on any matter on which Holders of such class of Securities are
entitled to act under the terms of this Declaration, the terms of the Securities
or the rules of any stock exchange on which the TARGETS are listed or admitted
for trading. The Regular Trustees shall call a meeting of the Holders of such
class if directed to do so by the Holders of Securities representing at least
10% of such class of Securities. Such direction shall be given by delivering to
the Regular Trustees one or more notices in a writing stating that the signing
Holders of Securities wish to call a meeting and indicating the general or
specific purpose for which the meeting is to be called. Any Holders of
Securities calling a meeting shall specify in writing the Security Certificates
held by the Holders of Securities exercising the right to call a meeting and
only those Securities specified shall be counted for purposes of determining
whether the required percentage specified in the second sentence of this
paragraph has been met.

     (b) Except to the extent otherwise provided in the terms of the Securities,
the following provisions shall apply to meetings of Holders of Securities:

          (i) notice of any such meeting shall be given to all the Holders of
     Securities having a right to vote thereat at least 7 days and not more than
     60 days before the date of such meeting. Whenever a vote, consent or
     approval of the Holders of Securities is permitted or required under this
     Declaration or the rules of any stock exchange or national securities
     market on which the TARGETS are listed or admitted for trading, such vote,
     consent or approval may be given at a meeting of the Holders of Securities.
     Any action that may be taken at a meeting of the Holders of Securities may
     be taken without a meeting and without prior notice if a consent in writing
     setting forth the action so taken is

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                                       43
<PAGE>

     signed by the Holders of Securities owning not less than the minimum amount
     of Securities that would be necessary to authorize or take such action at a
     meeting at which all Holders of Securities having a right to vote thereon
     were present and voting. Prompt notice of the taking of action without a
     meeting shall be given to the Holders of Securities entitled to vote who
     have not consented in writing. The Regular Trustees may specify that any
     written ballot submitted to the Security Holder for the purpose of taking
     any action without a meeting shall be returned to the Trust within the time
     specified by the Regular Trustees;

          (ii) each Holder of a Security may authorize any Person to act for it
     by proxy on all matters in which a Holder of Securities is entitled to
     participate, including waiving notice of any meeting, or voting or
     participating at a meeting. No proxy shall be valid after the expiration of
     11 months from the date thereof unless otherwise provided in the proxy.
     Every proxy shall be revocable at the pleasure of the Holder of Securities
     executing it. Except as otherwise provided herein, all matters relating to
     the giving, voting or validity of proxies shall be governed by the General
     Corporation Law of the State of Delaware relating to proxies, and judicial
     interpretations thereunder, as if the Trust were a Delaware corporation and
     the Holders of the Securities were stockholders of a Delaware corporation;

          (iii) each meeting of the Holders of the Securities shall be conducted
     by the Regular Trustees or by such other Person that the Regular Trustees
     may designate; and

          (iv) unless the Statutory Trust Act, this Declaration, the terms of
     the Securities, the Trust Indenture Act or the listing rules of any stock
     exchange or national securities market on which the TARGETS are then listed
     or trading otherwise provides, the Regular Trustees, in their sole
     discretion, shall establish all other provisions relating to meetings of
     Holders of Securities, including notice of the time, place or purpose of
     any meeting at which any matter is to be voted on by any Holders of
     Securities, waiver of any such notice, action by consent without a meeting,
     the establishment of a record date, quorum requirements, voting in person
     or by proxy or any other matter with respect to the exercise of any such
     right to vote.

                                  ARTICLE XIII

                                  MISCELLANEOUS

     SECTION 13.1 NOTICES.

            All notices provided for in this Declaration shall be in writing,
duly signed by the party giving such notice, and shall be delivered, telecopied
or mailed by first class mail postage prepaid, as follows:

     (a) if given to the Trust, in care of the Regular Trustees at the Trust's
mailing address specified below (or such other address as the Trust may give
notice of to the Holders of the Securities):

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                                       44
<PAGE>

                                    c/o Citigroup Funding Inc.
                                    399 Park Avenue
                                    New York, New York 10043

     (b) if given to the Delaware Trustee, at the mailing address specified
below (or such other address as the Delaware Trustee may give notice of to the
Holders of the Securities):

                                    Chase Bank USA, National Association
                                    500 Stanton Christiana Road, 3/Ops 4
                                    Newark, DE  19713
                                    Attn:  Worldwide Securities Services

     (c) if given to the Institutional Trustee, at the mailing address specified
below (or such other address as the Institutional Trustee may give notice of to
the Holders of the Securities):

                                    JPMorgan Chase Bank, N.A.
                                    4 New York Plaza, 6th Floor,
                                    New York, New York 10004-2477
                                    Attn:  Worldwide Securities Services
                                    Global Debt - TARGETS Trust [XXVIII]

     (d) if given to the Holder of the Common Securities, at the mailing address
of the Sponsor specified below (or such other address as the Holder of the
Common Securities may give notice of to the Trust):

                                    399 Park Avenue
                                    New York, New York 10043

     (e) if given to any other Holder, at the address specified on the books and
records of the Trust.

            All notices provided for in this Declaration shall be deemed to have
been given when received in person, telecopied with receipt confirmed, or mailed
by first class mail, postage prepaid except that if a notice or other document
is refused delivery or cannot be delivered because of a changed address of which
no notice was given, such notice or other document shall be deemed to have been
delivered on the date of such refusal or inability to deliver.

     SECTION 13.2 GOVERNING LAW.

            This Declaration and the rights of the parties hereunder shall be
governed by and interpreted in accordance with the laws of the State of Delaware
and all rights and remedies shall be governed by such laws without regard to
principles of conflict of laws.

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     SECTION 13.3 INTENTION OF THE PARTIES.

            It is the intention of the parties hereto that the Trust be
classified for United States federal income tax purposes as a grantor trust. The
provisions of this Declaration shall be interpreted to further this intention of
the parties.

     SECTION 13.4 HEADINGS.

            Headings contained in this Declaration are inserted for convenience
of reference only and do not affect the interpretation of this Declaration or
any provision hereof.

     SECTION 13.5 SUCCESSORS AND ASSIGNS.

            Whenever in this Declaration any of the parties hereto is named or
referred to, the successors and assigns of such party shall be deemed to be
included, and all covenants and agreements in this Declaration by the Sponsor,
the Guarantor and the Trustees shall bind and inure to the benefit of their
respective successors and assigns, whether or not so expressed.

     SECTION 13.6 PARTIAL ENFORCEABILITY.

            If any provision of this Declaration, or the application of such
provision to any Person or circumstance, shall be held invalid, the remainder of
this Declaration, or the application of such provision to Persons or
circumstances other than those to which it is held invalid, shall not be
affected thereby.

     SECTION 13.7 COUNTERPARTS.

            This Declaration may contain more than one counterpart of the
signature page and this Declaration may be executed by the affixing of the
signature of each of the Trustees to one of such counterpart signature pages.
All of such counterpart signature pages shall be read as though one, and they
shall have the same force and effect as though all of the signers had signed a
single signature page.

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            IN WITNESS WHEREOF, the undersigned have caused these presents to be
executed as of the day and year first above written.

                            ____________________________________________________
                            Geoffrey S. Richards, as Regular Trustee

                            CHASE BANK USA, NATIONAL ASSOCIATION,
                            as Delaware Trustee

                            By:_________________________________________________
                                Name:  Diane P. Ledger
                                Title: Assistant Vice President

                            JPMORGAN CHASE BANK, N.A.,
                            as Institutional Trustee

                            By:_________________________________________________
                                Name:  Thomas Venusti
                                Title: Assistant Vice President

                            CITIGROUP FUNDING INC.,
                            as Sponsor

                            By:_________________________________________________
                                Name:  Geoffrey S. Richards
                                Title: Vice President and Assistant Treasurer

                            CITIGROUP INC., as Guarantor

                            By:_________________________________________________
                                Name:  Charles E. Wainhouse
                                Title: Assistant Treasurer

CFI TARGETS [XXVIII] Due
Amended and Restated Declaration of Trust

<PAGE>

                                   SCHEDULE I

                               TREASURY SECURITIES

            All forms specified are for stripped principal or interest
components of U.S. Treasury debt obligations.

                                   Schedule I

<PAGE>

                                                                         ANNEX I

                                    TERMS OF
                                   THE TARGETS
                                       AND
                                COMMON SECURITIES

            Pursuant to Section 7.1 of the Amended and Restated Declaration of
Trust, dated as of     , 2006 (as amended from time to time, the "Declaration"),
the designation, rights, privileges, restrictions, preferences and other terms
and provisions of the TARGETS and the Common Securities are set out below (each
capitalized term used but not defined herein has the meaning specified in the
Declaration or, if not defined in such Declaration, as defined in the Prospectus
referred to below):

            1. Designation and Number.

            (a) TARGETS. [       ] Securities of the Trust are hereby designated
for the purposes of identification only as "Targeted Growth Enhanced Terms
Securities" (the "TARGETS"). The certificates evidencing the TARGETS shall be
substantially in the form of Exhibit A-1 to the Declaration, with such changes
and additions thereto or deletions therefrom as may be required by ordinary
usage, custom or practice or to conform to the rules of any stock exchange or
national securities market on which the TARGETS are listed.

            (b) Common Securities. [       ] Securities of the Trust are hereby
designated for the purposes of identification only as "Trust Common Securities"
(the "Common Securities" and, together with the TARGETS, the "Securities"). The
certificates evidencing the Common Securities shall be substantially in the form
of Exhibit A-2 to the Declaration, with such changes and additions thereto or
deletions therefrom as may be required by ordinary usage, custom or practice.

            2. Distributions.

            (a) Distributions payable on each Security will be a Pro Rata
portion of (i) all monies received by the Trust as quarterly distributions in
respect of the Treasury Securities and in respect of the Yield Enhancement
Payments (the "Quarterly Distributions"), (ii) the Maturity Payment or the
Accelerated Maturity Payment, as the case may be, with respect to the Forward
Contract and (iii) upon the sale of the Treasury Securities by the Institutional
Trustee following an Acceleration Event, the net proceeds received by the Trust
(the "Treasury Proceeds") from the sale of such Treasury Securities. A
Distribution is payable only to the extent that monies are received in respect
of the Forward Contract Certificates or Treasury Securities held by the
Institutional Trustee on behalf of the Trust and to the extent the Trust has
funds available therefor.

            (b) Distributions on the Securities will be payable to the Holders
thereof as they appear on the books and records of the Trust at the close of
business on the relevant record dates. While the TARGETS remain in book-entry
only form, the relevant record dates for Distributions of the Maturity Payment
or Accelerated Maturity Payment shall be five Business

                                    ANNEX I-1

<PAGE>

Days prior to the date such Maturity Payment or Accelerated Maturity Payment, as
the case may be, is received by the Trust with respect to the Forward Contract
Certificates. While the TARGETS remain in book-entry only form, the relevant
record dates for Quarterly Distributions shall be five Business Days prior to
the relevant payment dates, which payment dates shall correspond to the dates on
which payments are made in respect of, and in accordance with the terms of, the
Treasury Securities and the Forward Contract Certificates. While the TARGETS
remain in book-entry only form, the relevant record date for Distributions of
the Treasury Proceeds shall be the date that is five Business Days prior to the
date such Treasury Proceeds are received by the Trust upon liquidation of the
Treasury Securities. Subject to any applicable laws and regulations and the
provisions of the Declaration, each such payment in respect of the TARGETS will
be made as described under the heading "Description of the TARGETS -- Book-Entry
Only Issuance" in the Prospectus, dated      , 2006 (the "Prospectus"), of the
Trust included in the Registration Statement on Form S-3 of the Sponsor, the
Guarantor and the Trust with respect to the TARGETS. The relevant record dates
for the Common Securities shall be the same record dates as for the TARGETS. If
the TARGETS shall not continue to remain in book-entry only form, the relevant
record dates for any Distributions shall conform to the rules of any securities
exchange or national securities market on which they are listed and, if none,
shall be 15 days before the relevant payment dates, which payment dates shall
correspond to the dates on which payments are made in respect of, and in
accordance with the terms of, the Treasury Securities and the Forward Contract
Certificates and which record date shall be confirmed by the Regular Trustees in
writing to the Institutional Trustee. Distributions payable on any Securities
that are not punctually paid on any Distribution payment date, as a result of
either the Company or the Guarantor having failed to make a payment under the
Forward Contract or the issuer of the Treasury Securities having failed to make
a payment in respect of the Treasury Securities, will cease to be payable to the
Person in whose name such Securities are registered on the relevant record date,
and such defaulted Distribution will instead be payable to the Person in whose
name such Securities are registered on a special record date which shall be the
date on which the amount of the defaulted Distributions are actually received by
the Trust. If any date on which Distributions are payable on the Securities is
not a Business Day, then payment of the Distribution payable on such date will
be made on the next succeeding day that is a Business Day (and without any
interest or other payment in respect of any such delay) except that, if such
Business Day is in the next succeeding calendar year, such payment shall be made
on the immediately preceding Business Day, in each case with the same force and
effect as if made on such date.

            (c) In the event that there is any money or other property held by
or for the Trust that is not accounted for hereunder, such property shall be
distributed Pro Rata (as defined herein) among the Holders of the Securities.

            3. Liquidation Distribution Upon Dissolution.

            Except as otherwise provided herein, in the event of any voluntary
or involuntary dissolution of the Trust, the Holders of the Securities on the
date of the dissolution, will be entitled to receive distributions out of the
assets of the Trust available for distribution to Holders of Securities after
satisfaction of liabilities of creditors of the Trust, on a Pro Rata basis.

                                    ANNEX I-2

<PAGE>

            4. Distribution Upon an Acceleration Event.

            (a) If, at any time, a Tax Event, an Investment Company Event or a
Bankruptcy Event (each as defined herein and each an "Acceleration Event") shall
occur and be continuing, the Regular Trustees shall give written instructions to
the Institutional Trustee to (a) dissolve the Trust, liquidate the Treasury
Securities by soliciting at least three all cash bids (one of which may be from
an affiliate of the Sponsor) and selling and transferring the Treasury
Securities to the highest of the three bidders and, (b) after satisfaction of
creditors, cause to be distributed as soon as is practicable following the
occurrence of such Acceleration Event, to the Holders of the Securities in
liquidation of such Holders' interests in the Trust on a Pro Rata basis, (i) the
Accelerated Maturity Payment and (ii) the Treasury Proceeds.

            "Tax Event" means that either CFI or the Guarantor shall have
requested and received and shall have delivered to the Regular Trustees an
opinion of nationally recognized independent tax counsel experienced in such
matters to the effect that there has been (a) an amendment to, change in or
announced proposed change in the laws (or any regulations thereunder) of the
United States or any political subdivision or taxing authority thereof or
therein, (b) a judicial decision interpreting, applying, or clarifying such laws
or regulations, (c) an administrative pronouncement or action that represents an
official position (including a clarification of an official position) of the
governmental authority or regulatory body making such administrative
pronouncement or taking such action, or (d) a threatened challenge asserted in
connection with an audit of CFI or the Guarantor or any subsidiaries of the
Guarantor, or the Trust, or a threatened challenge asserted in writing against
any other taxpayer that has raised capital through the issuance of securities
that are substantially similar to the Forward Contract Certificates or the
TARGETS, which amendment or change is adopted or which proposed change, decision
or pronouncement is announced or which action, clarification or challenge occurs
on or after the date of the Prospectus relating to the original issuance of the
TARGETS (collectively a "Tax Action"), which Tax Action relates to any of the
items described in (i) and (ii) below, and that there is more than an
insubstantial risk that (i) the Trust is, or will be, subject to United States
federal income tax with respect to income accrued or received in respect of the
Forward Contract or the Treasury Securities, or (ii) the Trust is, or will be,
subject to more than a de minimis amount of other taxes, duties or other
governmental charges.

            "Investment Company Event" means that CFI or the Guarantor shall
have requested and received and shall have delivered to the Regular Trustees an
opinion of nationally recognized independent legal counsel experienced in such
matters to the effect that as a result of the occurrence on or after the date
hereof of a change in law or regulation or a change in interpretation or
application of law or regulation by any legislative body, court, governmental
agency or regulatory authority, the Trust is or will be considered an
"investment company" which is required to be registered under the 1940 Act.

            "Bankruptcy Event" means either of the following shall have
occurred: (i) the entry of a decree or order for relief in respect of the
Company and the Guarantor by a court having jurisdiction in the premises in an
involuntary case under the U.S. federal bankruptcy laws, as now or hereafter
constituted, or any other applicable federal or state bankruptcy, insolvency or
other similar law, or appointing a receiver, liquidator, assignee, custodian,
trustee, sequestrator (or other similar official) of the Company and the
Guarantor or of any substantial

                                    ANNEX I-3
<PAGE>

part of the property of the Company and the Guarantor, or ordering the winding
up or liquidation of affairs of the Company and the Guarantor, and the
continuance of any such decree or order unstayed and in effect for a period of
90 consecutive days; or (ii) the commencement by the Company and the Guarantor
of a voluntary case under the U.S. federal bankruptcy laws, as now or hereafter
constituted, or any other applicable federal or state bankruptcy, insolvency or
other similar law now or hereafter in effect, or the consent by them to the
entry of an order for relief in an involuntary case under any such law or to the
appointment of a receiver, liquidator, assignee, custodian, trustee,
sequestrator (or other similar official) of the Company and the Guarantor or of
any substantial part of the property of the Company and the Guarantor, or the
making by them of an assignment for the benefit of their respective creditors,
or the admission by them in writing of their inability to pay their respective
debts generally as they become due, or the taking of corporate action by the
Company and the Guarantor in furtherance of any action.

            On and from the date fixed by the Regular Trustees for any
dissolution and distribution pursuant to this paragraph 4: (i) the Securities
will no longer be deemed to be outstanding, (ii) DTC or its nominee (or any
successor Clearing Agency or its nominee), as the record Holder of the TARGETS,
will receive its Pro Rata portion of (a) the Accelerated Maturity Payment and
(b) the Treasury Proceeds, in each case to be delivered upon such distribution
and (iii) any certificates representing Securities, except for certificates
representing TARGETS held by DTC or its nominee (or any successor Clearing
Agency or its nominee), will be deemed to represent the right to receive a Pro
Rata portion of (a) the Accelerated Maturity Payment and (b) the Treasury
Proceeds.

            (b) Acceleration Event Distribution procedures will be as follows:

          (i) Notice of any Acceleration Event (each, an "Acceleration Notice")
     will be given by the Regular Trustees on behalf of the Trust by mail to
     each Holder of Securities as promptly as practicable following the
     occurrence of such Acceleration Event. Each Acceleration Notice shall be
     addressed to the Holders of Securities at the address of each such Holder
     appearing in the books and records of the Trust.

          (ii) If an Acceleration Event occurs, then (A) while the TARGETS are
     in book-entry only form, with respect to the TARGETS, by 12:00 noon, New
     York City time, on the Accelerated Maturity Date; provided that the Company
     has paid the Institutional Trustee by 10:00 a.m., New York City time, on
     such date an amount of cash equal to the Accelerated Maturity Payment, the
     Institutional Trustee will deposit irrevocably with DTC or its nominee (or
     successor Clearing Agency or its nominee) funds sufficient to pay the Pro
     Rata portion of the sum of the Accelerated Maturity Payment and the
     Treasury Proceeds applicable to the TARGETS and will give DTC (or any
     successor Clearing Agency) irrevocable instructions and authority to pay
     such Pro Rata portion of the sum of the Accelerated Maturity Payment and
     the Treasury Proceeds to the Holders of the TARGETS, and (B) with respect
     to TARGETS issued in definitive form and Common Securities; provided that
     the Company has paid the Institutional Trustee by 10:00 a.m., New York City
     time, on such date an amount of cash equal to the Pro Rata amount of the
     Accelerated Maturity Payment applicable to such TARGETS issued in
     definitive form and Common Securities, the Institutional Trustee will pay
     such Pro Rata portion of the Accelerated Maturity Payment and a Pro Rata
     portion of the

                                    ANNEX I-4

<PAGE>

Treasury Proceeds to the Holders of such Securities by check mailed to the
address of the relevant Holder appearing on the books and records of the Trust
on the relevant record date. If any Accelerated Maturity Date is not a Business
Day, then payment of the sum of the Accelerated Maturity Payment, the Treasury
Proceeds payable on such date will be made on the next succeeding day that is a
Business Day (and without any interest or other payment in respect of any such
delay) except that, if such Business Day falls in the next calendar year, such
payment will be made on the immediately preceding Business Day, in each case
with the same force and effect as if made on such Accelerated Maturity Date.

          (iii) Acceleration Notices shall be sent by the Regular Trustees on
     behalf of the Trust to (A) in respect of the TARGETS, DTC or its nominee
     (or any successor Clearing Agency or its nominee) if the Global TARGETS
     Certificates have been issued or, if Definitive TARGETS Certificates have
     been issued, to the Holder thereof, and (B) in respect of the Common
     Securities to the Holder thereof.

          (iv) Subject to the foregoing and applicable law (including, without
     limitation, United States federal securities laws), the Company or its
     Affiliates may at any time and from time to time purchase outstanding
     TARGETS by tender, in the open market or by private agreement.

            5. Voting Rights - TARGETS.

            (a) Except as provided under paragraphs 5(b) and 7 and as otherwise
required by law and the Declaration, the Holders of the TARGETS will have no
voting rights.

            (b) Subject to the requirements specified in this paragraph, the
Holders of a Majority of the TARGETS, voting separately as a class, may direct
the time, method, and place of conducting any proceeding for any remedy
available to the Institutional Trustee, or direct the exercise of any trust or
power conferred upon the Institutional Trustee under the Declaration, including
the right to direct the Institutional Trustee, as holder of the Forward Contract
Certificates and the Treasury Securities, to (i) direct the time, method and
place of conducting any proceeding for any remedy available to the Indenture
Trustee, or exercise any trust or power conferred on the Indenture Trustee with
respect to the Forward Contract Certificates, (ii) direct the time, method and
place of conducting any proceeding for any remedy available to the Institutional
Trustee or exercise any trust or power conferred on the Institutional Trustee
with respect to the Treasury Securities, (iii) waive the consequences of any
Acceleration Event under the Indenture that are waivable under the Indenture,
(iv) exercise any right to rescind or annul a declaration that the Accelerated
Maturity Payment shall be due and payable, or (v) consent to any amendment,
modification or termination of the Indenture or the Forward Contract where such
consent shall be required; provided, however, that where a consent or action
would require the consent or act of a Super Majority of the outstanding Forward
Contract Certificates, such consent or action shall not be effective until
Holders of at least the proportion of the TARGETS that the relevant Super
Majority represents of the aggregate beneficial interests in the Forward
Contract represented by all the TARGETS outstanding shall have consented to such
action or provided such consent. The Institutional Trustee shall not revoke any
action previously authorized or approved by a vote of the Holders of the
TARGETS. Except with respect to directing the time, method and place of
conducting a proceeding for a remedy available to the

                                    ANNEX I-5
<PAGE>

Institutional Trustee, the Institutional Trustee, as holder of the Forward
Contract Certificates and the Treasury Securities, shall not take any of the
actions described in clauses (i), (ii), (iii), (iv) or (v) above unless the
Institutional Trustee has obtained an opinion of a nationally recognized
independent tax counsel experienced in such matters to the effect that as a
result of such action, the Trust will not fail to be classified as a grantor
trust for United States federal income tax purposes.

            If the Institutional Trustee fails to enforce its rights under the
Forward Contract, to the fullest extent permitted by law, any Holder of TARGETS
may directly institute a legal proceeding against the Company or the Guarantor
to enforce the Institutional Trustee's rights under the Forward Contract without
first instituting a legal proceeding against the Institutional Trustee or any
other Person. If the Company or the Guarantor fails to pay amounts owed on the
Forward Contract on the date such amounts are otherwise payable, then a Holder
of TARGETS may also directly institute a proceeding for enforcement of payment
to such Holder (a "Direct Action") of the amounts owed in respect of such
Holder's Pro Rata interest in the Forward Contract on or after the due date
specified in the Forward Contract without first (i) directing the Institutional
Trustee to enforce the terms of the Forward Contract or (ii) instituting a legal
proceeding directly against the Company or the Guarantor to enforce the
Institutional Trustee's rights under the Forward Contract. Except as provided in
the preceding sentence, the Holders of TARGETS will not be able to exercise
directly any other remedy available to the Holders of the Forward Contract
Certificates. In connection with such Direct Action, CFI and the Guarantor will
be subrogated to the rights of such Holder of TARGETS under the Declaration to
the extent of any payment made by CFI to such Holder of TARGETS in such Direct
Action.

            Any required approval or direction of Holders of TARGETS may be
given at a separate meeting of Holders of TARGETS convened for such purpose, at
a meeting of all of the Holders of Securities or pursuant to written consent.
The Regular Trustees will cause a notice of any meeting at which Holders of
TARGETS are entitled to vote to be mailed to each Holder of record of TARGETS.
Each such notice will include a statement setting forth (i) the date of such
meeting, (ii) a description of any resolution proposed for adoption at such
meeting on which such Holders are entitled to vote and (iii) instructions for
the delivery of proxies.

            No vote or consent of the Holders of the TARGETS will be required
for the Trust to (i) cancel TARGETS Certificates, (ii) to make Distributions or
(iii) to distribute any Quarterly Distributions, the Maturity Payment, the
Accelerated Maturity Payment and the Treasury Proceeds held by the Institutional
Trustee, in each case in accordance with the Declaration and the terms of the
Securities.

            Notwithstanding that Holders of TARGETS are entitled to vote or
consent under any of the circumstances described above, any of the TARGETS that
are owned by the Sponsor, the Guarantor or any of their respective Affiliates
shall not be entitled to vote or consent and shall, for purposes of such vote or
consent, be treated as if they were not outstanding.

                                    ANNEX I-6
<PAGE>

            6. Voting Rights - Common Securities.

            (a) Except as provided under paragraphs 6(b), (c) and 7 or as
otherwise required by law and the Declaration, the Holders of the Common
Securities will have no voting rights.

            (b) The Holders of the Common Securities are entitled, in accordance
with Article V of the Declaration, to vote to appoint, remove or replace any
Trustee or to increase or decrease the number of Trustees.

            (c) Subject to Section 2.6 of the Declaration and only after the
Acceleration Event with respect to the TARGETS has been cured, waived, or
otherwise eliminated and subject to the requirements of the second to last
sentence of this paragraph, the Holders of a Majority of the Common Securities,
voting separately as a class, may direct the time, method, and place of
conducting any proceeding for any remedy available to the Institutional Trustee,
or direct the exercise of any trust or power conferred upon the Institutional
Trustee under the Declaration, including the right to direct the Institutional
Trustee, as holder of the Forward Contract Certificates and the Treasury
Securities, to (i) direct the time, method and place of conducting any
proceeding for any remedy available to the Institutional Trustee, or exercising
any trust or power conferred on the Institutional Trustee with respect to the
Forward Contract, (ii) direct the time, method and place of conducting any
proceeding for any remedy available to the Institutional Trustee with respect to
the Treasury Securities, (iii) waive the consequences of any Acceleration Event
under the Indenture that are waivable under the Indenture, (iv) exercise any
right to rescind or annul a declaration that the Accelerated Maturity Payment
shall be due and payable or (v) consent to any amendment, modification or
termination of the Indenture or Forward Contract Certificates where such consent
shall be required, provided, that where a consent or action under the Indenture
would require the consent or act of the Holders of a Super Majority of the
Forward Contract Certificates, the Institutional Trustee may only give such
consent or take such action at the written direction of the Holders of at least
the proportion of the Common Securities that the relevant Super Majority
represents of the aggregate beneficial interests in the Forward Contract
represented by all the Common Securities outstanding. Pursuant to this paragraph
6(c), the Institutional Trustee shall not revoke any action previously
authorized or approved by a vote of the Holders of the TARGETS. Other than with
respect to directing the time, method and place of conducting any proceeding for
any remedy available to the Institutional Trustee or the Indenture Trustee as
specified above, the Institutional Trustee shall not take any action in
accordance with the directions of the Holders of the Common Securities under
this paragraph unless the Institutional Trustee has obtained an opinion of tax
counsel to the effect that for the purposes of United States federal income tax
the Trust will not be classified as other than a grantor trust on account of
such action. If the Institutional Trustee fails to enforce its rights under the
Declaration, to the fullest extent permitted by law, any Holder of Common
Securities may institute a legal proceeding directly against any Person to
enforce the Institutional Trustee's rights under the Declaration, without first
instituting a legal proceeding against the Institutional Trustee or any other
Person.

            Any approval or direction of Holders of Common Securities may be
given at a separate meeting of Holders of Common Securities convened for such
purpose, at a meeting of all of the Holders of Securities or pursuant to written
consent. The Regular Trustees will cause a

                                    ANNEX I-7
<PAGE>

notice of any meeting at which Holders of Common Securities are entitled to vote
to be mailed to each Holder of record of Common Securities. Each such notice
will include a statement setting forth (i) the date of such meeting, (ii) a
description of any resolution proposed for adoption at such meeting on which
such Holders are entitled to vote and (iii) instructions for the delivery of
proxies.

            No vote or consent of the Holders of the Common Securities will be
required for the Trust to (i) cancel Common Securities, (ii) to make
Distributions, (iii) to liquidate the Treasury Securities or (iv) to distribute
any Quarterly Distribution, the Maturity Payment, the Accelerated Maturity
Payment or the Treasury Proceeds to Holders of the Securities, in each case in
accordance with the Declaration and the terms of the Securities.

            7. Amendments to Declaration and Indenture.

            (a) In addition to any requirements under Section 12.1 of the
Declaration, if any proposed amendment to the Declaration provides for, or the
Regular Trustees otherwise propose to effect, (i) any action that would
adversely affect the powers, preferences or special rights of the Securities,
whether by way of amendment to the Declaration or otherwise, or (ii) the
dissolution, winding-up or termination of the Trust, other than as described in
Article VIII of the Declaration, then the Holders of outstanding Securities as a
class will be entitled to vote on such amendment or proposal (but not on any
other amendment or proposal) and such amendment or proposal shall not be
effective except with the approval of the Holders of a Majority of the
Securities, voting together as a single class; provided, however, if any
amendment or proposal referred to in clause (i) above would adversely affect
only the TARGETS or only the Common Securities, then only the affected class
will be entitled to vote on such amendment or proposal and such amendment or
proposal shall not be effective except with the approval of a Majority of such
class of Securities.

            (b) In the event the consent of the Institutional Trustee as the
holder of the Forward Contract Certificates is required under the Indenture with
respect to any amendment, modification or termination of the Indenture or the
Forward Contract Certificates, the Institutional Trustee shall request the
written direction of the Holders of the Securities with respect to such
amendment, modification or termination and shall vote with respect to such
amendment, modification or termination as directed by a Majority of the
Securities voting together as a single class; provided, however, that where a
consent under the Indenture would require the consent of the holders of a Super
Majority of the Forward Contract Certificates, the Institutional Trustee may
only give such consent at the direction of the Holders of a Super Majority of
the Securities outstanding; provided, further, that the Institutional Trustee
shall not take any action in accordance with the directions of the Holders of
the Securities under this paragraph 7(b) unless the Institutional Trustee has
obtained an opinion of tax counsel to the effect that for the purposes of United
States federal income tax the Trust will not be classified as other than a
grantor trust on account of such action.

                                    ANNEX I-8
<PAGE>

            8. Pro Rata.

            A reference in these terms of the Securities to any payment,
distribution or treatment as being "Pro Rata" shall mean proportionately to each
Holder of Securities according to the aggregate undivided beneficial interests
in the assets of the Trust represented by the Securities held by the relevant
Holder in relation to the aggregate beneficial interests in the assets of the
Trust represented by all Securities outstanding unless, in relation to a
payment, an Acceleration Event under the Declaration has occurred and is
continuing, in which case any funds available to make such payment shall be paid
first to each Holder of the TARGETS proportionately according to the aggregate
beneficial interests in the assets of the Trust represented by the TARGETS held
by the relevant Holder relative to the aggregate beneficial interests in the
assets of the Trust represented by all TARGETS outstanding, and only after
satisfaction of all amounts owed to the Holders of the TARGETS, to each Holder
of Common Securities proportionately according to the aggregate beneficial
interests in the assets of the Trust represented by the Common Securities held
by the relevant Holder relative to the aggregate beneficial interests in the
assets of the Trust represented by all Common Securities outstanding.

            9. Ranking.

            The TARGETS rank pari passu and payment thereon shall be made Pro
Rata with the Common Securities except that, where an Acceleration Event occurs
and is continuing in respect of the Forward Contract Certificates held by the
Institutional Trustee, no payments in respect of Distributions on, or payments
upon liquidation or otherwise with respect to, the Common Securities shall be
made until the Holders of TARGETS shall be paid in full the Distributions and
payments upon liquidation or otherwise to which they are entitled at the time.

            10. Listing.

            The Regular Trustees shall use their best efforts to cause the
TARGETS to be listed on the American Stock Exchange.

            11. Acceptance of Securities Guarantee, the Indenture and the
Treasury Securities.

            Each Holder of TARGETS and Common Securities, by the acceptance
thereof, agrees to the provisions of the TARGETS Guarantee, and to the
provisions of the Indenture and the Treasury Securities.

            12. No Preemptive Rights.

            The Holders of the Securities shall have no preemptive or similar
rights to subscribe for any additional securities in the Trust.

                                    ANNEX I-9
<PAGE>

            13. Miscellaneous.

            These terms constitute a part of the Declaration.

            The Sponsor will provide a copy of the Declaration, the TARGETS
Guarantee and the Indenture to a Holder without charge on written request to the
Sponsor at its principal place of business.

                                   ANNEX I-10
<PAGE>

                                   EXHIBIT A-1
                         FORM OF TARGETS(R) CERTIFICATE

            THIS SECURITY IS A GLOBAL CERTIFICATE WITHIN THE MEANING OF THE
DECLARATION HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE
DEPOSITORY TRUST COMPANY (THE "DEPOSITARY") OR A NOMINEE OF THE DEPOSITARY. THIS
SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER
THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE DECLARATION AND NO TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER OF
THIS SECURITY AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY
A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE
DEPOSITARY) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES.

            UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE TRUST
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY
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.

Certificate Number                                          Number of Securities
        1                                                              CUSIP NO.

                        Certificate Evidencing Securities
                                       of
                             TARGETS Trust [XXVIII]

                    Targeted Growth Enhanced Terms Securities

            TARGETS Trust [XXVIII], a statutory trust formed under the laws of
the State of Delaware (the "Trust"), hereby certifies that CEDE & CO. (the
"Holder") is the registered owner of      securities of the Trust representing
undivided beneficial interests in the assets of the Trust designated the
Targeted Growth Enhanced Terms Securities (the "TARGETS"). The TARGETS are
transferable on the books and records of the Trust, in person or by a duly
authorized attorney, upon surrender of this certificate duly endorsed and in
proper form for transfer. The designation, rights, privileges, restrictions,
preferences and other terms and provisions of the TARGETS are specified in, and
this certificate and the TARGETS represented

                                      A1-1

<PAGE>

hereby are issued and shall in all respects be subject to, the provisions of the
Amended and Restated Declaration of Trust of the Trust dated as of       , 2006,
as the same may be amended from time to time (the "Declaration"), including the
designation of the terms of the TARGETS as specified in Annex I thereto.
Capitalized terms used herein but not defined shall have the meaning given them
in the Declaration. The Holder is entitled to the benefits of the TARGETS
Guarantee to the extent provided therein. The Sponsor will provide a copy of the
Declaration, the TARGETS Guarantee and the Indenture to a Holder without charge
upon written request to the Sponsor at its principal place of business.

            Upon receipt of this certificate, the Holder is bound by the
Declaration and is entitled to the benefits thereunder.

            The Holder of this certificate, by accepting this certificate, is
deemed to have agreed to the terms of (i) the Indenture and the Forward
Contract, (ii) the Treasury Securities and (iii) the TARGETS Guarantee.

            By acceptance hereof, the Holder agrees, for United States federal
income tax purposes, to characterize the TARGETS as a beneficial interest in a
pro rata portion of (i) the Treasury Securities and (ii) a cash settled forward
purchase contract, in the same manner as provided under Section 7.1(e) of the
Declaration.

            IN WITNESS WHEREOF, the Trust has executed this certificate this day
of .

                                     TARGETS TRUST [XXVIII]

                                     By:________________________________________
                                        Geoffrey S. Richards, as Regular Trustee

                                      A1-2
<PAGE>

                                   ASSIGNMENT

FOR VALUE RECEIVED, the undersigned assigns and transfers this TARGETS
Certificate to:
________________________________________________________________________________
________________________________________________________________________________
__________________________________________________________________
(Insert assignee's social security or tax identification number)

________________________________________________________________________________
________________________________________________________________________________
__________________________________________________________________
(Insert address and zip code of assignee)

and irrevocably appoints

_____________________________________________________________
__________________________________________________________________________ agent
to transfer this TARGETS Certificate on the books of the Trust. The agent may
substitute another to act for him or her.

Date: ___________________________

Signature: ______________________
(Sign exactly as your name appears on the other side of this TARGETS
Certificate)

                                      A1-3
<PAGE>

                                   EXHIBIT A-2

                       FORM OF COMMON SECURITY CERTIFICATE

                          TRANSFER OF THIS CERTIFICATE
                          IS SUBJECT TO THE CONDITIONS
                          SPECIFIED IN THE DECLARATION
                                REFERRED TO BELOW

Certificate Number                                         Number of Securities
      C-1

                        Certificate Evidencing Securities

                                       of

                             TARGETS Trust [XXVIII]

                             Trust Common Securities

            TARGETS Trust [XXVIII], a statutory trust formed under the laws of
the State of Delaware (the "Trust"), hereby certifies that Citigroup Funding
Inc., a Delaware corporation (the "Holder"), is the registered owner of   common
securities of the Trust representing undivided beneficial interests in the
assets of the Trust designated the Trust Common Securities (the "Common
Securities"). The Common Securities are transferable on the books and records of
the Trust, in person or by a duly authorized attorney upon surrender of this
certificate duly endorsed and in proper form for transfer and satisfaction of
the other conditions specified in the Declaration (as defined below), including,
without limitation, Section 9.1 thereof. The designation, rights, privileges,
restrictions, preferences and other terms and provisions of the Common
Securities represented hereby are issued and shall in all respects be subject to
the provisions of the Amended and Restated Declaration of Trust of the Trust
dated as of , as the same may be amended from time to time (the "Declaration"),
including the designation of the terms of the Common Securities as specified in
Annex I thereto. Capitalized terms used herein but not defined shall have the
meaning given them in the Declaration. The Sponsor will provide a copy of the
Declaration and the Indenture to a Holder without charge upon written request to
the Sponsor at its principal place of business.

            Upon receipt of this certificate, the Holder is bound by the
Declaration and is entitled to the benefits thereunder.

            The Holder of this certificate, by accepting this certificate, is
deemed to have agreed to the terms of (i) the Indenture and the Forward
Contract, (ii) the Treasury Securities and (iii) the Common Securities
Guarantee.

                                      A2-1

<PAGE>

            By acceptance hereof, the Holder agrees, for United States federal
income tax purposes, to characterize the Common Securities as a beneficial
interest in a pro rata portion of (i) the Treasury Securities and (ii) a cash
settled forward purchase contract in the same manner as provided under Section
7.1(e) of the Declaration.

            IN WITNESS WHEREOF, the Trust has executed this certificate this day
of .

                                    TARGETS TRUST [XXVIII]

                                    By:_________________________________________
                                       Geoffrey S. Richards, as Regular Trustee

                                      A2-2

<PAGE>

                                   ASSIGNMENT

FOR VALUE RECEIVED, the undersigned assigns and transfers this Common Security
Certificate to:

________________________________________________________________________________
________________________________________________________________________________
__________________________________________________________________
(Insert assignee's social security or tax identification number)

________________________________________________________________________________
________________________________________________________________________________
__________________________________________________________________
(Insert address and zip code of assignee)

and irrevocably appoints
________________________________________________________________________________
________________________________________________________________________________
_______________________________________ agent to transfer this Common Security
Certificate on the books of the Trust. The agent may substitute another to act
for him or her.

Date: ____________________________

Signature: _______________________
(Sign exactly as your name appears on the other side of this Common Security
Certificate)

                                      A2-3

<PAGE>

                                    EXHIBIT B

                    SPECIMEN OF FORWARD CONTRACT CERTIFICATE

                                       B-1

<PAGE>

                                    EXHIBIT C

                             UNDERWRITING AGREEMENT<PAGE>
                                                                    EXHIBIT 4(b)

                                     FORM OF
                    TARGETED GROWTH ENHANCED TERMS SECURITIES
                               GUARANTEE AGREEMENT

                             TARGETS TRUST [XXVIII]

                             Dated as of    , 2006

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                            PAGE
                                                                            ----
<S>           <C>                                                           <C>
                                    ARTICLE I
                         DEFINITIONS AND INTERPRETATION

Section 1.1   Definitions and Interpretation............................      1

                                   ARTICLE II
                               TRUST INDENTURE ACT

Section 2.1   Trust Indenture Act: Application..........................      4
Section 2.2   Lists of Holders of Securities............................      4
Section 2.3   Reports by the TARGETS Guarantee Trustee..................      5
Section 2.4   Periodic Reports to TARGETS Guarantee Trustee.............      5
Section 2.5   Evidence of Compliance with Conditions Precedent..........      5
Section 2.6   Events of Default; Waiver.................................      5
Section 2.7   Events of Default; Notice.................................      5
Section 2.8   Conflicting Interests.....................................      6

                                   ARTICLE III
             POWERS, DUTIES AND RIGHTS OF TARGETS GUARANTEE TRUSTEE

Section 3.1   Powers and Duties of the TARGETS Guarantee Trustee........      6
Section 3.2   Certain Rights of TARGETS Guarantee Trustee...............      8
Section 3.3   Not Responsible for Recitals or Issuance of Guarantee.....      9

                                   ARTICLE IV
                            TARGETS GUARANTEE TRUSTEE

Section 4.1   TARGETS Guarantee Trustee; Eligibility....................     10
Section 4.2   Appointment, Removal and Resignation of TARGETS
               Guarantee Trustees.......................................     10

                                    ARTICLE V
                                    GUARANTEE

Section 5.1   Guarantee.................................................     11
Section 5.2   Waiver of Notice and Demand...............................     11
Section 5.3   Obligations Not Affected..................................     11
Section 5.4   Guarantee of Payment......................................     12
Section 5.5   Subrogation...............................................     12
Section 5.6   Independent Obligations...................................     13
</TABLE>

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                                      -i-

<PAGE>

                                TABLE OF CONTENTS
                                  (continued)

<TABLE>
<CAPTION>
                                                                            PAGE
                                                                            ----
<S>           <C>                                                           <C>
                                   ARTICLE VI
                               CITIGROUP GUARANTEE

Section 6.1   Citigroup Guarantee.......................................     13
Section 6.2   Waiver of Notice and Demand...............................     13
Section 6.3   Obligations Not Affected..................................     13
Section 6.4   Address for Payment.......................................     13
Section 6.5   Waiver of Defense.........................................     14
Section 6.6   Partial Payment...........................................     15
Section 6.7   Subrogation...............................................     15

                                   ARTICLE VII
                                RIGHTS OF HOLDERS

Section 7.1   Rights of Holders.........................................     15

                                  ARTICLE VIII
                                   TERMINATION

Section 8.1   Termination...............................................     16

                                   ARTICLE IX
                                 INDEMNIFICATION

Section 9.1   Exculpation...............................................     16
Section 9.2   Indemnification...........................................     16

                                    ARTICLE X
                                  MISCELLANEOUS

Section 10.1  Successors and Assigns....................................     17
Section 10.2  Amendments................................................     17
Section 10.3  Consolidations and Mergers................................     17
Section 10.4  Notices...................................................     17
Section 10.5  Benefit...................................................     18
Section 10.6  Governing Law.............................................     18
</TABLE>

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                                      -ii
<PAGE>

            This GUARANTEE AGREEMENT (the "TARGETS Guarantee"), dated as of , is
executed and delivered by Citigroup Funding Inc., a Delaware corporation
(together with any successors by way of merger, the "Guarantor"), Citigroup
Inc., a Delaware corporation (together with any successors by way of merger,
"Citigroup"), and JPMorgan Chase Bank, N.A., as trustee (the "TARGETS Guarantee
Trustee"), for the benefit of the Holders (as defined herein) from time to time
of the TARGETS (as defined herein) of TARGETS Trust [XXVIII], a Delaware
statutory trust (the "Issuer").

            WHEREAS, pursuant to an Amended and Restated Declaration of Trust
(the "Declaration"), dated as of      , among the trustees of the Issuer named
therein, the Guarantor, as sponsor, Citigroup, and the holders from time to time
of undivided beneficial interests in the assets of the Issuer, the Issuer is
issuing on the date hereof     preferred securities designated the Targeted
Growth Enhanced Terms Securities(R) (the "TARGETS");

            WHEREAS, as incentive for the Holders to purchase the TARGETS, each
of the Guarantor and Citigroup desires irrevocably and unconditionally to agree,
to the extent set forth in this TARGETS Guarantee, to pay to the Holders the
Guarantee Payments (as defined herein) and to make certain other payments on the
terms and conditions set forth herein;

            NOW, THEREFORE, in consideration of the purchase by each Holder of
TARGETS, which purchase the Guarantor and Citigroup hereby agree shall benefit
the Guarantor and Citigroup, the Guarantor and Citigroup execute and deliver
this TARGETS Guarantee for the benefit of the Holders.

                                   ARTICLE I
                         DEFINITIONS AND INTERPRETATION

SECTION 1.1 Definitions and Interpretation

In this TARGETS Guarantee, unless the context otherwise requires:

            (a) Capitalized terms used in this TARGETS Guarantee but not defined
in the preamble above have the respective meanings assigned to them in this
Section 1.1;

            (b) A term defined anywhere in this TARGETS Guarantee has the same
meaning throughout;

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

            (d) all references in this TARGETS Guarantee to Articles and
Sections are to Articles and Sections of this TARGETS Guarantee, unless
otherwise specified;

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

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<PAGE>

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

            "Accelerated Maturity Date" has the meaning specified in the
Declaration.

            "Accelerated Maturity Payment" has the meaning specified in the
Declaration.

            "Affiliate" has the same meaning as given to that term in Rule 405
of the Securities Act of 1933, as amended, or any successor rule thereunder.

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

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

            "Common Securities" means the securities representing common
undivided beneficial interests in the assets of the Issuer.

            "Corporate Trust Office" means the office of the TARGETS Guarantee
Trustee at which the corporate trust business of the TARGETS Guarantee Trustee
shall, at any particular time, be principally administered, which office at the
date of execution of this Agreement is located at 4 New York Plaza, 6th Floor,
New York, New York 10004-2477, Attn: Worldwide Securities Services, Global Debt
- TARGETS Trust [XXVIII].

            "Covered Person" means any Holder or beneficial owner of TARGETS.

            "Event of Default" means a default by the Guarantor or Citigroup, as
applicable, on any of its payment or other obligations under this TARGETS
Guarantee.

            "Forward Contract" means the Forward Contract of the Guarantor
issuable under the Indenture, held by the Institutional Trustee (as defined in
the Declaration) of the Issuer.

            "Guarantee Payments" means the following payments or distributions,
without duplication, with respect to the TARGETS, to the extent not paid or made
by the Issuer or the Guarantor: (i) any Maturity Payment that is required to be
made in respect of the TARGETS, to the extent the Issuer has funds available
therefor, (ii) any Accelerated Maturity Payment that is required to be made in
respect of the TARGETS, to the extent the Issuer has funds available therefor,
(iii) any Quarterly Distribution that is required to be made in respect of the
TARGETS, to the extent the Issuer has funds available therefor, (iv) any
distribution of Treasury Proceeds that is required to be made in respect of the
TARGETS, to the extent the Issuer has funds available therefor, and (v) any
other remaining assets of the Issuer payable to the Holders of the TARGETS upon
liquidation of the Issuer.

            "Holder" shall mean any holder, as registered on the books and
records of the Issuer, of any TARGETS; provided, however, that in determining
whether the holders of the requisite percentage of TARGETS have given any
request, notice, consent or waiver hereunder,

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                                       2

<PAGE>

"Holder" shall not include the Guarantor or Citigroup, or any Affiliate of the
Guarantor or Citigroup.

            "Indemnified Person" means the TARGETS Guarantee Trustee, any
Affiliate of the TARGETS Guarantee Trustee, or any officers, directors,
shareholders, members, partners, employees, representatives, nominees,
custodians or agents of the TARGETS Guarantee Trustee.

            "Indenture" means the Indenture dated as of August 24, 2005, among
the Guarantor, Citigroup and JPMorgan Chase Bank, N.A., as trustee, and any
indenture supplemental thereto pursuant to which the securities representing
interests in a Forward Contract (defined in the Indenture as the "Securities")
are to be issued to the Institutional Trustee of the Issuer.

            "Majority of the TARGETS" means, except as provided by the Trust
Indenture Act, a vote by Holder(s), voting separately as a class, holding
TARGETS representing more than 50% of the aggregate beneficial interests
represented by all outstanding TARGETS.

            "Maturity Date" has the meaning specified in the Declaration.

            "Maturity Payment" has the meaning specified in the Declaration.

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

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

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

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

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

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

            "Quarterly Distribution" has the meaning specified in the
Declaration.

            "Responsible Officer" means, with respect to the TARGETS Guarantee
Trustee, any officer within the Corporate Trust Office of the TARGETS Guarantee
Trustee, including any

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                                       3

<PAGE>

vice president, any assistant vice president, any assistant secretary, the
treasurer, any assistant treasurer, trust officer or other officer of the
Corporate Trust Office of the TARGETS Guarantee Trustee customarily performing
functions similar to those performed by any of the above designated officers
and, in any case, that has direct responsibility for the administration of this
TARGETS Guarantee and also means, with respect to a particular corporate trust
matter, any other officer to whom such matter is referred because of that
officer's knowledge of and familiarity with the particular subject.

            "Successor TARGETS Guarantee Trustee" means a successor TARGETS
Guarantee Trustee possessing the qualifications to act as TARGETS Guarantee
Trustee under Section 4.1.

            "TARGETS Guarantee Trustee" means JPMorgan Chase Bank, N.A., until a
Successor TARGETS Guarantee Trustee has been appointed and has accepted such
appointment pursuant to the terms of this TARGETS Guarantee and thereafter means
each such Successor TARGETS Guarantee Trustee.

            "Treasury Proceeds" has the meaning specified in the Indenture.

            "Treasury Securities" has the meaning specified in the Declaration.

            "Trust Indenture Act" means the Trust Indenture Act of 1939, as
amended.

                                   ARTICLE II
                               TRUST INDENTURE ACT

SECTION 2.1 Trust Indenture Act: Application

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

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

SECTION 2.2 Lists of Holders of Securities

            (a) The Guarantor shall provide the TARGETS Guarantee Trustee with a
list, in such form as the TARGETS Guarantee Trustee may reasonably require, of
the names and addresses of the Holders ("List of Holders") as of such date, (i)
within one Business Day after January 1 and June 30 of each year, and (ii) at
any other time within 30 days of receipt by the Guarantor of a written request
for a List of Holders as of a date no more than 14 days before such List of
Holders is given to the TARGETS Guarantee Trustee; provided that the Guarantor
shall not be obligated to provide such List of Holders at any time the List of
Holders does not differ from the most recent List of Holders given to the
TARGETS Guarantee Trustee by the

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Guarantor. The TARGETS Guarantee Trustee may destroy any List of Holders
previously given to it on receipt of a new List of Holders.

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

SECTION 2.3 Reports by the TARGETS Guarantee Trustee

            Within 60 days after April 15 of each year, the TARGETS Guarantee
Trustee shall provide to the Holders such reports as are required by Section 313
of the Trust Indenture Act, if any, in the form and in the manner provided by
Section 313 of the Trust Indenture Act. The TARGETS Guarantee Trustee shall also
comply with the requirements of Section 313(d) of the Trust Indenture Act.

SECTION 2.4 Periodic Reports to TARGETS Guarantee Trustee

            The Guarantor and Citigroup shall provide to the TARGETS Guarantee
Trustee such documents, reports and information as required by Section 314 (if
any) and the compliance certificate required by Section 314 of the Trust
Indenture Act in the form, in the manner and at the times required by Section
314 of the Trust Indenture Act.

SECTION 2.5 Evidence of Compliance with Conditions Precedent

            The Guarantor and Citigroup shall provide to the TARGETS Guarantee
Trustee such evidence of compliance with any conditions precedent, if any,
provided for in this TARGETS Guarantee that relate to any of the matters set
forth in Section 314(c) of the Trust Indenture Act. Any certificate or opinion
required to be given by an officer pursuant to Section 314(c)(1) may be given in
the form of an Officers' Certificate.

SECTION 2.6 Events of Default; Waiver

            The Holders of a Majority of TARGETS may, by vote, on behalf of the
Holders of all of the TARGETS, waive any past Event of Default and its
consequences. Upon such waiver, any such Event of Default shall cease to exist,
and any Event of Default arising therefrom shall be deemed to have been cured,
for every purpose of this TARGETS Guarantee, but no such waiver shall extend to
any subsequent or other default or Event of Default or impair any right
consequent thereon.

SECTION 2.7 Events of Default; Notice

            (a) The TARGETS Guarantee Trustee shall, within 90 days after the
occurrence of an Event of Default, transmit by mail, first class postage
prepaid, to the Holders, notices of all Events of Default actually known to a
Responsible Officer of the TARGETS Guarantee Trustee, unless such defaults have
been cured before the giving of such notice; provided that the TARGETS Guarantee
Trustee shall be protected in withholding such notice if and so long as a
Responsible Officer of the TARGETS Guarantee Trustee in good faith determines
that the withholding of such notice is in the interests of the Holders.

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            (b) The TARGETS Guarantee Trustee shall not be deemed to have
knowledge of any Event of Default unless the TARGETS Guarantee Trustee shall
have received written notice of such Event of Default or a Responsible Officer
of the TARGETS Guarantee Trustee charged with the administration of the
Declaration shall have obtained actual knowledge of such Event of Default.

SECTION 2.8 Conflicting Interests

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

                                  ARTICLE III
                          POWERS, DUTIES AND RIGHTS OF
                            TARGETS GUARANTEE TRUSTEE

SECTION 3.1 Powers and Duties of the TARGETS Guarantee Trustee

            (a) This TARGETS Guarantee shall be held by the TARGETS Guarantee
Trustee for the benefit of the Holders, and the TARGETS Guarantee Trustee shall
not transfer its right, title and interest in this TARGETS Guarantee to any
Person except a Holder exercising his or her rights pursuant to Section 7.1(b)
or to a Successor TARGETS Guarantee Trustee on acceptance by such Successor
TARGETS Guarantee Trustee of its appointment to act as Successor TARGETS
Guarantee Trustee. The right, title and interest of the TARGETS Guarantee
Trustee shall automatically vest in any Successor TARGETS Guarantee Trustee, and
such vesting and cessation of title shall be effective whether or not
conveyancing documents have been executed and delivered pursuant to the
appointment of such Successor TARGETS Guarantee Trustee.

            (b) If an Event of Default actually known to a Responsible Officer
of the TARGETS Guarantee Trustee has occurred and is continuing, the TARGETS
Guarantee Trustee shall enforce this TARGETS Guarantee for the benefit of the
Holders of the TARGETS.

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

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

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

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

            (B) in the absence of bad faith on the part of the TARGETS Guarantee
      Trustee, the TARGETS Guarantee Trustee may conclusively rely, as to the
      truth of the statements and the correctness of the opinions expressed
      therein, upon any certificates or opinions furnished to the TARGETS
      Guarantee Trustee and conforming to the requirements of this TARGETS
      Guarantee, but in the case of any such certificates or opinions that by
      any provision hereof are specifically required to be furnished to the
      TARGETS Guarantee Trustee, the TARGETS Guarantee Trustee shall be under a
      duty to examine the same to determine whether or not they conform to the
      requirements of this TARGETS Guarantee;

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

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

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

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            (v) the granting of any right to the TARGETS Guarantee Trustee
      hereunder shall not, subject to the following, be deemed to impose on the
      TARGETS Guarantee Trustee an obligation to exercise such rights subject to
      Section 3.1(d)(vi); and

            (vi) the TARGETS Guarantee Trustee shall not be obligated to
      exercise any remedy or take any action hereunder unless directed to do so
      by the holders of a Majority of the TARGETS and shall have no liability
      for its failure to act pending receipt by it of any such direction.

            This Section 3.1 is in furtherance of and subject to Sections 315
and 316 of the Trust Indenture Act.

SECTION 3.2 Certain Rights of TARGETS Guarantee Trustee

            (a) Subject to the provisions of Section 3.1:

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

            (ii) Any direction or act of the Guarantor or Citigroup contemplated
      by this TARGETS Guarantee shall be sufficiently evidenced by an Officers'
      Certificate.

            (iii) Whenever, in the administration of this TARGETS Guarantee, the
      TARGETS Guarantee Trustee shall deem it desirable that a matter be proved
      or established before taking, suffering or omitting any action hereunder,
      the TARGETS Guarantee Trustee (unless other evidence is herein
      specifically prescribed) may, in the absence of bad faith on its part,
      request and conclusively rely upon an Officers' Certificate which, upon
      receipt of such request, shall be promptly delivered by the Guarantor or
      Citigroup, as applicable.

            (iv) The TARGETS Guarantee Trustee shall have no duty to see to any
      recording, filing or registration of any instrument (or any rerecording,
      refiling or registration thereof).

            (v) The TARGETS Guarantee Trustee may consult with counsel, and the
      advice or opinion of such counsel with respect to legal matters shall be
      full and complete authorization and protection in respect of any action
      taken, suffered or omitted by it hereunder in good faith and in accordance
      with such advice or opinion. Such counsel may be counsel to the Guarantor
      or Citigroup or any of their respective Affiliates and may include any of
      its employees. The TARGETS Guarantee Trustee shall have the right at any
      time to seek instructions concerning the administration of this TARGETS
      Guarantee from any court of competent jurisdiction.

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            (vi) The TARGETS Guarantee Trustee shall be under no obligation to
      exercise any of the rights or powers vested in it by this TARGETS
      Guarantee at the request or direction of any Holder, unless such Holder
      shall have provided to the TARGETS Guarantee Trustee such security and
      indemnity, reasonably satisfactory to the TARGETS Guarantee Trustee,
      against the costs, expenses (including attorneys' fees and expenses and
      the expenses of the TARGETS Guarantee Trustee's agents, nominees or
      custodians) and liabilities that might be incurred by it in complying with
      such request or direction, including such reasonable advances as may be
      requested by the TARGETS Guarantee Trustee; provided that nothing
      contained in this Section 3.2(a) (vi) shall be taken to relieve the
      TARGETS Guarantee Trustee, upon the occurrence of an Event of Default, of
      its obligation to exercise the rights and powers vested in it by this
      TARGETS Guarantee.

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

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

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

            (x) Whenever in the administration of this TARGETS Guarantee the
      TARGETS Guarantee Trustee shall deem it desirable to receive instructions
      with respect to enforcing any remedy or right or taking any other action
      hereunder, the TARGETS Guarantee Trustee (i) may request instructions from
      the Holders of a Majority of the TARGETS, (ii) may refrain from enforcing
      such remedy or right or taking such other action until such instructions
      are received, and (iii) shall be protected in conclusively relying on or
      acting in accordance with such instructions.

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

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such right, power, duty or obligation. No permissive power or authority
available to the TARGETS Guarantee Trustee shall be construed to be a duty.

SECTION 3.3 Not Responsible for Recitals or Issuance of Guarantee

            The recitals contained in this Guarantee shall be taken as the
statements of the Guarantor and Citigroup, and the TARGETS Guarantee Trustee
does not assume any responsibility for their correctness. The TARGETS Guarantee
Trustee makes no representation as to the validity or sufficiency of this
TARGETS Guarantee.

                                   ARTICLE IV
                            TARGETS GUARANTEE TRUSTEE

SECTION 4.1 TARGETS Guarantee Trustee; Eligibility

            (a) There shall at all times be a TARGETS Guarantee Trustee which
      shall:

            (i) not be an Affiliate of the Guarantor or Citigroup; and

            (ii) be a corporation organized and doing business under the laws of
      the United States of America or any State or Territory thereof or of the
      District of Columbia, or a corporation or Person permitted by the
      Securities and Exchange Commission to act as an institutional trustee
      under the Trust Indenture Act, authorized under such laws to exercise
      corporate trust powers, having a combined capital and surplus of at least
      50 million U.S. dollars ($50,000,000), and subject to supervision or
      examination by Federal, State, Territorial or District of Columbia
      authority. If such corporation publishes reports of condition at least
      annually, pursuant to law or to the requirements of the supervising or
      examining authority referred to above, then, for the purposes of this
      Section 4.1(a) (ii), the combined capital and surplus of such corporation
      shall be deemed to be its combined capital and surplus as set forth in its
      most recent report of condition so published.

            (b) If at any time the TARGETS Guarantee Trustee shall cease to be
eligible to so act under Section 4.1(a), the TARGETS Guarantee Trustee shall
immediately resign in the manner and with the effect set out in Section 4.2(c).

            (c) If the TARGETS Guarantee Trustee has or shall acquire any
"conflicting interest" within the meaning of Section 310(b) of the Trust
Indenture Act, the TARGETS Guarantee Trustee and Guarantor shall in all respects
comply with the provisions of Section 310(b) of the Trust Indenture Act.

SECTION 4.2 Appointment, Removal and Resignation of TARGETS Guarantee Trustees

            (a) Subject to Section 4.2(b), the TARGETS Guarantee Trustee may be
appointed or removed without cause at any time by the Guarantor or Citigroup.

            (b) The TARGETS Guarantee Trustee shall not be removed in accordance
with Section 4.2(a) until a Successor TARGETS Guarantee Trustee has been
appointed and has

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accepted such appointment by written instrument executed by such Successor
TARGETS Guarantee Trustee and delivered to the Guarantor and Citigroup.

            (c) The TARGETS Guarantee Trustee appointed to office shall hold
office until a Successor TARGETS Guarantee Trustee shall have been appointed or
until its removal or resignation. The TARGETS Guarantee Trustee may resign from
office (without need for prior or subsequent accounting) by an instrument in
writing executed by the TARGETS Guarantee Trustee and delivered to the Guarantor
and Citigroup, which resignation shall not take effect until a Successor TARGETS
Guarantee Trustee has been appointed and has accepted such appointment by
instrument in writing executed by such Successor TARGETS Guarantee Trustee and
delivered to the Guarantor, Citigroup and the resigning TARGETS Guarantee
Trustee.

            (d) If no Successor TARGETS Guarantee Trustee shall have been
appointed and accepted appointment as provided in this Section 4.2 within 60
days after delivery to the Guarantor and Citigroup of an instrument of
resignation, the resigning TARGETS Guarantee Trustee may petition any court of
competent jurisdiction for appointment of a Successor TARGETS Guarantee Trustee.
Such court may thereupon, after prescribing such notice, if any, as it may deem
proper, appoint a Successor TARGETS Guarantee Trustee.

            (e) No TARGETS Guarantee Trustee shall be liable for the acts or
omissions to act of any Successor TARGETS Guarantee Trustee.

            (f) Upon termination of this TARGETS Guarantee or removal or
resignation of the TARGETS Guarantee Trustee pursuant to this Section 4.2, the
Guarantor shall pay to the TARGETS Guarantee Trustee all amounts accrued and
owing to such TARGETS Guarantee Trustee to the date of such termination, removal
or resignation.

                                   ARTICLE V
                                   GUARANTEE

SECTION 5.1 Guarantee

            The Guarantor irrevocably and unconditionally agrees to pay in full
to the Holders the Guarantee Payments (without duplication of amounts
theretofore paid by the Issuer), as and when due, regardless of any defense,
right of set-off or counterclaim that the Issuer may have or assert. The
Guarantor's obligation to make a Guarantee Payment may be satisfied by direct
payment of the required amounts by the Guarantor to the Holders or by causing
the Issuer to pay such amounts to the Holders.

SECTION 5.2 Waiver of Notice and Demand

            The Guarantor hereby waives notice of acceptance of this TARGETS
Guarantee and of any liability to which it applies or may apply, presentment,
demand for payment, any right to require a proceeding first against the Issuer
or any other Person before proceeding against the Guarantor, protest, notice of
nonpayment, notice of dishonor, notice of redemption and all other notices and
demands.

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SECTION 5.3 Obligations Not Affected

            The obligations, covenants, agreements and duties of the Guarantor
under this TARGETS Guarantee shall in no way be affected or impaired by reason
of the happening from time to time of any of the following:

            (a) the release or waiver, by operation of law or otherwise, of the
performance or observance by the Issuer of any express or implied agreement,
covenant, term or condition relating to the TARGETS to be performed or observed
by the Issuer;

            (b) the extension of time for the payment by the Issuer of all or
any portion of the Maturity Payment, Accelerated Maturity Payment, Quarterly
Distributions, Treasury Proceeds or any other sums payable under the terms of
the TARGETS or the extension of time for the performance of any other obligation
under, arising out of, or in connection with, the TARGETS;

            (c) any failure, omission, delay or lack of diligence on the part of
the Holders to enforce, assert or exercise any right, privilege, power or remedy
conferred on the Holders pursuant to the terms of the TARGETS, or any action on
the part of the Issuer granting indulgence or extension of any kind;

            (d) the voluntary or involuntary liquidation, dissolution, sale of
any collateral, receivership, insolvency, bankruptcy, assignment for the benefit
of creditors, reorganization, arrangement, composition or readjustment of debt
of, or other similar proceedings affecting, the Issuer or any of the assets of
the Issuer;

            (e) any invalidity of, or defect or deficiency in, the TARGETS;

            (f) the settlement or compromise of any obligation guaranteed hereby
or hereby incurred; or

            (g) any other circumstance whatsoever that might otherwise
constitute a legal or equitable discharge or defense of a guarantor, it being
the intent of this Section 5.3 that the obligations of the Guarantor hereunder
shall be absolute and unconditional under any and all circumstances.

            There shall be no obligation of the Holders to give notice to, or
obtain consent of, the Guarantor with respect to the happening of any of the
foregoing.

SECTION 5.4 Guarantee of Payment

            This TARGETS Guarantee creates a guarantee of payment and not of
collection.

SECTION 5.5 Subrogation

            The Guarantor shall be subrogated to all rights of the Holders of
TARGETS and the TARGETS Guarantee Trustee against the Issuer, as applicable, in
respect of any amounts

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paid to such Holders by the Guarantor pursuant to the provisions of this TARGETS
Guarantee; provided, however, that the Guarantor shall not be entitled to
enforce, or to receive any payments arising out of or based upon such right of
subrogation until the principal of, interest on and additional interest, if any,
payable in respect of all TARGETS issued under the Declaration shall have been
paid in full.

SECTION 5.6 Independent Obligations

            The Guarantor acknowledges that its obligations hereunder are
independent of the obligations of the Issuer with respect to the TARGETS, and
that the Guarantor shall be liable as principal and as debtor hereunder to make
Guarantee Payments pursuant to the terms of this TARGETS Guarantee
notwithstanding the occurrence of any event referred to in subsections (a)
through (g), inclusive, of Section 5.3 hereof.

                                   ARTICLE VI
                               CITIGROUP GUARANTEE

SECTION 6.1 Citigroup Guarantee

            Citigroup does hereby fully and unconditionally guarantee (the
"Citigroup Guarantee") to the Holders the payment of the Guarantee Payments when
due, in accordance with the provisions of this TARGETS Guarantee.

SECTION 6.2 Waiver of Notice and Demand

            Citigroup hereby waives notice of acceptance of the Citigroup
Guarantee and of default of performance by the Guarantor, and hereby agrees that
payment under the Citigroup Guarantee shall be subject to no condition other
than the giving of a written request for payment, stating the fact of default of
performance, at the address provided in Section 10.4(c). This Citigroup
Guarantee is a guarantee of payment and not of collection.

SECTION 6.3 Obligations Not Affected

            The obligations of Citigroup under the Citigroup Guarantee shall in
no way be impaired by: (1) any extension, amendment, modification or renewal of
the TARGETS; (2) any waiver of any event of default, extension of time or
failure to enforce any of the TARGETS; or (3) any extension, moratorium or other
relief granted to the Issuer or the Guarantor pursuant to any applicable law or
statute.

SECTION 6.4 Address for Payment

            Citigroup shall be obligated to make payment under the Citigroup
Guarantee, for the benefit of the Holders, at the same address as the Issuer is
obligated to make payment.

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SECTION 6.5 Waiver of Defense

            (a) Subject to subsection (b) below, Citigroup hereby agrees that

                  (i) the Guarantee Payments will be paid strictly in accordance
with the terms of this TARGETS Guarantee, regardless of the value, genuineness,
validity, regularity or enforceability of the TARGETS, and of any law,
regulation or order now or hereafter in effect in any jurisdiction affecting any
of such terms or the rights of the TARGETS Guarantee Trustee with respect
thereto, and

                  (ii) the liability of Citigroup to the extent herein set forth
shall be absolute and unconditional, not subject to any reduction, limitation,
impairment, termination, defense, offset, counterclaim or recoupment whatsoever
(all of which are hereby expressly waived by Citigroup) whether by reason of any
claim of any character whatsoever, including, without limitation, any claim of
waiver, release, surrender, alteration or compromise, or by reason of any
liability at any time to Citigroup or otherwise, whether based upon any
obligations or any other agreement or otherwise, and howsoever arising, whether
out of action or inaction or otherwise and whether resulting from default,
willful misconduct, negligence or otherwise, and without limiting the foregoing,
irrespective of:

            (A) any lack of validity or enforceability of any agreement or
      instrument relating to the TARGETS;

            (B) any change in the time, manner or place of payment of, or in any
      other term in respect of, all or any of the TARGETS, or any other
      amendment or waiver of or consent to any departure from any other
      agreement relating to any TARGETS;

            (C) any increase in, addition to, exchange or release of, or
      nonperfection of any lien on or security interest in, any collateral, or
      any release or amendment or waiver of or consent to any departure from or
      failure to enforce any other guarantee, for all or any of the
      indebtedness;

            (D) any other circumstance that might otherwise constitute a defense
      available to, or a discharge of, the Issuer and/or the Guarantor in
      respect of the TARGETS;

            (E) the absence of any action on the part of the TARGETS Guarantee
      Trustee to obtain payment of the TARGETS from the Issuer and/or the
      Guarantor;

            (F) any insolvency, bankruptcy, reorganization or dissolution, or
      any similar proceeding of the Guarantor, including, without limitation,
      rejection of the TARGETS in such bankruptcy; or

            (G) the absence of notice or any delay in any action to enforce any
      TARGETS or to exercise any right or remedy against the Issuer, the
      Guarantor or Citigroup, whether hereunder, under any TARGETS or any
      agreement or any indulgence, compromise or extension granted.

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            (b) Notwithstanding anything to the contrary in this TARGETS
Guarantee, Citigroup does not waive any defense that would be available to the
Issuer and/or the Guarantor based on, among other things, a breach, default or
misrepresentation by the TARGETS Guarantee Trustee, or failure of any condition
to the Issuer's and/or the Guarantor's obligations under the Declaration or this
TARGETS Guarantee, or the illegality of any provision of the Declaration or this
TARGETS Guarantee.

SECTION 6.6 Partial Payment

            Citigroup further agrees that, to the extent that the Issuer, the
Guarantor or Citigroup makes a payment or payments to the Holders, which payment
or payments or any part thereof are subsequently invalidated, declared to be
fraudulent or preferential, set aside and/or required to be repaid to the
Issuer, the Guarantor or Citigroup or their respective estate, trustee, receiver
or any other party under any federal bankruptcy laws, state or federal law,
common law or equitable cause, then to the extent of such payment or repayment,
this Citigroup Guarantee and the advances or part thereof which have been paid,
reduced or satisfied by such amount shall be reinstated and continued in full
force and effect as of the date such initial payment, reduction or satisfaction
occurred.

SECTION 6.7 Subrogation

            Citigroup shall be subrogated to all rights of the Holders of
TARGETS and the TARGETS Guarantee Trustee against the Issuer and the Guarantor,
as applicable, in respect of any amounts paid to such Holders by Citigroup
pursuant to the provisions of the Citigroup Guarantee; provided, however, that
Citigroup shall not be entitled to enforce, or to receive any payments arising
out of or based upon such right of subrogation until the principal of, interest
on and additional interest, if any, payable in respect of all TARGETS issued
under the Declaration shall have been paid in full.

                                  ARTICLE VII
                                RIGHTS OF HOLDERS

SECTION 7.1 Rights of Holders

            (a) The Holders of a Majority of the TARGETS have the right to
direct the time, method and place of conducting any proceeding for any remedy
available to the TARGETS Guarantee Trustee in respect of this TARGETS Guarantee
or exercising any trust or power conferred upon the TARGETS Guarantee Trustee
under this TARGETS Guarantee.

            (b) If the TARGETS Guarantee Trustee fails to enforce its rights
under this TARGETS Guarantee, any Holder may directly institute a legal
proceeding against the Guarantor or Citigroup, as applicable, to enforce the
TARGETS Guarantee Trustee's rights under this TARGETS Guarantee, without first
instituting a legal proceeding against the Issuer, the TARGETS Guarantee Trustee
or any other Person or entity.

            (c) A Holder of TARGETS may also directly institute a legal
proceeding against the Guarantor or Citigroup, as applicable, to enforce such
Holder's right to receive

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payment under this TARGETS Guarantee without first (i) directing the TARGETS
Guarantee Trustee to enforce the terms of this TARGETS Guarantee or (ii)
instituting a legal proceeding directly against the Issuer or any other Person
or entity.

                                  ARTICLE VIII
                                   TERMINATION

SECTION 8.1 Termination

            This TARGETS Guarantee shall terminate upon the earliest to occur of
(i) full payment of the Maturity Payment and the final payment due in respect of
the Treasury Securities, (ii) full payment of the Accelerated Maturity Payment
and the distribution of the Treasury Proceeds on an Accelerated Maturity Date to
the Holders of the TARGETS and the Common Securities as of the Record Date (as
defined in the Indenture) and (iii) full payment of the amounts payable in
accordance with the Declaration upon liquidation of the Issuer. Notwithstanding
the foregoing, this TARGETS Guarantee will continue to be effective or will be
reinstated, as the case may be, if at any time any Holder must restore payment
of any sums paid under the TARGETS or under this TARGETS Guarantee.

                                   ARTICLE IX
                                 INDEMNIFICATION

SECTION 9.1 Exculpation

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

            (b) An Indemnified Person shall be fully protected in relying in
good faith upon the records of the Guarantor and Citigroup, and upon such
information, opinions, reports or statements presented to the Guarantor or
Citigroup by any Person as to matters the Indemnified Person reasonably believes
are within such other Person's professional or expert competence and who has
been selected with reasonable care by or on behalf of the Guarantor or
Citigroup, including information, opinions, reports or statements as to the
value and amount of the assets, liabilities, profits, losses, or any other facts
pertinent to the existence and amount of assets from which Distributions to
Holders might properly be paid.

SECTION 9.2 Indemnification

            The Guarantor and Citigroup jointly and severally agree to indemnify
each Indemnified Person for, and to hold each Indemnified Person harmless
against, any loss, liability or expense incurred without negligence or bad faith
on its part, arising out of or in connection

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with the acceptance or administration of the trust or trusts hereunder,
including the costs and expenses (including reasonable legal fees and expenses)
of defending itself against, or investigating, any claim or liability in
connection with the exercise or performance of any of its powers or duties
hereunder. The obligation to indemnify as set forth in this Section 9.2 shall
survive the termination of this TARGETS Guarantee.

                                   ARTICLE X
                                 MISCELLANEOUS

SECTION 10.1 Successors and Assigns

            All guarantees and agreements contained in this TARGETS Guarantee
shall bind the successors, assigns, receivers, trustees and representatives of
each of the Guarantor and Citigroup and shall inure to the benefit of the
Holders of the TARGETS then outstanding.

SECTION 10.2 Amendments

            Except with respect to any changes that do not adversely affect the
rights of Holders (in which case no consent of Holders will be required), this
TARGETS Guarantee may be amended only with the prior approval of the Holders of
not less than a Majority of the TARGETS. The provisions of Section 12.2 of the
Declaration with respect to meetings of Holders apply to the giving of such
approval.

SECTION 10.3 Merger, Consolidation and Sale of Assets

            (a) Neither the Guarantor nor Citigroup will consolidate with any
other entity or accept a merger of any other entity into the Guarantor or
Citigroup, as applicable, or permit the Guarantor or Citigroup, as applicable,
to be merged into any other entity, or sell other than for cash or lease all or
substantially all its assets to another entity, or purchase all or substantially
all the assets of another entity, unless (i) either the Guarantor or Citigroup,
as applicable, shall be the continuing entity, or the successor, transferee or
lessee entity (if other than the Guarantor or Citigroup, as applicable) shall
expressly assume, by TARGETS guarantee agreement supplemental hereto
satisfactory to the TARGETS Guarantee Trustee, executed and delivered by such
entity prior to or simultaneously with such consolidation, merger, sale or
lease, the full, irrevocable and unconditional guarantee of the payment of the
Guarantee Payments when due, and the performance and observance of all other
obligations of the Guarantor or Citigroup, as applicable, to the Holders and the
TARGETS Guarantee Trustee under this TARGETS Guarantee, all in accordance with
the terms hereof; and (ii) immediately after such consolidation, merger, sale,
lease or purchase the Guarantor or Citigroup, as applicable, or the successor,
transferee or lessee entity (if other than the Guarantor or Citigroup, as
applicable), would not be in default in the performance of any covenant or
condition of this TARGETS Guarantee. A purchase by a subsidiary of all or
substantially all of the assets of another entity shall not be deemed to be a
purchase of such assets by the Guarantor or Citigroup, as applicable.

            (b) Upon any consolidation with or merger into any other entity, or
any sale, conveyance or lease of all or substantially all of the assets of the
Guarantor or Citigroup, as

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applicable, in accordance with this Section 10.3, the successor entity formed by
such consolidation or into or with which the Guarantor or Citigroup, as
applicable, is merged or to which such conveyance, transfer or lease is made
shall succeed to, and be substituted for, and may exercise every right and power
of, the Guarantor or Citigroup, as applicable, under this TARGETS Guarantee with
the same effect as if such successor entity had been named as the Guarantor or
Citigroup, as applicable, herein, and thereafter, except in the case of a lease,
the predecessor Guarantor or Citigroup, as applicable, shall be relieved of all
obligations and covenants under this TARGETS Guarantee.

SECTION 10.4 Notices

            All notices provided for in this TARGETS Guarantee shall be in
writing, duly signed by the party giving such notice, and shall be delivered,
telecopied or mailed by first class mail postage prepaid as follows:

            (a) If given to the TARGETS Guarantee Trustee, at the TARGETS
Guarantee Trustee's mailing address set forth below (or such other address as
the TARGETS Guarantee Trustee may give notice of to the Holders):

                JPMorgan Chase Bank, N.A.
                4 New York Plaza, 6th Floor
                Attn: Worldwide Securities Services
                Global Debt - TARGETS Trust [XXVIII]

            (b) If given to the Guarantor, at the Guarantor's mailing address
set forth below (or such other address as the Guarantor may give notice of to
the Holders):

                Citigroup Funding Inc.
                388 Greenwich Street
                New York, New York  10013

            (c) If given to Citigroup, at Citigroup's mailing address set forth
below (or such other address as Citigroup may give notice of to the Holders):

                Citigroup Inc.
                Office of Corporate Treasury
                153 East 53rd Street, 6th Floor
                New York, New York  10043
                Attention:  Treasurer

            (d) If given to any Holder, at the address set forth on the books
and records of the Issuer.

            All notices provided for in this TARGETS Guarantee shall be deemed
to have been given when received in person, telecopied with receipt confirmed,
or mailed by first class mail, postage prepaid except that if a notice or other
document is refused delivery or cannot be delivered because of a changed address
of which no notice was given, such notice or other

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document shall be deemed to have been delivered on the date of such refusal or
inability to deliver.

SECTION 10.5 Benefit

            This TARGETS Guarantee is solely for the benefit of the Holders of
the TARGETS and, subject to Section 3.l(a), is not separately transferable from
the TARGETS.

SECTION 10.6 Governing Law

            THIS TARGETS GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, AND ALL
RIGHTS AND REMEDIES SHALL BE GOVERNED BY SUCH LAWS WITHOUT REGARD FOR THE
PRINCIPLES OF ITS CONFLICTS OF LAWS.

                            [Signature page follows]

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            THIS GUARANTEE AGREEMENT is executed as of the day and year first
above written.

                                CITIGROUP FUNDING INC.

                                By:_____________________________________________
                                   Name:  Geoffrey S. Richards
                                   Title: Vice President and Assistant Treasurer

                                CITIGROUP INC.

                                By:_____________________________________________
                                   Name:  Charles E. Wainhouse
                                   Title: Assistant Treasurer

                                JPMORGAN CHASE BANK, N.A., as
                                    TARGETS Guarantee Trustee

                                By:_____________________________________________
                                   Name:  Thomas Venusti
                                   Title: Assistant Vice President

CFI TARGETS [XXVIII] Due
TARGETS Guarantee Agreement

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