Document:

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                                                                    EXHIBIT 4.80

                            FACILITY A LOAN AGREEMENT

                                     BETWEEN

                        INVESTEC BANK (MAURITIUS) LIMITED

                                (as the "Lender")

                                       AND

                            DRD (ISLE OF MAN) LIMITED

                               (as the "Borrower")

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FACILITY A LOAN AGREEMENT                                         EXECUTION COPY

                                    CONTENTS

1.  DEFINITIONS........................................................    3
2.  INCONSISTENCY......................................................    6
3.  CONDITIONS.........................................................    6
4.  FACILITY...........................................................    6
5.  PURPOSE............................................................    6
    5.1  NON GENERAL OFFER.............................................    7
    5.2  GENERAL OFFER.................................................    7
    5.3  RIGHTS OFFER..................................................    7
    5.4  OTHER.........................................................    7
6.  CONDITIONS PRECEDENT TO DRAWDOWNS..................................    7
7.  DRAWDOWNS..........................................................    8
8.  INTEREST...........................................................    9
    8.1  INTEREST PERIODS..............................................   10
    8.2  ACCRUAL AND RATE OF INTEREST..................................   10
    8.3  PAYMENT OF INTEREST...........................................   11
    8.4  MISCELLANEOUS.................................................   11
9.  REPAYMENT OF CAPITAL...............................................   11
10. CANCELLATION.......................................................   12
11. COMMITMENT AND DRAWDOWN FEES.......................................   13
    11.1 COMMITMENT FEE................................................   13
    11.2 DRAWDOWN FEE..................................................   14
12. PREPAYMENTS........................................................   14
    12.1 VOLUNTARY PREPAYMENTS.........................................   14
    12.2 MANDATORY PREPAYMENTS.........................................   14
13. CHANGES TO THE CALCULATION OF INTEREST.............................   15
    13.1 ABSENCE OF QUOTATIONS.........................................   15
    13.2 MARKET DISRUPTION.............................................   15

APPENDIX 1.............................................................   19
DRAWING NOTICE.........................................................   19

APPENDIX 2.............................................................   20
CONDITIONS PRECEDENT TO AN ADVANCE.....................................   20

APPENDIX 3.............................................................   22
CAPITAL REPAYMENTS.....................................................   22

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                            FACILITY A LOAN AGREEMENT

1.    DEFINITIONS

      Unless otherwise expressly stated, or the context otherwise requires, the
      words and expressions listed below shall, when used in this Agreement,
      including this introduction, bear the meanings ascribed to them:

      1.1   "Advance" means each principal/capital amount made available to the
            Borrower under this Agreement by way of loan;

      1.2   "Agreement" means mean this Facility A Agreement together with all
            Appendices hereto, as read and implemented together with the CTA;

      1.3   "Availability Period" means the availability period for this
            Facility A, being a period of 36 months calculated from Financial
            Closing;

      1.4   "Available Facility" means the maximum aggregate principal amount of
            this Facility mentioned in clause 4 less the aggregate of all
            Advances made under this Agreement, adjusted, in the case of any
            proposed Advance, so as to take into account:

            1.4.1 any Advance, which pursuant to any other drawdown, is to be
                  made;

            1.4.2 any Advance which has been repaid,

            on or before the proposed Drawing Date of such proposed Advance;

      1.5   "Bank Costs" means the costs to the Lender from time to time of
            maintaining or funding this Facility A pursuant to any applicable
            regulatory or other applicable law (including without limitation
            thereto, any stamp duty as well as costs incurred in order to comply
            with any reserve cash ratio, special deposit, liquidity, capital
            adequacy requirements or any other similar requirements), expressed
            as a nominal annual compounded quarterly in arrears rate, and a
            certificate given by a manager of the said bank (whose appointment
            and designation need not be proved) of the amount of such costs
            and/or the amount of such rate shall be prima facie proof of its
            contents;

      1.6   "Capital Repayment Date" means those dates named as such and as set
            out in Appendix 3, as inserted into this Agreement by the Lender on
            or about the first Drawing Date, and amended from time to time by
            the Lender in accordance with clause 9;

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      1.7   "CTA" means the written Common Terms Agreement so entitled between
            the Borrower and the Lender, and entered into between them on or
            about 13 October 2004;

      1.8   "Distributions" means any payment by or on behalf of the Borrower to
            or for the account of the Shareholder or any person which controls
            or is controlled by the Shareholder, such payments to include but
            not be limited to dividends, payments on loan account, and payments
            due to the Shareholder being any other form of creditor;

      1.9   "Drawing Date" means the business day upon which any Advance is made
            or to be made in terms of this Agreement, as the context may
            require;

      1.10  "Drawing Notice" means a notice as envisaged in clause 7 below, duly
            completed and signed by the Borrower in the form of Appendix 1;

      1.11  "Facility A" means this facility denominated in US Dollars, the
            terms and conditions of which are set out in this Agreement;

      1.12  "Final Repayment Date" means the date which is exactly 36 months
            from the Drawing Date of the first Advance;

      1.13  "General Offer" means an offer made to the general body of
            shareholders in a Target, which offer is required by the rules of
            all the recognised stock exchanges on which those shares are traded,
            due to the Borrower wishing to acquire shares of the Target in
            excess of a threshold stipulated by that exchange;

      1.14  "Interest Payment Date" means the last day of the Interest Period in
            which such interest accrued;

      1.15  "Interest Period" means each period determined in accordance with
            clause 8.1 in respect of this Facility, for the purpose of
            calculating interest on Advances or overdue amounts;

      1.16  "Interest Rate" in relation to each Interest Period, means the rate
            per annum determined by the Lender to be the aggregate of:-

            1.16.1 the Margin; and

            1.16.2 LIBOR for the Interest Period,

            which aggregate, subject to clause 13 below and clauses 41 and 42 of
            the CTA, includes the Lender's recovery of Bank Costs in the amount
            determined as at Financial Closing;

      1.17  "LIBOR" means in relation to any amount owed by the Borrower
            hereunder on which interest for a given period is to accrue:

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            1.17.1 the arithmetic mean, rounded upward to the nearest four
                   decimal places of the rates for deposits in US Dollars for a
                   period and an amount similar to the relevant amount and
                   period in respect of which the interest is being calculated
                   on the Quotation Date, which is published on the Reuters page
                   LIBOR01 page (or such other page or service as may replace it
                   for the purpose of displaying London interbank offered rates
                   of prime banks for deposits in such currency) at or about
                   11h00 London time on the Quotation Date; or

            1.17.2 if no quotation for US Dollars is displayed for the relevant
                   period, the arithmetic mean (rounded upwards to four decimal
                   places) of the rates quoted to the Lender by the Reference
                   Banks in the London Interbank Market for deposits in US
                   Dollars for such period at or about 11h00 on the Quotation
                   Date for such period;

      1.18  "Loan Principal A" means:-

            1.18.1 in respect of any period, the aggregate, in that period, of
                   Advances made under this Agreement, and,

            1.18.2 in respect of any date, the aggregate amount of the Advances
                   under this Agreements on that date,

            which have not been paid by the Borrower to the Lender;

      1.19  "Margin" means 3,00%, a nominal annual compounded quarterly rate;

      1.20  "next" means coming immediately after the present one in time or
             order;

      1.21  "Quotation Date" means the day two business days before the first
            day of the Interest Period for which an Interest Rate is to be
            determined in accordance with clause 8.1, and if such day is not a
            business day then the first preceding business day to that day shall
            be used;

      1.22  "Reference Banks" the principal London offices of any three banks,
            chosen by the Lender, who contributed at some time during the then
            recent past to the rate fixing shown on the Reuters page LIBO (or
            such other page as may replace it from time to time);

      1.23  "Repeating Warranties" means the warranties listed in Appendix 2 of
            the CTA;

      1.24  "Signature Date" means the date on which the last party signed this
            Agreement.

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2.    INCONSISTENCY

      2.1   This Agreement and the rights and obligations of the parties hereto,
            save for the definitions contained in clause 1 hereof, shall in all
            respects be subject to the terms and conditions of the CTA. Unless
            other wise expressly stated, in the event of any conflict between
            the provisions of this Agreement and the CTA, the inconsistency
            shall be resolved in favour of the CTA to the extent of the
            inconsistency.

      2.2   Unless inconsistent with the context, any word or expression used in
            this Agreement and not otherwise defined in this Agreement, shall
            have the meaning ascribed to it in the CTA.

3.    CONDITIONS

      3.1   This Facility A shall not be made available until the Lender has
            notified the Borrower pursuant to clause 13.2 [Conditions] of the
            CTA that all the conditions precedent referred to in clauses 13.1.1
            to 13.1.3 thereof have been fulfilled or waived.

      3.2   The obligation of the Lenders to make any Advance is subject (in
            addition to the satisfaction of the Conditions Precedent referred to
            in 3.1 above) to the satisfaction of the Lender that the specific
            conditions referred to in clause 6 below have been met or waived and
            that a Draw Stop Notice which has been issued in terms of clause
            36.5 [Draw Stop Notices] of the CTA or clause 6, has been withdrawn.

4.    FACILITY

      4.1   Subject to the terms and conditions of this Agreement, the Lender
            agrees to make available to the Borrower a senior term loan facility
            for a maximum aggregate principal amount of USD 15 million (the
            "Facility A Amount").

      4.2   The Facility A Amount shall be subject to regular annual review
            between the parties, and it shall also be so reviewed should the
            Secured Assets be extended to include Stakes in Targets acquired by
            the Borrower pursuant to clause 3 of Appendix 5 to the CTA.

5.    PURPOSE

      Drawdowns may be requested and Advances made under this Agreement only
      during the Availability Period and only to finance the expenditure of the
      Borrower in respect of the following:

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      5.1   NON GENERAL OFFER

            This Facility A may be used to fund the purchase by the Borrower of
            a Stake in Targets, other than by way of a General Offer.

      5.2   GENERAL OFFER

            An Advance under this Facility A and an Advance under the Facility B
            Loan Agreement (if so agreed) may be used to support a General Offer
            to the shareholder of the Target, (whether such General Offer is in
            the form of cash or a cash alternative to a scrip offer), provided
            that prior to any such Advance hereunder the Lender and the Borrower
            have agreed in writing to the conditions of the General Offer.

      5.3   RIGHTS OFFER

            This Facility A may used to enable the Borrower to exercise its
            rights by underwriting and/or subscribing for Stakes in Targets
            pursuant to rights offers made by such Targets.

      5.4   OTHER

            This Facility A may be used for any other purpose with the prior
            written consent of the Lender.

6.    CONDITIONS PRECEDENT TO DRAWDOWNS

      6.1   The obligation of the Lender to make any Advance under this
            Agreement is subject to the Lender having received the requisite
            Drawing Notice and being satisfied on each Drawing Date of the
            specific conditions provided for in Appendix 2.

      6.2   The Lender shall be entitled to -

            6.2.1 extend the relevant period for fulfilment of any or all of the
                  conditions; and

            6.2.2 waive fulfilment of any or all of the conditions.

            The conditions contained in clause 6.1 are expressed to be for the
            sole benefit of the Lender.

      6.3   The Lender shall, within 3 business days of receipt of the requisite
            Drawing Notice notify the Borrower whether or not it is satisfied
            that the conditions precedents referred to in clause 6.1 above have
            been fulfilled or waived and such conditions shall only be
            considered to have been fulfilled or waived when such notice is
            given.

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      6.4   Draw Stop

            In the event that the conditions provided for in Appendix 2 have not
            been fulfilled or waived, the Lender's obligations under this
            Agreement to honour any Drawing Notice or make any Advance shall be
            suspended.

7.    DRAWDOWNS

      7.1   Subject to the provisions of this Agreement and to the specific
            conditions precedent referred to in clause 6 of this Agreement, this
            Agreement may be drawn down in whole or in part during the
            Availability Period and an Advance will be made by the Lender to the
            Borrower provided that:-

            7.1.1 No later than 11 a.m. (Mauritius time) on the fifth business
                  day prior to the proposed Drawing Date, the Lender has
                  received a completed Drawing Notice signed by the Borrower;
                  and

            7.1.2 Subject to the provisions of 7.7, the first Drawing Date
                  specified for this Agreement is a date which occurs no later
                  than 31 December 2004; and

            7.1.3 The proposed date for the making of such Advance is a Business
                  Day within the Availability Period but not within the last
                  three months of the Availability Period; and

            7.1.4 No more than two Advances will be made by the Lender to the
                  Borrower during any 1 (One) calendar month (for this 7.1.4, a
                  calendar month being a period extending from the first to the
                  last day, both days inclusive, of any one of the 12 months of
                  the year); and

            7.1.5 the proposed amount of the Advance is:-

                  7.1.5.1 if less than the Available Facility an amount in
                          multiples of USD 100 000,00 (one hundred thousand)
                          with a minimum amount of USD 500 000,00 (five hundred
                          thousand); or

                  7.1.5.2 equal to the amount of the Available Facility; and

            7.1.6 A letter signed by the Borrower and confirming that the
                  conditions to draw down referred to in Appendix 2 of this
                  Agreement have been met, is attached to the Drawing Notice;
                  and

            7.1.7 None of the events mentioned in clause 13.3 (market
                  disruption) shall have occurred; and

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            7.1.8 On and as of the proposed date for the making of the Advance:-

                  7.1.8.1 No Event of Default or Potential Event of Default is
                          continuing; and

                  7.1.8.2 The Repeating Warranties are true in all material
                          respects.

      7.2   All requests for Advances shall be denominated in US Dollars.

      7.3   The Lender may validly act on all information, instructions and
            requests contained in the Drawdown Notice, without any liability or
            responsibility to verify or check the accuracy of such information.

      7.4   In the event of the provisions of clause 7.1 not being complied with
            the Lender may issue a Draw Stop Notice and furnish a copy thereof
            to the Borrower.

      7.5   Subject to the issue of a Draw Stop Notice, a Drawing Notice shall
            be irrevocable and, unless otherwise provided for in this Agreement,
            the Borrower shall draw the Advance on the Drawing Date specified in
            the Drawing Notice and, subject to the terms of this Agreement, the
            Lender shall be obliged to make the relevant Advance on such date.

      7.6   All Advances drawn under this Facility shall, in the absence of an
            express written agreement between the Borrower and the Lender to the
            contrary or if this Agreement provides to the contrary, be paid
            directly to the Proceeds Account on the relevant Drawing Date.

      7.7   If the first drawdown under this Agreement does not occur within 6
            months of Financial Closing, this Agreement shall, in the sole
            discretion of the Lender, be cancelled.

      7.8   Any amounts available but undrawn under this Agreement at the end of
            the Availability Period shall automatically be cancelled.

      7.9   The Lender shall be entitled in its discretion to deduct the
            commitment and facility fees due and payable in terms of clause 11
            and any other costs or charges due and payable by the Borrower to
            the Lender from each Advance. Upon deduction the Lender shall
            deliver to the Borrower a VAT invoice from the Lender in respect of
            the commitment and/or facility fees or other costs and charges
            deducted.

8.    INTEREST

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      8.1   INTEREST PERIODS

            The following provisions shall apply to the Interest Periods for
            each Advance:

            8.1.1 subject to clause 8.1.3 below, each Interest Period shall be 3
                  months (as defined in clause 2.51 of the CTA);

            8.1.2 the first Interest Period shall commence on the date on which
                  the an Advance is made and each successive Interest Period
                  shall commence on the last day of the previous one;

            8.1.3 the Lender may at any time upon 7 business days' prior written
                  notice to Borrower reduce any Interest Period by such period
                  as the Lender may determine, provided that the Lender will
                  only do so in order to match the Interest Periods with the
                  interest periods in respect of the other Advances made in
                  terms of this Agreement;

            8.1.4 the last Interest Period shall end on the Facility Discharge
                  Date;

            8.1.5 any Interest Period which would otherwise end on a non-
                  business day, shall end on the next succeeding business day or
                  if that business day falls in the next calendar month of the
                  year, on the preceding business day.

      8.2   ACCRUAL AND RATE OF INTEREST

            8.2.1 Interest in terms of this Agreement shall accrue on each
                  Advance at the Interest Rate, from the Drawing Date of each
                  Advance until the amount is repaid by the Borrower.

            8.2.2 Interest under this Agreement shall:-

                  8.2.2.1 accrue from day to day on the Loan Principal A
                          (without double accounting in terms of clause 8.2.1)
                          and at the Interest Rate then applicable to the
                          Interest Period in question;

                  8.2.2.2 be calculated on the daily balance of the Loan
                          Principal A in accordance with clause 46.3 of the CTA;

                  8.2.2.3 each Interest Period shall have its own Interest Rate
                          which shall be calculated on the Quotation Date.

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      8.3   PAYMENT OF INTEREST

            The interest referred to in 8.2 shall be payable in arrears on the
            Interest Payment Date in respect of the relevant Interest Period.
            The first Interest Payment Date shall be on the last day of the
            first Interest Period, and interest shall be paid for each and every
            Interest Period.

      8.4   MISCELLANEOUS

            The Lender shall from time to time notify Borrower of:

            8.4.1 the rate of interest (together with details of the calculation
                  thereof), as soon as it is determined under this Agreement;
                  and

            8.4.2 the amount of interest payable under this Agreement on each
                  Interest Payment Date (together with details of the
                  calculation thereof), no earlier than 9 and no later than 3
                  Business Days prior to such Interest Payment Date;

            provided that the Lender shall not be liable to Borrower in respect
            of any failure so to notify Borrower and that Borrower shall not as
            a result of any such failure be relieved of any of its obligations
            hereunder.

9.    REPAYMENT OF CAPITAL

      9.1   The Borrower shall pay the Loan Principal A to the Lender as
            follows:-

            9.1.1 Each Advance shall be repaid in equal instalments every three
                  months from the Drawing Date of that Advance so that the
                  amount of the Advance is paid in full to the Lender by the
                  Final Repayment Date. The final instalment of each and every
                  Advance shall be paid on the Final Repayment Date,
                  notwithstanding that the period between the previous Capital
                  Repayment Date and the Final Repayment Date may be less than
                  three months.

            9.1.2 All obligations in respect of this Facility A (both capital
                  and interest) shall be settled in full by no later than the
                  Final Repayment Date.

            9.1.3 All payments to the Lender shall be made in US Dollars and
                  shall be made from the Debt Service Account, as stated in the
                  CTA. To the extent that the Debt Service Account has
                  insufficient funds in it to meet any obligation due and
                  payable to the Lender, then any payments made by the Borrower
                  to meet that insufficiency shall be made into an account
                  designated by the Lender. For the avoidance of doubt, it is
                  recorded that a shortfall in the Debt Service Account shall
                  not excuse the

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                  Borrower from making payment of amounts due to the Borrower.

      9.2   The Lender shall from time to time notify the Borrower of the
            Capital Repayment Dates of each Advance and the amount of each
            repayment of capital of that Advance to be paid on each such day, by
            providing the Borrower with an amended Appendix 3 (amended in
            accordance with the provisions of this clause 9). The Lender shall
            not be liable to the Borrower in respect of any failure so to notify
            the Borrower and that the Borrower shall not as a result of any such
            failure be relieved of any of its obligations hereunder. The first
            such Appendix 3 shall be compiled by the Lender and shall be
            appended to this Agreement after the Drawing Date of the first
            Advance hereunder.

      9.3   The provisions of clause 46.4 (certificates) of the CTA shall apply
            to Appendix 3 as provided by the Lender from time to time.

      9.4   Any capital amount paid or prepaid by the Borrower under this
            Agreement shall be available to be drawn again by the Borrower in
            compliance with the terms and conditions of clause 7.

      9.5   Notwithstanding the aforegoing or any provisions to the contrary in
            any Finance Document:-

            9.5.1 If the Lender is of the reasonable opinion that the ability of
                  the Secured Assets to provide revenue to the Borrower to
                  service the payment of capital or interest under this
                  Agreement (whether such capital or interest is due or payable
                  or not) is impaired or prejudiced or lessened in value for any
                  reason, the Lender may upon notice to the Borrower claim
                  immediate payment by the Borrower of all amounts (including,
                  without limitation, all principal, interest, costs, charges,
                  Breakage Costs) owing (whether due or payable or not) by the
                  Borrower to the Lender, all of which shall be and become
                  forthwith due and payable;

            9.5.2 upon giving the notice mentioned in clause 9.5.1, any undrawn
                  part of this Facility A shall then automatically be cancelled
                  and the Borrower shall, on demand, pay to the Lender, the
                  amount of any Breakage Costs occasioned by such cancellation;
                  and

            9.5.3 once the amount mentioned in clause 9.5.1 is repaid, it shall
                  not be available to be drawn again by the Borrower.

10.   CANCELLATION

      10.1  The Borrower shall not be entitled to cancel any part of this
            Facility A otherwise than as specifically provided in this
            Agreement.

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      10.2  The Borrower may cancel the undrawn part of this Facility A in
            respect of which no Drawing Notice has been served, without penalty,
            in whole or in part, at any time provided that:

            10.2.1 the Borrower shall, on demand, make payment of any Breakage
                   Costs; and

            10.2.2 the Borrower has given the Lender not less than 5 (five)
                   Business Days' notice stating the principal amount to be
                   cancelled.

      10.3  During the 5 (five) day period referred to in clause 10.2.2 above
            the Borrower may not serve a Drawing Notice purporting to draw all
            or any part of the amount which is the subject of such notice of
            cancellation.

      10.4  Any amounts available but not drawn down under this Facility A at
            the end of the Availability Period shall automatically be cancelled
            and the Borrower shall, on demand, pay to the Lender the amount of
            any Breakage Costs occasioned by such cancellation.

      10.5  Any cancellation notice served under clause 10.2.2 above shall be
            irrevocable. No amount cancelled under this clause 10 shall again be
            available for drawing, save as stated in clause 10.6

      10.6  The Borrower shall be entitled to request of the Lender that any
            amount of this Facility A which has been cancelled, be re-activated
            again so that it again becomes available for drawing on the terms
            and conditions stated in this Agreement. The Lender shall notify the
            Borrower should it agree to this request, it being recorded that
            decision to grant such consent shall be in the Lender's sole
            discretion.

11.   COMMITMENT AND DRAWDOWN FEES

      11.1  COMMITMENT FEE

            11.1.1 During the Availability Period, the Borrower shall pay to the
                   Lender for the account of the Lender a commitment fee which
                   shall be:

                  11.1.1.1 calculated from the Signature Date, on a 360 day year
                           and on the basis of actual days elapsed, , at the
                           rate of 1.25% per annum of the daily undrawn and
                           uncancelled balance of this Facility A; and

                  11.1.1.2 be paid quarterly in arrears- that is on the first
                           day of each and every January, April, July and
                           October for so long as this fee is due, with the
                           first payment

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                           being made at the end of the first quarter following
                           the Signature Date.

            11.1.2 The Commitment Fee shall not be payable in respect of any
                   part of this Facility A which is cancelled in terms of clause
                   10, but shall be payable again if any part of the Facility A
                   is re-activated in terms of clause 10.6.

      11.2  DRAWDOWN FEE

            On the Drawing Date of each Advance, the Borrower shall pay to the
            Lender, for the account of the Lender, a drawdown fee equal to 1% of
            the amount drawn (or irrevocably committed by the Lender).

12.   PREPAYMENTS

      12.1  VOLUNTARY PREPAYMENTS

            12.1.1 The Borrower may elect to prepay the whole or any portion of
                   the Loan Principal A provided that:

                  12.1.1.1 The Borrower shall notify the Lender of its proposed
                           prepayment no later than ten business days prior to
                           the proposed prepayment date;

                  12.1.1.2 Such prepayment shall be effected in a minimum
                           principal amount of USD one million;

                  12.1.1.3 All interest accrued (whether or not then due and
                           payable) in respect of the capital/principal amount
                           prepaid shall than become due and payable and shall
                           be paid together with the capital/principal amount
                           prepaid;

                  12.1.1.4 Such prepayments shall be applied to reduce the Loan
                           Principal A in inverse order of maturity.

            12.1.2 Any notice of prepayment given by the Borrower pursuant to
                   clause 12.1.1 immediately above shall be irrevocable and
                   shall specify the proposed prepayment date and the amount of
                   such prepayment.

      12.2  MANDATORY PREPAYMENTS

            12.2.1 Should the Borrower intend to make any Distributions:-

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                  12.2.1.1 The Borrower shall immediately inform the Lender
                           thereof and the amount of the Distributions to be
                           made;

                  12.2.1.2 The Lender shall be entitled to require the Borrower
                           on notice, as a prepayment of a portion of the Loan
                           Principal A, to pay to it an amount equal to 50% of
                           the said Distributions, such amount to be paid on
                           the same day as the said Distributions or if the
                           Lender's aforesaid notice is given after such
                           payment date, on demand.

            12.2.2 Payments to the Lender under this clause 12.2 shall have the
                   same effect as if made pursuant to clause 12.1.

13.   CHANGES TO THE CALCULATION OF INTEREST

      13.1  ABSENCE OF QUOTATIONS

            Subject to clause 13.2 (Market disruption), if LIBOR is to be
            determined by reference to the Reference Banks but a Reference Bank
            does not supply a quotation by the time specified in clause 1.17 on
            the Quotation Day, the applicable LIBOR shall be determined on the
            basis of the quotations of the remaining Reference Banks.

      13.2  MARKET DISRUPTION

            13.2.1 In this Agreement "Market Disruption Event" means:

                  13.2.1.1 At or about 11:00 am, London time, on the Quotation
                           Day for the relevant Interest Period LIBOR is not
                           available on the Reuters page LIBOR01 page (or such
                           other page or service as may replace it for the
                           purpose of displaying London interbank offered rates
                           of prime banks for deposits in such currency) and
                           none or only one of the Reference Banks supplies a
                           rate to the Lender to determine LIBOR for dollars
                           for the relevant Interest Period; or

                  13.2.1.2 Before close of business in London on the Quotation
                           Day for the relevant Interest Period, the Lender
                           discovers that:-

                           13.2.1.2.1 the cost to it of obtaining matching
                                      deposits in the London interbank market
                                      be in excess of LIBOR; or

                                  Page 15 of 15
<PAGE>

FACILITY A LOAN AGREEMENT                                         EXECUTION COPY

                           13.2.1.2.2 matching deposits in Dollars are not in
                                      the ordinary course of business available
                                      to the Lender in the London inter-bank
                                      market for a period equal to the
                                      forthcoming Interest Period, in amounts
                                      sufficient to fund its participation in
                                      the Loan Principal A and/or the
                                      forthcoming Advance.

      13.3  If a Market Disruption Event occurs in relation to the loan advanced
            in terms of this Agreement for any Interest Period, then

            13.3.1 the Lender shall notify the Borrower of such event and such
                   proposed Advance and any further Advances shall not be made;

            13.3.2 the Rate of Interest on the Loan Principal A for the Interest
                   Period shall be (notwithstanding any provision to the
                   contrary) the rate (expressed as a nacq rate) which is the
                   aggregate of:-

                  13.3.2.1 The Margin (inclusive of Bank Costs); and

                  13.3.2.2 The rate notified to the Borrower by the Lender as
                           soon as is practicable and in any event before
                           interest is due to be paid in respect of that
                           Interest Period, to be that which expresses as a
                           percentage rate per annum the cost to the Lender of
                           funding that Advance and/or the Loan Principal A
                           from whatever source it may reasonably select;

            13.3.3 the parties shall proceed to resolve the matter in terms of
                   clause 13.4 or clause 13.5, if they so require.

      13.4  If the Lender or the Borrower so requires, the Lender and the
            Borrower shall enter into negotiations with a view to agreeing a
            substitute basis for determining the rates of interest payable for
            that Interest Period. Any such substitute basis that is so agreed
            shall take effect in accordance with its terms and be binding on the
            parties.

      13.5  If the Lender and the Borrower fail to agree a substitute basis as
            mentioned in clause 13.4, within 25 days of them being so required
            to do, then if the Borrower gives the Lender not less than 10 (ten)
            business days' notice (which notice shall be irrevocable) it may
            prepay:-

            13.5.1 any amount of the Loan Principal A without premium or penalty
                   at any time during that Interest Period;

                                  Page 16 of 16
<PAGE>

FACILITY A LOAN AGREEMENT                                         EXECUTION COPY

            13.5.2 together with accrued interest thereon at a rate equal to
                   that mentioned in clause 13.3.2.2; and

            13.5.3 together with any Breakage Costs attributable to all or any
                   part of the Loan Principal A being paid by the Borrower on a
                   day other than the last day of an Interest Payment Date.

      13.6  The Lender shall as soon as reasonably practicable provide a
            certificate confirming the amount of its Breakage Costs for any
            Interest Period in which they accrue.

Signed at                          on                  2004 at _______ am/pm
_________________________________
INVESTEC BANK (MAURITIUS) LIMITED

                                  Page 17 of 17
<PAGE>

FACILITY A LOAN AGREEMENT                                         EXECUTION COPY

Signed at                          on                  2004 at _______ am/pm

------------------------------------------
DRD (ISLE OF MAN) LIMITED

Signed by [    ] , a director,duly authorised for and on behalf of DRD (Isle of
Man) Limited.

As Witness: _______________________

         _______________________ (name)

Signed at                         on                   2004 at _______ am/pm

------------------------------------------
DRD (ISLE OF MAN) LIMITED

Signed by [     ] , a director,duly authorised for and on behalf of DRD (Isle of
Man) Limited.

As Witness: _______________________

         ________________________ (name)

                                  Page 18 of 18
<PAGE>

APPENDIX 1                                                         EXCUTION COPY

                                   APPENDIX 1

                                 DRAWING NOTICE

To: *_____________________________
Date: *_____________________________

Dear Sirs

Re:- Facility A Loan Agreement dated on or about _____________ 2004 between the
Lender and DRD (Isle Of Man) Limited (the "Agreement") Drawing Number*________.

1.    We refer to clause 7 [Drawdowns] of the Agreement. Terms defined in the
      Agreement have the same meanings in this Drawing Notice.

2.    We confirm that:

      2.1   on ________ (Drawing Date) we wish to borrow an Advance in the
            amount of [=].

      2.2   all Advances are to be paid into the Proceeds Account;

      2.3   the proceeds of the Advance drawn pursuant to this Drawing Notice
            shall be applied exclusively in accordance with the terms of the
            Agreement and in particular (but without limitation) the terms of
            clause 5 thereof;

      2.4   on the date of this Drawing Notice, on the Drawing Date and
            immediately after the making of the Advance to which this Drawing
            Notice relates, the conditions precedent to drawdowns as specified
            in clause 6 of the Agreement have been satisfied; and

      2.5   we have received the Lender's notice in terms of clause 5.2 of
            Appendix 2 of the Facility A Loan Agreement.

Yours faithfully,

[Authorised Signatory]
for and on behalf of
[the Borrower]

Attachment 1   Supporting evidence that the provisions of clause 7 of the
               Agreement have been complied with;

                                  Page 19 of 19
<PAGE>

APPENDIX 2                                                         EXCUTION COPY

                                   APPENDIX 2

                       CONDITIONS PRECEDENT TO AN ADVANCE

The following conditions precedent shall apply to drawdown on this Facility.

1.    DRAWING NOTICE

      The Lender shall have received the relevant Drawing Notice in respect of
      an Advance in accordance with this Agreement.

2.    NO DEFAULT

      On both the date of the Drawing Notice and the Drawing Date of the Advance
      neither -

      2.1   an Event of Default nor

      2.2   a Potential Event of Default

      shall have occurred, be continuing or in the reasonable opinion of the
      Lender could probably occur as a result of making such advance.

3.    WARRANTIES

      On both the date of the Drawing Notice and the Drawing Date of the
      relevant Advance, the Repeating Warranties shall be correct, in each case,
      in all material respects with reference to the circumstances prevailing at
      the relevant time.

4.    OTHER EVENTS STOPPING PAYMENTS

      No Draw Stop Notice has been issued by the Lender in terms of clause 6.4
      of this Agreement above which is in effect and has not been withdrawn,
      and, no other event has occurred under any Finance Document which, in the
      opinion of the Lender, has resulted or may result in any payment or
      drawdown under any Finance Document being stopped.

5.    INFORMATION REGARDING THE TARGET

      5.1   The Borrower shall at least 7 business days prior to the delivery of
            the Drawing Notice in respect of the Advance, provide the Lender
            with details, in form and substance satisfactory to the Lender, of
            the geography, geology/mineralisation, mining operation and
            economics of the Target in respect of which the funds of the Advance
            will be used to acquire a Stake therein; and

                                  Page 20 of 20
<PAGE>

FACILITY A LOAN AGREEMENT                                         EXECUTION COPY

      5.2   The Lender has issued a notice to the Borrower that it is satisfied,
            in its sole discretion, that the funds can be used for such purpose.

6.    CONSENT TO A GENERAL OFFER

      Prior to an Advance being made, wholly or partly, for the purpose
      mentioned in clause 5.2 (General Offer), the Lender must have agreed in
      writing to the conditions of the General Offer.

                                  Page 21 of 21
<PAGE>

APPENDIX 2                                                         EXCUTION COPY

                                   APPENDIX 3

                               CAPITAL REPAYMENTS

                                 Page 22 of 22<PAGE>
                                                                    EXHIBIT 4.01

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF.
UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED
FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION ("DTC"), TO A NOMINEE OF DTC OR BY DTC OR ANY
SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR
DEPOSITARY. UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC
TO CITIGROUP GLOBAL MARKETS HOLDINGS INC. OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS
THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

No. R-1                                            INITIAL PRINCIPAL AMOUNT
CUSIP 173078 20 5                                  REPRESENTED $ 52,500,000
                                                   representing 5,250,000 PACERS
                                                   ($10 per PACERS)

                     CITIGROUP GLOBAL MARKETS HOLDINGS INC.
         Premium MAndatory Callable Equity-Linked SecuRitieS (PACERS(SM))
    Based Upon the Common Stock of JPMorgan Chase & Co. Due November 30, 2007

      Citigroup Global Markets Holdings Inc., a New York corporation
(hereinafter referred to as the "Company", which term includes any successor
corporation under the Indenture herein referred to), for value received and on
condition that this Note is not redeemed by the Company prior to November 30,
2007 (the "Stated Maturity Date"), hereby promises to pay to CEDE & CO., or its
registered assigns, the Maturity Payment (as defined below), on the Stated
Maturity Date. This Note will not bear interest, is not subject to any sinking
fund, is not subject to redemption at the option of the holder thereof prior to
the Stated Maturity Date, and is not subject to the defeasance provisions of the
Indenture.

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

      This Note is one of the series of Premium MAndatory Callable Equity-Linked
SecuRitieS (PACERS(SM)) Based Upon the Common Stock of JPMorgan Chase & Co. Due
November 30, 2007 (the "PACERS").

<PAGE>

INTEREST

      The PACERS do not bear interest. No payments on the PACERS will be made
until the Stated Maturity Date, unless the Company is required to call the
PACERS, as described below.

MANDATORY CALL FEATURE

      The Company is required to call the PACERS, in whole, but not in part, if
the Trading Price of JPMorgan Chase common stock at the close of trading on any
Trading Day during the three Trading-Day periods starting on and including
November 25, 2005, November 24, 2006 or November 23, 2007 (each, a "Call
Determination Period") is greater than or equal to the Initial Share Price of
$37.56. The Trading Day within a Call Determination Period on which the PACERS
are called, if any, is the Call Date. If the Company calls the PACERS, holders
of PACERS will receive for each PACERS a price in cash (the "Call Price") equal
to the sum of $10 and a Mandatory Call Premium. The Mandatory Call Premium will
equal $0.90 if the PACERS are called during the Call Determination Period
beginning on November 25, 2005; $1.80 if the PACERS are called during the Call
Determination Period beginning on November 24, 2006; and $2.70 if the PACERS are
called during the Call Determination Period beginning on November 23, 2007.

      If the Company calls the PACERS during the Call Determination Period
beginning on November 25, 2005 or November 24, 2006, the Company will provide
notice of the call, including the exact call payment date, within one business
day after the Call Date, and the call payment date will be at least ten business
days, but not more than 60 days after the Call Date. If the Company calls the
PACERS during the Call Determination Period beginning on November 23, 2007, the
Company will not provide notice of a call but will pay the Call Price to holders
of PACERS on the Stated Maturity Date.

      So long as the PACERS are represented by this Note and are held on behalf
of DTC, call notices and other notices will be given by delivery to DTC. If the
PACERS are no longer represented by this Note or are not held on behalf of DTC,
call notices and other notices will be published in a leading daily newspaper in
the City of New York, which is expected to be The Wall Street Journal.

PAYMENT AT MATURITY

      If the Company calls the PACERS during the Call Determination Period
beginning on November 23, 2007, on the Stated Maturity Date, holders of PACERS
will receive for each PACERS a Call Price in cash equal to $ 12.70, the sum of
$10 and the applicable Mandatory Call Premium. If the Company does not call the
PACERS during such period, holders of PACERS will receive for each PACERS the
Maturity Payment described below.

DETERMINATION OF THE MATURITY PAYMENT

      The Maturity Payment for each PACERS will equal either:

                                       2
<PAGE>

      -     a number of shares of JPMorgan Chase common stock equal to the
            Exchange Ratio, if the Trading Price of JPMorgan Chase common stock
            at the close of trading on any Trading Day after November 23, 2004
            up to and including the third Trading Day before the Stated Maturity
            Date is less than or equal to $26.29 (or approximately 70% of the
            Initial Share Price), which price we refer to as the "Downside
            Trigger Price," or

      -     $10 in cash.

      In lieu of any fractional share of JPMorgan Chase common stock otherwise
payable in respect of any PACERS, at the Stated Maturity Date, the holder of
this Note will receive an amount in cash equal to the value of such fractional
share. The number of full shares of JPMorgan Chase common stock, and any cash in
lieu of a fractional share, to be delivered at the Stated Maturity Date to the
holder of this Note will be calculated based on the aggregate number of PACERS
held by such holder.

      The "Initial Share Price" equals $37.56, the price per share of JPMorgan
Chase common stock at the market close on November 23, 2004.

      The "Exchange Ratio" equals 0.26624.

      A "Market Disruption Event" means the occurrence or existence of any
suspension of or limitation imposed on trading (by reason of movements in price
exceeding limits permitted by any exchange or market or otherwise) of, or the
unavailability, through a recognized system of public dissemination of
transaction information, of accurate price, volume or related information in
respect of, (1) the shares of JPMorgan Chase common stock (or any other security
for which a Trading Price or Closing Price must be determined) on any exchange
or market, or (2) any options contracts or futures contracts relating to the
shares of JPMorgan Chase common stock (or other security), or any options on
such futures contracts, on any exchange or market if, in each case, in the
determination of the calculation agent, any such suspension, limitation or
unavailability is material.

      A "Trading Day" means a day, as determined by the calculation agent, on
which trading is generally conducted (or was scheduled to have been generally
conducted, but for the occurrence of a Market Disruption Event) on the New York
Stock Exchange, the American Stock Exchange, the Nasdaq National Market, the
Chicago Mercantile Exchange and the Chicago Board Options Exchange, and in the
over-the-counter market for equity securities in the United States.

      The "Trading Price" of JPMorgan Chase common stock on any date of
determination will be (1) if the common stock is listed on a national securities
exchange on that date of determination, any reported sale price, regular way, of
the principal trading session on that date on the principal U.S. exchange on
which the common stock is listed or admitted to trading, (2) if the common stock
is not listed on a national securities exchange on that date of determination,
or if the reported sale price on such exchange is not obtainable (even if the
common stock is listed or admitted to trading on such exchange), and the common
stock is quoted on the Nasdaq

                                       3
<PAGE>

National Market, any reported sale price of the principal trading session on
that date as reported on the Nasdaq, and (3) if the common stock is not quoted
on the Nasdaq on that date of determination, or if the reported sale price on
the Nasdaq is not obtainable (even if the common stock is quoted on the Nasdaq),
any reported sale price of the principal trading session on the over-the-counter
market on that date as reported on the OTC Bulletin Board, the National
Quotation Bureau or a similar organization. The determination of the Trading
Price by the calculation agent in the event of a Market Disruption Event may be
deferred by the calculation agent for up to five consecutive Trading Days on
which a Market Disruption Event is occurring, but not past the Trading Day prior
to the Stated Maturity Date. If no reported sale price of the principal trading
session is available pursuant to clauses (1), (2) or (3) above or if there is a
Market Disruption Event, the Trading Price on any date of determination, unless
deferred by the calculation agent as described in the preceding sentence, will
be the arithmetic mean, as determined by the calculation agent, of the bid
prices of the common stock obtained from as many dealers in such stock (which
may include Citigroup Global Markets Inc. or any of our other subsidiaries or
affiliates), but not exceeding three such dealers, as will make such bid prices
available to the calculation agent. A security "quoted on the Nasdaq National
Market" will include a security included for listing or quotation in any
successor to such system and the term "OTC Bulletin Board" will include any
successor to such service.

      DILUTION ADJUSTMENTS

      If JPMorgan Chase, after the closing date of the offering of the PACERS,

      (1) pays a stock dividend or makes a distribution with respect to its
common stock in shares of the stock,

      (2) subdivides or splits the outstanding shares of its common stock into a
greater number of shares,

      (3) combines the outstanding shares of the common stock into a smaller
number of shares, or

      (4) issues by reclassification of shares of its common stock any shares of
other common stock of JPMorgan Chase,

then, in each of these cases, the Exchange Ratio will be multiplied by a
dilution adjustment equal to a fraction, the numerator of which will be the
number of shares of common stock outstanding immediately after the event, plus,
in the case of a reclassification referred to in (4) above, the number of shares
of other common stock of JPMorgan Chase, and the denominator of which will be
the number of shares of common stock outstanding immediately before the event.
The Initial Share Price and the Downside Trigger Price will also be adjusted in
that case in the manner described below.

      If JPMorgan Chase, after the closing date, issues, or declares a record
date in respect of an issuance of, rights or warrants to all holders of its
common stock entitling them to subscribe for or purchase shares of its common
stock at a price per share less than the Then-Current

                                       4
<PAGE>

Market Price of the common stock, other than rights to purchase common stock
pursuant to a plan for the reinvestment of dividends or interest, then, in each
case, the Exchange Ratio will be multiplied by a dilution adjustment equal to a
fraction, the numerator of which will be the number of shares of common stock
outstanding immediately before the adjustment is effected, plus the number of
additional shares of common stock offered for subscription or purchase pursuant
to the rights or warrants, and the denominator of which will be the number of
shares of common stock outstanding immediately before the adjustment is effected
by reason of the issuance of the rights or warrants, plus the number of
additional shares of common stock which the aggregate offering price of the
total number of shares of common stock offered for subscription or purchase
pursuant to the rights or warrants would purchase at the Then-Current Market
Price of the common stock, which will be determined by multiplying the total
number of shares so offered for subscription or purchase by the exercise price
of the rights or warrants and dividing the product obtained by the Then-Current
Market Price. To the extent that, after the expiration of the rights or
warrants, the shares of common stock offered thereby have not been delivered,
the Exchange Ratio will be further adjusted to equal the Exchange Ratio which
would have been in effect had the adjustment for the issuance of the rights or
warrants been made upon the basis of delivery of only the number of shares of
common stock actually delivered. The Initial Share Price and the Downside
Trigger Price will also be adjusted in that case in the manner described below.

      If JPMorgan Chase, after the closing date, declares or pays a dividend or
makes a distribution to all holders of the common stock of any class of its
capital stock, the capital stock of one or more of its subsidiaries, evidences
of its indebtedness or other non-cash assets, excluding any dividends or
distributions referred to in the above paragraph, or issues to all holders of
its common stock rights or warrants to subscribe for or purchase any of its or
one or more of its subsidiaries' securities, other than rights or warrants
referred to in the above paragraph, then, in each of these cases, the Exchange
Ratio will be multiplied by a dilution adjustment equal to a fraction, the
numerator of which will be the Then-Current Market Price of one share of the
common stock, and the denominator of which will be the Then-Current Market Price
of one share of the common stock, less the fair market value (as determined by a
nationally recognized independent investment banking firm retained for this
purpose by the Company, whose determination will be final) as of the time the
adjustment is effected of the portion of the capital stock, assets, evidences of
indebtedness, rights or warrants so distributed or issued applicable to one
share of common stock. The Initial Share Price and the Downside Trigger Price
will also be adjusted in that case in the manner described below.

      Notwithstanding the foregoing, in the event that, with respect to any
dividend or distribution to which the above paragraph would otherwise apply, the
denominator in the fraction referred to in the above formula is less than $1.00
or is a negative number, then the Company may, at its option, elect to have the
adjustment provided by the above paragraph not be made and in lieu of this
adjustment, the Trading Price of JPMorgan Chase common stock on any Trading Day
thereafter up to and including the third Trading Day before the Stated Maturity
Date will be deemed to be equal to the fair market value of the capital stock,
evidences of indebtedness, assets, rights or warrants (determined, as of the
date this dividend or distribution is made, by a nationally recognized
independent investment banking firm retained for this purpose by the Company,
whose determination will be final) so distributed or issued applicable to one
share of

                                       5
<PAGE>

JPMorgan Chase common stock and, if the Trading Price of JPMorgan Chase common
stock on any Trading Day thereafter, up to and including the third Trading Day
before the Stated Maturity Date, is less than or equal to approximately $26.29
(or 70% of the Initial Share Price), each holder of the PACERS will have the
right to receive at maturity cash in an amount per PACERS equal to the Exchange
Ratio multiplied by such fair market value.

      If JPMorgan Chase, after the closing date, declares a record date in
respect of a distribution of cash, other than any Permitted Dividends described
below, any cash distributed in consideration of fractional shares of common
stock and any cash distributed in a Reorganization Event referred to below, by
dividend or otherwise, to all holders of its common stock, or makes an Excess
Purchase Payment, then the Exchange Ratio will be multiplied by a dilution
adjustment equal to a fraction, the numerator of which will be the Then-Current
Market Price of the common stock, and the denominator of which will be the
Then-Current Market Price of the common stock on the record date less the amount
of the distribution applicable to one share of common stock which would not be a
Permitted Dividend, or, in the case of an Excess Purchase Payment, less the
aggregate amount of the Excess Purchase Payment for which adjustment is being
made at the time divided by the number of shares of common stock outstanding on
the record date. The Initial Share Price and the Downside Trigger Price will
also be adjusted in that case in the manner described below.

      For the purposes of these adjustments:

      A "Permitted Dividend" is any cash dividend in respect of JPMorgan Chase
common stock, other than a cash dividend that exceeds the immediately preceding
cash dividend, and then only to the extent that the per share amount of this
dividend results in an annualized dividend yield on the common stock in excess
of 10%.

      An "Excess Purchase Payment" is the excess, if any, of (x) the cash and
the value (as determined by a nationally recognized independent investment
banking firm retained for this purpose by the Company, whose determination will
be final) of all other consideration paid by JPMorgan Chase with respect to one
share of common stock acquired in a tender offer or exchange offer by JPMorgan
Chase, over (y) the Then-Current Market Price of the common stock.

      Notwithstanding the foregoing, in the event that, with respect to any
dividend, distribution or Excess Purchase Payment to which the sixth paragraph
in this section would otherwise apply, the denominator in the fraction referred
to in the formula in that paragraph is less than $1.00 or is a negative number,
then the Company may, at its option, elect to have the adjustment provided by
the sixth paragraph in this section not be made and in lieu of this adjustment,
the Trading Price of JPMorgan Chase common stock on any Trading Day thereafter
up to and including the third Trading Day before the Stated Maturity Date will
be deemed to be equal to the sum of the amount of cash and the fair market value
of other consideration (determined, as of the date this dividend or distribution
is made, by a nationally recognized independent investment banking firm retained
for this purpose by the Company, whose determination will be final) so
distributed or applied to the acquisition of the common stock in the tender
offer or exchange offer applicable to one share of JPMorgan Chase common stock

                                       6
<PAGE>

and, if the Trading Price of JPMorgan Chase common stock on any Trading Day
thereafter, up to and including the third Trading Day before the Stated Maturity
Date, is less than or equal to $26.29 (or approximately 70% of the Initial Share
Price), each holder of the PACERS will have the right to receive at maturity
cash in an amount per PACERS equal to the Exchange Ratio multiplied by such sum.

      If any adjustment is made to the Exchange Ratio as set forth above, an
adjustment will also be made to the Initial Share Price and the Downside Trigger
Price. The required adjustment will be made by dividing the Initial Share Price
and the Downside Trigger Price by the relevant dilution adjustment.

      Each dilution adjustment will be effected as follows:

      -     in the case of any dividend, distribution or issuance, at the
            opening of business on the Business Day next following the record
            date for determination of holders of JPMorgan Chase common stock
            entitled to receive this dividend, distribution or issuance or, if
            the announcement of this dividend, distribution, or issuance is
            after this record date, at the time this dividend, distribution or
            issuance was announced by JPMorgan Chase,

      -     in the case of any subdivision, split, combination or
            reclassification, on the effective date of the transaction,

      -     in the case of any Excess Purchase Payment for which JPMorgan Chase
            announces, at or prior to the time it commences the relevant share
            repurchase, the repurchase price per share for shares proposed to be
            repurchased, on the date of the announcement, and

      -     in the case of any other Excess Purchase Payment, on the date that
            the holders of the repurchased shares become entitled to payment in
            respect thereof.

      All dilution adjustments will be rounded upward or downward to the nearest
1/10,000th or, if there is not a nearest 1/10,000th, to the next lower
1/10,000th. No adjustment in the Exchange Ratio will be required unless the
adjustment would require an increase or decrease of at least one percent
therein, provided, however, that any adjustments which by reason of this
sentence are not required to be made will be carried forward (on a percentage
basis) and taken into account in any subsequent adjustment. If any announcement
or declaration of a record date in respect of a dividend, distribution, issuance
or repurchase requiring an adjustment as described herein is subsequently
canceled by JPMorgan Chase, or this dividend, distribution, issuance or
repurchase fails to receive requisite approvals or fails to occur for any other
reason, then, upon the cancellation, failure of approval or failure to occur,
the Exchange Ratio, the Initial Share Price and the Downside Trigger Price will
be further adjusted to the Exchange Ratio, the Initial Share Price and the
Downside Trigger Price which would then have been in effect had adjustment for
the event not been made. If a Reorganization Event described below occurs after
the occurrence of one or more events requiring an adjustment as described
herein, the dilution

                                       7
<PAGE>

adjustments previously applied to the Exchange Ratio will not be rescinded but
will be applied to the Reorganization Event as provided for below.

      The "Then-Current Market Price" of the common stock, for the purpose of
applying any dilution adjustment, means the average Closing Price per share of
common stock for the ten Trading Days immediately before this adjustment is
effected or, in the case of an adjustment effected at the opening of business on
the Business Day next following a record date, immediately before the earlier of
the date the adjustment is effected and the related Ex-Date. For purposes of
determining the Then-Current Market Price, the determination of the Closing
Price by the calculation agent in the event of a Market Disruption Event, as
described in the definition of Closing Price, may be deferred by the calculation
agent for up to five consecutive Trading Days on which a Market Disruption Event
is occurring, but not past the Trading Day prior to the Stated Maturity Date.

      The "Closing Price" of JPMorgan Chase common stock (or any other security
for which a Closing Price must be determined) on any date of determination will
be (1) if the common stock is listed on a national securities exchange on that
date of determination, the closing sale price or, if no closing sale price is
reported, the last reported sale price on that date on the principal U.S.
exchange on which the common stock is listed or admitted to trading, (2) if the
common stock is not listed on a national securities exchange on that date of
determination, or if the closing sale price or last reported sale price is not
obtainable (even if the common stock is listed or admitted to trading on such
exchange), and the common stock is quoted on the Nasdaq National Market, the
closing sale price or, if no closing sale price is reported, the last reported
sale price on that date as reported on the Nasdaq, and (3) if the common stock
is not quoted on the Nasdaq on that date of determination or, if the closing
sale price or last reported sale price is not obtainable (even if the common
stock is quoted on the Nasdaq), the last quoted bid price for the common stock
in the over-the-counter market on that date as reported by the OTC Bulletin
Board, the National Quotation Bureau or a similar organization. The
determination of the Closing Price by the calculation agent in the event of a
Market Disruption Event may be deferred by the calculation agent for up to five
consecutive Trading Days on which a Market Disruption Event is occurring, but
not past the Trading Day prior to the Stated Maturity Date. If no closing sale
price or last reported sale price is available pursuant to clauses (1), (2) or
(3) above or if there is a Market Disruption Event, the Closing Price on any
date of determination, unless deferred by the calculation agent as described in
the preceding sentence, will be the arithmetic mean, as determined by the
calculation agent, of the bid prices of the common stock obtained from as many
dealers in such stock (which may include Citigroup Global Markets Inc. or any of
our other subsidiaries or affiliates), but not exceeding three such dealers, as
will make such bid prices available to the calculation agent. A security "quoted
on the Nasdaq National Market" will include a security included for listing or
quotation in any successor to such system and the term "OTC Bulletin Board" will
include any successor to such service. If, during any period of ten Trading Days
used to calculate the Then-Current Market Price, there occurs any event
requiring an adjustment to be effected as described herein, then the Closing
Price for each Trading Day in such period of ten Trading Days occurring prior to
the day on which such adjustment is effected will be adjusted by being divided
by the relevant dilution adjustment.

                                       8
<PAGE>

      The "Ex-Date" relating to any dividend, distribution or issuance is the
first date on which the shares of the common stock trade in the regular way on
their principal market without the right to receive this dividend, distribution
or issuance.

      In the event of any of the following "Reorganization Events":

      -     any consolidation or merger of JPMorgan Chase, or any surviving
            entity or subsequent surviving entity of JPMorgan Chase, with or
            into another entity, other than a merger or consolidation in which
            JPMorgan Chase is the continuing corporation and in which the common
            stock outstanding immediately before the merger or consolidation is
            not exchanged for cash, securities or other property of JPMorgan
            Chase or another issuer,

      -     any sale, transfer, lease or conveyance to another corporation of
            the property of JPMorgan Chase or any successor as an entirety or
            substantially as an entirety,

      -     any statutory exchange of securities of JPMorgan Chase or any
            successor of JPMorgan Chase with another issuer, other than in
            connection with a merger or acquisition, or

      -     any liquidation, dissolution or winding up of JPMorgan Chase or any
            successor of JPMorgan Chase,

the Trading Price of JPMorgan Chase common stock on any Trading Day thereafter
up to and including the third Trading Day before the Stated Maturity Date will
be deemed to be equal to the Transaction Value.

      The "Transaction Value" will be the sum of:

      (1) for any cash received in a Reorganization Event, the amount of cash
received per share of common stock,

      (2) for any property other than cash or Marketable Securities received in
a Reorganization Event, an amount equal to the market value on the date the
Reorganization Event is consummated of that property received per share of
common stock, as determined by a nationally recognized independent investment
banking firm retained for this purpose by the Company, whose determination will
be final, and

      (3) for any Marketable Securities received in a Reorganization Event, an
amount equal to the Closing Price per share of these Marketable Securities on
the applicable Trading Day multiplied by the number of these Marketable
Securities received for each share of common stock.

      "Marketable Securities" are any perpetual equity securities or debt
securities with a stated maturity after the maturity date, in each case that are
listed on a U.S. national securities exchange or reported by the Nasdaq National
Market. The number of shares of any equity securities constituting Marketable
Securities included in the calculation of Transaction Value pursuant to

                                       9
<PAGE>

clause (3) above will be adjusted if any event occurs with respect to the
Marketable Securities or the issuer of the Marketable Securities between the
time of the Reorganization Event and maturity that would have required an
adjustment as described above, had it occurred with respect to JPMorgan Chase
common stock. Adjustment for these subsequent events will be as nearly
equivalent as practicable to the adjustments described above.

      If JPMorgan Chase common stock has been subject to a Reorganization Event
and the Trading Price of JPMorgan Chase common stock on any Trading Day
thereafter, up to and including the third Trading Day before the Stated Maturity
Date, is less than or equal to $26.29 (or approximately 70% of the Initial Share
Price), then each holder of the PACERS will have the right to receive per $10
principal amount of PACERS (i) cash in an amount equal to the Exchange Ratio
multiplied by the sum of clauses (1) and (2) in the definition of "Transaction
Value" above and (ii) the number of Marketable Securities received for each
share of stock in the Reorganization Event multiplied by the Exchange Ratio.

GENERAL

      This Note is one of a duly authorized issue of Debt Securities of the
Company, issued and to be issued in one or more series under a Senior Debt
Indenture, dated as of October 27, 1993, as supplemented by a First Supplemental
Indenture, dated as of November 28, 1997, a Second Supplemental Indenture, dated
as of July 1, 1999, and as further supplemented from time to time (the
"Indenture"), between the Company and The Bank of New York, as trustee (the
"Trustee", which term includes any successor trustee under the Indenture), to
which Indenture reference is hereby made for a statement of the respective
rights, limitations of rights, duties and immunities thereunder of the Company,
the Trustee and the holders of the PACERS, and the terms upon which the PACERS
are, and are to be, authenticated and delivered.

      In case an Event of Default with respect to the PACERS shall have occurred
and be continuing, the amount declared due and payable upon any acceleration of
the PACERS permitted by the Indenture will be determined by the calculation
agent and will be equal to, with respect to this Note, the Call Price or
Maturity Payment, as applicable, calculated as though the Call Date or Stated
Maturity Date of this Note were the date of early repayment. In case of default
at the Stated Maturity Date of this Note, this Note shall bear interest, payable
upon demand of the beneficial owners of this Note in accordance with the terms
of the PACERS, from and after the Stated Maturity Date through the date when
payment of such amount has been made or duly provided for, at the rate of 3.50%
per annum on the unpaid amount (or the cash equivalent of such unpaid amount)
due.

      The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the holders of the Debt Securities of each series to
be affected under the Indenture at any time by the Company and a majority in
aggregate principal amount of the Debt Securities at the time Outstanding of
each series affected thereby. The Indenture also contains provisions permitting
the holders of specified percentages in aggregate principal amount of the Debt
Securities of any series at the time Outstanding, on behalf of the holders of
all Debt Securities of such series, to waive compliance by the Company with
certain provisions of the Indenture and certain past

                                       10
<PAGE>

defaults under the Indenture and their consequences. Any such consent or waiver
by the holder of this Note shall be conclusive and binding upon such holder and
upon all future holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange herefor or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Note.

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

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

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

                                       11
<PAGE>

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

                                     CITIGROUP GLOBAL MARKETS HOLDINGS INC.

                                     By:    /s/ Scott Freidenrich
                                           -------------------------------------
                                           Name:  Scott Freidenrich
                                           Title: Executive Vice President
                                                  and Treasurer

Corporate Seal
Attest:

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

Dated: November 29, 2004

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

The Bank of New York,
as Trustee

By:   /s/ Geovanni Barris
     -----------------------------
     Name: Geovanni Barris

                                       12

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