Document:

<PAGE>

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF.
UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED
FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION ("DTC"), TO A NOMINEE OF DTC OR BY DTC OR ANY
SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR
DEPOSITARY. UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC
TO CITIGROUP FUNDING INC. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR
PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS 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.

No. R-1                                            INITIAL PRINCIPAL AMOUNT
CUSIP: 17308C 65 0                                 REPRESENTED $28,500,000
ISIN: US17308C6509                                 representing 2,850,000 Notes
                                                   ($10 per Note)

                             CITIGROUP FUNDING INC.
        2,850,000 Principal-Protected Equity Linked Notes Based Upon the
    Dow Jones Industrial Average(SM) with Potential Supplemental Interest at
                         Maturity Due January 25, 2010

      Citigroup Funding Inc., a Delaware corporation (hereinafter referred to as
the "Company," which term includes any successor corporation under the Indenture
herein referred to), for value received, hereby promises to pay to CEDE & CO.,
or its registered assigns, the Maturity Payment (as defined below), on January
25, 2010 (the "Stated Maturity Date"). This Note will not bear any interest, is
not subject to any sinking fund, is not subject to redemption at the option of
the Holder thereof prior to the Stated Maturity Date and is not subject to the
defeasance provisions of the Indenture. The payments on this Note are fully and
unconditionally guaranteed by Citigroup Inc., a Delaware corporation (the
"Guarantor").

      Payment of the Maturity Payment with respect to this Note shall be made
upon presentation and surrender of this Note at the corporate trust office of
the Trustee in the Borough of Manhattan, The City and State of New York, in such
coin or currency of the United States as at the time of payment is legal tender
for payment of public and private debts.

      This Note is one of the series of 2,850,000 Principal-Protected Equity
Linked Notes Based Upon the Dow Jones Industrial AverageSM (the "Index") with
Potential Supplemental Interest at Maturity Due January 25, 2010 (the "Notes").
<PAGE>
INTEREST

      The Notes do not bear interest. No payments on the Notes will be made
until the Stated Maturity Date.

PAYMENT AT MATURITY

      The Notes will mature on January 25, 2010. On the Stated Maturity Date,
Holders of the Notes will receive for each Note the Maturity Payment described
below.

DETERMINATION OF THE MATURITY PAYMENT

      The Maturity Payment for each Note equals the sum of the initial principal
amount of $10 per Note plus the Index Return Amount.

      The "Index Return Amount" will equal the product of (a) $10, (b) the Index
Return and (c) the Participation Rate, provided that the Index Return Amount
will not be less than zero.

      The "Participation Rate" is 80%.

      The "Index Return" will equal the following fraction:

                          Ending Value - Starting Value
                          -----------------------------
                                 Starting Value

      The "Ending Value" will be the closing value of the Index on the Valuation
Date or, if that day is not an Index Business Day, the closing value on the
immediately following Index Business Day.

      The "Starting Value" is 11137.17, the closing value of the Index on
February 22, 2006.

      The "Valuation Date" will be January 20, 2010, the third Index Business
Day before the Stated Maturity Date.

      If no closing value of the Index is available on any Index Business Day
because of a Market Disruption Event or otherwise, the value of the Index for
that Index Business Day, unless deferred by the calculation agent as described
below, will be the arithmetic mean, as determined by the calculation agent, of
the value of the Index obtained from as many dealers in equity securities (which
may include Citigroup Global Markets Inc. or any of the Company's other
affiliates), but not exceeding three such dealers, as will make such value
available to the calculation agent. The determination of the value of the Index
by the calculation agent in the event of a Market Disruption Event may be
deferred by the calculation agent for up to five consecutive Index Business Days
on which a Market Disruption Event is occurring, but not past the Index Business
Day prior to the Stated Maturity Date.

      An "Index Business Day" means a day, as determined by the calculation
agent, on which the Index or any successor index is calculated and published and
on which securities comprising

                                       2
<PAGE>
more than 80% of the value of the Index on such day are capable of being traded
on their relevant exchanges or markets during the one-half hour before the
determination of the closing value of the Index. All determinations made by the
calculation agent will be at the sole discretion of the calculation agent and
will be conclusive for all purposes and binding on the Company and the
beneficial owners of the Notes, absent manifest error.

      A "Market Disruption Event" means, as determined by the calculation agent
in its sole discretion, the occurrence or existence of any suspension of or
limitation imposed on trading (by reason of movements in price exceeding limits
permitted by any relevant exchange or market or otherwise) of, or the
unavailability, through a recognized system of public dissemination of
transaction information, for a period longer than two hours, or during the
one-half hour period preceding the close of trading, on the applicable exchange
or market, of accurate price, volume or related information in respect of (a)
stocks which then comprise 20% or more of the value of the Index or any
successor index, (b) any options or futures contracts, or any options on such
futures contracts relating to the Index or any successor index, or (c) any
options or futures contracts relating to stocks which then comprise 20% or more
of the value of the Index or any successor index on any exchange or market if,
in each case, in the determination of the calculation agent, any such
suspension, limitation or unavailability is material. For the purpose of
determining whether a Market Disruption Event exists at any time, if trading in
a security included in the Index is materially suspended or materially limited
at that time, then the relevant percentage contribution of that security to the
value of the Index will be based on a comparison of the portion of the value of
the Index attributable to that security relative to the overall value of the
Index, in each case immediately before that suspension or limitation.

DISCONTINUANCE OF THE DOW JONES INDUSTRIAL AVERAGE

      If Dow Jones discontinues publication of the Index or if it or another
entity publishes a successor or substitute index that the calculation agent
determines, in its sole discretion, to be comparable to the Index, then the
value of the Index will be determined by reference to the value of that index,
which is referred to as a "successor index."

      Upon any selection by the calculation agent of a successor index, the
calculation agent will cause notice to be furnished to the Company and the
Trustee, who will provide notice of the selection of the successor index to the
registered Holders of the Notes.

      If Dow Jones discontinues publication of the Index and a successor index
is not selected by the calculation agent or is no longer published on the date
of determination of the value of the Index, the value to be substituted for the
Index for that date will be a value computed by the calculation agent for that
date in accordance with the procedures last used to calculate the Index prior to
any such discontinuance.

      If Dow Jones discontinues publication of the Index prior to the
determination of the Index Return Amount and the calculation agent determines
that no successor index is available at that time, then on each Index Business
Day until the earlier to occur of (a) the determination of the Index Return
Amount and (b) a determination by the calculation agent that a successor index
is available, the calculation agent will determine the value that is to be used
in determining the value

                                       3
<PAGE>
of the Index as described in the preceding paragraph. The calculation agent will
cause notice of daily closing values to be published not less often than once
each month in The Wall Street Journal (or another newspaper of general
circulation). Notwithstanding these alternative arrangements, discontinuance of
the publication of the Index may adversely affect trading of the Notes.

      If a successor index is selected or the calculation agent calculates a
value as a substitute for the Index as described above, the successor index or
value will be substituted for the Index for all purposes, including for purposes
of determining whether an Index Business Day or Market Disruption Event occurs.
Notwithstanding these alternative arrangements, discontinuance of the
publication of the Index may adversely affect trading of the Notes.

      All determinations made by the calculation agent will be at the sole
discretion of the calculation agent and will be conclusive for all purposes and
binding on the Company, the Guarantor and the beneficial owners of the Notes,
absent manifest error.

ALTERATION OF METHOD OF CALCULATION

      If at any time the method of calculating the Index or any successor index
is changed in any material respect, or if the Index or any successor index is in
any other way modified so that the value of the Index or the successor index
does not, in the opinion of the calculation agent, fairly represent the value of
that index had the changes or modifications not been made, then, from and after
that time, the calculation agent will, at the close of business in New York, New
York, make those adjustments as, in the good faith judgment of the calculation
agent, may be necessary in order to arrive at a calculation of a value of a
stock index comparable to the Index or the successor index as if the changes or
modifications had not been made, and calculate the value of the index with
reference to the Index or the successor index. Accordingly, if the method of
calculating the Index or the successor index is modified so that the value of
the Index or the successor index is a fraction or a multiple of what it would
have been if it had not been modified (e.g., due to a split in the Index), then
the calculation agent will adjust that index in order to arrive at a value of
the index as if it had not been modified (e.g., as if the split had not
occurred).

GENERAL

      This Note is one of a duly authorized issue of debt securities of the
Company (the "Debt Securities"), issued and to be issued in one or more series
under a Senior Debt Indenture, dated as of June 1, 2005 (the "Indenture"), among
the Company, the Guarantor, and The Bank of New York, as trustee (the "Trustee,"
which term includes any successor trustee under the Indenture), to which
Indenture reference is hereby made for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, the
Guarantor, the Trustee and the Holders of the Notes, and the terms upon which
the Notes are, and are to be, authenticated and delivered.

      If an Event of Default with respect to the Notes shall have occurred and
be continuing, the principal of the Notes may be declared due and payable in the
manner and with the effect provided in the Indenture. In such case, the amount
declared due and payable upon any acceleration permitted by the Indenture will
be determined by the calculation agent and will be equal to, with

                                       4
<PAGE>
respect to this Note, the Maturity Payment, calculated as though the Stated
Maturity Date of this Note were the date of early repayment.

      In case of default in payment at Maturity of the Notes, this Note shall
bear interest, payable upon demand of the beneficial owners of this Note in
accordance with the terms of the Notes, from and after Maturity through the date
when payment of the unpaid amount has been made or duly provided for, at the
rate of 5.50% per annum on the unpaid amount due.

      The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company, the Guarantor and the rights of the Holders of the Debt Securities of
each series to be affected under the Indenture at any time by the Company, the
Guarantor and a majority in aggregate principal amount of the Debt Securities at
the time Outstanding of each series affected thereby. The Indenture also
contains provisions permitting the Holders of specified percentages in aggregate
principal amount of the Debt Securities of any series at the time Outstanding,
on behalf of the Holders of all Debt Securities of such series, to waive
compliance by the Company and the Guarantor with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Holder of this Note shall be conclusive and
binding upon such Holder and upon all future Holders of this Note and of any
Note 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 Note.

      The Holder of this Note may not enforce such Holder's rights pursuant to
the Indenture or the Notes except as provided in the Indenture. No reference
herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Company and the Guarantor to pay the
Maturity Payment with respect to this Note, and to pay any interest on any
overdue amount thereof at the time, place and rate, and in the coin or currency,
herein prescribed.

      All terms used in this Note which are defined in the Indenture but not in
this Note shall have the meanings assigned to them in the Indenture.

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

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

                                           CITIGROUP FUNDING INC.

                                           By: /s/ Geoffrey S. Richards
                                               ---------------------------------
                                               Name:  Geoffrey S. Richards
                                               Title: Vice President and
                                                      Assistant Treasurer

Corporate Seal
Attest:

By: /s/ Douglas C. Turnbull
    ---------------------------------
    Name:  Douglas C. Turnbull
    Title: Assistant Secretary

Dated:   February 27, 2006

CERTIFICATE OF AUTHENTICATION
      This is one of the Notes referred to
      in the within-mentioned Indenture.

The Bank of New York,
as Trustee

By: /s/ Geovanni Barris
    ---------------------------------
    Authorized Signatory

                                       6<PAGE>
                                                                 EXHIBIT 10.13.3

                   THIRD AMENDMENT TO COLLABORATION AGREEMENT

      This Third Amendment to Collaboration Agreement (this "Third Amendment")
dated as of December 21, 2005, is by and between Regeneron Pharmaceuticals,
Inc., a corporation organized and existing under the laws of the State of New
York and having its principal office at 777 Old Saw Mill River Road, Tarrytown,
New York 10591 ("Regeneron ") and Aventis Pharmaceuticals Inc., a corporation
organized and existing under the laws of the State of Delaware and having a
principal place of business at 200 Crossing Blvd., Bridgewater, New Jersey 08807
("Aventis").

                                  INTRODUCTION

      WHEREAS, Regeneron and Aventis are Parties to a Collaboration Agreement,
having an effective date of September 5, 2003, as amended on December 31, 2004,
and January 7, 2005 (the "Collaboration Agreement"); and

      WHEREAS, Regeneron and Aventis have determined that it is desirable to
amend certain provisions of the Collaboration Agreement to include Japan in the
Territory under the terms and conditions set forth herein.

      NOW, THEREFORE, in consideration of the following mutual promises and
obligations and for good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Parties, intending to be legally bound,
hereby agree as follows:

Capitalized terms used in this Third Amendment and not defined herein shall have
the meanings ascribed to them in the Collaboration Agreement.

1.    ARTICLE 1. "DEFINITIONS". Article 1 of the Collaboration Agreement shall
      be amended as follows:

      (a) Section 1.2 "Additional Major Market Country" shall be amended by
      adding the words "Japan and" after the words "other than" and before the
      words "the Major Market Countries referred to in clause (i) of the
      definition thereof" therein.

      (b) Section 1.41 "Consolidated Net Profit/Loss Report" shall be amended by
      adding the following sentence at the end thereof. "This report shall also
      include, in reasonable detail, Net Sales in Japan, ******* (as defined in
      Section 9.1(b)), and the Japan Royalty Payment in sufficient detail to
      calculate the Japan True-Up for such calendar quarter."

      (c) Section 1.53 "Develop" or "Development" shall be amended by adding the
      phrase "in the case of all countries in the Territory except Japan," after
      the reference to "(c)" therein.

                                       1
<PAGE>

      (d) Section 1.158 "Territory" shall be amended by deleting the words
      ", excluding Japan" therein.

2.    SECTION 2.6 "JAPAN". Section 2.6 of the Collaboration Agreement shall be
      deleted in its entirety.

3.    SECTION 4.1 "LICENSE GRANTS". Section 4.1 of the Collaboration Agreement
      shall be amended by deleting the reference to "(i)" therein and deleting
      the phrase "and (ii) the foregoing license grant shall not restrict or
      prohibit Regeneron's right to manufacture and supply Regeneron VEGF
      Products for importation into or use or sale in Japan."

4.    SECTION 4.3 "SUBLICENSES; SUBCONTRACTING". Section 4.3 of the
      Collaboration Agreement shall be amended by adding the phrase "other than
      Japan" after the reference to the defined term "Rest of World Country" in
      clause (A) therein.

5.    SECTION 6.5 "VEGF PRODUCT PRICING AND PRICING APPROVALS". Section 6.5 of
      the Collaboration Agreement shall be amended by adding ", Japan"
      immediately before the phrase "as well as the United States" in the final
      sentence therein. Section 6.5 of the Collaboration Agreement shall be
      further amended by adding the words "or Japan" at the end thereof after
      the reference to "the United States."

6.    SECTION 9.1(a) "SHARING OF COLLABORATION PROFITS AND LOSSES". Section
      9.1(a) of the Collaboration Agreement shall be amended by adding the words
      "other than Japan" after the defined term "Rest of World Countries"
      therein. Section 9.1(a) shall be further amended by adding the following
      sentence at the end thereof: "In addition, in consideration of the license
      grants herein for VEGF Products in Japan, and subject to the other terms
      and conditions of this Agreement, Aventis shall pay to Regeneron as part
      of the Quarterly True-Up a royalty on Net Sales in Japan calculated in
      accordance with the formula described in Schedule 1A (the 'Japan Royalty
      Payment')."

7.    SECTION 9.1(b) "SHARING OF COLLABORATION PROFITS AND LOSSES". Section
      9.1(b) of the Collaboration Agreement shall be amended by adding the
      following sentences at the end thereof: "Notwithstanding the foregoing,
      Regeneron and Aventis shall each be responsible for paying fifty percent
      (50%) of all *********** incurred in accordance with the terms of this
      Agreement and the applicable Co-Development Budget, subject to the terms
      and conditions set forth in Schedules 1 and 1A. As used herein, the term
      ************ shall mean Development Costs incurred by the Parties for JDC
      approved Clinical Trials conducted in Japan (and/or such other Asian
      countries as may be agreed upon by the Parties) in *********************
      *******************************."

8.    SECTION 9.2 "PERIODIC REPORTS". Section 9.2(c) of the Collaboration
      Agreement shall be amended by adding "Japan," after the words "in Major
      Market Countries," in clause (ii) therein. Section 9.2(c) of the
      Collaboration Agreement shall be further amended by adding the words "and
      Japan" after the phrase "with respect to the United States" in clause
      (iii) therein. Section 9.2(c) of the Collaboration Agreement shall be
      further

                                       2
<PAGE>

      amended by adding the words "and Japan" after the defined term "Major
      Market Countries" in clause (iv) therein.

9.    SECTION 16.1(c) "CONFIDENTIAL PARTY INFORMATION". Section 16.1 of the
      Collaboration Agreement shall be amended by deleting paragraph (c) in its
      entirety and substituting the words "INTENTIONALLY BLANK" after the
      reference to "(c)" therein.

10.   SECTION 17.1 "INDEMNITY AND INSURANCE". Section 17.1(a) of the
      Collaboration Agreement shall be amended by adding a reference to a "; or
      " after clause (ii) therein and inserting the following new clause (iii):
      "(iii) notwithstanding anything to the contrary in this Agreement, the
      Development or Commercialization of a VEGF Product in Japan under this
      Agreement, except to the extent that Damages arise out of the negligence,
      recklessness, bad faith or intentional wrongful acts, or omissions
      committed by Regeneron or its Affiliates."

11.   SCHEDULE I "QUARTERLY TRUE-UP". Schedule 1 of the Collaboration Agreement
      shall be deleted in its entirety and replaced with Schedule 1 attached to
      this Third Amendment, which is marked to reflect changes.

12.   SCHEDULE 1A "JAPAN TRUE-UP". The Collaboration Agreement shall be amended
      by adding a new Schedule 1A in the form attached to this Third Amendment.

13.   UP-FRONT PAYMENT. In consideration for Regeneron's agreement to enter into
      this Third Amendment and extend the Territory to include Japan on the
      terms set forth herein, Aventis shall pay to Regeneron, on or before
      January 10, 2006, a non-refundable, non-creditable payment of Twenty-Five
      Million US Dollars (US$25,000,000.00) (which shall not be reduced by any
      withholding or similar taxes).

14.   SCHEDULE 2 "MILESTONE PAYMENTS". Schedule 2 of the Collaboration Agreement
      shall be amended by adding the milestones and milestone payments set forth
      in Schedule 2 attached to this Third Amendment.

15.   SCHEDULE 15.3(c) "JAPAN PATENT APPLICATIONS". Schedule 15.3(c) of the
      Collaboration Agreement shall be amended by adding the Regeneron Patent
      Applications set forth in Schedule 15.3(c) attached to this Third
      Amendment.

16.   COMMERCIALIZATION. It is agreed that Regeneron shall not Co-Promote VEGF
      Products in Japan. However, notwithstanding anything to the contrary in
      the Collaboration Agreement, the Parties shall establish a Joint Country
      Commercialization Sub-Committee in Japan, which shall have the
      responsibilities set forth in Section 3.9(b). For the purpose of clarity,
      unless specifically delineated, Section 3.9(b) shall not be interpreted to
      include the responsibilities set forth in Section 3.9(a); either with
      respect to Joint Country Commercialization Sub-Committee in Japan or with
      respect to any Joint Country Commercialization Sub-Committee in each Rest
      of World Country. However, nothing in the preceding sentence shall limit
      or restrict any responsibilities included in sections of the Collaboration
      Agreement other than 3.9(b).

                                       3
<PAGE>

17.   JAPAN CO-DEVELOPMENT PLAN. The Parties acknowledge that finalization of a
      plan for Development of the VEGF Products in Japan (the "Japan Development
      Plan") will require close interaction between the Parties as well as
      ***************************. Toward that end, the Parties shall each
      expend such necessary internal resources as required for timely
      finalization of the Japan Development Plan. The JDC shall finalize, and
      the JSC shall approve, the Japan Development Plan as soon as reasonably
      practicable following the date of this Third Amendment, which shall
      incorporate the activities, timelines, and budget included in Schedule 3
      attached hereto unless otherwise mutually agreed to by the Parties. The
      Parties presently anticipate that it will be possible to finalize a Japan
      Development Plan within ********* of the date hereof. It is understood
      that the Development plan attached hereto is preliminary, and that the
      Scenarios outlined in the "Timelines and Costs" section are nonbinding. It
      is understood that, at present, Scenario 2 is the most probable scenario
      based upon regulatory approvals and current conditions in the Japan
      market. The JSC approved development plan for Japan shall be incorporated
      into and made a part of the Co-Development Plan.

18.   CONTINUING EFFECT. Except as specifically modified by this Third
      Amendment, all of the provisions of the Collaboration Agreement are hereby
      ratified and confirmed to be in full force and effect, and shall remain in
      full force and effect.

19.   ENTIRE AGREEMENT; SUCCESSORS AND ASSIGNS. The Collaboration Agreement,
      this Third Amendment, and any written agreements executed by both Parties
      pertaining to the subject matter therein, constitute the entire agreement
      between the Parties hereto with respect to subject matter hereof and
      thereof. Said documents supersede all other agreements and understandings
      between the Parties with respect to the subject matter hereof and thereof,
      whether written or oral. This Third Amendment shall be binding upon and
      shall inure to the benefit of the Parties and their respective heirs,
      administrators, executors, Affiliates, successors and permitted assigns.

20.   HEADINGS. The section headings contained in this Third Amendment are for
      reference purposes only and shall not affect in any way the meaning or
      interpretation of this Third Amendment.

21.   COUNTERPARTS. This Third Amendment may be executed in one or more
      counterparts, all of which shall be considered one and the same agreement,
      and shall become a binding agreement when one or more counterparts have
      been signed by each Party and delivered to the other Party.

22.   MISCELLANEOUS. This Third Amendment shall be governed by the laws of the
      State of New York, without regard to its principles of conflicts of laws.
      Each Party hereby irrevocably and unconditionally consents to the
      exclusive jurisdiction of the courts of the State of New York, and the
      United States District Court for the Southern District of New York for any
      action, suit or proceeding arising out of or relating to this Third
      Amendment, waives any objections to such jurisdiction and venue and agrees
      not to commence any action, suit or proceeding relating to this Third
      Amendment except in such courts. This Third Amendment supersedes all prior
      understandings and agreements, whether written or oral, among the Parties
      hereto relating to the essence of this Third

                                       4
<PAGE>

      Amendment. If there is a direct conflict between the provisions of the
      Collaboration Agreement and this Third Amendment, this Third Amendment
      shall govern. This Third Amendment may be amended only by a written
      instrument executed by each of the Parties.

                      [SIGNATURES APPEAR ON FOLLOWING PAGE]

                                       5
<PAGE>

      IN WITNESS WHEREOF, each of the Parties has caused this Third Amendment to
be executed as of the date hereof by a duly authorized corporate officer.

                                        AVENTIS PHARMACEUTICALS INC.

                                        By:  /s/ Juergen Lasowski
                                           -------------------------------------

                                        Name: Juergen Lasowski

                                        Title: Vice President, Business
                                        Development and Strategy

                                        Date:  December 21, 2005

                                        By:  /s/ Gregory Irace
                                           -------------------------------------

                                        Name:  Gregory Irace

                                        Title: Chief Financial Officer

                                        Date: December 21, 2005

                                        REGENERON PHARMACEUTICALS, INC.

                                        By:  /s/ Murray Goldberg
                                            ------------------------------------

                                        Name:  Murray Goldberg

                                        Title:  SVP, Finance & Administration
                                        and CFO

                                        Date:  December 21, 2005

                                       6
<PAGE>

                                   SCHEDULE 1

                                Quarterly True-Up

The true-up in a calendar quarter (the "Quarterly True-Up") shall be equal to
the sum of the Major Market True-Up (as set forth in Part I), plus the Rest of
World True-Up (as set forth in Part II), plus the Regeneron Development
Reimbursement Amount (as set forth in Part III), plus the Japan True-Up (as set
forth in Schedule 1A), less the Development Payment (commencing in the calendar
quarter of the First Commercial Sale of a VEGF Product in any country in the
Territory other than Japan) (as set forth in Part IV). In the event that the
Quarterly True-Up is an amount greater than zero, such amount will be payable by
Aventis to Regeneron in accordance with the terms set forth in Section 9.3. In
the event that the Quarterly True-Up is an amount less than zero, the absolute
value of such amount shall be payable by Regeneron to Aventis in accordance with
the terms set forth in Section 9.3. An example of the Quarterly True-up is shown
in Part V.

                             I. MAJOR MARKET TRUE-UP

The "Major Market True-Up" shall mean the Major Market Profit Split, plus 100%
of Shared Promotion Expenses incurred by Regeneron. The "Major Market Profit
Split" shall mean the product of (x) aggregate Net Sales in Major Market
Countries less aggregate VEGF Product Expenses, and (y) .50. "VEGF Product
Expenses" shall mean the sum of COGS and Shared Promotion Expenses incurred by
both Parties for such calendar quarter. For the avoidance of doubt, the Major
Market Profit Split shall apply independent of the detailing effort provided by
either Party, such that, for example, if Regeneron provided none of the
detailing efforts, it will still be entitled to 50% of the sum of aggregate Net
Sales in the Major Market Countries less aggregate VEGF Product Expenses in
Major Market Countries.

An example of a calculation for a Major Market True-Up would be:
<TABLE>
<CAPTION>

                                                      Aventis      Regeneron
                                         Aggregate    50%          50%
                                         ---------    -------      ---------
<S>                                      <C>          <C>          <C>
Net Sales in Major Market Countries           1000       1000

VEGF Product Expenses:

-        COGS                                 (100)      (100)            (0)
-        Shared Promotion Expenses            (500)      (400)          (100)
                                         ---------    -------      ---------
income or expenses incurred                    400        500           (100)

Major Market Profit-Split                                 200            200

Major Market True-Up                                     (300)           300
</TABLE>

                                       7
<PAGE>

                            II. REST OF WORLD TRUE-UP

The "Rest of World True-Up" shall mean the Rest of World Profit Split plus 100%
of Regeneron's Sales Force Costs and Regeneron's Medical Affairs Costs, in each
case as it relates to a Rest of World Country. The "Rest of World Profit Split"
shall mean the product of (x)**************************, (y) *****************
******, and (z) .50.

An example of a calculation for a Rest of World True-Up would be:
<TABLE>
<CAPTION>

                                                         Aventis     Regeneron
                                          Aggregate      50%         50%
                                          ---------      -------     ---------
<S>                                       <C>            <C>         <C>
Net Sales in Rest of World Countries             20           20

Regeneron Sales Force Cost                                                  (2)
Regeneron Medical Affairs Cost                                              (0)

****************                                ***

Rest of World Profit Split                       10            5             5
                                          ---------      -------     ---------

Rest of World True-Up                                         (7)            7
</TABLE>

                    III. REGENERON DEVELOPMENT REIMBURSEMENT

The "Regeneron Development Reimbursement Amount" shall mean the aggregate amount
of Development Costs incurred by Regeneron anywhere in the Territory (including
Japan) in such calendar quarter.

An example of the Regeneron Development Reimbursement Amount would be:    20

                             IV. DEVELOPMENT PAYMENT

*************************************************************

An example of a calculation of Development Payment would be:
<TABLE>
<CAPTION>
                                                      Aventis      Regeneron
                                         Aggregate    50%          50%
                                         ---------    -------      ---------
<S>                                      <C>          <C>          <C>
***********                              ****         ****         ****

***********                              ****
                                         -----        ----         ----
Development Payment                                    (10)          10
</TABLE>

                                       8
<PAGE>

                         V. EXAMPLE OF QUARTERLY TRUE-UP

An example of a calculation of Quarterly True-up would be:

Major Market True-up =                                           300

Rest of World True-up =                                            7

Japan True-Up =                                                    5

Regeneron Development Reimbursement Amount =                      20

Development Payment =                                            (10)

Quarterly True-up =                                              322

In this example, Aventis would pay Regeneron 322 in accordance with the terms
set forth in Section 9.3.

                                       9
<PAGE>

                                   SCHEDULE 1A

                                  Japan True-Up

Commencing in the calendar quarter of the First Commercial Sale of a VEGF
Product in Japan, the Quarterly True-Up shall include a potential payment to
Regeneron (the "Japan True-Up"). The Japan True-Up shall equal the Japan Royalty
Payment (as set forth in Part I), less ************* (as set forth in Part II).
An example of a quarterly Japan True-Up is shown in Part III.

                            I. JAPAN ROYALTY PAYMENT

The Japan Royalty Payment shall equal the sum of (i) the Japan Royalty and (ii)
**********. The "Japan Royalty" shall equal *******************************. The
Japan Royalty Payment for a calendar quarter shall be calculated based on Net
Sales in such calendar quarter using a royalty rate(s) ********************** in
accordance with the formula set forth above.

********************are set forth below:

****************************************

The ************** in any calendar quarter shall equal ***********************
****** for such calendar quarter. The ************ will be calculated as
follows:

***************************************

Examples of the calculation of the Japan Royalty Adjustment are shown in Section
III below.

                                II. ************

*****************************

                    III. EXAMPLES OF QUARTERLY JAPAN TRUE-UP

Examples of calculations of a quarterly Japan True-Up would be:

******************************************

                                       10
<PAGE>

The Japan True-Up is included in the calculation of the Quarterly True-Up in
accordance with Schedule 1.

For the avoidance of doubt, in no event shall the Japan True-Up require a
payment from Regeneron to Aventis.

                                       11
<PAGE>

                                   SCHEDULE 2

                            Japan Milestone Payments
<TABLE>
<CAPTION>
MILESTONE
---------
<S>                <C>                      <C>
   10              US$**********            *******************.
   11              US$**********            *******************.
   12              US$**********            *******************.
   13              US$**********            *******************.
   14              US$**********            *******************.
</TABLE>

* For the avoidance of doubt,*********************.

                                       12
<PAGE>

                                   SCHEDULE 3

                             Japan Development Plan

                         ******************************

                                       13
<PAGE>

                                SCHEDULE 15.3(c)
                      Regeneron's Japan Patent Applications
<TABLE>
<CAPTION>
                                                             Japanese National
                                     PCT                        Phase
                                   -----------------------------------------------------------------
Case                                             Filing
No.                 Title          Appln. No.     Date        Priority Date     Status    Appln. No.
---                 -----          ----------    ------      --------------     ------    ----------
<S>                 <C>            <C>           <C>         <C>                <C>       <C>
                                            ***************************************

                                            ***************************************

                                            ***************************************

                                            ***************************************

                                            ***************************************

                                            ***************************************
</TABLE>

                                       14

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