Document:

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                                                                    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 53 6                                   REPRESENTED $16,500,000
                                                    representing 1,650,000 Notes
                                                    ($10 per Note)

                     CITIGROUP GLOBAL MARKETS HOLDINGS INC.
                      Stock Market Upturn Notes Based Upon
             the Dow Jones Industrial AverageSM Due November 3, 2006

     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 3, 2006 (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.

     This Note is one of the series of 1,650,000 Stock Market Upturn Notes Based
Upon the Dow Jones Industrial AverageSM (the "Index") Due November 3, 2006 (the
"Notes").
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INTEREST

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

PAYMENT AT MATURITY

     On the Stated Maturity Date, holders of the Notes will receive for each
Note the Maturity Payment described below.

DETERMINATION OF THE MATURITY PAYMENT

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

     The "Index Return Amount" is calculated as follows:

     o    If the Index Return is positive, the Index Return Amount will equal
          the product of:

                 $10 * Upside Participation Rate * Index Return.

     o    If the Index Return is negative, the Index Return Amount will equal
          the product of:

                               $10 * Index Return

     o    If the Index Return is zero, the Index Return Amount will be zero.

     The "Index Return" equals:

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

     The "Upside Participation Rate" is 300%.

     The "Starting Value" is 10489.94, the closing value of the Index on January
31, 2005.

     The "Ending Value" will be the closing value of the Index on the third
Index Business Day before the Stated Maturity Date.

     If no value (including a closing value) of the Index is available on the
third business day before maturity because of a Market Disruption Event or
otherwise, unless deferred by the calculation agent as described below, the
closing value of the Index will be the arithmetic mean, as determined by the
calculation agent, of the value of the Index obtained from as many dealers in
equity securities (which may include Citigroup Global Markets Inc. or any of the
Company's other subsidiaries or affiliates), but not exceeding three such
dealers, as will make such value

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available to the calculation agent. The determination of the closing value of
the Index by the calculation agent in the event no such closing value is
available may be deferred by the calculation agent for up to two consecutive
Index Business Days on which a Market Disruption Event is occurring, but not
past the Index Business Day prior to the Stated Maturity Date.

     An "Index Business Day" means a day, as determined by the calculation
agent, on which the Index or any successor index is calculated and published and
on which securities comprising more than 80% of the value of the Index on such
day are capable of being traded on their relevant exchanges during the one-half
hour before the determination of the closing value of the Index. All
determinations made by the calculation agent will be at the sole discretion of
the calculation agent and will be conclusive for all purposes and binding on the
Company and the beneficial owners of the Notes, absent manifest error.

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

DISCONTINUANCE OF THE DOW JONES INDUSTRIAL AVERAGESM

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

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

     If Dow Jones discontinues publication of the Index and a successor index is
not selected by the calculation agent or is no longer published on any date of
determination of the value of the index, the value to be substituted for the
Index for that date will be a value computed by the

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calculation agent for that date in accordance with the procedures last used to
calculate the Index prior to any such discontinuance.

     If Dow Jones discontinues publication of the Index prior to the
determination of the Index Return Amount and the calculation agent determines
that no successor index is available at that time, then on each Index Business
Day until the earlier to occur of (a) the determination of the Index Return
Amount and (b) a determination by the calculation agent that a successor index
is available, the calculation agent will determine the value that is to be used
in computing the value of the Index as described in the preceding paragraph. The
calculation agent will cause notice of those daily closing values to be
published not less often than once each month in The Wall Street Journal (or
another newspaper of general circulation).

     If a successor index is selected or the calculation agent calculates a
value as a substitute for the Index as described above, the successor index or
value will be substituted for the Index for all purposes, including for purposes
of determining whether an Index Business Day or Market Disruption Event occurs.

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

ALTERATION OF METHOD OF CALCULATION

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

GENERAL

     This Note is one of a duly authorized issue of debt securities of the
Company (the "Debt Securities"), issued and to be issued in one or more series
under a Senior Debt Indenture, dated as of 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

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of rights, duties and immunities thereunder of the Company, the Trustee and the
holders of the Notes, and the terms upon which the Notes are, and are to be,
authenticated and delivered.

     If an Event of Default with respect to the Notes shall have occurred and be
continuing, the 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
hereof, from and after Maturity through the date when payment of such amount has
been made or duly provided for, at the rate of 4.00% per annum on the unpaid
amount due.

     The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company 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.

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

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     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: February 3, 2005

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/ Stacey Poindexter
    ----------------------
    Authorized Signatory

                                       6EX-10.4

 

EXHIBIT 10.4

NON-COMPETITION AGREEMENT

     
NON-COMPETITION AGREEMENT, dated as of
December 17, 2004 (this “Agreement”), between
ISPAT INTERNATIONAL N.V., a company organized under the laws of
The Netherlands (the “Company”), and Mr. Lakshmi
N. Mittal (the “Shareholder” and, together with the
Company, the “Parties”).

     
WHEREAS, the Shareholder and certain members of
his family are the ultimate beneficial owners of all of the
issued and outstanding shares of Richmond Investment Holdings
Limited, a company organized under the laws of the British
Virgin Islands (“Richmond”);

     
WHEREAS, the Company and Richmond have entered
into an Acquisition Agreement, dated as of October 24, 2004
(the “Acquisition Agreement”; capitalized terms used
but not defined herein shall have the meanings ascribed thereto
in the Acquisition Agreement), which provides, upon the terms
and subject to the conditions thereof, for the acquisition by
the Company from Richmond, or such Person as Richmond shall
direct, of all of the issued and outstanding share capital of
LNM Holdings N.V., a company organized under the laws of The
Netherlands Antilles;

     
WHEREAS, the Acquisition Agreement provides that,
as a condition to the Completion, Richmond shall, on or prior to
the Completion, have delivered to the Company this Agreement,
duly executed by the Shareholder; and

     
WHEREAS, but for the agreement of Richmond to
deliver to the Company, on or prior to the Completion, this
Agreement, duly executed by the Shareholder, the Company would
not have entered into the Acquisition Agreement;

     
NOW, THEREFORE, in consideration of the foregoing
and of the mutual covenants and agreements contained herein and
in the Acquisition Agreement, and intending to be legally bound
hereby, the Shareholder hereby agrees as follows:

		
	 	     
    1. Non-Competition.  (a) For
    a period commencing upon the date hereof and expiring
    June 30, 2007, the Shareholder shall not, without the
    consent of the Audit Committee of the Company as then
    constituted, directly or indirectly, acquire an interest in,
    manage, operate, join, control, lend money or render financial
    or other assistance to or participate in or be connected with,
    as an officer, employee, partner, shareholder, consultant or
    otherwise, any Person anywhere in the world that engages in the
    business of manufacturing, producing or supplying iron ore,
    coke, iron, steel or iron or steel products (a
    “Competitor”).
    
	 
	 	     
    (b) Notwithstanding the foregoing,
    (i) the Shareholder shall not be prohibited from lending
    money to any one borrower up to a maximum amount equal to the
    lesser of US$20 million and 10 percent of such
    borrower’s consolidated net worth, (ii) the
    Shareholder shall not be prohibited from participating in trade
    and industry associations, (iii) ownership of securities
    having no more than (A) five percent of the outstanding
    voting power of any Competitor that is listed on a national
    securities exchange anywhere in the U.S., Canada or Europe or
    (B) ten percent of the outstanding voting power of any
    Competitor that is listed on a national securities exchange
    anywhere else in the world, shall not be deemed to be in
    violation of this Section 1 as long as the Shareholder does
    not have any other connection or relationship with such
    Competitor, (iv) the Company shall not be deemed to be a
    Competitor and (v) Pt. Ispat Indo, a company organized
    under the laws of Indonesia (“Indo”), shall not be
    deemed to be a Competitor so long as Indo does not (A) own
    an interest in, manage, operate, join, control, lend money or
    render financial or other assistance to or participate in or
    become connected with, as a partner, shareholder, consultant or
    otherwise, any Competitor carrying on business outside Indonesia
    (provided that Indo may own an equity interest in any joint
    venture so long as Indo’s direct and indirect equity or
    partnership interest therein does not exceed 20 percent and
    is not the largest equity or partnership interest therein) or
    (B) own, manage or operate any material assets located
    outside Indonesia and relating to the business of manufacturing,
    producing or supplying iron ore, coke, iron, steel or iron or
    steel products.
    
	 
	 	     
    (c) The Shareholder acknowledges that this
    Section 1 constitutes an independent covenant that shall
    not be affected by performance or nonperformance of any
    provision of the Acquisition Agreement
    

 

		
	 	
    by the Company. The Shareholder has independently
    consulted with his counsel and after such consultation agrees
    that the covenants set forth in this Section 1 are
    reasonable and proper.
    
	 
	 	     
    2. Representations and Warranties of the
    Shareholder. As an inducement to the Company to enter into
    this Agreement and the Acquisition Agreement, the Shareholder
    hereby represents and warrants to the Company that this
    Agreement has been duly executed and delivered by the
    Shareholder and, assuming the due authorization, execution and
    delivery hereof by the Company, constitutes the legal, valid and
    binding obligation of the Shareholder, enforceable against the
    Shareholder in accordance with its terms.
    
	 
	 	     
    3. Notices. All notices, requests,
    claims, demands and other communications hereunder shall be in
    writing and shall be given (and shall be deemed to have been
    duly given upon receipt) by delivery in person, by telecopy or
    by registered or certified mail (postage prepaid, return receipt
    requested) to the respective Parties at the following addresses
    (or at such other address for a Party as shall be specified in a
    notice given in accordance with this Section 3):
    

		
	 	
     if to the Company:
    

Mittal Steel Company N.V.

15th Floor, Hofplein 20

3032 AC Rotterdam

The Netherlands

Facsimile No.: +31-10-217-8850

Attention: Company Secretary

with a copy to:

Mittal Steel Company N.V.

Berkeley Square House

7th Floor

Berkeley Square

London W1X 5PN

United Kingdom

Facsimile No.: +44-20-7412-0203

Attention: General Counsel

with a further copy to:

Shearman & Sterling LLP

599 Lexington Avenue

New York, New York 10022

USA

Facsimile No: +1-212-848-7179

Attention: W. Jeffrey Lawrence

if to the Shareholder:

Mr. Lakshmi N. Mittal

c/o LNM Holdings N.V.

Berkeley Square House

7th Floor

Berkeley Square

London W1X 5PN

United Kingdom

Facsimile No.: +44-20-7629-7993

		
	 	     
    4. Severability. If any term or other
    provision of this Agreement is invalid, illegal or incapable of
    being enforced by any rule of law, or public policy, all other
    conditions and provisions of this Agreement
    

 

		
	 	
    shall nevertheless remain in full force and
    effect so long as the economic or legal substance of the
    transactions contemplated hereby is not affected in any manner
    adverse to any Party. Upon such determination that any term or
    other provision is invalid, illegal or incapable of being
    enforced, the Parties shall negotiate in good faith to modify
    this Agreement so as to effect the original intent of the
    Parties as closely as possible in a mutually acceptable manner
    in order that the transactions contemplated hereby be
    consummated as originally contemplated to the fullest extent
    possible.
    
	 
	 	     
    5. Entire Agreement; Assignment. This
    Agreement constitutes the entire agreement among the Parties
    with respect to the subject matter hereof and supersedes all
    prior agreements and undertakings, both written and oral, among
    the Parties, or any of them, with respect to the subject matter
    hereof. This Agreement shall not be assigned by (i) the
    Shareholder without the prior written consent of the Company or
    (ii) the Company without the prior written consent of the
    Shareholder; provided, however, that the Company may assign this
    Agreement or any of its rights and obligations hereunder to one
    or more of its Affiliates without the consent of the Shareholder.
    
	 
	 	     
    6. Specific Performance. The Parties
    agree that irreparable damage would occur in the event any
    provision of this Agreement were not performed in accordance
    with the terms hereof and that the Parties shall be entitled to
    specific performance of the terms hereof, in addition to any
    other remedy at law or equity.
    
	 
	 	     
    7. Governing Law. This Agreement
    shall be governed by, and construed in accordance with, the laws
    of The Netherlands.
    
	 
	 	     
    8. Dispute Resolution. (a) Any
    dispute, controversy, claim or difference of any kind arising
    out of or in connection with this Agreement or the transactions
    contemplated hereby (a “Dispute”) shall be finally
    settled under the then existing Rules of Arbitration of the
    International Chamber of Commerce (the “ICC”), as
    modified by this Section 8, by three arbitrators
    (collectively, the “Arbitral Tribunal”) appointed in
    accordance with such Rules of Arbitration as so modified. Of the
    three arbitrators, the Company shall nominate one
    (1) arbitrator, the Shareholder shall nominate one
    (1) arbitrator, and the third arbitrator, who will act as
    chair of the Arbitral Tribunal, will be appointed pursuant to
    the Rules of Arbitration of the ICC.
    
	 
	 	     
    (b) The Arbitral Tribunal shall not award
    punitive damages.
    
	 
	 	     
    (c) Any arbitration hereunder shall be
    conducted as follows:
    

		
	 	     
    (i) All proceedings in such arbitration
    shall be conducted in English and transcripts of such
    proceedings shall be prepared in English.
    
	 
	 	     
    (ii) The site of the arbitration shall be
    Amsterdam, The Netherlands.
    
	 
	 	     
    (iii) Each Party shall bear its own costs in
    such arbitration, subject to the Arbitral Tribunal’s
    authority to apportion such costs as part of the arbitral award.
    
	 
	 	     
    (iv) The arbitral award shall be final and
    binding on the Parties, and the Parties agree to comply with
    such arbitral award.
    
	 
	 	     
    (v) Any arbitral award in such arbitration
    may be recognized and enforced by any court of competent
    jurisdiction.
    

		
	 	     
    (d) Notwithstanding the foregoing, nothing
    in this Section 8 shall preclude either of the Parties from
    applying for injunctive relief in summary proceedings (kort
    geding) before any court of competent jurisdiction.
    

 

     
IN WITNESS WHEREOF, the Shareholder has duly
executed this Agreement and the Company has caused this
Agreement to be executed by its officers thereunto duly
authorized, in each case as of the date first above written.

		
	 	
    ISPAT INTERNATIONAL N.V.
    

			
	 	By 	
    /s/ HENK SCHEFFER
    

		
	 	
    

	 	
    Name: 
	 	
    Title:   

			
	 	By 	

		
	 	
    

	 	
    Name: 
	 	
    Title:   
	 
	 	
    /s/ LAKSHMI N. MITTAL
    
	 	
    

	 	
    Lakshmi N. Mittal

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