Document:

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                                                                    EXHIBIT 10.6

                                                                  EXECUTION COPY

                            NONCOMPETITION AGREEMENT

         THIS NONCOMPETITION AGREEMENT, dated as of March 17, 2004, is among
Intelsat, Ltd., a Bermuda company ("PARENT"), Intelsat (Bermuda), Ltd., a
Bermuda company ("PURCHASER"), Loral SpaceCom Corporation, a Delaware
corporation and a debtor and debtor in possession ("LORAL SPACECOM"), Loral
Satellite, Inc., a Delaware corporation and a debtor and debtor in possession
("LORAL SATELLITE"), Loral Space & Communications Corporation, a Delaware
corporation and a debtor and debtor in possession ("LORAL HOLDINGS" and,
together with Loral SpaceCom and Loral Satellite, the "SELLERS"), Loral Space &
Communications Ltd., a Bermuda company and a debtor and debtor in possession
("LORAL PARENT"), Loral Orion, Inc., a Delaware corporation and a debtor and
debtor in possession ("ORION") and Loral Skynet Network Services, Inc., a
Delaware corporation and a debtor and debtor in possession ("LSNS" and, together
with the Sellers, Loral Parent and Orion, the "SELLER PARTIES").

                              W I T N E S S E T H:

         WHEREAS, the Sellers, among other things, own and operate geostationary
earth orbit satellites on which transponder capacity is leased or sold to
customers for various applications ("GEO SATELLITES");

         WHEREAS, pursuant to an Asset Purchase Agreement, dated as of July 15,
2003, as amended (the "PURCHASE AGREEMENT"), among Parent, Purchaser and the
Sellers, the Sellers have agreed to sell, and Purchaser has agreed to purchase,
certain of such GEO Satellites (collectively, the "PURCHASED SATELLITES"),
together with the other Purchased Assets (as defined in Section 2.1 of the
Purchase Agreement);

         WHEREAS, as a material inducement to Purchaser to purchase the
Purchased Satellites, together with the other Purchased Assets, and to secure to
Purchaser the full enjoyment of the Purchased Satellites, together with the
other Purchased Assets, the parties hereto desire to enter into a covenant
restricting the Seller Parties and their wholly-owned subsidiaries from
competing against Purchaser upon the terms and conditions hereinafter specified;

         WHEREAS, pursuant to the Purchase Agreement, Sellers have agreed to
enter into this Agreement and to cause their wholly-owned subsidiaries to be
bound hereby;

         WHEREAS, Parent and Purchaser will not consummate the transactions
contemplated by the Purchase Agreement unless the Seller Parties execute and
deliver this Agreement;

         WHEREAS, the consummation of the transactions under the Purchase
Agreement will represent a material benefit to all of the Seller Parties and
their wholly-owned subsidiaries in completing their reorganizations;

                                   -1-
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         WHEREAS, the execution and delivery of this Agreement is a condition to
each of Parent's and Purchaser's obligations under the Purchase Agreement;

         NOW, THEREFORE, in consideration of the mutual covenants and
undertakings contained herein, and subject to the terms and conditions herein
set forth, the parties hereto agree as follows:

        1. EFFECTIVE DATE AND TERM. The term (the "TERM") of this Agreement
shall be for a period of two years commencing as of the date first written
above.

        2. AGREEMENT NOT TO COMPETE.

           2.1. NONCOMPETITION. During the Term, none of the Seller Parties nor
any of their respective direct or indirect, wholly-owned subsidiaries
(collectively, the "SELLER GROUP"), shall, directly or indirectly, engage in or
participate in any Competitive Business, or be employed by, consult for, or act
as an advisor to any Person that is engaged in or participates in any
Competitive Business. Notwithstanding the foregoing, nothing herein shall
prohibit any Person (the "ACQUIRING PERSON") that acquires any assets of any
member of the Seller Group from engaging in any Competitive Business, provided
that for a period of twelve (12) months following the date of this Agreement
such Acquiring Person shall not use any satellite purchased from any Seller
Group member (the "SELLING MEMBER") to engage in any Competitive Business, and
each Selling Party agrees to cause the Selling Member to require the Acquiring
Person to agree in the relevant acquisition document that it will comply with
such restriction and that the Purchaser is a third party beneficiary of such
obligation with rights to enforce its rights herein directly against such
Acquiring Person. In addition, notwithstanding the first sentence of this
Section 2.1, nothing herein shall prohibit: (a) any Seller Group member from
having an investment in or merging with any Person that is engaged in any
Competitive Business, provided that no member of the Seller Group shall sell,
lease or otherwise furnish its satellite capacity to such Person for use in any
Competitive Business during the Term; (b) any Seller Group member from engaging,
directly or indirectly, in the Network Services Business or Professional
Services Business; or (c) any member of the Seller Group from engaging in any
Competitive Business pursuant to legally binding agreements in effect as of the
date of this Agreement, and any renewal or replacement (for similar capacity)
thereof, provided that the Seller Parties hereby (i) represent and warrant to
the Purchaser that they have deposited with Willkie Farr & Gallagher LLP or
other mutually acceptable escrow agent a true and complete list of such existing
contracts, together with a description of the type and amount of capacity
subject thereto, and (ii) agree to cause Willkie Farr & Gallagher LLP or other
mutually acceptable escrow agent to disclose promptly to Purchaser such
information as it may reasonably and in good faith request from such list
related to a customer that Purchaser believes may be receiving capacity in
violation of the requirements set forth in this Section 2.1.

           2.2. NO SOLICITATION. During the Term, no member of the Seller Group
shall solicit any of the Persons listed on ANNEX A hereto (each a "CUSTOMER") to
migrate

                                      -2-

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its service on the Purchased Satellites as of the date hereof (which shall
include any renewal thereof) to satellite capacity owned by a member of the
Seller Group or any Affiliate thereof.

           2.3. NO DEVELOPMENT OF CONUS ARC. During the Term, no member of the
Seller Group shall launch or otherwise locate, or assist any other Person to
locate, a geosynchronous satellite in any orbital position situated within the
CONUS Arc that is licensed to any member of the Seller Group as of the date
hereof for the purpose of engaging in any Competitive Business.

           2.4. DIVISIBILITY. If at any time the provisions of this Section 2
shall be determined to be invalid or unenforceable, by reason of being vague or
unreasonable as to area, duration or scope of activity, this Section 2 shall be
considered divisible and shall become and be automatically amended to apply only
to such area, duration and scope of activity as shall be determined to be
reasonable by the court or other body having jurisdiction over the matter, and
the Seller Parties agree that this Section 2, as so amended, shall be valid and
binding as though any invalid or unenforceable provision had not been included
herein.

        3. UNIQUE NATURE OF AGREEMENT; SPECIFIC ENFORCEMENT. Each of Parent,
Purchaser and the Seller Parties acknowledge and agree that the rights and
obligations set forth in this Agreement are of a unique and special nature and
that Parent and Purchaser are, therefore, without an adequate legal remedy in
the event of any Seller Party's violation of any of the covenants set forth in
this Agreement. Each of Parent, Purchaser and the Seller Parties agree,
therefore, that, in addition to all other rights and remedies at law or in
equity or otherwise that may be available to Parent and Purchaser, each of the
covenants made by the Seller Parties under this Agreement shall be specifically
enforceable in equity.

        4. REPRESENTATION OF PARTIES. Each party hereto represents to each other
party that (i) it has full corporate power and authority to execute and deliver
this Agreement and to perform each of its obligations hereunder, (ii) the
execution, delivery and performance by it of this Agreement have been duly and
validly authorized and no additional corporate authorization or consent
(including, without limitation, any action by its shareholders) is required in
connection with the execution, delivery and performance by it of this Agreement
and (iii) this Agreement constitutes its valid and legally binding obligation,
enforceable in accordance with its terms.

        5. TERMINATION. This Agreement shall terminate, and be of no further
force and effect upon the expiration of the Term. Termination of this Agreement
pursuant to the preceding sentence shall not excuse any party hereto for a
breach of this Agreement prior to such termination.

        6. SCOPE OF COVENANTS. The parties acknowledge and agree that the
geographic scope and the duration of the provisions of Sections 2.1 are
appropriate and reasonable when considered in light of the nature and extent of
the business conducted by

                                      -3-

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Sellers and are necessary for the protection of Purchaser's legitimate interest
and are necessary in order for them to enjoy the benefit of their bargain under
the Purchase Agreement.

        7. MISCELLANEOUS.

           7.1. DEFINITIONS. The following terms shall have the meanings
provided therefor below:

        "COMPETITIVE BUSINESS" shall mean the business of leasing, selling or
otherwise furnishing Fixed Satellite Service transponder capacity that is used
by a Person for both uplinking and downlinking to or from any location(s) within
the United States of America, including Alaska and Hawaii. As used herein, the
term" Competitive Business" shall not include the Seller Parties' Network
Services Business and Professional Services Business.

        "CONUS ARC" shall mean the orbital arc between 54(degree)W.L. and
143(degree)W.L. (inclusive).

         "LAW" shall have the meaning ascribed to that term in the Purchase
Agreement.

         "NETWORK SERVICES BUSINESS" shall mean the business of providing
end-to-end data solutions on networks comprised of earth terminals, space
segment, and where appropriate, networking hubs.

         "PERSON" shall mean an individual, a corporation, a partnership, an
association, a trust or other entity or organization or a government or any
agency or political subdivision thereof.

         "PROFESSIONAL SERVICES BUSINESS" shall mean the business of providing
(i) technical support and monitoring in the construction and launch of
satellites, (ii) telemetry, tracking and control services and (iii) technical
and operational support in the design, implementation and operation of data
networks over satellites.

         "SUCCESSORS" shall mean the legal successor to any Person in connection
with any merger, reorganization or equivalent thereof; PROVIDED that (i)
Purchaser will not be a Successor to any Seller Party and (ii) an Acquiring
Person and the Persons described in clause (b) of the third sentence of Section
2.1 will not be a Successor to any Seller Party.

           7.2. NOTICES. All notices or other communications hereunder shall be
deemed to have been duly given and made if in writing and if served by personal
delivery upon the party for whom it is intended, if delivered by registered or
certified mail, return receipt requested, or by a national courier service, or
if sent by telecopier; PROVIDED that the telecopy is promptly confirmed by
telephone confirmation thereof, to the person at the address set forth below, or
such other address as may be designated in writing hereafter, in the same
manner, by such person:

                                      -4-

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      To Parent or Purchaser:

                    Intelsat (Bermuda), Ltd.
                    North Tower, 2nd Floor
                    90 Pitts Bay Road
                    Pembroke HM 08, Bermuda
                    Telecopy:  +441-292-8300
                    Attention:  President

                    with a copy (which shall not constitute notice) to:

                    Intelsat Global Service Corporation
                    3400 International Drive, NW
                    Washington, DC 20008-3006
                    Telephone: (202) 944-6873
                    Telecopy:  (202) 944-7661
                    Attention:  General Counsel and Senior Vice President for
                                Regulatory Affairs

                    with a copy (which shall not constitute notice) to:

                    Sullivan & Cromwell LLP
                    1701 Pennsylvania Avenue
                    Washington, D.C. 20006
                    Telephone:  (202) 956-7500
                    Telecopy:   (202) 293-6330
                    Attn:  Janet Geldzahler, Esq.

         To Seller Parties:

                    Loral Space & Communication Corporation
                    600 Third Avenue
                    New York, NY 10016
                    Attention: General Counsel
                    Telephone: (212) 697-1105
                    Telecopy:  (212) 338-5320

                    with a copy (which shall not constitute notice) to:

                    Willkie Farr & Gallagher
                    787 Seventh Avenue
                    New York, NY  10019
                    Telephone:  (212) 728-8000
                    Telecopy:   (212) 728-8111
                    Attn:  Maurice M. Lefkort, Esq.

                                      -5-
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           7.3 . AMENDMENT; WAIVER. Any provision of this Agreement may be
amended or waived if, and only if, such amendment or waiver is in writing and
signed, in the case of an amendment, by the parties hereto, or, in the case of a
waiver, by the party against whom the waiver is to be effective. No failure or
delay by any party in exercising any right, power or privilege hereunder shall
operate as a waiver thereof nor shall any single or partial exercise thereof
preclude any other or further exercise thereof or the exercise of any other
right, power or privilege. The rights and remedies herein provided shall be
cumulative and not exclusive of any rights or remedies provided by Law.

           7.4. ASSIGNMENT. No party to this Agreement may assign any of its
rights or obligations under this Agreement without the prior written consent of
the other parties hereto; PROVIDED that Parent and Purchaser may assign their
rights hereunder to any wholly-owned subsidiary and may collaterally assign
their rights hereunder to any lender as security for any loan, which assignment
shall not relieve Parent or Purchaser of any obligations hereunder. Any
attempted assignment in contravention hereof shall be null and void.

           7.5. PARTIES IN INTEREST. This Agreement shall inure to the benefit
of and be binding upon the parties hereto and their respective Successors and
permitted assigns. Nothing in this Agreement, express or implied, is intended to
confer upon any Person other than the parties hereto or their Successors and
permitted assigns any rights or remedies under or by reason of this Agreement.

           7.6. PUBLIC DISCLOSURE. Notwithstanding anything herein to the
contrary, each of the parties to this Agreement hereby agrees with the other
parties hereto that, except as may be required to comply with the requirements
of any applicable Laws, and the rules and regulations of each stock exchange
upon which the securities of one of the parties is listed, no press release or
similar public announcement or communication shall ever be made or caused to be
made concerning the execution or performance of this Agreement unless
specifically approved in advance by the parties hereto (which approval shall not
be unreasonably withheld or delayed).

           7.7. GOVERNING LAW; SUBMISSION TO JURISDICTION; SELECTION OF FORUM.
THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF NEW YORK. EACH PARTY HERETO AGREES THAT IT SHALL BRING ANY
ACTION OR PROCEEDING IN RESPECT OF ANY CLAIM ARISING OUT OF OR RELATED TO THIS
AGREEMENT OR THE TRANSACTIONS CONTAINED IN OR CONTEMPLATED BY THIS AGREEMENT,
WHETHER IN TORT OR CONTRACT OR AT LAW OR IN EQUITY, EXCLUSIVELY (A) IN THE
UNITED STATES BANKRUPTCY COURT FOR THE SOUTHERN DISTRICT OF NEW YORK TO THE
EXTENT THAT SUCH BANKRUPTCY COURT HAS JURISDICTION OVER SUCH ACTION OR
PROCEEDING, AND (B) IN ALL OTHER CASES IN THE UNITED STATES DISTRICT COURT FOR

                                      -6-
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THE SOUTHERN DISTRICT OF NEW YORK (THE "CHOSEN COURTS") AND (I) IRREVOCABLY
SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE CHOSEN COURTS, (II) WAIVES ANY
OBJECTION TO LAYING VENUE IN ANY SUCH ACTION OR PROCEEDING IN THE CHOSEN COURTS,
(III) WAIVES ANY OBJECTION THAT THE CHOSEN COURTS ARE AN INCONVENIENT FORUM OR
DO NOT HAVE JURISDICTION OVER ANY PARTY HERETO AND (IV) AGREES THAT SERVICE OF
PROCESS UPON SUCH PARTY IN ANY SUCH ACTION OR PROCEEDING SHALL BE EFFECTIVE IF
NOTICE IS GIVEN IN ACCORDANCE WITH SECTION 5.2 OF THIS AGREEMENT.

           7.8. COUNTERPARTS. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original, and all of
which shall constitute one and the same Agreement.

           7.9. SEVERABILITY. If any provision of this Agreement is held to be
invalid or unenforceable by any court of competent jurisdiction, the other
provisions of this Agreement will remain in full force and effect. Any provision
of this Agreement that is held invalid or unenforceable only in part or degree
will remain in full force and effect to the extent not held invalid or
unenforceable.

           7.10. HEADINGS. The heading references herein are for convenience
purposes only, do not constitute a part of this Agreement and shall not be
deemed to limit or affect any of the provisions hereof.

           7.11. MUTUAL DRAFTING. This Agreement is the product of joint
drafting and negotiation among the parties and no provision hereof shall be
construed for or against any party based upon such party having been responsible
or primarily responsible for the drafting thereof.

                                      -7-

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         IN WITNESS WHEREOF, the parties hereto have executed or caused this
Agreement to be executed as of the date first written above.

                    LORAL SPACECOM CORPORATION

                    By:/s/ Avi Katz
                       ---------------------------------------------
                        Name: Avi Katz
                        Title: Vice President and Secretary

                    LORAL SATELLITE, INC.
                    By: /s/ Avi Katz
                       -----------------------------------------------
                         Name: Avi Katz
                         Title: Vice President and Secretary

                    LORAL SPACE & COMMUNICATIONS CORPORATION
                    By: /s/ Avi Katz
                       -----------------------------------------------
                         Name: Avi Katz
                         Title: Vice President and Secretary

                    LORAL SPACE & COMMUNICATIONS LTD.
                    By: /s/ Avi Katz
                       -----------------------------------------------
                         Name: Avi Katz
                         Title: Vice President, General Counsel and
                                Secretary

                    LORAL ORION, INC.
                    By: /s/ Avi Katz
                       -----------------------------------------------
                         Name: Avi Katz
                         Title: Vice President and Secretary

                   LORAL SKYNET NETWORK
                   SERVICES, INC.

                    By: /s/ Avi Katz
                       -----------------------------------------------
                         Name: Avi Katz
                         Title: Vice President and Secretary

                    INTELSAT, LTD.

                    By: /s/ Conny Kullman
                        ----------------------------------------------
                         Name: Conny Kullman
                         Title: Chief Executive Officer

                    INTELSAT (BERMUDA), LTD.

                    By: /s/ Ramu Potarazu
                       -----------------------------------------------
                         Name: Ramu Potarazu
                         Title: President

                                      -9-<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  173075 64 9                                   REPRESENTED $85,000,000
                                                     representing 8,500,000 ELKS
                                                     ($10 per ELKS)

                     CITIGROUP GLOBAL MARKETS HOLDINGS INC.

        Equity Linked Securities (ELKS(R)) based upon the Common Stock of
                  Newmont Mining Corporation due March 31, 2005

      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 March 31, 2005
(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 bear semi-annual payments of 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 Newmont Mining Corporation ("Newmont Mining").

      This Note is one of the series of Equity Linked Securities based upon the
common stock of Newmont Mining due March 31, 2005 (the "ELKS").
<PAGE>
COUPON

      A coupon of $0.3500 per ELKS will be paid in cash on September 30, 2004
and a coupon of $0.3500 per ELKS will be paid in cash on March 31, 2005. The
September 30, 2004 coupon will be composed of $0.0573 of interest and a partial
payment of an option premium in the amount of $0.2927. The March 31, 2005 coupon
will be composed of $0.0573 of interest and a partial payment of an option
premium in the amount of $0.2927. Coupon payments will be payable to the persons
in whose names the ELKS are registered at the close of business on the fifth
Business Day preceding each Interest Payment Date. If an Interest Payment Date
falls on a day that is not a Business Day, the coupon payment to be made on such
Interest Payment Date will be made on the next succeeding Business Day with the
same force and effect as if made on such Interest Payment Date, and no
additional interest will accrue as a result of such delayed payment.

      "Business Day" means any day that is not a Saturday, a Sunday or a day on
which the AMEX or banking institutions or trust companies in the City of New
York are authorized or obligated by law or executive order to close.

      The interest portion of the coupon will represent interest accruing at a
rate of 1.1453% per annum from March 30, 2004 or from the most recent Interest
Payment Date to which the interest portion of the coupon has been paid or
provided for until maturity. The interest portion of the coupon will be computed
on the basis of a 360-day year of twelve 30-day months.

PAYMENT AT MATURITY

      On the Stated Maturity Date, Holders of the ELKS will receive for each
ELKS the Maturity Payment described below.

DETERMINATION OF THE MATURITY PAYMENT

      The Maturity Payment for each ELKS will equal either:

      -     a number of shares of Newmont Mining common stock equal to the
            Exchange Ratio, if the Trading Price of Newmont Mining common stock
            on any Trading Day after March 25, 2004 up to and including the
            third Trading Day before the Stated Maturity Date (whether intra-day
            or at the close of trading on any day) is less than or equal to
            $33.91 (approximately 75% of the initial share price), or

      -     $10 in cash.

      In lieu of any fractional share of Newmont Mining common stock otherwise
payable in respect of any ELKS, 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 Newmont Mining 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 ELKS held by
such Holder.

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<PAGE>
      The "Initial Share Price" equals $45.21, the price per share of Newmont
Mining common stock at the market close on March 25, 2004.

      The "Exchange Ratio" equals 0.22119.

      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 Newmont Mining 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 Newmont Mining 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 Newmont Mining 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 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

                                       3
<PAGE>
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 Newmont Mining, after the closing date of the offering of the ELKS,

      (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 Newmont Mining,

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 Newmont Mining, and the denominator of which will be
the number of shares of common stock outstanding immediately before the event.
The Initial Share Price will also be adjusted in that case in the manner
described below.

      If Newmont Mining, 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 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

                                       4
<PAGE>
the basis of delivery of only the number of shares of common stock actually
delivered. The Initial Share Price will also be adjusted in that case in the
manner described below.

      If Newmont Mining, 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 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 Newmont Mining 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 Newmont Mining common stock and, if the Trading Price of Newmont Mining
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 75% of the Initial Share Price, each holder of the ELKS will have
the right to receive at maturity cash in an amount per ELKS equal to the
Exchange Ratio multiplied by such fair market value.

      If Newmont Mining, 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

                                       5
<PAGE>
record date. The Initial Share Price will also be adjusted in that case in the
manner described below.

      For the purposes of these adjustments:

      A "Permitted Dividend" is any quarterly cash dividend in respect of
Newmont Mining common stock, other than a quarterly cash dividend that exceeds
the immediately preceding quarterly 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 Newmont Mining with respect to one
share of common stock acquired in a tender offer or exchange offer by Newmont
Mining, 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 Newmont Mining 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 Newmont Mining common stock
and, if the Trading Price of Newmont Mining 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 75% of the Initial Share Price,
each holder of the ELKS will have the right to receive at maturity cash in an
amount per ELKS 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. The required adjustment
will be made by dividing the Initial Share 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 Newmont Mining common stock
            entitled to receive this dividend, distribution or issuance or, if
            the announcement of this dividend, distribution, or issuance is
            after

                                       6
<PAGE>
            this record date, at the time this dividend, distribution or
            issuance was announced by Newmont Mining,

      -     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 Newmont Mining
            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 Newmont Mining, 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 and the Initial Share Price will be further adjusted to the
Exchange Ratio and the Initial Share 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 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 Newmont Mining 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

                                       7
<PAGE>
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.

      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 Newmont Mining, or any surviving
            entity or subsequent surviving entity of Newmont Mining, with or
            into another entity, other than a merger or consolidation in which
            Newmont Mining 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 Newmont
            Mining or another issuer,

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

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

                                       8
<PAGE>
      -     any liquidation, dissolution or winding up of Newmont Mining or any
            successor of Newmont Mining,

the Trading Price of Newmont Mining 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 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 Newmont Mining common stock or
Newmont Mining. Adjustment for these subsequent events will be as nearly
equivalent as practicable to the adjustments described above.

      If Newmont Mining common stock has been subject to a Reorganization Event
and the Trading Price of Newmont Mining 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 75% of the Initial Share Price,
then each holder of the ELKS will have the right to receive per $10 principal
amount of ELKS (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.

                                       9
<PAGE>
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 ELKS, and the terms upon which the ELKS are,
and are to be, authenticated and delivered.

      In case an Event of Default with respect to the ELKS shall have occurred
and be continuing, the principal of the ELKS may be declared due and payable in
the manner and with the effect provided in the Indenture. In such case, the
amount declared due and payable upon any acceleration permitted by the Indenture
will be determined by the calculation agent and will be equal to, with respect
to this Note, the Maturity Payment calculated as though the Stated Maturity Date
of this Note were the date of early repayment. In case of default at Maturity 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 ELKS, from and after
Maturity through the date when payment of such amount has been made or duly
provided for, at the rate of 1.75% 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 defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of
this Note shall be conclusive and binding upon such Holder and upon all future
Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange herefor or in lieu hereof, whether or not notation of such
consent or waiver is made upon this Note.

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

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

                                       10
<PAGE>
      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/ Mark I. Kleinman
                                          --------------------------------------
                                          Name:  Mark I. Kleinman
                                          Title: Executive Vice President
                                                 and Treasurer

Corporate Seal
Attest:

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

Dated March 30, 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/ Ming Ryan
     --------------------------------------
     Authorized Signatory

                                       12

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