Document:

exv4w01

Ex. 4.01

 

CITIGROUP INC.

TO

THE BANK OF NEW YORK MELLON

Trustee

 

INDENTURE

Dated as of July 30, 2009

 

Providing for the issuance of Junior Subordinated Debt Securities

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	ARTICLE I Definitions And Other Provisions of General Application
	 	 	1	 
	Section 1.1 Definitions
	 	 	1	 
	Section 1.2 Compliance Certificates and Opinions
	 	 	9	 
	Section 1.3 Form of Documents Delivered to Trustee
	 	 	10	 
	Section 1.4 Acts of Holders; Record Dates
	 	 	11	 
	Section 1.5 Notices, Etc., to Trustee and Company
	 	 	11	 
	Section 1.6 Notice to Holders; Waiver
	 	 	12	 
	Section 1.7 Trust Indenture Act
	 	 	12	 
	Section 1.8 Effect of Headings and Table of Contents
	 	 	13	 
	Section 1.9 Successors and Assigns
	 	 	13	 
	Section 1.10 Separability Clause
	 	 	13	 
	Section 1.11 Benefits of Indenture
	 	 	13	 
	Section 1.12 Governing Law; Waiver of Trial by Jury
	 	 	13	 
	Section 1.13 Legal Holidays
	 	 	13	 
	Section 1.14 Tax Characterization
	 	 	14	 
	 
	 	 	 	 
	ARTICLE II Security Forms
	 	 	14	 
	Section 2.1 Forms Generally
	 	 	14	 
	Section 2.2 Form of Face of Security
	 	 	14	 
	Section 2.3 Form of Reverse of Security
	 	 	18	 
	Section 2.4 Form of Trustee’s Certificate of Authentication
	 	 	22	 
	 
	 	 	 	 
	ARTICLE III The Securities
	 	 	22	 
	Section 3.1 Amount Unlimited; Issuable in Series
	 	 	22	 
	Section 3.2 Denominations
	 	 	24	 
	Section 3.3 Execution, Authentication, Delivery and Dating
	 	 	24	 
	Section 3.4 Temporary Securities
	 	 	25	 
	Section 3.5 Registration, Registration of Transfer and Exchange
	 	 	26	 
	Section 3.6 Mutilated, Destroyed, Lost and Stolen Securities
	 	 	27	 
	Section 3.7 Payment of Interest; Interest Rights Preserved
	 	 	28	 
	Section 3.8 Persons Deemed Owners
	 	 	29	 
	Section 3.9 Cancellation
	 	 	30	 
	Section 3.10 Interest
	 	 	30	 
	Section 3.11 Form and Payment
	 	 	31	 
	Section 3.12 Global Securities
	 	 	31	 
	Section 3.13 CUSIP Numbers
	 	 	33	 
	 
	 	 	 	 
	ARTICLE IV Satisfaction And Discharge; Defeasance
	 	 	33	 
	Section 4.1 Satisfaction and Discharge of Indenture
	 	 	33	 
	Section 4.2 Defeasance and Discharge
	 	 	34	 
	Section 4.3 Covenant Defeasance
	 	 	35	 
	Section 4.4 Conditions to Defeasance or Covenant Defeasance
	 	 	35	 

i

 

	 	 	 	 	 
	 	 	Page
	Section 4.5 Application of Trust Money
	 	 	36	 
	Section 4.6 Indemnity for U.S. Government Obligations
	 	 	37	 
	Section 4.7 Reinstatement
	 	 	37	 
	 
	 	 	 	 
	ARTICLE V Remedies
	 	 	37	 
	Section 5.1 Events of Default
	 	 	37	 
	Section 5.2 Acceleration of Maturity
	 	 	38	 
	Section 5.3 Collection of Indebtedness and Suits for Enforcement by Trustee
	 	 	39	 
	Section 5.4 Trustee to File Claims As Attorney-In-Fact
	 	 	40	 
	Section 5.5 Application of Money Collected
	 	 	41	 
	Section 5.6 Control by Holders; Waiver of Past Default
	 	 	41	 
	Section 5.7 Limitation on Suits; Default
	 	 	42	 
	Section 5.8 Costs and Attorneys’ Fees in Legal Proceedings
	 	 	44	 
	Section 5.9 Remedies Cumulative
	 	 	45	 
	Section 5.10 Waiver of Stay or Extension Laws
	 	 	45	 
	 
	 	 	 	 
	ARTICLE VI The Trustee
	 	 	45	 
	Section 6.1 Certain Duties and Responsibilities
	 	 	45	 
	Section 6.2 Notice of Defaults
	 	 	46	 
	Section 6.3 Certain Rights of Trustee
	 	 	47	 
	Section 6.4 Not Responsible for Recitals or Issuance of Securities
	 	 	48	 
	Section 6.5 May Hold Securities
	 	 	49	 
	Section 6.6 Money Held in Trust
	 	 	49	 
	Section 6.7 Compensation and Reimbursement
	 	 	49	 
	Section 6.8 Disqualification; Conflicting Interests
	 	 	50	 
	Section 6.9 Corporate Trustee Required; Eligibility
	 	 	50	 
	Section 6.10 Resignation and Removal; Appointment of Successor
	 	 	50	 
	Section 6.11 Acceptance of Appointment by Successor
	 	 	52	 
	Section 6.12 Merger, Conversion, Consolidation or Succession to Business
	 	 	53	 
	Section 6.13 Preferential Collection of Claims Against Company
	 	 	53	 
	Section 6.14 Appointment of Authenticating Agent
	 	 	53	 
	 
	 	 	 	 
	ARTICLE VII Holders Lists and Reports by Trustee and Company
	 	 	55	 
	Section 7.1 Company to Furnish Trustee Names and Addresses of Holders
	 	 	55	 
	Section 7.2 Preservation of Information; Communications to Holders
	 	 	55	 
	Section 7.3 Reports by Trustee
	 	 	56	 
	Section 7.4 Reports by Company
	 	 	56	 
	Section 7.5 Officers’ Certificate as to Events of Default
	 	 	57	 
	 
	 	 	 	 
	ARTICLE VIII Consolidation, Merger, Conveyance, Transfer Or Lease
	 	 	57	 
	Section 8.1 Company May Consolidate, Etc., Only on Certain Terms
	 	 	57	 

ii

 

	 	 	 	 	 
	 	 	Page
	Section 8.2 Successor Corporation Substituted
	 	 	57	 
	 
	 	 	 	 
	ARTICLE IX Supplemental Indentures
	 	 	58	 
	Section 9.1 Supplemental Indentures Without Consent of Holders
	 	 	58	 
	Section 9.2 Supplemental Indentures with Consent of Holders
	 	 	59	 
	Section 9.3 Execution of Supplemental Indentures
	 	 	60	 
	Section 9.4 Effect of Supplemental Indentures
	 	 	60	 
	Section 9.5 Conformity with Trust Indenture Act
	 	 	60	 
	Section 9.6 Reference in Securities to Supplemental Indentures
	 	 	60	 
	 
	 	 	 	 
	ARTICLE X Covenants
	 	 	61	 
	Section 10.1 Payment of Principal, Premium and Interest
	 	 	61	 
	Section 10.2 Maintenance of Office or Agency
	 	 	61	 
	Section 10.3 Money for Securities Payments to Be Held in Trust
	 	 	61	 
	Section 10.4 Statement by Officers as to Default
	 	 	63	 
	Section 10.5 Covenants as to Citigroup Trusts
	 	 	63	 
	Section 10.6 Payment of Expenses
	 	 	63	 
	Section 10.7 Listing on an Exchange
	 	 	64	 
	Section 10.8 Future Issuance of Securities under this Indenture
	 	 	64	 
	 
	 	 	 	 
	ARTICLE XI Redemption Of Securities
	 	 	65	 
	Section 11.1 Applicability of Article; Federal Reserve Approval
	 	 	65	 
	Section 11.2 Election to Redeem; Notice to Trustee
	 	 	65	 
	Section 11.3 Selection by Trustee of Securities to Be Redeemed
	 	 	66	 
	Section 11.4 Notice of Redemption
	 	 	66	 
	Section 11.5 Deposit of Redemption Price
	 	 	67	 
	Section 11.6 Securities Payable on Redemption Date
	 	 	67	 
	Section 11.7 Securities Redeemed in Part
	 	 	67	 
	 
	 	 	 	 
	ARTICLE XII Sinking Funds
	 	 	68	 
	Section 12.1 Applicability of Article
	 	 	68	 
	Section 12.2 Satisfaction of Sinking Fund Payments with Securities
	 	 	68	 
	Section 12.3 Redemption of Securities for Sinking Fund
	 	 	68	 
	 
	 	 	 	 
	ARTICLE XIII Extension Of Interest Payment Period
	 	 	69	 
	Section 13.1 Extension of Interest Payment Period
	 	 	69	 
	Section 13.2 Notice of Extension
	 	 	69	 
	Section 13.3 Limitation of Transactions
	 	 	70	 
	 
	 	 	 	 
	ARTICLE XIV Subordination Of Securities
	 	 	71	 
	Section 14.1 Agreement to Subordinate
	 	 	71	 
	Section 14.2 Default on Senior Indebtedness
	 	 	71	 
	Section 14.3 Liquidation; Dissolution; Bankruptcy
	 	 	72	 
	Section 14.4 Subrogation
	 	 	73	 
	Section 14.5 Trustee to Effectuate Subordination
	 	 	74	 
	Section 14.6 Notice by the Company
	 	 	74	 
	Section 14.7 Rights of the Trustee; Holders of Senior Indebtedness
	 	 	75	 

iii

 

	 	 	 	 	 
	 	 	Page
	Section 14.8 Subordination May Not Be Impaired
	 	 	76	 
	Section 14.9 Trustee’s Compensation Not Prejudiced
	 	 	76	 
	 
	 	 	 	 
	ARTICLE XV Miscellaneous
	 	 	76	 
	Section 15.1 Acknowledgement of Rights
	 	 	76	 
	Section 15.2 Counterparts
	 	 	77	 

	 	 	 
	Exhibit A

	 	Form of Transfer Certificate
	Exhibit B

	 	Form of Rule 144A Transfer Certificate

iv

 

INDEX OF TERMS

	 	 	 	 	 
	 	 	Page
	1996 Junior Subordinated Debt Indenture
	 	 	2	 
	2004 Junior Subordinated Debt Indenture
	 	 	2	 
	Act
	 	 	2	 
	Additional Interest
	 	 	2	 
	Affiliate
	 	 	2	 
	Authenticating Agent
	 	 	2	 
	Board of Directors
	 	 	2	 
	Board Resolution
	 	 	2	 
	Book Entry Interest
	 	 	2	 
	Business Day
	 	 	2	 
	Citigroup Trust
	 	 	3	 
	Citigroup Trust Preferred Trust
	 	 	3	 
	Commission
	 	 	3	 
	Common Securities
	 	 	3	 
	Company
	 	 	1	 
	Company Order
	 	 	3	 
	Company Request
	 	 	3	 
	Compounded Interest
	 	 	3	 
	Corporate Trust Office
	 	 	3	 
	Coupon Rate
	 	 	3	 
	Covenant Defeasance
	 	 	3	 
	Declaration
	 	 	3	 
	Defaulted Interest
	 	 	4	 
	Defeasance
	 	 	4	 
	Deferred Interest
	 	 	4	 
	Delaware Trustee
	 	 	4	 
	Depositary
	 	 	4	 
	Direct Action
	 	 	4	 
	Dissolution Event
	 	 	4	 
	Distributions
	 	 	4	 
	Event of Default
	 	 	4	 
	Exchange Act
	 	 	4	 
	Extended Interest Payment Period
	 	 	4	 
	Floating or Adjustable Rate Provision
	 	 	4	 
	Floating or Adjustable Rate Security
	 	 	4	 
	generally accepted accounting principles
	 	 	1	 
	Global Security
	 	 	5	 
	Holder
	 	 	5	 
	Indenture
	 	 	5	 
	Institutional Trustee
	 	 	5	 
	Interest Payment Date
	 	 	5	 
	mandatory sinking fund
	 	 	19	 
	mandatory sinking fund payment
	 	 	69	 

v

 

	 	 	 	 	 
	 	 	Page
	Maturity
	 	 	5	 
	Non Book-Entry Preferred Securities
	 	 	5	 
	Officers’ Certificate
	 	 	5	 
	Opinion of Counsel
	 	 	5	 
	Optional Redemption
	 	 	18	 
	Optional Redemption Price
	 	 	19	 
	optional sinking fund payment
	 	 	69	 
	Outstanding
	 	 	5	 
	Paying Agent
	 	 	6	 
	Person
	 	 	6	 
	Place of Payment
	 	 	6	 
	Predecessor Security
	 	 	6	 
	Preferred Securities
	 	 	7	 
	Preferred Security Certificate
	 	 	7	 
	Private Placement Legend
	 	 	7	 
	Redemption Date
	 	 	7	 
	Redemption Option Date
	 	 	7	 
	Redemption Price
	 	 	7	 
	Regular Record Date
	 	 	7	 
	Regular Trustees
	 	 	7	 
	Responsible Officer
	 	 	7	 
	Securities
	 	 	1, 7	 
	Securities Act
	 	 	7	 
	Security Beneficial Owner
	 	 	7	 
	Security Register
	 	 	7	 
	Security Registrar
	 	 	7	 
	Senior Indebtedness
	 	 	8	 
	Special Event
	 	 	8	 
	Special Record Date
	 	 	8	 
	Stated Maturity
	 	 	8	 
	TARP
	 	 	9	 
	Tax Event
	 	 	9	 
	Tax Event Opinion
	 	 	9	 
	Transfer Certification
	 	 	9	 
	Transfer Opinion
	 	 	9	 
	Trust Indenture Act
	 	 	9	 
	Trust Securities
	 	 	9	 
	Trustee
	 	 	1	 
	U.S. Government
	 	 	9	 
	U.S. Government Obligations
	 	 	9	 
	Underwriting Agreement
	 	 	9	 
	Vice President
	 	 	9	 

vi

 

Citigroup Inc.

Reconciliation and tie between Trust Indenture Act and

Indenture, dated as of July 30, 2009

	 	 	 
	Trust Indenture Act Section	 	Indenture Section  
	§ 310 (b) 
	 	6.8,
6.10(d)(1)

	§ 311 (a) 
	 	6.13

	 (b)
	 	6.13,
7.3(a)(3)

	§ 312 (b)
	 	7.2

	 (c)
	 	7.2

	§ 316 (a)
	 	1.7(a), 1.7(b)

 

			
	
NOTE: This reconciliation and tie shall not, for any purpose, be deemed to be a part of the
Indenture.

vii

 

     INDENTURE, dated as of July 30, 2009, between CITIGROUP INC., a corporation duly organized and
existing under the laws of the State of Delaware (herein called the “Company”), having its
principal office at 399 Park Avenue, New York, New York 10043, and THE BANK OF NEW YORK MELLON, a
New York banking corporation duly organized and existing under the laws of the State of New York,
as Trustee (herein called the “Trustee”).

Recitals of the Company

     The Company has duly authorized the execution and delivery of this Indenture to provide for
the issuance from time to time of its unsecured junior subordinated debentures, notes or other
evidences of indebtedness (herein called the “Securities”), to be issued in one or more series as
in this Indenture provided.

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

     NOW, THEREFORE, THIS INDENTURE WITNESSETH:

     For and in consideration of the premises and the purchase of the Securities by the Holders
thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all
Holders of the Securities or of series thereof, as follows:

ARTICLE I

Definitions And Other Provisions

of General Application

Section 1.1 Definitions.

     For all purposes of this Indenture, except as otherwise expressly provided or unless the
context otherwise requires:

     (1) the terms defined in this Article have the meanings assigned to them in this
Article and include the plural as well as the singular;

     (2) all other terms used herein which are defined in the Trust Indenture Act, either
directly or by reference therein, have the meanings assigned to them therein;

     (3) all accounting terms not otherwise defined herein have the meanings assigned to
them in accordance with generally accepted accounting principles, and, except as otherwise
herein expressly provided, the term “generally accepted accounting principles” with respect
to any computation required or permitted hereunder shall mean such accounting principles as
are generally accepted at the date of such computation; and

1

 

     (4) the words “herein,” “hereof” and “hereunder” and other words of similar import
refer to this Indenture as a whole and not to any particular Article, Section or other
subdivision.

     Certain terms, used principally in Article Six, are defined in that Article.

     “1996 Junior Subordinated Debt Indenture” means the indenture dated as of October 7, 1996
between the Company (formerly known as Travelers Group Inc.) and JPMorgan Chase Bank (formerly
known as The Chase Manhattan Bank), as trustee, as supplemented.

     “2004 Junior Subordinated Debt Indenture” means the indenture dated as of July 23, 2004
between the Company and The Bank of New York Mellon (as successor trustee), as the same has been or
may be amended, modified, or supplemented from time to time.

     “Act” when used with respect to any Holder, has the meaning specified in Section 1.4.

     “Additional Interest” has the meaning specified in Section 3.10(c).

     “Affiliate” of any specified Person means any other Person directly or indirectly controlling
or controlled by or under direct or indirect common control with such specified Person. For the
purposes of this definition, “control” when used with respect to any specified Person means the
power to direct the management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise; and the terms “controlling” and
“controlled” have meanings correlative to the foregoing.

     “Authenticating Agent” means any Person authorized by the Trustee to act on behalf of the
Trustee to authenticate Securities.

     “Board of Directors” means either the board of directors of the Company or any duly authorized
committee of that board.

     “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant
Secretary of the Company to have been duly adopted by the Board of Directors or by a duly
authorized committee of the Board of Directors and to be in full force and effect on the date of
such certification, and delivered to the Trustee.

     “Book Entry Interest” means a beneficial interest in a Global Security, ownership of which
shall be maintained and transfers of which shall be made through book entries by the Depositary.

     “Business Day” means any day other than a Saturday, Sunday or any other day on which banking
institutions in New York, New York are authorized or obligated by any applicable law to close.

2

 

     “Citigroup Trust” means Citigroup Capital XXXIII, a Delaware statutory trust, or any other
similar trust created for the purpose of issuing preferred securities in connection with the
issuances of Securities under this Indenture.

     “Citigroup Trust Preferred Trust” means each of Citigroup Capital III, Citigroup Capital VII,
Citigroup Capital VIII, Citigroup Capital IX, Citigroup Capital X, Citigroup Capital XI, Citigroup
Capital XII and Citigroup Capital XIII, each a Delaware statutory trust, or any other similar trust
created for the purpose of issuing preferred securities in connection with the issuance of
Securities under the 1996 Junior Subordinated Debt Indenture or the 2004 Junior Subordinated Debt
Indenture.

     “Commission” means the Securities and Exchange Commission, as from time to time constituted,
created under the Exchange Act, or, if at any time after the execution of this instrument such
Commission is not existing and performing the duties now assigned to it under the Trust Indenture
Act, then the body performing such duties at such time.

     “Common Securities” means undivided beneficial interests in the assets of a Citigroup Trust
which rank, except upon the occurrence and continuation of an Event of Default, pari passu with
Preferred Securities issued by such Citigroup Trust.

     “Company” means the Person named as the “Company” in the first paragraph of this instrument
until a successor corporation shall have become such pursuant to the applicable provisions of this
Indenture, and thereafter “Company” shall mean such successor corporation.

     “Company Request” or “Company Order” means a written request or order signed in the name of
the Company by the Chief Executive Officer, the Chairman of the Board, the Chief Administrative
Officer, any Vice Chairman, the Chief Financial Officer, the Controller, the Chief Accounting
Officer, the Treasurer, any Assistant Treasurer, or a member of the Funding Committee of the
Company, and by its General Counsel and Corporate Secretary, or any Assistant Secretary of the
Company, and delivered to the Trustee.

     “Compounded Interest” has the meaning specified in Section 13.1.

     “Corporate Trust Office” means the office of the Trustee in the City of New York, New York at
which at any particular time its corporate trust business shall be principally administered, which
at the date hereof is located at 101 Barclay Street — 8W, New York, New York 10286, or such other
address as the Trustee may designate from time to time by notice to the Holders and the Company.

     “Coupon Rate” has the meaning specified in Section 3.10(a).

     “Covenant Defeasance” has the meaning specified in Section 4.3.

     “Declaration” means, with respect to a Citigroup Trust, the amended and restated declaration
of trust or any other governing instrument of such Citigroup Trust.

3

 

     “Default” has the meaning specified in Section 5.7.

     “Defaulted Interest” has the meaning specified in Section 3.7.

     “Defeasance” has the meaning specified in Section 4.2.

     “Deferred Interest” has the meaning specified in Section 13.1.

     “Delaware Trustee” has the meaning specified in the Declaration of the applicable Citigroup
Trust.

     “Depositary” means, with respect to Securities of any series issuable in whole or in part in
the form of one or more Global Securities, a clearing agency registered under the Exchange Act that
is designated to act as Depositary for such Securities as contemplated by Section 3.1.

     “Direct Action” has the meaning specified in Section 15.1.

     “Dissolution Event” means, with respect to a Citigroup Trust, that as a result of the
occurrence and continuation of an event set forth in the Declaration of that Citigroup Trust, such
Citigroup Trust is to be dissolved in accordance with its Declaration.

     “Distributions” on Trust Securities of a Citigroup Trust has the meaning set forth in the
Declaration of such Citigroup Trust.

     “Event of Default” has the meaning specified in Section 5.1.

     “Exchange Act” means the Securities Exchange Act of 1934 as amended from time to time, and any
successor legislation.

     “Extended Interest Payment Period” has the meaning specified in Section 13.1.

     “Federal Reserve” means either or both of the Board of Governors of the Federal Reserve System
and the Federal Reserve Bank of New York, or its successor as the Company’s primary federal banking
regulator.

     “Floating or Adjustable Rate Provision” means a formula or provision, specified in a Board
Resolution or an indenture supplemental hereto, providing for the determination, whether pursuant
to objective factors or pursuant to the sole discretion of any Person (including the Company), and
periodic adjustment of the interest rate per annum borne by a Floating or Adjustable Rate Security.

     “Floating or Adjustable Rate Security” means any Security which provides for interest to be
payable thereon at a rate per annum that may vary from time to time over the term thereof in
accordance with a Floating or Adjustable Rate Provision.

4

 

     “Global Security” means a Security that evidences all or part of the Securities of any series
and is authenticated and delivered to, and registered in the name of, the Depositary for such
Securities or a nominee thereof.

     “Holder” means a Person in whose name a Security is registered in the Security Register.

     “Indenture” means this instrument as originally executed or as it may from time to time be
supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the
applicable provisions hereof and shall include the terms of particular series of Securities
established as contemplated by Section 3.1.

     “Institutional Trustee” has the meaning set forth in the Declaration of the applicable
Citigroup Trust.

     “Interest Payment Date,” when used with respect to any Security, means the Stated Maturity of
an installment of interest on such Security.

     “Maturity,” when used with respect to any Security, means the date on which the principal of
such Security or an installment of principal becomes due and payable as therein or herein provided,
whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise.

     “Non Book-Entry Preferred Securities” has the meaning specified in Section 3.12(a)(ii).

     “Officers’ Certificate” means a certificate signed by the Chief Executive Officer, the
Chairman of the Board, the Chief Administrative Officer, any Vice Chairman, the Chief Financial
Officer, the Controller, the Chief Accounting Officer, the Treasurer, any Assistant Treasurer, or a
member of the Funding Committee of the Company, and by its General Counsel and Corporate Secretary,
or any

 Assistant Secretary of the Company, and delivered to the Trustee. The officer signing an
Officers’ Certificate pursuant to Section 10.4 shall be the principal executive, financial or
accounting officer of the Issuer or the Company, as the case may be.

     “Opinion of Counsel” means a written opinion of counsel, who may be counsel for the Company.

     “Outstanding,” when used with respect to Securities, means, as of the date of determination,
all Securities theretofore authenticated and delivered under this Indenture, except:

               (i) Securities theretofore cancelled by the Trustee or delivered to the Trustee for
cancellation;

               (ii) Securities for whose payment or redemption money in the necessary amount has been
theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set
aside and segregated in trust by the Company (if

5

 

the Company shall act as its own Paying Agent) for
the Holders of such Securities; provided that, if such Securities are to be redeemed, notice of
such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory
to the Trustee has been made; and

               (iii) Securities which have been paid pursuant to Section 3.6 or in exchange for or in lieu of
which other Securities have been authenticated and delivered pursuant to Section 3.6, other than
any such Securities in respect of which there shall have been presented to the Trustee proof
satisfactory to it that such Securities are held by a protected purchaser in whose hands such
Securities are valid obligations of the Company;

provided that in determining whether the Holders of the requisite principal amount of the
Outstanding Securities have given any request, demand, authorization, direction, notice, consent or
waiver hereunder, Securities owned by the Company or any other obligor upon the Securities or
(subject to Section 1.7) any Affiliate of the Company or of such other obligor shall be disregarded
and deemed not to be Outstanding; provided, however, that, in determining whether the Trustee shall
be protected in relying upon any such request, demand, authorization, direction, notice, consent or
waiver, only Securities which a Responsible Officer of the Trustee actually knows to be so owned
shall be so disregarded and provided, further, that Securities held by the Institutional Trustee
for the benefit of the holders of the Trust Securities shall not be so disregarded. Securities so
owned which have been pledged in good faith may be regarded as Outstanding if the pledgee
establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such
Securities and that the pledgee is not the Company or any other obligor upon the Securities or any
Affiliate of the Company or of such other obligor.

     “Paying Agent” means any Person authorized by the Company to pay the principal of (or premium,
if any) or interest on any Securities on behalf of the Company.

     “Person” means any individual, corporation, partnership, limited liability company, joint
venture, association, joint stock company, trust, unincorporated organization or government or any
agency or political subdivision thereof.

     “Place of Payment,” when used with respect to the Securities of any series, means the place or
places where the principal of (and premium, if any) and interest on the Securities of that series
are payable as specified as contemplated by Section 3.1.

     “Predecessor Security” of any particular Security means every previous Security evidencing all
or a portion of the same debt as that evidenced by such particular Security; and, for the purposes
of this definition, any Security authenticated and delivered under Section 3.6 in exchange for or
in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same
debt as the mutilated, destroyed, lost or stolen Security.

6

 

     “Preferred Securities” means undivided beneficial interests in the assets of a Citigroup Trust
which rank, except upon the occurrence and continuation of an Event of Default, pari passu with
Common Securities issued by such Citigroup Trust.

     “Preferred Security Certificate” has the meaning specified in the Declaration of the
applicable Citigroup Trust.

     “Private Placement Legend” has the meaning set forth in Section 2.2.

     “Redemption Date,” when used with respect to any Security to be redeemed, means the date fixed
for such redemption by or pursuant to this Indenture.

     “Redemption Option Date” means, with respect to a series of Securities, the date specified as
contemplated by Section 3.1 on or after which, from time to time, the Company, at its option, may
redeem such series of Securities in whole or in part.

     “Redemption Price,” when used with respect to any Security to be redeemed, means such
percentage of the principal amount of such Security that is specified pursuant to Section 3.1 plus
any accrued and unpaid interest thereon to the date of redemption.

     “Regular Record Date” for the interest payable on any Interest Payment Date on the Securities
of any series means the date specified as such pursuant to Section 3.1.

     “Regular Trustees” has the meaning set forth in the Declaration of the applicable Citigroup
Trust.

     “Responsible Officer” means, with respect to the Trustee, any officer within the Corporate
Trust Office of the Trustee having direct responsibility for the administration of this Indenture
and also means, with respect to a particular corporate trust matter, any other officer to whom such
matter is referred because of that officer’s knowledge of and familiarity with the particular
subject.

     “Securities” has the meaning stated in the first recital of this Indenture and more
particularly means any Securities authenticated and delivered under this Indenture.

     “Securities Act” means the Securities Act of 1933, as amended from time to time, or any
successor legislation.

     “Security Beneficial Owner” means, with respect to a Book Entry Interest, a person who is the
beneficial owner of such Book Entry Interest, as reflected on the books of the Depositary, or on
the books of a Person maintaining an account with such Depositary (directly as a Depositary
participant or as an indirect participant, in each case in accordance with the rules of the
Depositary).

     “Security Register” and “Security Registrar” have the respective meanings specified in Section
3.5.

7

 

     “Senior Indebtedness” means with respect to the Company: (i) the principal, premium, if any,
and interest in respect of (A) indebtedness of the Company for money borrowed and (B) indebtedness
evidenced by securities, notes, debentures, bonds or other similar instruments issued by the
Company, including, without limitation, all indebtedness (whether now or hereafter outstanding)
issued under the senior debt indenture, dated as of March 15, 1987, between the Company and The
Bank of New York Mellon (as successor trustee), as the same has been or may be amended, modified or
supplemented from time to time, and the Indenture, dated as of April 12, 2001, between the Company
and The Bank of New York Mellon (as successor trustee), as the same has been or may be amended,
modified or supplemented from time to time; (ii) all capital lease obligations of the Company;
(iii) all obligations of the Company issued or assumed as the deferred purchase price of property,
all conditional sale obligations of the Company and all obligations of the Company under any
conditional sale or title retention agreement (but excluding trade accounts payable in the ordinary
course of business); (iv) all obligations, contingent or otherwise, of the Company in respect of
any letters of credit, banker’s acceptance, security purchase facilities and similar credit
transactions; (v) all obligations of the Company in respect of interest rate swap, cap or other
agreements, interest rate future or options contracts, currency swap agreements, currency future or
option contracts and other similar agreements; (vi) all obligations of the type referred to in
clauses (i) through (v) of other Persons for the payment of which the Company is responsible or
liable as obligor, guarantor or otherwise (“guarantees”); and (vii) all obligations of the type
referred to in clauses (i) through (vi) of other Persons secured by any lien on any property or
asset of the Company (whether or not such obligation is assumed by the Company), except that Senior
Indebtedness does not include obligations in respect of (1) any indebtedness
issued under this Indenture; (2) any indebtedness issued to a Citigroup Trust Preferred Trust
under (x) the 1996 Junior Subordinated Debt Indenture or (y) the 2004 Junior Subordinated Debt
Indenture; (3) any guarantee entered into by the Company in respect of any preferred securities,
capital securities or preference stock of a Citigroup Trust or a Citigroup Trust Preferred Trust;
or (4) any indebtedness or any guarantee that is by its terms subordinated to, or ranks equally
with, the Securities and the issuance of which, in the case of this clause (4) only, (x) has
received the concurrence or approval of the Federal Reserve or its staff or (y) does not at the
time of issuance prevent the Securities from qualifying for tier 1 capital treatment (irrespective
of any limits on the amount of the Company’s tier 1 capital) under applicable capital adequacy
guidelines, regulations, policies, published interpretations, or any applicable concurrence or
approval of the Federal Reserve or its staff.

     “Special Event,” with respect to a Citigroup Trust, has the meaning specified in the
Declaration of such Citigroup Trust. 

     “Special Record Date” for the payment of any Defaulted Interest means a date fixed by the
Trustee pursuant to Section 3.7.

     “Stated Maturity,” when used with respect to any Security or any installment of principal
thereof or interest thereon, means the date specified in such Security as the fixed date on which
the principal of such Security or such installment of principal or interest is due and payable.

8

 

     “TARP” means the Troubled Asset Relief Program established under Section 101 of the Emergency
Economic Stabilization Act of 2008.

     “Tax Event,” with respect to a Citigroup Trust, has the meaning set forth in the Declaration
of the applicable Citigroup Trust.

     “Tax Event Opinion,” with respect to a Citigroup Trust, has the meaning set forth in the
Declaration of the applicable Citigroup Trust.

     “Transfer Certification”has the meaning set forth in Section 3.5.

     “Transfer Opinion” has the meaning set forth in Section 3.5.

     “Trust Indenture Act” means the Trust Indenture Act of 1939, as in force at the date as of
which this instrument was executed, except as provided in Section 9.5.

     “Trust Securities” means Common Securities and Preferred Securities of any Citigroup Trust.

     “Trustee” means the Person named as the “Trustee” in the first paragraph of this instrument
until a successor Trustee shall have become such pursuant to the applicable

 provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who
is then a Trustee hereunder, and if at any time there is more than one such Person, “Trustee” as
used with respect to the Securities of any series shall mean the Trustee with respect to Securities
of that series.

     “Underwriting Agreement” has the meaning set forth in the Declaration of the applicable
Citigroup Trust.

     “U.S. Government” means any of (i) the federal government of the United States of America,
(ii) any instrumentality or agency of the federal government of the United States of America and
(iii) any Person wholly-owned by, or the sole beneficiary of which is, the federal government of
the United States of America or any instrumentality or agency thereof.

     “U.S. Government Obligations” has the meaning specified in Section 4.4.

     “Vice President,” when used with respect to the Company or the Trustee, means any vice
president, whether or not designated by a number or a word or words added before or after the title
“vice president” and, with respect to the Company, any officer designated by the Board of Directors
as having the authority of a vice president under the Bylaws of the Company.

Section 1.2 Compliance Certificates and Opinions.

     Upon any application or request by the Company to the Trustee to take any action under any
provision of this Indenture, the Company shall furnish to the Trustee an Officers’ Certificate
stating that all conditions precedent, if any, provided for in this

9

 

Indenture relating to the
proposed action have been complied with and an Opinion of Counsel stating that in the opinion of
such counsel all such conditions precedent, if any, have been complied with, except that in the
case of any such application or request as to which the furnishing of such documents is
specifically required by any provision of this Indenture relating to such particular application or
request, no additional certificate or opinion need be furnished.

     Every certificate or opinion with respect to compliance with a condition or covenant provided
for in this Indenture (other than the Officers’ Certificate required by Section 10.4) shall
include,

     (1) a statement that each individual signing such certificate or opinion has read such
covenant or condition and the definitions herein relating thereto;

     (2) a brief statement as to the nature and scope of the examination or investigation
upon which the statements or opinions contained in such certificate or opinion are based;

     (3) a statement that, in the opinion of each such individual, he has made such
examination or investigation as is necessary to enable him to express
an informed opinion as to whether or not such covenant or condition has been complied
with; and

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

Section 1.3 Form of Documents Delivered to Trustee.

     In any case where several matters are required to be certified by, or covered by an opinion
of, any specified Person, it is not necessary that all such matters be certified by, or covered by
the opinion of, only one such Person, or that they be so certified or covered by only one document,
but one such Person may certify or give an opinion with respect to some matters and one or more
other such Persons as to other matters, and any such Person may certify or give an opinion as to
such matters in one or several documents.

     Any certificate or opinion of an officer of the Company may be based, insofar as it relates to
legal matters, upon a certificate or opinion of, or representations by, counsel, unless such
officer knows, or in the exercise of reasonable care should know, that the certificate or opinion
or representations with respect to the matters upon which his certificate or opinion is based are
erroneous. Any such certificate or Opinion of Counsel may be based, insofar as it relates to
factual matters, upon a certificate or opinion of, or representations by, an officer or officers of
the Company stating that the information with respect to such factual matters is in the possession
of the Company, unless such counsel knows, or in the exercise of reasonable care should know, that
the certificate or opinion or representations with respect to such matters are erroneous.

10

 

     Where any Person is required to make, give or execute two or more applications, requests,
consents, certificates, statements, opinions or other instruments under this Indenture, they may,
but need not, be consolidated and form one instrument.

Section 1.4 Acts of Holders; Record Dates.

     (a) Any request, demand, authorization, direction, notice, consent, waiver or other action
provided or permitted by this Indenture to be given or taken by Holders shall be embodied in and
evidenced by one or more instruments of substantially similar tenor signed by such Holders in
person or by an agent duly appointed in writing; and, except as herein otherwise expressly
provided, such action shall become effective when such instrument or instruments are delivered to
the Trustee and, where it is hereby expressly required, to the Company. Such instrument or
instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred
to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any
such instrument or of a writing appointing any such agent shall be sufficient for any purpose of
this Indenture and (subject to Section 6.1) conclusive in favor of the Trustee and the Company, if
made in the manner provided in this Section.

     (b) The fact and date of the execution by any Person of any such instrument or writing may be
proved by the affidavit of a witness of such execution or by a certificate of a notary public or
other officer authorized by law to take acknowledgments of deeds,
certifying that the individual signing such instrument or writing acknowledged to him the
execution thereof. Where such execution is by a signer acting in a capacity other than his
individual capacity, such certificate or affidavit shall also constitute sufficient proof of his
authority. The fact and date of the execution of any such instrument or writing, or the authority
of the Person executing the same, may also be proved in any other manner which the Trustee deems
sufficient.

     (c) The ownership of Securities shall be proved by the Security Register.

     (d) Any request, demand, authorization, direction, notice, consent, waiver or other Act of the
Holder of any Security shall bind every future Holder of the same Security and the Holder of every
Security issued upon the registration of transfer thereof or in exchange therefor or in lieu
thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company
in reliance thereon, whether or not notation of such action is made upon such Security.

Section 1.5 Notices, Etc., to Trustee and Company.

     Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or
other document provided or permitted by this Indenture to be made upon, given or furnished to, or
filed with,

     (1) the Trustee by any Holder or by the Company shall be sufficient for every purpose
hereunder if made, given, furnished or filed in writing to or with the Trustee at its
Corporate Trust Office, Attention: Corporate Trust

11

 

Administration; provided, however, that
such instrument will be considered properly given if submitted in an electronic format
acceptable to the Trustee, or

     (2) the Company by the Trustee or by any Holder shall be sufficient for every purpose
hereunder (unless otherwise herein expressly provided) if in writing and mailed,
first-class postage prepaid, to the Company addressed to it at the address of its principal
office specified in the first paragraph of this instrument or at any other address
previously furnished in writing to the Trustee by the Company; provided, however, that such
instrument will be considered properly given if submitted in an electronic format
acceptable to the Company.

Section 1.6 Notice to Holders; Waiver.

     Where this Indenture provides for notice to Holders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing and mailed,
first-class postage prepaid, to each Holder affected by such event, at his address as it appears in
the Security Register, not later than the latest date and not earlier than the earliest date,
prescribed for the giving of such notice. In any case where notice to Holders is given by mail,
neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular
Holder shall affect the sufficiency of such notice with respect to other Holders. Where this
Indenture provides for notice in any manner, such notice may be waived in writing by the Person
entitled to receive such notice, either before or after the event, and such waiver shall be the
equivalent of such notice. Waivers
of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition
precedent to the validity of any action taken in reliance upon such waiver.

     In case by reason of the suspension of regular mail service or by reason of any other cause it
shall be impracticable to give such notice by mail, then such notification as shall be made with
the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.

Section 1.7 Trust Indenture Act.

     (a) Except as otherwise expressly provided herein, the Trust Indenture Act shall apply as a
matter of contract to this Indenture for purposes of interpretation, construction and defining the
rights and obligations hereunder, and this Indenture, the Company and the Trustee shall be deemed
for all purposes hereof to be subject to and governed by the Trust Indenture Act to the same extent
as would be the case if this Indenture were qualified under that Act on the date of this Indenture;
provided, however, that Securities held by the U.S. Government shall not be disregarded under the
terms of the final paragraph of Section 316(a) of the Trust Indenture Act.

     (b) Upon and following qualification of this Indenture as an indenture under the Trust
Indenture Act, this Indenture shall be subject to the provisions of the Trust Indenture Act that
are required to be part of this Indenture and shall, to the extent applicable, be governed by such
provisions, subject to any applicable exemptive order

12

 

issued by the Commission, including any such
order addressing the final paragraph of Section 316(a) of the Trust Indenture Act.

Section 1.8 Effect of Headings and Table of Contents.

     The Article and Section headings herein and the Table of Contents are for convenience only and
shall not affect the construction hereof.

Section 1.9 Successors and Assigns.

     All covenants and agreements in this Indenture by the Company shall bind its successors and
assigns, whether so expressed or not.

Section 1.10 Separability Clause.

     In case any provision in this Indenture or in the Securities shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.

Section 1.11 Benefits of Indenture.

     Nothing in this Indenture or in the Securities, express or implied, shall give to any Person,
other than the parties hereto and their successors hereunder, the holders of Senior Indebtedness
and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture.

Section 1.12 Governing Law; Waiver of Trial by Jury.

     This Indenture and the Securities shall be governed by, and construed and interpreted in
accordance with, the laws of the State of New York, and all rights and remedies shall be governed
by such laws without regard for the principles of its conflicts of laws. EACH OF THE COMPANY AND
THE TRUSTEE IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL
RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE OR THE
TRANSACTIONS CONTEMPLATED HEREBY.

Section 1.13 Legal Holidays.

     In any case where any Interest Payment Date, Redemption Date or Stated Maturity of any
Security shall not be a Business Day at any Place of Payment, then (notwithstanding any other
provision of this Indenture or of the Securities) payment of interest or principal (and premium, if
any) need not be made at such Place of Payment on such date, but may be made on the next succeeding
Business Day at such Place of Payment with the same force and effect as if made on the Interest
Payment Date or Redemption Date, or at the Stated Maturity, provided that no interest shall accrue
for the period from and after such Interest Payment Date, Redemption Date or Stated Maturity, as
the case may be, except that, if such Business Day is in the next succeeding calendar

13

 

year, such
payment shall be made on the immediately preceding Business Day, in each case with the same force
and effect as if made on such date.

Section 1.14 Tax Characterization.

     The Company, the Trustee and each Holder of a Security (by acceptance thereof) agrees to treat
the Securities as debt instruments for United States federal, state and local income and franchise
tax purposes and agrees not to take any contrary position before any taxing authority or on any tax
return unless otherwise required by law.

ARTICLE II

Security Forms

Section 2.1 Forms Generally.

     The Securities of each series shall be in substantially the form set forth in this Article, or
in such other form as shall be established by or pursuant to a Board Resolution or in one or more
indentures supplemental hereto, in each case with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this Indenture, and may have
such letters, numbers or other marks of identification and such legends or endorsements placed
thereon as may be required to comply with the rules of any securities exchange or Depositary
therefor or as may, consistently herewith, be determined by the officers executing such Securities,
as evidenced by their execution of such Securities. If the form of Securities of any series is
established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such
action shall be certified by the Secretary or an Assistant Secretary of the Company and delivered
to the Trustee at or prior to the delivery of the Company Order contemplated by Section 3.3 for the
authentication and delivery of such Securities.

     The Trustee’s certificates of authentication shall be in substantially the form set forth in
this Article.

     The definitive Securities may be produced in any manner as determined by the officers
executing such Securities, as evidenced by their execution of such Securities.

Section 2.2 Form of Face of Security.

     [If the Security is to be a Global Security, insert: 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. 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 no transfer of this Security (other than a transfer of this Security as a whole
by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the
Depositary or another nominee of the Depositary) may be registered except in limited circumstances.

14

 

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

     [If the Security is issued pursuant to an exemption from registration under the Securities
Act, insert a legend substantially to the following effect (the “Private Placement Legend”), unless
the Company shall determine, in accordance with applicable law, that such legend is inapplicable.
If a Security that includes such legend (i) becomes registered under the Securities Act or (ii) is
eligible to be transferred without restriction
in accordance with Rule 144 or another exemption from registration under the Securities Act
(other than Rule 144A), it shall be exchanged upon surrender in accordance with Section 3.5 at the
option of the Holder for a Security that does not include such legend:

     THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE
TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING THERETO
IS IN EFFECT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM
REGISTRATION UNDER SUCH ACT OR SUCH LAWS. EACH PURCHASER OF THE SECURITIES REPRESENTED BY THIS
INSTRUMENT IS NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM SECTION 5 OF THE
SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. ANY TRANSFEREE OF THE SECURITIES REPRESENTED BY
THIS INSTRUMENT BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT IT IS A “QUALIFIED INSTITUTIONAL
BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT), (2) AGREES THAT IT WILL NOT OFFER, SELL
OR OTHERWISE TRANSFER THE SECURITIES REPRESENTED BY THIS INSTRUMENT EXCEPT (A) PURSUANT TO A
REGISTRATION STATEMENT WHICH IS THEN EFFECTIVE UNDER THE SECURITIES ACT, (B) FOR SO LONG AS THE
SECURITIES REPRESENTED BY THIS INSTRUMENT ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A
PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER
THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE
144A, (C) TO THE ISSUER OR (D) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THE
SECURITIES REPRESENTED BY THIS INSTRUMENT ARE TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF
THIS LEGEND.]

15

 

No.                     

CITIGROUP INC.

[Insert title of series of Security]

     CITIGROUP INC., a Delaware corporation (the “Company,” which term includes any successor
corporation under the Indenture hereinafter referred to), for value received, hereby promises to
pay to
                     or registered assigns, the principal sum of                      Dollars ($                    ) on
                    , ___, and to pay interest on said principal sum from                     , ___, or
from the most recent interest payment date (each such date, an “Interest Payment Date”) to which
interest has been paid or duly provided for, [quarterly] [(subject to deferral as set forth
herein)] in arrears
on [            
        ,                     ,                      and                      ] of each year commencing
                    , ___, at [If the Security is to bear interest at a fixed rate, insert -a rate of
___% per annum,] [If the Security is a Floating or Adjustable Rate Security, insert a rate of ___%
per annum [computed-determined] in accordance with the [insert defined name of Floating or
Adjustable Rate Provision] set forth below] until the principal hereof shall have become due and
payable, and on any overdue principal and premium, if any, and (without duplication and to the
extent that payment of such interest is enforceable under applicable law) on any overdue
installment of interest at the same rate per annum compounded [quarterly]. The amount of interest
payable on any Interest Payment Date shall be computed on the basis of a 360-day year of twelve
30-day months. In the event that any date on which interest is payable on this Security is not a
Business Day, then payment of interest payable on such date will be made on the next succeeding day
that is a Business Day (and without any interest or other payment in respect of any such delay),
except that, if such Business Day is in the next succeeding calendar year, such payment shall be
made on the immediately preceding Business Day, in each case with the same force and effect as if
made on such date. The interest installment so payable, and punctually paid or duly provided for,
on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose
name this Security (or one or more Predecessor Securities, as defined in said Indenture) is
registered at the close of business on the regular record date for such interest installment, which
shall be the close of business on the Business Day next preceding such Interest Payment Date, [if
pursuant to the provisions of the Indenture the Securities are no longer represented by a Global
Security: which shall be the close of business on the
___ Business Day next preceding such Interest
Payment Date.] Any such interest installment not punctually paid or duly provided for shall
forthwith cease to be payable to the registered Holders on such regular record date and may be paid
to the Person in whose name this Security (or one or more Predecessor Securities) is registered at
the close of business on a special record date to be fixed by the Trustee for the payment of such
defaulted interest, notice whereof shall be given to the registered Holders of this series of
Securities not less than 10 days prior to such special record date, or may be paid at any time in
any other lawful manner not inconsistent with the requirements of any securities exchange on which
the Securities may be listed, and upon such notice as may be required by such exchange, all as more
fully provided in the Indenture. Payments on this Global Security will be made to the Depository
Trust Company, or to a successor Depositary. [If pursuant to the provisions

16

 

of the Indenture the
Securities are no longer represented by a Global Security: The principal of (and premium, if any)
and the interest on this Security shall be payable at the office or agency of the Trustee
maintained for that purpose in any coin or currency of the United States of America that at the
time of payment is legal tender for payment of public and private debts; provided, however, that
payment of interest may be made at the option of the Company by check mailed to the registered
Holder at such address as shall appear in the Security Register. Notwithstanding the foregoing, so
long as the Holder of this Security is the Institutional Trustee of a Citigroup Trust, the payment
of the principal of (and premium, if any) and interest on this Security will be made at such place
and to such account as may be designated by such Institutional Trustee.]

     The Securities are not deposits or savings accounts. The Securities are not insured by the
Federal Deposit Insurance Corporation or any other governmental agency or instrumentality.

     [At this point in the Security Form of any series of Floating or Adjustable Rate Securities,
the text of the Floating or Adjustable Rate Provision relating thereto should be inserted.]

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

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

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

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

Dated:                     

17

 

	 	 	 	 	 
	 	CITIGROUP INC.

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

Section 2.3 Form of Reverse of Security.

     This Security is one of a duly authorized series of securities of the Company (herein
sometimes referred to as the “Securities”), specified in the Indenture, all issued or to be issued
in one or more series under and pursuant to an Indenture dated as of July 30, 2009 (the
“Indenture”), duly executed and delivered between the Company and The Bank of New York Mellon, as
Trustee (the “Trustee”), to which Indenture and all indentures supplemental thereto reference is
hereby made for a description of the respective rights, limitations of rights, obligations, duties
and immunities thereunder of the Trustee, the Company and the Holders of the Securities. By the
terms of the Indenture, the Securities are issuable in series that may vary as to amount, date of
maturity, rate of interest and in other respects as provided in the Indenture. This series of
Securities is limited in aggregate principal amount to $                     (, plus up to an additional $
                     aggregate principal amount which may be issued upon exercise of the over-allotment
option contemplated by the Underwriting Agreement).

     Because of the occurrence and continuation of a Tax Event, in certain circumstances, this
Security may become due and payable at [specify redemption prices] % of the principal amount
thereof, together with any interest accrued thereon (the “Redemption Price”). The Redemption Price
shall be paid prior to 12:00 noon, New York City time, on the date of such redemption or at such
earlier time as the Company determines. The Company shall have the right to redeem this Security
at the option of the Company, without premium or penalty, in whole or in part at any time on or
after ___, ___(an “Optional Redemption”), or at any time in certain circumstances upon the
occurrence of a Tax Event, at a redemption price equal to (specify redemption prices) % of the
principal amount thereof, plus any accrued but unpaid interest to the date of such redemption (the
“Optional Redemption Price”). Any redemption pursuant to this paragraph will be made upon not less
than 30 days nor more than 60 days notice, at the Optional Redemption Price. If the Securities are
only partially redeemed by the Company pursuant to an Optional Redemption, the Securities will be
redeemed pro rata or by lot or by any other method utilized by the Trustee; provided that if, at
the time of redemption, the Securities are registered as a Global Security, the Depositary shall
determine the principal amount of such Securities held by each Security Beneficial Owner to be
redeemed in accordance with its procedures.

     Any redemption of the Securities of this series, in whole or in part, prior to the stated
maturity date is subject to the prior concurrence or approval of the Federal Reserve

18

 

or its staff,
(i) if such concurrence or approval is then required in order for securities such as the Securities
to qualify as tier 1 capital under applicable capital adequacy guidelines, regulations, policies,
published interpretations, or any applicable concurrence or approval of the Federal Reserve or its
staff, or (ii) if the Federal Reserve or its staff has informed the Company that it must obtain
such approval before redeeming the Securities.

     [The Securities of this series are subject to redemption upon not less than 30 days’ nor, more
than 60 days’ notice by mail, (1) on
                     in any year commencing with the year ___ and ending
with the year ___ through operation of the sinking fund for

 this series at a Redemption Price of ___, (2) at any time [on or after                     , ___, as a
whole or in part, at the election of the Company, at the following Redemption Prices (expressed as
percentages of the principal amount): If redeemed [on or before ___, ___, and if redeemed during
the 12-month period beginning                      of the years indicated, and thereafter at a Redemption
Price equal to ___% of the principal amount, together in the case of any such redemption (whether
through operation of the sinking fund or otherwise) with accrued interest to the Redemption Date,
but interest installments whose Stated Maturity is on or prior to such Redemption Date will be
payable to the Holders of such Securities, or one or more Predecessor Securities, of record at the
close of business on the relevant Record Dates referred to on the face hereof, all as provided in
the Indenture.]

     [Notwithstanding the foregoing, the Company may not, prior to ___, redeem any Securities of
this series as contemplated by Clause (2) of the preceding paragraph as a part of, or in
anticipation of, any refunding operation by the application, directly or indirectly, of monies
borrowed having an interest cost to the Company (calculated in accordance with generally accepted
financial practice) of less than ___% per annum.]

     [The sinking fund for this series provides for the redemption on                      in each year
beginning with the year                      and ending with the year                      of [not less than] $                    
(“mandatory sinking fund”) and not more than
$                     aggregate principal amount of Securities of
this series. Securities of this series acquired or redeemed by the Company otherwise than through
[mandatory] sinking fund payments may be credited against subsequent [mandatory] sinking fund
payments otherwise required to be made in the [inverse] order in which they become due.]

     In the event of redemption of this Security in part only, a new Security or Securities of this
series for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the
cancellation hereof.

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

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

19

 

execute supplemental
indentures for the purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of the Indenture or of any supplemental indenture or of modifying in any manner
the rights of the Holders of the Securities; provided, however, that no such supplemental indenture
shall (i) extend the fixed maturity of any Securities of any series, or reduce the principal amount
thereof, or reduce the rate or extend the time of payment of interest thereon, or reduce any
premium payable upon the redemption thereof, without the consent of the Holder of each Security so
affected, or (ii) reduce the aforesaid percentage of Securities, the Holders of which are
required to consent to any such supplemental indenture, without the consent of the Holders of
each Security then outstanding and affected thereby. The Indenture also contains provisions
permitting the Holders of a majority in aggregate principal amount of the Securities of any series
at the time outstanding affected thereby, on behalf of all of the Holders of the Securities of such
series, to waive any past default in the performance of any of the covenants contained in the
Indenture, or established pursuant to the Indenture with respect to such series, and its
consequences, except a default in the payment of the principal of or premium, if any, or interest
on any of the Securities of such series. Any such consent or waiver by the registered Holder of
this Security (unless revoked as provided in the Indenture) shall be conclusive and binding upon
such Holder and upon all future Holders and owners of this Security and of any Security issued in
exchange herefor or in place hereof (whether by registration of transfer or otherwise),
irrespective of whether or not any notation of such consent or waiver is made upon this Security.

     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, which is absolute and unconditional, to pay
the principal of and premium, if any, and interest on this Security at the time and place and at
the rate and in the money herein prescribed.

     The Company shall have the right at any time during the term of the Securities and from time
to time to extend the interest payment period of such Securities for up to 20 consecutive quarters
(an “Extended Interest Payment Period”), at the end of which period the Company shall pay all
interest then accrued and unpaid (together with interest thereon at the rate specified for the
Securities to the extent that payment of such interest is enforceable under applicable law);
provided, that no such Extended Interest Payment Period shall extend beyond the maturity of the
Securities; and provided further that during any such Extended Interest Payment Period (a) the
Company and any subsidiary of the Company shall not declare or pay any dividend on, make any
distributions with respect to, or redeem, purchase, acquire or make a liquidation payment with
respect to, any of the Company’s capital stock or make any guarantee payment with respect thereto
(other than (i) purchases, redemptions or other acquisitions of shares of capital stock of the
Company in connection with any employment contract, benefit plan or other similar arrangement with
or for the benefit of employees, officers, directors or consultants, (ii) purchases of shares of
common stock of the Company pursuant to a contractually binding requirement to buy stock entered
into in the ordinary course of business and existing prior to the commencement of the Extended
Interest Payment Period, including under a contractually binding stock repurchase plan, (iii) as a
result of an exchange or conversion of any class or series of the Company’s capital stock for any
other class or series of the
Company’s capital stock, (iv) the purchase of fractional interests in
shares of the

20

 

Company’s capital stock pursuant to the conversion or exchange provisions of such
capital stock or the security being converted or exchanged, or (v) the purchase of capital stock of
the Company by a broker-dealer subsidiary of the Company for resale pursuant to an offering by the
Company underwritten by such broker-dealer subsidiary, (vi) purchases or other acquisitions by a
broker-dealer subsidiary of the Company solely for the purpose of market-making, stabilization or
customer facilitation transactions in the ordinary course of its business, or (vii) the acquisition
of record ownership of the capital stock of the Company or any Affiliate of the Company for the
beneficial ownership of
any other Persons (other than the Company or any other subsidiary of the Company), including
as trustees or custodians), and (b) the Company and any subsidiary of the Company shall not make
any payment of interest on or principal of (or premium, if any, on), or repay, repurchase or
redeem, any debt securities or guarantees issued by the Company which rank pari passu with or
junior to the Securities. The foregoing, however, will not apply to any stock dividends paid by
the Company where the dividend stock is the same stock as that on which the dividend is being paid.
Before the termination of any such Extended Interest Payment Period, the Company may further
extend such Extended Interest Payment Period, provided that such Extended Interest Payment Period
together with all such further extensions thereof shall not exceed 20 consecutive quarters and
shall not extend beyond the maturity of the Securities. At the termination of any such Extended
Interest Payment Period and upon the payment of all accrued and unpaid interest and any additional
amounts then due, the Company may commence a new Extended Interest Payment Period.

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

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

     No recourse shall be had for the payment of the principal of or the interest on this Security,
or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the
Indenture, against any incorporator, stockholder, officer or director, past,

21

 

present or future, as
such, of the Company or of any predecessor or successor corporation, whether by virtue of any
constitution, statute or rule of law, or by the enforcement of any assessment or penalty or
otherwise, all such liability being, by the acceptance hereof and as part of the consideration for
the issuance hereof, expressly waived and released.

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

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

Section 2.4 Form of Trustee’s Certificate of Authentication.

CERTIFICATE OF AUTHENTICATION

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

THE BANK OF NEW YORK MELLON,

     as Trustee

By:                                         

     Authorized Signatory

Dated:                     

ARTICLE III

The Securities

Section 3.1 Amount Unlimited; Issuable in Series.

     The aggregate principal amount of Securities which may be authenticated and delivered under
this Indenture is unlimited.

     The Securities may be issued in one or more series. There shall be established in or pursuant
to a Board Resolution, and set forth in an Officers’ Certificate, or established in one or more
indentures supplemental hereto, prior to the issuance of Securities of any series:

22

 

     (1) the title of the Securities of the series (which shall distinguish the Securities
of the series from all Securities of any other series);

     (2) the date or dates on which the principal of the Securities of the series is
payable, and, if applicable to the series, the terms of any sinking fund obligations with
respect to such series;

     (3) the rate or rates at which the Securities of the series shall bear interest or the
Floating or Adjustable Rate Provision, pursuant to which such rates shall be determined,
the date or dates from which any such interest shall accrue, the Interest Payment Dates on
which any such interest shall be payable and the Regular Record Date for the interest
payable on any Interest Payment Date (if such Interest Payment Dates or Regular Record
Dates differ from those provided herein);

     (4) the place or places where the principal of (and any premium, if any) and interest
on Securities of the series shall be payable;

     (5) in addition to the redemption rights provided herein, the period or periods within
which (including the Redemption Option Date for the series) and the price or prices at
which any Securities of the series may be redeemed, in whole or in part, at the option of
the Company;

     (6) if other than denominations of $25 and any integral multiple thereof, the
denominations in which Securities of the series shall be issuable;

     (7) any other defaults applicable with respect to the Securities of the series in
addition to those provided in Section 5.7(a) through (f);

     (8) any other covenant or warranty included for the benefit of Securities of the
series in addition to (and not inconsistent with) those included in this Indenture for the
benefit of Securities of all series, or any other covenant or warranty included for the
benefit of Securities of the series in lieu of any covenant or warranty included in this
Indenture for the benefit of Securities of all series, or any provision that any covenant
or warranty included in this Indenture for the benefit of Securities of all series shall
not be for the benefit of Securities of the series, or any combination of such covenants,
warranties or provisions;

     (9) the subordination terms of the Securities of the series;

     (10) the provisions of this Indenture, if any, that shall not apply to the series; and

     (11) any other terms of the series (which additional terms shall not be inconsistent
with the provisions of this Indenture).

     All Securities of any one series shall be substantially identical except as to denomination
and except as may otherwise be provided in or pursuant to such Board

23

 

Resolution and set forth, or
determined in the manner provided, in the Officers’ Certificate referred to above or in any such
indenture supplemental hereto.

     If any of the terms of the Securities of a series are established by action taken pursuant to
a Board Resolution, a copy of an appropriate record of such action shall be certified by the
Secretary or an Assistant Secretary of the Company and delivered to the
Trustee at or prior to the delivery of the Officers’ Certificate setting forth the terms of
the Securities of such series.

Section 3.2 Denominations.

     The Securities of each series shall be issuable in registered form without coupons and in such
denominations as shall be specified as contemplated by Section 3.1. In the absence of any such
provisions with respect to the Securities of any series, the Securities of such series shall be
issuable in denominations of $25 and any integral multiple thereof.

Section 3.3 Execution, Authentication, Delivery and Dating.

     The Securities shall be executed on behalf of the Company by its Chief Executive Officer, its
Chairman of the Board, its Chief Administrative Officer, any Vice Chairman, its Chief Financial
Officer, its Controller, its Chief Accounting Officer, its Treasurer or any Assistant Treasurer,
under its corporate seal reproduced thereon attested by (x) its General Counsel and Corporate
Secretary or (y) one of its Assistant Secretaries. The signature of any of these officers on the
Securities may be manual or facsimile.

     Securities bearing the manual or facsimile signatures of individuals who were at any time the
proper officers of the Company shall bind the Company, notwithstanding that such individuals or any
of them have ceased to hold such offices prior to the authentication and delivery of such
Securities or did not hold such offices at the date of such Securities.

     At any time and from time to time after the execution and delivery of this Indenture, the
Company may deliver Securities of any series executed by the Company to the Trustee for
authentication, together with a Company Order for the authentication and delivery of such
Securities, and the Trustee in accordance with the Company Order shall authenticate and deliver
such Securities. If the form or terms of the Securities of the series have been established in or
pursuant to one or more Board Resolutions as permitted by Sections 2.1 and 3.1, in authenticating
such Securities, and accepting the additional responsibilities under this Indenture in relation to
such Securities, the Trustee shall be given, at the time of the initial delivery by the Company of
Securities of such series to the Trustee for authentication, and (subject to Section 6.1) shall be
fully protected in relying upon, an Opinion of Counsel stating,

     (1) if the form of such Securities has been established by or pursuant to Board
Resolution as permitted by Section 2.1, that such form has been established in conformity
with the provisions of this Indenture;

24

 

     (2) if the terms of such Securities have been established by or pursuant to Board
Resolution as permitted by Section 3.1, that such terms have been established in conformity
with the provisions of this Indenture; and

     (3) that such Securities, when authenticated and delivered by or on behalf of the
Trustee and issued by the Company in the manner and subject to any conditions specified in
such Opinion of Counsel, will constitute valid and legally
binding obligations of the Company enforceable in accordance with their terms, subject
to bankruptcy, insolvency, reorganization, and other laws of general applicability relating
to or affecting the enforcement or creditors’ rights and to general equity principles.

If such form or terms have been so established, the Trustee shall not be required to authenticate
such Securities if the issue of such Securities pursuant to this Indenture will affect the
Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in
a manner which is not reasonably acceptable to the Trustee.

     Each Security shall be dated the date of its authentication.

     No Security shall be entitled to any benefit under this Indenture or be valid or obligatory
for any purpose unless there appears on such Security a certificate of authentication substantially
in the form provided for herein executed by the Trustee by manual signature, and such certificate
upon any Security shall be conclusive evidence, and the only evidence, that such Security has been
duly authenticated and delivered hereunder and is entitled to the benefits of this Indenture.

Section 3.4 Temporary Securities.

     Pending the preparation of definitive Securities of any series, the Company may execute, and
upon receipt of a Company Order the Trustee shall authenticate and deliver, temporary Securities
which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized
denomination, substantially of the tenor of the definitive Securities in lieu of which they are
issued and with such appropriate insertions, omissions, substitutions and other variations as the
directors or officers executing such Securities may determine, as evidenced by their execution of
such Securities.

     If temporary Securities of any series are issued, the Company will cause definitive Securities
of that series to be prepared without unreasonable delay. After the preparation of definitive
Securities of such series, the temporary Securities of such series shall be exchangeable for
definitive Securities of such series upon surrender of the temporary Securities of such series at
the office or agency of the Company in a Place of Payment for Securities of that series, without
charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of
any series the Company shall execute and the Trustee shall authenticate and deliver in exchange
therefor a like aggregate principal amount of definitive Securities of the same series and of like
tenor of authorized denominations. Until so exchanged, the temporary Securities of any series
shall in all

25

 

respects be entitled to the same benefits under this Indenture as definitive
Securities of such series.

Section 3.5 Registration, Registration of Transfer and Exchange.

     The Company shall cause to be kept at the Corporate Trust Office of the Trustee a register
(the register maintained in such office and in any other office or agency of the Company in a Place
of Payment being herein sometimes collectively referred to as the “Security Register”) in which,
subject to such reasonable regulations as it may prescribe,
the Company shall provide for the registration of Securities, or of Securities of a particular
series, and of transfers of Securities or of Securities of such series. The Trustee is hereby
appointed “Security Registrar” for the purpose of registering Securities and transfers of
Securities as herein provided.

     Subject to Section 3.11, upon surrender for registration of transfer of any Security of any
series at the office or agency of the Company in a Place of Payment for Securities of that series,
the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Securities of like tenor of the same series,
of any authorized denominations and of a like aggregate principal amount.

     Subject to Section 3.11, at the option of the Holder, Securities of any series may be
exchanged for other Securities of like tenor of the same series, of any authorized denominations
and of a like aggregate principal amount, upon surrender of the Securities to be exchanged at such
office or agency. Whenever any Securities are so surrendered for exchange, the Company shall
execute, and the Trustee shall authenticate and deliver, the Securities which the Holder making the
exchange is entitled to receive.

     All Securities issued upon any registration of transfer or exchange of Securities shall be the
valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under
this Indenture, as the Securities surrendered upon such registration of transfer or exchange.

     Every Security presented or surrendered for registration of transfer or for exchange shall (if
so required by the Company or the Trustee) be duly endorsed, or be accompanied by a written
instrument of transfer in form satisfactory to the Company and the Security Registrar, duly
executed by the Holder thereof or his attorney duly authorized in writing.

     No service charge shall be made for any registration of transfer or exchange of Securities,
but the Company or the Trustee may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any registration of transfer or exchange
of Securities, other than exchanges pursuant to Section 3.4, 9.6 or 11.7 not involving any
transfer.

     The Company shall not be required (i) to issue, register the transfer of or exchange any
Security of any series during a period beginning at the opening of business 15 days before the day
of the mailing of a notice of redemption of Securities of such

26

 

series selected for redemption under
Section 11.3 and ending at the close of business on the day of such mailing, or (ii) to register
the transfer of or exchange any Security so selected for redemption in whole or in part, except the
unredeemed portion of any Security being redeemed in part.

     Subject to this Section 3.5, Securities shall be freely transferable, subject to compliance
with the Securities Act. Subject to the last sentence of this Section 3.5, if a Security bears a
Private Placement Legend, such Security (x) may be transferred to a
Person or Persons who take delivery thereof in the form of a Security bearing a Private
Placement Legend only if the Security Registrar receives (A) an appropriately completed certificate
of transfer in the form attached hereto as Exhibit A and (B) if applicable, a certificate
substantially in the form attached hereto as Exhibit B (each, a “Transfer Certification”); and (y)
may be transferred to a Person or Persons who take delivery thereof in the form of a Security not
bearing a Private Placement Legend, or may be exchanged for a Certificate not bearing a Private
Placement Legend, only if the Security Registrar has previously received an opinion of counsel in
form reasonably acceptable to the Company to the effect that the Securities are eligible to be
transferred without restriction (a “Transfer Opinion”). The Trustee and the Security Registrar
shall have no obligation or duty to monitor, determine or inquire as to compliance with any
restrictions on transfer or exchange imposed under this Indenture or under applicable law with
respect to any transfer or exchange of any interest in any Security (including any transfers
between or among Depositary participants, members or beneficial owners in any Global Security)
other than to require delivery of such certificates and other documentation or evidence as are
expressly required by, and to do so if and when expressly required by, the terms of this Indenture,
and to examine the same to determine substantial compliance as to form with the express
requirements hereof. At such time as the Company shall determine, in accordance with applicable
law, that the Securities are no longer required to bear the Private Placement Legend, the Company
shall deliver to the Trustee a Transfer Opinion, and no Transfer Certification shall be required as
a condition to any subsequent transfer of any Security.

Section 3.6 Mutilated, Destroyed, Lost and Stolen Securities.

     If any mutilated Security is surrendered to the Trustee, the Company shall execute and the
Trustee shall authenticate and deliver in exchange therefor a new Security of the same series and
of like tenor and principal amount and bearing a number not contemporaneously outstanding.

     If there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction
of the destruction, loss or theft of any Security and (ii) such security or indemnity as may be
required by them to save each of them and any agent of either of them harmless, then, in the
absence of notice to the Company or the Trustee that such Security has been acquired by a protected
purchaser, the Company shall execute and upon its written request the Trustee shall authenticate
and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of the same
series and of like tenor and principal amount and bearing a number not contemporaneously
outstanding.

27

 

     In case any such mutilated, destroyed, lost or stolen Security has become or is about to
become due and payable, the Company in its discretion may, instead of issuing a new Security, pay
such Security.

     Upon the issuance of any new Security under this Section, the Company may require the payment
of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation
thereto and any other expenses (including the fees and expenses of the Trustee) connected
therewith.

     Every new Security of any series issued pursuant to this Section in lieu of any destroyed,
lost or stolen Security shall constitute an original additional contractual obligation of the
Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by
anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately
with any and all other Securities of that series duly issued hereunder.

     The provisions of this Section are exclusive and shall preclude (to the extent lawful) all
other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost
or stolen Securities.

Section 3.7 Payment of Interest; Interest Rights Preserved.

     Interest on any Security which is payable, and is punctually paid or duly provided for, on any
Interest Payment Date shall be paid to the Person in whose name that Security (or one or more
Predecessor Securities) is registered at the close of business on the Regular Record Date for such
interest.

     Interest on any Security of any series which is payable, but is not punctually paid or duly
provided for, on any Interest Payment Date (herein called “Defaulted Interest”) shall forthwith
cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such
Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as
provided in clause (1) or (2) below:

     (1) The Company may elect to make payment of any Defaulted Interest to the Persons in
whose names the Securities of such series (or their respective Predecessor Securities) are
registered at the close of business on a Special Record Date for the payment of such
Defaulted Interest, which shall be fixed in the following manner. The Company shall notify
the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each
Security of such series and the date of the proposed payment, and at the same time the
Company shall deposit with the Trustee an amount of money equal to the aggregate amount
proposed to be paid in respect of such Defaulted Interest or shall make arrangements
satisfactory to the Trustee for such deposit prior to the date of the proposed payment,
such money when deposited to be held in trust for the benefit of the Persons entitled to
such Defaulted Interest as in this Clause provided. Thereupon the Trustee shall fix a
Special Record Date for the payment of such Defaulted Interest which shall be not more than
15 days and not less than 10 days

28

 

prior to the date of the proposed payment and not less
than 10 days after the receipt by the Trustee of the notice of the proposed payment. The
Trustee shall promptly notify the Company of such Special Record Date and, in the name and
at the expense of the Company, shall cause notice of the proposed payment of such Defaulted
Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to
each Holder of Securities of such series at his address as it appears in the Security
Register, not less than 10 days prior to such Special Record Date. Notice of the proposed
payment of such Defaulted Interest and the Special Record Date therefor having been so
mailed, such Defaulted Interest shall
be paid to the Persons in whose names the Securities of such series (or their
respective Predecessor Securities) are registered at the close of business on such Special
Record Date and shall no longer be payable pursuant to the following clause (2).

     (2) The Company may make payment of any Defaulted Interest on the Securities of any
series in any other lawful manner not inconsistent with the requirements of any securities
exchange on which such Securities may be listed, and upon such notice as may be required by
such exchange, if, after written notice given by the Company to the Trustee of the proposed
payment pursuant to this Clause, such manner of payment shall be deemed practicable by the
Trustee in its sole discretion.

     Subject to the foregoing provisions of this Section, each Security delivered under this
Indenture upon registration of transfer of or in exchange for or in lieu of any other Security
shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such
other Security.

     For the purposes of determining the Holders who are entitled to participate in any
distribution on the Securities in respect of which a Regular Record Date or a Special Record Date
is not otherwise provided for in this Indenture, or for the purpose of any other action (unless
provided for pursuant to Section 3.1), the Company may from time to time fix a date, not more than
90 days prior to the date of the payment of distribution or other action, as the case may be, as a
record date for the determination of the identity of the Holders of record for such purposes.

Section 3.8 Persons Deemed Owners.

     The Company, the Trustee and any agent of the Company or the Trustee may treat the Person in
whose name any Security is registered as the owner of such Security for the purpose of receiving
payment of principal of (and premium, if any) and (subject to Section 3.7) interest on such
Security and for all other purposes whatsoever, whether or not such Security be overdue, and
neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by
notice to the contrary.

29

 

Section 3.9 Cancellation.

     All Securities surrendered for payment, redemption, registration of transfer or exchange or
for credit against any sinking fund payment shall, if surrendered to any Person other than the
Trustee, be delivered to the Trustee and shall be promptly cancelled by it. The Company may at any
time deliver to the Trustee for cancellation any Securities previously authenticated and delivered
hereunder which the Company may have acquired in any manner whatsoever, and all Securities so
delivered shall be promptly cancelled by the Trustee. No Securities shall be authenticated in lieu
of or in exchange for any Securities cancelled as provided in this Section, except as expressly
permitted by this Indenture. Unless otherwise directed by a Company Order, delivery of which must
be delivered in a timely manner to prevent such disposition, all cancelled Securities held by the
Trustee shall be disposed of by it
in its customary manner, and the Trustee, upon receipt of a written request of the Company,
shall deliver a certificate of such disposal to the Company.

Section 3.10 Interest.

     (a) Each Security will bear interest at the rate established for the series of Securities of
which such Security is a part pursuant to Section 3.1 (the “Coupon Rate”) from and including the
original date of issuance of such Security until the principal thereof becomes due and payable, and
on any overdue principal and (to the extent that payment of such interest is enforceable under
applicable law) on any overdue installment of interest at the Coupon Rate, compounded quarterly,
payable (subject to the provisions of Article Four) quarterly in arrears on March 31, June 30,
September 30 and December 31 of each year (or in such other periodic installments on such other
dates established as payment dates for the series of Securities of which such Security is a part
pursuant to Section 3.1) (each, an “Interest Payment Date”) commencing on the date established for
the series of Securities of which such Security is a part pursuant to Section 3.1, to the Person in
whose name such Security or any Predecessor Security is registered, at the close of business on the
Regular Record Date for such interest installment, which, in respect of any Securities of which the
Institutional Trustee of any Citigroup Trust is the Holder or a Global Security, shall be the close
of business on the Business Day next preceding that Interest Payment Date. Notwithstanding the
foregoing sentence, if the Preferred Securities of a Citigroup Trust are no longer in book-entry
only form or, except if the Securities originally issued to such Citigroup Trust are held by the
Institutional Trustee of such Citigroup Trust, the Securities of any series are not represented by
a Global Security, the Company may select a Regular Record Date for such interest installment on
such series of Securities which shall be any date more than 14 days but less than 60 days before an
Interest Payment Date.

     (b) The amount of interest payable for any period will be computed on the basis of a 360-day
year of twelve 30-day months and will include the first day but exclude the last day of such
period. Except as provided in the following sentence, the amount of interest payable for any
period shorter than a full quarterly period for which interest is computed, will be computed on the
basis of the actual number of days elapsed in each 30-day month. In the event that any date on
which interest is payable on the Securities of any series is not a Business Day, then payment of
interest payable on such date will be made on the next

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succeeding day that is a Business Day (and
without any interest or other payment in respect of any such delay), except that, if such Business
Day is in the next succeeding calendar year, such payment shall be made on the immediately
preceding Business Day, in each case with the same force and effect as if made on such date.

     If the Securities of a series are established as a series of Floating or Adjustable Rate
Securities pursuant to Section 3.1, then the preceding paragraph of this Section 3.10(b) shall not
apply and the Floating or Adjustable Rate Provisions, together with any additional terms
established in the applicable Board Resolution or supplemental indenture, shall govern such series.

     (c) If, at any time while the Institutional Trustee of a Citigroup Trust is the Holder of
Securities of any series, such Citigroup Trust or such Institutional Trustee is required to pay any
taxes, duties, assessments or governmental charges of whatever nature (other than withholding
taxes) imposed by the United States, or any other taxing authority, then, in any case, the Company
will pay as additional interest (“Additional Interest”) on the Securities of such series, such
additional amounts as shall be required so that the net amounts received and retained by such
Citigroup Trust and/or such Institutional Trustee, as the case may be, after paying such taxes,
duties, assessments or other governmental charges will be equal to the amounts Citigroup Trust
and/or such Institutional Trustee, as the case may be, would have received had no such taxes,
duties, assessments or other government charges been imposed.

Section 3.11 Form and Payment.

     Except as provided in Section 3.12, the Securities of each series shall be issued in fully
registered certificated form without interest coupons. Principal and interest on the Securities
issued in certificated form will be payable, the transfer of such Securities will be registrable,
and such Securities will be exchangeable, for Securities of the same series bearing identical terms
and provisions at the office or agency of the Trustee; provided, however, that payment of interest
may be made at the option of the Company by check mailed to the Holders of such Securities at such
address as shall appear in the Security Register. Notwithstanding the foregoing, so long as the
Holder of all Securities of any series is the Institutional Trustee of any Citigroup Trust, the
payment of the principal of and interest (including Compounded Interest and Additional Interest, if
any) on Securities of such series will be made at such place and to such account as may be
designated by the Institutional Trustee.

Section 3.12 Global Securities.

     (a) In connection with a Dissolution Event with respect to any Citigroup Trust,

               (i) the Securities in non book-entry certificated form held by such Citigroup Trust, or its
Institutional Trustee, will be presented to the Trustee by the Institutional Trustee of such
Citigroup Trust in exchange for a Global Security in an aggregate principal amount equal to the
aggregate principal amount of all outstanding

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Securities of the series issued to such Citigroup
Trust, to be registered in the name of the Depositary, or its nominee, and delivered by the Trustee
to the Depositary for crediting to the accounts of its participants pursuant to the instructions of
the Regular Trustees of the relevant Citigroup Trust. The Company upon any such presentation shall
execute a Global Security in such aggregate principal amount and deliver the same to the Trustee
for authentication and delivery in accordance with this Indenture. Payments on any Securities
issued as a Global Security will be made to the Depositary; and

               (ii) if any Preferred Securities of a Citigroup Trust are held in non book-entry certificated
form, the Securities in non book-entry certificated form held by such Citigroup Trust, or its
Institutional Trustee, may be presented to the Trustee by the
Institutional Trustee of such Citigroup Trust and any Preferred Security Certificate which
represents Preferred Securities of such Citigroup Trust other than Preferred Securities held by the
Depositary or its nominee (“Non Book-Entry Preferred Securities”) will be deemed to represent
Securities presented to the Trustee by such Institutional Trustee having an aggregate principal
amount equal to the aggregate liquidation amount of the Non Book-Entry Preferred Securities until
such Preferred Security Certificates are presented to the Security Registrar for transfer or
reissuance at which time such Preferred Security Certificates will be cancelled and a Security,
registered in the name of the holder of the Preferred Security Certificate or the transferee of the
holder of such Preferred Security Certificate, as the case may be, with an aggregate principal
amount equal to the aggregate liquidation amount of the Preferred Security Certificate cancelled,
will be executed by the Company and delivered to the Trustee for authentication and delivery in
accordance with this Indenture. On issue of such Securities, Securities with an equivalent
aggregate principal amount that were presented by the Institutional Trustee to the Trustee will be
deemed to have been cancelled.

     (b) A Global Security may be transferred, in whole but not in part, only to another nominee of
the Depositary, or to a successor Depositary selected or approved by the Company or to a nominee of
such successor Depositary.

     (c) If at any time the Depositary notifies the Company that it is unwilling or unable to
continue as Depositary for any series of Securities or if at any time the Depositary for such
series shall no longer be registered or in good standing under the Exchange Act, or other
applicable statute or regulation, and a successor Depositary for such series is not appointed by
the Company within 90 days after the Company receives such notice or becomes aware of such
condition, as the case may be, the Company will execute, and, subject to this Article III, the
Trustee, upon written notice from the Company, will authenticate and deliver the Securities of such
series in definitive registered form without coupons, in authorized denominations, and in an
aggregate principal amount equal to the principal amount of the Global Security in exchange for
such Global Security. In addition, the Company may at any time determine that the Securities of
any series shall no longer be represented by a Global Security, subject to the procedures of the
Depositary. In such event the Company will execute and, subject to Section 3.5, the Trustee, upon
receipt of an Officers’ Certificate evidencing such determination by the Company, will authenticate
and deliver the Securities of such series in definitive registered form without coupons, in
authorized denominations, and in an aggregate principal amount equal to the principal

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amount of the
Global Security for such series in exchange for such Global Security. Upon the exchange of the
Global Security for such Securities in definitive registered form without coupons, in authorized
denominations, the Global Security shall be cancelled by the Trustee. Such Securities in
definitive registered form issued in exchange for the Global Security shall be registered in such
names and in such authorized denominations as the Depositary, pursuant to instructions from its
direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall
deliver such Securities to the Depositary, for delivery to the Persons in whose names such
Securities are so registered.

Section 3.13 CUSIP Numbers.

     The Company in issuing the Securities may use “CUSIP” numbers (if then generally in use), and,
if so, the Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Holders;
provided that any such notice may state that no representation is made as to the correctness of
such numbers either as printed on the Securities or as contained in any notice of a redemption and
that reliance may be placed only on the other identification numbers printed on the Securities, and
any such redemption shall not be affected by any defect in or omission of such numbers. The
Company will promptly notify the Trustee in writing of any change in the “CUSIP” numbers.

ARTICLE IV

Satisfaction And Discharge; Defeasance

Section 4.1 Satisfaction and Discharge of Indenture.

     This Indenture shall upon Company Request cease to be of further effect (except as to any
surviving rights of registration of transfer or exchange of Securities herein expressly provided
for), and the Trustee, at the expense of the Company, shall execute proper instruments
acknowledging satisfaction and discharge of this Indenture, when

     (1) either

     (A) all Securities theretofore authenticated and delivered (other than (i)
Securities which have been destroyed, lost or stolen and which have been replaced
or paid as provided in Section 3.6 and (ii) Securities for whose payment money has
theretofore been deposited in trust or segregated and held in trust by the Company
and thereafter repaid to the Company or discharged from such trust, as provided in
Section 10.3) have been delivered to the Trustee for cancellation; or

     (B) all such Securities not theretofore delivered to the Trustee for
cancellation

	 	(i)	 	have become due and payable, or

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	 	(ii)	 	will become due and payable at their Stated
Maturity within one year, or
	 
	 	(iii)	 	are to be called for redemption within one
year under arrangements satisfactory to the Trustee for the giving of
notice of redemption by the Trustee in the name, and at the expense,
of the Company,

	 	 	 	and the Company, in the case of (i), (ii) or (iii) above, has deposited or
caused to be deposited with the Trustee as trust funds
in trust for the purpose an amount sufficient to pay and discharge the
entire indebtedness on such Securities not theretofore delivered to the
Trustee for cancellation, for principal (and premium, if any) and interest
to the date of such deposit (in the case of Securities which have become
due and payable) or to the Stated Maturity or Redemption Date, as the case
may be;

     (2) the Company has paid or caused to be paid all other sums payable hereunder by the
Company; and

     (3) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion
of Counsel, each stating that all conditions precedent herein provided for relating to the
satisfaction and discharge of this Indenture have been complied with.

     Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the
Company to the Trustee under Section 6.7, the Company’s obligation to pay the expenses of any
Citigroup Trust under Section 10.6, and, if money shall have been deposited with the Trustee
pursuant to subclause (B) of clause (1) of this Section, the obligations of the Trustee under
Section 4.2 and the last paragraph of Section 10.3 shall survive.

Section 4.2 Defeasance and Discharge.

     The following provisions shall apply to the Securities of each series unless specifically
otherwise provided in a Board Resolution, Officers’ Certificate or indenture supplemental hereto
provided pursuant to Section 3.1. In addition to discharge of this Indenture pursuant to Sections
4.1 and 4.3, in the case of any series of Securities with respect to which an amount sufficient to
pay and discharge the entire indebtedness on such Securities not theretofore delivered to the
Trustee for cancellation, for principal (and premium, if any) and interest, as certified pursuant
to subparagraph (a) of Section 4.4, can be determined at the time of making the deposit referred to
in such subparagraph (a), the Company shall be deemed to have paid and discharged the entire
indebtedness on all the Securities of such a series as provided in this Section on and after the
date the conditions set forth in Section 4.4 are satisfied, and the provisions of this Indenture
with respect to the Securities of such series shall no longer be in effect (except as to (i) rights
of registration of transfer and exchange of Securities of such series, (ii) substitution of

34

 

mutilated, defaced, destroyed, lost or stolen Securities of such series, (iii) rights of Holders of
Securities of such series to receive, solely from the trust fund described in subparagraph (a) of
Section 4.4, payments of principal thereof and interest, if any, thereon upon the original stated
due dates therefor (but not upon acceleration), and remaining rights of the Holders of Securities
of such series to receive mandatory sinking fund payments, if any, (iv) the rights, obligations,
duties and immunities of the Trustee hereunder, (v) this Section 4.2, (vi) the rights of the
Holders of Securities of such series as beneficiaries hereof with respect to the property so
deposited with the Trustee payable to all or any of them and (vii) the Company’s obligation to pay
the expenses of any Citigroup Trust under Section 10.6) (hereinafter called “Defeasance”), and the
Trustee at

the cost and expense of the Company, shall execute proper instruments acknowledging the same.

Section 4.3 Covenant Defeasance.

     In the case of any series of Securities with respect to which an amount sufficient to pay and
discharge the entire indebtedness on such Securities not theretofore delivered to the Trustee for
cancellation, for principal (and premium, if any) and interest, as certified pursuant to
subparagraph (a) of Section 4.4 can be determined at the time of making the deposit referred to in
such subparagraph (a), (i) the Company shall be released from its obligations under any covenants
specified in or pursuant to this Indenture (except as to (A) rights of registration of transfer and
exchange of Securities of such series, (B) substitution of mutilated, defaced, destroyed, lost or
stolen Securities of such series, (C) rights of Holders of Securities of such series to receive,
from the Company pursuant to Section 10.1, payments of principal thereof and interest, if any,
thereon upon the original stated due dates therefor (but not upon acceleration), the Holders of
Securities of such series to receive mandatory sinking fund payments, if any, (D) the rights,
obligations, duties and immunities of the Trustee hereunder, (E) the rights of the Holders of
Securities of such series as beneficiaries hereof with respect to the property so deposited with
the Trustee payable to all or any of them and (F) the Company’s obligation to pay the expenses of
any Citigroup Trust under Section 10.6), and (ii) the occurrence of any event specified in Sections
5.7(e) (with respect to any of the covenants specified in or pursuant to this Indenture) and 5.7(f)
shall be deemed not to be or result in a Default, in each case with respect to the Outstanding
Securities of such series as provided in this Section on and after the date the conditions set
forth in Section 4.4 are satisfied (hereinafter called “Covenant Defeasance”), and the Trustee, at
the cost and expense of the Company, shall execute proper instruments acknowledging the same. For
this purpose, such Covenant Defeasance means that the Company may omit to comply with and shall
have no liability in respect of any term, condition or limitation set forth in any such covenant
(to the extent so specified in the case of Section 5.7(e)), whether directly or indirectly by
reason of any reference elsewhere herein to any such covenant or by reason of any reference in any
such covenant to any other provision herein or in any other document, but the remainder of this
Indenture and the Securities of such series shall be unaffected thereby.

Section 4.4 Conditions to Defeasance or Covenant Defeasance.

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     The following shall be the conditions to application of either Section 4.2 or 4.3 to the
Outstanding Securities:

     (a) with reference to Section 4.2 or 4.3, the Company has irrevocably deposited or caused to
be irrevocably deposited with the Trustee as funds in trust, specifically pledged as security for,
and dedicated solely to, the benefit of the Holders of Securities of such series (i) cash in an
amount, (ii) direct obligations of the United States of America, backed by its full faith and
credit (“U.S. Government Obligations”), maturing as to principal and interest, if any, at such
times and in such amounts as will insure the availability of cash, or (iii) a combination thereof,
in each case sufficient, in the

 opinion of a nationally recognized firm of independent public accountants expressed in a
written certification thereof delivered to the Trustee, to pay and discharge, (A) the principal of
and interest, if any, on all Securities of such series on each date that such principal or
interest, if any, is due and payable, and (B) any mandatory sinking fund payments on the dates on
which such payments are due and payable in accordance with the terms of this Indenture and the
Securities of such series;

     (b) in the case of Defeasance under Section 4.2, the Company has delivered to the Trustee an
Opinion of Counsel based on the fact that (x) the Company has received from, or there has been
published by, the Internal Revenue Service a ruling, or (y) since the date hereof, there has been a
change in the applicable United States federal income tax law, in either case to the effect that,
and such opinion shall confirm that, the Holders of the Securities of such series will not
recognize income, gain or loss for United States federal income tax purposes as a result of such
deposit, Defeasance and discharge and will be subject to United States federal income tax on the
same amount and in the same manner and at the same times, as would have been the case if such
deposit, Defeasance and discharge had not occurred;

     (c) in the case of Covenant Defeasance under Section 4.3, the Company has delivered to the
Trustee an Opinion of Counsel to the effect that, and such opinion shall confirm that, the Holders
of the Securities of such series will not recognize income, gain or loss for United States federal
income tax purposes as a result of such deposit and Covenant Defeasance and will be subject to
United States federal income tax on the same amount and in the same manner and at the same times,
as would have been the case if such deposit and Covenant Defeasance had not occurred;

     (d) such Defeasance or Covenant Defeasance will not result in a breach or violation of, or
constitute a default under, any agreement or instrument to which the Company is a party or by which
it is bound; and

     (e) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that all conditions precedent contemplated by this provision have been
complied with.

Section 4.5 Application of Trust Money.

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     Subject to the provisions of the last paragraph of Section 10.3, all money and U.S. Government
Obligations deposited with the Trustee pursuant to Section 4.4 shall be held in trust, and such
money and all money from such U.S. Government Obligations shall be applied by it, in accordance
with the provisions of the Securities and this Indenture, to the payment, either directly or
through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may
determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for
whose payment such money and U.S. Government Obligations has been deposited with the Trustee. All
money or U.S. Government Obligations deposited with the Trustee under Section 4.1 or Section 4.4
shall not be subject to the claims of the holders of Senior Indebtedness under Article XIV.

Section 4.6 Indemnity for U.S. Government Obligations.

     The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed
on or assessed against the U.S. Government Obligations deposited pursuant to Section 4.4 or the
principal or interest received in respect of such obligations other than any such tax, fee or other
charge that by law is for the account of the Holders of Outstanding Securities.

Section 4.7 Reinstatement.

     If the Trustee is unable to apply any money or U.S. Government Obligations in accordance with
Section 4.4 by reason of any legal preceding or by reason of any order or judgment of any court or
governmental authority enjoining, restraining or otherwise prohibiting such application, the
Company’s obligations under this Indenture and the Securities shall be revived and reinstated as
though no deposit had occurred pursuant to Section 4.4, until such time as the Trustee or Paying
Agent is permitted to apply all such money or U.S. Government Obligations in accordance with
Section 4.4; provided that, if the Company has made any payment of principal or interest on the
Securities of any series because of the reinstatement of its obligations, the Company shall be
subrogated to the rights of the Holders of such Securities to receive such payment from the money
or U.S. Government Obligations held by the Trustee or Paying Agent.

ARTICLE V

Remedies

Section 5.1 Events of Default.

     The term “Event of Default” as used in this Indenture with respect to Securities of any series
shall mean one of the following described events (whatever the reason for such Event of Default
and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to
any judgment, decree or order of any court or any order, rule or regulation of any administrative
or governmental body):

     (a) failure to pay in full interest accrued upon any Security of that series upon the
conclusion of a period consisting of 20 consecutive quarters, commencing with the

37

 

earliest quarter
for which interest (including Deferred Interest) has not been paid in full, and continuance of such
failure to pay for a period of 30 days;

     (b) the entry by a court having jurisdiction in the premises of a decree or order for relief
in respect of the Company in an involuntary case under the Federal bankruptcy code, as now or
hereafter constituted, or any other applicable Federal or State bankruptcy, insolvency or other
similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian,
trustee or sequestrator (or similar official) of the Company or for substantially all of its
property, or ordering the winding-up or liquidation of its affairs and such decree or order shall
remain unstayed and in effect for a period of 90 consecutive days; or

     (c) the commencement by the Company of a voluntary case under the Federal bankruptcy code, as
now or hereafter constituted, or any other applicable Federal or State bankruptcy, insolvency or
other similar law now or hereafter in effect, or the consent by the Company to the entry of an
order for relief in an involuntary case under any such law, or the consent by the Company to the
appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian or
sequestrator (or similar official) of the Company or for substantially all of its property, or the
making by it of an assignment for the benefit of creditors.

Section 5.2 Acceleration of Maturity.

     (a) If any one or more of the above described Events of Default shall occur with respect to
Securities of any series at the time Outstanding, then, and in each and every such case, during the
continuance of such Event of Default, the Trustee or the Holders of 25% or more in principal amount
of the Securities of such series then Outstanding may declare the principal amount of all the
Securities of such series then Outstanding, if not then due and payable, to be due and payable
immediately, by a notice in writing to the Company (and to the Trustee if given by such Holders),
and upon any such declaration the same shall become and be immediately due and payable, anything in
this Indenture or in the Securities of such series contained to the contrary notwithstanding,
provided that if, upon an Event of Default, the Trustee or the Holders of 25% or more in principal
amount of the Securities of that series then Outstanding fail to declare the principal amount of
all the Securities of such series then Outstanding to be immediately due and payable, the holders
of at least 25% in aggregate liquidation amount of the corresponding series of Preferred Securities
then Outstanding shall have such right by a notice in writing to the Company and the Trustee; and
upon any such declaration such principal amount of and the accrued interest (including any
Additional Interest) on all the Securities of such series then Outstanding shall become immediately
due and payable. Payment of principal and interest (including any Additional Interest) on such
Securities shall remain subordinated to the extent provided in Article XIV notwithstanding that
such amount shall become immediately due and payable as herein provided. This provision, however,
is subject to the condition that, if at any time after the principal of all the Securities of such
series shall have been so declared to be due and payable, all arrears of interest, if any, upon all
the Securities of such series (with interest, to the extent that interest thereon shall be legally
enforceable, on any overdue installment

38

 

of interest at the rate borne by the Securities of such
series) and all amounts owing the Trustee and any predecessor trustee hereunder under Section 6.7
and all other sums payable under this Indenture (except the principal of the Securities of such
series which would not be due and payable were it not for such declaration) shall be paid by the
Company, and every other Default under this Indenture, other than the non-payment of the principal
of Securities of that series which have become due solely by such declaration of acceleration,
shall have been made good to the reasonable satisfaction of the Trustee or of the Holders of a
majority in principal amount of the Securities of such series then Outstanding, or provision deemed
by the Trustee or by such Holders to be adequate therefor shall have been made, then and in every
such case the Holders of a majority in principal amount of the Securities of such series then
Outstanding may, on behalf of the Holders of all the Securities of such series, waive the Event of
Default by
reason of which the principal of the Securities of such series shall have been so declared to
be due and payable and may rescind and annul such declaration and its consequences, provided that,
if the Holders of at least a majority in principal amount of the Securities of such series then
Outstanding fails to rescind and annul such declaration and its consequences, the holders of a
majority in aggregate liquidation amount of the related series of Preferred Securities then
outstanding shall have such right by written notice to the Company and the Trustee, subject to the
satisfaction of the conditions set forth in this sentence; but no such waiver, rescission or
annulment shall extend to or affect any subsequent Default or impair any right consequent thereon.
Any declaration by the Trustee pursuant to this Section 5.2 shall be by written notice to the
Company, and any declaration or waiver by the Holders of Securities of any series or by the holders
of Trust Securities of any series pursuant to this Section 5.2 shall be by written notice to the
Company and the Trustee.

Section 5.3 Collection of Indebtedness and Suits for Enforcement by Trustee.

     If the Company shall fail for a period of 30 days to pay any installment of interest on the
Securities of any series that is due and payable or shall fail to pay the principal of and premium,
if any, on any of the Securities of such series when and as the same shall become due and payable,
whether at maturity, or by call for redemption (otherwise than pursuant to a sinking fund) by
declaration as authorized by this Indenture, or otherwise, or shall fail for a period of 30 days to
make any sinking fund payment as to a series of Securities, then, upon demand of the Trustee, the
Company will pay to the Trustee for the benefit of the Holders of Securities of such series then
Outstanding the whole amount which then shall have become due and payable on any such Security,
with interest on the overdue principal and premium, if any, and (so far as the same may be legally
enforceable) on the overdue installments of interest at the rate borne by the Securities of such
series, and all amounts owing the Trustee and any predecessor trustee hereunder under Section 6.7.

     In case the Company shall fail forthwith to pay such amounts upon such demand, the Trustee, in
its own name and as trustee of an express trust, shall be entitled and empowered to institute any
action or proceeding at law or in equity for the collection of the sums so due and unpaid, and may
prosecute any such action or proceeding to judgment or final decree, and may enforce any such
judgment or final decree against the

39

 

Company or any other obligor upon the Securities of such
series, and collect the moneys adjudged or decreed to be payable out of the property of the Company
or any other obligor upon the Securities of such series, wherever situated, in the manner provided
by law. Every recovery of judgment in any such action or other proceeding, subject to the payment
to the Trustee of all amounts owing the Trustee and any predecessor trustee hereunder under Section
6.7, shall be for the ratable benefit of the Holders of such series of Securities which shall be
the subject of such action or proceeding. All rights of action upon or under any of the Securities
or this Indenture may be enforced by the Trustee without the possession of any of the Securities
and without the production of any thereof at any trial or any proceeding relative thereto.

     If a Default, of which a Responsible Officer of the Trustee has actual knowledge, with respect
to any series of Securities occurs and is continuing, the Trustee may in its discretion proceed to
protect and enforce its rights and the rights of the Holders of Securities of such series by such
appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce
any such rights, whether for the specific enforcement of any covenant or agreement in this
Indenture, or in aid of the exercise of any power granted herein, or to enforce any other proper
remedy.

Section 5.4 Trustee to File Claims As Attorney-In-Fact.

     The Trustee is hereby appointed, and each and every Holder of the Securities, by receiving and
holding the same, shall be conclusively deemed to have appointed the Trustee, the true and lawful
attorney-in-fact of such Holder, with authority to make or file (whether or not the Company shall
be in default in respect of the payment of the principal of, or interest on, any of the
Securities), in its own name and as trustee of an express trust or otherwise as it shall deem
advisable, in any receivership, insolvency, liquidation, bankruptcy, reorganization or other
judicial proceeding relative to the Company or any other obligor upon the Securities or to their
respective creditors or property, any and all claims, proofs of claim, proofs of debt, petitions,
consents, other papers and documents and amendments of any thereof, as may be necessary or
advisable in order to have the claims of the Trustee and any predecessor trustee hereunder and of
the Holders of the Securities allowed in any such proceeding and to collect and receive any moneys
or other property payable or deliverable on any such claim, and to execute and deliver any and all
other papers and documents and to do and perform any and all other acts and things, as it may deem
necessary or advisable in order to enforce in any such proceeding any of the claims of the Trustee
and any predecessor trustee hereunder and of any of such Holders in respect of any of the
Securities; and any receiver, assignee, trustee, custodian or debtor in any such proceeding is
hereby authorized, and each and every taker or Holder of the Securities, by receiving and holding
the same, shall be conclusively deemed to have authorized any such receiver, assignee, trustee,
custodian or debtor, to make any such payment or delivery only to or on the order of the Trustee,
and to pay to the Trustee any amount due it and any predecessor trustee hereunder under Section
6.7; provided, however, that nothing herein contained shall be deemed to authorize or empower the
Trustee to consent to or accept or adopt, on behalf of any Holder of Securities, any plan of
reorganization or readjustment of the Company affecting the Securities or the rights of

40

 

any Holder
thereof, or to authorize or empower the Trustee to vote in respect of the claim of any Holder of
any Securities in any such proceeding.

Section 5.5 Application of Money Collected.

     Any moneys collected by the Trustee with respect to a series of Securities under this Article
Five shall be applied in the order following, at the date or dates fixed by the Trustee for the
distribution of such moneys, upon presentation of the several Securities, and stamping thereon the
payment, if only partially paid, and upon surrender thereof, if fully paid:

     First: To the payment of all amounts due to the Trustee and any predecessor trustee
hereunder under Section 6.7.

     Second: Subject to Article Fourteen, in case the principal of the Outstanding
Securities of such series shall not have become due and be unpaid, to the payment of
interest on the Securities of such series, in the order of the maturity of the installments
of such interest, with interest (to the extent that such interest has been collected by the
Trustee) upon the overdue installments of interest at the rate borne by such Securities,
such payments to be made ratably to the Persons entitled thereto.

     Third: Subject to Article Fourteen, in case the principal of the Outstanding
Securities of such series shall have become due, by declaration or otherwise, to the
payment of the whole amount then owing and unpaid upon the Securities of such series for
principal and premium, if any, and interest, with interest on the overdue principal and
premium, if any, and (to the extent that such interest has been collected by the Trustee)
upon overdue installments of interest at the rate borne by the Securities of such series,
and in case such moneys shall be insufficient to pay in full the whole amounts so due and
unpaid upon the Securities of such series, then to the payment of such principal and
premium, if any, and interest without preference or priority of principal and premium, if
any, over interest, or of interest over principal and premium, if any, or of any
installment of interest over any other installment of interest, or of any Security of such
series over any other Security of such series, ratably to the aggregate of such principal
and premium, if any, and accrued and unpaid interest.

Section 5.6 Control by Holders; Waiver of Past Default.

     The Holders of a majority in principal amount of the Outstanding Securities of any series may
direct the time, method and place of conducting any proceeding for any remedy available to the
Trustee hereunder, or of exercising any trust or power hereby conferred upon the Trustee with
respect to the Securities of such series; provided, however, that the Trustee shall have the right
to decline to follow any such direction if the Trustee being advised by counsel determines that the
action so directed may not lawfully be taken or would be unduly prejudicial to Holders not joining
in such direction or would involve the Trustee in personal liability. Prior to any declaration
accelerating the

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maturity of the Securities of any series, the Holders of a majority in aggregate
principal amount of such series of Outstanding Securities may on behalf of the Holders of all of
the Securities of such series waive any past default hereunder and its consequences except a
default not theretofore cured in the payment of interest or any premium on or the principal of the
Securities of such series or in respect of any covenant or provision hereof which under Article
Nine cannot be modified or waived without the consent of the Holder of each Outstanding Security of
each series affected thereby; provided, however, that if the Securities of such series are held by
a Citigroup Trust or a trustee of such trust, such waiver or modification to such waiver shall not
be effective until the holders of Trust Securities representing a majority in liquidation
preference of Trust Securities of the applicable Citigroup Trust shall have consented to such
waiver or modification to
such waiver; provided further, that if the consent of the Holder of each Outstanding Security
is required, such waiver shall not be effective until each holder of the Trust Securities of the
applicable Citigroup Trust shall have consented to such waiver. Upon any such waiver the Company,
the Trustee and the Holders of the Securities of such series shall be restored to their former
positions and rights hereunder, respectively, but no such waiver shall extend to any subsequent or
other default or impair any right consequent thereon. Whenever any default hereunder shall have
been waived as permitted by this Section 5.6, said default shall for all purposes of the Securities
of such series and this Indenture cease to exist, and any Default or Event of Default arising
therefrom shall be deemed to have been cured and to be not continuing.

Section 5.7 Limitation on Suits; Default.

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     No Holder of any Security of any series shall have any right to institute any action, suit or
proceeding at law or in equity for the execution of any trust hereunder or for the appointment of a
receiver or for any other remedy hereunder, in each case with respect to a Default with respect to
such series of Securities, unless such Holder previously shall have given to the Trustee written
notice of the happening of one or more of the Defaults herein specified with respect to such series
of Securities, and unless also the Holders of 25% or more in principal amount of the Securities of
such series then Outstanding shall have requested the Trustee in writing to take action in respect
of the matter complained of, and unless also there shall have been offered to the Trustee security
and indemnity satisfactory to it against the costs, expenses and liabilities to be incurred therein
or thereby, and the Trustee, for 60 days after receipt of such notification, request and offer of
indemnity, shall have neglected or refused to institute any such action, suit or proceeding; and
such notification, request and offer of indemnity are hereby declared in every such case to be
conditions precedent to any such action, suit or proceeding by any Holder of any Security of such
series; it being understood and intended that no one or more of the Holders of Securities of such
series shall have any right in any manner whatsoever by his or their action to enforce any right
hereunder, except in the manner herein provided, and that every action, suit or proceeding at law
or in equity shall be instituted, had and maintained in the manner herein provided and for the
equal and ratable benefit of all Holders of the Outstanding Securities of such series; provided,
however, that nothing contained in this Indenture or in the Securities of such series shall affect
or impair the obligation of the Company, which is absolute and unconditional, to pay the principal
of, and premium, if any, and interest on the Securities of such series to the respective Holders of
such Securities at the respective due dates in such Securities stated, or affect or impair the
right, which is also absolute and unconditional, of such Holders to institute suit to enforce the
payment thereof.

     The following events shall be “Defaults” with respect to any series of Securities under this
Indenture:

     (a) an Event of Default with respect to such series specified in Section 5.1; or

     (b) the failure of the Company to pay any installment of interest on any Security of such
series, when and as the same shall become payable, which failure shall
have continued unremedied for a period of 30 days, it being understood that the occurrence of
an Extended Interest Payment Period in accordance with the terms of such Security will not
constitute such a default; or

     (c) the failure of the Company to pay the principal of (and premium, if any, on) any Security
of such series, when and as the same shall become payable, whether at maturity as therein
expressed, by call for redemption (otherwise than pursuant to a sinking fund), by declaration as
authorized by this Indenture or otherwise, whether or not permitted by Article Fourteen; or

     (d) the failure of the Company to pay a sinking fund installment, if any, when and as the same
shall become payable by the terms of a Security of such series, which

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failure shall have continued
unremedied for a period of 30 days, whether or not permitted by Article Fourteen; or

     (e) the failure of the Company, subject to the provisions of Section 8.1, to observe and
perform any other of the covenants or agreements on the part of the Company contained in this
Indenture (including any indenture supplemental hereto) (other than a covenant or agreement which
has been expressly included in this Indenture solely for the benefit of a series of Securities
other than that series), which failure shall not have been remedied for a period of 90 days after
written notice shall have been given to the Company by the Trustee or shall have been given to the
Company and the Trustee by Holders of 25% or more in aggregate principal amount of the Securities
of such series then Outstanding, specifying such failure and requiring the Company to remedy the
same; or

     (f) in the event Securities of a series are issued and sold to a Citigroup Trust or a trustee
of such trust in connection with the issuance of Trust Securities by such Citigroup Trust, such
Citigroup Trust shall have voluntarily or involuntarily dissolved, wound up its business or
otherwise terminated its existence except in connection with (i) the distribution of Securities to
holders of Trust Securities in liquidation or redemption of their interests in such Citigroup Trust
upon a Dissolution Event with respect to such Citigroup Trust, (ii) the redemption of all of the
outstanding Trust Securities of such Citigroup Trust or (iii) certain mergers, consolidations or
amalgamations, each as permitted by the Declaration of such Citigroup Trust; or

     (g) any other Default provided with respect to Securities of that series.

Section 5.8 Costs and Attorneys’ Fees in Legal Proceedings.

     All parties to this Indenture and the Holders of the Securities agree that the court may in
its discretion require, in any action, suit or proceeding for the enforcement of any right or
remedy under this Indenture, or in any action, suit or proceeding against the Trustee for any
action taken or omitted by it as Trustee, the filing by any party litigant in such action, suit or
proceeding of an undertaking to pay the costs of such action, suit or proceeding, and that such
court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against
any party litigant in such action, suit or proceeding,

 having due regard to the merits and good faith of the claims or defenses made by such party
litigant; provided, however, that the provisions of this Section 5.8 shall not apply to any action,
suit or proceeding instituted by the Trustee, to any action, suit or proceeding instituted by any
one or more Holders of Securities holding in the aggregate more than 10% in principal amount of the
Outstanding Securities, or to any action, suit or proceeding instituted by any Holder of Securities
for the enforcement of the payment of the principal of or premium, if any, or the interest on, any
of the Securities, on or after the respective due dates expressed in such Securities.

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Section 5.9 Remedies Cumulative.

     Except as provided in the last sentence of Section 3.6, no remedy herein conferred upon or
reserved to the Trustee or to the Holders of Securities of any series is intended to be exclusive
of any other remedy or remedies, and each and every remedy shall be cumulative and shall be in
addition to every other remedy given hereunder or now or hereafter existing at law or in equity or
by statute. No delay or omission of the Trustee or of any Holder of the Securities of any series
to exercise any right or power accruing upon any Default shall impair any such right or power or
shall be construed to be a waiver of any such Default or an acquiescence therein; and every power
and remedy given by this Article Five to the Trustee and to the Holders, respectively, may be
exercised from time to time and as often as may be deemed expedient by the Trustee or by the
Holders, as the case may be. In case the Trustee or any Holder of Securities shall have proceeded
to enforce any right under this Indenture and the proceedings for the enforcement thereof shall
have been discontinued or abandoned because of waiver or for any other reason or shall have been
adjudicated adversely to the Trustee or to such Holder, then and in every such case the Company,
the Trustee and the Holders shall severally and respectively be restored to their former positions
and rights hereunder and thereafter all rights, remedies and powers of the Trustee and the Holders
shall continue as though no such proceedings had been instituted, except as to any matters so
waived or adjudicated.

Section 5.10 Waiver of Stay or Extension Laws.

     The Company covenants (to the extent that it may lawfully do so) that it will not at any time
insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any
stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the
covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully
do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will
not hinder, delay or impede the execution of any power herein granted to the Trustee, but will
suffer and permit the execution of every such power as though no law had been enacted.

ARTICLE VI

The Trustee

Section 6.1 Certain Duties and Responsibilities.

     (a) Except during the continuance of a Default;

     (1) the Trustee undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture, and no implied covenants or obligations shall be
read into this Indenture against the Trustee; and

     (2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to
the truth of the statements and the correctness of the opinions expressed therein, upon
certificates or opinions furnished to the Trustee and conforming to the requirements of
this Indenture; but in the case of any such

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certificates or opinions which by any provision
hereof are specifically required to be furnished to the Trustee, the Trustee shall be under
a duty to examine the same to determine whether or not they conform to the requirements of
this Indenture (but need not confirm or investigate the accuracy of mathematical
calculations or other facts stated therein).

     (b) In case a Default with respect to any series of Securities, of which a Responsible Officer
of the Trustee has actual knowledge, has occurred and is continuing, the Trustee shall exercise
such of the rights and powers vested in it by this Indenture, and use the same degree of care and
skill in their exercise, as a prudent man would exercise or use under the circumstances in the
conduct of his own affairs.

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

     (1) this subsection shall not be construed to limit the effect of subsection (a) of
this Section;

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

     (3) the Trustee shall not be liable with respect to any action taken or omitted to be
taken by it in good faith in accordance with the direction of the Holders of a majority in
principal amount of the Outstanding Securities of any series determined as provided in
Section 5.6, relating to the time, method and place of conducting any proceeding for any
remedy available to the Trustee, or exercising any trust or power conferred upon the
Trustee, under this Indenture with respect to the Securities of such series; and

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

     (d) Whether or not therein expressly so provided, every provision of this Indenture relating
to the conduct or affecting the liability of or affording protection to the Trustee shall be
subject to the provisions of this Section.

Section 6.2 Notice of Defaults.

     Within 90 days after the occurrence of any Default hereunder with respect to Securities of any
series, the Trustee shall transmit by mail to all Holders of Securities of such series, as their
names and addresses appear in the Security Register, notice of such
 Default hereunder actually
known to a Responsible Officer of the Trustee, unless such 

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Default shall have been cured or waived;
provided that, except in the case of a Default in the payment of the principal of (or premium, if
any) or interest on any Security of such series or in the payment of any sinking fund installment
with respect to Securities of such series, the Trustee shall be protected in withholding such
notice if and so long as a Responsible Officer of the Trustee in good faith determines that the
withholding of such notice is in the interest of the Holders of Securities of such series; and
provided, further, that in the case of any Default of the character specified in Section 5.7(e)
with respect to Securities of such series, no such notice to Holders shall be given until at least
30 days after the occurrence thereof.

Section 6.3 Certain Rights of Trustee.

     Subject to the provisions of Section 6.1:

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

     (b) any request or direction of the Company mentioned herein shall be sufficiently evidenced
by a Company Request or Company Order, and any resolution of the Board of Directors may be
sufficiently evidenced by a Board Resolution;

     (c) whenever in the administration of this Indenture the Trustee shall deem it desirable that
a matter be proved or established prior to taking, suffering or omitting any action hereunder, the
Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith
on its part, conclusively rely upon an Officers’ Certificate;

     (d) the Trustee may consult with counsel of its selection and the advice of such counsel or
any Opinion of Counsel shall be full and complete authorization and protection in respect of any
action taken, suffered or omitted by it hereunder in good faith and in reliance thereon;

     (e) the Trustee shall be under no obligation to exercise any of the rights or powers vested in
it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture,
unless such Holders shall have offered to the Trustee security or indemnity, reasonably
satisfactory to it, against the costs, expenses and liabilities which might be incurred by it in
compliance with such request or direction;

     (f) the Trustee shall not be bound to make any investigation into the facts or matters stated
in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction,
consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document,
but the Trustee, in its discretion, may make such further inquiry or investigation into such facts
or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or
investigation, it shall be entitled to examine the books, records and premises of the Company,
personally or by agent or

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attorney at the expense of the Company and shall incur no liability of
any kind by reason of such inquiry or investigation;

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

     (h) the Trustee shall not be charged with knowledge of any Default or Event of Default with
respect to the Securities, unless either (1) a Responsible Officer shall have actual knowledge of
such Default or Event of Default or (2) written notice of such Default or Event of Default, which
is in fact such a Default or Event of Default, shall have been given to the Trustee at the
Corporate Trust Office of the Trustee by the Company or by any Holder of the Securities and such
notice references the Securities and this Indenture;

     (i) the Trustee shall not be liable for special, indirect or consequential loss or damage of
any kind whatsoever (including but not limited to lost profits), even if the Trustee has been
advised of the likelihood of such loss or damage and regardless of the form of action;

     (j) the Trustee shall not be responsible or liable for any failure or delay in the performance
of its obligations under this Indenture arising out of or caused by, directly or indirectly, forces
beyond its reasonable control, including without limitation strikes, work stoppages, accidents,
acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts
of God, and interruptions, loss or malfunctions of third-party utilities, communications or
computer (software or hardware) services;

     (k) the rights, privileges, protections, immunities and benefits given to the Trustee,
including, without limitation, its right to be indemnified, are extended to, and shall be
enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and
other Person employed to act hereunder by the Trustee and appointed with due care by it;

     (l) the Trustee may request that the Company deliver an Officers’ Certificate setting forth
the names of individuals and/or titles of officers authorized at such time to take specified
actions pursuant to this Indenture, which Officers’ Certificate may be signed by any person
authorized to sign an Officers’ Certificate, including any person specified as so authorized in any
such certificate previously delivered and not superseded;

     (m) the permissive rights of the Trustee enumerated herein shall not be construed as duties;
and

     (n) the Trustee shall not be liable for any action taken, suffered, or omitted to be taken by
it in good faith and reasonably believed by it to be authorized or within the discretion or rights
or powers conferred upon it by this Indenture.

Section 6.4 Not Responsible for Recitals or Issuance of Securities.

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

Section 6.5 May Hold Securities.

     The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other
agent of the Company, in its individual or any other capacity, may become the owner or pledgee of
Securities and, subject to Sections 6.8 and 6.13, may otherwise deal with the Company with the same
rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar
or such other agent.

Section 6.6 Money Held in Trust.

     Money held by the Trustee in trust hereunder need not be segregated from other funds except to
the extent required by law. The Trustee shall be under no liability for interest on any money
received by it hereunder except as otherwise agreed with the Company.

Section 6.7 Compensation and Reimbursement.

     The Company agrees:

     (1) to pay to the Trustee from time to time reasonable compensation for all services
rendered by it hereunder (which compensation shall not be limited by any provision of law
in regard to the compensation of a trustee of an express trust);

     (2) except as otherwise expressly provided herein, to reimburse the Trustee upon its
request for all reasonable expenses, disbursements and advances incurred or made by the
Trustee in accordance with any provision of this Indenture (including the reasonable
compensation and the expenses and disbursements of its agents, nominees, custodians and
counsel), except any such expense, disbursement or advance as shall be determined to have
been caused by its own negligence, bad faith or willful misconduct; and

     (3) to indemnify the Trustee for, and to hold it harmless against, any loss, liability
or expense incurred without negligence, bad faith or willful misconduct on its part,
arising out of or in connection with the acceptance or administration of the trust or trust
hereunder, including the costs and expenses of defending itself against any claim or
liability in connection with the exercise or performance of any of its powers or duties
hereunder.

     As security for the performance of the obligations of the Company under this Section, the
Trustee shall have a lien prior to the Securities upon all property and funds

49

 

held or collected by
the Trustee as such, except funds held in trust for the benefit of Holders of particular
Securities. The obligations of the Company under this Section shall survive the removal or
resignation of the Trustee and the satisfaction, discharge or termination of this Indenture.

     Without prejudice to any other rights available to the Trustee under applicable law, when the
Trustee incurs any expenses or renders any services after the occurrence of an Event of Default
specified in Section 5.1(b) or Section 5.1(c), such expenses and the compensation for such services
are intended to constitute expenses of administration under the United States Bankruptcy Code
(Title 11 of the United States Code) or any similar federal or state law for the relief of debtors.

Section 6.8 Disqualification; Conflicting Interests.

     The Trustee shall be subject to the provisions of Section 310(b) of the Trust Indenture Act
during the period of time provided for therein. In determining whether the Trustee has a
conflicting interest as defined in Section 310(b) of the Trust Indenture Act with respect to the
Securities of any series, there shall be excluded for purposes of the conflicting interest
provisions of such Section 310(b) the Securities of every other series issued under this Indenture.
Nothing herein shall prevent the Trustee from filing with the Commission the application referred
to in the second to last paragraph of Section 310(b) of the Trust Indenture Act.

Section 6.9 Corporate Trustee Required; Eligibility.

     There shall at all times be a Trustee hereunder which shall be a corporation organized and
doing business under the laws of the United States of America, any State thereof or the District of
Columbia, authorized under such laws to exercise corporate trust powers, having a combined capital
and surplus of at least $50,000,000 and subject to supervision or examination by Federal or State
authority. If such corporation publishes reports of condition at least annually, pursuant to law
or to the requirements of said supervision or examining authority, then for the purposes of this
Section, the combined capital and surplus of such corporation shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so published. If at any
time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it
shall resign immediately in the manner and with the effect hereinafter specified in this Article.

Section 6.10 Resignation and Removal; Appointment of Successor.

     (a) No resignation or removal of the Trustee and no appointment of a successor Trustee
pursuant to this Article shall become effective until the acceptance of appointment by the
successor Trustee in accordance with the applicable requirements of Section 6.11.

     (b) The Trustee may resign at any time with respect to the Securities of one or more series by
giving written notice thereof to the Company. If the instrument of acceptance by a successor
Trustee required by Section 6.11 shall not have been delivered to the Trustee within 30 days after
the giving of such notice of resignation, the resigning

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Trustee may petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the Securities of such
series.

     (c) The Trustee may be removed at any time with respect to the Securities of any series by Act
of the Holders of a majority in principal amount of the Outstanding Securities of such series,
delivered to the Trustee and to the Company.

     (d) If at any time:

     (1) the Trustee shall fail to comply with Section 310(b) of the Trust Indenture Act
after written request therefor by the Company or by any Holder who has been a bona fide
Holder of a Security for at least six months, or

     (2) the Trustee shall cease to be eligible under Section 6.9 and shall fail to resign
after written request therefor by the Company or by any such Holder, or

     (3) the Trustee shall become incapable of acting or shall be adjudged bankrupt or
insolvent or a receiver of the Trustee or of its property shall be appointed or any public
officer shall take charge or control of the Trustee or of its property or affairs for the
purpose of rehabilitation, conservation or liquidation,

then, in any such case, (i) the Company, by a Board Resolution, may remove the Trustee with respect
to all Securities, or (ii) subject to Section 5.8, any Holder who has been a bona fide Holder of a
Security for at least six months may, on behalf of himself and all others similarly situated,
petition any court of competent jurisdiction for the removal of the Trustee with respect to all
Securities and the appointment of a successor Trustee or Trustees.

     (e) If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy
shall occur in the office of Trustee for any cause, with respect to the Securities of one or more
series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees
with respect to the Securities of that or those series (it being understood that any such successor
Trustee may be appointed with respect to the Securities of one or more or all of such series and
that at any time there shall be only one Trustee with respect to the Securities of any particular
series) and shall comply with the applicable requirements of Section 6.11. If, within one year
after such resignation, removal or incapability, or the occurrence of such vacancy, a successor
Trustee with respect to the Securities of any series shall be appointed by Act of the Holders of a
majority in principal amount of the Outstanding Securities of such series delivered to the Company
and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance
of such appointment in accordance with the applicable requirements of Section 6.11, become the
successor Trustee with respect to the Securities of such series and to that extent supersede the
successor Trustee appointed by the Company. If no successor Trustee with respect to the Securities
of any series shall have been so appointed by the Company or the Holders and accepted appointment
in the manner required by Section 6.11, any Holder who has been a bona fide Holder of a Security of
such series for

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at least six months may, on behalf of himself and all others similarly situated,
petition any court of competent jurisdiction for the appointment of a successor Trustee with
respect to the Securities of such series.

     (f) The Company shall give notice of each resignation and each removal of the Trustee with
respect to the Securities of any series and each appointment of a successor Trustee with respect to
the Securities of any series by mailing written notice of such event by first-class mail, postage
prepaid, to all Holders of Securities of such series as their names and addresses appear in the
Security Register. Each notice shall include the name of the successor Trustee with respect to the
Securities of such series and the address of its Corporate Trust Office.

Section 6.11 Acceptance of Appointment by Successor.

     (a) In case of the appointment hereunder of a successor Trustee with respect to all
Securities, every such successor Trustee so appointed shall execute, acknowledge and deliver to the
Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the
resignation or removal of the retiring Trustee shall become effective and such successor Trustee,
without any further act, deed or conveyance, shall become vested with all the rights, powers,
trusts and duties of the retiring Trustee; but, on the request of the Company or the successor
Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an
instrument
transferring to such successor Trustee all the rights, powers and trusts of the retiring
Trustee and shall duly assign, transfer and deliver to such successor Trustee all property and
money held by such retiring Trustee hereunder.

     (b) In case of the appointment hereunder of a successor Trustee with respect to the Securities
of one or more (but not all) series, the Company, the retiring Trustee and each successor Trustee
with respect to the Securities of one or more series shall execute and deliver an indenture
supplemental hereto wherein each successor Trustee shall accept such appointment and which (1)
shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to
vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee
with respect to the Securities of that or those series to which the appointment of such successor
Trustee relates, (2) if the retiring Trustee is not retiring with respect to the Securities of all
series for which it is the Trustee hereunder, shall contain such provisions as shall be deemed
necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring
Trustee with respect to the Securities of that or those series as to which the retiring Trustee is
not retiring shall continue to be vested in the retiring Trustee, and (3) shall add to or change
any of the provisions of this Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one Trustee, it being understood that nothing
herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same
trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart
from any trust or trusts hereunder administered by any other such Trustee; and upon the execution
and delivery of such supplemental indenture the resignation or removal of the retiring Trustee
shall become effective to the extent provided therein and each such successor Trustee, without any
further act, deed or

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conveyance, shall become vested with all the rights, powers, trusts and duties
of the retiring Trustee with respect to the Securities of that or those series to which the
appointment of such successor Trustee relates; but, on request of the Company or any successor
Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee
all property and money held by such retiring Trustee hereunder with respect to the Securities of
that or those series to which the appointment of such successor Trustee relates.

     (c) Upon request of any such successor Trustee, the Company shall execute any and all
instruments for more fully and certainly vesting in and confirming to such successor Trustee all
such rights, powers and trusts referred to in paragraph (a) or (b) of this Section, as the case may
be.

     (d) No successor Trustee shall accept its appointment unless at the time of such acceptance
such successor Trustee shall be qualified and eligible under this Article.

     (e) The Trustee shall not be liable for the acts or omissions to act of any successor Trustee.

Section 6.12 Merger, Conversion, Consolidation or Succession to Business.

     Any corporation or association into which the Trustee may be merged or converted or with which
it may be consolidated, or any corporation or association resulting from any merger, conversion or
consolidation to which the Trustee shall be a party, or any corporation or association to which all
or substantially all of the corporate trust business of the Trustee may be sold or otherwise
transferred, shall be the successor of the Trustee hereunder without the execution or filing of any
paper or any further act, provided such corporation shall be otherwise qualified and eligible under
this Article. In case any Securities shall have been authenticated, but not delivered, by the
Trustee then in office, any successor by merger, conversion or consolidation to such authenticating
Trustee may adopt such authentication and deliver the Securities so authenticated with the same
effect as if such successor Trustee had itself authenticated such Securities.

Section 6.13 Preferential Collection of Claims Against Company.

     The Trustee shall comply with the Trust Indenture Act Section 311(a), excluding any creditor
relationship listed in the Trust Indenture Act Section 311(b). A Trustee who has resigned or been
removed shall be subject to the Trust Indenture Act Section 311(a) to the extent indicated therein.

Section 6.14 Appointment of Authenticating Agent.

     At any time when any of the Securities remain Outstanding the Trustee may appoint an
Authenticating Agent or Agents with respect to one or more series of Securities which shall be
authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon
exchange, registration of transfer or partial redemption thereof or pursuant to Section 3.6, and
Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid
and obligatory for all purposes

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as if authenticated by the Trustee hereunder. Wherever reference
is made in this Indenture to the authentication and delivery of Securities by the Trustee or the
Trustee’s certificate of authentication, such reference shall be deemed to include authentication
and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of
authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating
Agent shall be acceptable to the Company and shall at all times be a corporation organized and
doing business under the laws of the United States of America, any State thereof or the District of
Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital and
surplus of not less than $50,000,000 and subject to supervision or examination by Federal or State
authority. If such Authenticating Agent publishes reports of condition at least annually, pursuant
to law or to the requirements of said supervising or examining authority, then for the purposes of
this Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be
its combined capital and surplus as set forth in its most recent report of condition so published.
If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions
of this Section, such Authenticating Agent shall resign immediately in the manner and with the
effect specified in this Section.

     Any corporation into which an Authenticating Agent may be merged or converted or with which it
may be consolidated, or any corporation resulting from any merger, conversion or consolidation to
which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate
agency or corporate trust business of an Authenticating Agent, shall continue to be an
Authenticating Agent, provided such corporation shall be otherwise eligible under this Section,
without the execution or filing of any paper or any further act on the part of the Trustee or the
Authenticating Agent.

     An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee
and to the Company. The Trustee may at any time terminate the agency of an Authenticating Agent by
giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such
a notice of resignation or upon such a termination, or in case at any time such Authenticating
Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may
appoint a successor Authenticating Agent which shall be acceptable to the Company and shall give
notice of such appointment by first-class mail, postage prepaid, to all Holders of Securities of
the series with respect to which such Authenticating Agent will serve, as their names and addresses
appear in the Security Register. Any successor Authenticating Agent upon acceptance of its
appointment hereunder shall become vested with all the rights, powers and duties of its predecessor
hereunder, with like effect as if originally named as an Authenticating Agent. No successor
Authenticating Agent shall be appointed unless eligible under the provisions of this Section.

     The Company agrees to pay to each Authenticating Agent from time to time reasonable
compensation for its services under this Section.

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     If an appointment with respect to one or more series is made pursuant to this Section, the
Securities of such series may have endorsed thereon an alternative certificate of authentication in
the following form:

     “This is one of the Securities of the series designated herein referred to in the
within-mentioned Indenture.

	 	 	 	 	 	 	 
	 	THE BANK OF NEW YORK MELLON,	 	 
	 

	 	 	 	As Trustee
	 	 
	   
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	 	 	As Authenticating Agent
	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Authorized Officer
	 	 
	 
	 	 	 	 	 	 
	 

	 	Dated:	 	 	 	 
	 

	 	 	 	 

	 	 

ARTICLE VII

Holders Lists and Reports by Trustee and Company

Section 7.1 Company to Furnish Trustee Names and Addresses of Holders.

     The Company will furnish or cause to be furnished to the Trustee:

     (a) semi-annually not more than 15 days after each Regular Record Date a list, in such form as
the Trustee may reasonably require, of the names and addresses of the Holders of Securities of such
series as of the preceding March 1 or September 1, or as of such Regular Record Date, as the case
may be, and

     (b) at such other times as the Trustee may request in writing, within 30 days after the
receipt by the Company of any such request, a list of similar form and content as of a date not
more than 15 days prior to the time such list is furnished;

provided that if and so long as the Trustee shall be the Security Registrar for such series, such
list shall not be required to be furnished.

Section 7.2 Preservation of Information; Communications to Holders.

     Holders may communicate pursuant to the Trust Indenture Act Section 312(b) with other Holders
with respect to their rights under this Indenture and the Securities. The Company, the Trustee, the
Registrar and any other person shall have the protection of the Trust Indenture Act Section 312(c).

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Section 7.3 Reports by Trustee.

     Within 60 days after May 15 of each year commencing with the year 2010, the Trustee shall
provide to the Holders of Securities such reports as are required by Section 313(a) of the Trust
Indenture Act, if any, in the form and in the manner provided by Section 313 of the Trust Indenture
Act. The Trustee shall also comply with the other requirements of Section 313 of the Trust
Indenture Act. The Company will notify the Trustee when any such Securities are listed on any
securities exchange.

Section 7.4 Reports by Company.

     The Company shall:

     (1) file with the Trustee, within 15 days after the Company is required to file the
same with the Commission, copies of the annual reports and of the information, documents
and other reports (or copies of such portions of any of the foregoing as the Commission may
from time to time by rules and regulations prescribe) which the Company may be required to
file with the Commission pursuant to Section 13 or Section 15(d) of the Securities Exchange
Act of 1934; or, if the Company is not required to file information, documents or reports
pursuant to either of said Sections, then it shall file with the Trustee and the
Commission, in accordance with rules and regulations prescribed from time to time by the
Commission, such of the supplementary and periodic information, documents and reports which
may be required pursuant to Section 13 of the Securities Exchange Act of 1934 in respect of
a security listed and registered on a national securities exchange as may be prescribed
from time to time in such rules and regulations;

     (2) file with the Trustee and the Commission, in accordance with rules and
regulations prescribed from time to time by the Commission, such additional information,
documents and reports with respect to compliance by the Company with the conditions and
covenants of this Indenture as may be required from time to time by such rules and
regulations; and

     (3) transmit by mail to all Holders, as their names and addresses appear in the
Security Register, within 30 days after the filing thereof with the Trustee, such summaries
of any information, documents and reports required to be filed by the Company pursuant to
paragraphs (1) and (2) of this Section as may be required by rules and regulations
prescribed from time to time by the Commission.

     Delivery of such reports, information and documents to the Trustee is for informational
purposes only and the Trustee’s receipt of such reports shall not constitute constructive notice of
any information contained therein or determinable from information contained therein, including the
Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to
rely exclusively on Officers’ Certificates).

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Section 7.5 Officers’ Certificate as to Events of Default.

     The Company shall deliver to the Trustee, as soon as practicable and in any event within five
days after the Company becomes aware of the occurrence of any Default or Event of Default or an
event which, with notice or the lapse of time or both, would constitute a Default or an Event of
Default, an Officers’ Certificate setting forth the details of such event, Default or Event of
Default and the action which the Company proposes to take with respect thereto.

ARTICLE VIII

Consolidation, Merger, Conveyance, Transfer Or Lease

Section 8.1 Company May Consolidate, Etc., Only on Certain Terms.

     The Company shall not consolidate with or merge into any other corporation or convey, transfer
or lease its properties and assets substantially as an entirety to any Person, unless:

     (1) the Person formed by such consolidation or into which the Company is merged or the
Person which acquires by conveyance or transfer, or which leases, the properties and assets
of the Company substantially as an entirety shall be a corporation organized and existing
under the laws of the United States of America, any State thereof or the District of
Columbia and shall expressly assume, by an indenture supplemental hereto, executed and
delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment
of the principal of (and premium, if any) and interest on all the Securities and the
performance of every covenant of this Indenture on the part of the Company to be performed
or observed;

     (2) immediately after giving effect to such transaction, no Default, and no event
which, after notice or lapse of time or both, would become a Default, shall have happened
and be continuing; and

     (3) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion
of Counsel, each stating that such consolidation, merger, conveyance, transfer or lease and
such supplemental indenture comply with this Article and that all conditions precedent
herein provided for relating to such transaction have been complied with.

Section 8.2 Successor Corporation Substituted.

     Upon any consolidation of the Company with, or merger of the Company into, any other
corporation or any conveyance, transfer or lease of the properties and assets of the Company
substantially as an entirety in accordance with Section 8.1, the successor corporation formed by
such consolidation or into with the Company is merged or to which such conveyance, transfer or
lease is made shall succeed to, and be substituted for, and may exercise every right and power of,
the Company under this Indenture with the

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same effect as if such successor corporation had been named as the Company herein, and
thereafter, except in the case of a lease, the predecessor corporation shall be relieved of all
obligations and covenants under this Indenture and the Securities.

ARTICLE IX

Supplemental Indentures

Section 9.1 Supplemental Indentures Without Consent of Holders.

     Without the consent of any Holders, the Company, when authorized by a Board Resolution, and
the Trustee, at any time and from time to time, may enter into one or more indentures supplemental
hereto, in form satisfactory to the Trustee, for any of the following purposes:

     (1) to evidence the succession of another corporation to the Company and the
assumption by any such successor of the covenants of the Company contained herein and in
the Securities, pursuant to Article VIII; or

     (2) to add to the covenants of the Company for the benefit of the Holders of all or
any series of Securities (and if such covenants are to be for the benefit of less than all
series of Securities, stating that such covenants are expressly being included solely for
the benefit of one or more specified series) or to surrender any right or power herein
conferred upon the Company; or

     (3) to add any additional Defaults; or

     (4) to change or eliminate any of the provisions of this Indenture, provided that any
such change or elimination shall become effective only when there is no Security
Outstanding of any series created prior to the execution of such supplemental indenture
which is entitled to the benefit of such provision; or

     (5) to secure the Securities; or

     (6) to establish the form or terms of Securities of any series as permitted by
Sections 2.1 and 3.1; or

     (7) to evidence and provide for the acceptance of appointment hereunder by a successor
Trustee with respect to the Securities of one or more series and to add to or change any of
the provisions of this Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one Trustee, pursuant to the
requirements of Section 6.11(b); or

     (8) to cure any ambiguity or manifest error, to correct or supplement any provision
herein which may be inconsistent with any other provision herein, or to make any other
provisions with respect to matters or questions arising under this Indenture, provided such
action shall not adversely affect the interests of the Holders of Securities of any series
in any material respect.

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Section 9.2 Supplemental Indentures with Consent of Holders.

     With the consent of the Holders of not less than a majority in principal amount of the
Outstanding Securities of each series affected by such supplemental indenture, by Act of said
Holders delivered to the Company and the Trustee, the Company, when authorized by a Board
Resolution, and the Trustee may enter into an indenture or indentures supplemental hereto for the
purpose of adding any provisions to or changing in any manner or eliminating any of the provisions
of this Indenture or of modifying in any manner the rights of the Holders of Securities of such
series under this Indenture; provided that no such supplemental indenture shall, without the
consent of the Holder of each Outstanding Security affected thereby,

     (1) change the Stated Maturity of the principal of, or any installment of principal of
or interest on, any Security, or reduce the principal amount thereof or the rate of
interest thereon (including any change in the Floating or Adjustable Rate Provision
pursuant to which such rate is determined that would reduce that rate for any period) or
any premium payable upon the redemption thereof, or change any Place of Payment where, or
the coin or currency in which, any Security or any premium or the interest thereon is
payable, or impair the right to institute suit for the enforcement of any such payment on
or after the Stated Maturity thereof (or, in the case of redemption, on or after the
Redemption Date), or modify the provisions of this Indenture with respect to the
subordination of the Securities in a manner adverse to the Holders, or

     (2) reduce the percentage in principal amount of the Outstanding Securities of any
series, the consent of whose Holders is required for any such supplemental indenture, or
the consent of whose Holders is required for any waiver (of compliance with certain
provisions of this Indenture or certain defaults hereunder and their consequences) provided
for in this Indenture, or

     (3) modify any of the provisions of this Section or Section 5.6, except to increase
any such percentage or to provide that certain other provisions of this Indenture cannot be
modified or waived without the consent of the Holder of each Outstanding Security affected
thereby; provided that this clause shall not be deemed to require the consent of any Holder
with respect to changes in the references to “the Trustee” and concomitant changes in this
Section or the deletion of this proviso, in accordance with the requirements of Sections
6.11(b) and 9.1(8), or

     (4) remove or impair the rights of any Holder of Securities to bring a Direct Action
in certain circumstances, as provided in Section 15.1;

provided, further, that if the Securities of such series are held by a Citigroup Trust or a trustee
of such trust, such supplemental indenture shall not be effective until the holders of a majority
in liquidation preference of Trust Securities of the applicable Citigroup Trust shall have
consented to such supplemental indenture; provided, further, that if the consent of the Holder of
each Outstanding Securities is required, such supplemental

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indenture shall not be effective until each holder of the Trust Securities of the applicable
Citigroup Trust shall have consented to such supplemental indenture.

     A supplemental indenture which changes or eliminates any covenant or other provision of this
Indenture which has expressly been included solely for the benefit of one or more particular series
of Securities, or which modifies the rights of the Holders of Securities of such series with
respect to such covenant or other provision, shall be deemed not to affect the rights under this
Indenture of the Holders of Securities of any other series.

     It shall not be necessary for any Act of Holders under this Section to approve the particular
form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve
the substance thereof.

Section 9.3 Execution of Supplemental Indentures.

     In executing, or accepting the additional trusts created by, any supplemental indenture
permitted by this Article or the modifications thereby of the trusts created by this Indenture, the
Trustee shall be given, in addition to the documents required by Section 1.2, and (subject to
Section 6.1) shall be fully protected in relying upon, an Opinion of Counsel and an Officers’
Certificate stating that the execution of such supplemental indenture is authorized or permitted by
this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental
indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or
otherwise.

Section 9.4 Effect of Supplemental Indentures.

     Upon the execution of any supplemental indenture under this Article, this Indenture shall be
modified in accordance therewith, and such supplemental indenture shall form a part of this
Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated
and delivered hereunder shall be bound thereby to the extent provided therein.

Section 9.5 Conformity with Trust Indenture Act.

     Every supplemental indenture executed pursuant to this Article shall conform to the
requirements of the Trust Indenture Act as then in effect.

Section 9.6 Reference in Securities to Supplemental Indentures.

     Securities of any series authenticated and delivered after the execution of any supplemental
indenture pursuant to this Article may, and shall if required by the Trustee, bear a notation in
form approved by the Trustee as to any matter provided for in such supplemental indenture. If the
Company shall so determine, new Securities of any series so modified as to conform, in the opinion
of the Trustee and the Company, to any such supplemental indenture may be prepared and executed by
the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities
of such series.

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ARTICLE X

Covenants

Section 10.1 Payment of Principal, Premium and Interest.

     The Company covenants and agrees for the benefit of each series of Securities that it will
duly and punctually pay the principal of (and premium, if any) and interest on the Securities of
that series in accordance with the terms of the Securities of such series and this Indenture, and
will duly comply with all other terms, agreements and conditions contained in, or made in the
Indenture for the benefit of, the Securities of such series.

Section 10.2 Maintenance of Office or Agency.

     The Company will maintain in each Place of Payment for any series of Securities an office or
agency where Securities of that series may be presented or surrendered for payment, where
Securities of that series may be surrendered for registration of transfer or exchange and where
notices and demands to or upon the Company in respect of the Securities of that series and this
Indenture may be served. The Company will give prompt written notice to the Trustee of the
location, and any change in the location, of such office or agency. If at any time the Company
shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with
the address thereof, such presentations, surrenders, notices and demands may be made or served at
the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent
to receive all such presentations, surrenders, notices and demands.

     The Company may also from time to time designate one or more other offices or agencies where
the Securities of one or more series may be presented or surrendered for any or all such purposes
and may from time to time rescind such designations; provided that no such designation or
rescission shall in any manner relieve the Company of its obligation to maintain an office or
agency in each Place of Payment for Securities of any series for such purposes. The Company will
give prompt written notice to the Trustee of any such designation or rescission and of any change
in the location of any such other office or agency.

Section 10.3 Money for Securities Payments to Be Held in Trust.

     If the Company shall at any time act as its own Paying Agent with respect to any series of
Securities, it will, on or before each due date of the principal of (and premium, if any) or
interest on any of the Securities of that series, segregate and hold in trust for the benefit of
the Persons entitled thereto a sum sufficient to pay the principal (and premium, if any) or
interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as
herein provided and will promptly notify the Trustee of its action or failure so to act.

     Whenever the Company shall have one or more Paying Agents for any series of Securities, it
will, prior to each due date of the principal of (and premium, if any) or interest on any
Securities of that series, deposit with a Paying Agent a sum sufficient to

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pay the principal (and premium, if any) or interest so becoming due, such sum to be held in
trust for the benefit of the Persons entitled to such principal, premium or interest, and (unless
such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or
failure so to act.

     The Company will cause each Paying Agent for any series of Securities other than the Trustee
to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the
Trustee, subject to the provisions of this Section, that such Paying Agent will:

     (1) hold all sums held by it for the payment of the principal of (and premium, if any)
or interest on Securities of that series in trust for the benefit of the Persons entitled
thereto until such sums shall be paid to such Persons or otherwise disposed of as herein
provided;

     (2) give the Trustee notice of any default by the Company (or any other obligor upon
the Securities of that series) in the making of any payment of principal (and premium, if
any) or interest on the Securities of that series; and

     (3) at any time during the continuance of any such default, upon the written request
of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying
Agent.

     The Company may at any time, for the purpose of obtaining the satisfaction and discharge of
this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay,
to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by
the Trustee upon the same trusts as those upon which such sums were held by the Company or such
Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be
released from all further liability with respect to such money.

     Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in
trust for the payment of the principal of (and premium, if any) or interest on any Security of any
series and remaining unclaimed for two years after such principal (and premium, if any) or interest
has become due and payable shall be paid to the Company on Company Request, or (if then held by the
Company) shall be discharged from such trust; and the Holder of such Security shall thereafter, as
an unsecured general creditor, look only to the Company for payment thereof, and all liability of
the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company
as trustee thereof, shall thereupon cease; provided that the Trustee or such Paying Agent, before
being required to make any such repayment, may at the expense of the Company cause to be published
once, in a newspaper published in the English language, customarily published on each Business Day
and of general circulation in the Borough of Manhattan, The City of New York, New York, notice that
such money remains unclaimed and that, after a date specified therein, which shall not be less than
30 days from the date of such publication, any unclaimed balance of such money then remaining will
be repaid to the Company.

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Section 10.4 Statement by Officers as to Default.

     The Company will deliver to the Trustee, within 120 days after the end of each fiscal year of
the Company ending after the date hereof, an Officers’ Certificate stating whether or not to the
best knowledge of the signers thereof the Company is in default in the performance and observance
of any of the terms, provisions and conditions of this Indenture, and if the Company shall be in
default, specifying all such defaults and the nature and status thereof of which they may have
knowledge.

Section 10.5 Covenants as to Citigroup Trusts.

     For so long as any Trust Securities of a Citigroup Trust remain outstanding, the Company will
(i) maintain 100% direct or indirect ownership of the Common Securities of such Citigroup Trust;
provided, however, that any permitted successor of the Company hereunder may succeed to the
Company’s ownership of such Common Securities, (ii) not voluntarily dissolve, wind up or terminate
such Citigroup Trust, except in connection with a distribution of Securities upon a Special Event,
and in connection with certain mergers, consolidations or amalgamations permitted by the
Declaration of the applicable Citigroup Trust, (iii) timely perform its duties as Sponsor of the
applicable Citigroup Trust, (iv) use its reasonable efforts to cause such Citigroup Trust to (a)
remain a business trust, except in connection with a distribution of Securities to the holders of
Trust Securities as provided in the Declaration of such Citigroup Trust, the redemption of all of
the Trust Securities and in connection with certain mergers, consolidations or amalgamations
permitted by the Declaration of such Citigroup Trust, and (b) otherwise continue to be classified
as a grantor trust for United States federal income tax purposes and (v) not knowingly take any
action that would cause such Citigroup Trust to not be classified as a grantor trust for United
States federal income tax purposes.

Section 10.6 Payment of Expenses.

     (a) In connection with the sale and issuance of each series of Securities to the Institutional
Trustee of a Citigroup Trust and in connection with the offering and sale of Trust Securities by
such Citigroup Trust, the Company, in its capacity as borrower with respect to such Securities,
shall:

               (i) pay all costs and expenses relating to the offering, sale and issuance of such Securities,
including commissions to the underwriters payable pursuant to the applicable Underwriting Agreement
and compensation of the Trustee under this Indenture in accordance with the provisions of Section
6.7;

               (ii) pay all costs and expenses of such Citigroup Trust (including, but not limited to, costs
and expenses relating to the organization of the trust, the offering, sale and issuance of the
Trust Securities of such Citigroup Trust (including commissions to the underwriters in connection
therewith), the fees and expenses of the Institutional Trustee, the Regular Trustees and the
Delaware Trustee of such Citigroup Trust, the costs and expenses relating to the operation,
maintenance and dissolution of such Citigroup Trust and the enforcement by such Institutional
Trustee of the rights of the holders of the

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Preferred Securities of such Citigroup Trust, including, without limitation, costs and
expenses of accountants, attorneys, statistical or bookkeeping services, expenses for printing and
engraving and computing or accounting equipment, paying agent(s), registrar(s), transfer agent(s),
duplicating, travel and telephone and other telecommunications expenses and costs and expenses
incurred in connection with the acquisition, financing, and disposition of assets of such Citigroup
Trust);

               (iii) be primarily liable for any indemnification obligations arising with respect to the
Declaration of such Citigroup Trust; and

               (iv) pay any and all taxes (other than United States withholding taxes in respect of amounts
paid on the Securities held by such Citigroup Trust) and all liabilities, costs and expenses with
respect to such taxes of such Citigroup Trust.

     (b) Upon termination of this Indenture or any series of Securities or the removal or
resignation of the Trustee pursuant to Section 6.10, the Company shall pay to the Trustee all
amounts accrued and owing to the Trustee to the date of such termination, removal or resignation.
Upon termination of the Declaration of any Citigroup Trust or the removal or resignation of the
Delaware Trustee or the Institutional Trustee, as the case may be, pursuant to Section 5.6 of the
Declaration of such Citigroup Trust, the Company shall pay to such Delaware Trustee or such
Institutional Trustee, as the case may be, all amounts accrued and owing to such Delaware Trustee
or such Institutional Trustee, as the case may be, to the date of such termination, removal or
resignation.

Section 10.7 Listing on an Exchange.

     If Securities of any series are to be issued as a Global Security in connection with the
distribution of such Securities to the holders of the Preferred Securities of a Citigroup Trust
upon a Dissolution Event with respect to such Citigroup Trust, the Company will use its best
efforts to list such series of Securities on the New York Stock Exchange, Inc. or on such other
securities exchange as the Preferred Securities of such Citigroup Trust are then listed. The
Company will promptly notify the Trustee in writing of any Securities that will be listed on or
delisted from any securities exchange.

Section 10.8 Future Issuance of Securities under this Indenture.

     Any Securities issued under this Indenture shall (x) be issued with the concurrence or
approval of the Federal Reserve or its staff or (y) qualify at the time of issuance for tier 1
capital treatment (irrespective of any limits on the amount of the Company’s tier 1 capital) under
applicable capital adequacy guidelines, regulations, policies, published interpretations or any
applicable concurrence or approval of the Federal Reserve or its staff.

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ARTICLE XI

Redemption Of Securities

Section 11.1 Applicability of Article; Federal Reserve Approval.

     Securities of each series are redeemable before their respective Stated Maturities in
accordance with their respective terms and (except as otherwise specified as contemplated by
Section 3.1 for Securities of any series) in accordance with this Article. Any redemption of any
series of Securities, in whole or in part, prior to their respective Stated Maturities shall be
subject to receipt by the Company of the prior concurrence or approval of the Federal Reserve or
its staff, (i) if such concurrence or approval is then required in order for securities such as the
Securities to qualify as tier 1 capital under applicable capital adequacy guidelines, regulations,
policies, published interpretations, or any applicable concurrence or approval of the Federal
Reserve or its staff, or (ii) if the Federal Reserve or its staff has informed the Company that it
must obtain such concurrence or approval before redeeming the Securities.

Section 11.2 Election to Redeem; Notice to Trustee.

     (a) Subject to the provisions of Section 11.2(b) and to the other provisions of this Article
XI, except as otherwise may be specified in this Indenture or, with respect to any series of
Securities, as otherwise specified as contemplated by Section 3.1 for the Securities of such
series, the Company shall have the right to redeem any series of Securities, in whole or in part,
from time to time, on or after the Redemption Option Date for such series at the Redemption Price.
The election of the Company to redeem any Securities redeemable at the election of the Company
shall be evidenced by a Board Resolution. In case of any redemption at the election of the Company
of the Securities of any series, the Company shall, at least 40 days (unless a shorter period is
acceptable to the Trustee), but not more than 60 days, prior to the Redemption Date fixed by the
Company, notify the Trustee of such Redemption Date and of the principal amount of Securities of
such series to be redeemed. In the case of any redemption of Securities (a) prior to the
expiration of any restriction on such redemption provided in the terms of such Securities or
elsewhere in this Indenture, or (b) pursuant to an election of the Company which is subject to a
condition provided in the terms of such Securities or elsewhere in this Indenture, the Company
shall furnish the Trustee with an Officers’ Certificate evidencing compliance with such restriction
or condition.

     (b) If a partial redemption of any series of Securities would result in the delisting of the
Preferred Securities of the Citigroup Trust that purchased such Securities from any national
securities exchange or other organization on which the Preferred Securities of such Citigroup Trust
are then listed, the Company shall not be permitted to effect such partial redemption and may only
redeem such series of Securities in whole.

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Section 11.3 Selection by Trustee of Securities to Be Redeemed.

     If less than all the Securities of any series are to be redeemed, the particular Securities to
be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee,
from the Outstanding Securities of such series not previously called for redemption, by such method
as the Trustee shall deem fair and appropriate and which may provide for the selection for
redemption of portions (equal to the minimum authorized denomination for Securities of that series
or any integral multiple thereof) of the principal amount of Securities of such series of a
denomination larger than the minimum authorized denomination for Securities of that series;
provided that, if at the time of redemption such Securities are registered as a Global Security,
the Depositary shall determine, in accordance with its procedures, the principal amount of such
Securities held by each Security Beneficial Owner to be redeemed.

     The Trustee shall promptly notify the Company in writing of the Securities selected for
redemption and, in case of any Securities selected for partial redemption, the principal amount
thereof to be redeemed.

     For all purposes of this Indenture, unless the context otherwise requires, all provisions
relating to the redemption of Securities shall relate, in the case of any Securities redeemed or to
be redeemed only in part, to the portion of the principal amount of such Securities which has been
or is to be redeemed.

Section 11.4 Notice of Redemption.

     Notice of redemption shall be given by first-class mail, postage prepaid, mailed not less than
30 nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed,
at his address appearing in the Security Register.

     All notices of redemption shall state:

     (1) the Redemption Date,

     (2) the Redemption Price (or if not then ascertainable, the manner of calculation
thereof),

     (3) if less than all the Outstanding Securities of any series are to be redeemed, the
identification (and, in the case of partial redemption, the principal amounts) of the
particular Securities of such series to be redeemed,

     (4) that on the Redemption Date the Redemption Price will become due and payable upon
each such Security to be redeemed and that interest thereon will cease to accrue on and
after said date,

     (5) the place or places where such Securities are to be surrendered for payment of the
Redemption Price, and

     (6) that the redemption is for a sinking fund, if such is the case.

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     Notice of redemption of Securities to be redeemed at the election of the Company shall be
given by the Company or, at the Company’s request and provision of such notice information to the
Trustee no less than 10 days prior to the mailing of such redemption notice, by the Trustee in the
name and at the expense of the Company.

Section 11.5 Deposit of Redemption Price.

     Prior to 10:00 a.m., New York City time, on any Redemption Date, the Company shall deposit
with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent,
segregate and hold in trust as provided in Section 10.3) an amount of money sufficient to pay the
Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued
interest on, all the Securities which are to be redeemed on that date.

Section 11.6 Securities Payable on Redemption Date.

     Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall,
on the Redemption Date, become due and payable at the Redemption Price therein specified, and from
and after such date (unless the Company shall default in the payment of the Redemption Price and
accrued interest) such Securities shall cease to bear interest. Upon surrender of any such
Security for redemption in accordance with said notice, such Security shall be paid by the Company
at the Redemption Price, together with accrued interest to the Redemption Date; provided that
installments of interest whose Stated Maturity is on or prior to the Redemption Date shall be
payable to the Holders of such Securities, or one or more Predecessor Securities, registered as
such at the close of business on the relevant Record Dates according to their terms and the
provisions of Section 3.7.

     If any Security called for redemption shall not be so paid upon surrender thereof for
redemption, the principal (and premium, if any) shall, until paid, bear interest from the
Redemption Date at the rate prescribed therefor in the Security.

     The Redemption Price shall be paid prior to 12:00 noon, New York City time, on the date of
such redemption or such earlier time as the Company determines, provided that the Company shall
deposit with the Trustee an amount sufficient to pay the Redemption Price by 10:00 a.m., New York
City time, on the date such Redemption Price is to be paid.

Section 11.7 Securities Redeemed in Part.

     Any Security which is to be redeemed only in part shall be surrendered at a Place of Payment
for Securities of that series (with, if the Company or the Trustee so requires, due endorsement by,
or a written instrument of transfer in form satisfactory to the Company duly executed by, the
Holder thereof or his attorney duly authorized in writing), and the Company shall execute, and the
Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new
Security or Securities of the same series, of like tenor and of any authorized denomination as
requested by such

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Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of
the principal of the Security so surrendered.

ARTICLE XII

Sinking Funds

Section 12.1 Applicability of Article.

     The provisions of this Article shall be applicable to any sinking fund for the retirement of
Securities of a series except as otherwise specified as contemplated by Section 3.1 for the
Securities of such series.

     The minimum amount of any sinking fund payment provided for by the terms of Securities of any
series is herein referred to as a “mandatory sinking fund payment,” and any payment in excess of
such minimum amount provided for by the terms of Securities of any series is herein referred to as
an “optional sinking fund payment.” If provided for by the terms of Securities of any series, the
cash amount of any sinking fund payment may be subject to reduction as provided in Section 12.2.
Each sinking fund payment shall be applied to the redemption of Securities as provided for by the
terms of Securities of such series.

Section 12.2 Satisfaction of Sinking Fund Payments with Securities.

     Unless the form or terms of any series of Securities shall provide otherwise, the Company (1)
may deliver to the Trustee Outstanding Securities of a series (other than any previously called for
redemption) and (2) may apply as a credit Securities of a series which have been redeemed either at
the election of the Company pursuant to the terms of such Securities or through the application of
permitted optional sinking fund payments pursuant to the terms of such Securities, in each case in
satisfaction of all or any part of any sinking fund payment with respect to any Securities of such
series required to be made pursuant to the terms of such Securities as provided for by the terms of
such Securities; provided that such Securities have not been previously so credited. Such
Securities shall be received and credited for such purpose by the Trustee at the Redemption Price
specified in such Securities for redemption through operation of the sinking fund and the amount of
such sinking fund payment shall be reduced accordingly.

Section 12.3 Redemption of Securities for Sinking Fund.

     Not less than 60 days prior to each sinking fund payment date for any series of Securities the
Company will deliver to the Trustee an Officers’ Certificate specifying the amount of the next
ensuing sinking fund payment for that series pursuant to the terms of that series, the portion
thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which
is to be satisfied by delivering and crediting Securities of that series pursuant to Section 12.2
and will also deliver to the Trustee any Securities to be so delivered. Not less than 45 days
before each such sinking fund payment date, the Trustee shall select the Securities to be redeemed
upon such sinking fund payment date in the manner specified in Section 11.3 and cause notice of the redemption thereof to be

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given in
the name of and at the expense of the Company in the manner provided in Section 11.4. The Company
shall deposit the amount of cash, if any, required for such sinking fund payment with the Trustee
in the manner provided in Section 11.5. Such notice having been duly given, the redemption of such
Securities shall be made upon the terms and in the manner stated in Sections 11.6 and 11.7.

ARTICLE XIII

Extension Of Interest Payment Period

Section 13.1 Extension of Interest Payment Period.

     The Company shall have the right, at any time and from time to time during the term of the
Securities of any series, to defer payments of interest by extending the interest payment period of
all Securities of such series for a period not exceeding 20 consecutive quarters (the “Extended
Interest Payment Period”), during which Extended Interest Payment Period no interest shall be due
and payable on Securities of such series; provided that no Extended Interest Payment Period may
extend beyond the Maturity of such Securities. To the extent permitted by applicable law,
interest, the payment of which has been deferred because of the extension of the interest payment
period pursuant to this Section 13.1, will bear interest thereon at the Coupon Rate compounded
quarterly for each quarter of the Extended Interest Payment Period (“Compounded Interest”). At the
end of any Extended Interest Payment Period with respect to any series of Securities, the Company
shall pay all interest accrued and unpaid on such Securities, including any Additional Interest and
Compounded Interest (together, “Deferred Interest”) that shall be payable to the Holders of
Securities of such Series in whose names such Securities are registered in the Security Register on
the record date immediately preceding the end of such Extended Interest Payment Period. Before the
termination of any Extended Interest Payment Period, the Company may further extend such period;
provided that such period, together with all such further extensions thereof, shall not exceed 20
consecutive quarters; and provided further that no prepayment of interest during an Extended
Interest Payment Period shall allow the Company to extend such Extended Interest Payment Period
beyond 20 consecutive quarters. Upon the termination of any Extended Interest Payment Period with
respect to any series of Securities and upon the payment of all Deferred Interest then due, the
Company may commence a new Extended Interest Payment Period with respect to such series of
Securities, subject to the foregoing requirements. No interest on a series of Securities shall be
due and payable during an Extended Interest Payment Period with respect thereto, except at the end
thereof, provided the Company may prepay at any time all or any portion of the interest accrued
during any Extended Interest Payment Period.

Section 13.2 Notice of Extension.

     (a) If the Institutional Trustee of a Citigroup Trust is the only Holder of Securities of a
series at the time the Company selects an Extended Interest Payment Period with respect thereto,
the Company shall give written notice to the Regular
Trustees and the Institutional Trustee of such Citigroup Trust and to the Trustee of its

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selection of such Extended Interest Payment Period at least one Business Day before the earlier of
(i) the next succeeding date on which Distributions on the Trust Securities issued by such
Citigroup Trust would be payable, if not for such Extended Interest Payment Period, or (ii) the
date such Citigroup Trust is required to give notice of the record date, or the date such
Distributions are payable, to the New York Stock Exchange or other applicable self-regulatory
organization or to holders of the Preferred Securities issued by such Citigroup Trust, but in any
event at least one Business Day before such record date.

     (b) If the Institutional Trustee of a Citigroup Trust is not the only Holder of Securities of
a series at the time the Company selects an Extended Interest Payment Period with respect thereto,
the Company shall give written notice to the Holders of Securities of such series, the Regular
Trustees and the Trustee of its selection of such Extended Interest Payment Period at least 10
Business Days before the earlier of (i) the next succeeding Interest Payment Date, or (ii) the date
the Company is required to give notice of the record or payment date of such interest payment to
the New York Stock Exchange or other applicable self-regulatory organization or to Holders of
Securities of such series.

     (c) The quarter in which any notice is given pursuant to paragraphs (a) or (b) of this Section
13.2 shall be counted as one of the 20 quarters permitted in the maximum Extended Interest Payment
Period with respect to any series of Securities permitted under Section 1.3.

     (d) Notwithstanding anything else contained in this Indenture, the Company shall be required
to give notice to any Person of its selection of an Extended Interest Payment Period no more than
15 Business Days and no less than 5 Business Days before the next succeeding Interest Payment Date
of the affected Securities.

Section 13.3 Limitation of Transactions.

If with respect to any series of Securities (i) the Company shall exercise its right to defer
payments of interest thereon as provided in Section 13.1 or (ii) there shall have occurred any
Default, then (a) the Company and any subsidiary of the Company shall not declare or pay any
dividend on, make any distributions with respect to, or redeem, purchase, acquire or make a
liquidation payment with respect to, any of the Company’s capital stock or make any guarantee
payment with respect thereto (other than (i) purchases, redemptions or other acquisitions of shares
of capital stock of the Company in connection with any employment contract, benefit plan or other
similar arrangement with or for the benefit of employees, officers, directors or consultants, (ii)
purchases of shares of common stock of the Company pursuant to a contractually binding requirement
to buy stock entered into in the ordinary course of business and existing prior to the commencement
of the Extended Interest Payment Period, including under a contractually binding stock repurchase
plan, (iii) as a result of an exchange or conversion of any class or series of the Company’s
capital stock for any other class or series of the Company’s capital stock, (iv) the purchase of
fractional interests in shares of the Company’s capital
stock pursuant to the conversion or exchange provisions of such capital stock or the

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security being
converted or exchanged, or (v) purchases of the Company’s capital stock by a broker-dealer
subsidiary of the Company for resale pursuant to an offering by the Company underwritten by such
broker-dealer subsidiary, (vi) purchases or other acquisitions by a broker-dealer subsidiary of the
Company solely for the purpose of market-making, stabilization or customer facilitation
transactions in the ordinary course of its business, or (vii) the acquisition of record ownership
of the capital stock of the Company or any Affiliate of the Company for the beneficial ownership of
any other Persons (other than the Company or any other subsidiary of the Company), including as
trustees or custodians), and (b) the Company and any subsidiary of the Company shall not make any
payment of interest on or principal of (or premium, if any, on), or repay, repurchase or redeem,
any debt securities or guarantees issued by the Company which rank pari passu with or junior to the
Securities, provided, however, the Company may declare and pay a stock dividend where the dividend
stock is the same stock as that on which the dividend is being paid.

ARTICLE XIV

Subordination Of Securities

Section 14.1 Agreement to Subordinate.

     The Company covenants and agrees, and each Holder of Securities issued hereunder by such
Holder’s acceptance thereof likewise covenants and agrees, that all Securities shall be issued
subject to the provisions of this Article Fourteen; and each Holder of a Security, whether upon
original issue or upon transfer or assignment thereof, accepts and agrees to be bound by such
provisions.

     The payment by the Company of the principal of, premium, if any, and interest on all
Securities issued hereunder shall, to the extent and in the manner hereinafter set forth, be
subordinated and junior in right of payment to the prior payment in full of all Senior Indebtedness
of the Company, whether outstanding at the date of this Indenture or thereafter incurred.

     No provision of this Article Fourteen shall prevent the occurrence of any Default hereunder.

Section 14.2 Default on Senior Indebtedness.

     In the event and during the continuation of any default by the Company in the payment of
principal, premium, interest or any other payment due on any Senior Indebtedness of the Company, as
the case may be, or in the event that the maturity of any Senior Indebtedness of the Company, as
the case may be, has been accelerated because of a default, then, in either case, no payment shall
be made by the Company with respect to the principal (including redemption payments) of, or
premium, if any, or interest on, the Securities or to acquire any of the Securities (except sinking
fund payments made in Securities acquired by the Company prior to such default):

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     In the event that, notwithstanding the foregoing, any payment shall be received by the
Trustee, by any Holder or by any Paying Agent (or, if the Company is acting as its own Paying
Agent, money for any such payment is segregated and held in trust) when such payment is prohibited
by the preceding paragraph of this Section 14.2, before all Senior Indebtedness of the Company is
paid in full, or provision is made for such payment in money in accordance with its terms, such
payment shall be held in trust for the benefit of, and shall be paid over or delivered to, the
holders of Senior Indebtedness of the Company or their respective representatives, or to the
trustee or trustees under any indenture pursuant to which any of such Senior Indebtedness may have
been issued, as their respective interests may appear, ratably according to the aggregate amount
remaining unpaid on account of the principal, premium, interest or any other payment due on the
Senior Indebtedness held or represented by each, for application to the payment of all Senior
Indebtedness of the Company, as the case may be, remaining unpaid to the extent necessary to pay
such Senior Indebtedness in full in money in accordance with its terms, after giving effect to any
concurrent payment or distribution to or for the benefit of the holders of such Senior
Indebtedness, but only to the extent that the holders of the Senior Indebtedness (or their
representative or representatives or a trustee) notify the Trustee in writing within 90 days of
such payment of the amounts then due and owing on the Senior Indebtedness and only the amounts
specified in such notice to the Trustee shall be paid to the holders of Senior Indebtedness.

Section 14.3 Liquidation; Dissolution; Bankruptcy.

     Upon any payment by the Company or distribution of assets of the Company of any kind or
character, whether in cash, property or securities, to creditors upon any dissolution or winding-up
or liquidation or reorganization of the Company, whether voluntary or involuntary or in bankruptcy,
insolvency, receivership or other proceedings, all amounts due upon all Senior Indebtedness of the
Company shall first be paid in full, or payment thereof provided for in money in accordance with
its terms, before any payment is made by the Company on account of the principal (and premium, if
any) or interest on the Securities; and upon any such dissolution or winding-up or liquidation or
reorganization, any payment by the Company, or distribution of assets of the Company of any kind or
character, whether in cash, property or securities, to which the Holders of the Securities or the
Trustee would be entitled to receive, except for the provisions of this Article Fourteen, shall be
paid by the Company or by any receiver, trustee in bankruptcy, liquidating trustee, agent or other
Person making such payment or distribution, or by the Holders of the Securities or by the Trustee
under this Indenture if received by them or it, directly to the holders of Senior Indebtedness of
the Company (pro rata to such holders on the basis of the respective amounts of Senior Indebtedness
held by such holders, as calculated by the Company) or their representative or representatives, or
to the trustee or trustees under any indenture pursuant to which any instruments evidencing such
Senior Indebtedness may have been issued, as their respective interests may appear, to the extent
necessary to pay such Senior Indebtedness in full, in money or money’s worth, after giving effect
to any concurrent payment or distribution to or for the holders of such Senior Indebtedness, before
any payment or distribution is made to the Holders of Securities or to the Trustee.

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     In the event that, notwithstanding the foregoing, any payment or distribution of assets of the
Company of any kind or character, whether in cash, property or securities, prohibited by the
foregoing, shall be received by the Trustee, by any Holder or by any Paying Agent (or, if the
Company is acting as its own Paying Agent, money for any such payment is segregated and held in
trust) before all Senior Indebtedness of the Company is paid in full, or provision is made for such
payment in money in accordance with its terms, such payment or distribution shall be held in trust
for the benefit of and shall be paid over or delivered to the holders of such Senior Indebtedness
or their representative or representatives, or to the trustee or trustees under any indenture
pursuant to which any of such Senior Indebtedness may have been issued, as their respective
interests may appear, ratably according to the aggregate amount remaining unpaid on account of the
principal, premium, interest or any other payment due on the Senior Indebtedness held or
represented by each, as calculated by the Company, for application to the payment of all Senior
Indebtedness of the Company, as the case may be, remaining unpaid to the extent necessary to pay
such Senior Indebtedness in full in money in accordance with its terms, after giving effect to any
concurrent payment or distribution to or for the benefit of the holders of such Senior
Indebtedness.

     For purposes of this Article Fourteen, the words “cash, property or securities” shall not be
deemed to include shares of stock of the Company as reorganized or readjusted, or securities of the
Company or any other corporation provided for by a plan of reorganization or readjustment, the
payment of which is subordinated at least to the extent provided in this Article Fourteen with
respect to the Securities to the payment of all Senior Indebtedness of the Company, as the case may
be, that may at the time be outstanding, provided that (i) such Senior Indebtedness is assumed by
the new corporation, if any, resulting from any such reorganization or readjustment, and (ii) the
rights of the holders of such Senior Indebtedness are not, without the consent of such holders,
altered by such reorganization or readjustment. The consolidation of the Company with, or the
merger of the Company into, another corporation or the liquidation or dissolution of the Company
following the conveyance or transfer of its property as an entirety, or substantially as an
entirety, to another corporation upon the terms and conditions provided for in Article VIII shall
not be deemed a dissolution, winding-up, liquidation or reorganization for the purposes of this
Section 14.3 if such other corporation shall, as a part of such consolidation, merger, conveyance
or transfer, comply with the conditions stated in Article VIII. Nothing in Section 14.2 or in this
Section 14.3 shall apply to claims of, or payments to the Trustee under or pursuant to Section 6.7.

Section 14.4 Subrogation.

     Subject to the payment in full of all Senior Indebtedness of the Company, the rights of the
Holders of the Securities shall be subrogated to the rights of the holders of such indebtedness to
receive payments or distributions of cash, property or securities of the Company, as the case may
be, applicable to such Senior Indebtedness until the principal of (and premium, if any) and
interest on the Securities shall be paid in full; and, for the purposes of such subrogation, no
payments or distributions to the holders of such Senior Indebtedness of any cash, property or
securities to which the Holders of the Securities or the Trustee would be entitled except for the
provisions of this Article

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Fourteen, and no payment over pursuant to the provisions of this Article Fourteen to or for
the benefit of the holders of such Senior Indebtedness by Holders of the Securities or the Trustee,
shall, as between the Company, its creditors other than Holders of Senior Indebtedness of the
Company, and the holders of the Securities, be deemed to be a payment by the Company to or on
account of such Senior Indebtedness. It is understood that the provisions of this Article Fourteen
are and are intended solely for the purposes of defining the relative rights of the Holders of the
Securities, on the one hand, and the holders of such Senior Indebtedness on the other hand.

     Nothing contained in this Article Fourteen or elsewhere in this Indenture or in the Securities
is intended to or shall impair, as between the Company, its creditors other than the holders of
Senior Indebtedness of the Company, and the Holders of the Securities, the obligation of the
Company, which is absolute and unconditional, to pay to the Holders of the Securities the principal
of (and premium, if any) and interest on the Securities as and when the same shall become due and
payable in accordance with their terms, or is intended to or shall affect the relative rights of
the Holders of the Securities and creditors of the Company, as the case may be, other than the
holders of Senior Indebtedness of the Company, as the case may be, nor shall anything herein or
therein prevent the Trustee or the Holder of any Security from exercising all remedies otherwise
permitted by applicable law upon default under the Indenture, subject to the rights, if any, under
this Article Fourteen of the holders of such Senior Indebtedness in respect of cash, property or
securities of the Company, as the case may be, received upon the exercise of any such remedy.

     Upon any payment or distribution of assets of the Company referred to in this Article
Fourteen, the Trustee, subject to the provisions of Section 6.1, and the Holders of the Securities
shall be entitled to conclusively rely upon any order or decree made by any court of competent
jurisdiction in which such dissolution, winding-up, liquidation or reorganization proceedings are
pending, or a certificate of the receiver, trustee in bankruptcy, liquidation trustee, agent or
other Person making such payment or distribution, delivered to the Trustee or to the Holders of the
Securities, for the purposes of ascertaining the Persons entitled to participate in such
distribution, the holders of Senior Indebtedness and other indebtedness of the Company, as the case
may be, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon
and all other facts pertinent thereto or to this Article Fourteen.

Section 14.5 Trustee to Effectuate Subordination.

     Each Holder of Securities by such Holder’s acceptance thereof authorizes and directs the
Trustee on such Holder’s behalf to take such action as may be necessary or appropriate to
effectuate the subordination provided in this Article Fourteen and appoints the Trustee such
Holder’s attorney-in-fact for any and all such purposes.

Section 14.6 Notice by the Company.

     The Company shall give prompt written notice to a Responsible Officer of the Trustee of any
fact known to the Company that would prohibit the making of any payment of monies to or by the
Trustee in respect of the Securities pursuant to the

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provisions of this Article Fourteen. Notwithstanding the provisions of this Article Fourteen
or any other provision of this Indenture, the Trustee shall not be charged with knowledge of the
existence of any facts that would prohibit the making of any payment of monies to or by the Trustee
in respect of the Securities pursuant to the provisions of this Article Fourteen, unless and until
a Responsible Officer of the Trustee shall have received written notice thereof from the Company or
a holder or holders of Senior Indebtedness or their representative or representatives or from any
trustee therefor; and before the receipt of any such written notice, the Trustee, subject to the
provisions of Section 6.1 shall be entitled in all respects to assume that no such facts exist;
provided, however, that if the Trustee shall not have received the notice provided for in this
Section 14.6 at least three Business Days prior to the date upon which by the terms hereof any
money may become payable for any purpose (including, without limitation, the payment of the
principal of (or premium, if any) or interest on any Security), then, anything herein contained to
the contrary notwithstanding, the Trustee shall have full power and authority to receive such money
and to apply the same to the purposes for which they were received, and shall not be affected by
any notice to the contrary that may be received by it within three Business Days prior to such
date.

     The Trustee, subject to the provisions of Section 6.1, shall be entitled to conclusively rely
on the delivery to it of a written notice by a Person representing himself to be a holder of Senior
Indebtedness of the Company, as the case may be (or a trustee on behalf of such holder), to
establish that such notice has been given by a holder of such Senior Indebtedness or a trustee on
behalf of any such holder or holders. In the event that the Trustee determines in good faith that
further evidence is required with respect to the right of any Person as a holder of such Senior
Indebtedness to participate in any payment or distribution pursuant to this Article Fourteen, the
Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee
as to the amount of such Senior Indebtedness held by such Person, the extent to which such Person
is entitled to participate in such payment or distribution and any other facts pertinent to the
rights of such Person under this Article Fourteen, and, if such evidence is not furnished, the
Trustee may defer any payment to such Person pending judicial determination as to the right of such
Person to receive such payment.

Section 14.7 Rights of the Trustee; Holders of Senior Indebtedness.

     The Trustee in its individual capacity shall be entitled to all the rights set forth in this
Article Fourteen in respect of any Senior Indebtedness at any time held by it, to the same extent
as any other holder of Senior Indebtedness, and nothing in this Indenture shall deprive the Trustee
of any of its rights as such holder.

     With respect to the holders of Senior Indebtedness of the Company, the Trustee undertakes to
perform or to observe only such of its covenants and obligations as are specifically set forth in
this Article Fourteen, and no implied covenants or obligations with respect to the holders of such
Senior Indebtedness shall be read into this Indenture against the Trustee. The Trustee shall not
be deemed to owe any fiduciary duty to the holders of such Senior Indebtedness and, subject to the
provisions of Section 6.1, the Trustee shall not be liable to any holder of such Senior
Indebtedness if it shall pay over or

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deliver to Holders of Securities, the Company or any other Person money or assets to which any
holder of such Senior Indebtedness shall be entitled by virtue of this Article Fourteen or
otherwise.

Section 14.8 Subordination May Not Be Impaired.

     No right of any present or future holder of any Senior Indebtedness of the Company to enforce
subordination as herein provided shall at any time in any way be prejudiced or impaired by any act
or failure to act on the part of the Company, as the case may be, or by any act or failure to act,
in good faith, by any such holder, or by any noncompliance by the Company, as the case may be, with
the terms, provisions and covenants of this Indenture, regardless of any knowledge thereof that any
such holder may have or otherwise be charged with.

     Without in any way limiting the generality of the foregoing paragraph, the holders of Senior
Indebtedness of the Company may, at any time and from time to time, without the consent of or
notice to the Trustee or the Holders of the Securities, without incurring responsibility to the
Holders of the Securities and without impairing or releasing the subordination provided in this
Article Fourteen or the obligations hereunder of the Holders of the Securities to the holders of
such Senior Indebtedness, do any one or more of the following: (i) change the manner, place or
terms of payment or extend the time of payment of, or renew or alter, such Senior Indebtedness, or
otherwise amend or supplement in any manner such Senior Indebtedness or any instrument evidencing
the same or any agreement under which such Senior Indebtedness is outstanding; (ii) sell, exchange,
release or otherwise deal with any property pledged, mortgaged or otherwise securing such Senior
Indebtedness; (iii) release any Person liable in any manner for the collection of such Senior
Indebtedness; and (iv) exercise or refrain from exercising any rights against the Company, as the
case may be, and any other Person.

Section 14.9 Trustee’s Compensation Not Prejudiced.

     Nothing in this Article Fourteen shall apply to amounts due to the Trustee pursuant to Section
6.7 of this Indenture.

ARTICLE XV

Miscellaneous

Section 15.1 Acknowledgement of Rights.

     The Company acknowledges that, with respect to any Securities held by a Citigroup Trust or a
trustee of such Trust, if the Institutional Trustee of such Citigroup Trust fails to enforce its
rights under this Indenture as the Holder of the series of Securities held as the assets of such
Citigroup Trust, any holder of Preferred Securities of such Citigroup Trust may institute legal
proceedings directly against the Company to enforce such Institutional Trustee’s rights under this
Indenture without first instituting any legal proceedings against such Institutional Trustee or any
other person or entity.

76

 

     Notwithstanding the foregoing, if a Default has occurred and is continuing and such event is
attributable to the failure of the Company to pay interest or principal on the applicable series of
Securities on the date such interest or principal is otherwise payable (or in the case of
redemption, on the redemption date), the Company acknowledges that a holder of Trust Securities
issued by the Citigroup Trust which is, or the Institutional Trustee of which is, the Holder of
such Securities may directly institute a proceeding for enforcement of payment to such holder of
the principal of or interest on the applicable series of Securities having a principal amount equal
to the aggregate liquidation amount of the Trust Securities of such holder (a “Direct Action”) on
or after the respective due date specified of such holder on or after the respective due date
specified in the applicable series of Securities. Notwithstanding any payments made to such holder
of Trust Securities by the Company in connection with a Direct Action, the Company shall remain
obligated to pay the principal of or interest on the series of Securities held by a Citigroup Trust
or the Institutional Trustee of a Citigroup Trust, and the Company shall be subrogated to the
rights of the holder of such Trust Securities to the extent of any payments made by the Company to
such holder in any Direct Action.

Section 15.2 Counterparts.

     This instrument may be executed in any number of counterparts, each of which so executed shall
be deemed to be an original, but all such counterparts shall together constitute but one and the
same instrument.

77

 

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

	 	 	 	 	 
	 	CITIGROUP INC.

 	 
	 	By:  	/s/ Martin A. Waters
 	 
	 	 	Name:  	Martin A. Waters 	 
	 	 	Title:  	Assistant Treasurer 	 
	 

	 	 	 	 	 
	 	THE BANK OF NEW YORK MELLON

     As Trustee

 	 
	 	By:  	/s/ Timothy W. Casey
 	 
	 	 	Name:  	Timothy W. Casey 	 
	 	 	Title:  	Senior Associate 	 

78

 

	 	 	 	 	 

EXHIBIT A

[FORM OF CERTIFICATE TO BE DELIVERED UPON

TRANSFER OF SECURITIES]

Citigroup Inc.

399 Park Avenue

New York, New York 10043

Facsimile: 212-793-5629

Attention: Treasury Department

The Bank of New York Mellon

101 Barclay Street — 8W

New York, New York 10286

Attention: Corporate Trust Administration

			
	Re:	 	8.00% Junior Subordinated Deferrable Interest Debentures due July 30, 2039 (the
“Securities”)

CUSIP # 172967EX5

     Reference is hereby made to that certain indenture dated as of July 30, 2009 (the
“Indenture”), between Citigroup Inc. and The Bank of New York Mellon, as trustee (the
“Trustee”). Capitalized terms used but not defined herein shall have the meanings set forth
in the Indenture.

     This
certificate relates to $_____ principal amount of Securities held in definitive form by the
undersigned.

     The undersigned,                                          (transferor), hereby requests the
Trustee to transfer a Security or Securities to                                         
(transferee).

     In connection with such transfer of the Security or Securities, the undersigned confirms that
such Securities are being transferred in accordance with their terms:

CHECK ONE BOX BELOW:

	 	 	 	o
to Citigroup Inc. or any subsidiary thereof; or

	 
	 	 	 	o to a “qualified institutional buyer” within the meaning of Rule 144A (“Rule
144A”) under the Securities Act of 1933, as amended (the “Securities
Act”) and in compliance with Rule 144A;

	 
	 	 	 	o pursuant to an exemption from registration provided by Rule 144 under the
Securities Act or any other available exemption from the registration requirements
of the Securities Act.

79

 

     Unless one of the boxes is checked, the Security Registrar will refuse to register the
transfer of any of the Securities referenced in this certificate.

                    
                                        

Signature

	 	 	 	 	 
	Signature Guarantee:
	 	 	 	 
	 

	 	 

(Signature must be guaranteed by a participant
	 	 
	 

	 	in a recognized signature guarantee medallion	 	 
	 

	 	program)	 	 

TO BE COMPLETED BY PURCHASER IF THE SECOND BOX ABOVE IS CHECKED.

     The undersigned represents and warrants that (i) it and any account for which it is acting is
a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933,
as amended (“Rule 144A”), (ii) it exercises sole investment discretion with respect to each
such account, and (iii) it is aware that the sale to it is being made in reliance on Rule 144A and
acknowledges that it has received such information as the undersigned has requested pursuant to
Rule 144A or has determined not to request such information and that it is aware that the
transferor is relying upon the undersigned’s foregoing representations in order to claim the
exemption from registration provided by Rule 144A.

	 	 	 	 	 	 	 
	 	 	[Name of Transferee]	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	1	 

	 	 
	 

	 	Date:	 	 	 	 

 

			
	1	 	To be signed by an executive officer.

80

 

EXHIBIT B

[FORM OF CERTIFICATE TO BE DELIVERED

IN CONNECTION WITH TRANSFERS PURSUANT TO RULE 144A]

Citigroup Inc.

399 Park Avenue

New York, New York 10043

Facsimile: 212-793-5629

Attention: Treasury Department

The Bank of New York Mellon

101 Barclay Street — 8W

New York, New York 10286

Attention: Corporate Trust Administration

			
	Re:	 	8.00% Junior Subordinated Deferrable Interest Debentures due July 30, 2039 (the
“Securities”)

CUSIP # 172967EX5

Ladies and Gentlemen:

     In connection with our proposed sale of $                     aggregate principal
amount at maturity of the Securities (the “Subject Securities”), we hereby certify that
such transfer is being effected pursuant to and in accordance with Rule 144A (“Rule 144A”)
under the United States Securities Act of 1933, as amended, and, accordingly, we hereby further
certify that the Subject Securities are being transferred to a person that we reasonably believe is
purchasing the Subject Securities for its own account, or for one or more accounts with respect to
which such person exercises sole investment discretion, and such person and each such account is a
“qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the
requirements of Rule 144A and such Subject Securities are being transferred in compliance with any
applicable securities laws of any state of the United States.

     The Bank of New York Mellon and Citigroup Inc. are entitled to rely upon this letter and are
irrevocably authorized to produce this letter or a copy hereof to any interested party in any
administrative or legal proceedings or official inquiry with respect to the matters covered hereby.

	 	 	 	 	 	 	 
	 	 	Very truly yours,	 	 
	 
	 	 	 	 	 	 
	 	 	[Name of Transferor]	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	2	 

	 	 
	 

	 	Date:	 	 	 	 

 

			
	2	 	To be signed by an authorized signatory.

1exv4w02

Ex. 4.02

 

AMENDED AND RESTATED DECLARATION

OF TRUST

CITIGROUP CAPITAL XXXIII

Dated as of July 30, 2009

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 
	 	Page
	ARTICLE I

	INTERPRETATION AND DEFINITIONS

	 
	SECTION 1.1 Definitions
	 	 	1	 
	 
	 	 	 	 
	ARTICLE II

	TRUST INDENTURE ACT

	 
	 	 	 	 
	SECTION 2.1 Trust Indenture Act; Application
	 	 	7	 
	SECTION 2.2 Lists of Holders of Securities
	 	 	8	 
	SECTION 2.3 Reports by the Institutional Trustee
	 	 	8	 
	SECTION 2.4 Periodic Reports to Institutional Trustee
	 	 	8	 
	SECTION 2.5 Evidence of Compliance with Conditions Precedent
	 	 	9	 
	SECTION 2.6 Defaults; Waiver
	 	 	9	 
	SECTION 2.7 Default; Notice
	 	 	10	 
	 
	 	 	 	 
	ARTICLE III

	ORGANIZATION

	 
	 	 	 	 
	SECTION 3.1 Name
	 	 	11	 
	SECTION 3.2 Office
	 	 	11	 
	SECTION 3.3 Purpose
	 	 	11	 
	SECTION 3.4 Authority
	 	 	11	 
	SECTION 3.5 Title to Property of the Trust
	 	 	12	 
	SECTION 3.6 Powers and Duties of the Regular Trustees
	 	 	12	 
	SECTION 3.7 Prohibition of Actions by the Trust and the Trustees
	 	 	14	 
	SECTION 3.8 Powers and Duties of the Institutional Trustee
	 	 	15	 
	SECTION 3.9 Certain Duties and Responsibilities of the Institutional Trustee
	 	 	17	 
	SECTION 3.10 Certain Rights of Institutional Trustee
	 	 	18	 
	SECTION 3.11 Delaware Trustee
	 	 	21	 
	SECTION 3.12 Execution of Documents
	 	 	21	 
	SECTION 3.13 Not Responsible for Recitals or Issuance of Securities
	 	 	21	 
	SECTION 3.14 Duration of Trust
	 	 	21	 
	SECTION 3.15 Mergers
	 	 	21	 
	 
	 	 	 	 
	ARTICLE IV

	SPONSOR

	 
	 	 	 	 
	SECTION 4.1 Sponsor’s Purchase of Common Securities
	 	 	23	 
	SECTION 4.2 Responsibilities of the Sponsor
	 	 	23	 

i 

 

TABLE OF CONTENTS 

(continued)

	 	 	 	 	 
	 
	 	Page
	ARTICLE V

	TRUSTEES

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

	DISTRIBUTIONS; EXCHANGES

	 
	 	 	 	 
	SECTION 6.1 Distributions
	 	 	29	 
	SECTION 6.2 Exchanges
	 	 	29	 
	 
	 	 	 	 
	ARTICLE VII

	ISSUANCE OF SECURITIES

	 
	 	 	 	 
	SECTION 7.1 General Provisions Regarding Securities
	 	 	30	 
	 
	 	 	 	 
	ARTICLE VIII

	DISSOLUTION; TERMINATION OF TRUST

	 
	 	 	 	 
	SECTION 8.1 Dissolution of Trust
	 	 	31	 
	 
	 	 	 	 
	ARTICLE IX

	TRANSFER OF INTERESTS

	 
	 	 	 	 
	SECTION 9.1 Transfer of Securities
	 	 	32	 
	SECTION 9.2 Transfer of Certificates
	 	 	33	 
	SECTION 9.3 Deemed Security Holders
	 	 	34	 
	SECTION 9.4 Book Entry Interests
	 	 	35	 
	SECTION 9.5 Notices to Clearing Agency
	 	 	35	 
	SECTION 9.6 Appointment of Successor Clearing Agency
	 	 	36	 
	SECTION 9.7 Definitive Capital Security Certificates
	 	 	36	 
	SECTION 9.8 Mutilated, Destroyed, Lost or Stolen Certificates
	 	 	36	 

ii 

 

TABLE OF CONTENTS 

(continued)

	 	 	 	 	 
	 
	 	Page
	ARTICLE X

	LIMITATION OF LIABILITY OF HOLDERS OF SECURITIES, TRUSTEES OR OTHERS

	 
	 	 	 	 
	SECTION 10.1 Liability
	 	 	37	 
	SECTION 10.2 Exculpation
	 	 	37	 
	SECTION 10.3 Fiduciary Duty
	 	 	38	 
	SECTION 10.4 Indemnification
	 	 	39	 
	SECTION 10.5 Outside Businesses
	 	 	41	 
	 
	 	 	 	 
	ARTICLE XI

	ACCOUNTING

	 
	 	 	 	 
	SECTION 11.1 Fiscal Year
	 	 	42	 
	SECTION 11.2 Certain Accounting Matters
	 	 	42	 
	SECTION 11.3 Banking
	 	 	43	 
	SECTION 11.4 Withholding
	 	 	43	 
	 
	 	 	 	 
	ARTICLE XII

	AMENDMENTS AND MEETINGS

	 
	 	 	 	 
	SECTION 12.1 Amendments
	 	 	43	 
	SECTION 12.2 Meetings of the Holders of Securities; Action by Written Consent
	 	 	45	 
	 
	 	 	 	 
	ARTICLE XIII

	REPRESENTATIONS OF INSTITUTIONAL TRUSTEE AND DELAWARE TRUSTEE

	 
	 	 	 	 
	SECTION 13.1 Representations and Warranties of Institutional Trustee
	 	 	46	 
	SECTION 13.2 Representations and Warranties of Delaware Trustee
	 	 	47	 
	 
	 	 	 	 
	ARTICLE XIV

	MISCELLANEOUS

	 
	 	 	 	 
	SECTION 14.1 Notices
	 	 	47	 
	SECTION 14.2 Governing Law; Waiver of Trial by Jury
	 	 	49	 
	SECTION 14.3 Intention of the Parties
	 	 	49	 
	SECTION 14.4 Headings
	 	 	49	 
	SECTION 14.5 Successors and Assigns
	 	 	49	 
	SECTION 14.6 Partial Enforceability
	 	 	49	 
	SECTION 14.7 Counterparts
	 	 	49	 

iii

 

	 	 	 	 	 
	ANNEX I

	 	TERMS OF SECURITIES
	 	I-1
	EXHIBIT A-1

	 	FORM OF CAPITAL SECURITY CERTIFICATE
	 	AI-1
	EXHIBIT A-2

	 	FORM OF COMMON SECURITY CERTIFICATE
	 	A2-1
	EXHIBIT B

	 	SPECIMEN OF DEBENTURE
	 	B-1
	EXHIBIT C

	 	EXCHANGE AGREEMENT
	 	C-1
	EXHIBIT D

	 	FORM OF TRANSFER CERTIFICATE
	 	D-1
	EXHIBIT E

	 	FORM OF RULE 144A TRANSFER CERTIFICATE
	 	E-1

-iv- 

 

CROSS-REFERENCE TABLE*1

	 	 	 	 	 
	Section of	 	 
	Trust Indenture Act	 	 
	of 1939, as amended	 	Section of Declaration
	310

	 	 	2.1	(c)
	310(b)

	 	 	5.3(c), 5.3	(d)
	311(a)

	 	 	2.2	(b)
	311(b)

	 	 	2.2	(b)
	312(b)

	 	 	2.2	(b)
	313

	 	 	2.3	 
	313(d)

	 	 	2.3	 
	314

	 	 	2.4	 
	314(a)

	 	 	3.6	(j)
	314(c)

	 	 	2.5	 
	316(a)

	 	 	2.6(a), (b), 	 (c)
	316(c)

	 	 	3.6	(e)
	317

	 	 	2.1	(c)
	317(b)

	 	 	3.8	(h)

 

			
	*	 	This Cross-Reference Table does not constitute part of the Declaration and shall not affect
the interpretation of any of its terms or provisions.
	 
	1	 	Note: Cross-Reference Table to be confirmed and updated.

-v- 

 

AMENDED AND RESTATED

DECLARATION OF TRUST

OF

CITIGROUP CAPITAL XXXIII

July 30, 2009

          AMENDED AND RESTATED DECLARATION OF TRUST (“Declaration”) dated and effective as of July 30,
2009, by the Trustees (as defined herein), the Sponsor (as defined herein) and by the holders, from
time to time, of undivided beneficial interests in the Trust to be issued pursuant to this
Declaration;

          WHEREAS, the Trustees and the Sponsor established Citigroup Capital XXXIII (the “Trust”), a
trust under the Statutory Trust Act (as defined herein) pursuant to a Declaration of Trust dated as
of June 3, 2009 (the “Original Declaration”) and a Certificate of Trust filed with the Secretary of
State of the State of Delaware on June 3, 2009, for the sole purpose of issuing and selling certain
securities representing undivided beneficial interests in the assets of the Trust and acquiring
certain Debentures of the Debenture Issuer;

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

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

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

ARTICLE I

INTERPRETATION AND DEFINITIONS

SECTION 1.1 Definitions.

          Unless the context otherwise requires:

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

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

 

 

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

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

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

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

          “Affiliate” has the same meaning as given to that term in Rule 405 of the Securities
Act or any successor rule thereunder.

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

          “Book Entry Interest” means a beneficial interest in a Global Certificate, ownership
and transfers of which shall be maintained and made through book entries by a Clearing Agency as
described in Section 9.4.

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

          “Capital Securities Guarantee” means the guarantee agreement dated as of July 30,
2009, of Citigroup, as Guarantor in respect of the Capital Securities.

          “Capital Security” has the meaning specified in Section 7.1.

          “Capital Security Beneficial Owner” means, with respect to a Book Entry Interest, a
Person who is the beneficial owner of such Book Entry Interest, as reflected on the books of the
Clearing Agency, or on the books of a Person maintaining an account with such Clearing Agency
(directly as a Clearing Agency Participant or as an indirect participant, in each case in
accordance with the rules of such Clearing Agency).

          “Capital Security Certificate” means a certificate representing a Capital Security
substantially in the form of Exhibit A-1.

          “Certificate” means a Common Security Certificate or a Capital Security Certificate.

          “Citigroup” means Citigroup Inc., a Delaware corporation.

          “Clearing Agency” means an organization registered as a “Clearing Agency” pursuant to
Section 17A of the Exchange Act that is acting as depositary for the Capital

2

 

Securities and in whose name or in the name of a nominee of that organization shall be
registered one or more Global Certificates and which shall undertake to effect book entry transfers
and pledges of the Capital Securities.

          “Clearing Agency Participant” means a broker, dealer, bank, other financial
institution or other Person for whom from time to time the Clearing Agency effects book entry
transfers and pledges of securities deposited with the Clearing Agency.

          “Closing Date” means July 30, 2009.

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

          “Commission” means the Securities and Exchange Commission.

          “Common Security” has the meaning specified in Section 7.1.

          “Common Security Certificate” means a definitive certificate in fully registered form
representing a Common Security substantially in the form of Exhibit A-2.

          “Company Indemnified Person” means (a) any Regular Trustee; (b) any Affiliate of any
Regular Trustee; (c) any officers, directors, shareholders, members, partners, employees,
representatives or agents of any Regular Trustee; or (d) any officer, employee or agent of the
Trust or its Affiliates.

          “Corporate Trust Office” means the office of the Institutional Trustee at which the
corporate trust business of the Institutional Trustee shall, at any particular time, be principally
administered, which office at the date of execution of this Declaration is located at 101 Barclay
Street-8W, New York, New York 10286.

          “Covered Person” means: (a) any officer, director, shareholder, partner, member,
representative, employee or agent of (i) the Trust or (ii) the Trust’s Affiliates; and (b) any
Holder of Securities.

          “Debenture Issuer” means Citigroup in its capacity as issuer of the Debentures under
the Indenture.

          “Debenture Trustee” means The Bank of New York Mellon, as trustee under the Indenture
until a successor is appointed thereunder, and thereafter means such successor trustee.

          “Debentures” means the series of Debentures to be issued by the Debenture Issuer under
the Indenture to be held by the Institutional Trustee, a specimen certificate for such series of
Debentures being Exhibit B.

          “Default” in respect of the Securities means a Default (as defined in the Indenture)
has occurred and is continuing in respect of the Debentures.

          “Definitive Capital Security Certificates” has the meaning set forth in Section 9.4.

3

 

          “Delaware Trustee” has the meaning set forth in Section 5.2.

          “Distribution” has the meaning set forth in Section 6.1.

          “DTC” means The Depository Trust Company, the initial Clearing Agency.

          “Exchange” has the meaning set forth in Section 6.2(a).

          “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to
time, or any successor legislation.

          “Exchange Agreements” means the exchange agreements, dated June 9, 2009, by and
between the United States Department of the Treasury and Citigroup, and by and between the Federal
Deposit Insurance Corporation and Citigroup.

          “Fiduciary Indemnified Person” has the meaning set forth in Section 10.4(b).

          “Global Certificate” has the meaning set forth in Section 9.4.

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

          “Indemnified Person” means a Company Indemnified Person or a Fiduciary Indemnified
Person.

          “Indenture” means the Indenture dated as of July 30, 2009, as amended or supplemented
from time to time, between the Debenture Issuer and the Debenture Trustee, pursuant to which the
Debentures are to be issued.

          “Institutional Trustee” means the Trustee meeting the eligibility requirements set
forth in Section 5.3.

          “Institutional Trustee Account” has the meaning set forth in Section 3.8(c).

          “Investment Company” means an investment company as defined in the Investment Company
Act.

          “Investment Company Act” means the Investment Company Act of 1940, as amended from
time to time, or any successor legislation.

          “Investment Company Event” has the meaning set forth in Annex I hereto.

          “Legal Action” has the meaning set forth in Section 3.6(g).

          “Liquidation Amount” means, with respect to Capital Securities or Common Securities,
the liquidation amount per Capital Security or Common Security, respectively, as set forth in Annex
I hereto.

4

 

          “Majority in liquidation amount of the Securities” means, except as provided in the
terms of the Capital Securities or (subject to Section 2.1(a)) by the Trust Indenture Act,
Holder(s) of outstanding Securities voting together as a single class or, as the context may
require, Holders of outstanding Capital Securities or Holders of outstanding Common Securities
voting separately as a class, who are the record owners of an aggregate liquidation amount
representing more than 50% of the aggregate liquidation amount (including the stated amount that
would be paid on redemption, liquidation or otherwise, plus accrued and unpaid Distributions to the
date upon which the voting percentages are determined) of all outstanding Securities of the
relevant class.

          “Ministerial Action” has the meaning set forth in Annex I hereto.

          “Officers’ Certificate” means, with respect to any Person, a certificate signed by two
Authorized Officers of such Person, provided that only one Authorized Officer of the Trust is
required to sign on behalf of the Trust any Officers’ Certificate delivered pursuant to Section 2.5
of this Declaration. Any Officers’ Certificate delivered with respect to compliance with a
condition or covenant provided for in this Declaration shall include:

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

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

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

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

          “Paying Agent” has the meaning specified in Section 3.8(h).

          “Payment Amount” has the meaning specified in Section 6.1.

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

          “Private Placement Legend” has the meaning specified in Section 9.1(b).

          “Quorum” means any one Regular Trustee or, if there is only one Regular Trustee, such
Regular Trustee.

          “Regular Trustee” has the meaning specified in Section 5.1.

          “Regulatory Capital Event” has the meaning set forth in Annex I hereto.

5

 

          “Related Party” means, with respect to the Sponsor, any direct or indirect wholly
owned subsidiary of the Sponsor or any other Person that owns, directly or indirectly, 100% of the
outstanding voting securities of the Sponsor.

          “Responsible Officer” means, with respect to the Institutional Trustee, any officer
within the Corporate Trust Office of the Institutional Trustee with direct responsibility for the
administration of this Declaration and also means, with respect to a particular corporate trust
matter, any other officer to whom such matter is referred because of that officer’s knowledge of
and familiarity with the particular subject.

          “Rule 3a-5” means Rule 3a-5 under the Investment Company Act.

          “Securities” means the Common Securities and the Capital Securities.

          “Securities Act” means the Securities Act of 1933, as amended from time to time, or
any successor legislation.

          “Security Registrar” has the meaning set forth in Section 9.2(a).

          “Special Event” has the meaning set forth in Annex I hereto.

          “Sponsor” means Citigroup Inc. or any successor entity in a merger, consolidation or
amalgamation, in its capacity as sponsor of the Trust.

          “Sponsor Affiliated Holder” has the meaning set forth in Section 6.2(a).

          “Statutory Trust Act” means Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code
§3801 et seq., as it may be amended from time to time, or any successor legislation.

          “Successor Delaware Trustee” has the meaning set forth in Section 5.6(b).

          “Successor Entity” has the meaning set forth-in Section 3.15(b).

          “Successor Institutional Trustee” has the meaning set forth in Section 5.6(b).

          “Successor Securities” has the meaning set forth in Section 3.15(b).

          “Super Majority” has the meaning set forth in Section 2.6(a)(ii).

          “Tax Event” has the meaning set forth in Annex I hereto.

          “10% in liquidation amount of the Securities” means, except as provided in the terms
of the Capital Securities or (subject to Section 2.1(a)) by the Trust Indenture Act, Holder(s) of
outstanding Securities voting together as a single class or, as the context may require, Holders of
outstanding Capital Securities or Holders of outstanding Common Securities voting separately as a
class, who are the record owners of an aggregate liquidation amount representing 10% or more of the
aggregate liquidation amount (including the stated amount that would be paid on redemption,
liquidation or otherwise, plus accrued and unpaid Distributions to

6

 

the date upon which the voting percentages are determined) of all outstanding Securities of
the relevant class.

          “Transfer Certification” has the meaning set forth in Section 9.2(b).

          “Transfer Opinion” has the meaning set forth in Section 9.2(b).

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

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

          “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended from time to
time, or any successor legislation.

          “U.S. Government” means any of (i) the federal government of the United States of
America, (ii) any instrumentality or agency of the federal government of the United States of
America and (iii) any Person wholly-owned by, or the sole beneficiary of which is, the federal
government of the United States of America or any instrumentality or agency thereof.

ARTICLE II

TRUST INDENTURE ACT

SECTION 2.1 Trust Indenture Act; Application.

          (a) Except as otherwise expressly provided herein, the Trust Indenture Act shall apply as a
matter of contract to this Declaration for purposes of interpretation, construction and defining
the rights and obligations hereunder, and this Declaration, the Sponsor and the Institutional
Trustee shall be deemed for all purposes hereof to be subject to and governed by the Trust
Indenture Act to the same extent as would be the case if this Declaration were qualified under that
Act on the date of this Declaration; provided, however, that Securities held by the U.S. Government
shall not be disregarded under the terms of the final paragraph of Section 316(a) of the Trust
Indenture Act. Upon and following qualification as an indenture under the Trust Indenture Act,
this Declaration shall be subject to the provisions of the Trust Indenture Act that are required to
be part of this Declaration and shall, to the extent applicable, be governed by such provisions,
subject to any applicable exemptive order issued by the Commission, including any such order
addressing the final paragraph of Section 316(a) of the Trust Indenture Act.

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

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          (c) If and to the extent that any provision of this Declaration limits, qualifies or conflicts
with the duties required to be imposed by §§ 310 to 317, inclusive, of the Trust Indenture Act, and
such duties are not expressly excluded by this Declaration as permitted by the Trust Indenture Act,
such imposed duties shall control.

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

SECTION 2.2 Lists of Holders of Securities.

          (a) Each of the Sponsor and the Regular Trustees on behalf of the Trust shall provide the
Institutional Trustee (i) within 14 days after each record date for payment of Distributions, a
list, in such form as the Institutional Trustee may reasonably require, of the names and addresses
of the Holders of the Securities (“List of Holders”) as of such record date, provided that neither
the Sponsor nor the Regular Trustees on behalf of the Trust shall be obligated to provide such List
of Holders at any time the List of Holders does not differ from the most recent List of Holders
given to the Institutional Trustee by the Sponsor and the Regular Trustees on behalf of the Trust,
and (ii) at any other time, within 30 days of receipt by the Trust of a written request for a List
of Holders as of a date no more than 14 days before such List of Holders is given to the
Institutional Trustee. The Institutional Trustee shall preserve, in as current a form as is
reasonably practicable, all information contained in Lists of Holders given to it or which it
receives in the capacity as Paying Agent (if acting in such capacity), provided that the
Institutional Trustee may destroy any List of Holders previously given to it on receipt of a new
List of Holders.

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

SECTION 2.3 Reports by the Institutional Trustee.

          Within 60 days after May 15 of each year (commencing with the year of the first anniversary of
the Closing Date), the Institutional Trustee shall provide to the Holders of the Capital Securities
such reports as are required by § 313(a) of the Trust Indenture Act, if any, in the form and in the
manner provided by § 313 of the Trust Indenture Act. The Institutional Trustee shall also comply
with the other requirements of § 313 of the Trust Indenture Act.

SECTION 2.4 Reports to Institutional Trustee.

          Each of the Sponsor and the Regular Trustees on behalf of the Trust shall provide to the
Institutional Trustee such documents, reports and information as required by § 314 of the Trust
Indenture Act (if any) and the compliance certificate required by § 314(a)(4) of the Trust
Indenture Act in the form, in the manner and at the times required by § 314 of the Trust Indenture
Act, but, with respect to the compliance certificate, no later than 120 days after each calendar
year. The Sponsor shall notify the Institutional Trustee when any Capital Securities are listed on
any stock exchange.

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SECTION 2.5 Evidence of Compliance with Conditions Precedent.

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

SECTION 2.6 Defaults; Waiver.

          (a) The Holders of a Majority in liquidation amount of Capital Securities may, by vote, on
behalf of the Holders of all of the Capital Securities, waive any past Default in respect of the
Capital Securities and its consequences, provided that if the underlying Default under the
Indenture:

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

     (ii) is waivable only with the consent of holders of more than a majority in principal
amount of the Debentures (a “Super Majority”) affected thereby, only the Holders of at least
the proportion in aggregate liquidation amount of the Capital Securities that the relevant
Super Majority represents of the aggregate principal amount of the Debentures outstanding
may waive such Default in respect of the Capital Securities under the Declaration.

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

          (b) The Holders of a Majority in liquidation amount of the Common Securities may, by vote, on
behalf of the Holders of all of the Common Securities, waive any past Default with respect to the
Common Securities and its consequences, provided that if the underlying Default under the
Indenture:

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

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          (ii) is waivable only with the consent of a Super Majority, except where the Holders of
the Common Securities are deemed to have waived such Default under the Declaration as
provided in this Section 2.6(b), only the Holders of at least the proportion in aggregate
liquidation amount of the Common Securities that the relevant Super Majority represents of
the aggregate principal amount of the Debentures outstanding may waive such Default in
respect of the Common Securities under the Declaration;

provided, further each Holder of Common Securities will be deemed to have waived any such Default
and all Defaults with respect to the Common Securities and its consequences until all Defaults with
respect to the Capital Securities have been cured, waived or otherwise eliminated, and until such
Defaults with respect to the Capital Securities have been so cured, waived or otherwise eliminated,
the Institutional Trustee will be deemed to be acting solely on behalf of the Holders of the
Capital Securities and only the Holders of the Capital Securities will have the right to direct the
Institutional Trustee in accordance with the terms of the Securities. The foregoing provisions of
this Section 2.6(b) shall be in lieu of §§ 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act
and such §§ 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly excluded
from this Declaration and the Securities, as permitted by the Trust Indenture Act. Subject to the
foregoing provisions of this Section 2.6(b), upon the waiver of a Default by the Holders of a
Majority in liquidation amount of the Common Securities, any such default shall cease to exist and
any Default with respect to the Common Securities arising therefrom shall be deemed to have been
cured for every purpose of this Declaration, but no such waiver shall extend to any subsequent or
other default or Default with respect to the Common Securities or impair any right consequent
thereon.

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

SECTION 2.7 Default; Notice.

          (a) The Institutional Trustee shall, within 90 days after the occurrence of a Default,
transmit by mail, first class postage prepaid, to the Holders of the Securities, notices of (i) all
defaults with respect to the Securities actually known to a Responsible Officer of the
Institutional Trustee, unless such defaults have been cured before the giving of such notice (the
term “defaults” for the purposes of this Section 2.7(a) being hereby defined to be a Default as
defined in the Indenture, not including any periods of grace provided for therein and irrespective
of the giving of any notice provided therein) and (ii) any notice of default received from the
Indenture Trustee with respect to the Debentures, which notice from the Institutional Trustee to
the Holders shall state that a Default under the Indenture also constitutes a Default with respect
to the Securities; provided that, except for a default in the payment of principal of (or premium,
if any) or interest on any of the Debentures or in the payment of any sinking fund installment
established for the Debentures, the Institutional Trustee shall be protected in withholding such
notice if and so long as a Responsible Officer of the Institutional Trustee in good faith
determines that the withholding of such notice is in the interests of the Holders of the
Securities.

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          (b) The Institutional Trustee shall not be deemed to have knowledge of any default except:

     (i) a default under Sections 5.7(b) and 5.7(c) of the Indenture; or

     (ii) any default as to which the Institutional Trustee shall have received written
notice or of which a Responsible Officer of the Institutional Trustee charged with the
administration of this Declaration shall have actual knowledge.

ARTICLE III

ORGANIZATION

SECTION 3.1 Name.

          The Trust is named “Citigroup Capital XXXIII,” as such name may be modified from time to time
by the Regular Trustees following written notice to the Institutional Trustee, the Delaware Trustee
and the Holders of Securities. The Trust’s activities may be conducted under the name of the Trust
or any other name deemed advisable by the Regular Trustees.

SECTION 3.2 Office.

          The address of the principal office of the Trust is c/o Citigroup Inc., 399 Park Avenue, New
York, NY 10022. On ten Business Days written notice to the Institutional Trustee, the Delaware
Trustee and the Holders of Securities, the Regular Trustees may designate another principal office.

SECTION 3.3 Purpose.

          The exclusive purposes and functions of the Trust are (a) to issue the Capital Securities, (b)
to issue and sell the Common Securities, (c) to acquire the Debentures from the Debenture Issuer,
and (d) except as otherwise limited herein, to engage in only those other activities necessary or
incidental thereto. The Trust shall not borrow money, issue debt or reinvest proceeds derived from
investments, pledge any of its assets, or otherwise take any action or undertake (or permit to be
undertaken) any activity that would cause the Trust not to be classified for United States federal
income tax purposes as a grantor trust.

SECTION 3.4 Authority.

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

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SECTION 3.5 Title to Property of the Trust.

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

SECTION 3.6 Powers and Duties of the Regular Trustees.

          The Regular Trustees shall have the exclusive power, duty and authority to cause the Trust to
engage in the following activities, if and as applicable:

          (a) to issue the Capital Securities as described in the Exchange Agreements and in accordance
with this Declaration and to issue and sell the Common Securities in accordance with this
Declaration; provided, however, that the Trust may issue no more than one series of Capital
Securities and no more than one series of Common Securities, and, provided further, that there
shall be no interests in the Trust other than the Securities, and the issuance of Securities shall
be limited to a simultaneous issuance of both Capital Securities and Common Securities on the
Closing Date;

          (b) in connection with the issuance of the Capital Securities, at the direction of the
Sponsor, to:

     (i) execute and file with the Commission on behalf of the Trust a registration
statement on Form S-3 or on another appropriate form, or a registration statement under Rule
462(b) of the Securities Act, in each case prepared by the Sponsor, including any
pre-effective or post-effective amendments thereto, relating to the registration under the
Securities Act of the Capital Securities;

     (ii) execute and file any documents prepared by the Sponsor, or take any acts as
determined by the Sponsor to be necessary in order to qualify or register all or part of the
Capital Securities in any State in which the Sponsor has determined to qualify or register
such Capital Securities for sale;

     (iii) execute and file an application, prepared by the Sponsor, to the New York Stock
Exchange or any other national stock exchange for listing upon notice of issuance of any
Capital Securities; and

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

          (c) to acquire the Debentures as described in the Exchange Agreements; provided, however, that
the Regular Trustees shall cause legal title to the Debentures to be held of record in the name of
the Institutional Trustee for the benefit of the Holders of the Capital Securities and the Holders
of Common Securities;

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          (d) to give the Sponsor and the Institutional Trustee prompt written notice of the occurrence
of a Special Event; provided that the Regular Trustees shall consult with the Sponsor and the
Institutional Trustee before taking or refraining from taking any Ministerial Action in relation to
a Special Event;

          (e) to establish a record date with respect to all actions to be taken hereunder that require
a record date be established, including and with respect to, for the purposes of §316(c) of the
Trust Indenture Act, Distributions, voting rights, redemptions and exchanges, and to issue relevant
notices to the Holders of Capital Securities and Holders of Common Securities as to such actions
and applicable record dates;

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

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

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

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

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

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

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

          (m) to give prompt written notice to the Holders of the Securities of any notice received from
the Debenture Issuer of its election to defer payments of interest on the Debentures by extending
the interest payment period under the Indenture;

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

          (o) to take any action, not inconsistent with this Declaration or with applicable law, that
the Regular Trustees determine in their discretion to be necessary or desirable in carrying out the
activities of the Trust as set out in this Section 3.6, including, but not limited to:

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

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

     (iii) cooperating with the Debenture Issuer to ensure that the Debentures will
be treated as indebtedness of the Debenture Issuer for United States federal income
tax purposes;

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

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

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

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

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

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

SECTION 3.7 Prohibition of Actions by the Trust and the Trustees.

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

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

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

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

     (iv) make any loans or incur any indebtedness;

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

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

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

SECTION 3.8 Powers and Duties of the Institutional Trustee.

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

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

          (c) The Institutional Trustee shall:

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

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     (ii) engage in such ministerial activities as shall be necessary or appropriate to
effect the redemption of the Capital Securities and the Common Securities to the extent the
Debentures are redeemed or mature and to effect the Exchange of Capital Securities and
Common Securities for Debentures to the extent the Sponsor or a Sponsor Affiliated Holder
elects to effect such Exchange pursuant to Section 6.2 hereof; and

     (iii) upon written notice of distribution issued by the Regular Trustees in accordance
with the terms of the Securities, engage in such ministerial activities as shall be
necessary or appropriate to effect the distribution of the Debentures to Holders of
Securities pursuant to the terms of the Securities.

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

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

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

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

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

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

          (h) The Institutional Trustee may authorize one or more Persons (each, a “Paying Agent”) to
pay Distributions, redemption payments or liquidation payments on behalf of the Trust with respect
to all Securities and any such Paying Agent shall comply with § 317(b) of the Trust Indenture Act.
Any Paying Agent may be removed by the Institutional Trustee at any time and a successor Paying
Agent or additional Paying Agents may be appointed at any time by the Institutional Trustee.

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

          The Institutional Trustee must exercise the powers set forth in this Section 3.8 in a manner
that is consistent with the purposes and functions of the Trust set out in Section 3.3, and

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the Institutional Trustee shall not take any action that is inconsistent with the purposes and
functions of the Trust set out in Section 3.3.

SECTION 3.9 Certain Duties and Responsibilities of the Institutional Trustee.

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

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

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

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

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

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

     (iii) the Institutional Trustee shall not be liable with respect to any action taken or
omitted to be taken by it in good faith in accordance with the direction of the Holders of
not less than a Majority in liquidation amount of the Securities relating to the time,
method and place of conducting any proceeding for any remedy available to the

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Institutional Trustee, or exercising any trust or power conferred upon the
Institutional Trustee under this Declaration;

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

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

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

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

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

SECTION 3.10 Certain Rights of Institutional Trustee.

          (a) Subject to the provisions of Section 3.9:

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

     (ii) any direction or act of the Sponsor or the Regular Trustees contemplated by this
Declaration shall be sufficiently evidenced by an Officers’ Certificate;

     (iii) whenever in the administration of this Declaration, the Institutional Trustee
shall deem it desirable that a matter be proved or established before taking,

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suffering or omitting any action hereunder, the Institutional Trustee (unless other
evidence is herein specifically prescribed) may, in the absence of bad faith on its part,
request and conclusively rely upon an Officers’ Certificate which, upon receipt of such
request, shall be promptly delivered by the Sponsor or the Regular Trustees;

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

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

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

     (vii) the Institutional Trustee shall not be bound to make any investigation into the
facts or matters stated in any resolution, certificate, statement, instrument, opinion,
report, notice, request, direction, consent, order, bond, debenture, note, other evidence of
indebtedness or other paper or document, but the Institutional Trustee, in its discretion
and after prior consultation with the Sponsor, may make such further inquiry or
investigation into such facts or matters as it may see fit at the expense of the Sponsor and
shall incur no liability of any kind by reason of such inquiry or investigation;

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

     (ix) the rights, privileges, protections, immunities and benefits given to the
Institutional Trustee, including, without limitation, its right to be indemnified, are
extended to, and shall be enforceable by, the Institutional Trustee in each of its
capacities

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hereunder, and each agent, custodian and other Person employed to act hereunder by the
Institutional Trustee and appointed with due care by it;

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

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

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

     (xiii) in no event shall the Institutional Trustee be liable for special, indirect or
consequential loss or damage of any kind whatsoever (including but not limited to lost
profits), even if the Institutional Trustee has been advised of the likelihood of such loss
or damage and regardless of the form of action; and

     (xiv) in no event shall the Institutional Trustee be responsible or liable for any
failure or delay in the performance of its obligations under this Declaration arising out of
or caused by, directly or indirectly, forces beyond its reasonable control, including
without limitation strikes, work stoppages, accidents, acts of war or terrorism, civil or
military disturbances, nuclear or natural catastrophes or acts of God, and interruptions,
loss or malfunctions of third-party utilities, communications or computer (software or
hardware) services.

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

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SECTION 3.11 Delaware Trustee.

          The Delaware Trustee is appointed to serve as the trustee of the Trust in the State of
Delaware for the sole purpose of satisfying the requirement of Section 3807(a) of the Statutory
Trust Act that the Trust have at least one trustee with a principal place of business in the State
of Delaware. It is understood and agreed by the parties hereto that the Delaware Trustee shall
have none of the duties or liabilities of the Regular Trustees or the Institutional Trustee. The
duties of the Delaware Trustee shall be limited to (i) accepting legal process served on the Trust
in the State of Delaware and (ii) the execution of any certificates required to be filed with the
Delaware Secretary of State which the Delaware Trustee is required to execute under Section 3811 of
the Statutory Trust Act. To the extent that, at law or in equity, the Delaware Trustee has duties
(including fiduciary duties) and liabilities relating thereto to the Trust or the Holders, it is
hereby understood and agreed by the other parties hereto that such duties and liabilities are
replaced by the duties and liabilities of the Delaware Trustee expressly set forth in this
Declaration. The Delaware Trustee shall have no liability for the acts or omissions of the Regular
Trustees or the Institutional Trustee. The Delaware Trustee shall be entitled to all of the same
rights, protections, indemnities and immunities under this Declaration and with respect to the
Trust as the Institutional Trustee.

SECTION 3.12 Execution of Documents.

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

SECTION 3.13 Not Responsible for Recitals or Issuance of Securities.

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

SECTION 3.14 Duration of Trust.

          The Trust, unless dissolved and terminated pursuant to the provisions of Article VIII hereof,
shall have existence for fifty-five (55) years from the Closing Date.

SECTION 3.15 Mergers.

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

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

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

          (i) such successor entity (the “Successor Entity”) either:

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

          (B) substitutes for the Securities other securities having substantially the
same terms as the Capital Securities (the “Successor Securities”) so long as the
Successor Securities rank the same as the Capital Securities rank with respect to
Distributions and payments upon liquidation, redemption and otherwise;

     (ii) the Debenture Issuer expressly acknowledges a trustee of the Successor Entity that
possesses the same powers and duties as the Institutional Trustee in its capacity as the
Holder of the Debentures;

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

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

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

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

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

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

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

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

     (viii) the Sponsor guarantees the obligations of such Successor Entity under the
Successor Securities at least to the extent provided by the Capital Securities Guarantee.

          (c) Notwithstanding Section 3.15(b), the Trust shall not, except with the consent of Holders
of 100% in liquidation amount of the Securities, consolidate, amalgamate, merge with or into, or be
replaced by any other entity or permit any other entity to consolidate, amalgamate, merge with or
into, or replace it, if in the opinion of a nationally recognized independent tax counsel
experienced in such matters, such consolidation, amalgamation, merger or replacement would cause
the Trust or the Successor Entity to be classified as other than a grantor trust for United States
federal income tax purposes.

ARTICLE IV

SPONSOR

SECTION 4.1 Sponsor’s Purchase of Common Securities.

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

SECTION 4.2 Responsibilities of the Sponsor.

          In connection with the issue of the Capital Securities, the Sponsor shall have the exclusive
right to engage in the following activities, if and as applicable:

          (a) to prepare for filing by the Trust with the Commission a registration statement on Form
S-3 or on another appropriate form, or a registration statement under Rule 462(b) of the Securities
Act, including any pre-effective or post-effective amendments thereto, relating to the registration
under the Securities Act of the Capital Securities;

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

          (c) to prepare for filing by the Trust an application to the New York Stock Exchange or any
other national stock exchange for listing upon notice of issuance of any Capital Securities;

          (d) to prepare for filing by the Trust with the Commission a registration statement on Form
8-A, including any pre-effective or post-effective amendments thereto, relating to the registration
of the Capital Securities under Section 12(b) of the Exchange Act, including any amendments
thereto; and

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          (e) to otherwise carry out and perform the provisions of the Exchange Agreements providing
for, among other things, the issuance of the Capital Securities.

ARTICLE V

TRUSTEES

SECTION 5.1 Number of Trustees.

          The number of Trustees initially shall be four (4), and:

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

          (b) after the issuance of any Securities, the number of Trustees may be increased or decreased
by vote of the Holders of a majority in liquidation amount of the Common Securities voting as a
class at a meeting of the Holders of the Common Securities, provided, however, that the number of
Trustees shall in no event be less than two (2); provided further that (1) one Trustee, in the case
of a natural person, shall be a person who is a resident of the State of Delaware or that, if not a
natural person, shall be an entity which has its principal place of business in the State of
Delaware (the “Delaware Trustee”); (2) there shall be at least one Trustee who is an employee or
officer of, or is affiliated with the Sponsor (a “Regular Trustee”); and (3) one Trustee shall be
the Institutional Trustee, and such Trustee may also serve as Delaware Trustee if it meets the
applicable requirements.

SECTION 5.2 Delaware Trustee.

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

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

          (b) if not a natural person, an entity which has its principal place of business in the State
of Delaware, and otherwise meets the requirements of applicable law,

provided that if the Institutional Trustee has its principal place of business in the State of
Delaware and otherwise meets the requirements of applicable law, then the Institutional Trustee
shall also be the Delaware Trustee and Section 3.11 shall have no application.

SECTION 5.3 Institutional Trustee; Eligibility.

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

     (i) not be an Affiliate of the Sponsor;

     (ii) be a corporation organized and doing business under the laws of the United States
of America or any State or Territory thereof or of the District of Columbia, or a
corporation or Person permitted by the Commission to act as an institutional trustee under
the Trust Indenture Act, authorized under such laws to exercise corporate trust

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powers, having a combined capital and surplus of at least 50 million U.S. dollars
($50,000,000), and subject to supervision or examination by Federal, State, Territorial or
District of Columbia authority. If such corporation publishes reports of condition at least
annually, pursuant to law or to the requirements of the supervising or examining authority
referred to above, then for the purposes of this Section 5.3(a)(ii), the combined capital
and surplus of such corporation shall be deemed to be its combined capital and surplus as
set forth in its most recent report of condition so published; and

          (iii) if the Trust is excluded from the definition of an Investment Company solely by
means of Rule 3a-7 and to the extent Rule 3a-7 requires a trustee having certain
qualifications to hold title to the “eligible assets” of the Trust, the Institutional
Trustee shall possess those qualifications.

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

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

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

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

SECTION 5.4 Qualifications of Regular Trustees and Delaware Trustee Generally.

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

SECTION 5.5 Initial Trustees; Additional Powers of Regular Trustees.

          (a) The initial Regular Trustees shall be:

John Gerspach

Charles E. Wainhouse

The initial Delaware Trustee shall be:

BNY Mellon Trust of Delaware

100 White Clay Center

Route 273

Newark, DE 19711

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Attn: Corporate Trust Department

The initial Institutional Trustee shall be:

The Bank of New York Mellon

101 Barclay Street-8W

New York, New York 10286

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

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

          (d) a Regular Trustee may, by power of attorney consistent with applicable law, delegate to
any other natural person over the age of 21 his or her power for the purposes of signing any
documents which the Regular Trustees have power and authority to cause the Trust to execute
pursuant to Section 3.6.

SECTION 5.6 Appointment, Removal and Resignation of Trustees.

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

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

     (ii) in the case of the Regular Trustees, after the issuance of any Securities, by vote
of the Holders of a Majority in liquidation amount of the Common Securities voting as a
class at a meeting of the Holders of the Common Securities;

     (iii) in the case of the Institutional Trustee and the Delaware Trustee, unless a
Default shall have occurred and be continuing after the issuance of any Securities, by a
vote of the Holders of a Majority in liquidation amount of the Common Securities voting as a
class at a meeting of the Holders of the Common Securities; and

     (iv) in the case of the Institutional Trustee and the Delaware Trustee, if a Default
shall have occurred and be continuing after the issuance of the Securities, by a vote of the
Holders of a Majority in liquidation amount of the Capital Securities voting as a class at a
meeting of the Holders of the Capital Securities.

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

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

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

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

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

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

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

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

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

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

SECTION 5.7 Vacancies among Trustees.

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

SECTION 5.8 Effect of Vacancies.

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

SECTION 5.9 Meetings.

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

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SECTION 5.10 Delegation of Power.

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

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

          (c) any delegation of power by a Regular Trustee under Section 3.6(g) (and Section 3.6(o)
insofar as it applies to Section 3.6(g)) or by the Institutional Trustee under Section 3.8(e) shall
be to a U.S. Person (as defined under Section 7701(a)(30) of the Code).

SECTION 5.11 Merger, Conversion, Consolidation or Succession to Business.

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

ARTICLE VI

DISTRIBUTIONS; EXCHANGES

SECTION 6.1 Distributions.

          Holders shall receive Distributions (as defined herein) in accordance with the applicable
terms of the relevant Holder’s Securities. Distributions shall be made on the Capital Securities
and the Common Securities in accordance with the preferences set forth in their respective terms.
If and to the extent that the Debenture Issuer makes a payment of interest (including Compounded
Interest (as defined in the Indenture) and Additional Interest (as defined in the Indenture)),
premium and/or principal on the Debentures held by the Institutional Trustee (the amount of any
such payment being a “Payment Amount”), the Institutional Trustee shall and is directed to make a
distribution (a “Distribution”) of the Payment Amount to Holders.

SECTION 6.2 Exchanges.

          (a) If at any time the Sponsor or any of its Affiliates (in any such case, a “Sponsor
Affiliated Holder”) is the Holder of any Capital Securities or is a Capital Security Beneficial
Owner, such Sponsor Affiliated Holder shall have the right to deliver to the

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Institutional Trustee all or such portion of its Capital Securities as it elects and, subject
to the terms of the Indenture, receive, in exchange therefor, Debentures having an aggregate
principal amount equal to the aggregate Liquidation Amount of the Capital Securities exchanged
therefor (such an exchange being referred to herein as an “Exchange”). Such election (i) shall be
exercisable, and shall be effective on any Business Day, provided that such Business Day is not a
record date or any date falling between a record date and a date on which the related Distribution
is payable, by such Sponsor Affiliated Holder delivering to the Institutional Trustee a written
notice of such election specifying the aggregate Liquidation Amount of Capital Securities with
respect to which such election is being made and the date on which such Exchange shall occur, which
date shall be not less than three (3) Business Days after the date of receipt by the Institutional
Trustee of such election notice and (ii) shall be conditioned upon such Sponsor Affiliated Holder
having delivered or caused to be delivered to the Institutional Trustee or its designee the Capital
Securities which are the subject of such election by 10:00 a.m. New York City time, on the date on
which such Exchange is to occur. After the Exchange, such Capital Securities shall be cancelled
and shall no longer be deemed to be outstanding and all rights of the Sponsor Affiliated Holder
with respect to such Capital Securities shall cease. So long as the Capital Securities are in
book-entry-only form, the delivery and the cancellation of the Capital Securities pursuant to this
Section 6.2 shall be made in accordance with the customary procedures of the Clearing Agency for
the Capital Securities.

          (b) In the case of an Exchange described in Section 6.2(a), the Trust shall, at the written
request of the Sponsor, on the date of such Exchange, exchange Debentures having a principal amount
equal to a proportional amount of the aggregate Liquidation Amount of the outstanding Common
Securities, such proportional amount determined by multiplying the aggregate Liquidation Amount of
the outstanding Common Securities by the ratio of the aggregate Liquidation Amount of the Capital
Securities exchanged pursuant to Section 6.2(a) to the aggregate Liquidation Amount of the Capital
Securities outstanding immediately prior to such Exchange, for such proportional amount of Common
Securities held by the Sponsor (which contemporaneously shall be cancelled and no longer be deemed
to be outstanding); provided, that the Sponsor delivers or causes to be delivered to the
Institutional Trustee or its designee the required amount of Common Securities to be exchanged by
10:00 a.m., New York City time, on the date on which such Exchange is to occur.

ARTICLE VII

ISSUANCE OF SECURITIES

SECTION 7.1 General Provisions Regarding Securities.

          (a) The Regular Trustees shall on behalf of the Trust issue one class of capital securities
representing undivided beneficial interests in the assets of the Trust having such terms as are set
forth in Annex I (the “Capital Securities”) and one class of common securities representing
undivided beneficial interests in the assets of the Trust having such terms as are set forth in
Annex I (the “Common Securities”). The Trust shall issue no securities or other interests in the
assets of the Trust other than the Capital Securities and the Common Securities.

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

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

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

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

ARTICLE VIII

DISSOLUTION; TERMINATION OF TRUST

SECTION 8.1 Dissolution of Trust.

          (a) The Trust shall dissolve:

     (i) upon the bankruptcy of any Holder of the Common Securities or the Sponsor;

     (ii) upon the filing of a certificate of dissolution or its equivalent with respect to
the Sponsor or the revocation of the Sponsor’s charter and the expiration of 90 days after
the date of revocation without a reinstatement thereof;

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

     (iv) Subject to obtaining any required regulatory approval, when all of the Securities
have been called for redemption and the amounts necessary for redemption thereof have been
paid to the Holders, in accordance with the terms of the Securities;

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     (v) Subject to obtaining any required regulatory approval, upon the Exchange of all of
the then-outstanding Capital Securities pursuant to Section 6.2;

     (vi) Subject to obtaining any required regulatory approval, when the Trust shall have
been dissolved in accordance with the terms of the Securities upon election by the Sponsor
of its right to terminate the Trust and distribute all of the Debentures to the Holders of
Securities in exchange for all of the Securities and all of the Debentures shall have been
distributed to the Holders of Securities in accordance with such election;

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

     (viii) upon the expiration of the term of the Trust set forth in Section 3.14.

          (b) As soon as is practicable after the occurrence of an event referred to in Section 8.1(a),
and after satisfaction of the claims and obligations of the Trust as required by applicable law,
including Section 3808 of the Statutory Trust Act, and subject to the terms set forth in Annex I,
the Delaware Trustee, when notified in writing of the completion of the winding up of the Trust in
accordance with the Statutory Trust Act, shall terminate the Trust by filing, at the expense of the
Sponsor, a certificate of cancellation with the Secretary of State of the State of Delaware.

          (c) The provisions of Section 3.9, Section 3.10 and Article X shall survive the termination of
the Trust.

ARTICLE IX

TRANSFER OF INTERESTS

SECTION 9.1 Transfer of Securities.

          (a) Securities may only be transferred, in whole or in part, in accordance with the terms and
conditions set forth in this Declaration and in the terms of the Securities. Any transfer or
purported transfer of any Security not made in accordance with this Declaration shall be null and
void.

          (b) Subject to this Article IX, all Certificates or other instruments representing the Capital
Securities will bear a legend substantially to the following effect (the “Private Placement
Legend”):

     THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE
TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING THERETO
IS IN EFFECT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM
REGISTRATION UNDER SUCH ACT OR SUCH LAWS. EACH PURCHASER OF THE SECURITIES REPRESENTED BY THIS
INSTRUMENT IS NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM SECTION 5 OF THE

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SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. ANY TRANSFEREE OF THE SECURITIES REPRESENTED
BY THIS INSTRUMENT BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT IT IS A “QUALIFIED INSTITUTIONAL
BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT), (2) AGREES THAT IT WILL NOT OFFER, SELL
OR OTHERWISE TRANSFER THE SECURITIES REPRESENTED BY THIS INSTRUMENT EXCEPT (A) PURSUANT TO A
REGISTRATION STATEMENT WHICH IS THEN EFFECTIVE UNDER THE SECURITIES ACT, (B) FOR SO LONG AS THE
SECURITIES REPRESENTED BY THIS INSTRUMENT ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A
PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER
THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE
144A, (C) TO THE ISSUER OR (D) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THE
SECURITIES REPRESENTED BY THIS INSTRUMENT ARE TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF
THIS LEGEND.

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

     (i) the Trust would not be classified for United States federal income tax purposes as
a grantor trust; and

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

SECTION 9.2 Transfer of Certificates.

          (a) The Trust shall cause to be kept at the Corporate Trust Office of the Institutional
Trustee a register in which, subject to such reasonable regulations as it may prescribe, the Trust
shall provide for the registration of Capital Securities and of transfers of Capital Securities.
The Institutional Trustee is hereby appointed “Security Registrar” for the purpose of registering
Capital Securities and transfers of Capital Securities as herein provided. The Security Registrar
shall provide for the registration of Certificates and of transfers of Certificates, which will be
effected without charge but only upon payment (with such indemnity as the Security Registrar may
require) in respect of any tax or other government charges that may be imposed in relation to it.
Upon surrender for registration of transfer of any Certificate, the Security Registrar shall cause
one or more new Certificates to be issued in the name of the designated transferee or transferees.
Every Certificate surrendered for registration of transfer shall be accompanied by a written
instrument of transfer in form satisfactory to the Security Registrar duly executed by the Holder
or such Holder’s attorney duly authorized in writing. Each Certificate surrendered for
registration of transfer shall be canceled by the Security

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Registrar. A transferee of a Certificate shall be entitled to the rights and subject to the
obligations of a Holder hereunder upon the receipt by such transferee of a Certificate. By
acceptance of a Certificate, each transferee shall be deemed to have agreed to be bound by this
Declaration.

          (b) In the event that any Capital Securities (i) become registered under the Securities Act or
(ii) are eligible to be transferred without restriction in accordance with Rule 144 or another
exemption from registration under the Securities Act (other than Rule 144A), the Regular Trustees
shall cause to be issued, in accordance with Section 9.2(a) above, new Certificates or other
instruments representing such Capital Securities, which shall not contain the Private Placement
Legend. Securities shall be freely transferable, subject to compliance with this Article IX and
the Securities Act. Subject to the last sentence of this Section 9.2(b), if a Certificate
representing a Capital Security bears a Private Placement Legend, such Capital Security (x) may be
transferred to a Person or Persons who take delivery thereof in the form of a Certificate bearing a
Private Placement Legend only if the Security Registrar receives (A) an appropriately completed
certificate of transfer in the form attached hereto as Exhibit D and (B) if applicable, a
certificate substantially in the form attached hereto as Exhibit E (each such certificate,
a “Transfer Certification”); and (y) may be transferred to a Person or Persons who take delivery
thereof in the form of a Certificate not bearing a Private Placement Legend or may be exchanged for
a Certificate not bearing a Private Placement Legend only if the Security Registrar has previously
received an opinion of counsel in form reasonably acceptable to the Sponsor to the effect that the
Capital Securities are eligible to be transferred without restriction (a “Transfer Opinion”). The
Institutional Trustee and the Security Registrar shall have no obligation or duty to monitor,
determine or inquire as to compliance with any restrictions on transfer or exchange imposed under
this Declaration or under applicable law with respect to any transfer or exchange of any interest
in any Security (including any transfers between or among Clearing Agency Participants, members or
beneficial owners in any Global Security) other than to require delivery of such certificates and
other documentation or evidence as are expressly required by, and to do so if and when expressly
required by, the terms of this Declaration, and to examine the same to determine substantial
compliance as to form with the express requirements hereof. At such time as the Company shall
determine, in accordance with applicable law, that the Capital Securities are no longer required to
bear the Private Placement Legend, then: (x) the Sponsor shall deliver to the Institutional Trustee
a Transfer Opinion; (y) the Security Registrar shall cause to be issued, in accordance with Section
9.2(a) above, new Certificates or other instruments representing such Capital Securities, which
shall not contain the Private Placement Legend; and (z) no Transfer Certification shall be required
as a condition to any subsequent transfer of the Capital Securities.

SECTION 9.3 Deemed Security Holders.

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

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SECTION 9.4 Book Entry Interests.

          The Capital Securities, on original issuance, will be issued in the form of definitive, fully
registered Capital Security Certificates (the “Definitive Capital Security Certificates”). The
Capital Securities may, upon the instruction of the Sponsor, be issued in the form of one or more,
fully registered, global Capital Security Certificates (each a “Global Certificate”), to be
delivered to DTC, the initial Clearing Agency, by, or on behalf of, the Trust. Such Global
Certificates shall initially be registered on the books and records of the Trust in the name of
Cede & Co., the nominee of DTC, and no Capital Security Beneficial Owner will receive a definitive
Capital Security Certificate representing such Capital Security Beneficial Owner’s interests in
such Global Certificates, except as provided in Section 9.7. If the Capital Securities are held as
Global Certificates, then unless and until Definitive Capital Security Certificates shall have been
issued to the Capital Security Beneficial Owners pursuant to Section 9.7:

          (a) the provisions of this Section 9.4 shall be in full force and effect;

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

          (c) to the extent that the provisions of this Section 9.4 conflict with any other provisions
of this Declaration, the provisions of this Section 9.4 shall control; and

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

SECTION 9.5 Notices to Clearing Agency.

          While the Capital Securities are in the form of Definitive Capital Security Certificates, all
notices and communications to the Capital Security Holders shall be made at the respective
addresses of the Holders set forth on the books and records of the Trust. If the Capital
Securities are held as Global Certificates, whenever a notice or other communication to the Capital
Security Holders is required under this Declaration, the Regular Trustees shall give all such
notices and communications specified herein to be given to the Capital Security Holders to the
Clearing Agency, and shall have no notice obligations to the Capital Security Beneficial Owners.

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SECTION 9.6 Appointment of Successor Clearing Agency.

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

SECTION 9.7 Definitive Capital Security Certificates.

          If, following the issuance of Global Certificates:

          (a) a Clearing Agency elects to discontinue its services as a securities depositary with
respect to the Capital Securities and a successor Clearing Agency is not appointed within 90 days
after such discontinuance pursuant to Section 9.6; or

          (b) the Regular Trustees elect after consultation with the Sponsor and subject to the
procedures of the Clearing Agency to terminate the book entry system through the Clearing Agency
with respect to the Capital Securities,

then:

          (c) Definitive Capital Security Certificates shall be prepared by the Regular Trustees on
behalf of the Trust with respect to such Capital Securities; and

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

SECTION 9.8 Mutilated, Destroyed, Lost or Stolen Certificates.

          If:

          (a) any mutilated Certificates should be surrendered to the Security Registrar, or if the
Security Registrar shall receive evidence to its satisfaction of the destruction, loss or theft of
any Certificate; and

          (b) there shall be delivered to the Security Registrar such security or indemnity as may be
required by them to keep each of them harmless.

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then, in the absence of notice that such Certificate shall have been acquired by a bona fide
purchaser, any Regular Trustee on behalf of the Trust shall execute and deliver, in exchange for or
in lieu of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate of like
denomination. In connection with the issuance of any new Certificate under this Section 9.8, the
Regular Trustees and the Security Registrar may require the payment of a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection therewith. Any duplicate
Certificate issued pursuant to this Section shall constitute conclusive evidence of an ownership
interest in the relevant Securities, as if originally issued, whether or not the lost, stolen or
destroyed Certificate shall be found at any time.

ARTICLE X

LIMITATION OF LIABILITY OF HOLDERS OF

SECURITIES, TRUSTEES OR OTHERS

SECTION 10.1 Liability.

          (a) Except as expressly set forth in this Declaration, the Capital Securities Guarantee and
the terms of the Securities, the Sponsor shall not be:

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

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

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

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

SECTION 10.2 Exculpation.

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

          (b) An Indemnified Person shall be fully protected in relying in good faith upon the records
of the Trust and upon such information, opinions, reports or statements

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presented to the Trust by any Person as to matters the Indemnified Person reasonably believes
are within such other Person’s professional or expert competence and who, if selected by such
Person, has been selected with reasonable care by such Person, including information, opinions,
reports or statements as to the value and amount of the assets, liabilities, profits, losses, or
any other facts pertinent to the existence and amount of assets from which Distributions to Holders
of Securities might properly be paid.

SECTION 10.3 Fiduciary Duty.

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

          (b) Unless otherwise expressly provided herein:

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

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

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

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

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

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

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SECTION 10.4 Indemnification.

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

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

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

     (iv) Any indemnification under paragraphs (i) and (ii) of this Section 10.4(a) (unless
ordered by a court) shall be made by the Debenture Issuer only as authorized in the specific
case upon a determination that indemnification of the Company Indemnified Person is proper
in the circumstances because he has met the applicable standard of conduct set forth in
paragraphs (i) and (ii). Such determination shall be made (1) by the Regular Trustees by a
majority vote of a quorum consisting of such Regular Trustees who were not parties to such
action, suit or proceeding, (2) if such a quorum is not obtainable,

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or, even if obtainable, if a quorum of disinterested Regular Trustees so directs, by
independent legal counsel in a written opinion, or (3) by the Common Security Holder of the
Trust.

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

     (vi) The indemnification and advancement of expenses provided by, or granted pursuant
to, the other paragraphs of this Section 10.4(a) shall not be deemed exclusive of any other
rights to which those seeking indemnification and advancement of expenses may be entitled
under any agreement, vote of stockholders or disinterested directors of the Debenture Issuer
or Capital Security Holders of the Trust or otherwise, both as to action in his official
capacity and as to action in another capacity while holding such office. All rights to
indemnification under this Section 10.4(a) shall be deemed to be provided by a contract
between the Debenture Issuer and each Company Indemnified Person who serves in such capacity
at any time while this Section 10.4(a) is in effect. Any repeal or modification of this
Section 10.4(a) shall not affect any rights or obligations then existing.

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

     (viii) For purposes of this Section 10.4(a), references to “the Trust” shall include,
in addition to the resulting or surviving entity, any constituent entity (including any
constituent of a constituent) absorbed in a consolidation or merger, so that any person

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who is or was a director, trustee, officer or employee of such constituent entity, or
is or was serving at the request of such constituent entity as a director, trustee, officer,
employee or agent of another entity, shall stand in the same position under the provisions
of this Section 10.4(a) with respect to the resulting or surviving entity as he would have
with respect to such constituent entity if its separate existence had continued.

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

          (b) The Debenture Issuer agrees to indemnify the (i) Institutional Trustee, (ii) the Delaware
Trustee, (iii) any Affiliate of the Institutional Trustee and the Delaware Trustee, and (iv) any
officers, directors, shareholders, members, partners, employees, representatives, custodians,
nominees or agents of the Institutional Trustee and the Delaware Trustee (each of the Persons in
(i) through (iv) being referred to as a “Fiduciary Indemnified Person”) for, and to hold each
Fiduciary Indemnified Person harmless against, any and all loss, liability, claim, damage or
expense incurred without negligence, bad faith or willful misconduct on its part, arising out of or
in connection with the acceptance or administration or the trust or trusts hereunder, including the
costs and expenses (including reasonable legal fees and expenses) of defending itself against or
investigating any claim or liability in connection with the exercise or performance of any of its
powers or duties hereunder. The obligation to indemnify as set forth in this Section 10.4(b) shall
survive the resignation or removal of the Institutional Trustee or the Delaware Trustee, as the
case may be, and the termination of this Declaration. The Debenture Issuer agrees to pay the
Institutional Trustee and the Delaware Trustee from time to time such compensation for all services
rendered by the Institutional Trustee and the Delaware Trustee hereunder as may be mutually agreed
upon in writing by the Debenture Issuer and the Institutional Trustee or the Delaware Trustee, as
the case may be, and, except as otherwise expressly provided therein or herein, to reimburse the
Institutional Trustee and the Delaware Trustee upon its or their request for all reasonable
expenses (including reasonable counsel fees and expenses), disbursements and advances incurred or
made by the Institutional Trustee or the Delaware Trustee, as the case may be, in accordance with
the provisions of this Declaration, except any such expense, disbursement or advance as may be
attributable to its or their negligence, bad faith or willful misconduct. The provisions of this
sentence shall survive the resignation or removal of the Delaware Trustee or the Institutional
Trustee or the termination of this Declaration.

SECTION 10.5 Outside Businesses.

          Any Covered Person, the Sponsor, the Delaware Trustee and the Institutional Trustee may engage
in or possess an interest in other business ventures of any nature or description, independently or
with others, similar or dissimilar to the business of the Trust, and the Trust and the Holders of
Securities shall have no rights by virtue of this Declaration in and to such independent ventures
or the income or profits derived therefrom, and the pursuit of any such venture, even if
competitive with the business of the Trust, shall not be deemed wrongful or improper. No Covered
Person, the Sponsor, the Delaware Trustee, or the Institutional Trustee shall be obligated to
present any particular investment or other opportunity to the Trust even if such opportunity is of
a character that, if presented to the Trust, could be taken by the Trust, and

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any Covered Person, the Sponsor, the Delaware Trustee and the Institutional Trustee shall have
the right to take for its own account (individually or as a partner or fiduciary) or to recommend
to others any such particular investment or other opportunity. Any Covered Person, the Delaware
Trustee and the Institutional Trustee may engage or be interested in any financial or other
transaction with the Sponsor or any Affiliate of the Sponsor, or may act as depositary for, trustee
or agent for, or act on any committee or body of holders of, securities or other obligations of the
Sponsor or its Affiliates.

ARTICLE XI

ACCOUNTING

SECTION 11.1 Fiscal Year.

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

SECTION 11.2 Certain Accounting Matters.

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

          (b) The Regular Trustees shall cause to be prepared and delivered to each of the Holders of
Securities, to the extent, if any, required by the Trust Indenture Act, within 90 days after the
end of each Fiscal Year of the Trust, annual financial statements of the Trust, including a balance
sheet of the Trust as of the end of such Fiscal Year, and the related statements of income or loss;

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

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

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SECTION 11.3 Banking.

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

SECTION 11.4 Withholding.

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

ARTICLE XII

AMENDMENTS AND MEETINGS

SECTION 12.1 Amendments.

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

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

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

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

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

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     (i) unless, in the case of any proposed amendment, the Institutional Trustee shall have
first received an Officers’ Certificate from each of the Trust and the Sponsor that such
amendment is permitted by, and conforms to, the terms of this Declaration (including the
terms of the Securities);

     (ii) unless, in the case of any proposed amendment which affects the rights, powers,
duties, obligations or immunities of the Institutional Trustee, the Institutional Trustee
shall have first received:

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

          (B) an opinion of counsel (who may be counsel to the Sponsor or the Trust) that
such amendment is permitted by, and conforms to, the terms of this Declaration
(including the terms of the Securities); and

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

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

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

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

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

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

          (e) Article IV shall not be amended without the consent of the Holders of a Majority in
liquidation amount of the Common Securities; and;

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

          (g) subject to Section 12.1(c), this Declaration may be amended without the consent of the
Holders of the Securities to:

     (i) cure any ambiguity or manifest error;

44

 

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

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

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

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

SECTION 12.2 Meetings of the Holders of Securities; Action by Written Consent.

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

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

     (i) notice of any such meeting shall be given to all the Holders of Securities having a
right to vote thereat at least 7 days and not more than 60 days before the date of such
meeting. Whenever a vote, consent or approval of the Holders of Securities is permitted or
required under this Declaration or the rules of any stock exchange on which the Capital
Securities are listed or admitted for trading, such vote, consent or approval may be given
at a meeting of the Holders of Securities. Any action that may be taken at a meeting of the
Holders of Securities may be taken without a meeting if a consent in writing setting forth
the action so taken is signed by the Holders of Securities owning not less than the minimum
amount of Securities in liquidation amount that would be necessary to authorize or take such
action at a meeting at which all Holders of Securities having a right to vote thereon were
present and voting. Prompt notice of the taking of action without a meeting shall be given
to the Holders of Securities entitled to vote who have not consented in writing. The
Regular Trustees may specify that any written ballot

45

 

submitted to the Security Holder for the purpose of taking any action without a meeting
shall be returned to the Trust within the time specified by the Regular Trustees;

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

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

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

ARTICLE XIII

REPRESENTATIONS OF INSTITUTIONAL TRUSTEE

AND DELAWARE TRUSTEE

SECTION 13.1 Representations and Warranties of Institutional Trustee.

          The Trustee that acts as initial Institutional Trustee represents and warrants to the Trust
and to the Sponsor at the date of this Declaration, and each Successor Institutional Trustee
represents and warrants to the Trust and the Sponsor at the time of the Successor Institutional
Trustee’s acceptance of its appointment as Institutional Trustee that:

          (a) the Institutional Trustee is a banking corporation or association with trust powers, duly
organized, validly existing and in good standing under the laws of its jurisdiction of
incorporation or formation, with trust power and authority to execute and deliver, and to carry out
and perform its obligations under the terms of, this Declaration;

          (b) the execution, delivery and performance by the Institutional Trustee of the Declaration
has been duly authorized by all necessary corporate action on the part of the Institutional
Trustee. The Declaration has been duly executed and delivered by the Institutional Trustee, and it
constitutes a legal, valid and binding obligation of the Institutional Trustee, enforceable against
it in accordance with its terms, subject to applicable bankruptcy,

46

 

reorganization, moratorium, insolvency, and other similar laws affecting creditors’ rights
generally and to general principles of equity and the discretion of the court (regardless of
whether the enforcement of such remedies is considered in a proceeding in equity or at law);

          (c) the execution, delivery and performance of the Declaration by the Institutional Trustee
does not conflict with or constitute a breach of the Articles of Organization or By-laws of the
Institutional Trustee; and

          (d) no consent, approval or authorization of, or registration with or notice to, any State or
Federal banking authority is required for the execution, delivery or performance by the
Institutional Trustee, of the Declaration.

SECTION 13.2 Representations and Warranties of Delaware Trustee.

          The Trustee that acts as initial Delaware Trustee represents and warrants to the Trust and to
the Sponsor at the date of this Declaration, and each Successor Delaware Trustee represents and
warrants to the Trust and the Sponsor at the time of the Successor Delaware Trustee’s acceptance of
its appointment as Delaware Trustee that:

          (a) The Delaware Trustee is a banking corporation or association with trust powers, duly
organized, validly existing and in good standing under the laws of its jurisdiction of
incorporation or formation, with trust power and authority to execute and deliver, and to carry out
and perform its obligations under the terms of, the Declaration.

          (b) The Delaware Trustee has been authorized to perform its obligations under the Certificate
of Trust and the Declaration. The Declaration under Delaware law constitutes a legal, valid and
binding obligation of the Delaware Trustee, enforceable against it in accordance with its terms,
subject to applicable bankruptcy, reorganization, moratorium, insolvency, and other similar laws
affecting creditors’ rights generally and to general principles of equity and the discretion of the
court (regardless of whether the enforcement of such remedies is considered in a proceeding in
equity or at law).

          (c) No consent, approval or authorization of, or registration with or notice to, any State or
Federal banking authority is required for the execution, delivery or performance by the Delaware
Trustee, of the Declaration.

          (d) The Delaware Trustee is an entity which maintains its principal place of business in the
State of Delaware.

ARTICLE XIV

MISCELLANEOUS

SECTION 14.1 Notices.

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

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          (a) if given to the Trust, in care of the Regular Trustees at the Trust’s mailing address set
forth below (or such other address as the Trust may give notice of to the Holders of the Securities
and the Institutional Trustee):

Citigroup Capital XXXIII

c/o Citigroup Inc.

153 East 53rd Street, 5th Floor

New York, NY 10043

Attention: Treasury Department

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

BNY Mellon Trust of Delaware

100 White Clay Center

Route 273

Newark, DE 19711

Attention: Corporate Trust Department

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

The Bank of New York Mellon

101 Barclay Street-8W

New York, New York 10286

Attention: Corporate Trust Administration

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

Citigroup Inc.

153 East 53rd Street, 5th Floor

New York, NY 10043

Attention: Treasury Department

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

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

48

 

SECTION 14.2 Governing Law; Waiver of Trial by Jury.

          This Declaration and the rights of the parties hereunder shall be governed by and interpreted
in accordance with the laws of the State of Delaware and all rights and remedies shall be governed
by such laws without regard to principles of conflict of laws. EACH OF THE SPONSOR, THE
INSTITUTIONAL TRUSTEE, THE DELAWARE TRUSTEE AND THE REGULAR TRUSTEES IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATING TO THIS DECLARATION OR THE TRANSACTIONS CONTEMPLATED HEREBY.

SECTION 14.3 Intention of the Parties.

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

SECTION 14.4 Headings.

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

SECTION 14.5 Successors and Assigns.

          Whenever in this Declaration any of the parties hereto is named or referred to, the successors
and assigns of such party shall be deemed to be included, and all covenants and agreements in this
Declaration by the Sponsor and the Trustees shall bind and inure to the benefit of their respective
successors and assigns, whether so expressed.

SECTION 14.6 Partial Enforceability.

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

SECTION 14.7 Counterparts.

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

49

 

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

	 	 	 	 	 
	 	 	 
	 	                        /s/ John Gerspach
 	 
	 	Name:  	John Gerspach 	 
	 	Title:  	Regular Trustee 	 

	 	 	 	 	 
	 	                       /s/ Charles E. Wainhouse
 	 
	 	Name:  	Charles E. Wainhouse 	 
	 	Title:  	Regular Trustee 	 
	 

	 	 	 	 	 
	 	BNY MELLON TRUST OF DELAWARE,

as Delaware Trustee

 	 
	 	By:  	                 /s/ James Ambagis
 	 
	 	Name:  	James Ambagis 	 
	 	Title:  	Assistant Vice President 	 
	 

	 	 	 	 	 
	 	THE BANK OF NEW YORK MELLON, as

Institutional Trustee

 	 
	 	By:  	                     /s/ Timothy W. Casey
 	 
	 	Name:  	Timothy W. Casey 	 
	 	Title:  	Senior Associate 	 
	 

	 	 	 	 	 
	 	CITIGROUP INC., as Sponsor

 	 
	 	By:  	                     /s/ Martin A. Waters
 	 
	 	Name:  	Martin A. Waters 	 
	 	Title:  	Assistant Treasurer 	 
	 

 

ANNEX I

TERMS OF

8.00% CAPITAL SECURITIES

8.00% COMMON SECURITIES

     Pursuant to Section 7.1 of the Amended and Restated Declaration of Trust, dated as of July 30,
2009 (as amended from time to time, the “Declaration”), the designation, rights, privileges,
restrictions, preferences and other terms and provisions of the Capital Securities and the Common
Securities are set out below (each capitalized term used but not defined herein has the meaning set
forth in the Declaration):

          1. Designation and Number.

(a) Capital Securities. 27,059,000 Capital Securities of the Trust with an aggregate
liquidation amount with respect to the assets of the Trust of TWENTY-SEVEN BILLION FIFTY-NINE
MILLION dollars ($27,059,000,000), and a liquidation amount with respect to the assets of the Trust
of $1,000 per capital security, are hereby designated for the purposes of identification only as
“8.00% Capital Securities” (the “Capital Securities”). The Capital Security Certificates
evidencing the Capital Securities shall be substantially in the form of Exhibit A-1 to the
Declaration, with such changes and additions thereto or deletions therefrom as may be required by
ordinary usage, custom or practice or to conform to the rules of any stock exchange on which the
Capital Securities are listed.

(b) Common Securities. One hundred (100) Common Securities of the Trust with an aggregate
liquidation amount with respect to the assets of the Trust of ONE HUNDRED THOUSAND dollars
($100,000), and a liquidation amount with respect to the assets of the Trust of $1,000 per common
security, are hereby designated for the purposes of identification only as “8.00% Common
Securities” (the “Common Securities”). The Common Security Certificates evidencing the Common
Securities shall be substantially in the form of Exhibit A-2 to the Declaration, with such changes
and additions thereto or deletions therefrom as may be required by ordinary usage, custom or
practice.

          2. Distributions.

(a) Distributions payable on each Security will be fixed at a rate per annum of 8.00% (the “Coupon
Rate”) of the stated liquidation amount per Security, such rate being the rate of interest payable
on the Debentures to be held by the Institutional Trustee. Distributions in arrears beyond the
first date such Distributions are payable (or would be payable, if not for any Extension Period (as
defined below) or default by the Debenture Issuer on the Debentures) will accumulate at the rate of
interest payable on the Debentures, compounded quarterly (to the extent permitted by applicable
law). The term “Distributions” as used herein includes such cash distributions and any such
interest payable unless otherwise stated. A Distribution is payable only to the extent that
payments are made in respect of the Debentures held by the Institutional

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Trustee and to the extent the Institutional Trustee has funds available therefor. The amount of
Distributions payable for any period will be computed for any full quarterly Distribution period on
the basis of a 360-day year of twelve 30-day months, and for any period shorter than a full
quarterly Distribution period for which Distributions are computed, Distributions will be computed
on the basis of the actual number of days elapsed per 90-day quarter.

(b) Distributions on the Securities will be cumulative, will accrue from and including July 30,
2009, and will be payable quarterly in arrears, on January 30, April 30, July 30, and October 30 of
each year, commencing on October 30, 2009. When, as and if available for payment, Distributions
will be made by the Institutional Trustee, except as otherwise described below. The Debenture
Issuer has the right under the Indenture to defer payments of interest on the Debentures by
extending the interest payment period from time to time on the Debentures for a period not
exceeding 20 consecutive quarters (each an “Extension Period”), during which Extension Period no
interest shall be due and payable on the Debentures, provided, that no Extension Period may extend
beyond the date of maturity of the Debentures. As a consequence of the Debenture Issuer’s
extension of the interest payment period, quarterly Distributions will also be deferred. Despite
such deferral, quarterly Distributions will continue to accumulate to the extent and in the amount
that interest accrues and compounds on the underlying Debentures. In the event that the Debenture
Issuer exercises its right to extend the interest payment period, then (a) the Debenture Issuer and
any subsidiary of the Debenture Issuer will not declare or pay any dividend on, make any
distributions with respect to, or redeem, purchase, acquire or make a liquidation payment with
respect to, any of the Debenture Issuer’s capital stock or make any guarantee payment with respect
thereto (other than (i) purchases, redemptions or other acquisitions of shares of capital stock of
Citigroup in connection with any employment contract, benefit plan or other similar arrangement
with or for the benefit of employees, officers, directors or consultants, (ii) purchases of shares
of common stock of Citigroup pursuant to a contractually binding requirement to buy stock entered
into in the ordinary course of business and existing prior to the commencement of the Extension
Period, including under a contractually binding stock repurchase plan, (iii) as a result of an
exchange or conversion of any class or series of Citigroup’s capital stock for any other class or
series of Citigroup’s capital stock, (iv) the purchase of fractional interests in shares of
Citigroup’s capital stock pursuant to the conversion or exchange provisions of such capital stock
or the security being converted or exchanged, or (v) the purchase of Citigroup’s capital stock in
connection with the distribution thereof) and (b) the Debenture Issuer and any subsidiary of the
Debenture Issuer will not make any payment of interest on or principal of (or premium, if any, on),
or repay, repurchase or redeem, any debt securities or guarantees issued by the Debenture Issuer
that rank pari passu with or junior to the Debentures. The foregoing, however, will not apply to
any stock dividends paid by Citigroup where the dividend stock is the same stock as that on which
the dividend is being paid. Prior to the termination of any such Extension Period, the Debenture
Issuer may further extend such Extension Period; provided, that such Extension Period, together
with all such previous and further extensions thereof, may not exceed 20 consecutive quarters;
provided further, that no Extension Period may extend beyond the maturity of the Debentures.
Payments of deferred Distributions and accrued interest thereon will be payable to Holders as they
appear on the books and records of the Trust on the record date immediately preceding the end of
the Extension Period. Upon the termination of any Extension Period and the payment of all amounts
then due, the Debenture Issuer may commence a new Extension Period, subject to

I-2

 

the above requirements. The Regular Trustees will give notice to each Holder of any Extension
Period upon their receipt of notice thereof from the Debenture Issuer.

(c) Distributions on the Securities will be payable to the Holders thereof as they appear on the
books and records of the Trust at the close of business on the relevant record dates. While the
Capital Securities are in definitive, fully-registered form, subject to the rules of any securities
exchange on which the Capital Securities are listed, the relevant record dates shall be 15 days
prior to the relevant payment dates, which payment dates shall correspond to the interest payment
dates on the Debentures. If the Capital Securities shall be in book-entry only form, the relevant
record dates shall be one Business Day prior to the relevant payment dates, which payment dates
shall correspond to the interest payment dates on the Debentures. Subject to any applicable laws
and regulations and the provisions of the Declaration, each such payment in respect of the Capital
Securities will be made in accordance with the procedures of The Depository Trust Company (“DTC”).
The relevant record dates for the Common Securities shall be the same record date as for the
Capital Securities. Distributions payable on any Securities that are not punctually paid on any
Distribution payment date, as a result of the Debenture Issuer having failed to make a payment
under the Debentures, will cease to be payable to the Person in whose name such Securities are
registered on the relevant record date, and such defaulted Distribution will instead be payable to
the Person in whose name such Securities are registered on the special record date or other
specified date determined in accordance with the Indenture. If any date on which Distributions are
payable on the Securities is not a Business Day, then payment of the Distribution payable on such
date will be made on the next succeeding day that is a Business Day (and without any interest or
other payment in respect of any such delay) except that, if such Business Day is in the next
succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in
each case with the same force and effect as if made on such date.

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

          3. Liquidation Distribution Upon Dissolution.

(a) In the event of any voluntary or involuntary dissolution, winding-up or termination of the
Trust, the Holders of the Securities on the date of the dissolution, winding-up or termination, as
the case may be, will be entitled to receive out of the assets of the Trust available for
distribution to Holders of Securities after satisfaction of claims and obligations of the Trust
pursuant to applicable law, distributions in an amount equal to the aggregate of the stated
liquidation amount per Security plus accrued and unpaid Distributions thereon to the date of
payment (such amount being the “Liquidation Distribution”), unless, in connection with such
dissolution, winding-up or termination, Debentures in an aggregate principal amount equal to the
aggregate stated liquidation amount, with an interest rate equal to the Coupon Rate, and bearing
accrued and unpaid interest in an amount equal to the accumulated and unpaid Distributions on, such
Securities outstanding at such time, have been distributed on a Pro Rata basis to the Holders of
the Securities in exchange for such Securities. Prior to any such Liquidation Distribution, the
Debenture Issuer will obtain any required regulatory approval.

I-3

 

(b) If, upon any such dissolution, the Liquidation Distribution can be paid only in part because
the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution,
then the amounts payable directly by the Trust on the Securities shall be paid on a Pro Rata basis.

          4. Redemption and Distribution.

(a) Upon the repayment of the Debentures in whole or in part, whether at maturity or upon
redemption (either at the option of the Debenture Issuer or pursuant to a Special Event as
described below or while Capital Securities are held by the U.S. Government in connection with TARP
assistance provided to the Debenture Issuer), the proceeds from such repayment or payment shall be
simultaneously applied to redeem Securities having an aggregate liquidation amount equal to the
aggregate principal amount of the Debentures so repaid or redeemed at a redemption price equal to
the liquidation amount per Security plus an amount equal to accrued and unpaid Distributions
thereon at the date of the redemption, payable in cash (the “Redemption Price”). Holders shall be
given not less than 30 nor more than 60 days’ notice of such redemption. Prior to any such
redemption, the Debenture Issuer will obtain any required regulatory approval.

(b) If fewer than all the outstanding Securities are to be so redeemed, the Securities will be
redeemed Pro Rata and the Capital Securities to be redeemed will be as described in Section
4(e)(ii) below.

(c) Subject to obtaining any required regulatory approval, if, at any time, a Tax Event, an
Investment Company Event or a Regulatory Capital Event (each as defined below, and each a “Special
Event”) shall occur and be continuing, the Debenture Issuer shall have the right, upon not less
than 30 nor more than 60 days’ notice, to redeem the Debentures, in whole or in part, for cash
within 90 days following the occurrence of such Special Event, and, following such redemption,
Securities with an aggregate liquidation amount equal to the aggregate principal amount of the
Debentures so redeemed shall be redeemed by the Trust at the Redemption Price on a Pro Rata basis;
provided, however, that if at the time there is available to the Debenture Issuer or the Trust the
opportunity to eliminate, within such 90-day period, the Special Event by taking some ministerial
action, such as filing a form or making an election or pursuing some other similar reasonable
measure that will have no adverse effect on the Trust, the Debenture Issuer or the holders of the
Capital Securities or the Debentures, then the Debenture Issuer or the Trust will pursue such
measure in lieu of redemption.

          “Tax Event” means that the Regular Trustees shall have received an opinion of a nationally
recognized independent tax counsel experienced in such matters (a “Tax Event Opinion”) to the
effect that, as a result of (a) any amendment to, or change (including any announced prospective
change) in, the laws (or any regulations thereunder), of the United States or any political
subdivision or taxing authority thereof or therein or (b) any amendment to, or change in, an
interpretation or application of such laws or regulations by any legislative body, court,
governmental agency or regulatory authority (including the enactment of any legislation and the
publication of any judicial decision or regulatory determination or administrative pronouncement on
or after June 9, 2009), in either case after June 9, 2009, there is more than an

I-4

 

insubstantial risk that (i) the Trust would be subject to United States federal income tax
with respect to interest accrued or received on the Debentures, (ii) the Trust would be subject to
more than a de minimis amount of other taxes, duties or other governmental charges, or (iii)
interest payable to the Trust on the Debentures would not be deductible, in whole or in part, by
the Debenture Issuer for United States federal income tax purposes.

          “Investment Company Event” means that the Regular Trustees shall have received an opinion of a
nationally recognized independent counsel experienced in practice under the Investment Company Act
to the effect that, as a result of the occurrence of a change in law or regulation or a written
change in interpretation or application of law or regulation by any legislative body, court,
governmental agency or regulatory authority (a “Change in 1940 Act Law”), there is a more than an
insubstantial risk that the Trust is or will be considered an Investment Company which is required
to be registered under the Investment Company Act, which Change in 1940 Act Law becomes effective
on or after June 9, 2009.

          “Regulatory Capital Event” means a determination by the Debenture Issuer, based on an opinion
of counsel experienced in such matters (who may be an employee of the Debenture Issuer or any of
its affiliates), that, as a result of (a) any amendment to, clarification of or change (including
any announced prospective change) in applicable laws or regulations or official interpretations
thereof or policies with respect thereto or (b) any official administrative pronouncement or
judicial decision interpreting or applying such laws or regulations, which amendment,
clarification, change, pronouncement or decision is announced or is effective after June 9, 2009,
there is more than an insubstantial risk that the Capital Securities will no longer constitute Tier
I Capital of the Debenture Issuer or any bank holding company of which the Debenture Issuer is a
subsidiary (or its equivalent) for purposes of the capital adequacy guidelines or policies of the
Board of Governors of the Federal Reserve System or its successor as the Debenture Issuer’s primary
federal banking regulator, provided, however that the distribution of the Debentures in connection
with the liquidation of the Trust shall not in and of itself constitute a Regulatory Capital Event
unless such liquidation shall have occurred in connection with a Tax Event or an Investment Company
Event.

          On and from the date fixed by the Regular Trustees for any distribution of the Debentures and
dissolution of the Trust: (i) the Securities will no longer be deemed to be outstanding, (ii) DTC
or its nominee (or any successor Clearing Agency or its nominee), as the record Holder of the
Capital Securities, will receive a registered global certificate or certificates representing the
Debentures to be delivered upon such distribution and (iii) any certificates representing
Securities, except for certificates representing Capital Securities held by DTC or its nominee (or
any successor Clearing Agency or its nominee), will be deemed to represent beneficial interests in
the Debentures having an aggregate principal amount equal to the aggregate stated liquidation
amount of, with an interest rate identical to the Coupon Rate of, and accrued and unpaid interest
equal to accrued and unpaid Distributions on such Securities until such certificates are presented
to the Debenture Issuer or its agent for transfer or reissue.

(d) The Trust may not redeem fewer than all the outstanding Securities unless all accumulated and
unpaid Distributions have been paid on all Securities for all quarterly Distribution periods
terminating on or before the date of redemption.

I-5

 

(e) Redemption or Distribution procedures will be as follows:

          (i) Notice of any redemption of, or notice of distribution of Debentures in exchange for the
Securities (a “Redemption/Distribution Notice”) will be given by the Trust by mail to the
Institutional Trustee and the Delaware Trustee and to each Holder of the Securities to be redeemed
or exchanged not fewer than 30 nor more than 60 days before the date fixed for redemption or
exchange thereof which, in the case of a redemption, will be the date fixed for redemption of the
Debentures. For purposes of the calculation of the date of redemption or exchange and the dates on
which notices are given pursuant to this Section 4(e)(i), a Redemption/Distribution Notice shall be
deemed to be given on the day such notice is first mailed by first-class mail, postage prepaid, to
the Holders of the Securities. Each Redemption/Distribution Notice shall be addressed to the
Holders of the Securities at the address of each such Holder appearing in the books and records of
the Trust. No defect in the Redemption/Distribution Notice or in the mailing of either thereof
with respect to any Holder shall affect the validity of the redemption or exchange proceedings with
respect to any other Holder.

          (ii) In the event that fewer than all the outstanding Securities are to be redeemed, the
Securities to be redeemed shall be redeemed Pro Rata from each Holder of Capital Securities, it
being understood that, in respect of Capital Securities registered in the name of and held of
record by DTC or its nominee (or any successor Clearing Agency or its nominee), the distribution of
the proceeds of such redemption will be made to each Clearing Agency Participant (or Person on
whose behalf such nominee holds such securities) in accordance with the procedures applied by such
agency or nominee.

          (iii) If Securities are to be redeemed and the Trust gives a Redemption/Distribution Notice,
which notice may only be issued if the Debentures are redeemed as set out in this Section 4 (which
notice will be irrevocable), then (A) while the Capital Securities are in book-entry only form,
with respect to the Capital Securities, by 12:00 noon, New York City time, on the redemption date,
provided that the Debenture Issuer has paid to the Institutional Trustee a sufficient amount of
cash in connection with the related redemption or maturity of the Debentures, the Institutional
Trustee will deposit irrevocably with DTC or its nominee (or successor Clearing Agency or its
nominee) funds sufficient to pay the applicable Redemption Price with respect to the Capital
Securities and will give DTC (or any successor Clearing Agency) irrevocable instructions and
authority to pay the Redemption Price to the Holders of the Capital Securities, and (B) with
respect to Capital Securities issued in definitive form and Common Securities, provided, that the
Debenture Issuer has paid the Institutional Trustee a sufficient amount of cash in connection with
the related redemption or maturity of the Debentures, the Institutional Trustee will pay the
relevant Redemption Price to the Holders of such Securities by check mailed to the address of the
relevant Holder appearing on the books and records of the Trust on the redemption date. If a
Redemption/Distribution Notice shall have been given and funds deposited as required, if
applicable, then immediately prior to the close of business on the date of such deposit, or on the
redemption date, as applicable, distributions will cease to accrue on the Securities so called for
redemption and all rights of the Holders of such Securities so called for redemption will cease,
except the right of the Holders of such Securities to receive the Redemption Price, but without
interest on such Redemption Price. Neither the

I-6

 

Regular Trustees nor the Trust shall be required to register or cause to be registered the
transfer of any Securities that have been so called for redemption. If any date fixed for
redemption of Securities is not a Business Day, then payment of the Redemption Price payable on
such date will be made on the next succeeding day that is a Business Day (and without any interest
or other payment in respect of any such delay) except that, if such Business Day falls in the next
calendar year, such payment will be made on the immediately preceding Business Day, in each case
with the same force and effect as if made on such date fixed for redemption. If payment of the
Redemption Price in respect of any Securities is improperly withheld or refused and not paid either
by the Institutional Trustee or by the Sponsor as guarantor pursuant to the relevant Securities
Guarantee, Distributions on such Securities will continue to accrue from the original redemption
date to the actual date of payment, in which case the actual payment date will be considered the
date fixed for redemption for purposes of calculating the Redemption Price.

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

          (v) Subject to the foregoing and applicable law (including, without limitation, United States
federal securities laws), the Debenture Issuer or its affiliates may at any time and from time to
time purchase outstanding Capital Securities by tender, in the open market or by private agreement.

          5. Voting Rights — Capital Securities.

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

(b) Subject to the requirements set forth in this paragraph, the Holders of a Majority in aggregate
liquidation amount of the Capital Securities, voting separately as a class, may direct the time,
method, and place of conducting any proceeding for any remedy available to the Institutional
Trustee, or direct the exercise of any trust or power conferred upon the Institutional Trustee
under the Declaration, including the right to direct the Institutional Trustee, as holder of the
Debentures, to (i) direct the time, method and place of conducting any proceeding for any remedy
available to the Debenture Trustee, or exercising any trust or power conferred on the Debenture
Trustee with respect to the Debentures, (ii) waive any past Default (as defined in the Indenture)
that is waivable under Section 5.6 of the Indenture, (iii) exercise any right to rescind or annul a
declaration that the principal of all the Debentures shall be due and payable or (iv) consent to
any amendment, modification or termination of the Indenture or the Debentures where such consent
shall be required; provided that, where a consent or action under the Indenture would require the
consent or act of the Holders of greater than a majority in principal amount of Debentures affected
thereby (a “Super Majority”), the Institutional Trustee may only give such consent or take such
action at the written direction of the Holders of at least the proportion in liquidation amount of
the Capital Securities which the relevant Super Majority represents of the aggregate principal
amount of the Debentures outstanding; provided, further,

I-7

 

that the Institutional Trustee shall have the right to refrain from following any such direction
that violates the Declaration or conflicts with any applicable rule of law or would involve it in
personal liability against which indemnity would, in the opinion of the Institutional Trustee, not
be adequate, and the Institutional Trustee may take any other action deemed proper by it that is
not inconsistent with such direction. The Institutional Trustee shall not revoke any action
previously authorized or approved by a vote of the Holders of the Capital Securities. Except with
respect to directing the time, method and place of conducting a proceeding for a remedy available
to the Institutional Trustee, the Institutional Trustee, as holder of the Debentures, shall not
take any of the actions described in clauses (i), (ii), (iii) or (iv) above unless the
Institutional Trustee has obtained an opinion of a nationally recognized independent tax counsel
experienced in such matters to the effect that as a result of such action, the Trust will not fail
to be classified as a grantor trust for United States federal income tax purposes. If the
Institutional Trustee fails to enforce its rights under the Debentures, any Holder of Capital
Securities may directly institute a legal proceeding against the Debenture Issuer to enforce the
Institutional Trustee’s rights under the Debentures without first instituting a legal proceeding
against the Institutional Trustee or any other Person or entity. If a Default under the
Declaration has occurred and is continuing and such event is attributable to the failure of the
Debenture Issuer to pay interest or principal on the Debentures on the date such interest or
principal is otherwise payable (or in the case of redemption, on the redemption date), then a
holder of Capital Securities may also directly institute a proceeding for enforcement of payment to
such holder (a “Direct Action”) of the principal of or interest on the Debentures having a
principal amount equal to the aggregate liquidation amount of the Capital Securities of such holder
on or
 after the respective due date specified or provided for in the Debentures without first (i)
directing the Institutional Trustee to enforce the terms of the Debentures or (ii) instituting a
legal proceeding directly against the Debenture Issuer to enforce the Institutional Trustee’s
rights under the Debentures. Except as provided in the preceding sentence, the Holders of Capital
Securities will not be able to exercise directly any other remedy available to the holders of the
Debentures. In connection with such Direct Action, the Debenture Issuer will be subrogated to the
rights of such Holder of Capital Securities under the Declaration to the extent of any payment made
by the Debenture Issuer to such holder of Capital Securities in such Direct Action.

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

          No vote or consent of the Holders of the Capital Securities will be required for the Trust to
redeem and cancel Capital Securities or to distribute the Debentures in accordance with this
Declaration and the terms of the Securities.

I-8

 

          Notwithstanding that Holders of Capital Securities are entitled to vote or consent under any
of the circumstances described above, any of the Capital Securities that are owned by the Sponsor
or any Affiliate of the Sponsor shall not be entitled to vote or consent and shall, for purposes of
such vote or consent, be treated as if they were not outstanding; provided, however, that the U.S.
Government shall not be an Affiliate of the Sponsor for purposes of this provision and shall be
entitled to vote or consent under the circumstances described above while it is a Holder of Capital
Securities.

          6. Voting Rights — Common Securities.

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

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

(c) Subject to Section 2.6 of the Declaration and only after the Default with respect to the
Capital Securities has been cured, waived, or otherwise eliminated and subject to the requirements
of the second to last sentence of this paragraph, the Holders of a Majority in liquidation amount
of the Common Securities, voting separately as a class, may direct the time, method, and place of
conducting any proceeding for any remedy available to the Institutional Trustee, or direct the
exercise of any trust or power conferred upon the Institutional Trustee under the Declaration,
including (i) directing the time, method, place of conducting any proceeding for any remedy
available to the Debenture Trustee, or exercising any trust or power conferred on the Debenture
Trustee with respect to the Debentures, (ii) waiving any past Default (as defined in the Indenture)
that is waivable under Section 5.6 of the Indenture, or (iii) exercising any right to rescind or
annul a declaration that the principal of all the Debentures shall be due and payable, provided
that, where a consent or action under the Indenture would require the consent or act of the Holders
of a Super Majority of the Debentures affected thereby, the Institutional Trustee may only give
such consent or take such action at the written direction of the Holders of at least the proportion
in liquidation amount of the Common Securities which the relevant Super Majority represents of the
aggregate principal amount of the Debentures outstanding; provided, further, that the Institutional
Trustee shall have the right to refrain from following any such direction that violates the
Declaration or conflicts with any applicable rule of law or would involve it in personal liability
against which indemnity would, in the opinion of the Institutional Trustee, not be adequate, and
the Institutional Trustee may take any other action deemed proper by it that is not inconsistent
with such direction. Pursuant to this Section 6(c), the Institutional Trustee shall not revoke any
action previously authorized or approved by a vote of the Holders of the Capital Securities. Other
than with respect to directing the time, method and place of conducting any proceeding for any
remedy available to the Institutional Trustee or the Debenture Trustee as set forth above, the
Institutional Trustee shall not take any action in accordance with the directions of the Holders of
the Common Securities under this paragraph unless the Institutional Trustee has obtained an opinion
of nationally recognized tax counsel experienced in such matters to the effect that for the
purposes of United States federal income tax

I-9

 

the Trust will not be classified as other than a grantor trust on account of such action. If the
Institutional Trustee fails to enforce its rights under the Declaration, any Holder of Common
Securities may institute a legal proceeding directly against any Person to enforce the
Institutional Trustee’s rights under the Declaration, without first instituting a legal proceeding
against the Institutional Trustee or any other Person.

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

          No vote or consent of the Holders of the Common Securities will be required for the Trust to
redeem and cancel Common Securities or to distribute the Debentures in accordance with the
Declaration and the terms of the Securities.

          7. Amendments to Declaration and Indenture.

(a) In addition to any requirements under Section 12.1 of the Declaration, if any proposed
amendment to the Declaration provides for, or the Regular Trustees otherwise propose to effect, (i)
any action that would adversely affect the powers, preferences or special rights of the Securities,
whether by way of amendment to the Declaration or otherwise, or (ii) the dissolution, winding-up or
termination of the Trust, other than as described in Section 8.1 of the Declaration, then the
Holders of outstanding Securities as a class, will be entitled to vote on such amendment or
proposal (but not on any other amendment or proposal) and such amendment or proposal shall not be
effective except with the approval of the Holders of at least a Majority in liquidation amount of
the Securities, voting together as a single class; provided, however, if any amendment or proposal
referred to in clause (i) above would adversely affect only the Capital Securities or only the
Common Securities, then only the affected class will be entitled to vote on such amendment or
proposal and such amendment or proposal shall not be effective except with the approval of a
Majority in liquidation amount of such class of Securities.

(b) In the event the consent of the Institutional Trustee as the holder of the Debentures is
required under the Indenture with respect to any amendment, modification or termination of the
Indenture or the Debentures, the Institutional Trustee shall request the written direction of the
Holders of the Securities with respect to such amendment, modification or termination and shall
vote with respect to such amendment, modification or termination as directed by a Majority in
liquidation amount of the Securities voting or consenting together as a single class; provided,
however, that where a consent under the Indenture would require the consent of the holders of
greater than a majority in aggregate principal amount of the Debentures (a “Super Majority”), the
Institutional Trustee may only give such consent at the direction of the

I-10

 

Holders of at least the proportion in liquidation amount of the Securities which the relevant Super
Majority represents of the aggregate principal amount of the Debentures outstanding; provided,
further, that the Institutional Trustee shall not take any action in accordance with the directions
of the Holders of the Securities under this Section 7(b) unless the Institutional Trustee has
obtained an opinion of nationally recognized tax counsel experienced in such matters to the effect
that for the purposes of United States federal income tax the Trust will not be classified as other
than a grantor trust on account of such action.

          8. Pro Rata.

          A reference in these terms of the Securities to any payment, distribution or treatment as
being “Pro Rata” shall mean pro rata to each Holder of Securities according to the aggregate
liquidation amount of the Securities held by the relevant Holder in relation to the aggregate
liquidation amount of all Securities outstanding unless, in relation to a payment, a Default under
the Declaration has occurred and is continuing, in which case any funds available to make such
payment shall be paid first to each Holder of the Capital Securities pro rata according to the
aggregate liquidation amount of Capital Securities held by the relevant Holder relative to the
aggregate liquidation amount of all Capital Securities outstanding, and only after satisfaction of
all amounts owed to the Holders of the Capital Securities, to each Holder of Common Securities pro
rata according to the aggregate liquidation amount of Common Securities held by the relevant Holder
relative to the aggregate liquidation amount of all Common Securities outstanding.

          9. Ranking.

          The Capital Securities rank pari passu and payment thereon shall be made Pro Rata with the
Common Securities except that, where a Default (as defined in the Indenture) occurs and is
continuing under the Indenture in respect of the Debentures held by the Institutional Trustee, the
rights of Holders of the Common Securities to payment in respect of Distributions and payments upon
liquidation, redemption and otherwise are subordinated to the rights to payment of the Holders of
the Capital Securities.

          10. Listing.

          The Capital Securities will not initially be listed on any exchange. In the event that the
Holder of the Common Securities determines to list the Capital Securities on an exchange, the
Regular Trustees shall use their best efforts to cause the Capital Securities to be so listed.

          11. Acceptance of Securities Guarantee and Indenture.

          Each Holder of Capital Securities and Common Securities, by the acceptance thereof, agrees to
the provisions of the Capital Securities Guarantee, including the subordination provisions therein
and to the provisions of the Indenture.

          12. No Preemptive Rights.

I-11

 

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

          13. Miscellaneous.

          These terms constitute a part of the Declaration.

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

I-12

 

EXHIBIT A-1

FORM OF CAPITAL SECURITY CERTIFICATE

          THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE
TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING THERETO
IS IN EFFECT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM
REGISTRATION UNDER SUCH ACT OR SUCH LAWS. EACH PURCHASER OF THE SECURITIES REPRESENTED BY THIS
INSTRUMENT IS NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM SECTION 5 OF THE
SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. ANY TRANSFEREE OF THE SECURITIES REPRESENTED BY
THIS INSTRUMENT BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT IT IS A “QUALIFIED INSTITUTIONAL
BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT), (2) AGREES THAT IT WILL NOT OFFER, SELL
OR OTHERWISE TRANSFER THE SECURITIES REPRESENTED BY THIS INSTRUMENT EXCEPT (A) PURSUANT TO A
REGISTRATION STATEMENT WHICH IS THEN EFFECTIVE UNDER THE SECURITIES ACT, (B) FOR SO LONG AS THE
SECURITIES REPRESENTED BY THIS INSTRUMENT ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A
PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER
THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE
144A, (C) TO THE ISSUER OR (D) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THE
SECURITIES REPRESENTED BY THIS INSTRUMENT ARE TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF
THIS LEGEND.

	 	 	 
	Certificate Number

	 	Number of Capital Securities
	 
	 	 
	 

	 	CUSIP NO.                                                             

AI-1

 

Certificate Evidencing Capital Securities

of

CITIGROUP CAPITAL XXXIII

8.00% Capital Securities

(Liquidation Amount $1,000 per Capital Security)

          CITIGROUP CAPITAL XXXIII, a statutory trust formed under the laws of the State of Delaware
(the “Trust”), hereby certifies that
                     (the “Holder”) is the registered owner of                     
(                    ) capital securities of the Trust representing undivided beneficial interests in the assets of
the Trust designated the 8.00% Capital Securities (the “Capital Securities”). The Capital
Securities are transferable on the books and records of the Trust, in person or by a duly
authorized attorney, upon surrender of this certificate duly endorsed and in proper form for
transfer. The designation, rights, privileges, restrictions, preferences and other terms and
provisions of the Capital Securities are set forth in, and this certificate and the Capital
Securities represented hereby are issued and shall in all respects be subject to, the provisions of
the Amended and Restated Declaration of Trust of the Trust dated as of July 30, 2009, as the same
may be amended from time to time (the “Declaration”), including the designation of the terms of the
Capital Securities as set forth in Annex I thereto. Capitalized terms used herein but not defined
shall have the meaning given them in the Declaration. The Holder is entitled to the benefits of
the Capital Securities Guarantee to the extent provided therein. The Sponsor will provide a copy
of the Declaration, the Capital Securities Guarantee and the Indenture to a Holder without charge
upon written request to the Sponsor at its principal place of business.

          The Holder of this certificate, by accepting this certificate, is deemed to have (i) agreed to
the terms of the Indenture and the Debentures, including that the Debentures are subordinate and
junior in right of payment to all Senior Indebtedness (as defined in the Indenture) and (ii) agreed
to the terms of the Capital Securities Guarantee, including that the Capital Securities Guarantee
is (A) subordinate and junior in right of payment to all other liabilities of Citigroup, (B) pari
passu with the most senior preferred or preference stock now or hereafter issued by Citigroup and
with any guarantee now or hereafter issued by Citigroup with respect to preferred or preference
stock of Citigroup’s affiliates and (C) senior to Citigroup’s common stock.

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

          By acceptance, the Holder agrees to treat, for United States federal income tax purposes, the
Debentures as indebtedness and the Capital Securities as evidence of indirect beneficial ownership
in the Debentures.

AI-2

 

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

	 	 	 	 	 
	 	CITIGROUP CAPITAL XXXIII

 	 
	 	By:  	 	 
	 	Name:  	 	 
	 	Title:     Regular Trustee 	 
	 

AI-3

 

 

ASSIGNMENT

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

 

 

 

 

(Insert assignee’s social security or tax identification number)

 

 

 

 

(Insert address and zip code of assignee)

and irrevocably appoints

 

 

 agent to transfer this Capital Security Certificate on the books of

 

the Trust. The agent may substitute another to act for him or her.

Date:                                        

Signature:                                        

(Sign exactly as your name appears on the other side of this Capital Security Certificate)

AI-4

 

EXHIBIT
A-2

FORM OF COMMON SECURITY CERTIFICATE

TRANSFER OF THIS CERTIFICATE

IS SUBJECT TO THE CONDITIONS

SET FORTH IN THE DECLARATION

REFERRED TO BELOW

	 	 	 
	Certificate Number

	 	Number of Common Securities

Certificate Evidencing Common Securities

of

CITIGROUP CAPITAL XXXIII

8.00% Common Securities (Liquidation Amount $1,000 per Common Security)

          CITIGROUP CAPITAL XXXIII, a statutory trust formed under the laws of the State of Delaware
(the ”Trust”), hereby certifies that Citigroup Inc., a Delaware corporation (the “Holder”), is the
registered owner of ___ (___) common securities of the Trust representing undivided beneficial
interests in the assets of the Trust designated the 8.00% Common Securities (the “Common
Securities”). The Common Securities are transferable on the books and records of the Trust, in
person or by a duly authorized attorney, upon surrender of this certificate duly endorsed and in
proper form for transfer and satisfaction of the other conditions set forth in the Declaration (as
defined below), including, without limitation, Section 9.1 thereof. The designation, rights,
privileges, restrictions, preferences and other terms and provisions of the Common Securities
represented hereby are issued and shall in all respects be subject to the provisions of the Amended
and Restated Declaration of Trust of the Trust dated as of July 30, 2009, as the same may be
amended from time to time (the “Declaration”), including the designation of the terms of the Common
Securities as set forth in Annex I thereto. Capitalized terms used herein but not defined shall
have the meaning given them in the Declaration. The Sponsor will provide a copy of the Declaration
and the Indenture to a Holder without charge upon written request to the Sponsor at its principal
place of business.

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

          The Holder of this certificate, by accepting this certificate, is deemed to have agreed to the
terms of the Indenture and the Debentures, including that the Debentures are subordinate and junior
in right of payment to all Senior Indebtedness (as defined in the Indenture) as and to the extent
provided in the Indenture.

A2-1

 

          By acceptance, the Holder agrees to treat, for United States federal income tax purposes, the
Debentures as indebtedness and the Common Securities as evidence of indirect beneficial ownership
in the Debentures.

A2-2

 

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

	 	 	 	 	 
	 	CITIGROUP CAPITAL XXXIII

 	 
	 	By:  	 	 
	 	Name:  	 	 
	 	Title:     Regular Trustee 	 
	 

A2-3

 

 

ASSIGNMENT

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

 

 

 

(Insert assignee’s social security or tax identification number)

 

 

 

(Insert address and zip code of assignee)

and irrevocably appoints

 

 

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

Date: ______________________

Signature:___________________

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

A2-4

 

EXHIBIT B

SPECIMEN OF DEBENTURE

B-1

 

No. __

$_____________

CITIGROUP INC.

8.00% JUNIOR SUBORDINATED

DEFERRABLE INTEREST DEBENTURE

DUE JULY 30, 2039

     CITIGROUP INC., a Delaware corporation (the “Company”, which term includes any successor
corporation under the Indenture, dated as of July 30, 2009, between the Company and The Bank of New
York Mellon (as trustee), for value received, hereby promises to pay to The Bank of New York
Mellon, as Institutional Trustee of Citigroup Capital XXXIII (the “Trust”), pursuant to that
certain Amended and Restated Declaration of Trust, dated as of July 30, 2009, or registered
assigns, the principal sum of ___ dollars ($___) on July 30, 2039, and to pay
interest on said principal sum from July 30, 2009, or from the most recent interest payment date
(each such date, an “Interest Payment Date”) to which interest has been paid or duly provided for,
quarterly in arrears on January 30, April 30, July 30, and October 30 of each year commencing
October 30, 2009, at a rate of 8.00% per annum, until the principal hereof shall have become due
and payable, and on any overdue principal and premium, if any, and (without duplication and to the
extent that payment of such interest is enforceable under applicable law) on any overdue
installment of interest at the same rate per annum compounded quarterly. The amount of interest
payable on any Interest Payment Date shall be computed on the basis of a 360-day year of twelve
30-day months. In the event that an amount of interest is payable for any period shorter than a
full quarterly period, interest will be computed on the basis of the actual number of days elapsed
and a 90-day quarter. In the event that any date on which interest is payable on this Security is
not a Business Day, then payment of interest payable on such date will be made on the next
succeeding day that is a Business Day (and without any interest or other payment in respect of any
such delay), except that, if such Business Day is in the next succeeding calendar year, such
payment shall be made on the immediately preceding Business Day, in each case with the same force
and effect as if made on such date. The interest installment so payable, and punctually paid or
duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the
Person in whose name this Security (or one or more Predecessor Securities, as defined in said
Indenture) is registered at the close of business on the regular record date for such interest
installment, which shall be (a) while this Security is held by the Institutional Trustee of the
Trust or is represented by a Global Security, the close of business on the Business Day next
preceding such Interest Payment Date, or (b) if pursuant to the provisions of the Indenture this
Security is not in book-entry form, 15 days prior to such Interest Payment Date. Any such interest
installment not punctually paid or duly provided for shall forthwith cease to be payable to the
registered Holders on such regular record date and may be paid to the Person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of business on a
special record date to be fixed by the Trustee for the payment of such defaulted interest, notice
whereof shall be given to the registered Holders of this series of Securities not less than 10 days
prior to such special record date, or may be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the Securities of this
series may be listed, and upon such notice as may be required by such exchange, all as more fully
provided in the Indenture. The principal of (and

 

 

premium, if any) and the interest on this Security shall be payable at the office or agency of
the Trustee maintained for that purpose in any coin or currency of the United States of America
that at the time of payment is legal tender for payment of public and private debts; provided,
however, that payment of interest may be made at the option of the Company by check mailed to the
registered Holder at such address as shall appear in the Security Register. Notwithstanding the
foregoing, so long as the Holder of this Security is the Institutional Trustee of a Citigroup
Trust, the payment of the principal of (and premium, if any) and interest on this Security will be
made at such place and to such account as may be designated by such Institutional Trustee.

     This Security is not a deposit or savings account. This Security is not insured by the
Federal Deposit Insurance Corporation or any other governmental agency or instrumentality.

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

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

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

2

 

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

Dated:                     , 2009

	 	 	 	 	 
	 	CITIGROUP INC.

 	 
	 	By:  	 	 
	 	 	Name:  	[                    ] 	 
	 	 	Title:  	[                    ] 	 
	 

	 	 	 	 	 
	 	Attest:

 	 
	 	By:  	 	 
	 	Name:  	[          ] 	 
	 	Title:  	Assistant Secretary 	 
	 

CERTIFICATE OF AUTHENTICATION.

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

	 	 	 	 	 
	 	THE BANK OF NEW YORK MELLON,
 	 
	 	 	
as Trustee

 	 
	 	By:  	 	 
	 	 	Authorized Signatory 	 
	 	 	 	 

3

 

	 	 	 	 	 

(REVERSE OF SECURITY)

CITIGROUP INC.

8.00% JUNIOR SUBORDINATED

DEFERRABLE INTEREST DEBENTURE

DUE JULY 30, 2039

     This Security is one of a duly authorized issue of securities of the Company (herein sometimes
referred to as the “Securities”), specified in the Indenture, all issued or to be issued in one or
more series under and pursuant to an Indenture dated as of July 30, 2009 (the “Indenture”), duly
executed and delivered between the Company and The Bank of New York Mellon, as trustee (the
“Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for
a description of the respective rights, limitations of rights, obligations, duties and immunities
thereunder of the Trustee, the Company and the Holders of the Securities. By the terms of the
Indenture, the Securities are issuable in series that may vary as to amount, date of maturity, rate
of interest and in other respects as provided in the Indenture. This series of Securities is
limited in aggregate principal amount to $___.

     The Company shall have the right to redeem this Security, in whole or in part, (i) while 8.00%
Capital Securities of the Trust (the “Capital Securities”) or this Security are held by the U.S.
Government in connection with TARP assistance provided to the Company, subject to consultation with
the Federal Reserve; (ii) at the option of the Company, at any time on or after July 30, 2014 (an
“Optional Redemption”), or (iii) any time in certain circumstances upon the occurrence of a Tax
Event, an Investment Company Event or a Regulatory Capital Event (each as defined below, and each a
“Special Event”) at a redemption price equal to 100% of the principal amount thereof, plus any
accrued and unpaid interest to the date of such redemption (the “Optional Redemption Price”). Any
redemption pursuant to this paragraph will be made at the Optional Redemption Price upon not less
than 30 days nor more than 60 days notice, and with respect to a redemption upon a Special Event,
within 90 days following the occurrence of such Special Event; provided, however, that if at the
time there is available to the Company or the Trust the opportunity to eliminate, within such 90
day period, the Special Event by taking some ministerial action, such as filing a form or making an
election or pursuing some other similar reasonable measure that will have no adverse effect on the
Trust, the Company or the holders of the Capital Securities or the Securities, then the Company or
the Trust will pursue such measure in lieu of redemption. If the Securities of this series are
only partially redeemed by the Company pursuant to an Optional Redemption, such Securities will be
redeemed pro rata or by lot or by any other method utilized by the Trustee; provided that if, at
the time of redemption, the Securities of this series are registered as a Global Security, the
Depositary (as defined herein) shall determine the principal amount of such Securities held by each
Security Beneficial Owner to be redeemed in accordance with its procedures.

     “Tax Event” means that the Regular Trustees shall have received an opinion of a nationally
recognized independent tax counsel experienced in such matters (a “Tax Event Opinion”) to the
effect that, as a result of (a) any amendment to, or change (including any announced prospective
change) in, the laws (or any regulations thereunder), of the United States or any political
subdivision or taxing authority thereof or therein or (b) any amendment to, or change in, an
interpretation or application of such laws or regulations by any legislative body,

4

 

court, governmental agency or regulatory authority (including the enactment of any legislation
and the publication of any judicial decision or regulatory determination or administrative
pronouncement on or after June 9, 2009), in either case after June 9, 2009 there is more than an
insubstantial risk that (i) the Trust would be subject to United States federal income tax with
respect to interest accrued or received on the Securities of this series, (ii) the Trust would be
subject to more than a de minimis amount of other taxes, duties or other governmental charges, or
(iii) interest payable to the Trust on the Securities of this series would not be deductible, in
whole or in part, by the Company for United States federal income tax purposes.

     “Investment Company Event” means that the Regular Trustees shall have received an opinion of a
nationally recognized independent counsel experienced in practice under the Investment Company Act
to the effect that, as a result of the occurrence of a change in law or regulation or a written
change in interpretation or application of law or regulation by any legislative body, court,
governmental agency or regulatory authority (a “Change in 1940 Act Law”), there is a more than an
insubstantial risk that the Trust is or will be considered an Investment Company which is required
to be registered under the Investment Company Act, which Change in 1940 Act Law becomes effective
on or after June 9, 2009.

     “Regulatory Capital Event” means a determination by the Company, based on an opinion of
counsel experienced in such matters (who may be an employee of the Company or any of its
affiliates), that, as a result of (a) any amendment to, clarification of or change (including any
announced prospective change) in applicable laws or regulations or official interpretations thereof
or policies with respect thereto or (b) any official administrative pronouncement or judicial
decision interpreting or applying such laws or regulations, which amendment, clarification, change,
pronouncement or decision is announced or is effective after June 9, 2009, there is more than an
insubstantial risk that the Capital Securities will no longer constitute Tier I Capital of the
Company or any bank holding company of which the Company is a subsidiary (or its equivalent) for
purposes of the capital adequacy guidelines or policies of the Board of Governors of the Federal
Reserve System or its successor as the Company’s primary federal banking regulator, provided,
however that the distribution of the Debentures in connection with the liquidation of the Trust
shall not in and of itself constitute a Regulatory Capital Event unless such liquidation shall have
occurred in connection with a Tax Event or an Investment Company Event.

     Any redemption of the Securities of this series, in whole or in part, prior to the stated
maturity date is subject to the prior concurrence or approval of the Board of Governors of the
Federal Reserve System, the Federal Reserve Bank of New York, or a successor to either of them, as
the Company’s primary federal banking regulator (the “Federal Reserve”), or the staff thereof, (i)
if such approval is then required in order for securities such as the Securities of this series to
qualify as tier 1 capital of a bank holding company under applicable capital adequacy guidelines,
regulations, policies, or published interpretations of the Federal Reserve, or (ii) if the Federal
Reserve or its staff has informed Citigroup that it must obtain such approval before redeeming the
Securities.

     In the event of redemption of this Security in part only, a new Security or Securities of this
series for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the
cancellation hereof.

5

 

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

     The Indenture contains provisions permitting the Company and the Trustee, with the consent of
the Holders of not less than a majority in aggregate principal amount of the Securities of each
series affected at the time outstanding, as defined in the Indenture, to execute supplemental
indentures for the purpose of adding any provisions to or changing in any manner or eliminating,
any of the provisions of the Indenture or of any supplemental indenture or of modifying in any
manner the rights of the Holders of the Securities; provided, however, that no such supplemental
indenture shall modify certain provisions of the Indenture, as set forth in the Indenture, without
the consent of the Holders of each Security then outstanding and affected thereby including,
without limitation, to: (i) extend the fixed maturity of any Securities of any series, or reduce
the principal amount thereof, or reduce the rate or extend the time of payment of, interest
thereon, or reduce any premium payable upon the redemption thereof, or change any Place of Payment
where, or the coin or currency in which, any Security or any premium or the interest thereon is
payable, or impair the right to institute suit for the enforcement of any such payment on or after
the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date), or
modify the provisions of the Indenture with respect to the subordination of the Securities in a
manner adverse to the Holders, or (ii) reduce the aforesaid percentage of Securities, the Holders
of which are required to consent to any such supplemental indenture, or the consent of whose
Holders is required for any waiver (of compliance with certain provisions of the Indenture or
certain defaults thereunder and their consequences) provided for in the Indenture. The Indenture
also contains provisions permitting the Holders of a majority in aggregate principal amount of the
Securities of any series at the time outstanding affected thereby, on behalf of all of the Holders
of the Securities of such series, to waive any past default in the performance of any of the
covenants contained in the Indenture, or established pursuant to the Indenture with respect to such
series, and its consequences, except a default in the payment of the principal of or premium, if
any, or interest on any of the Securities of such series. Any such consent or waiver by the
registered Holder of this Security (unless revoked as provided in the Indenture) shall be
conclusive and binding upon such Holder and upon all future Holders and owners of this Security and
of any Security issued in exchange herefor or in place hereof (whether by registration of transfer
or otherwise), irrespective of whether or not any notation of such consent or waiver is made upon
this Security. In determining whether the Holders of the requisite principal amount of Outstanding
Securities have given any request, demand, authorization, direction, notice, consent or waiver
under the Indenture or hereunder, Securities owned by the U.S. Government shall not be deemed to be
Securities owned by an Affiliate of the Company.

     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, which is absolute and unconditional, to pay
the principal of and premium, if any, and interest on this Security at the time and place and at
the rate and in the money herein prescribed.

     The Company shall have the right at any time during the term of the Securities of this series
and from time to time to extend the interest payment period of such Securities for up to 20
consecutive quarters (an “Extended Interest Payment Period”), at the end of which period the

6

 

Company shall pay all interest then accrued and unpaid (together with interest thereon at the
rate specified for the Securities of this series to the extent that payment of such interest is
enforceable under applicable law); provided, that no such Extended Interest Payment Period shall
extend beyond the maturity of such Securities; and provided further that during any such Extended
Interest Payment period (a) the Company and any subsidiary of the Company will not declare or pay
any dividend on, make any distributions with respect to, or redeem, purchase, acquire or make a
liquidation payment with respect to, any of the Company’s capital stock or make any guarantee
payment with respect thereto (other than (i) purchases, redemptions or other acquisitions of shares
of capital stock of the Company in connection with any employment contract, benefit plan or other
similar arrangement with or for the benefit of employees, officers, directors or consultants, (ii)
purchases of shares of common stock of the Company pursuant to a contractually binding requirement
to buy stock entered into in the ordinary course of business and existing prior to the commencement
of the Extension Period, including under a contractually binding stock repurchase plan, (iii) as a
result of an exchange or conversion of any class or series of the Company’s capital stock for any
other class or series of the Company’s capital stock, (iv) the purchase of fractional interests in
shares of the Company’s capital stock pursuant to the conversion or exchange provisions of such
capital stock or the security being converted or exchanged, or (v) the purchase of capital stock of
the Company in connection with the distribution thereof), and (b) the Company and any subsidiary of
the Company will not make any payment of interest on or principal of (or premium, if any, on), or
repay, repurchase or redeem, any debt securities or guarantees issued by the Company which rank
pari passu with or junior to the Securities. The foregoing, however, will not apply to any stock
dividends paid by the Company where the dividend stock is the same stock as that on which the
dividend is being paid. Before the termination of any such Extended Interest Payment Period, the
Company may further extend such Extended Interest Payment Period, provided that such Extended
Interest Payment Period together with all such further extensions thereof shall not exceed 20
consecutive quarters and shall not extend beyond the maturity of the Securities of this series. At
the termination of any such Extended Interest Payment Period and upon the payment of all accrued
and unpaid interest and any additional amounts then due, the Company may commence a new Extended
Interest Payment Period.

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

     Prior to due presentment for registration of transfer of this Security, the Company, the
Trustee, any paying agent and the Security Registrar may deem and treat the registered holder
hereof as the absolute owner hereof (whether or not this Security shall be overdue and
notwithstanding any notice of ownership or writing hereon made by anyone other than the Security
Registrar) for the purpose of receiving payment of or on account of the principal hereof and
premium, if any, and interest due hereon and for all other purposes, and neither the Company

7

 

nor the Trustee nor any paying agent nor any Security Registrar shall be affected by any
notice to the contrary.

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

     This Global Security is exchangeable for Securities of this series in definitive form only
under certain limited circumstances set forth in the Indenture. Securities of this series so
issued are issuable only in registered form without coupons in denominations of $1,000 and any
integral multiple thereof. As provided in the Indenture and subject to certain limitations therein
set forth, Securities of this series are exchangeable for a like aggregate principal amount of
Securities of this series of a different authorized denomination, as requested by the Holder
surrendering the same.

     All terms used in this Security that are defined in the Officer’s Certificate of the Company,
dated as of July 29, 2009 and establishing the terms of the Securities of this series (the
“Officer’s Certificate”) shall have the meanings assigned to them in the Officer’s Certificate.
All other terms used in this Security that are defined in the Indenture shall have the meanings
assigned to them in the Indenture.

8

 

EXHIBIT C

EXCHANGE AGREEMENT

C-1

 

EXHIBIT D

[FORM OF CERTIFICATE TO BE DELIVERED UPON

TRANSFER OF CAPITAL SECURITIES]

Citigroup Inc.

399 Park Avenue

New York, New York 10043

Facsimile: 212-793-5629

Attention: Treasury Department

The Bank of New York Mellon

101 Barclay Street — 8W

New York, New York 10286

Attention: Corporate Trust Administration

	Re: 8.00% Capital Securities, liquidation amount $1,000 per capital security (the
“Securities”)

       CUSIP # 17314MAA4

          Reference is hereby made to that certain Amended and Restated Declaration of Trust, dated as
of July 30, 2009 (the “ARDT”), among Citigroup Inc., the regular trustees named therein,
BNY Mellon Trust of Delaware, as Delaware Trustee, and The Bank of New York Mellon, as
Institutional Trustee (the “Institutional Trustee”). Capitalized terms used but not defined
herein shall have the meanings set forth in the ARDT.

          This
certificate relates to $_____ aggregate liquidation amount of Securities held in definitive
form by the undersigned.

          The undersigned, _____ (transferor), hereby requests that
the Security Registrar register a transfer of a Security or Securities to _____ (transferee).

          In connection with such transfer of the Security or Securities, the undersigned confirms that
such Securities are being transferred in accordance with their terms:

CHECK ONE BOX BELOW:

	 	o	 	 to Citigroup Inc. or any subsidiary thereof; or
	 
	 	o	 	 to a “qualified institutional buyer” within the meaning of Rule 144A (“Rule
144A”) under the Securities Act of 1933, as amended (the “Securities
Act”) and in compliance with Rule 144A;
	 
	 	o	 	pursuant to an exemption from registration provided by Rule 144 under the
Securities Act or any other available exemption from the registration requirements
of the Securities Act.

D-1

 

          Unless one of the boxes is checked, the Security Registrar will refuse to register the
transfer of any of the Securities referenced in this certificate.

	 	 	 
	 
	 	
 
	 
	 
	 	Signature

	 	 	 	 	 
	Signature Guarantee:

	 	 	 	 
	 

	 	 	 	 
	 

	 	(Signature must be guaranteed by a participant

in a recognized signature guarantee medallion

program)	 	 

TO BE COMPLETED BY PURCHASER IF THE SECOND BOX ABOVE IS CHECKED.

          The undersigned represents and warrants that (i) it and any account for which it is acting is
a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933,
as amended (“Rule 144A”), (ii) it exercises sole investment discretion with respect to each
such account, and (iii) it is aware that the sale to it is being made in reliance on Rule 144A and
acknowledges that it has received such information as the undersigned has requested pursuant to
Rule 144A or has determined not to request such information and that it is aware that the
transferor is relying upon the undersigned’s foregoing representations in order to claim the
exemption from registration provided by Rule 144A.

	 	 	 	 	 
	 	[Name of Transferee]
 	 
	 	By:	
 	 
	 	Name:2  	 	 
	 	Date:  	 	 
	 

 

			
	2	 	To be signed by an executive officer.

D-2

 

EXHIBIT E

[FORM OF CERTIFICATE TO BE DELIVERED

IN CONNECTION WITH TRANSFERS PURSUANT TO RULE 144A]

Citigroup Inc.

399 Park Avenue

New York, New York 10043

Facsimile: 212-793-5629

Attention: Treasury Department

The Bank of New York Mellon

101 Barclay Street — 8W

New York, New York 10286

Attention: Corporate Trust Administration

	Re: 8.00% Capital Securities, liquidation amount $1,000 per capital security (the
“Securities”)
 

       CUSIP # 17314MAA4

Ladies and Gentlemen:

          In
connection with our proposed sale of $_____ aggregate liquidation
amount of the Securities (the “Subject Securities”), we hereby certify that such transfer
is being effected pursuant to and in accordance with Rule 144A (“Rule 144A”) under the
United States Securities Act of 1933, as amended, and, accordingly, we hereby further certify that
the Subject Securities are being transferred to a person that we reasonably believe is purchasing
the Subject Securities for its own account, or for one or more accounts with respect to which such
person exercises sole investment discretion, and such person and each such account is a “qualified
institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of
Rule 144A and such Subject Securities are being transferred in compliance with any applicable
securities laws of any state of the United States.

          The Bank of New York Mellon and Citigroup Inc. are entitled to rely upon this letter and are
irrevocably authorized to produce this letter or a copy hereof to any interested party in any
administrative or legal proceedings or official inquiry with respect to the matters covered hereby.

	 	 	 	 	 
	 	Very truly yours,

[Name of Transferor]

 	 
	 	By:  	 	 
	 	Name:3 	 
	 	Date: 	 
	 

 

			
	3	 	To be signed by an authorized signatory.

E-1

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