Document:

Exhibit 4.2

 

Execution Version

 

WASTE CONNECTIONS, INC.

 

as Issuer,

 

to

 

U.S. BANK NATIONAL ASSOCIATION

 

as Trustee

 

 

 

THIRD SUPPLEMENTAL INDENTURE,

 

Dated as of January 23, 2020,

 

to Indenture dated as of November 16, 2018

 

 

 

$600,000,000

 

2.600% Senior Notes due 2030

 

 

 

     

     

    

 

TABLE
OF CONTENTS

 

	 	Page

 

	ARTICLE One SECURITY FORMS	1
	SECTION 1.1.   Forms of Notes	1
	SECTION 1.2.   Price	2
	SECTION 1.3.   Denominations	2
	SECTION 1.4.   Payment; Interest	2
	ARTICLE Two AMENDMENTS TO BASE INDENTURE PROVISIONS	2
	SECTION 2.1.   Generally	2
	SECTION 2.2.   Additional Definitions	2
	SECTION 2.3.   Replaced Definitions	7
	SECTION 2.4.   Issuable in Series	7
	SECTION 2.5.   Book-Entry Provisions for Global Securities	8
	SECTION 2.6.   CUSIP Numbers	8
	SECTION 2.7.   Selection of Securities to be Redeemed	8
	SECTION 2.8.   Notice of Redemption	9
	SECTION 2.9.   Optional Redemption	9
	SECTION 2.10.  Limitation on Liens	10
	SECTION 2.11.  Limitations on Sale and Leaseback Transactions	12
	SECTION 2.12.  Withholding Taxes and Other Taxes	13
	SECTION 2.13.  When the Company May Merge, Amalgamate, Etc.	16
	SECTION 2.14.  Covenant Defeasance	17
	SECTION 2.15.  Change of Control Triggering Event	17
	SECTION 2.16.  Consent to Jurisdiction and Service	19
	ARTICLE Three MISCELLANEOUS	20
	SECTION 3.1.    Construction	20
	SECTION 3.2.    Conflicts	20
	SECTION 3.3.    Successors and Assigns	20
	SECTION 3.4.    Severability	20
	SECTION 3.5.    Benefits of the Indenture	20
	SECTION 3.6.    Governing Law	20
	SECTION 3.7.    Defined Terms	21
	SECTION 3.8.    Counterparts	21
	SECTION 3.9.    Concerning the Trustee	21

 

    i

     

    

 

THIRD SUPPLEMENTAL
INDENTURE, dated as of January 23, 2020 (the “Third Supplemental Indenture”), between WASTE CONNECTIONS, INC.,
a corporation existing under the laws of Ontario, Canada (the “Company”), and U.S. BANK NATIONAL ASSOCIATION,
a U.S. national banking association, as trustee under the Base Indenture referred to below (the “Trustee”).

 

WHEREAS, the Company
entered into an Indenture with the Trustee, dated as of November 16, 2018 (the “Base Indenture” and, as amended
and supplemented by this Third Supplemental Indenture, the “Indenture”), providing for the issuance of senior
debt securities, unlimited as to principal amount, to bear such rates of interest, to mature at such time or times, to be issued
in one or more series and to have such other provisions as authorized by or pursuant to the authority granted in one or more resolutions
of the Board of Directors; and

 

WHEREAS, the Company
proposes to issue $600,000,000 aggregate principal amount of its 2.600% Senior Notes due 2030 (the “Notes,”
and all references to Securities in the Base Indenture shall be deemed to refer also to the Notes unless the context otherwise
provides); and

 

WHEREAS, Section 9.1
of the Base Indenture provides that the Company and the Trustee may enter into a supplemental indenture, to among other things,
establish the form or terms of Notes as permitted by the Base Indenture without the consent of any Securityholder; and

 

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

 

WHEREAS, all things
necessary have been done to make this Third Supplemental Indenture, when executed and delivered by the Company, the legal, valid
and binding agreement of the Company, in accordance with its terms; and

 

WHEREAS, all things
necessary have been done to make the Notes, when executed and delivered by the Company and authenticated by the Trustee as provided
for in the Indenture, the legal, valid and binding agreements of the Company, in accordance with their terms; and

 

NOW, THEREFORE, THIS
THIRD SUPPLEMENTAL INDENTURE WITNESSETH, the parties hereto mutually covenant and agree as follows:

 

ARTICLE
One

SECURITY FORMS

 

SECTION
1.1.  Forms of Notes. The Notes and any Additional Notes shall be in substantially the form of Exhibit A hereto
and may have such letters, numbers or other marks of identification or designation and such legends or endorsements placed
thereon as the Company may deem appropriate and as are not inconsistent with the provisions of the Indenture, 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 exchange on which the Notes may be listed, or to conform to usage. The terms and provisions set forth in the Notes shall
constitute, and are hereby made a part of the Indenture and, to the extent applicable, the Company and the Trustee, by their
execution and delivery of the Base Indenture and this Third Supplemental Indenture, expressly agree to such terms and
provisions and to be bound thereby.

 

     

     

    

 

SECTION 1.2.  Price.
The Notes (excluding any Additional Notes) shall be issued at 99.991% of the aggregate principal amount of $600,000,000.

 

SECTION 1.3.  Denominations.
The Notes shall be issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.

 

SECTION 1.4.  Payment;
Interest. The principal amount of each Note shall be payable on February 1, 2030. Each Note shall bear interest from and including
the date of issuance, or the most recent Interest Payment Date (as defined below), at the fixed rate of 2.600% per annum. The dates
on which interest on the Notes shall be payable shall be February 1 and August 1 of each year, commencing August 1, 2020 (the “Interest
Payment Dates”). The regular record date for interest payable on the Notes on any Interest Payment Date shall be January
15 and July 15, as the case may be, immediately preceding such Interest Payment Date.

 

ARTICLE
Two

AMENDMENTS TO BASE INDENTURE PROVISIONS

 

SECTION
2.1.  Generally. The Base Indenture is hereby amended or amended and restated, in each case solely with
respect to the Notes, as indicated in the following sections.

 

SECTION
2.2.  Additional Definitions. Section 1.1 of the Base Indenture is hereby amended by adding the following
definitions in correct alphabetical order:

 

“Additional
Notes” shall have the meaning set forth in Section 2.1.

 

“Agent Members”
shall have the meaning set forth in Section 2.14.7(a).

 

“Applicable
Procedures” means, with respect to any transfer or transaction involving a Global Security or beneficial interest therein,
the rules and procedures of the Depositary for such Security to the extent applicable to such transaction and as in effect at the
time of such transfer or transaction.

 

“Attributable
Debt” means the present value of the rental payments during the remaining term of the lease included in the Sale and
Leaseback Transaction. To determine that present value, the Company uses a discount rate equal to the lease rate of the Sale and
Leaseback Transaction or, if the lease rate is not known to the Company, the weighted average interest rate of all series of securities
outstanding at the time under the indenture compounded semi-annually. For these purposes, rental payments do not include any amounts
required to be paid for taxes, maintenance, repairs, insurance, assessments, utilities, operating and labor costs and other items
that do not constitute payments for property rights. In the case of any lease that the lessee may terminate by paying a penalty,
if the net amount (including payment of the penalty) would be reduced if the lessee terminated the lease on the first date that
it could be terminated, then this lower net amount will be used.

 

    2

     

    

 

“Change of
Control” means the occurrence of any of the following after the date of issuance of the Notes:

 

(a)              
the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation),
in one or a series of related transactions, of all or substantially all of the assets of the Company and its Subsidiaries taken
as a whole to any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act)
other than to the Company or one of its Subsidiaries;

 

(b)              
the consummation of any transaction (including any merger, amalgamation or consolidation) the result of which is that any
 “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act, it being agreed that
an employee of the Company or any of its Subsidiaries for whom shares are held under an employee stock ownership, employee retirement,
employee savings or similar plan and whose shares are voted in accordance with the instructions of such employee shall not be a
member of a “group” (as that term is used in Section 13(d)(3) of the Exchange Act) solely because such employee’s
shares are held by a trustee under said plan) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under
the Exchange Act), directly or indirectly, of Voting Stock representing more than 50% of the voting power of the Company’s
outstanding Voting Stock;

 

(c)              
the Company consolidates with, or merges or amalgamates with or into, any person, or any person consolidates with, amalgamates
with, or merges with or into, the Company, in any such event pursuant to a transaction in which any of the Company’s outstanding
Voting Stock or Voting Stock of such other person is converted into or exchanged for cash, securities or other property, other
than any such transaction where the Company’s Voting Stock outstanding immediately prior to such transaction constitutes,
or is converted into or exchanged for, Voting Stock representing more than 50% of the voting power of the Voting Stock of the surviving
or resulting person immediately after giving effect to such transaction;

 

(d)              
during any period of twelve (12) consecutive calendar months, individuals who were members of the Board of Directors on
the first day of such period cease to constitute a majority of the Board of Directors unless such new directors were approved by
a majority of the directors who were directors on the first day of such period; or

 

(e)              
the adoption of a plan relating to the Company’s liquidation or dissolution.

 

“Change of
Control Offer” shall have the meaning set forth in Section 12.1(a).

 

“Change of
Control Payment” shall have the meaning set forth in Section 12.1(a).

 

“Change of
Control Payment Date” shall have the meaning set forth in Section 12.1(b)(iv).

 

“Change of
Control Repurchase Notice” shall have the meaning set forth in Section 12.1(c)(i).

 

    3

     

    

 

“Change of
Control Triggering Event” means the Notes cease to be rated Investment Grade by at least two of the three Rating Agencies
on any date during the Trigger Period. If a Rating Agency is not providing a rating for the Notes at the commencement of any Trigger
Period, the Notes will be deemed to have ceased to be rated Investment Grade by such Rating Agency during that Trigger Period.
Notwithstanding the foregoing, no Change of Control Triggering Event will be deemed to have occurred in connection with any particular
Change of Control unless and until such Change of Control has actually been consummated.

 

“Code”
means the United States Internal Revenue Code of 1986, as amended.

 

“Comparable
Treasury Issue” means the U.S. Treasury security selected by an Independent Investment Banker as having a maturity comparable
to the remaining term of the Notes to be redeemed (assuming that the Notes matured on the Par Call Date) that would be utilized,
at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities
of comparable maturity to the remaining term of the Notes (assuming that the Notes matured on the Par Call Date).

 

“Comparable
Treasury Price” means, with respect to any redemption date: (1) the average of the Reference Treasury Dealer Quotations
for such redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations; or (2) if the Independent
Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.

 

“Consolidated
Tangible Assets” means the total amount of assets of the Company and its consolidated subsidiaries less the value of
all intangible assets, calculated based on the Company’s most recent balance sheet filed with the SEC.

 

“Credit Agreement”
means that certain Amended and Restated Revolving Credit and Term Loan Agreement, dated March 21, 2018 (as amended, restated, amended
and restated, supplemented or otherwise modified from time to time), among the Company, Bank of America, N.A., acting through its
Canada Branch, as global agent, the swing line lender and letter of credit issuer, Bank of America, N.A., as the U.S. Agent and
a letter of credit issuer, the lenders and any other financial institutions from time to time party thereto.

 

“Excluded
Holder” shall have the meaning set forth in Section 4.8(b).

 

“Fitch”
means Fitch Ratings Inc. and any successor to its rating agency business.

 

“GAAP”
means accounting principles generally accepted in the United States of America set forth in the opinions and pronouncements of
the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of
the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant
segment of the accounting profession, which are in effect as of the date of determination. Without limiting the foregoing, leases
shall continue to be classified and accounted for on a basis consistent with that reflected in the Company’s audited financial
statements as of and for the year ended December 31, 2018 for all purposes of the Indenture notwithstanding any change in GAAP
relating thereto unless the Company otherwise agrees to a change with the lenders under the Credit Agreement in accordance with
the terms thereof.

 

    4

     

    

 

“Indebtedness”
means (a) all obligations for borrowed money or on which interest charges are customarily paid, all as shown on the balance
sheet of the indebted party, (b) all items that would be included as liabilities on a balance sheet in accordance with GAAP
as of the date at which Indebtedness is to be determined, and (c) all indebtedness secured by a security interest in property
owned or being purchased by the indebted party and all guarantees of Indebtedness.

 

“Independent
Investment Banker” means BofA Securities, Inc., J.P. Morgan Securities LLC, MUFG Securities Americas Inc. or Wells Fargo
Securities, LLC as selected by the Company, and their respective successors, or if each of such firms is unwilling or unable to
select the Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Company.

 

“Investment
Grade” means a rating of BBB– or better by Fitch (or its equivalent under any successor rating category of Fitch),
Baa3 or better by Moody’s (or its equivalent under any successor rating category of Moody’s) and a rating of BBB–
or better by S&P (or its equivalent under any successor rating category of S&P), and the equivalent investment grade credit
rating from any replacement rating agency or rating agencies selected by the Company under the circumstances permitting the Company
to select a replacement agency.

 

“Moody’s”
means Moody’s Investors Service, Inc. and any successor to its rating agency business.

 

“Par Call
Date” shall have the meaning set forth in Section 3.7(a).

 

“Primary Treasury
Dealer” means a primary U.S. Government securities dealer in New York City.

 

“Principal
Property” means any (i) waste processing, waste disposal or resource recovery plant or similar facility, together with
fixtures thereon and the land underlying such facility (including any improvements thereon) and (ii) the Company’s corporate
headquarters, together with fixtures thereon and the land underlying such building or buildings (including any improvements thereon),
in each case, located within the United States or Canada and owned by or leased to the Company or any Restricted Subsidiary except
(a) any such land, land improvements or fixtures (x) owned or leased jointly or in common with one or more persons other than the
Company and any Restricted Subsidiaries in which the Company’s and its Restricted Subsidiaries’ interest does not exceed
50%, or (y) which the Board of Directors determines is not material in importance to the Company’s total business or (b)
any portion of such land, land improvements or fixtures that the Board of Directors determines in good faith not to be of material
importance to the use or operation thereof.

 

“Rating Agency”
means each of Fitch, Moody’s and S&P; provided, that if any of Fitch, Moody’s or S&P ceases to rate
the Notes or fails to make a rating of the Notes publicly available for reasons outside the Company’s control, the Company
may appoint another “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62)
under the Exchange Act as a replacement for such Rating Agency and the Company shall give notice of such appointment to the Trustee.

 

    5

     

    

 

“Reference
Treasury Dealer” means: (1) each of BofA Securities, Inc., J.P. Morgan Securities LLC, a Primary Treasury Dealer
selected by MUFG Securities Americas Inc. and Wells Fargo Securities, LLC and their respective successors; provided, however,
that if any of the foregoing shall cease to be a Primary Treasury Dealer (a), the Company will substitute for such firm another
Primary Treasury Dealer; and (2) up to four additional Primary Treasury Dealers selected by the Independent Investment Banker
after consultation with the Company.

 

“Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average,
as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in
each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker at 5:00 p.m., New York
City time, on the third business day preceding such redemption date.

 

“Relevant
Taxing Jurisdiction” shall have the meaning set forth in Section 4.8(a).

 

“Restricted
Subsidiary” means any Subsidiary of the Company (other than any Subsidiary of which the Company owns less than all of
the outstanding Voting Stock) (a) principally engaged in, or whose principal assets consist of property used by the Company
or any Restricted Subsidiary in, the storage, collection, transfer, interim processing, disposal or recycling of waste within the
United States or Canada or (b) which the Company designates as a Restricted Subsidiary in an Officer’s Certificate delivered
to the Trustee.

 

“Sale and
Leaseback Transaction” shall have the meaning set forth in Section 4.7.

 

“Security
Instrument” means any security agreement, chattel mortgage, assignment, financing or similar statement or notice, continuation
statement, other agreement or instrument, or amendment or supplement to any thereof, providing for, evidencing or perfecting any
Security Interest or lien.

 

“Security
Interest” means any interest in any real or personal property or fixture which secures payment or performance of an obligation
and shall include any mortgage, lien, encumbrance, charge or other security interest of any kind, whether arising under a Security
Instrument or as a matter of law, judicial process or otherwise.

 

“S&P”
means Standard & Poor’s Financial Services LLC, a division of S&P Global Inc., and any successor to its rating agency
business.

 

“Taxes”
shall have the meaning set forth in Section 4.8(a).

 

“Treasury
Rate” means, with respect to any redemption date: (1) the yield, under the heading that represents the average
for the immediately preceding week, appearing in the most recently published statistical release designated “H.15”
or any successor publication that is published weekly by the Board of Governors of the Federal Reserve System and that establishes
yields on actively traded U.S. Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,”
for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the Par
Call Date, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined
and the Treasury Rate will be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest
month); or (2) if such release (or any successor release) is not published during the week preceding the calculation date
or does not contain such yields, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury
Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to
the Comparable Treasury Price for such redemption date. The Treasury Rate will be calculated on the third business day preceding
the redemption date.

 

    6

     

    

 

“Trigger Period”
means the period commencing on the earlier of (1) the first public announcement by the Company of any Change of Control (or pending
Change of Control) and (2) such Change of Control, and ending 60 days following the consummation of such Change of Control (which
Trigger Period will be extended following consummation of a Change of Control for so long as any of the Rating Agencies has publicly
announced that it is considering a possible ratings change).

 

“Voting Stock”
of any person as of any date means the capital stock or share capital of such person that is at the time entitled to vote generally
in the election of the board of directors of such person.

 

SECTION
2.3.  Replaced Definitions. Section 1.1 of the Base Indenture is hereby amended by replacing in whole the
following definitions in lieu of the corresponding existing definitions, so that in the event of a conflict with the definitions
of terms in the Base Indenture, the following definitions shall control:

 

“Additional
Amounts” shall have the meaning set forth in Section 4.8(a)(iii).

 

“Depositary”
means, with respect to the Notes, The Depository Trust Company (“DTC”), its nominees and successors, or another
person designated as Depositary by the Company, which must be a clearing agency registered under the Exchange Act.

 

SECTION
2.4.  Issuable in Series. Section 2.1 of the Base Indenture shall be amended and restated in its entirety
to read as follows:

 

“The
aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited. The
Securities may be issued in one or more Series. Additional Notes of the same class and Series (the “Additional
Notes”) may be issued in one or more tranches from time to time, without notice to or the consent of the existing
holders of the Notes. All Securities of a Series shall be identical except as may be set forth or determined in the manner
provided in a Board Resolution, supplemental indenture or Officer’s Certificate detailing the adoption of the terms
thereof pursuant to authority granted under a Board Resolution. In the case of Securities of a Series to be issued from time
to time, the Board Resolution, Officer’s Certificate or supplemental indenture detailing the adoption of the terms
thereof pursuant to authority granted under a Board Resolution may provide for the method by which specified terms (such as
interest rate, maturity date, record date or date from which interest shall accrue) are to be determined. Securities may
differ between Series in respect of any matters, provided that all Series of Securities, including the Notes and Additional
Notes, shall be equally and ratably entitled to the benefits of the Indenture.”

 

    7

     

    

 

SECTION
2.5.  Book-Entry Provisions for Global Securities. A new Section 2.14.7 shall be added after 2.14.6 in
the Base Indenture, which shall read as follows:

 

“Section 2.14.7
Book-Entry Provisions for Global Securities

 

(a)              
Members of, or participants in, the Depositary (“Agent Members”) shall have no rights under this Indenture
with respect to any Global Security held on their behalf by the Depositary, or the Trustee as its custodian, or under such Global
Security, and the Depositary may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute
owner of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company,
the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or other authorization
furnished by the Depositary or shall impair, as between the Depositary and its Agent Members, the operation of customary practices
governing the exercise of the rights of a Holder of any Security.

 

(b)              
The Depositary or its nominee, as registered owner of a Global Security, shall be the Holder of such Global Security for
all purposes under this Indenture and the Securities, and owners of beneficial interests in a Global Security shall hold such interests
pursuant to the Applicable Procedures. Accordingly, any such owner’s beneficial interest in a Global Security will be shown
only on, and the transfer of such interest shall be effected only through, records maintained by the Depositary or its nominee
or its Agent Members.”

 

SECTION
2.6.  CUSIP Numbers. Section 2.15 of the Base Indenture is amended by adding the following sentence at
the end of the current provision:

 

“If
Additional Notes are not fungible with the Notes for U.S. federal income tax purposes, they shall be issued under a separate CUSIP
number from that under which the Notes are issued.”

 

SECTION 2.7.  Selection
of Securities to be Redeemed. Section 3.2 of the Base Indenture shall be amended and restated in its entirety to read as follows:

 

“If less than all the Notes are
to be redeemed, the Trustee shall select the Notes to be redeemed in any, by lot or in any other manner that the Trustee
deems fair and appropriate, including by lot or other method, unless otherwise required by law or applicable stock exchange
requirements (as certified by the Company to the Trustee), subject, in the case of Global Securities, to the applicable rules
and procedures of the Depositary. The Trustee shall make the selection from the Notes outstanding not previously called for
redemption. The Trustee may select for redemption portions of the principal of the Notes that have denominations greater than
a principal amount of $2,000. Securities of the Series and portions of them it selects shall be in amounts of $1,000 or whole
multiples of $1,000 or, with respect to Securities of any Series issuable in other denominations pursuant to Section 2.2.10,
the minimum principal denomination for each Series and the authorized integral multiples thereof. Provisions of this
Indenture that apply to Securities of a Series called for redemption also apply to portions of Securities of that Series
called for redemption.”

 

    8

     

    

 

SECTION
2.8.  Notice of Redemption. The first paragraph of Section 3.3 of the Base Indenture shall be amended and
restated in its entirety to read as follows:

 

“At
least 15 days but not more than 60 days before a redemption date, the Company shall mail a notice of redemption by first-class
mail (or by electronic transmission or otherwise in accordance with the Applicable Procedures) to each Holder whose Securities
are to be redeemed, with a copy to the Trustee.”

 

SECTION
2.9.  Optional Redemption. A new Section 3.7 shall be added after Section 3.6 of the Base Indenture, which
shall read as follows:

 

“Section
3.7Optional Redemption.

 

(a)              
The Company may redeem the Notes, in whole or in part, at any time prior to November 1, 2029 (the “Par Call Date”)
at a redemption price equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed and (ii) the sum of
the present values of the remaining scheduled payments of principal and interest (exclusive of interest accrued to the redemption
date) on the Notes to be redeemed (assuming that such Notes matured on the Par Call Date), discounted to the redemption date on
a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury Rate, plus 15 basis
points, plus, in the case of each of clauses (i) and (ii), accrued and unpaid interest, if any, to, but excluding, the redemption
date.

 

(b)              
If the redemption date is after a record date and on or prior to a corresponding interest payment date, the interest will
be paid on the full amount of accrued and unpaid interest on the redemption date to the Holder of record on the record date.

 

(c)              
On or after the Par Call Date, the Notes will be redeemable, in whole or in part, at the Company’s option and at any
time or from time to time, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus accrued
and unpaid interest thereon, if any, to, but excluding, the redemption date.

 

(d)               The
Company is entitled to redeem the Notes, at its option, at any time as a whole but not in part, upon not less than 15 nor
more than 60 days’ prior notice, with a copy to the Trustee, to the registered address of each Holder (such notice to
be provided not more than 90 days before the next date on which the Company would be obligated to pay Additional
Amounts), at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to,
but excluding, the redemption date (subject to the right of Holders of Notes of record on the relevant record date to receive
interest due on an interest payment that is on or prior to the redemption date), in the event the Company becomes, or will
become, obligated to pay, on the next date on which any amount may be payable with respect to the Notes, any Additional
Amounts as a result of (i) a change in, or amendment to, the laws or regulations of any Relevant Taxing Jurisdiction or (ii)
a change in any official position or the introduction of an official position regarding the application or interpretation
thereof (including a holding by a court of competent jurisdiction), which is publicly announced and becomes effective on or
after the issue date of the Notes and such Additional Amounts cannot (as certified in an Officer’s Certificate to
the Trustee) be avoided by the use of reasonable measures available to the Company. Notice of the Company’s intent to
redeem the Notes pursuant to this Section 3.7(d) shall not be effective until such time as it delivers to the Trustee an (1)
Officer’s Certificate stating that the Company is entitled to effect such redemption and setting forth a statement of
facts showing that the conditions precedent to such right of redemption have occurred and (2) opinion of independent legal
counsel stating that the Company is or will become obligated to pay Additional Amounts because of an amendment to or change
in law or regulation or position as set forth in this Section 3.7(d).

 

    9

     

    

 

SECTION
2.10.  Limitation on Liens. A new Section 4.6 shall be added after Section 4.5 in the Base Indenture, which
shall read as follows:

 

“Section 4.6Limitation
on Liens.

 

(a)              
The Company will not, and will not permit any of its Restricted Subsidiaries to, create, incur, assume or suffer to exist,
directly or indirectly, any Indebtedness secured by a Security Interest upon any Principal Property of the Company or of a Restricted
Subsidiary, whether owned as of the date of this Indenture or hereafter acquired, without making effective provision (and the Company
hereby covenants that in any such case it shall make or cause to be made effective provision) whereby the Notes then outstanding
and any other Indebtedness of the Company or any Restricted Subsidiary then entitled thereto shall be secured by such Security
Interest equally and ratably with (or prior to) any and all other Indebtedness of the Company or any Restricted Subsidiary thereby
secured for so long as any such other Indebtedness of the Company or any Restricted Subsidiary shall be so secured; provided,
that nothing in this Section 4.6 shall prevent, restrict or apply to Indebtedness secured by:

 

(i)             
any Security Interest upon property or assets existing at the time of the acquisition thereof, which Security Interest secures
obligations assumed by the Company or any Restricted Subsidiary;

 

(ii)             
any conditional sales agreement or other title retention agreement with respect to any property or assets acquired by the
Company or any Restricted Subsidiary;

 

(iii)           
any Security Interest existing on the property or assets or shares of stock of an entity at the time such entity is merged
or amalgamated with or into or consolidated with the Company or any Restricted Subsidiary or at the time of a sale, lease or other
disposition of the property or assets of such entity as an entirety or substantially as an entirety to the Company or any Restricted
Subsidiary or at the time such entity becomes a Restricted Subsidiary;

 

(iv)            
any Security Interest existing on the property, assets or shares of stock of any successor entity that becomes the Company
in accordance with the provisions of Section 5.1 of the Base Indenture;

 

    10

     

    

 

(v)              
any Security Interest upon property or assets (x) existing at the time of, or created within 360 days after, the acquisition
of such property or assets, or (y) securing Indebtedness incurred to finance all or part of the purchase price of such property
or assets or the cost of constructing, improving, developing or expanding such property or assets that was incurred before, at
the time of, or created within 360 days after, the later to occur of the completion of such construction, improvement, development
or expansion or the commencement of commercial operation or use of the property or assets;

 

(vi)            
any Security Interest that secures any Indebtedness of a Restricted Subsidiary owing to the Company or another Restricted
Subsidiary or by the Company to a Restricted Subsidiary;

 

(vii)           
mechanics’, materialmen’s and other like liens (including those relating to construction, repair and storage)
arising in the ordinary course of business;

 

(viii)          
any Security Interest arising by reason of deposits or security given to governmental agencies required in order to do business
with the government;

 

(ix)            
Security Interests for taxes, assessments or governmental charges not yet delinquent or Security Interests for taxes, assessments
or governmental charges already delinquent but the validity of which is being contested in good faith;

 

(x)              
Security Interests (including judgment liens) arising in connection with legal proceedings so long as such proceedings are
being contested in good faith and, in the case of judgment liens, execution thereon is stayed;

 

(xi)             
landlords’ liens on fixtures located on property leased by the Company or any Restricted Subsidiary in the ordinary
course of business;

 

(xii)            
any Security Interest in favor of any governmental authority in connection with the financing of the cost of construction
or acquisition of property;

 

(xiii)           
any Security Interest incurred in connection with pollution control, sewage or solid waste disposal, industrial revenue
or similar financings;

 

(xiv)           
any Security Interest created by any program providing for the financing, sale or other disposition of trade or other receivables
qualified as current assets in accordance with GAAP entered into by the Company or by any Restricted Subsidiary, provided that
such program is on terms comparable for similar transactions, or any document executed by the Company or any Restricted Subsidiary
in connection therewith, and provided that such Security Interest is limited to the trade or other receivables in respect of which
such program is created or exists and the proceeds thereof; or

 

(xv)           
any extension, renewal or refunding (or successive extensions, renewals or refundings) in whole or in part of any Indebtedness
secured by any Security Interest referred to in the foregoing clauses (i) through (xiv), inclusive, provided that the Security
Interest securing such Indebtedness shall be limited to the property or assets which, immediately prior to such extension, renewal
or refunding, secured such Indebtedness and additions to such property or assets, and the principal amount of such refinancing
Indebtedness secured by such Security Interest does not exceed (x) the principal amount of such Indebtedness being refinanced plus
(y) the aggregate amount of fees, underwriting discounts, accrued and unpaid interest, premiums and other costs and expenses incurred
in connection with such above-referenced refinancings.

 

    11

     

    

 

Notwithstanding the
foregoing provisions of this Section 4.6(a), the Company or any of its Restricted Subsidiaries may create, incur, assume or suffer
to exist any Indebtedness secured by a Security Interest without so securing the Notes if, at the time such Security Interest becomes
a Security Interest upon any Principal Property of the Company or such Restricted Subsidiary and after giving effect thereto, the
aggregate outstanding principal amount of all Indebtedness of the Company and its Restricted Subsidiaries secured by Security Interests
and permitted by this sentence (including the Attributable Debt in respect of Sale and Leaseback Transactions, but excluding Attributable
Debt in respect of any Sale and Leaseback Transactions the proceeds of which have been applied in accordance with Section 4.7(b))
does not exceed 15% of Consolidated Tangible Assets.

 

(b)              
In the event that the Company shall hereafter secure the Notes equally and ratably with or prior to any other obligation
or Indebtedness pursuant to the provisions of this Section 4.6, the Trustee is hereby authorized to enter into an indenture or
agreement supplemental hereto and to take such action, if any, as it may deem advisable to enable it to enforce effectively the
rights of the Holders of the Notes so secured, equally and ratably with or prior to such other obligations or Indebtedness.”

 

SECTION
2.11.  Limitations on Sale and Leaseback Transactions. A new Section 4.7 shall be added after the newly
added Section 4.6 of the Base Indenture, which shall read as follows:

 

“Section 4.7
Limitations on Sale and Leaseback Transactions.

 

The Company will not,
and will not permit any Restricted Subsidiary to, enter into any arrangement with any person providing for the leasing to the Company
or any Restricted Subsidiary of any Principal Property owned or hereafter acquired by the Company or such Restricted Subsidiary
(except for temporary leases for a term of not more than three years and except for leases between the Company and a Restricted
Subsidiary or between Restricted Subsidiaries), which Principal Property has been or is to be sold or transferred by the Company
or such Restricted Subsidiary to such person (herein referred to as a “Sale and Leaseback Transaction”) unless:

 

(a)               the
Company or such Restricted Subsidiary would be permitted pursuant to Section 4.6 to incur Indebtedness secured by a Security
Interest on the Principal Property to be leased, in an aggregate principal amount equal to the Attributable Debt
associated with such Sale and Leaseback Transaction, without equally and ratably securing the Notes;

 

    12

     

    

 

(b)              
within 180 days after the effective date of the Sale and Leaseback Transaction, the Company applies an amount equal to the
fair value (as determined by the Board of Directors) of such Principal Property to be leased to the redemption or retirement of
the Notes and/or any other Securities issued under the Indenture or to the payment or other retirement of other Indebtedness of
the Company that ranks senior to or pari passu with the Notes or of Indebtedness incurred by any Restricted Subsidiary (other than,
in either case, Indebtedness owned by the Company or any Restricted Subsidiary); or

 

(c)              
within 180 days after entering into the Sale and Leaseback Transaction, the Company enters into a bona fide commitment or
commitments to expend for the acquisition or capital improvement of a Principal Property an amount at least equal to the fair value
(as determined by the Board of Directors) of such Principal Property to be leased.

 

Notwithstanding the
foregoing, the Company may, and may permit any Restricted Subsidiary to, effect any Sale and Leaseback Transaction that is not
allowable under clauses (a) through (c) of this Section 4.7 if, at the time of such Sale and Leaseback Transaction, the Attributable
Debt associated with such Sale and Leaseback Transaction, together with the aggregate principal amount of outstanding Indebtedness
secured by Security Interests upon Principal Property pursuant to the last sentence of Section 4.6(a), does not exceed 15% of Consolidated
Tangible Assets. The calculation of such aggregate principal amount of outstanding Indebtedness secured by Security Interests upon
Principal Property shall exclude (i) the aggregate amount of fees, underwriting discounts, accrued and unpaid interest, premiums
and other costs and expenses incurred in connection with any refinancing and (ii) any Attributable Debt in connection with which
the Company has purchased property, retired or defeased Indebtedness as described in Section 4.7(b).”

 

SECTION
2.12.  Withholding Taxes and Other Taxes. A new Section 4.8 shall be added after the newly added Section
4.7 of the Base Indenture, which shall read as follows:

 

“Section 4.8Withholding
Taxes and Other Taxes.

 

(a)              
All payments made by or on behalf of the Company under or with respect to the Notes will be made without withholding or
deduction for, or on account of, any present or future tax, duty, assessment or other governmental charge (including penalties,
interest and other liabilities related thereto) (“Taxes”) imposed or levied by or on behalf of (1) the government
of Canada or any province or territory of Canada, (2) any other jurisdiction in which the Company is organized or otherwise is
resident for tax purposes or (3) any jurisdiction from or through which payment is made, in each case including any political subdivision
or any authority or agency therein or thereof having power to tax (each, a “Relevant Taxing Jurisdiction”),
unless required by law or the interpretation or administration thereof. If the Company is obligated to withhold or deduct any amount
on account of Taxes imposed by a Relevant Taxing Jurisdiction from any payment made under or with respect to the Notes, the Company
shall:

 

    13

     

    

 

(i)                
make such withholding or deduction;

 

(ii)               
remit the full amount deducted or withheld to the relevant government authority in accordance with the applicable law;

 

(iii)              
subject to the limitations in Section 4.8(b), pay such additional amounts (“Additional Amounts”) as additional
interest as may be necessary so that the net amounts received by each Holder, after such withholding or deduction (including any
such withholding or deduction on such Additional Amounts) will not be less than the amount such Holder would have received if such
Taxes had not been withheld or deducted;

 

(iv)              
furnish to the Trustee for the benefit of the Holders and beneficial owners of Notes, within 60 days after the date of the
payment or remittance of any Taxes is due pursuant to applicable law, certified copies of an official receipt of the relevant government
authority for all amounts deducted or withheld pursuant to applicable law, or if such receipts are not reasonably obtainable, other
documentation evidencing the remittance by the Company of those Taxes; and

 

(v)                
at least 15 days prior to each date on which any Additional Amounts are payable, deliver to the Trustee an Officer’s
Certificate setting forth the calculation of the Additional Amounts to be paid and such other information as the Trustee may request
to enable the Trustee to pay such Additional Amounts to Holders of Notes on the payment date.

 

(b)              
Notwithstanding the foregoing Section 4.8(a), no Additional Amounts will be paid with respect to or in respect of a payment
made to or in respect of any Holder or beneficial owner of the Notes (an “Excluded Holder”):

 

(i)                
with which the Company does not deal at arm’s length (within the meaning of the Income Tax Act (Canada)) at
the time of making such payment;

 

(ii)               
for or on account of Canadian withholding Taxes imposed on a payment under or with respect to a Note that is deemed under
subsection 214(16) of the Income Tax Act (Canada)(or any similar successor provision or equivalent provision of any provincial
or territorial law) to be a dividend;

 

(iii)              
for or on account of any Taxes that are imposed or withheld as a result of the presentation of any Note for payment (where
presentation is required) by or on behalf of a Holder or beneficial owner who would have been able to avoid such Taxes by presenting
the relevant Note to another Paying Agent;

 

(iv)              which
is subject to such Taxes by reason of the Holder or the beneficial owner of the Note (or a fiduciary, settlor,
beneficiary, partner of, member or shareholder of, or possessor of a power over, the relevant Holder or beneficial owner, if
the relevant Holder or beneficial owner is an estate, trust, nominee, partnership, limited liability company or corporation)
being a resident, domiciliary or national of, incorporated in, or engaged in business or maintaining a permanent
establishment or other physical presence in or otherwise having some present or former connection with the Relevant Taxing
Jurisdiction otherwise than solely by the mere acquisition, holding or disposition of the Notes or the receipt of payments or
enforcement of rights thereunder;

 

    14

     

    

 

(v)              
for or on account of any Taxes imposed or deducted or withheld by reason of the failure of the Holder or beneficial owner
of the Note to complete, execute and deliver to the Company, any reasonable form or document concerning such Holder’s or
beneficial owner’s nationality, citizenship, residence, identity or connection with the Relevant Taxing Jurisdiction, provided
(1) such form or document is required by law (including any applicable tax treaty) or by reason of the interpretation or administration
of such law in order to enable the Company to make payments on the Note without deduction or withholding for Taxes, or with deduction
or withholding of a lesser amount, and (2) the Company has provided a timely written request to the Holder for such form or document;

 

(vi)             
for or on account of any Taxes imposed or withheld as a result of the presentation of any Note for payment (where presentation
is required) more than 30 days after the relevant payment is first made available for payment to the Holder or beneficial owner
(except to the extent that the Holder or beneficial owner would have been entitled to Additional Amounts had the Note been presented
on the last day of such 30-day period);

 

(vii)            
for or on account of any estate, inheritance, gift, sales, transfer, excise, personal property or similar Tax;

 

(viii)          
for or on account of any Tax that is payable otherwise than by withholding from payments under or with respect to the Notes
(other than taxes payable pursuant to Regulation 803 of the Income Tax Act (Canada), or any similar successor provision
or equivalent provision of any provincial or territorial law);

 

(ix)            
if the Holder is a fiduciary, partnership or person other than the sole beneficial owner of that payment, to the extent
that such payment would be required to be included in income under the laws of the Relevant Taxing Jurisdiction for tax purposes,
of a beneficiary or settlor with respect to the fiduciary, a member of that partnership or a beneficial owner who would not have
been entitled to such Additional Amounts had that beneficiary, settlor, member or beneficial owner been the Holder of the Note;

 

(x)              
for or on account of any Tax imposed pursuant to Sections 1471 through 1474 of the Code (including any amended or successor
version), any current or future regulations or official interpretations thereof, any fiscal or regulatory legislation, rules or
practices adopted pursuant to an intergovernmental agreement, treaty or convention between a non-U.S. jurisdiction and the United
States with respect to the foregoing or any agreements entered into pursuant to Section 1471(b)(1) of the Code;

 

(xi)            
any Taxes imposed by the United States or any political subdivision thereof; or

 

(xii)           
any combination of the exceptions listed in clauses (i) through (xi) immediately above.

 

(c)              
Any reference in this Indenture to the payment of principal, premium, if any, interest, purchase price, redemption price
or any other amount payable under or with respect to any Note will be deemed to include the payment of Additional Amounts to the
extent that, in such context, Additional Amounts are, were or would be payable in respect thereof. The Company’s obligation
to make payments of Additional Amounts will survive any termination of this Indenture or the defeasance of any rights hereunder.

 

    15

     

    

 

(d)              
Without duplication of the foregoing, the Company shall indemnify and hold harmless each Holder and beneficial owner of
Notes (other than an Excluded Holder), and upon written request therefor, shall reimburse each such Holder and beneficial owner
(without duplication), for the full amount of (x) any Taxes imposed by a Relevant Taxing Jurisdiction and paid by such Holder or
beneficial owner as a result of payments made under or with respect to the Notes and (y) any Taxes levied or imposed and paid by
such Holder or beneficial owner with respect to any reimbursement under (x) above, but excluding any such Taxes on or computed
by reference to such Holder’s or beneficial owner’s net income, revenue, profits or capital.

 

(e)              
Without duplication of the foregoing, the Company shall pay any present or future stamp, issue, registration, court or documentary
taxes or any other excise, property or similar Taxes that arise in any Relevant Taxing Jurisdiction from the execution, delivery,
issuance, registration or enforcement of the Notes, this Indenture or any other document or instrument in relation thereto, and
the Company shall indemnify the Holders and beneficial owners of the Notes for any such amounts (including penalties, interest
and other liabilities related thereto) paid by such Holders and beneficial owners.

 

(f)               
Each Holder or beneficial owner of the Notes shall cooperate with the Company and the Trustee to provide any information
or documentation reasonably requested by the Company or the Trustee in connection with the foregoing and to assist the Company
or the Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts or indemnity payments payable
in respect thereof (though the foregoing shall impose no obligation on the Trustee other than pursuant to applicable laws or regulations).”

 

SECTION
2.13.  When the Company May Merge, Amalgamate, Etc.. The first paragraph of Section 5.1 of the Base Indenture
shall be amended and restated in its entirety to read as follows:

 

“The
Company shall not, in a single transaction or through a series of related transactions, consolidate with or merge or amalgamate
with or into, or convey, transfer or lease all or substantially all of its properties and assets to, any person (a “successor
person”) if such transaction or series of transactions, in the aggregate, would result in a conveyance, transfer or lease
of all or substantially all of the properties and assets of the Company and its Restricted Subsidiaries on a consolidated basis
to any successor person, unless:

 

(a)       the
Company is the surviving corporation or the successor person (if other than the Company) is a corporation organized and
validly existing under the laws of Canada or any province or territory thereof or any U.S. domestic jurisdiction and assumes
by supplemental indenture the Company’s obligations under the Notes and the Indenture; and

 

    16

     

    

 

(b)       immediately
after giving effect to such transaction, no default or event of default shall have occurred and be continuing.”

 

SECTION 2.14.  Covenant
Defeasance. The first paragraph of Section 8.4 of the Base Indenture shall be amended and restated in its entirety to read
as follows:

 

“The Company may omit to comply with
respect to the Notes with any term, provision or condition set forth under Sections 4.2, 4.3, 4.4, 4.5, 4.6, 4.7 and 5.1 as well
as Article XII (and the failure to comply with any such covenants shall not constitute a Default or Event of Default with respect
to the Notes under Section 6.1), provided that the following conditions shall have been satisfied:”

 

SECTION
2.15.  Change of Control Triggering Event. A new Article XII shall be added after Article XI of the Base
Indenture, which shall read as follows:

 

“ARTICLE XII

 

REPURCHASE OF NOTES AT THE OPTION OF
THE HOLDERS

 

Section 12.1Repurchase at Option
of Holders Upon a Change of Control Triggering Event 

(a)              
Upon the occurrence of a Change of Control Triggering Event with respect to the Notes, unless the Company has exercised
its right to redeem the Notes pursuant to Article III of the Indenture, each Holder of Notes shall have the right to require the
Company to purchase all or a portion of such Holder’s Notes pursuant to the offer described below (the “Change of
Control Offer”), at a purchase price equal to 101% of the principal amount thereof plus accrued and unpaid interest,
if any, to, but excluding, the date of purchase (the “Change of Control Payment”), subject to the rights of
Holders on the relevant record date to receive interest due on the relevant interest payment date; provided that (i) any
such portion to be repurchased must be an integral multiple of $1,000 and (ii) the principal amount of any Note remaining after
such repurchase must equal $2,000 or an integral multiple of $1,000 in excess thereof.

 

(b)              
Within 30 days following the date upon which the Change of Control Triggering Event occurred with respect to the Notes,
or at the Company’s option, prior to any Change of Control but after the public announcement of the pending Change of Control,
the Company shall send, by first-class mail (or by electronic transmission or otherwise in accordance with the Applicable Procedures),
a notice to each Holder of Notes, with a copy to the Trustee, which notice shall govern the terms of the Change of Control Offer.
Such notice shall state:

 

(i)              
the events causing the Change of Control;

 

(ii)             
the date of the Change of Control;

 

(iii)           
the amount of the Change of Control Payment;

 

(iv)            
the purchase date, which must be no earlier than 30 days nor later than 60 days from the date such notice is sent, other
than as may be required by law (the “Change of Control Payment Date”);

 

    17

     

    

 

 

(v)              
if the notice is sent prior to any Change of Control, that the Change of Control Offer is conditioned on the Change of Control
being consummated on or prior to the Change of Control Payment Date;

 

(vi)            
the name and address of the Paying Agent;

 

(vii)           
that the Holder must complete the Change of Control Repurchase Notice (as defined below) to participate in the Change of
Control Offer; and

 

(viii)          
any other procedures that Holders must follow to require the Company to repurchase the Notes.

 

(c)              
Repurchases of Notes under this Section 12.1 shall be made, at the option of the Holder thereof, upon:

 

(i)              
delivery to the Trustee (or other Paying Agent appointed by the Company) by a Holder of a duly completed notice (the “Change
of Control Repurchase Notice”) in the form set forth on the reverse of the Note at any time prior to 5:00 p.m., New York
City time, on the Change of Control Payment Date; or

 

(ii)             
delivery or book-entry transfer of the Notes to the Trustee (or other Paying Agent appointed by the Company) at any time
after delivery of the Change of Control Repurchase Notice (together with all necessary endorsements) at the Corporate Trust Office
of the Trustee (or other Paying Agent appointed by the Company), such delivery being a condition to receipt by the Holder of the
Change of Control Payment therefor; provided that such Change of Control Payment shall be so paid pursuant to this Section 12.1
only if the Note so delivered to the Trustee (or other Paying Agent appointed by the Company) shall conform in all respects to
the description thereof in the related Change of Control Repurchase Notice.

 

The Change of Control
Repurchase Notice shall state:

 

(i)              
if certificated, the certificate numbers of Notes to be delivered for repurchase;

 

(ii)            
the portion of the principal amount of Notes to be repurchased (which portion to be repurchased must be an integral multiple
of $1,000);

 

(iii)           
that the Notes are to be repurchased by the Company pursuant to the applicable provisions of the Notes and the Indenture;
and

 

(iv)            if
such Change of Control Repurchase Notice is delivered prior to the occurrence of a Change of Control pursuant to a
definitive agreement giving rise to a Change of Control, that the Holder acknowledges that the Company’s offer is
conditioned on the consummation of such Change of Control; provided, however, that if the Notes are not in
certificated form, the Change of Control Repurchase Notice must comply with appropriate procedures of the Depositary.

 

    18

     

    

 

(d)              
On the Change of Control Payment Date, the Company shall, to the extent lawful:

 

(i)              
accept or cause a third party to accept for payment all Notes or portions thereof properly tendered pursuant to the Change
of Control Offer;

 

(ii)             
deposit or cause a third party to deposit with the Paying Agent an amount equal to the Change of Control Payment in respect
of all Notes or portions thereof properly tendered; and

 

(iii)            
deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officer’s Certificate
stating the aggregate principal amount of Notes being repurchased.

 

(e)              
The Company shall not be required to make a Change of Control Offer with respect to the Notes if a third party makes such
an offer in the manner, at the times and otherwise in compliance with the requirements for such an offer made by the Company and
such third party purchases all the Notes properly tendered and not withdrawn under its offer.

 

(f)               
The Trustee shall not have any obligation to monitor the occurrence or dates of any Change of Control Triggering Event and
may rely conclusively on an Officer’s Certificate from the Company related to such Change of Control Triggering Event. The
Trustee shall not have any obligation to notify the Holders of the occurrence or dates of any Change of Control Triggering Event.

 

Section 12.2Compliance with
Tender Offer Rules

 

The Company shall comply
in all material respects with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations
thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of
a Change of Control Triggering Event. To the extent that the provisions of any such securities laws or regulations conflict with
the Change of Control Offer provisions of the Notes, the Company shall comply with those securities laws and regulations and shall
not be deemed to have breached its obligations under the Change of Control Offer provisions of the Notes by virtue of any such
conflict.”

 

SECTION
2.16.  Consent to Jurisdiction and Service. A new Section 10.19 shall be added after Section 10.18 of the
Base Indenture, which shall read as follows:

 

“Section 10.19
   Consent to Jurisdiction and Service

 

The Company
hereby irrevocably submits to the exclusive jurisdiction of the federal and state courts in the Borough of Manhattan in The
City of New York and the County and State of New York, United States of America in any suit or proceeding arising out of or
relating to the Notes, the Indenture or the transactions contemplated thereby. The Company waives any objection which it may
now or hereafter have to the laying of venue of any such suit or proceeding in such courts. The Company agrees that final
judgment in any such suit, action or proceeding brought in any such court shall be conclusive and binding upon the Company
and may be enforced in any court to the jurisdiction of which the Company is subject by a suit upon such judgment. The
Company irrevocably appoints Corporation Service Company, located at 80 State Street, Albany, New York 12207-2543, as its
authorized agent in the State of New York upon which process may be served in any such suit or proceeding, and agrees that
service of process upon such authorized agent, and written notice of such service to the Company by the person serving the
same to the address provided in this Section 10.19, shall be deemed in every respect effective service of process upon the
Company in any such suit or proceeding. The Company hereby represents and warrants that such authorized agent has accepted
such appointment and has agreed to act as such authorized agent for service of process. The Company further agrees to take
any and all action as may be necessary to maintain such designation and appointment of such authorized agent in full force
and effect for a period of seven years from the date of this Indenture.”

 

    19

     

    

 

ARTICLE
Three

 

MISCELLANEOUS

 

SECTION
3.1.  Construction. Unless otherwise supplemented or amended by this Third Supplemental Indenture, the
Base Indenture is incorporated by reference in full into this Third Supplemental Indenture, and all parties to this Third Supplemental
Indenture agree to be bound by the terms and provisions of the Base Indenture as supplemented and amended by this Third Supplemental
Indenture. The Base Indenture and this Third Supplemental Indenture shall be read, taken and construed as one and the same instrument.
All provisions included in this Third Supplemental Indenture supersede any similar provisions included in the Base Indenture unless
not permitted by law.

 

SECTION
3.2.  Conflicts. If any provision hereof limits, qualifies or conflicts with another provision hereof which
is required to be included in this Third Supplemental Indenture by any of the provisions of the Trust Indenture Act, such required
provision shall control.

 

SECTION
3.3.  Successors and Assigns. All covenants and agreements in this Third Supplemental Indenture by the
Company shall bind its successors and assigns, whether so expressed or not.

 

SECTION
3.4.  Severability. In case any provision in this Third Supplemental Indenture or in the Notes shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions herein and therein shall
not in any way be affected or impaired thereby.

 

SECTION
3.5.  Benefits of the Indenture. Nothing in this Third Supplemental Indenture, expressed or implied, shall
give to any person, other than the parties hereto and their successors hereunder, and the Holders of the Notes any benefit or any
legal or equitable right, remedy or claim under this Third Supplemental Indenture.

 

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

 

    20

     

    

 

SECTION
3.7.  Defined Terms. All terms used in this Third Supplemental Indenture not otherwise defined herein that
are defined in the Base Indenture shall have the meanings set forth therein.

 

SECTION
3.8.  Counterparts. This Third Supplemental Indenture may be executed in any number of counterparts, each
of which shall be an original; but such counterparts shall together constitute but one and the same instrument. Delivery of an
executed counterpart of a signature page hereto by facsimile or electronic transmission shall be as effective as delivery of a
manually executed counterpart of this Third Supplemental Indenture.

 

SECTION
3.9.  Concerning the Trustee. The recitals contained herein and in the Notes, except the Trustee’s
certificates of authentication, shall be taken as the statements of the Company, and the Trustee assumes no responsibility for
their correctness. The Trustee makes no representations as to the validity or sufficiency of this Third Supplemental Indenture
or the Notes. The Trustee shall not be accountable for the use or application by the Company of Notes or the proceeds thereof.

 

[Signature pages follow]

 

    21

     

    

 

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

 

	 	WASTE CONNECTIONS, INC.
	 	 	 
	 	By:  	/s/ Mary Anne Whitney
	 	 	Name: Mary Anne Whitney
	 	 	Title: Senior Vice President and Chief Financial Officer

 

      

     

    

 

	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee
	 	 	 
	 	By:  	/s/ Paula Oswald
	 	 	Name: Paula Oswald
	 	 	Title: Vice President

 

      

     

    

 

EXHIBIT A

 

[FORM OF FACE OF SECURITY]

 

[THIS SECURITY IS A
GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE OF A DEPOSITARY OR A SUCCESSOR 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 INDENTURE, AND MAY NOT BE TRANSFERRED
EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, WHICH SHALL BE CEDE & CO., BY A NOMINEE OF THE DEPOSITARY
TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A
NOMINEE OF SUCH A SUCCESSOR DEPOSITARY.

 

UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE
COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT AND ANY SUCH CERTIFICATE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
HAS AN INTEREST HEREIN.]1

 

WASTE CONNECTIONS, INC.

 

2.600% SENIOR NOTES DUE 2030

 

CUSIP NO. 94106BAA9

 

ISIN NO. US94106BAA98

 

	 	 	 
	No.                         	 	$                              
	 	 	 

Waste
Connections, Inc., a corporation existing under the laws of Ontario, Canada (herein called the “Company,” which
term includes any successor person under the Indenture hereinafter referred to), for value received, hereby promises to pay
to [________________]2 or its
registered assigns, the principal sum of ____________________ ($___________________) United States dollars[, or such greater
or lesser amount as may from time to time be endorsed on the Schedule of Increases and Decreases of Interests in the Global
Note attached hereto (but in no event may such amount exceed the aggregate principal amount of Notes authenticated pursuant
to Section 2.3 of the Indenture referred to below and then outstanding pursuant the terms of the Indenture)]3,
on February 1, 2030, at the office or agency of the Company referred to below, and to pay interest thereon from
[____________________]4 or from
the most recent interest payment date to which interest has been paid or duly provided for, semi-annually on February 1 and
August 1 in each year, commencing August 1, 2020 at the rate of 2.600% per annum, in United States dollars, until the
principal hereof is paid or duly provided for. Interest shall be computed on the basis of a 360-day year comprised of twelve
30-day months.

 

 

 

1 These paragraphs should be
included only if the Note is issued in global form.

2 Cede & Co., if issued
in global form.

3 Use if Global Security

4 January 23, 2020 for the
initial Notes.

 

    A-1

     

    

 

The Company will duly
and punctually pay the principal of and interest, if any, on the Notes in whose name the Notes are registered at the close of business
on the January 15 and July 15 immediately preceding the related interest payment dates. On or before 11:00 a.m. New York City time,
on the applicable interest payment date, the Company shall deposit with the Paying Agent money sufficient to pay the principal
of and interest, if any, on the Notes. If the Company defaults in a payment of interest on the Notes, it shall pay the defaulted
interest, plus, to the extent permitted by law, any interest payable on the defaulted interest, to the Holders of the Notes on
a subsequent special record date. The Company shall fix the record date and payment date. At least 10 days before the special record
date, the Company shall send by first-class mail (or by electronic transmission or otherwise in accordance with the Applicable
Procedures) to the Trustee and to each Holder of the Notes a notice that states the special record date, the payment date and the
amount of interest to be paid. The Company may pay defaulted interest in any other lawful manner.

 

Payment of the principal
of, premium, if any, and interest on, this Security, and exchange or transfer of this Security, will be made at the office or agency
of the Company in The City of New York maintained for such purpose, or at such other office or agency as may be maintained for
such purpose (which initially will be the Corporate Trust Office of the Trustee or its affiliate located at 633 West Fifth Street,
Los Angeles, CA 90071), in such coin or currency of the United States of America as at the time of payment is legal tender for
payment of public and private debts; provided, however, that payment of interest may be made at the option of the Company by check
mailed to the address of the person entitled thereto as such address shall appear on the Security register.

 

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

 

For purposes of
the disclosure required by the Interest Act (Canada), whenever any interest is calculated on the basis of a period of
time other than a calendar year, the annual rate of interest to which each rate of interest determined pursuant to such
calculation is equivalent for the purposes of the Interest Act (Canada) is such rate as so determined multiplied by
the actual number of days in the calendar year in which the same is to be ascertained and divided by the number of days used
in the basis of such determination.

 

    A-2

     

    

 

Unless the certificate
of authentication hereon has been duly executed by the Trustee referred to on the reverse hereof or by the authenticating agent
appointed as provided in the Indenture by manual signature of an authorized signer, this Security shall not be entitled to any
benefit under the Indenture, or be valid or obligatory for any purpose.

 

IN WITNESS WHEREOF,
the Company has caused this instrument to be duly executed by the manual or facsimile signature of one of its authorized officers.

 

	 	WASTE CONNECTIONS, INC., as Issuer    
	 	 	 
	 	By:  	       
	 	 	Name:
	 	 	Title:

 

    A-3

     

    

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the
2.600% Senior Notes due 2030 referred to in the within-mentioned Indenture.

 

	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee
	 	 	 
	 	By:  	 
	 	 	Authorized Signatory
	 	 	 
	Dated:	 	 

 

    A-4

     

    

 

[FORM OF REVERSE SIDE OF SECURITY]

 

WASTE CONNECTIONS, INC.

 

2.600% Senior Notes due 2030

 

This Security is one
of a duly authorized issue of Securities of the Company designated as its 2.600% Senior Notes due 2030 (herein called the “Securities”),
initially in aggregate principal amount to $600,000,000, issued under and subject to the terms of an indenture (herein called the
 “Indenture”) dated as of November 16, 2018, between the Company and U.S. Bank National Association, as trustee (herein
called the “Trustee,” which term includes any successor trustee under the Indenture), as supplemented by a Third Supplemental
Indenture, dated as of January 23, 2020, between the Company and the Trustee to which the Indenture reference is hereby made for
a statement of the respective rights, limitations of rights, duties, obligations and immunities thereunder of the Company, the
Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered.

 

This Security is subject
to optional redemption and a special tax redemption, and may be the subject of an offer to purchase, as further described in the
Indenture. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securities.
In the event of redemption of this Security in accordance with the Indenture in part only, a new Security or Securities in principal
amount equal to the unredeemed portion hereof shall be issued in the name of the Holder hereof upon the cancellation hereof.

 

Upon the occurrence
of a Change of Control Triggering Event with respect to the Securities, unless the Company has exercised its right to redeem the
Securities pursuant to Article III of the Indenture, each Holder of the Securities shall have the right to require the Company
to purchase all or a portion (such that (i) any such portion to be repurchased must be an integral multiple of $1,000 and (ii)
the principal amount of any Note remaining after such repurchase must equal $2,000 or an integral multiple of $1,000 in excess
thereof) of such Holder’s Security pursuant to Article XII of the Indenture.

 

If an Event of Default
shall occur and be continuing, the principal amount of all the Securities may be declared due and payable in the manner and with
the effect provided in the Indenture.

 

The Indenture contains
provisions for defeasance at any time of (a) the entire Indebtedness on the Securities and (b) certain covenants and
Events of Default, in each case upon compliance with certain conditions set forth therein.

 

The Indenture
permits, with certain exceptions (including certain amendments permitted without the consent of any Holders and certain
amendments which require the consent of all of the Holders) as therein provided, the amendment thereof and the modification
of the rights and obligations of the Company and the rights of the Holders under the Indenture and the Securities at any time
by the Company and the Trustee with the consent of the Holders of at least a majority in aggregate principal amount of the
Securities at the time Outstanding that are affected. The Indenture also contains provisions permitting the Holders of at
least a majority in aggregate principal amount of the Securities (100% of the Holders in certain circumstances) at the time
Outstanding that are affected, to waive compliance by the Company with certain provisions of the Indenture and the Securities
and certain past Defaults and Events of Default under the Indenture and the Securities and their consequences. Any such
consent, amendment or waiver by or on behalf of the Holder of this Security, once effective, shall be conclusive and binding
upon every Holder affected by such amendment or waiver, with certain exceptions, and upon all future Holders of this Security
and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof whether or not
notation of such consent or waiver is made upon this Security.

 

    A-5

     

    

 

No reference herein
to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company or any
other obligor on the Securities (in the event such other obligor is obligated to make payments in respect of the Securities), which
is absolute and unconditional, to pay the principal of, and premium, if any, and interest, if any, on, this Security at the times,
place, and rate, and in the coin or currency, herein prescribed without the consent of the Holder of this Security.

 

As provided in the
Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the register that
the Registrar shall keep with respect to the Securities and to their transfer and exchange, upon surrender of this Security for
registration of transfer at the office or agency of the Company at the Corporate Trust Office, and thereupon one or more new Securities,
of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.

 

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

 

A director, officer,
employee or stockholder (past or present), as such, of the Company shall not have any liability for any obligations of the Company
under the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation.
By accepting a Security, each Holder waives and releases all such liability. The waiver and release are part of the consideration
for the issue of the Securities.

 

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

 

The Company, the Trustee
and any Agent shall treat a person as the Holder of such principal amount of outstanding Notes represented by a Global Security
as shall be specified in a written statement of the Depositary or by the applicable procedures of such Depositary with respect
to such Global Security, for purposes of obtaining any consents, declarations, waivers or directions required to be given by the
Holders pursuant to the Indenture.

 

    A-6

     

    

 

THIS SECURITY SHALL
BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK AND THIS SECURITY SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

All terms used in
this Security which are defined in the Indenture and not otherwise defined herein shall have the meanings assigned to them in
the Indenture. 

 

    A-7

     

    

 

CHANGE OF CONTROL REPURCHASE NOTICE

 

If you want to elect to have only part of the Security purchased
by the Company pursuant to Section 12.1 of the Indenture, state the amount you elect to have purchased:

 

$                                                 

 

Date:                                          

 

Your Signature:                                                                              

 

(Sign exactly as your name appears on the face of this Security)

 

Tax Identification No:                                                                    

 

Signature Guarantee*:                                                                   

 

*Participant in a recognized Signature Guarantee Medallion Program
(or other signature guarantor acceptable to the Trustee).

 

    A-8

     

    

 

SCHEDULE OF INCREASES AND DECREASES OF INTERESTS

IN THE GLOBAL SECURITY5

 

The following increases
or decreases in this Global Security have been made:

 

	Date of Exchange	 	Amount of

 decrease in 

Principal Amount 

of this Global 

Security	 	Amount of

 increase in 

Principal Amount 

of this Global 

Security	 	Principal Amount

 of this Global 

Security following 

such decrease (or

 increase)	 	Signature of

 authorized officer

 of Trustee or Note

 Custodian
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

 

 
 

5 This should be included only if the Security is a Global Security.

 

    A-9Deposit Agreement, dated January 23, 2020 among Citigroup Inc.

 Exhibit 4.1 

EXECUTION VERSION 

DEPOSIT AGREEMENT 
 Dated

 January 23, 2020 

CITIGROUP INC., 
 AS ISSUER,

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

AS DEPOSITARY, 
 -and- 

COMPUTERSHARE TRUST COMPANY, N.A., 

AS REGISTRAR AND TRANSFER AGENT 

RELATING TO RECEIPTS, DEPOSITARY SHARES AND RELATED 

4.700% FIXED RATE / FLOATING RATE NONCUMULATIVE PREFERRED STOCK, 

SERIES V 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE 1 DEFINITIONS
	  	 	1	 
		
	 ARTICLE 2 FORM OF RECEIPTS, DEPOSIT OF PREFERRED STOCK, EXECUTION AND DELIVERY,
TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS
	  	 	3	 
			
	 Section 2.01
	 	Form and Transferability of Receipts	  	 	3	 
			
	 Section 2.02
	 	Deposit of Preferred Stock; Execution and Delivery of Receipts in Respect Thereof	  	 	5	 
			
	 Section 2.03
	 	Optional Redemption of Preferred Stock for Cash	  	 	7	 
			
	 Section 2.04
	 	Registration of Transfers of Receipts	  	 	9	 
			
	 Section 2.05
	 	Combinations and Split-ups of Receipts	  	 	9	 
			
	 Section 2.06
	 	Surrender of Receipts and Withdrawal of Preferred Stock	  	 	9	 
			
	 Section 2.07
	 	Limitations on Execution and Delivery, Transfer, Split-up	  	 	10	 
			
	 Section 2.08
	 	Lost Receipts, etc.	  	 	11	 
			
	 Section 2.09
	 	Cancellation and Destruction of Surrendered Receipts	  	 	11	 
			
	 Section 2.10
	 	No Pre-Release	  	 	11	 
		
	 ARTICLE 3 CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE COMPANY
	  	 	12	 
			
	 Section 3.01
	 	Filing Proofs, Certificates and Other Information	  	 	12	 
			
	 Section 3.02
	 	Payment of Fees and Expenses	  	 	12	 
			
	 Section 3.03
	 	Representations and Warranties as to Preferred Stock	  	 	12	 
			
	 Section 3.04
	 	Representation and Warranty as to Receipts and Depositary Shares	  	 	12	 
			
	 Section 3.05
	 	Taxes	  	 	12	 
		
	 ARTICLE 4 THE PREFERRED STOCK; NOTICES
	  	 	13	 
			
	 Section 4.01
	 	Cash Distributions	  	 	13	 
			
	 Section 4.02
	 	Distributions Other Than Cash	  	 	13	 
			
	 Section 4.03
	 	Subscription Rights, Preferences or Privileges	  	 	14	 
			
	 Section 4.04
	 	Notice of Dividends; Fixing of Record Date for Holders of Receipts	  	 	15	 
			
	 Section 4.05
	 	Voting Rights	  	 	15	 
			
	 Section 4.06
	 	Changes Affecting Preferred Stock and Reorganization Events	  	 	16	 
			
	 Section 4.07
	 	Inspection of Reports	  	 	16	 
			
	 Section 4.08
	 	Lists of Receipt Holders	  	 	16	 
			
	 Section 4.09
	 	Withholding	  	 	16	 

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 ARTICLE 5 THE DEPOSITARY AND THE COMPANY
	  	 	17	 
			
	 Section 5.01
	 	Maintenance of Offices, Agencies and Transfer Books by the Depositary and the Registrar	  	 	17	 
			
	 Section 5.02
	 	Prevention or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the Company	  	 	18	 
			
	 Section 5.03
	 	Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Company	  	 	18	 
			
	 Section 5.04
	 	Resignation and Removal of the Depositary; Appointment of Successor Depositary	  	 	22	 
			
	 Section 5.05
	 	Notices, Reports and Documents	  	 	22	 
			
	 Section 5.06
	 	Indemnification by the Company	  	 	23	 
			
	 Section 5.07
	 	Fees, Charges and Expenses	  	 	23	 
		
	 ARTICLE 6 AMENDMENT AND TERMINATION
	  	 	24	 
			
	 Section 6.01
	 	Amendment	  	 	24	 
			
	 Section 6.02
	 	Termination	  	 	24	 
		
	 ARTICLE 7 MISCELLANEOUS
	  	 	24	 
			
	 Section 7.01
	 	Counterparts	  	 	24	 
			
	 Section 7.02
	 	Exclusive Benefits of Parties	  	 	25	 
			
	 Section 7.03
	 	Invalidity of Provisions	  	 	25	 
			
	 Section 7.04
	 	Notices	  	 	25	 
			
	 Section 7.05
	 	Depositary’s Agents	  	 	26	 
			
	 Section 7.06
	 	Holders of Receipts Are Parties	  	 	26	 
			
	 Section 7.07
	 	Governing Law	  	 	26	 
			
	 Section 7.08
	 	Inspection of Deposit Agreement and Certificate of Designations	  	 	26	 
			
	 Section 7.09
	 	Headings	  	 	26	 
			
	 Section 7.10
	 	Confidentiality	  	 	27	 
			
	 Section 7.11
	 	Further Assurances	  	 	27	 

 Exhibit A – Form of Face of Receipt; Form of Reverse of Receipt 

Exhibit B – Certificate of Designations 
 Exhibit
C – Wire Instructions 

  
 ii 

 DEPOSIT AGREEMENT 

DEPOSIT AGREEMENT, dated January 23, 2020 among CITIGROUP INC., a Delaware corporation, COMPUTERSHARE INC., a Delaware
corporation (“Computershare”), and its wholly-owned subsidiary, COMPUTERSHARE TRUST COMPANY, N.A., a federally chartered national association (the “Trust Company”), jointly as Depositary (as hereinafter
defined), the Trust Company, as Registrar (as hereinafter defined) and Transfer Agent (as hereinafter defined), and all holders from time to time of Receipts (as hereinafter defined) issued hereunder. 

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

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

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

“Certificate of Designations” shall mean the certificate that amends the Restated Certificate of Incorporation of the
Company, adopted by the Board of Directors of the Company or a duly authorized committee thereof, establishing and setting forth the rights, preferences and privileges of the Preferred Stock, as filed with the Secretary of State of the State of
Delaware on January 22, 2020 and attached hereto as Exhibit B, and as such certificate may be amended or restated from time to time. 

“Certificate of Incorporation” shall mean the Restated Certificate of Incorporation of the Company, as amended by the
Certificate of Amendment thereto, dated May 6, 2011, including any certificates of designation, and as restated or amended from time to time. 

“Company” shall mean Citigroup Inc., a Delaware corporation, and its successors. 

  
 1 

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

“Depositary Office” shall mean the principal office of the Depositary at which at any
particular time its business in respect of matters governed by this Deposit Agreement shall be administered, which at the date of this Deposit Agreement is located at 150 Royall Street, Canton, Massachusetts 02021. 

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

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

“DTC” means The Depository Trust Company. 

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

“Funds” has the meaning set forth in Section 2.03.1. 

“Late-Day Funding” has the meaning set forth in
Section 2.03.4. 
 “Preferred Stock” shall mean shares of the Company’s 4.700% Fixed
Rate / Floating Rate Noncumulative Preferred Stock, Series V (liquidation preference $25,000 per share), $1.00 par value per share, heretofore validly issued, fully paid and nonassessable. 

“Receipt” shall mean a receipt issued hereunder to evidence one or more Depositary Shares, whether in definitive or
temporary form, substantially in the form set forth as Exhibit A hereto. 

  
 2 

 “record date” shall mean the date fixed pursuant to
Section 4.04. 
 “Record holder” or “holder” as applied to a Receipt shall mean
the individual, entity or person in whose name a Receipt is registered on the books maintained by the Depositary for such purpose. 

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

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

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

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

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

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

FORM OF RECEIPTS, DEPOSIT OF PREFERRED STOCK, EXECUTION AND DELIVERY, TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS 

SECTION 2.01 Form and Transferability of Receipts. 

Definitive Receipts shall be printed and shall be substantially in the form set forth in Exhibit A annexed to this Deposit Agreement, in
each case with appropriate insertions, modifications and omissions, as hereinafter provided. Pending the preparation of definitive Receipts, the Depositary, upon, and pursuant to, the written order of the Company delivered in compliance with
Section 2.02 shall be authorized and instructed to, and shall, execute and deliver temporary Receipts which shall be substantially of the tenor of the definitive Receipts in lieu of which they are issued and in each case with such
appropriate insertions, omissions, substitutions and other variations as the persons executing such Receipts may determine (but which do not affect the rights or duties of the Depositary), as evidenced by their execution of such Receipts. If
temporary Receipts are issued, the Company and the 

  
 3 

 
Depositary will cause definitive Receipts to be prepared without unreasonable delay. After the preparation of definitive Receipts, the temporary Receipts shall be exchangeable for definitive
Receipts upon surrender of the temporary Receipts at the Depositary Office without charge to the holder. Upon surrender for cancellation of any one or more temporary Receipts, the Depositary is hereby authorized and instructed to, and shall, execute
and deliver in exchange therefor definitive Receipts representing the same number of Depositary Shares as represented by the surrendered temporary Receipt or Receipts. Such exchange shall be made at the Company’s expense and without any charge
therefor. Until so exchanged, the temporary Receipts shall in all respects be entitled to the same benefits under this Deposit Agreement, and with respect to the Preferred Stock deposited, as definitive Receipts. 

Receipts shall be executed by the Depositary by the manual or facsimile signature of a duly authorized signatory of the Depositary;
provided, that if a Registrar for the Receipts (other than the Depositary) shall have been appointed then such Receipts shall also be countersigned by manual or facsimile signature of a duly authorized signatory of the Registrar. No Receipt
shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose unless it shall have been executed as provided in the preceding sentence. The Depositary shall record on its books each Receipt executed as
provided above and delivered as hereinafter provided. Receipts bearing the manual or facsimile signature of a duly authorized signatory of the Depositary who was at any time a proper signatory of the Depositary shall bind the Depositary,
notwithstanding that such signatory ceased to hold such office prior to the execution and delivery of such Receipts by the Registrar or did not hold such office on the date of issuance of such Receipts. 

Receipts shall be in denominations of any number of whole Depositary Shares. All Receipts shall be dated the date of their issuance. 

Receipts may be endorsed with or have incorporated in the text thereof such legends or recitals or changes not inconsistent with the
provisions of this Deposit Agreement as may be required by the Depositary and approved by the Company, or which the Company has determined are required to comply with any applicable law or regulation or with the rules and regulations of any
securities exchange upon which the Depositary Shares may be listed for trading or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Receipts are subject, in each case as
directed by the Company. 
 Title to any Receipt (and to the Depositary Shares evidenced by such Receipt) that is properly endorsed, or
accompanied by a properly executed instrument of transfer or endorsement shall be transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that until transfer of a Receipt shall be
registered on the books of the Depositary as provided in Section 2.04, the Depositary may, notwithstanding any notice to the contrary, treat the record holder thereof at such time as the absolute owner thereof for the purpose of
determining the person entitled to distributions of dividends or other distributions or payments with respect to the Preferred Stock, to exercise any redemption or voting rights or to receive any notice provided for in this Deposit Agreement and for
all other purposes. 

  
 4 

 Notwithstanding the foregoing, upon request by the Company, the Depositary and the Company
will make application to DTC for acceptance of all or a portion of the Receipts for its book-entry settlement system. In connection with any such request, the Company hereby appoints the Depositary acting through any authorized officer thereof as
its attorney-in-fact, with full power to delegate, for purposes of executing any agreements, certifications or other instruments or documents necessary or desirable in
order to effect the acceptance of such Receipts for DTC eligibility. So long as the Receipts are eligible for book-entry settlement with DTC, unless otherwise required by law, all Depositary Shares to be traded on the New York Stock Exchange with
book-entry settlement through DTC shall be represented by a single receipt (the “DTC Receipt”), which shall be deposited with DTC (or its custodian) evidencing all such Depositary Shares and registered in the name of the nominee of
DTC (initially expected to be Cede & Co.). The Depositary or such other entity as is agreed to by DTC may hold the DTC Receipt as custodian for DTC. Ownership of beneficial interests in the DTC Receipt shall be shown on, and the transfer of
such ownership shall be effected through, records maintained by (i) DTC or its nominee for such DTC Receipt, or (ii) institutions that have accounts with DTC. 

If issued, the DTC Receipt shall be exchangeable for definitive Receipts only if (i) DTC notifies the Company at any time that it is
unwilling or unable to continue to make its book-entry settlement system available for the Receipts and a successor to DTC is not appointed by the Company within 90 days of the date the Company is so informed in writing, (ii) DTC notifies the
Company at any time that it has ceased to be a clearing agency registered under applicable law and a successor to DTC is not appointed by the Company within 90 days of the date the Company is so informed in writing or (iii) the Company executes
and delivers to DTC a notice to the effect that such DTC Receipt shall be so exchangeable. If the beneficial owners of interests in Depositary Shares are entitled to exchange such interests for definitive Receipts as the result of an event described
in clause (i), (ii) or (iii) of the preceding sentence, then without unnecessary delay but in any event not later than the earliest date on which such beneficial interests may be so exchanged, the Depositary is hereby directed to and shall
provide written instructions to DTC to deliver to the Depositary for cancellation the DTC Receipt, and the Company shall instruct the Depositary in writing to execute and deliver to the beneficial owners of the Depositary Shares previously evidenced
by the DTC Receipt definitive Receipts in physical form evidencing such Depositary Shares. The DTC Receipt shall be in such form and shall bear such legend or legends as may be appropriate or required by DTC in order for it to accept the Depositary
Shares for its book-entry settlement system. Notwithstanding any other provision herein to the contrary, if the Receipts are at any time eligible for book-entry settlement through DTC, delivery of shares of Preferred Stock and other property in
connection with the withdrawal or redemption of Depositary Shares will be made through DTC and in accordance with its procedures, unless the holder of the relevant Receipt otherwise requests and such request is reasonably acceptable to the
Depositary and the Company. 
 SECTION 2.02 Deposit of Preferred Stock; Execution and Delivery of Receipts in Respect
Thereof. 
 Concurrently with the execution of this Deposit Agreement, the Company is delivering to the Depositary a certificate
or certificates, registered in the name of the Depositary and evidencing 60,000 shares of Preferred Stock, properly endorsed or accompanied, if required by the Depositary, by a duly executed instrument of transfer or endorsement, in form
satisfactory to the Depositary, 

  
 5 

 
together with (i) all such certifications as may be required by the Depositary in accordance with the provisions of this Deposit Agreement and (ii) a written order of the Company
directing the Depositary to execute and deliver to, or upon the written order of, the person or persons stated in such order a Receipt or Receipts for the Depositary Shares representing such deposited Preferred Stock registered in such names
specified in such written order. The Depositary acknowledges receipt of the aforementioned 60,000 shares of Preferred Stock and related documentation and agrees to hold such deposited Preferred Stock in an account to be established by the Depositary
at the Depositary Office or at such other office as the Depositary shall determine. The Company hereby appoints the Trust Company as the Registrar and Transfer Agent for the Preferred Stock deposited hereunder and the Trust Company hereby accepts
such appointment and, as such, will reflect changes in the number of shares (including any fractional shares) of deposited Preferred Stock held by it by notation, book-entry or other appropriate method. 

If required by the Depositary, Preferred Stock presented for deposit by the Company at any time, whether or not the register of stockholders
of the Company is closed, shall also be accompanied by an agreement or assignment, or other instrument satisfactory to the Depositary, that will provide for the prompt transfer to the Depositary or its nominee of any dividend or right to subscribe
for additional Preferred Stock or to receive other property that any person in whose name the Preferred Stock is or has been registered may thereafter receive upon or in respect of such deposited Preferred Stock, or in lieu thereof such agreement of
indemnity or other agreement as shall be satisfactory to the Depositary. 
 Upon receipt by the Depositary of a certificate or certificates
for Preferred Stock deposited hereunder, together with the other documents specified above, and upon registering such Preferred Stock in the name of the Depositary, the Depositary, subject to the terms and conditions of this Deposit Agreement, shall
execute and deliver to, or upon the order of, the person or persons named in the written order delivered to the Depositary referred to in the first paragraph of this Section 2.02, a Receipt or Receipts for the number of whole Depositary
Shares representing the Preferred Stock so deposited and registered in such name or names as may be requested by such person or persons. The Depositary shall execute and deliver such Receipt or Receipts at the Depositary Office, except that, at the
request, risk and expense of any person requesting such delivery, such delivery may be made at such other place as may be designated by such person. Other than in the case of splits, combinations or other reclassifications affecting the Preferred
Stock, or in the case of dividends or other distributions of Preferred Stock, if any, there shall be deposited hereunder not more than the number of shares constituting the Preferred Stock as set forth in the Certificate of Designations, as such may
be amended. To the extent that the Company issues shares of Preferred Stock in excess of the amount set forth in the Certificate of Designations as of the date hereof (which shares have been validly authorized by the Company), the Company shall
notify the Depositary of such issuance in writing. 
 The Depositary shall be permitted to rely on applicable opinions of counsel delivered
to the underwriters pursuant to each of Sections 8(b), (c) and (d) of the underwriting agreement dated January 15, 2020 among the Company and the underwriters named therein relating to the sale of the Depositary Shares to the public. 

  
 6 

 The Company shall deliver to the Depositary from time to time such quantities of Receipts as
the Depositary may request to enable the Depositary to perform its obligations under this Deposit Agreement. 
 SECTION 2.03
Optional Redemption of Preferred Stock for Cash. 
 Whenever the Company shall elect to redeem shares of deposited Preferred
Stock for cash in accordance with the provisions of the Certificate of Designations, it shall (unless otherwise agreed in writing with the Depositary) give the Depositary not less than 5 nor more than 30 days’ prior written notice of the date
fixed for redemption of such Preferred Stock (the “redemption date”) and of the number of such shares of Preferred Stock held by the Depositary to be redeemed and the applicable redemption price (the “redemption
price”), as set forth in the Certificate of Designations. The Depositary shall mail, first-class postage prepaid, notice of the redemption of Preferred Stock and the proposed simultaneous redemption of the Depositary Shares representing the
Preferred Stock to be redeemed, not less than 5 and not more than 30 days prior to the redemption date, to the holders of record on the record date fixed for such redemption pursuant to Section 4.04 of the Receipts evidencing the
Depositary Shares to be so redeemed, at the addresses of such holders as the same appear on the records of the Depositary; but neither the failure to mail any such notice to one or more such holder nor any defect in any such notice shall affect the
sufficiency of the proceedings for redemption except as to the holder to whom notice was not given or defective. 
 The Company shall
prepare and provide the Depositary with such notice, and each such notice shall state: (i) the redemption date; (ii) the redemption price; (iii) the number of shares of deposited Preferred Stock and Depositary Shares to be redeemed;
(iv) if fewer than all Depositary Shares held by any holder are to be redeemed, the number of such Depositary Shares held by such holder to be so redeemed; (v) the place or places where the Preferred Stock and the Receipts evidencing
Depositary Shares to be redeemed are to be surrendered for payment of the redemption price; and (vi) that on the redemption date dividends in respect of the Preferred Stock represented by the Depositary Shares to be redeemed will cease to
accrue. 
 In the event that notice of redemption has been made as described in the immediately preceding paragraphs and the Company shall
then have paid in full to the Depositary the redemption price (determined pursuant to the Certificate of Designations) of the Preferred Stock deposited with the Depositary to be redeemed, the Depositary shall redeem the number of Depositary Shares
representing such Preferred Stock so called for redemption by the Company and on the redemption date (unless the Company shall have failed to pay for the shares of Preferred Stock to be redeemed by it as set forth in the Company’s notice
provided for in the preceding paragraph), all dividends in respect of the shares of Preferred Stock called for redemption shall cease to accrue, the Depositary Shares called for redemption shall be deemed no longer to be outstanding and all rights
of the holders of Receipts evidencing such Depositary Shares (except the right to receive the redemption price) shall, to the extent of such Depositary Shares, cease and terminate. Upon surrender in accordance with said notice of the Receipts
evidencing such Depositary Shares (properly endorsed or assigned for transfer, if the Depositary shall so require), such Depositary Shares shall be redeemed at a cash redemption price of $1,000 per Depositary Share plus any accrued dividends thereon
from the last dividend period end date to, but excluding, the redemption date. The foregoing shall be further subject to the terms and conditions of the 

  
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Certificate of Designations. In the event of any conflict between the provisions of this Deposit Agreement and the provisions of the Certificate of Designations, the provisions of the Certificate
of Designations will govern and the Company will instruct the Depositary, as applicable, in writing accordingly of such governing terms; provided, however, that under no circumstances will the Certificate of Designations be deemed to
change or modify any of the rights, duties or immunities of the Depositary contained herein. 
 If fewer than all of the Depositary Shares
evidenced by a Receipt are called for redemption, the Depositary will deliver to the holder of such Receipt upon its surrender to the Depositary, together with payment of the redemption price for and all other amounts payable in respect of the
Depositary Shares called for redemption, a new Receipt evidencing the Depositary Shares evidenced by such prior Receipt and not called for redemption. 

If less than all of the Preferred Stock is redeemed pursuant to the Company’s exercise of its optional redemption right, the Depositary
will select the Depositary Shares to be redeemed pursuant to this Section 2.03 on a pro rata basis, by lot or in such other manner as the Depositary may determine to be fair and equitable. 

2.03.1 All redemption funds received by Computershare pursuant to this Deposit Agreement that are to be distributed or applied by Computershare
in accordance with the terms of this Deposit Agreement (the “Funds”) shall be delivered to Computershare by 9:00 a.m. Eastern Time and in no event later than 12:00 p.m. Eastern Time on the redemption date. Funding after 9:00 a.m. Eastern
Time but before 12:00 p.m. Eastern Time on the redemption date may cause delays in payments to be made on the redemption date. Delivery of Funds on any day after 12:00 p.m. Eastern Time will be subject to the terms of Section 2.03.4, below.
Once received by Computershare, Funds shall be held by Computershare as agent for the Company. Until paid or distributed in accordance with this Deposit Agreement, the Funds shall be deposited in one or more bank accounts to be maintained by
Computershare in its name as agent for the Company. Until paid pursuant to this Deposit Agreement, Computershare may hold or invest the Funds through such accounts in: (i) bank accounts, short term certificates of deposit, bank repurchase
agreements, and disbursement accounts with commercial banks with Tier 1 capital exceeding $1 billion or with an average rating above investment grade by Standard & Poor’s Financial Services LLC (LT Issuer Credit Rating),
Moody’s Investors Service, Inc. (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating) (each as reported by Bloomberg Finance L.P.), (ii) Cash Management sweeps to AAA Fixed NAV money market funds that comply with Rule 2a-7 under the Investment Company Act of 1940, as amended, or (iii) funds backed by obligations of, or guaranteed by, the United States of America. 

2.03.2 Computershare will only draw upon the Funds in such amount as required from time to time in order to make payments for the Depositary
Shares and any applicable tax withholding payments. Computershare shall have no responsibility or liability for any diminution of the Funds that may result from any deposit or investment made by Computershare in accordance with this
Section 2.03, including any losses resulting from a default by any bank, financial institution or other third party, provided such actions related to the investments made by Computershare are taken in good faith and without gross negligence or
willful misconduct. Computershare may from time to time receive interest, dividends or other earnings in connection with such deposits. Computershare shall not be obligated to pay such interest, dividends or earnings to the Company, any holder or
any other party. 

  
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 2.03.3 Computershare is acting as an agent hereunder and is not a debtor of the Company in
respect of the Funds. 
 2.03.4 In the case of late-day funding, which means delivery of Funds to
Computershare after 12:00 p.m. Eastern Time on any day as set forth in Section 2.03.1 above (“Late-Day Funding”), Federal Deposit Insurance or other bank liquidity charges may apply in
connection with the overnight deposit of Funds with commercial banks. The parties agree that any such charges assessed as a result of Late-Day Funding will be charged to the Company and the Company hereby
agrees to pay such charges. 
 2.03.5 The Company agrees to deliver the Funds by wire to the account listed on the attached Exhibit C, which
may be amended in writing from time to time. 
 SECTION 2.04 Registration of Transfers of Receipts. 

The Company hereby appoints the Trust Company as the Registrar and Transfer Agent for the Receipts and the Trust Company hereby accepts such
appointment and, as such, shall register on its books from time to time transfers of Receipts upon any surrender thereof by the holder in person or by a duly authorized attorney, agent or representative properly endorsed or accompanied by a properly
executed instrument of transfer or endorsement and appropriate evidence of authority, which shall include a signature guarantee from an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer
Association, and any other reasonable evidence of authority that may be required by the Trust Company, together with evidence of the payment by the applicable party of any transfer taxes as may be required by law. Upon such surrender, the Trust
Company shall execute a new Receipt or Receipts and deliver the same to or upon the order of the person entitled thereto evidencing the same aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered. 

SECTION 2.05 Combinations and Split-ups of Receipts. 

Upon surrender of a Receipt or Receipts at the Depositary Office or such other office as the Depositary may designate for the purpose of
effecting a split-up or combination of Receipts, subject to the terms and conditions of this Deposit Agreement, the Depositary shall execute and deliver a new Receipt or Receipts in the authorized
denominations requested evidencing the same aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered. 

SECTION 2.06 Surrender of Receipts and Withdrawal of Preferred Stock. 

Any holder of a Receipt or Receipts may withdraw any number of whole shares of deposited Preferred Stock represented by the Depositary Shares
evidenced by such Receipt or Receipts and all money and other property, if any, represented by such Depositary Shares by surrendering such Receipt or Receipts to the Depositary or at such other office as the Depositary may designate for such
withdrawals; provided, that a holder of a Receipt or Receipts may not withdraw such Preferred Stock (or money and other property, if any, represented thereby) which 

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

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

The Depositary shall deliver the deposited Preferred Stock and the money and other property, if any, represented by the Depositary Shares
evidenced by Receipts surrendered for withdrawal at the Depositary Office, except that, at the request, risk and expense of the holder surrendering such Receipt or Receipts and for the account of the holder thereof, such delivery may be made at such
other place as may be designated by such holder. 
 SECTION 2.07 Limitations on Execution and Delivery, Transfer, Split-up. 
 As a condition precedent to the execution and delivery, transfer, split-up, combination, surrender or exchange of any Receipt, the Depositary, any of the Depositary’s Agents or the Company may require any or all of the following: (i) payment to it of a sum sufficient for
the payment (or, in the event that the Company shall have made such payment, the reimbursement to it) of any tax or other governmental charge and stock transfer or registration fee with respect thereto (including any such tax or charge with respect
to the Preferred Stock being deposited or withdrawn); (ii) the production of proof satisfactory to it as to the identity and genuineness of any signature (or the authority of any signature) including, as noted in Section 2.04 above, a
signature guarantee from an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association, and any other reasonable evidence of authority that may be required by the Depositary; and
(iii) compliance with such regulations, if any, as the Depositary or the Company may establish consistent with the provisions of this Deposit Agreement as may be required by any securities exchange on which the deposited Preferred Stock, the
Depositary Shares or the Receipts may be included for quotation or listed. 

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

SECTION 2.08 Lost Receipts, etc. 

In case any Receipt shall be mutilated and surrendered to the Depositary or destroyed or lost or stolen, the Depositary shall execute and
deliver a Receipt of like form and tenor in exchange and substitution for such mutilated Receipt or in lieu of and in substitution for such destroyed, lost or stolen Receipt; provided, that the holder thereof shall have (i) filed with
the Depositary (a) a request for such execution and delivery before the Depositary has notice that the Receipt has been acquired by a protected purchaser and (b) an indemnity bond, (ii) satisfied any other reasonable requirements
imposed by the Depositary and (iii) complied with such other reasonable regulations and paid such other reasonable charges as the Depositary may prescribe and as required by Section 8-405 of the
Uniform Commercial Code as in effect in the State of New York. 
 SECTION 2.09 Cancellation and Destruction of Surrendered
Receipts. 
 All Receipts surrendered to the Depositary or any Depositary’s Agent shall be cancelled by the Depositary.
Except as prohibited by applicable law or regulation, the Depositary is authorized, but not required, to destroy such Receipts so cancelled. 

SECTION 2.10 No Pre-Release. 

The Depositary shall not deliver any deposited Preferred Stock evidenced by Receipts prior to the receipt and cancellation of such Receipts or
other similar method used with respect to Receipts held by DTC. The Depositary shall not issue any Receipts prior to the receipt by the Depositary of the corresponding Preferred Stock evidenced by such Receipts. At no time will any Receipts be
outstanding if such Receipts do not represent Preferred Stock deposited with the Depositary. 

  
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 ARTICLE 3 

CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE COMPANY 

SECTION 3.01 Filing Proofs, Certificates and Other Information. 

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

SECTION 3.02 Payment of Fees and Expenses. 

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

SECTION 3.03 Representations and Warranties as to Preferred Stock. 

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

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

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

  
 12 

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

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

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

SECTION 4.02 Distributions Other Than Cash. 

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

  
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 SECTION 4.03 Subscription Rights, Preferences or Privileges. 

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

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

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

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

  
 15 

 SECTION 4.06 Changes Affecting Preferred Stock and Reorganization Events.

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

SECTION 4.07 Inspection of Reports. 

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

SECTION 4.08 Lists of Receipt Holders. 

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

SECTION 4.09 Withholding. 

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

  
 16 

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

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

The Depositary shall maintain at the Depositary Office facilities for the execution and delivery, transfer, surrender and exchange, split-up, combination and redemption of Receipts and deposit and withdrawal of Preferred Stock and at the offices of the Depositary’s Agents, if any, facilities for the delivery, transfer, surrender and
exchange, split-up, combination and redemption of Receipts and deposit and withdrawal of Preferred Stock, all in accordance with the provisions of this Deposit Agreement. 

The Registrar shall keep books at the Depositary Office for the registration and transfer of Receipts, which books at all reasonable times
shall be open for inspection by the record holders of Receipts as provided by applicable law. The Company may cause the Registrar to close such books, at any time or from time to time, when deemed expedient by it in connection with the performance
of its duties hereunder. 
 If the Receipts or the Depositary Shares evidenced thereby or the Preferred Stock represented by such Depositary
Shares shall be listed on the New York Stock Exchange or any other stock exchange, the Depositary may, with the written approval of the Company, appoint a registrar (acceptable to the Company) for registration of such Receipts or Depositary Shares
in accordance with the requirements of such exchange. Such registrar (which may be the Registrar if so permitted by the requirements of such exchange) may be removed and a substitute registrar appointed by the Registrar upon the request or with the
written approval of the Company. If the Receipts, such Depositary Shares or such Preferred Stock are listed on one or more other stock exchanges, the Registrar will, at the request and expense of the Company, arrange such facilities for the
delivery, transfer, surrender, redemption and exchange of such Receipts, such Depositary Shares or such Preferred Stock as may be required by law or applicable stock exchange regulations. 

  
 17 

 SECTION 5.02 Prevention or Delay in Performance by the Depositary, the
Depositary’s Agents, the Registrar or the Company. 
 None of the Depositary, any Depositary’s Agent, any
Registrar, any Transfer Agent, or the Company shall incur any liability to any holder of any Receipt, if by reason of any provision of any present or future law or regulation thereunder of the United States of America or of any other governmental
authority or, in the case of the Depositary, the Depositary’s Agent or the Registrar or Transfer Agent, by reason of any provision, present or future, of the Certificate of Incorporation or, in the case of the Company, the Depositary, the
Depositary’s Agent, the Transfer Agent or the Registrar, by reason of any act of God or war or other circumstance beyond the control of the relevant party, the Depositary, any Depositary’s Agent, the Transfer Agent, the Registrar or the
Company shall be prevented or forbidden from doing or performing any act or thing that the terms of this Deposit Agreement provide shall be done or performed; nor shall the Depositary, any Depositary’s Agent, the Transfer Agent, any Registrar
or the Company incur any liability to any holder of a Receipt by reason of any nonperformance or delay, caused as aforesaid, in the performance of any act or thing that the terms of this Deposit Agreement provide shall or may be done or performed,
or by reason of any exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement. 
 SECTION 5.03
Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Company. 
 The Company does
not assume any obligation and shall not be subject to any liability under this Deposit Agreement or any Receipt to holders of Receipts other than from acts or omissions arising out of conduct constituting bad faith, negligence (in the case of any
action or inaction with respect to the voting of the deposited Preferred Stock), gross negligence or willful misconduct in the performance of such duties as are specifically set forth in this Deposit Agreement (which bad faith, negligence, gross
negligence or willful misconduct must be determined by a final, non-appealable order, judgment, decree or ruling of a court of competent jurisdiction). Neither the Depositary nor any Depositary’s Agent
nor any Transfer Agent or Registrar assumes any obligation and shall not be subject to any liability under this Deposit Agreement to holders of Receipts, the Company or any other person or entity other than for its bad faith, gross negligence or
willful misconduct (which bad faith, gross negligence or willful misconduct must be determined by a final, non-appealable order, judgment, decree or ruling of a court of competent jurisdiction).
Notwithstanding anything to the contrary contained herein, neither the Depositary, nor any Depositary’s Agent nor any Transfer Agent or Registrar shall be liable for any special, indirect, incidental, consequential, punitive or exemplary
damages, including but not limited to, lost profits, even if such person or entity alleged to be liable has knowledge of the possibility of such damages. Notwithstanding anything contained herein to the contrary, the Depositary’s aggregate
liability during any term of this Deposit Agreement with respect to, arising from, or arising in connection with this Deposit Agreement, or from all services provided or omitted to be provided under this Deposit Agreement, whether in contract, or in
tort, or otherwise, is limited to, and shall not exceed, the amounts paid hereunder by the Company to Depositary as fees and charges, but not including reimbursable expenses. 

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

  
 18 

 None of the Depositary, any Depositary’s Agent, any Registrar or Transfer Agent or the
Company shall be liable for any action or any failure to act by it in reliance upon the advice of legal counsel or accountants, or information provided by any person presenting Preferred Stock for deposit or any holder of a Receipt. The Depositary,
any Depositary’s Agent, any Registrar or Transfer Agent and the Company may each rely and shall each be protected in acting upon any written notice, request, direction or other document believed by it to be genuine and to have been signed or
presented by the proper party or parties. 
 In the event the Depositary shall receive conflicting claims, requests or instructions from any
holders of Receipts, on the one hand, and the Company, on the other hand, the Depositary shall be entitled to act on such claims, requests or instructions received from the Company, and shall incur no liability and shall be entitled to the full
indemnification set forth in Section 5.06 in connection with any action so taken. 
 The Depositary shall not be responsible for
any failure to carry out any instruction to vote any of the deposited Preferred Stock or for the manner or effect of any such vote made, as long as any such action or non-action does not result from bad faith,
gross negligence or willful misconduct of the Depositary (which bad faith, gross negligence or willful misconduct must be determined by a final, non-appealable order, judgment, decree or ruling of a court of
competent jurisdiction). The Depositary undertakes, and any Registrar or Transfer Agent shall be required to undertake, to perform such duties and only such duties as are specifically set forth in this Deposit Agreement, and no implied covenants or
obligations shall be read into this Deposit Agreement against the Depositary or any Registrar or Transfer Agent. 
 The Depositary, its
parent, affiliate, or subsidiaries, any Depositary’s Agent, and any Registrar or Transfer Agent may own, buy, sell or deal in any class of securities of the Company and its affiliates and in Receipts or Depositary Shares or become pecuniarily
interested in any transaction in which the Company or its affiliates may be interested or contract with or lend money to or otherwise act as fully or as freely as if it were not the Depositary or the Depositary’s Agent hereunder. The Depositary
may also act as transfer agent or registrar of any of the securities of the Company and its affiliates or act in any other capacity for the Company or its affiliates. 

It is intended that neither the Depositary nor any Depositary’s Agent shall be deemed to be an “issuer” of the securities under
the federal securities laws or applicable state securities laws, it being expressly understood and agreed that the Depositary and any Depositary’s Agent are acting only in a ministerial capacity as Depositary for the deposited Preferred Stock;
provided, however, that the Depositary agrees to comply with all information reporting and withholding requirements applicable to it under law or this Deposit Agreement in its capacity as Depositary. 

Neither the Depositary (or its officers, directors, employees, agents or affiliates) nor any Depositary’s Agent makes any representation
or has any responsibility as to the validity of the registration statement pursuant to which the Depositary Shares are registered under the Securities Act, the deposited Preferred Stock, the Depositary Shares, the Receipts (except its
countersignature thereon) or any instruments referred to therein or herein, or as to the correctness of any statement made therein or herein; provided, however, that the Depositary is responsible for its representations in this Deposit
Agreement. 

  
 19 

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

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

  
 20 

 The Depositary, Transfer Agent and any Registrar hereunder: 

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

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

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

  
 21 

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

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

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

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

  
 22 

 SECTION 5.06 Indemnification by the Company. 

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

SECTION 5.07 Fees, Charges and Expenses. 

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

  
 23 

 ARTICLE 6 

AMENDMENT AND TERMINATION 

SECTION 6.01 Amendment. 

The form of the Receipts and any provision of this Deposit Agreement may at any time and from time to time be amended by agreement between the
Company and the Depositary without the consent of holders of Receipts in any respect that the Company and the Depositary may deem necessary or desirable; provided, however, that no such amendment (other than any change in the fees of
any Depositary, Registrar or Transfer Agent that are payable by the Company) which (i) shall materially and adversely alter the rights of the holders of Receipts or (ii) would be materially and adversely inconsistent with the rights
granted to the holders of the Preferred Stock pursuant to the Certificate of Incorporation shall be effective unless such amendment shall have been approved by the holders of Receipts evidencing at least
two-thirds of the Depositary Shares then outstanding. In no event shall any amendment impair the right, subject to the provisions of Sections 2.06 and 2.07 and Article 3, of any holder of
any Receipts evidencing such Depositary Shares to surrender any Receipt with instructions to the Depositary to deliver to the holder the deposited Preferred Stock and all money and other property, if any, represented thereby, except in order to
comply with mandatory provisions of applicable law. Every holder of an outstanding Receipt at the time any such amendment becomes effective shall be deemed, by continuing to hold such Receipt, to consent and agree to such amendment and to be bound
by this Deposit Agreement as amended thereby. As a condition precedent to the Depositary’s execution of any amendment, the Company shall deliver to the Depositary a certificate from a duly authorized officer of the Company that states that the
proposed amendment is in compliance with the terms of this Section 6.01. 
 SECTION 6.02 Termination. 

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

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

ARTICLE 7 
 MISCELLANEOUS

 SECTION 7.01 Counterparts. 

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

  
 24 

 SECTION 7.02 Exclusive Benefits of Parties. 

This Deposit Agreement is for the exclusive benefit of the parties hereto, and their respective successors hereunder, and shall not be deemed
to give any legal or equitable right, remedy or claim to any other person whatsoever. 
 SECTION 7.03 Invalidity of
Provisions. 
 In case any one or more of the provisions contained in this Deposit Agreement or in the Receipts should be or
become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby; provided, however,
that if such provision affects the rights, duties, liabilities or obligations of the Depositary, the Depositary shall be entitled to resign immediately. 

SECTION 7.04 Notices. 

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

 388 Greenwich Street 
 New
York, New York 10013 
 Attention: Treasury Department 

Fax: 212-793-5629 

with a copy to: 
 Citigroup Inc. 

388 Greenwich Street 
 New York,
New York 10013 
 Attention: Barbara Politi, Assistant General Counsel–Capital Markets 

Fax: 718-248-2705 

or at any other address of which the Company shall have notified the Depositary in writing. 

Any notices to be given to the Depositary, Transfer Agent or Registrar hereunder or under the Receipts shall be in writing and shall be deemed
to have been duly given if personally delivered or sent by mail, or telecopier confirmed by letter, addressed to the Depositary: 

Computershare Trust Company, N.A. 

c/o Computershare Inc. 
 150
Royall Street 
 Canton, Massachusetts 02021 

Attention: General Counsel 

Facsimile: 781-575-4210 

  
 25 

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

Delivery of a notice sent by mail shall be deemed to be effected at the time when a duly addressed letter containing the same (or a
confirmation thereof in the case of a facsimile message) is deposited, postage prepaid, in a post office letter box, or in the case of a next-day courier service, when deposited with such courier, courier fees
prepaid. The Depositary or the Company may, however, act upon any facsimile message received by it from the other or from any holder of a Receipt, notwithstanding that such facsimile message shall not subsequently be confirmed by letter as
aforesaid. 
 SECTION 7.05 Depositary’s Agents. 

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

SECTION 7.06 Holders of Receipts Are Parties. 

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

SECTION 7.07 Governing Law. 

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

SECTION 7.08 Inspection of Deposit Agreement and Certificate of Designations. 

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

  
 26 

 SECTION 7.10 Confidentiality. 

The Depositary and the Company agree that all books, records, information and data pertaining to the business of the other party, including,
inter alia, personal, non-public holder information, which are exchanged or received pursuant to the negotiation or the carrying out of this Deposit Agreement, shall remain confidential, and shall not be
voluntarily disclosed to any other person, except as may be required by law or legal process. 
 SECTION 7.11 Further
Assurances. 
 From time to time and after the date hereof, the Company agrees that it will perform, acknowledge and deliver or cause to
be performed, acknowledged and delivered all such further and other acts, documents, instruments and assurances as may be reasonably required by the Depositary for the carrying out or performing by the Depositary of the provisions of this Deposit
Agreement. 
 [Signature Page Follows] 

  
 27 

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

  

			
	CITIGROUP INC.
		
	By:	 	/s/ Elissa Steinberg
		 	Elissa Steinberg
		 	Assistant Treasurer

  

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

 [Signature Page to Deposit Agreement] 

 Exhibit A 

FORM OF FACE OF RECEIPT 

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

  

					
	Series V	  		  	

			
	Certificate Number: A-1	 	Number of Depositary Shares: 1,500,000
		
		 	CUSIP NO.: 172967 MK4

 CITIGROUP INC. 

RECEIPT FOR DEPOSITARY SHARES 

Each Representing 1/25th of a Share of 

4.700% Fixed Rate / Floating Rate Noncumulative Preferred Stock, Series V 

(par value $1.00 per share) 

(liquidation preference $25,000 per share) 

Computershare Inc., a Delaware corporation (“Computershare”), and its wholly-owned subsidiary Computershare Trust Company, N.A., a
federally chartered national association (the “Trust Company” and jointly with Computershare, the “Depositary”), hereby certify that CEDE & CO. is the registered owner of one million five hundred thousand (1,500,000)
depositary shares ($1,500,000,000 aggregate liquidation preference) (“Depositary Shares”), each Depositary Share representing 1/25th of one share of 4.700% Fixed Rate / Floating Rate
Noncumulative Preferred Stock, Series V, $1.00 par value per share and liquidation preference of $25,000 per share, of Citigroup Inc., a Delaware corporation (the “Company”), on deposit with the Depositary, subject to the terms and
entitled to the benefits of the Deposit Agreement, dated January 23, 2020 (the “Deposit Agreement”), among the Company, the Depositary, the Trust Company, as Registrar and Transfer Agent (each term as defined in the Deposit
Agreement), and the holders from time to time of Receipts for Depositary Shares. By accepting this Receipt, the holder hereof becomes a party to and agrees to be bound by all the terms and conditions of the Deposit Agreement. This Receipt shall not
be valid or obligatory for any purpose or entitled to any benefits under the Deposit Agreement unless it shall have been executed by the Depositary by the manual or facsimile signature of a duly authorized officer or, if a Registrar in respect of
the Receipts (other than the Depositary) shall have been appointed, by the manual signature of a duly authorized officer of such Registrar. 
 Dated:
January 23, 2020 
  

			
	Computershare Inc. and Computershare Trust Company, N.A., as Depositary
		
	By:	 	        
		 	 Debra Sumpter
 Relationship
Manager

  

					
	Series V	  		  	

 [FORM OF REVERSE OF RECEIPT] 

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

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

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

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

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

OTHER IDENTIFYING NUMBER OF ASSIGNEE, AS APPLICABLE 
  

 
  

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

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

			
	Dated _____________________	  	  

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

 SIGNATURE GUARANTEED 

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

  

					
	Series V	  		  	

 Exhibit B 

Certificate of Designations 

CERTIFICATE OF DESIGNATIONS 
 OF

 4.700% FIXED RATE / FLOATING RATE NONCUMULATIVE PREFERRED STOCK SERIES V 

OF 
 CITIGROUP INC. 

 
  

pursuant to Section 151 of the 

General Corporation Law of the State of Delaware 
  

 
 Citigroup
Inc., a Delaware corporation (the “Company”), hereby certifies that: 
 1. The Restated Certificate of Incorporation of the
Company (as amended through the date hereof, the “Certificate of Incorporation”) fixes the total number of shares of all classes of capital stock that the Company shall have the authority to issue at six billion (6,000,000,000) shares of
common stock, par value $0.01 per share, and thirty million (30,000,000) shares of preferred stock, par value $1.00 per share. 
 2. The
Certificate of Incorporation expressly grants to the Board of Directors of the Company (the “Board of Directors”) authority to provide for the issuance of the shares of preferred stock in series, and to establish from time to time the
number of shares to be included in each such series and to fix the designation, powers, preferences and rights of the shares of each such series and the qualifications, limitations or restrictions thereof. 

  

					
	Series V	  		  	

 3. Pursuant to the authority conferred upon a preferred stock committee (the
“Preferred Stock Committee”) by the Board of Directors, the Preferred Stock Committee, by action duly taken on January 15, 2020, adopted resolutions (i) authorizing the issuance and sale of up to 60,000 shares of the
Company’s preferred stock and (ii) approving this final form of Certificate of Designations of 4.700% Fixed Rate / Floating Rate Noncumulative Preferred Stock, Series V (the “Series V Preferred Stock”), establishing the
number of shares to be included in this Series V Preferred Stock and fixing the designation, powers, preferences and rights of the shares of this Series V Preferred Stock and the qualifications, limitations or restrictions thereof as follows: 

Section 1. Designation. 

The designation of the Series of preferred stock shall be “4.700% Fixed Rate / Floating Rate Noncumulative Preferred Stock, Series V”
(the “Series V Preferred Stock”). Each share of Series V Preferred Stock shall be identical in all respects to every other share of Series V Preferred Stock. 

Section 2. Number of Shares.  

The number of authorized shares of Series V Preferred Stock shall be 60,000. That number from time to time may be increased (but not in excess
of the total number of authorized shares of preferred stock) or decreased (but not below the number of shares of Series V Preferred Stock then outstanding) by further resolution duly adopted by the Board of Directors, the Preferred Stock Committee
or any other duly authorized committee thereof and by the filing of a certificate pursuant to the provisions of the General Corporation Law of the State of Delaware stating that such increase or reduction, as the case may be, has been so authorized.
The Company shall have the authority to issue fractional shares of Series V Preferred Stock. 
 Section 3. Definitions. As used
herein with respect to Series V Preferred Stock: 
 “Accrued Dividend Compounding Factor” shall have the meaning set forth
in Section 4(a) hereof. 
 “Appropriate Federal Banking Agency” means the “appropriate Federal banking
agency” with respect to the Company as that term is defined in Section 3(q) of the Federal Deposit Insurance Act of 1950, as amended, or any successor provision. 

“Benchmark” shall have the meaning set forth in Section 4(a) hereof. 

“Benchmark Replacement” shall have the meaning set forth in Section 4(a) hereof. 

“Benchmark Replacement Adjustment” shall have the meaning set forth in Section 4(a) hereof. 

“Benchmark Replacement Conforming Changes” shall have the meaning set forth in Section 4(a) hereof. 

“Benchmark Replacement Date” shall have the meaning set forth in Section 4(a) hereof. 

“Benchmark Transition Event” shall have the meaning set forth in Section 4(a) hereof. 

“Board of Directors” has the meaning set forth in the recitals above. 

“business day”, including with respect to the Fixed Rate Period, means any weekday that is not a legal holiday in New York
City and is not a day on which banking institutions in New York City are authorized or required by law or regulation to be closed. 

  

					
	Series V	  		  	

 “Business Day” with respect to the Floating Rate Period means any weekday
that is not a legal holiday in New York City and is not a day on which banking institutions in New York City are authorized or required by law or regulation to be closed and a U.S. Government Securities Business Day. 

“Calculation Agent” means Citibank, N.A., London branch, and its successors and assigns. 

“Common Stock” means the common stock of the Company, par value $0.01 per share, or any other shares of the capital stock of
the Company into which such shares of common stock shall be reclassified or changed. 
 “Corresponding Tenor” shall have
the meaning set forth in Section 4(a) hereof. 
 “Depositary” means DTC or its nominee or any successor depositary
appointed by the Company. 
 “dividend payment date” shall have the meaning set forth in Section 4(a) hereof. 

“dividend period” shall have the meaning set forth in Section 4(a) hereof. 

“dividend period end date” shall have the meaning set forth in Section 4(a) hereof. 

“Dividend Record Date” shall have the meaning set forth in Section 4(a) hereof. 

“DTC” means The Depository Trust Company. 

“Fixed Rate Period” shall have the meaning set forth in Section 4(a) hereof. 

“Floating Rate Period” shall have the meaning set forth in Section 4(a) hereof. 

“Holder” means the Person in whose name the shares of the Series V Preferred Stock are registered, which may be treated by
the Company, Calculation Agent, Transfer Agent, Registrar and paying agent as the absolute owner of the shares of Series V Preferred Stock for the purpose of making payment and for all other purposes. 

“ISDA” shall have the meaning set forth in Section 4(a) hereof. 

“ISDA Definitions” shall have the meaning set forth in Section 4(a) hereof. 

“ISDA Fallback Adjustment” shall have the meaning set forth in Section 4(a) hereof. 

“ISDA Fallback Rate” shall have the meaning set forth in Section 4(a) hereof. 

“Junior Stock” means the Common Stock and any other class or Series of stock of the 

Company now existing or hereafter authorized over which Series V Preferred Stock has 

preference or priority in the payment of dividends or in the distribution of assets on any voluntary or involuntary liquidation, dissolution or winding up of
the Company. 
 “Nonpayment” shall have the meaning set forth in Section 7(b)(i) hereof. 

“NY Federal Reserve’s website” shall have the meaning set forth in Section 4(a) hereof. 

  

					
	Series V	  		  	

 “Officer” means the Chief Executive Officer, the Chairman, the Chief
Administrative Officer, any Vice Chairman, the Chief Financial Officer, the Controller, the Chief Accounting Officer, the Treasurer, any Deputy Treasurer, any Assistant Treasurer, any Vice President, the General Counsel and Corporate Secretary and
any Assistant Secretary of the Company. 
 “Person” means a legal person, including any individual, corporation, estate,
partnership, joint venture, association, joint-stock company, limited liability company, trust, or other entity. 
 “Preferred Stock
Director” shall have the meaning set forth in Section 7(b)(i) hereof. 
 “Preferred Stock Director Termination
Date” shall have the meaning set forth in Section 7(b)(iv) hereof. 
 “Rate
Cut-Off Date” shall have the meaning set forth in Section 4(a) hereof. 

“Reference Time” shall have the meaning set forth in Section 4(a) hereof. 

“Registrar” means the Transfer Agent acting in its capacity as registrar for the Series V Preferred Stock, and its successors
and assigns. 
 “Regulatory Capital Event” means the good faith determination by the Company that, as a result of
(i) any amendment to, clarification of, or change in, the laws or regulations of the United States (including, for the avoidance of doubt, any agency or instrumentality of the United States, including the Federal Reserve and other federal bank
regulatory agencies) or any political subdivision of or in the United States that is enacted or becomes effective after the initial issuance of any share of the Series V Preferred Stock, (ii) any proposed change in those laws or regulations
that is announced or becomes effective after the initial issuance of any share of the Series V Preferred Stock, or (iii) any official administrative decision or judicial decision or administrative action or other official pronouncement
interpreting or applying those laws or regulations or policies with respect thereto that is announced after the initial issuance of any share of the Series V Preferred Stock, there is more than an insubstantial risk that the Company will not be
entitled to treat the full liquidation preference amount of $25,000 per share of the Series V Preferred Stock then outstanding as “tier 1 capital” (or its equivalent) for purposes of the capital adequacy guidelines of the Federal Reserve
(or, as and if applicable, the capital adequacy guidelines or regulations of any successor Appropriate Federal Banking Agency) as then in effect and applicable, for so long as any share of the Series V Preferred Stock is outstanding. 

“Relevant Governmental Body” shall have the meaning set forth in Section 4(a) hereof. 

“Series V Liquidation Preference” shall have the meaning set forth in Section 5(a) hereof. 

“Series V Preferred Stock” shall have the meaning set forth in Section 1 hereof. 

“Series V Preferred Stock Certificate” shall have the meaning set forth in Section 14(a) hereof. 

“SOFR” shall have the meaning set forth in Section 4(a) hereof. 

“Transfer Agent” means Computershare Trust Company, N.A., a federally chartered national association, acting as Transfer
Agent, Registrar and paying agent for the Series V Preferred Stock, and its successors and assigns. 
 “Trust” shall have
the meaning set forth in Section 6(d). 

  

					
	Series V	  		  	

 “Unadjusted Benchmark Replacement” shall have the meaning set forth in
Section 4(a) hereof. 
 “U.S. Government Securities Business Day” shall have the meaning set forth in
Section 4(a) hereof. 
 Section 4. Dividends. 
  

	 	(a)	 Rate. Holders shall be entitled to receive, when, as and if declared by the Board of Directors or any
duly authorized committee thereof, but only out of funds legally available therefor, noncumulative cash dividends on each share of Series V Preferred Stock in the amounts specified below in this Section 4, and no more, payable
(i) semiannually in arrears on each January 30 and July 30, beginning July 30, 2020, from, and including, the date of issuance to, but excluding, January 30, 2025 (the “Fixed Rate Period”); provided,
however, if any such day is not a business day, then payment of any dividend otherwise payable on that date will be made on the next succeeding day that is a business day, without any additional dividend accrual or other payment in respect of
such postponement, and (ii) quarterly in arrears on the second Business Day following each dividend period end date, beginning on May 2, 2025, from, and including, January 30, 2025 (the “Floating Rate Period”) (each
date for payment of dividends, a “dividend payment date”). A “dividend period end date” means the 30th of each January, April, July and October, beginning April 30, 2025;
provided, however, that if any dividend period end date (other than a redemption date) is not a Business Day, then such date will be postponed to the next succeeding Business Day, unless that day falls in the next calendar month, in which
case the dividend period end date will be the immediately preceding Business Day. During the Fixed Rate Period, “dividend period” means the period from, and including, each dividend payment date to, but excluding, the next succeeding
dividend payment date, except for the initial dividend period, which will be the period from, and including, the date of issuance of the Preferred Stock to, but excluding, the first dividend payment date. During the Floating Rate Period,
“dividend period” means the period from, and including, each dividend period end date (except for the initial dividend period in the Floating Rate Period, “dividend period” means the period from, and including, January 30,
2025) to, but excluding, the next succeeding dividend period end date; provided that the dividend period following an election by the Company to redeem the Preferred Stock (as described in Section 6(a)) will be the period from, and
including, the immediately preceding dividend period end date to, but excluding, the redemption date; and provided further that SOFR (as defined below) for each calendar day from, and including, the Rate
Cut-Off Date to, but excluding, the redemption date will equal SOFR in respect of the Rate Cut-Off Date. The Rate Cut-Off Date
will be the second U.S. Government Securities Business Day prior to a redemption date. 

 Dividends on each share of Series
V Preferred Stock will accrue on the liquidation preference of $25,000 per share at a rate per annum equal to (i) 4.700%, for each dividend period in the Fixed Rate Period and (ii) SOFR (compounding daily over each dividend period as described
below) plus 3.234%, for each dividend period in the 

  

					
	Series V	  		  	

 
Floating Rate Period, provided that in no event will the dividend payable on the Preferred Stock be less than zero. The record date for payment of dividends on the Series V Preferred Stock
will be the record date fixed by the Board of Directors or any other duly authorized committee thereof that is not more than 30 nor less than 10 days prior to such dividend payment date (each, a “Dividend Record Date”). Any
such day that is a Dividend Record Date will be a Dividend Record Date whether or not such day is a business day. The amount of dividends payable during the Fixed Rate Period will be computed on the basis of a
360-day year of twelve 30-day months. The amount of dividends payable during the Floating Rate Period will be computed on the basis of a
360-day year and the actual number of days elapsed. 
 For the purposes of calculating any dividend
with respect to any dividend period during the Floating Rate Period: 
 “Accrued Dividend Compounding Factor” means the result of
the following formula: 
  
 

 
 where 

“do”, for any dividend period, is the number of U.S.
Government Securities Business Days in the relevant dividend period. 
 “i” is a series of whole numbers from one to
d0, each representing the relevant U.S. Government Securities Business Day in chronological order from, and including, the first U.S. Government Securities Business Day in the
relevant dividend period. 
 “SOFRi”, for any day “i” in the relevant dividend period, is a reference rate
equal to SOFR in respect of that day. 
 “ni”, for any day “i” in the relevant dividend period, is the
number of calendar days from, and including, such U.S. Government Securities Business Day “i” to, but excluding, the following U.S. Government Securities Business Day. 

“d” is the number of calendar days in the relevant dividend period. 

“U.S. Government Securities Business Day” means any day except for a Saturday, Sunday or a day on which the Securities Industry and
Financial Markets Association (SIFMA) recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities. 

  

					
	Series V	  		  	

 “SOFR,” with respect to any day, means the rate determined by the Calculation
Agent in accordance with the following provisions: 
  

	 	(1)	 the Secured Overnight Financing Rate for trades made on such day that appears at approximately 3:00 p.m. (New
York City time) on the NY Federal Reserve’s website on the U.S. Government Securities Business Day immediately following such U.S. Government Securities Business Day; or 

 

	 	(2)	 if the rate specified in (1) above does not so appear, unless a Benchmark Transition Event and its related
Benchmark Replacement Date have occurred as described in (3) below, the Secured Overnight Financing Rate published on the NY Federal Reserve’s website for the first preceding U.S. Government Securities Business Day for which the Secured
Overnight Financing Rate was published on the NY Federal Reserve’s website; or 

  

	 	(3)	 if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the relevant
dividend period end date, the Calculation Agent will use the Benchmark Replacement to determine the rate and for all other purposes relating to the Preferred Stock. 

In connection with the SOFR definition above, the following definitions apply: 

“Benchmark” means, initially, SOFR; provided that if a Benchmark Transition Event and its related Benchmark Replacement Date
have occurred with respect to SOFR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement. 

“Benchmark Replacement” means the first alternative set forth in the order below that can be determined by the Company (or one of
its affiliates) as of the Benchmark Replacement Date: 
  

	 	(1)	 the sum of: (a) the alternate rate that has been selected or recommended by the Relevant Governmental Body
as the replacement for the then-current Benchmark for the applicable Corresponding Tenor and (b) the Benchmark Replacement Adjustment; 

  

	 	(2)	 the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; or

  

	 	(3)	 the sum of: (a) the alternate rate that has been selected by the Company (or one of its affiliates) as the
replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to any industry-accepted rate as a replacement for the then-current Benchmark for U.S. dollar-denominated floating rate notes at such time and
(b) the Benchmark Replacement Adjustment. 

 “Benchmark Replacement Adjustment” means the first alternative
set forth in the order below that can be determined by the Company (or one of its affiliates) as of the Benchmark Replacement Date: 
  

	 	(1)	 the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a
positive or negative value or zero) that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement; 

  

					
	Series V	  		  	

	 	(2)	 if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA
Fallback Adjustment; 

  

	 	(3)	 the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Company
(or one of its affiliates) giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted
Benchmark Replacement for U.S. dollar-denominated floating rate notes at such time. 

 “Benchmark Replacement
Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes that the Company (or one of its affiliates) decides may be appropriate to reflect the adoption of such Benchmark
Replacement in a manner substantially consistent with market practice (or, if the Company (or such affiliate) decides that adoption of any portion of such market practice is not administratively feasible or if the Company (or such affiliate)
determines that no market practice for use of the Benchmark Replacement exists, in such other manner as the Company (or such affiliate) determines is reasonably necessary). 

“Benchmark Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark:

  

	 	(1)	 in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of
(a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark; or 

 

	 	(2)	 in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the
public statement or publication of information referenced therein. 

 For the avoidance of doubt, if the event giving rise
to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination.

 “Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the
then-current Benchmark: 
  

	 	(1)	 a public statement or publication of information by or on behalf of the administrator of the Benchmark
announcing that such administrator has ceased or will cease to provide the Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the
Benchmark; 

  

					
	Series V	  		  	

	 	(2)	 a public statement or publication of information by the regulatory supervisor for the administrator of the
Benchmark, the central bank for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution authority with jurisdiction over the administrator for the Benchmark or a court or an
entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or will cease to provide the Benchmark permanently or indefinitely, provided that, at
the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; or 

  

	 	(3)	 a public statement or publication of information by the regulatory supervisor for the administrator of the
Benchmark announcing that the Benchmark is no longer representative. 

 “Corresponding Tenor” with
respect to a Benchmark Replacement means a tenor (including overnight) having approximately the same length (disregarding business day adjustment) as the applicable tenor for the then-current Benchmark. 

“ISDA” means the International Swaps and Derivatives Association, Inc. or any successor thereto. 

“ISDA Definitions” means the 2006 ISDA Definitions published by ISDA, as amended or supplemented from time to time, or any
successor definitional booklet for interest rate derivatives published from time to time. 
 “ISDA Fallback Adjustment”
means the spread adjustment (which may be a positive or negative value or zero) that would apply for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the
Benchmark for the applicable tenor. 
 “ISDA Fallback Rate” means the rate that would apply for derivatives transactions
referencing the ISDA Definitions to be effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment. 

“NY Federal Reserve’s website” means the website of the Federal Reserve Bank of New York (the “NY Federal
Reserve”), currently at http://www.newyorkfed.org, or any successor website of the NY Federal Reserve or the website of any successor administrator of the Secured Overnight Financing Rate. 

“Rate Cut-Off Date” means the second U.S. Government Securities Business Day prior to
a redemption date. 

  

					
	Series V	  		  	

 “Reference Time” with respect to any determination of the Benchmark means
the time determined by the Company (or one of its affiliates) in accordance with the Benchmark Replacement Conforming Changes. 

“Relevant Governmental Body” means the Federal Reserve Board and/or the NY Federal Reserve, or a committee officially
endorsed or convened by the Federal Reserve Board and/or the NY Federal Reserve or any successor thereto. 
 “Unadjusted Benchmark
Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment. 
 Any determination, decision or
election that may be made by the Company (or one of its affiliates) pursuant to the provisions described above, including any determination with respect to tenor, rate or adjustment or of the occurrence or
non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error, will be made in the
Company’s (or such affiliate’s) sole discretion, and, notwithstanding anything to the contrary in this Certificate of Designations, shall become effective without consent from the holders of the Series V Preferred Stock or any other party.

 All percentages resulting from any calculation of the dividend rate will be rounded, if necessary, to the nearest 1/100,000 of 1%
(.0000001), with five one-millionths of a percentage point rounded upward. All currency amounts used in, or resulting from, the calculation on the Series V Preferred Stock will be rounded to the nearest one-hundredth of a unit. For purposes of rounding, .005 of a unit shall be rounded upward. 
 (b)
Noncumulative Dividends. If the Board of Directors or any duly authorized committee thereof does not declare a dividend on the Series V Preferred Stock for any dividend period prior to the related dividend payment date, that dividend will not
accrue, and the Company will have no obligation to pay, and Holders shall have no right to receive, a dividend for that dividend period on the related dividend payment date or at any future time, whether or not dividends on the Series V Preferred
Stock or any other Series of preferred stock or common stock are declared for any subsequent period. References herein to the “accrual” of dividends refer only to the determination of the amount of such dividend and do not imply that any
right to a dividend arises prior to the date on which a dividend is declared. 
 (c) Priority of Dividends. So long as any share of
Series V Preferred Stock remains outstanding, unless as to a dividend payment date full dividends on all outstanding shares of the Series V Preferred Stock have been declared and paid or declared and a sum sufficient for the payment of those
dividends has been set aside for the dividend period then ending, the Company will not, and will cause its subsidiaries not to, during the next succeeding dividend period that commences on such dividend payment date during the Fixed Rate Period or
dividend period end date during the Floating Rate Period, declare or pay any dividend on, make any distributions relating to, or redeem, purchase, acquire or make a liquidation payment relating to, any Junior Stock, or make any guarantee payment
with respect thereto, other than: 
 (i) purchases, redemptions or other acquisitions of shares of Junior Stock in connection
with any employment contract, benefit plan or other similar arrangement with or for the benefit of employees, officers, directors or consultants; 

  

					
	Series V	  		  	

 (ii) purchases of shares of Common Stock pursuant to a contractually binding
requirement to buy stock existing prior to the commencement of the then-current dividend period, including under a contractually binding stock repurchase plan; 

(iii) as a result of an exchange or conversion of any class or Series of Junior Stock for any other class or Series of Junior
Stock; 
 (iv) the purchase of fractional interests in shares of Junior Stock pursuant to the conversion or exchange
provisions of such Junior Stock or the security being converted or exchanged; 
 (v) the purchase of Junior Stock by an
investment banking subsidiary of the Company in connection with the distribution thereof; or 
 (vi) the purchase of Junior
Stock by any investment banking subsidiary of the Company in connection with market-making or other secondary market activities in the ordinary course of the business of such subsidiary. 

The restrictions set forth in the preceding provisions of this Section 4(c) shall not apply to any Junior Stock dividends paid by the
Company where the dividend is in the form of the same stock (or the right to buy the same stock) as that on which the dividend is being paid. 

Except as provided below, for so long as any share of Series V Preferred Stock remains outstanding, if dividends are not declared and paid in
full upon the shares of Series V Preferred Stock and any class or series of stock of the Company now existing or hereafter authorized that ranks equally with the Series V Preferred Stock in the payment of dividends, all dividends declared upon
shares of Series V Preferred Stock and such other stock will be declared on a proportional basis so that the amount of dividends declared per share will bear to each other the same ratio that accrued dividends for the then-current dividend period
per share of Series V Preferred Stock and accrued dividends for the then-current dividend period per share of such other stock (including, in the case of any such other stock that bears cumulative dividends, all accrued and unpaid dividends) bear to
each other. 
 Subject to the foregoing, and not otherwise, such dividends payable in cash, stock or otherwise, as may be determined by the
Board of Directors or any duly authorized committee thereof, may be declared and paid on any other class or series of stock of the Company from time to time out of any funds legally available for such payment, and Holders will not be entitled to
participate in those dividends. 

  

					
	Series V	  		  	

 Section 5. Liquidation Rights. 

(a) Liquidation. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company,
Holders shall be entitled, out of funds legally available therefor, before any distribution or payment may be made by the Company or set aside for the holders of any Junior Stock and subject to the rights of the holders of any class or series of
stock ranking senior to or on parity with Series V Preferred Stock upon liquidation and the rights of the Company’s depositors and other creditors, to receive in full a liquidating distribution in the amount of the liquidation preference of
$25,000 per share (the “Series V Liquidation Preference”), plus any accrued dividends thereon from the last dividend payment date to, but excluding, the date of the liquidation, dissolution or winding up if and to the extent
declared but not yet paid. Holders shall not be entitled to any further payments in the event of any such voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company other than what is expressly provided for in this
Section 5. 
 (b) Partial Payment. If the assets of the Company are not sufficient to pay in full the aforesaid liquidation
distributions to the Holders and any liquidation distributions owed to holders of any class or series of stock of the Company ranking equally with the Series V Preferred Stock in the distribution of assets on any voluntary or involuntary
liquidation, dissolution or winding up of the Company, the amounts paid to the Holders and to the holders of all such equally ranking stock shall be pro rata in accordance with the respective aggregate liquidating distributions to which they would
otherwise be entitled. 
 (c) Merger, Consolidation and Sale of Assets Not Liquidation. For purposes of this Section 5, the sale,
conveyance, exchange or transfer (for cash, shares of stock, securities or other consideration) of all or substantially all of the property and assets of the Company shall not be deemed a voluntary or involuntary dissolution, liquidation or winding
up of the affairs of the Company, nor shall the merger, consolidation or any other business combination transaction of the Company into or with any other corporation or Person or the merger, consolidation or any other business combination
transaction of any other corporation or Person into or with the Company be deemed to be a voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company. 

Section 6. Redemption. 
 (a)
Optional Redemption. The Company, at the option of its Board of Directors or any duly authorized committee thereof, may redeem out of funds legally available therefor, (i) in whole or in part, from time to time, the shares of Series V
Preferred Stock at the time outstanding, on January 30, 2025 and on any dividend period end date on or after April 30, 2025, or (ii) in whole but not in part at any time within 90 days following a Regulatory Capital Event, in each
case at a redemption price equal to $25,000 per share plus any declared and unpaid dividends, without accumulation of any undeclared dividends, to, but excluding, the redemption date, upon notice given as provided in Section 6(b) below. 

(b) Notice of Redemption. Notice of every redemption of shares of Series V Preferred Stock shall be mailed by first class mail, postage
prepaid, addressed to the Holders of such shares to be redeemed at their respective last addresses appearing on the stock register of the Company. Such mailing shall be at least 5 days and not more than 30 days before the date fixed for redemption.
Any notice mailed as provided in this Section 6(b) shall be conclusively presumed to have been duly given, whether or not the Holder receives such notice, but failure duly to give such notice by mail, or any defect in such notice or in the
mailing thereof, to any Holder of shares of Series V Preferred Stock designated for redemption shall not affect the validity of the proceedings for the redemption of any other shares of Series V Preferred Stock. Each notice shall state: 

(i) the redemption date; 

  

					
	Series V	  		  	

 (ii) the total number of shares of Series V Preferred Stock to be redeemed
and, if fewer than all the shares of a Holder are to be redeemed, the number of such shares to be redeemed; 
 (iii) the
redemption price; 
 (iv) the place or places where the certificates for such shares are to be surrendered for payment of the
redemption price, if applicable; and 
 (v) that dividends on the shares to be redeemed will cease to accrue on the
redemption date. 
 Notwithstanding the foregoing, if the certificates evidencing the shares of Series V Preferred Stock are held of record
by a depositary and any related depository shares are held of record by a Depositary or its nominee, the Company may give such notice in any manner permitted by the Depositary. 

(c) Partial Redemption. In case of any redemption of only part of the shares of Series V Preferred Stock at the time outstanding, the shares of Series V
Preferred Stock to be redeemed shall be selected (i) pro rata from the Holders in proportion to the number of shares of Series V Preferred Stock held by such Holders, (ii) by lot or (iii) in such other manner as the Board of Directors
or any duly authorized committee thereof may determine, in its sole discretion, to be fair and equitable. Subject to the provisions of this Section 6, the Board of Directors or any duly authorized committee thereof shall have full power and
authority to prescribe the terms and conditions upon which shares of Series V Preferred Stock shall be redeemed from time to time. 
 (d)
Effectiveness of Redemption. If notice of redemption has been duly given and if on or before the redemption date specified in the notice all funds necessary for the redemption have been set aside by the Company, separate and apart from its
other assets, for the pro rata benefit of the Holders of the shares called for redemption, so as to be and continue to be available therefor, or deposited by the Company with a bank or trust company selected by the Board of Directors or any duly
authorized committee thereof (the “Trust”) in trust for the pro rata benefit of the Holders of the shares called for redemption, then, notwithstanding that any certificate for any share so called for redemption has not been
surrendered for cancellation, on and after the redemption date all shares so called for redemption shall cease to be outstanding, all dividends with respect to such shares shall cease to accrue on such redemption date, and all rights with respect to
such shares shall forthwith on such redemption date cease and terminate, except only the right of the Holders thereof to receive the amount payable on such redemption from the Trust at any time after the redemption date from the funds so deposited,
without interest. The 

  

					
	Series V	  		  	

 
Company shall be entitled to receive, from time to time, from the Trust any interest accrued on such funds, and the Holders of any shares called for redemption shall have no claim to any such
interest. Any funds so deposited and unclaimed at the end of three years from the redemption date shall, to the extent permitted by law, be released or repaid to the Company, and in the event of such repayment to the Company, the Holders of the
shares so called for redemption shall be deemed to be unsecured creditors of the Company for an amount equivalent to the amount deposited as stated above for the redemption of such shares and so repaid to the Company, but shall in no event be
entitled to any interest. 
 Section 7. Voting Rights. 

(a) General. The Holders shall not be entitled to vote on any matter except as set forth in Section 7(b) below or as
required by the Delaware General Corporation Law. 
 (b) Special Voting Right. 

(i) Voting Right. If and whenever dividends on the Series V Preferred Stock or any other class or series of preferred
stock that ranks on parity with the Series V Preferred Stock as to payment of dividends and upon which voting rights equivalent to those granted by this Section 7(b)(i) have been conferred and are exercisable (any such class or series being
referred to herein as “dividend parity stock”) have not been declared and paid in an aggregate amount equal, as to any class or series, to at least three semi-annual or six quarterly dividend periods, as applicable, (whether consecutive or
not) (a “Nonpayment”), the authorized number of directors constituting the Board of Directors shall be increased by two, and the Holders, together with holders of dividend parity stock, shall have the right, voting separately as a
single class without regard to class or series (and with voting rights allocated pro rata based on the liquidation preference of each such class or series), to the exclusion of the holders of Common Stock, to elect two directors of the Company to
fill such newly created directorships (and to fill any vacancies in the terms of such directorships), provided that it shall be a qualification for election of any such director that the election of such director shall not cause the Company to
violate the corporate governance requirements of the New York Stock Exchange (or other exchange on which the Company’s securities may be listed) that listed companies must have a majority of independent directors and further provided that the
Board of Directors shall at no time include more than two such directors. Each such director elected by the Holders together with holders of dividend parity stock is a “Preferred Stock Director.” 

(ii) Election. The election of the Preferred Stock Directors will take place at any annual meeting of stockholders or
any special meeting of the Holders and any dividend parity stock, called as provided herein. At any time after the special voting power has vested pursuant to Section 7(b)(i) above, the secretary of the Company may, and upon the written request
(addressed to the secretary at the Company’s principal office) of the holders of at least 20% of the voting power of the Series V Preferred Stock or the holders of at least 20% of the voting power of any series of dividend parity stock then
outstanding (with such voting power measured based on the voting power to elect 

  

					
	Series V	  		  	

 
Preferred Stock Directors), must (unless such request is received less than 90 days before the date fixed for the next annual or special meeting of the stockholders of the Company, in which event
such election shall be held at such next annual or special meeting of stockholders), call a special meeting of the holders of Series V Preferred Stock and any dividend parity stock for the purposes of electing Preferred Stock Directors. The
Preferred Stock Directors shall each be entitled to one vote per director on any matter. 
 (iii) Notice of Special
Meeting. Notice for a special meeting to elect Preferred Stock Directors will be given in a similar manner to that provided in the Company’s by-laws for a special meeting of the stockholders. If
the secretary of the Company does not call a special meeting within 20 days after receipt of any such request, then any Holder may (at the expense of the Company) call such meeting, upon notice as provided in this Section 7(b)(iii), and for
that purpose will have access to the stock register of the Company. The Preferred Stock Directors elected at any such special meeting and each Preferred Stock Director elected at a subsequent annual or special meeting of stockholders, will be
elected for term expiring upon the earlier of the Preferred Stock Director Termination Date and the next annual meeting of stockholders following such Preferred Stock Director’s election. In case any vacancy in the office of a Preferred Stock
Director occurs (other than prior to the initial election of the Preferred Stock Directors), the vacancy may be filled by the Preferred Stock Director remaining in office, or if none remains in office, by a plurality of the votes cast by the holders
of Series V Preferred Stock and any dividend parity stock, voting together as a single class, and the Preferred Stock Director so appointed or elected to fill such vacancy shall serve for a term expiring at the next annual meeting of the
stockholders. Preferred Stock Directors may only be elected by the holders of Series V Preferred Stock and dividend parity stock in accordance with this Section 7. If the holders of Series V Preferred Stock and such dividend parity stock fail
to elect a sufficient number of directors to fill all directorships for which they are entitled to elect directors pursuant to this Section 7, then any directorship not so filled shall remain vacant until such time as the holders of Series V
Preferred Stock and such dividend parity stock elect a person to fill such directorship in accordance with this Section 7, or such vacancy is otherwise filled in accordance with this Section 7; and no such directorship may be filled by
stockholders of the Corporation other than in accordance with this Section 7. 
 (iv) Termination; Removal.
Whenever the Company has paid noncumulative dividends in full for at least two consecutive semi-annual or four consecutive quarterly dividend periods following a Nonpayment on the Series V Preferred Stock and on any dividend parity stock
entitled to noncumulative dividends and has paid cumulative dividends in full on any dividend parity stock entitled to cumulative dividends, then the right of the Holders to elect the Preferred Stock Directors will cease (but subject always to the
same provisions for the vesting of the special voting rights in the case of any similar non-payment of dividends in respect of future dividend periods) (the time of such cessation, the “Preferred Stock
Director Termination Date”). Upon a Preferred Stock Director Termination Date, the terms of office of the Preferred Stock Directors will immediately terminate, the persons then serving as Preferred Stock Directors shall immediately cease to
be qualified to hold office as Preferred Stock Directors, the 

  

					
	Series V	  		  	

 
Preferred Stock Directors shall cease to be directors of the Company and the number of directors constituting the Board of Directors shall be automatically reduced, without any action by the
Board of Directors or the stockholders of the Company, by the number of Preferred Stock Directors authorized immediately prior to such termination. Any Preferred Stock Director may be removed at any time without cause by the holders of a majority of
the voting power of outstanding shares of the capital stock then entitled to vote in the election of Preferred Stock Directors, voting together as a single class (with such voting power measured based on the voting power to elect Preferred Stock
Directors). 
 (c) Senior Issuances; Adverse Changes. So long as any shares of Series V Preferred Stock are outstanding, but subject
to the final paragraph of this Section 7(c), in addition to any other vote or consent of holders of the Company’s capital stock required by Delaware law, the vote or consent of the holders of at least
two-thirds of the voting power of the Series V Preferred Stock and the holders of any other preferred stock entitled to vote thereon, voting together as a single class, given in person or by proxy at an annual
or special meeting of stockholders, or given in writing without a meeting, will be necessary for effecting or validating any of the following actions, whether or not such approval is required by Delaware law: 

(i) any amendment, alteration or repeal of any provision of the Company’s certificate of incorporation (including the
certificate of designations creating the Series V Preferred Stock) or the Company’s by-laws that would alter or change the voting powers, preferences, economic rights or special rights of the Series V
Preferred Stock so as to affect them adversely; 
 (ii) any amendment or alteration of the Company’s certificate of
incorporation to authorize or create, or increase the authorized amount of, any shares of, or any securities convertible into shares of, any class or series of the Company’s capital stock ranking prior to the Series V Preferred Stock in the
payment of dividends or in the distribution of assets on any liquidation, dissolution, or winding up of the Company; or 

(iii) the consummation of a binding share exchange or reclassification involving the Series V Preferred Stock or a merger or
consolidation of the Company with another entity, except that holders of Series V Preferred Stock will have no right to vote under this provision or otherwise under Delaware law if in each case (i) the Series V Preferred Stock remains
outstanding or, in the case of any such merger or consolidation with respect to which the Company is not the surviving or resulting entity, is converted into or exchanged for preferred securities of the surviving or resulting entity or its ultimate
parent, that is an entity organized and existing under the laws of the United States of America, any state thereof or the District of Columbia and that is a corporation for U.S. federal income tax purposes (or if such entity is not a corporation,
the Company having received an opinion of nationally recognized counsel experienced in such matters to the effect that Holders will be subject to tax for U.S. federal income tax purposes with respect to such new preferred securities after such
merger or consolidation in the same amount, at the same time and otherwise in the same manner as would have been the case under the Series V Preferred Stock prior to such merger or consolidation), and (ii) such Series V Preferred Stock
remaining outstanding or such preferred securities, as the case may be, have such rights, preferences, privileges and voting powers, taken as a whole, as are not materially less favorable to the holders thereof than the rights, preferences,
privileges and voting powers of the Series V Preferred Stock, taken as a whole; 

  

					
	Series V	  		  	

 provided, however, that, for the avoidance of doubt, any increase in the amount of
the authorized or issued Series V Preferred Stock or authorized preferred stock or any securities convertible into preferred stock or the creation and issuance, or an increase in the authorized or issued amount, of other series of preferred stock or
any securities convertible into preferred stock ranking equally with and/or junior to the Series V Preferred Stock with respect to the payment of dividends (whether such dividends are cumulative or noncumulative) and/or the distribution of assets
upon the Company’s liquidation, dissolution or winding up will not be deemed to adversely affect the voting powers, preferences or special rights of the Series V Preferred Stock, and no stockholder will have the right to vote on such an
increase, creation or issuance by reason of this Section 7. 
 If any amendment, alteration, repeal, share exchange, reclassification,
merger or consolidation specified in this Section 7(c) would adversely affect one or more but not all series of preferred stock of the Company, then only such series of preferred stock as are adversely affected by and entitled to vote on the
matter shall vote on the matter together with the Series V Preferred Stock as a single class (in lieu of all other series of preferred stock) for purposes of the vote or consent required by this Section 7(c). 

(d) No Vote if Redemption. No vote or consent of the Holders shall be required pursuant to Section 7(b) or 7(c) if, at or prior to
the time when the act with respect to such vote or consent would otherwise be required shall be effected, the Company shall have redeemed or shall have called for redemption all outstanding shares of Series V Preferred Stock, with proper notice and
sufficient funds having been set aside for such redemption, in each case pursuant to Section 6 above. 
 Section 8. Preemption and Conversion
Rights. 
 The Holders shall not have any preemptive rights or conversion rights as a result of the terms hereof. 

Section 9. Rank. 
 For the avoidance
of doubt, the Board of Directors or any duly authorized committee thereof may, without the vote of the Holders, authorize and issue additional shares of Junior Stock or shares of any class or series of stock of the Company now existing or hereafter
authorized that ranks equally with the Series V Preferred Stock in the payment of dividends or in the distribution of assets on any voluntary or involuntary liquidation, dissolution or winding up of the Company. 

  

					
	Series V	  		  	

 Section 10. Reacquired Shares. 

The Board of Directors shall take such actions as are necessary to cause the shares of Series V Preferred Stock which have been redeemed or
otherwise purchased or acquired by the Company to be retired and restored to the status of authorized but unissued shares of preferred stock without designation as to series. 

Section 11. No Sinking Fund. 
 Shares
of Series V Preferred Stock are not subject to the operation of a sinking fund. 
 Section 12. Transfer Agent, Calculation Agent, Registrar and
Paying Agent. 
 The duly appointed Transfer Agent, Registrar and paying agent for the Series V Preferred Stock shall be Computershare
Trust Company, N.A. The duly appointed Calculation Agent for the Series V Preferred Stock shall be Citibank, N.A., London branch. The Company may, in its sole discretion, remove the Transfer Agent and/or the Calculation Agent in accordance with the
respective agreements between the Company and the Transfer Agent and the Company and the Calculation Agent; provided, however, that the Company shall appoint a successor transfer agent and/or calculation agent who shall accept such
appointment prior to the effectiveness of such removal. Upon any such removal or appointment, the Company shall send notice thereof by first-class mail, postage prepaid, to the Holders. 

Section 13. Replacement Certificates for Mutilated, Destroyed, Stolen and Lost Certificates. 

If physical certificates are issued, the Company shall replace any mutilated certificate at the Holder’s expense upon surrender of that
certificate to the Transfer Agent. The Company shall replace certificates that become destroyed, stolen or lost at the Holder’s expense upon delivery to the Company and the Transfer Agent of satisfactory evidence that the certificate has been
destroyed, stolen or lost, together with any indemnity that may be required by the Transfer Agent and the Company. 
 Section 14.
Form. 
 (a) Series V Preferred Stock Certificates. Series V Preferred Stock shall be issued in certificated form in
substantially the form attached hereto as Exhibit A (each, a “Series V Preferred Stock Certificate”). Exhibit A is hereby incorporated in and expressly made a part of this Certificate of Designations. The Series V Preferred
Stock Certificates may have notations, legends or endorsements required by law, stock exchange rules, agreements to which the Company is subject, if any, or usage (provided that any such notation, legend or endorsement is in a form acceptable to the
Company). 

  

					
	Series V	  		  	

 (b) Signature. Two Officers shall sign any Series V Preferred Stock
Certificate for the Company, in accordance with the Company’s by-laws and applicable law, by manual or facsimile signature. If an Officer whose signature is on a Series V Preferred Stock Certificate no
longer holds that office at the time the Transfer Agent countersigned the Series V Preferred Stock Certificate, such Series V Preferred Stock Certificate shall be valid nevertheless. A Series V Preferred Stock Certificate shall not be valid until an
authorized signatory of the Transfer Agent manually countersigns such Series V Preferred Stock Certificate. Each Series V Preferred Stock Certificate shall be dated the date of its countersignature. 

Section 15. Taxes. 

(a) Transfer Taxes. The Company shall pay any and all stock transfer, documentary, stamp and similar taxes that may be payable in
respect of any issuance or delivery of shares of Series V Preferred Stock. The Company shall not, however, be required to pay any such tax that may be payable in respect of any transfer involved in the issuance or delivery of shares of Series V
Preferred Stock, in a name other than that in which the shares of Series V Preferred Stock were registered, or in respect of any payment to any Person other than a payment to the registered holder thereof, and shall not be required to make any such
issuance, delivery or payment unless and until the Person otherwise entitled to such issuance, delivery or payment has paid to the Company the amount of any such tax or has established, to the satisfaction of the Company, that such tax has been paid
or is not payable. 
 (b) Withholding. All payments and distributions (or deemed distributions) on the shares of Series V Preferred
Stock shall be subject to withholding and backup withholding of tax to the extent required by law, subject to applicable exemptions, and amounts withheld, if any, shall be treated as received by Holders. 

Section 16. Notices. 

All notices referred to herein shall be in writing, and, unless otherwise specified herein, all notices hereunder shall be deemed to have been
given upon the earlier of receipt thereof or three business days after the mailing thereof if sent by registered or certified mail (unless first class mail shall be specifically permitted for such notice under the terms of this Certificate of
Designations) with postage prepaid, addressed: (i) if to the Company, to its office at 388 Greenwich Street, New York, New York 10013 (Attention: Corporate Secretary) or to the Transfer Agent at its office at 150 Royall Street, Canton,
Massachusetts 02021, or other agent of the Company designated as permitted by this Certificate of Designations, or (ii) if to any Holder, to such Holder at the address of such Holder as listed in the stock record books of the Company (which may
include the records of the Transfer Agent) or (iii) to such other address as the Company or any such Holder, as the case may be, shall have designated by notice similarly given. 

  

					
	Series V	  		  	

 Section 17. Other Rights Disclaimed. 

The shares of Series V Preferred Stock have no voting powers, preferences or relative, participating, optional or other special rights, or
qualifications, limitations or restrictions thereof, other than as set forth herein or in the Certificate of Incorporation of the Company. 

  

					
	Series V	  		  	

 IN WITNESS WHEREOF, this Certificate of Designations has been executed on behalf of the
Company by its Treasurer this 22nd day of January, 2020. 
  

			
	CITIGROUP INC.
		
	By:	 	  

		 	Name: Michael Verdeschi
		 	Title: Treasurer

 Exhibit A 

FORM OF 
 4.700% FIXED
RATE / FLOATING RATE NONCUMULATIVE PREFERRED STOCK, SERIES V 
  

			
	Certificate Number                	 	Number of Shares of Series V Preferred Stock                

 CUSIP NO.:             

CITIGROUP INC. 
 4.700% Fixed Rate
/ Floating Rate Noncumulative Preferred Stock, Series V 
 (par value $1.00 per share) 

(liquidation preference $25,000 per share) 

Citigroup Inc., a Delaware corporation (the “Company”), hereby certifies that [    ] (the “Holder”) is
the registered owner of [    ] fully paid and non-assessable shares of the Company’s designated 4.700% Fixed Rate / Floating Rate Noncumulative Preferred Stock, Series V, with a par
value of $1.00 per share and a liquidation preference of $25,000 per share (the “Series V Preferred Stock”). The shares of Series V Preferred Stock are transferable on the books and records of the Registrar, in person or by a duly
authorized attorney, upon surrender of this certificate duly endorsed and in proper form for transfer. The designations, rights, privileges, restrictions, preferences and other terms and provisions of the Series V Preferred Stock represented hereby
are and shall in all respects be subject to the provisions of the Certificate of Designations dated January 22, 2020 as the same may be amended from time to time (the “Certificate of Designations”). Capitalized terms used herein but
not defined shall have the meaning given them in the Certificate of Designations. The Company will provide a copy of the Certificate of Designations to a Holder without charge upon written request to the Company at its principal place of business.

 Reference is hereby made to select provisions of the Series V Preferred Stock set forth on the reverse hereof, and to the Certificate of
Designations, which select provisions and the Certificate of Designations shall for all purposes have the same effect as if set forth at this place. 

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

Unless the Registrar has properly countersigned, these shares of Series V Preferred Stock shall not be entitled to any benefit under the
Certificate of Designations or be valid or obligatory for any purpose. 
 IN WITNESS WHEREOF, this certificate has been executed on behalf
of the Company by its [Title] and by its [Title] this      day of                 ,
                . 
 CITIGROUP INC. 

 

			
	By:	 	  

	Name:
	Title:
		
	By:	 	  

	Name:
	Title:

 REGISTRAR’S COUNTERSIGNATURE 

These are shares of Series V Preferred Stock referred to in the within-mentioned Certificate of Designations. 

Dated: 
  

					
	COMPUTERSHARE TRUST COMPANY, N.A., as Registrar

			
		
	By:	 	  

			
	Name:	 	
	Title:	 	

 REVERSE OF CERTIFICATE 

Dividends on each share of Series V Preferred Stock shall be payable at the rate provided in the Certificate of Designations. 

The shares of Series V Preferred Stock shall be redeemable at the option of the Company in the manner and in accordance with the terms set
forth in the Certificate of Designations. 
 The Company shall furnish without charge to each holder who so requests the powers,
designations, preferences and relative, participating, optional or other special rights of each class or Series of share capital issued by the Company and the qualifications, limitations or restrictions of such preferences and/or rights. 

ASSIGNMENT 
 FOR VALUE RECEIVED,
the undersigned assigns and transfers the shares of Series V Preferred Stock evidenced hereby to: 

	
	  

	
	  

 (Insert assignee’s social security or taxpayer identification number, if any) 

 

	
	  

	
	  

 (Insert address and zip code of assignee) 

and irrevocably appoints: 

	
	  

	
	  

 as agent to transfer the shares of Series V Preferred Stock evidenced hereby on the books of the Transfer Agent. 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 Certificate) 

Signature Guarantee:
                                         
                                         
               
 (Signature must be guaranteed by an “eligible guarantor
institution” that is a bank, stockbroker, savings and loan association or credit union meeting the requirements of the Transfer Agent, which requirements include membership or participation in the Securities Transfer Agents Medallion Program
(“STAMP”) or such other “signature guarantee program” as may be determined by the Transfer Agent in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.) 

 Exhibit C 

PLEASE WIRE ALL FUNDS RELATED TO THIS DEPOSIT AGREEMENT USING THE FOLLOWING INSTRUCTIONS: 

Bank Name: 
 Account Name: 

Account Number: 
 ABA Routing Number:

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