| TERM      FACILITYAGREEMENT |
|-----------------------------|

----

|   |                                             |   |
|--------|--------------------------------------------------|--------|
| Clause |                                             | Page   |
|   |                                             |   |
| 1.     | Definitions      and Interpretation              | 4      |
|   |                                             |   |
| 2.     | The      Facility                                | 21     |
|   |                                             |   |
| 3.     | Purpose                                          | 21     |
|   |                                             |   |
| 4.     | Conditions      of Utilisation                   | 21     |
|   |                                             |   |
| 5.     | Utilisation      - Loans                         | 23     |
|   |                                             |   |
| 6.     | Repayment                                        | 24     |
|   |                                             |   |
| 7.     | Prepayment      and Cancellation                 | 24     |
|   |                                             |   |
| 8.     | Interest                                         | 28     |
|   |                                             |   |
| 9.     | Interest      Periods                            | 30     |
|   |                                             |   |
| 10.    | Changes      to the Calculation of Interest      | 31     |
|   |                                             |   |
| 11.    | Indemnity      in respect of the SACE Guarantee  | 32     |
|   |                                             |   |
| 12.    | Fees                                             | 32     |
|   |                                             |   |
| 13.    | Tax      Gross Up and Indemnities                | 34     |
|   |                                             |   |
| 14.    | Increased      Costs                             | 37     |
|   |                                             |   |
| 15.    | Other      Indemnities                           | 38     |
|   |                                             |   |
| 16.    | Mitigation      by the Lenders                   | 39     |
|   |                                             |   |
| 17.    | Costs      and Expenses                          | 40     |
|   |                                             |   |
| 18.    | Representations                                  | 41     |
|   |                                             |   |
| 19.    | Information      Undertakings                    | 45     |
|   |                                             |   |
| 20.    | General      Undertakings                        | 47     |
|   |                                             |   |
| 21.    | Financial      covenants                         | 50     |
|   |                                             |   |
| 22.    | Events      of Default                           | 55     |
|   |                                             |   |
| 23.    | Changes      to the Lenders                      | 60     |
|   |                                             |   |
| 24.    | Changes      to the Obligors                     | 63     |
|   |                                             |   |
| 25.    | Role      of the Agent and the Mandated Arranger | 64     |

----

| 26.    | Conduct      of Business by the Finance Parties | 69     |
|--------|-------------------------------------------------|--------|
|   |                                            |   |
| 27.    | Sharing      among the Finance Parties          | 69     |
|   |                                            |   |
| 28.    | Payment      Mechanics                          | 72     |
|   |                                            |   |
| 29.    | Set-off                                         | 74     |
|   |                                            |   |
| 30.    | Notices                                         | 74     |
|   |                                            |   |
| 31.    | Calculations      and Certificates              | 76     |
|   |                                            |   |
| 32.    | Partial      Invalidity                         | 76     |
|   |                                            |   |
| 33.    | Remedies      and Waivers                       | 77     |
|   |                                            |   |
| 34.    | Amendments      and Waivers                     | 77     |
|   |                                            |   |
| 35.    | Counterparts                                    | 78     |
|   |                                            |   |
| 36.    | Governing      Law                              | 79     |
|   |                                            |   |
| 37.    | Enforcement                                     | 79     |

| Schedule      1 Conditions Precedent to Initial Utilisation | 81     |
|-------------------------------------------------------------|--------|
|                                                        |   |
| Schedule      2 Requests                                    | 83     |
|                                                        |   |
| Schedule      3 Form of Transfer Certificate                | 86     |
|                                                        |   |
| Schedule      4 Existing Security                           | 88     |
|                                                        |   |
| Schedule      6 Timetables                                  | 89     |
|                                                        |   |
| Schedule      7 Form of Compliance Certificate              | 90     |

----

| (1) | TIM CELULAR S.A., a      company (sociedade      anônima) duly organized and existing in accordance with the laws of      Brazil, with its head office at Avenida Giovanni Gronchi, 7.143, City of      São Paulo, State of São Paulo, Brazil, enrolled with the General      Taxpayer's Registry (CNPJ/MF) under No. 04.206.050/0001-80 ("TIM      Celular"); |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | TIM PARTICIPAÇÕES S.A.,      a company (sociedade      anônima) duly organized and existing in accordance with the laws of      Brazil, with its head office at Avenida das Américas, 3.434, bloco 1, 7°      andar - Parte, City of Rio de Janeiro, State of Rio de Janeiro, Brazil,      enrolled with the General Taxpayer's Registry (CNPJ/MF) under No.      02.558.115/0001-21 (the"Guarantor"); |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | BNP PARIBAS, a company      (societe anonyme)      duly organised and existing under the laws of the French Republic,      with a share capital of E 1,823,540,634 and having its registered office      at 16, boulevard des Italiens, 75009 Paris, France as mandated arranger      (the "Mandated Arranger"); |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | BNP PARIBAS, a company      (societe anonyme)      duly organised and existing under the laws of the French Republic,      with a share capital of €1,823,540,634 and having its registered office at      16, boulevard des Italiens, 75009 Paris, France as Agent of the other      Finance Parties (the "Agent"); and |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | BNP PARIBAS, a company      (societe anonyme)      duly organised and existing under the laws of the French Republic,      with a share capital of E 1,823,540,634 and having its registered office      at 16, boulevard des Italiens, 75009 Paris, France as lender (the      "Original Lender"). |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | DEFINITIONS      AND INTERPRETATION |
|----|-------------------------------------|

| 1.1  | Definitions |
|-----------|-------------|

----

|  | (a) | the      amount of its participation in any outstanding Loans;  and |
|--|-----|---------------------------------------------------------------------|

|  | (b) | in      relation to any proposed Utilisation, the amount of its participation in      any Loans that are due to be made on or before the proposed Utilisation      Date. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | in      relation to the Original Lender, an amount equal to the Facility Amount      and the amount of any other Commitment transferred to it under this      Agreement; and |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (b) | in      relation to any other Lender, the amount of any Commitment transferred to      it under this Agreement, |
|--|-----|-----------------------------------------------------------------------------------------------------------------|

|  | (a) | for      a Loan which is to be made at the date of the Conversion Request and for      which a Conversion Notice has been provided by the Borrower and accepted      by the Agent, the Utilisation Date for that Loan;  or |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | for      a Floating Rate Loan which has been made as at the date of the Conversion      Request and for which a Conversion Notice has been provided by the      Borrower and accepted by the Agent, the last day in the Interest Period      for that Floating Rate Loan that is current as at the date of such      Conversion Request. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | the      air (including, without limitation, the air within buildings and the air      within other natural or man-made structures above or below      ground); |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | water      (including, without limitation, territorial, coastal and inland waters,      ground and surface water and water in drains and  sewers); |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | land      (including, without limitation, surface and sub-surface    soil); |
|--|-----|-----------------------------------------------------------------------------|

|  | (d) | the      health of animals; |
|--|-----|-----------------------------|

|  | (e) | plants; |
|--|-----|---------|

|  | (f)  | natural      habitats; and |
|--|-----------|----------------------------|

|  | (g)  | human      health. |
|--|-----------|--------------------|

----

|  | (a) | moneys      borrowed; |
|--|-----|-----------------------|

|  | (b)  | debit      balances with financialinstitutions; |
|--|-----------|-------------------------------------------------|

|  | (c) | any      amount raised by acceptance under any acceptance credit facility or      dematerialised equivalent; |
|--|-----|--------------------------------------------------------------------------------------------------------------|

|  | (d) | any      amount raised pursuant to any note purchase facility or the issue of      bonds, notes, debentures, loan stock or any similar      instrument; |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (e) | the      amount of any liability in respect of any lease or hire purchase contract      which would, in accordance with GAAP, be treated as a finance or capital      lease; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (f) | receivables      sold or discounted (other than any receivables to the extent they are sold      on a non-recourse basis); |
|--|-----|----------------------------------------------------------------------------------------------------------------------------|

----

|  | (g) | any      derivative transaction entered into in connection with protection against      or benefit from fluctuation in any rate or price (and, when calculating      the value of any derivative transaction, only the marked to market value      shall be taken into account); |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (h) | any      counter-indemnity obligation in respect of a guarantee, indemnity, bond,      standby or documentary letter of credit or any other instrument issued by      a bank or financial institution (excluding any given in respect of trade      credit arising in the ordinary course of  trading); |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (i) | any      amount raised by the issue of redeemable shares which are redeemable a the      option of the holder on or before the Final Repayment  Date; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (j) | any      amount of any liability under an advance or deferred purchase agreement if      one of the primary reasons behind the entry into this agreement is to      raise finance; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (k) | any      amount raised under any other transaction (including any forward sale or      purchase agreement) having the commercial effect of a borrowing;      and |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (1) | (without      double counting) the amount of any liability in respect of any guarantee      or indemnity for any of the items referred to in paragraphs (a) to (k)      above. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | the      costs, claims, losses and liabilities that such Finance Party would incur      on termination under an interest rate swap agreement (regardless of      whether such an interest rate swap agreement has actually been entered      into by that Finance Party): |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (ii) | where      the date on which such Fixed Rate Event occurs is deemed to be the Early      Termination Date (as defined in the ISDA 1992 Master Agreement), the      amount payable on such Early Termination Date is determined under section      6(e) of the ISDA 1992 Master Agreement by Market Quotation and Second      Method and as if that Finance Party is the Non-Defaulting Party and the      Borrower the Defaulting Party (and the only Affected Party) (where Early      Termination Date, Market Quotation, Second Method, Non-Defaulting Party,      Defaulting Party and Affected Party each has the meaning provided to it in      the ISDA 1992 Master Agreement);and |
|--|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | any      other costs, claims, losses and liabilities that such Finance Party has      incurred or will incur under any other arrangement which that Finance      Party has entered with respect to hedging interest rate exposure and which      is attributable to such Fixed RateEvent. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | any      Loan (or part thereof) to be made under the Facility (a), if made; would      be a Fixed Rate Loan and (b) is not made by reason of the operation of any      one or more of the provisions of this Agreement (other than by reason of      default or negligence by that Finance Party  alone); |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | all      of a Scheduled Amount of a Fixed Rate Loan is not repaid on the Scheduled      Repayment Date for that Scheduled Amount;or |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | other      than repayment of all (but not part) of a Scheduled Amount of a Fixed Rate      Loan on the Scheduled Repayment Date for that Scheduled Amount, all or any      part of a Fixed Rate Loan is repaid on any date (including, for the      avoidance of doubt, if, for a Fixed Rate Loan, more or less than the      Scheduled Amount for that Fixed Rate Loan and for a Repayment Date is      repaid on that RepaymentDate). |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | the      interest which a Finance Party should have received for the period from      the date of receipt of all or any part of its participation in a Loan or      Unpaid Sum to the last day of the current Interest Period in respect of      that Loan or Unpaid Sum, had the principal amount or Unpaid Sum received      been paid on the last day of that Interest  Period; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (b) | the      amount which that Finance Party would be able to obtain by placing an      amount equal to the principal amount or Unpaid Sum received by it on      deposit with a leading bank in the Relevant Interbank Market for a period      starting on the Business Day following receipt or recovery and ending on      the last day of the current InterestPeriod. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | the      Original Lender; and |
|--|-----|-------------------------------|

|  | (b) | any      bank, financial institution, trust, fund or other entity which has become      a Party in accordance with Clause 23 (Changes to the      Lenders), |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (a) | the      applicable British Bankers' Association Interest Settlement Rate for      dollars for the relevant period, at the date of this Agreement displayed      on page 3750 of the Telerate screen or page BBAM of the Bloomberg screen,      provided that if each such page is replaced or service ceases to be      available, the Agent may specify another page or service displaying the      appropriate rate after consultation with the Borrower and the Lenders      (such rate, the "Screen Rate");or |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | (if      no Screen Rate is available for dollars for the Interest Period of that      Loan) the arithmetic mean of the rates (rounded upwards to four decimal      places) as supplied to the Agent at its request quoted by the Reference      Banks to leading banks in the London interbank  market, |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | if      there are no Loans then outstanding, a Lender or Lenders whose Commitments      aggregate more than 662/3% of      the Total Commitments (or, if the Total Commitments have been reduced to      zero, aggregated more than 662/3% of      the Total Commitments immediately prior to the reduction);    or |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | at      any other time, a Lender or Lenders whose participations in the Loans then      outstanding aggregate more than 662/3% of      all the Loans thenoutstanding. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | the      business, operations, property, financial condition of any Obligor, any      member of the Group or the Group taken as a  whole; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | the      ability of an Obligor to perform its payment and other material      obligations under the Finance Documents or to perform its material      obligations under any Telecommunications Licence;  or |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | the      validity or enforceability of the Finance Documents or any      Telecommunications Licence or the rights or remedies of any Finance Party      under the Finance Documents. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (a) | (subject      to paragraph (c) below) if the numerically corresponding day is not a      Business Day, that period shall end on the next Business Day in that      calendar month in which that period is to end if there is one, or if there      is not, on the immediately preceding Business  Day; |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | if      there is no numerically corresponding day in the calendar month in which      that period is to end, that period shall end on the last Business Day in      that calendar month; and |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | if      an Interest Period begins on the last Business Day of a calendar month,      that Interest Period shall end on the last Business Day in the calendar      month in which that Interest Period is toend. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | the      GSM networks operated by the Borrower in Brazil as at the Signing Date      together with, from time to time, each additional GSM network operated by      the Borrower in Brazil after the Signing Date;  and |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | on      or after the grant of the first 3G Telecommunications Licence to the      Borrower, from time to time, each 3G network by the Borrower in      Brazil. |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | in      relation to the Guarantor, its audited non-consolidated financial      statements and the consolidated financial statements of the Group, in each      case for the financial year ended 31 December 2007;  and |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | in      relation to the Borrower, its audited consolidated and non-consolidated      financial statements for its financial year ended 31 December      2007. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | any      sale, transfer, lease or disposal which is made in the ordinary course of      trading and on arm's lengthterms; |
|--|-----|---------------------------------------------------------------------------------------------------------------------------|

|  | (b) | for      fair market value, provided that, at the Obligors' sole discretion, (1)      the net disposal proceeds are applied towards prepayment of the Facilities      or (2) the net disposal proceeds are re-invested within 12 months after      the date of such disposal in assets to be used in the ordinary course of      business of the disposing entity; or (3), other than proceeds to which (1)      or (2) applies, the higher of the consideration and market value of all      assets of the Group disposed of pursuant to this paragraph (b) does not      in |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (c) | any      sale, transfer, lease or disposal by a member of the Group other than the      Borrower or the Guarantor to another member of the  Group; |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (d) | any      sale, transfer, lease or disposal to the Borrower or the      Guarantor; |
|--|-----|-----------------------------------------------------------------------------------|

|  | (e) | any      sale, lease, transfer or other disposal of assets which are worn out or      obsolete and which have been replaced or are no longer needed for the      business activities of the Group;and |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (f) | any      sale or transfer of receivables in an aggregate amount of up to R$      400,000,000 for the purpose of a transaction involving the securitization      of an Obligor'sreceivables. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (a)  | if: |
|--|-----------|-----|

|  | (i) | such      Corporate Reorganisation is on a solventbasis; |
|--|-----|----------------------------------------------------------|

|  | (ii) | the      Guarantor directly or indirectly continues to control the surviving entity      or surviving entities; and |
|--|------|---------------------------------------------------------------------------------------------------------------------|

|  | (iii) | the      financial position of the surviving entity or entities shall not be worse      than the financial position of each  member of the Group      involved in such Corporate Reorganisation prior to the Corporate      Reorganisation, which shall be supported by certified pro-forma      calculations to be provided to the Agent prior to such Corporate      Reorganisation; and |
|--|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b)  | if      such Corporate Reorganisation involves an  Obligor: |
|--|-----------|-------------------------------------------------------------|

|  | (i) | such      Obligor is a surviving entity following such Corporate      Reorganisation; |
|--|-----|---------------------------------------------------------------------------------------|

|  | (ii) | the      surviving entity continues to be bound by all the obligations of such      Obligor under the Finance Documents prior to such Corporate      Reorganisation; |
|--|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (iii) | immediately      following such Corporate Reorganisation, the obligations expressed to be      assumed by, and the Security expressed to be created by, such Obligor      under Finance Documents to which it is a party will each remain legal,      valid, binding and enforceable obligations of such Obligor;      and |
|--|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (iv) | in      the reasonable opinion of the Majority Lenders, such Corporate      Reorganisation will not have a Material Adverse Effect;  and |
|--|------|------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (v) | the      financial position of the Obligors involved in the Corporate Reorgansation      after the Corporate Reorganisation shall not be worse than the financial      position of the Obligors involved in the Corporate Reorgansation after the      Corporate Reorganisation prior to the Corporate Reorganisation, which      shall be supported by certified pro-forma calculations to be provided to      the Agent prior to such Corporate Reorganisation;  or |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (c)  | if      carried out with the prior written consent of the Agent. |
|--|-----------|------------------------------------------------------------------|

|  | (a) | any      Security listed in Schedule 4 (Existing Security),      except to the extent the principal amount secured by that Security      exceeds the amount stated in thatSchedule; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | any      lien arising by operation of law and in the ordinary course of      trading; |
|--|-----|---------------------------------------------------------------------------------------|

|  | (c) | any      Security over or affecting any asset acquired by a member of the      Group      after the date of this Agreementif: |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------|

|  | (i) | the      Security was not created in contemplation of the acquisition of that asset      by a member of the Group; |
|--|-----|--------------------------------------------------------------------------------------------------------------------|

|  | (ii) | the      principal amount secured has not been increased in contemplation of, or      since the acquisition of that asset by a member of the Group;      and |
|--|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (iii) | the      Security is removed or discharged within three (3) months of the date of      acquisition of such asset; |
|--|-------|-------------------------------------------------------------------------------------------------------------------|

|  | (d) | any      Security over or affecting any asset of any company which becomes a member      of the Group after the date of this Agreement, where the Security is      created prior to the date on which that company becomes a member of the      Group, if: |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (i) | the      Security was not created in contemplation of the acquisition of that      company; |
|--|-----|---------------------------------------------------------------------------------------------|

|  | (ii) | the      principal amount secured has not increased in contemplation of or since      the acquisition of that company;and |
|--|------|---------------------------------------------------------------------------------------------------------------------------|

|  | (iii) | the      Security is removed or discharged within three (3) months of that company      becoming a member of the Group;and |
|--|-------|----------------------------------------------------------------------------------------------------------------------------|

|  | (e) | any      Security securing indebtedness, relating to (a) loans from, or arranged      by, BNDES obtained by the Borrower or (b) any securitisation transaction      involving receivables originated by a member of the Group, the outstanding      principal amount of which (when aggregated with the outstanding principal      amount of any other such indebtedness which has the benefit of Security      given by the Borrower other than any permitted under paragraphs (a) to (d)      above) does not exceed R$ 2,575,000,000 (or its equivalent in any other      currency or currencies). |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (a) | any      offer, gift, payment, promise to pay, commission, fee, loan or other      consideration which would constitute bribery or an improper gift or      payment under, or a breach of, any law of a Relevant Jurisdiction;      or |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | any      offer, gift, payment, promise to pay, commission, fee, loan or other      consideration which would or might constitute bribery within the OECD      Convention on Combating Bribery of Foreign Public Officials in      International Business Transactions of 17 December  1997. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | England      and Wales; and |
|--|-----|-----------------------------|

|  | (b) | Brazil,      and "Relevant Jurisdiction" means any ofthem. |
|--|-----|------------------------------------------------------------|

----

|  | (a) | it      is or becomes unlawful for SACE to perform or comply with any or all of      its payment obligations pursuant to the SACE  Guarantee; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | any      of the obligations of SACE under the SACE Guarantee are not or cease to be      legal, valid, binding or in full force and  effect; |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | SACE      avoids, rescinds, repudiates, suspends or terminates the SACE Guarantee in      whole or in part, or |
|--|-----|----------------------------------------------------------------------------------------------------------------|

|  | (d) | any      event or circumstance occurs in any relevant jurisdiction which has or      might reasonably be expected to have a material adverse effect on the SACE      Guarantee. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (a) | which      is controlled, directly or indirectly, by the first mentioned company or      corporation; |
|--|-----|-------------------------------------------------------------------------------------------------------|

|  | (b) | more      than half the issued share capital of which is beneficially owned,      directly or indirectly by the first mentioned company or corporation;      or |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | which      is a Subsidiary of another Subsidiary of the first mentioned company or      corporation, |
|--|-----|------------------------------------------------------------------------------------------------------|

|  | (a) | each      of the Authorisations provided by Anatel or any other Authority in Brazil      to the Borrower to provide mobile services or personal communication      services in Brazil, being as at the date hereof, as set out in Schedule or      any other material Authorisation required from any Authority in Brazil for      the operation of the Network;and |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | each      3G Telecommunication Licence obtained by an  Obligor. |
|--|-----|-----------------------------------------------------------------|

|  | (a)  | the      proposed Transfer Date specified in the Transfer Certificate;      and |
|--|-----------|---------------------------------------------------------------------------------|

|  | (b)  | the      date on which the Agent executes the Transfer  Certificate. |
|--|-----------|----------------------------------------------------------------------|

----

| 1.2  | Construction |
|-----------|--------------|

|  | 1.2.1  | Unless      a contrary indication appears any reference in this Agreement      to: |
|--|-------------|------------------------------------------------------------------------------------|

|  | (a) | the      "Agent", the "Mandated Arranger ", any "Finance Party", any "Lender", any      "Obligor" or any "Party" shall be construed so as to include its      successors in title, permitted assigns and permitted      transferees; |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | "assets"      includes present and future properties, revenues and rights of every      description; |
|--|-----|------------------------------------------------------------------------------------------------------|

|  | (c) | a      "Finance Document" or any other agreement or instrument is a reference to      that Finance Document or other agreement or instrument as amended,      novated, supplemented, extended, replaced or  restated; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (d) | "indebtedness"      includes any obligation (whether incurred as principal or as surety) for      the payment or repayment of money, whether present or future, actual or      contingent; |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (e) | "include"      and "including" are to be construed without  limitation; |
|--|-----|-------------------------------------------------------------------------|

|  | (f) | a      "law" includes any law (including statutory and common law), statute,      constitution, decree, judgement, treaty, other legislative measure or      regulation of any governmental, intergovernmental or supranational body,      agency, department or regulatory, self-regulatory or other authority or      organisation; |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (g) | a      "person" includes any individual, firm, company, corporation, government,      state or agency of a state or any association, trust, joint venture,      consortium or partnership (whether or not having separate legal      personality); |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (h) | a      "regulation" includes any regulation, rule, official directive, request or      guideline (whether or not having the force of law) of any governmental,      intergovernmental or supranational body,Anatel, |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (i) | a      provision of law is a reference to that provision as amended or      re­enacted; and |
|--|-----|--------------------------------------------------------------------------------------------------|

|  | (j)  | a      time of day is a reference to Paris time. |
|--|-----------|--------------------------------------------------|

|  | 1.2.2 | "control"      with respect to a personmeans: |
|--|-------|-----------------------------------------------|

|  | (a) | the      power (whether by way of ownership of shares, proxy, contract, agency or      otherwise) to: |
|--|-----|-------------------------------------------------------------------------------------------------------|

|  | (i) | cast,      or control the casting of, more than one-half of the maximum number of      votes that might be cast at a general meeting of the relevant Obligor;      or |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (ii) | appoint      or remove all, or the majority, of the directors or other equivalent      officers of the relevant Obligor;or |
|--|------|----------------------------------------------------------------------------------------------------------------------------|

|  | (iii) | give      directions with respect to the operating and financial policies of the      relevant Obligor which the directors or other equivalent officers of the      relevant Obligor are obliged to comply with;or |
|--|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | the      holding of more than one-half of the issued share capital of the relevant      Obligor (excluding any part of that issued share capital that carries no      right to participate beyond a specified amount in a distribution of either      profits or capital) or otherwise holding more than one-half of the      economic interest of the relevantObligor. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 1.2.3  | Section,      Clause and Schedule headings are for ease of reference    only. |
|--|-------------|-------------------------------------------------------------------------------|

|  | 1.2.4 | Unless      a contrary indication appears, a term used in any other Finance Document      or in any notice given under or in connection with any Finance Document      has the same meaning in that Finance Document or notice as in this      Agreement. |
|--|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 1.2.5 | A      Default (other than an Event of Default) is "continuing" if it has not      been remedied or waived and an Event of Default is "continuing" if it has      not been waived. |
|--|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.3  | Currency      Symbols and Definitions |
|-----------|---------------------------------------|

|  | 1.3.1 | "USD",      "$" and "dollars" denote the lawful currency of the United States of      America. |
|--|-------|------------------------------------------------------------------------------------------------|

|  | 1.3.2 | "R$",      "BRL", "Reais" and "Brazilian Reais" denote the lawful currency of      Brazil. |
|--|-------|--------------------------------------------------------------------------------------------|

| 1.4  | Accounting      terms |
|-----------|-----------------------|

----

| 1.5  | Third      party rights |
|-----------|-------------------------|

|  | 1.5.1 | Unless      expressly provided to the contrary in a Finance Document, a person who is      not a Party has no right under the Contracts (Rights of Third Parties) Act      1999 (the "Third Parties Act") to enforce or to enjoy the benefit of any      term of this Agreement. |
|--|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 1.5.2 | Notwithstanding      any term of any Finance Document, the consent of any person who is not a      Party is not required to rescind or vary this Agreement at any      time. |
|--|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 2. | THE    FACILITY |
|----|-----------------|

| 2.1  | The      Facility |
|-----------|-------------------|

| 2.2  | Finance      Parties' rights and obligations |
|-----------|----------------------------------------------|

|  | 2.2.1 | The      obligations of each Finance Party under the Finance Documents are several.      Failure by a Finance Party to perform its obligations under the Finance      Documents does not affect the obligations of any other Party under the      Finance Documents. No Finance Party is responsible for the obligations of      any other Finance Party under the Finance  Documents. |
|--|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 2.2.2 | The      rights of each Finance Party under or in connection with the Finance      Documents are separate and independent rights and any debt arising under      the Finance Documents to a Finance Party from an Obligor shall be a      separate and independentdebt. |
|--|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 2.2.3 | A      Finance Party may, except as otherwise stated in the Finance Documents,      separately enforce its rights under the Finance  Documents. |
|--|-------|-------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | PURPOSE |
|----|---------|

| 3.1  | Purpose |
|-----------|---------|

|  | 3.1.1  | 3G      Telecommunications Licences to be acquired by the  Borrower; |
|--|-------------|----------------------------------------------------------------------|

|  | 3.1.2  | property,      plant and equipment; |
|--|-------------|-------------------------------------|

|  | 3.1.3  | intangible      assets; and |
|--|-------------|-----------------------------|

|  | 3.1.4 | acquisition      of, setting up or share capital increases in companies (other than Italian      companies). |
|--|-------|--------------------------------------------------------------------------------------------------------------|

| 3.2  | Monitoring |
|-----------|------------|

| 4. | CONDITIONS OF      UTILISATION |
|----|--------------------------------|

| 4.1  | Initial      conditions precedent |
|-----------|-----------------------------------|

----

| 4.2  | Further      conditions precedent |
|-----------|-----------------------------------|

|  | 4.2.1 | the      SACE Guarantee is in full force and effect and the SACE Guarantee provides      the relevant cover in relation to the proposed      Utilisation; |
|--|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.2.2  | no      SACE Guarantee Event has occurred and is  continuing; |
|--|-------------|---------------------------------------------------------------|

|  | 4.2.3  | no      Default is continuing or would result from the proposed Loan;      and |
|--|-------------|--------------------------------------------------------------------------------|

|  | 4.2.4 | the      Repeating Representations to be made by each Obligor are true in all      material respects. |
|--|-------|-------------------------------------------------------------------------------------------------------|

| 4.3  | Maximum      number of Loans |
|-----------|------------------------------|

----

| 5.  | UTILISATION      - LOAN |
|----------|-------------------------|

| 5.1  | Delivery      of a Utilisation Request |
|-----------|----------------------------------------|

| 5.2  | Completion      of the Utilisation Request |
|-----------|--------------------------------------------|

|  | 5.2.1 | The      Utilisation Request is irrevocable and will not be regarded as having been      duly completed unless: |
|--|-------|-----------------------------------------------------------------------------------------------------------------|

|   | (a) | the      proposed Utilisation Date is a Business Day within the Availability      Period; |
|--------|-----|-------------------------------------------------------------------------------------------|

|   | (b) | the      currency and amount of the Utilisation comply with Clause 5.3 (Currency and amount);      and |
|--------|-----|--------------------------------------------------------------------------------------------------------|

|   | (c) | the      proposed Interest Period complies with Clause 9 (Interest      Periods). |
|--------|-----|-----------------------------------------------------------------------------------|

|  | 5.2.2  | Only      one Loan may be requested in the Utilisation Request. |
|--|-------------|-----------------------------------------------------------------|

| 5.3 | Currency and      amount |
|-----|--------------------------|

|  | 5.3.1  | The      currency specified in the Utilisation Request must be    dollars. |
|--|-------------|----------------------------------------------------------------------------|

|  | 5.3.2 | The      amount of the proposed Loan must be an amount which is a minimum of five      million dollars ($5,000,000). |
|--|-------|----------------------------------------------------------------------------------------------------------------------|

| 5.4 | Lenders'      participation |
|-----|-----------------------------|

|   | 5.4.1 | If      the conditions set out in this Agreement have been met, each Lender shall      make its participation in the Loan by the Utilisation Date through its      Facility Office. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.4.2 | The      amount of each Lender's participation in the Loan will be equal to the      proportion borne by its Available Commitment to the Available Facility      immediately prior to making theLoan. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.4.3 | The      Agent shall notify each Lender of the amount of the Loan and the amount of      its participation in the Loan, in each case by the Specified      Time. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 6.1.1 | The      Borrower shall repay the Loan made in instalments by repaying on each      Repayment Date an amount which reduces the amount of the outstanding Loan      made by an amount equal to one twelfth of the Loan as at close of business      in Paris on the last day of the Availability  Period. |
|--|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.1.2  | The      Borrower may not re-borrow any part of the Facility which is      repaid. |
|--|-------------|------------------------------------------------------------------------------------|

|  | 7.1.1 | that      Lender shall promptly notify the Agent upon becoming aware of that      event; |
|--|-------|------------------------------------------------------------------------------------------|

|  | 7.1.2 | upon      the Agent notifying the Borrower, the Commitment of that Lender will be      immediately cancelled; and |
|--|-------|-------------------------------------------------------------------------------------------------------------------|

|  | 7.1.3 | the      Borrower shall repay that Lender's participation in the Loan made to it on      the last day of the Interest Period for the Loan occurring after the Agent      has notified the Borrower or, if earlier, the date specified by the Lender      in the notice delivered to theAgent. |
|--|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 7.2.1 | upon      the Agent notifying the Borrower, the Commitment of each Lender will be      immediately cancelled; and |
|--|-------|-------------------------------------------------------------------------------------------------------------------|

|  | 7.2.2 | if      the Agent so requires the Borrower shall repay each Lender's participation      in the Loan made to it on the last day of the Interest Period for the Loan      occurring after the Agent has notified the Borrower or, if earlier, the      date specified by the Agent. |
|--|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 7.3.1 | If      Telecom Italia ceases to control directly or indirectly an Obligor or      Telecom Italia ceases to hold directly or indirectly at least fifty per      cent. (50%) plus one (1) of the ordinary shares in any      Obligor: |
|--|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | such      Obligor shall promptly notify the Agent upon becoming aware of that      event; |
|--|-----|-------------------------------------------------------------------------------------------|

----

|   | (b) | a      Lender shall not be obliged to fund a Utilisation;  and |
|--------|-----|----------------------------------------------------------------|

|   | (c) | if      the Majority Lenders so require, the Agent shall, by not less than ten      (10) Business Days' notice to the Borrower, cancel the Total Commitments      and declare all outstanding Loans, together with accrued interest and all      other amounts accrued under the Finance Documents, immediately due and      payable, at which time the Total Commitments will be cancelled and all      such outstanding amounts will become immediately due and      payable. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 7.3.2 | If      the Guarantor ceases to control the Borrower or the Guarantor ceases to      hold a majority economic interest in any  Borrower: |
|--|-------|------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the      Guarantor shall promptly notify the Agent upon becoming aware of that      event; |
|--------|-----|--------------------------------------------------------------------------------------------|

|   | (b) | a      Lender shall not be obliged to fund a Utilisation;  and |
|--------|-----|----------------------------------------------------------------|

|   | (c) | if      the Majority Lenders so require, the Agent shall, by not less than ten      (10) Business Days' notice to the Borrower, cancel the Total Commitments      and declare the outstanding Loan (if any), together with accrued interest      and all other amounts accrued under the Finance Documents, immediately due      and payable, at which time the Total Commitments will be cancelled and all      such outstanding amounts will become immediately due and      payable. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 7.4.1 | The      Borrower may, if it gives the Agent not less than ten (10) Business Days'      (or such shorter period as the Majority Lenders may agree) prior notice,      prepay the whole or any part of the Loan (but, if in part, being an amount      that reduces the amount of the Loan by a minimum amount of five million      dollars ($5,000,000)). |
|--|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 7.4.2  | The      Loan may only be prepaid: |
|--|-------------|------------------------------------|

|  | (a) | after      the last day of the Availability Period (or, if earlier, the day on which      the Available Facility is zero);and |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | if      any Break Costs payable in connection with such prepayment in accordance      with Clause 10.4 (Funding Break Costs)      or 10.5 (Fixed Rate      Break Costs) are paid on or before the date of such      prepayment. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 7.4.3 | Any      prepayment under this Clause 7.4 shall satisfy the obligations      under       Clause      6.1 (Repayment of the      Loan) in inverse chronologicalorder. |
|--|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.5 | Mandatory      Prepayment |
|-----|---------------------------|

----

|  | 7.5.1 | the      Borrower is prevented from operating all or substantially all of the      Network operated by it: |
|--|-------|------------------------------------------------------------------------------------------------------------|

|   | (a) | by      applicable law, or pursuant to any decision or action of any Authority,      for a period in excess of seven (7) days;or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | as      a result of force majeure for a period in excess of fourteen (14) days or,      in circumstances where all other mobile telecoms operators in Brazil are      similarly affected by the applicable force majeure event for such period,      for a period in excess of fourteen (14) -days;  or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 7.5.2 | other      than for the reasons referred to in paragraph 7.5.1, the Borrower ceases      or suspends the operation of all or substantially all of the Network      previously operated by it for a period in excess of five (5) days;      or |
|--|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 7.5.3 | it      is or becomes unlawful for an Obligor to perform any of its obligations      under a Finance Document to which it is party unless such unlawfulness      arises as a result of any act or omission of an Obligor or any of their      respective Affiliates; or |
|--|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 7.5.4  | by      or under the authority of any government or other Authority in      Brazil: |
|--|-------------|-------------------------------------------------------------------------------------|

|   | (a) | the      management of any member of the Group is wholly or partially displaced or      the authority of any member of the Group in the conduct of its business is      wholly or partially curtailed; or; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | all      or a majority of the issued shares of any member of the Group or the whole      or any part (the book value, calculated using GAAP, of which is 20 per      cent. or more of the book value of the whole) of its revenues or assets is      seized, nationalised, expropriated or compulsorily acquired;      or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 7.5.5  | any      law of Brazil is enacted or introducedthat: |
|--|-------------|------------------------------------------------------|

|   | (a) | results      or is reasonably likely to result in the unavailability of dollars in the      interbank foreign exchange market in Brazil;or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | prohibits,      delays (for a period in excess of 30 days) or, in a material manner      restricts: |
|--------|-----|-----------------------------------------------------------------------------------------------------|

|  | (i) | the      conversion of BRL into dollars;or |
|--|-----|--------------------------------------------|

|  | (ii) | the      transfer of dollars from Brazil to other countries (or any class of      countries which includes any country where a Lender's Facility Office is      located), |
|--|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 7.6.1 | Any      notice of cancellation or prepayment given by any Party under this Clause      7 shall be irrevocable and, unless a contrary indication appears in this      Agreement, shall specify the date or dates upon which the relevant      cancellation or prepayment is to be made and the amount of that      cancellation or prepayment. |
|--|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 7.6.2 | Any      prepayment under this Agreement shall be made together with accrued      interest on the amount prepaid and, subject to any Break Costs, without      premium or penalty. |
|--|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 7.6.3  | The      Borrower may not reborrow any part of the Facility which is      prepaid. |
|--|-------------|------------------------------------------------------------------------------------|

|  | 7.6.4 | The      Borrower shall not repay or prepay all or any part of the Loans or cancel      all or any part of the Commitments except at the times and in the manner      expressly provided for in thisAgreement. |
|--|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 7.6.5 | No      amount of the Total Commitments cancelled under this Agreement may be      subsequently reinstated. |
|--|-------|-------------------------------------------------------------------------------------------------------------|

|  | 7.6.6 | If      the Agent receives a notice under this Clause 7 it shall promptly forward      a copy of that notice to the Borrower or the affected Lender, as      appropriate. |
|--|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 8.1.1 | Not      less than three (3) Business Days, before the proposed Conversion Date for      the Loan and on or before the Repayment Date immediately prior to the      Final Repayment Date, the Borrower may deliver to the Agent a duly      completed Conversion Request in respect of all of (but not part of) (a) a      Loan to be made or (b) a Floating Rate Loan made to the Borrower, and      requesting a quotation from the Agent on the proposed Fixed Rate      that: |
|--|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | would      be applicable to the Loan if it were made as a Fixed Rate Loan;      or |
|--|-----|------------------------------------------------------------------------------------|

|  | (b) | would      be applicable to the Floating Rate Loan if it were to be converted into a      Fixed Rate Loan on the first day of the next succeeding Interest      Period. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 8.1.2 | The      Borrower may not deliver a Conversion Request for a Loan that is to be      made unless on or prior to the delivery of such Conversion Request, it has      delivered a Utilisation Request for suchLoan. |
|--|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 8.1.3 | Subject      to Clause 8.1.5, upon receipt of a duly completed Conversion Request from      the Borrower, the Agent shall promptly notify each of the Lenders and each      of the Lenders shall provide to the Agent its acceptance or refusal to      provide the Fixed Rate not less than four (4) Business Days after receipt      of a Conversion Request. |
|--|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 8.1.4 | Not      later than 12 noon on the date falling two (2) Business Days prior to the      proposed Conversion Date for the Loan and subject to all Lenders having      accepted the relevant Conversion Request, a conference call (the "Quotation Conference      Call") shall be held among the Borrower that delivered the relevant      Conversion Request, each Lender and the Agent, for the purpose of      determining a fixed rate for the Loan. The Quotation Conference Call will      be attended by representatives of the Borrower, the Lenders and the Agent      (each of whom shall be authorised to arrange fixed rate funding and a      fixed rate for the Loan without reference to another person). It is hereby      accepted by the Borrower that any acceptance given by the Borrower during      the Quotation Conference Call of a fixed rate for the Loan provided by the      Agent (acting on the instructions of the Lenders) shall, by virtue of the      Borrower's signature to this Agreement, constitute acceptance by the      Borrower of that fixed rate as the Fixed Rate for the Loan and express      authority from the Borrower to the Lenders to arrange such funding at the      rate so provided by the Agent and agreed to by the Borrower. If the      Lenders and the Borrower agree upon a fixed rate of interest for the Loan      on a Quotation Conference Call, the Borrower shall confirm such agreed      fixed rate of interest to the Agent with the Conversion Notice (duly      executed by an |
|--|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 8.1.5 | Each      of the Lenders shall not be obliged to provide a fixed rate in respect of      a Conversion Request if: |
|--------|-------|-------------------------------------------------------------------------------------------------------------------|

|  | (a) | a      Default has occurred and iscontinuing; |
|--|-----|-----------------------------------------------|

|  | (b) | that      Lender has not received all necessary internal credit approvals to provide      a fixed rate; or |
|--|-----|------------------------------------------------------------------------------------------------------------|

|  | (c) | it      is not practicable for that Lender to enter into interest rate swap      arrangements for the swapping of LIBOR interest rates for fixed rates for      the period until the Final Repayment Date in the Relevant Interbank      Market. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8.1.6 | If      the Borrower accepts a Fixed Rate during the Quotation Conference Call and      issues a Conversion Notice pursuant to such Quotation Conference Call      which has been accepted by the Agent,then: |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | if      such Conversion Notice relates to a Loan which is to be made to the      Borrower, the Loan shall be a Fixed Rate Loan as of its Utilisation Date      and interest on the Loan shall, from and including that Utilisation Date,      be calculated in accordance with Clause 8.3 (Calculation of interest —      Fixed Rate Loan); and |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | if      such Conversion Notice relates to a Floating Rate Loan which has been made      to the Borrower, that Floating Rate Loan shall become a Fixed Rate Loan on      the first day of the Interest Period immediately following the Conversion      Request and interest on the Loan shall, from and including the first day      of the Interest Period immediately following the Conversion Request, be      calculated in accordance with Clause 8.3 (Calculation of interest —      Fixed Rate Loan). |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 8.1.7 | Any      Conversion Notice, once accepted by the Agent, shall be      irrevocable. |
|--|-------|------------------------------------------------------------------------------------|

|  | 8.1.8  | No      Fixed Rate Loan may be converted into a Floating Rate  Loan. |
|--|-------------|----------------------------------------------------------------------|

|  | 8.2.1  | Margin;      and |
|--|-------------|------------------|

|  | 8.2.2  | LIBOR. |
|--|-------------|--------|

----

|  | 8.3.1  | Margin;      and |
|--|-------------|------------------|

|  | 8.3.2  | Fixed      Rate for the Fixed Rate Loan. |
|--|-------------|------------------------------------------|

|  | 8.5.1 | If      the Borrower fails to pay any amount payable by it under a Finance      Document on its due date, interest shall accrue on the overdue amount from      the due date up to the date of actual payment (both before and after      judgment) at a rate which, subject to paragraph (b) below, is one per cent      (1%) higher than the rate which would have been payable if the overdue      amount had, during the period of non-payment, constituted a Floating Rate      Loan in the currency of the overdue amount for successive Interest      Periods, each of a duration selected by the Agent (acting reasonably). Any      interest accruing under this Clause 8.5 shall be immediately payable by      the Borrower on demand by theAgent. |
|--|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 8.5.2 | If      any overdue amount consists of all or part of the Loan which became due on      a day which was not the last day of an Interest Period relating to the      Loan: |
|--|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the      first Interest Period for that overdue amount shall have a duration equal      to the unexpired portion of the current Interest Period relating to the      Loan; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | the      rate of interest applying to the overdue amount during that first Interest      Period shall be one per cent. (1%) higher than the rate which would have      applied if the overdue amount had constituted a Floating Rate      Loan. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 8.5.3 | Default      interest (if unpaid) arising on an overdue amount will be compounded with      the overdue amount at the end of each Interest Period applicable to that      overdue amount but will remain immediately due and  payable. |
|--|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 9.1.1 | Subject      to this Clause 9, each Interest Period for the Loan shall be six      Months. |
|--|-------|--------------------------------------------------------------------------------------------|

|  | 9.1.2 | Any      Interest Period for the Loan that begins before a Repayment Date and would      otherwise extend beyond such Repayment Date, shall end on such Repayment      Date. |
|--|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 9.1.3 | An      Interest Period for the Loan shall not extend beyond the Final Repayment      Date. |
|--|-------|---------------------------------------------------------------------------------------------|

|  | 9.1.4 | Each      Interest Period for the Loan shall start on the Utilisation Date or (if      already made) on the last day of its preceding Interest      Period. |
|--|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.2 | Non-Business      Days |
|-----|------------------------|

|  | 10.2.1 | If      a Market Disruption Event occurs in relation to the Loan for any Interest      Period, then the rate of interest on each Lender's share of the Loan for      the Interest Period shall be the percentage rate per annum which is the      sum of: |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | the      Margin; and |
|--|-----|----------------------|

|  | (b) | the      rate notified to the Agent by that Lender as soon as 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 that Lender of funding its participation in the Loan from whatever      source it may reasonablyselect. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 10.2.2  | In      this Agreement "Market Disruption Event"      means: |
|--|--------------|--------------------------------------------------------------|

|  | (a) | at      or about noon on the Quotation Day for the relevant Interest Period the      Screen Rate is not available and, none or only one of the Reference Banks      supplies a rate to the Agent to determine LIBOR for dollars and the      relevant Interest Period; or |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | before      close of business in London on the Quotation Day for the relevant Interest      Period, the Agent receives notifications froma |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 10.3.1 | If      a Market Disruption Event occurs and the Agent or the Borrower so require,      the Agent and the Borrower shall enter into negotiations (for a period of      not more than thirty days) with a view to-agreeing-asubstitute basis for      determining the rate of interest. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 10.3.2 | Any      alternative basis agreed pursuant to paragraph 10.3.1 above shall, with      the prior consent of all the Lenders and the Borrower, be binding on all      Parties. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 10.4.1 | The      Borrower shall, within three (3) Business Days of demand by a Finance      Party, pay to that Finance Party its Funding Break Costs attributable to      all or any part of the Loan or Unpaid Sum being paid by the Borrower on a      day other than the last day of an Interest Period for the Loan or Unpaid      Sum. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 10.4.2 | Each      Lender shall, as soon as reasonably practicable after a demand by the      Agent, provide a certificate confirming the amount of its Funding Break      Costs for any Interest Period in which they  accrue. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 10.5.1 | If      a Fixed Rate Event occurs in respect of a Loan made or to be made to the      Borrower, the Borrower shall, within three (3) Business Days of demand by      a Finance Party, pay to that Finance Party its Fixed Rate Break      Costs. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 10.5.2 | Each      Lender shall, as soon as reasonably practicable after a demand by the      Agent, provide a certificate confirming the amount of its Fixed Rate Break      Costs to which any demand under Clause 10.5.1  relates. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.1 | Commitment      fee |
|------|---------------------|

|  | 12.1.1 | The      Borrower shall pay to the Agent (for the account of each Lender and, to      the extent provided in the SACE Guarantee, SACE) a fee in      dollars |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 12.1.2 | The      accrued commitment fee is payable on the last day of the Availability      Period and, if cancelled in full, on the cancelled amount of the relevant      Lender's Commitment at the time the cancellation is    effective. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 13.1.1  | In      this Agreement: |
|--|--------------|-------------------------|

|  | 13.1.2 | Unless      a contrary indication appears, in this Clause 13 (Tax Gross Up and Indemnities)      a reference to "determines" or "determined" means a determination      made in the absolute discretion of the person making the      determination. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 13.2.1 | Each      Obligor shall make all payments to be made by it without any Tax      Deduction, unless a Tax Deduction is required by  law. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------|

|  | 13.2.2 | Each      Obligor shall promptly upon becoming aware that it must make a Tax      Deduction (or that there is any change in the rate or the basis of a Tax      Deduction) notify the Agent accordingly. Similarly, a Lender shall notify      the Agent on becoming so aware in respect of a payment payable to that      Lender. If the Agent receives such notification from a Lender it shall      notify the relevant Obligor. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 13.2.3 | If      a Tax Deduction is required by law to be made by an Obligor, the amount of      the payment due from that Obligor shall be increased to an amount which      (after making any Tax Deduction) leaves an amount equal to the payment      which would have been due if no Tax Deduction had been      required. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 13.2.4 | If      an Obligor is required to make a Tax Deduction, that Obligor shall make      that Tax Deduction and any payment required in connection    with |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 13.2.5 | Within      two (2) Months of making either a Tax Deduction or any payment required in      connection with that Tax Deduction, the Obligor making that Tax Deduction      shall deliver to the Agent for the Finance Party entitled to the      payment: |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | save      as provided in paragraph (b) below, an original (or certified copy), and      if unavailable, evidence satisfactory to that Finance Party that the Tax      Deduction has been made or (as applicable) any appropriate payment paid to      the relevant taxing authority;and |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | if      such Tax Deduction is made in Brazil, an original copy of a document      (DARF) from the Brazilian Tax Authority certifying that the appropriate      payment has been paid to the Brazilian Tax  Authority. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 13.3.1 | The      Borrower shall (within three (3) Business Days of demand by the Agent) pay      to a Protected Party an amount equal to the loss, liability or cost which      that Protected Party determines will be or has been (directly or      indirectly) suffered for or on account of Tax by that Protected Party in      respect of a Finance Document. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 13.3.2 | Paragraph      13.3.1 above shall not apply: |
|--|--------|----------------------------------------------|

|  | (a) | with      respect to any Tax assessed on a FinanceParty: |
|--|-----|----------------------------------------------------------|

|  | (i) | under      the law of the jurisdiction in which that Finance Party is incorporated      or, if different, the jurisdiction (or jurisdictions) in which that      Finance Party is treated as resident for tax purposes;  or |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (ii) | under      the law of the jurisdiction in which that Finance Party's Facility Office      is located in respect of amounts received or receivable in that      jurisdiction, |
|--|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | to      the extent a loss, liability or cost is compensated for by an increased      payment under Clause 13.2 (Tax      gross-up). |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------|

|  | 13.3.3 | A      Protected Party making, or intending to make a claim under paragraph      13.3.1 above shall promptly notify the Agent of the event which will give,      or has given, rise to the claim, following which the Agent shall notify      the Borrower. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 13.3.4 | A      Protected Party shall, on receiving a payment from an Obligor under this      Clause 13.3, notify the Agent. |
|--|--------|---------------------------------------------------------------------------------------------------------------------|

|  | 13.4.1 | If      the Borrower makes a Tax Payment and the relevant Finance Party determines      that: |
|--|--------|-----------------------------------------------------------------------------------------------|

|  | (a) | a      Tax Credit is attributable either to an increased payment of which that      Tax Payment      forms part, or to that Tax Payment;  and |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | that      Finance Party has fully obtained, utilised and retained that Tax      Credit, |
|--------|-----|-----------------------------------------------------------------------------------------|

|  | 13.4.2 | No      Finance Party shall be required to provide fiscal or accounting proof      regarding its computation of any Tax Credit or to provide information      regarding its tax situation or its tax credit policy in respect of any tax      credit matter. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 13.4.3 | Each      Finance Party shall have an absolute discretion as to the extent, order      and manner in which it shall use Tax Credits and any tax refunds of which      it may benefit under French law or under a tax treaty, whatsoever its      origin or nature. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 13.6.1 | All      amounts set out, or expressed to be payable under a Finance Document by      any party to such Finance Document to a Finance Party which (in whole or      in part) constitute the consideration for VAT purposes shall be deemed to      be exclusive of any VAT which is chargeable on such supply, and      accordingly, subject to paragraph 13.6.3 below, if VAT is chargeable on      any supply made by any Finance Party to any party to a Finance Document      under a Finance Document, that party shall pay to the Finance Party (in      addition to and at the same time as paying the consideration) an amount      equal to the amount of the VAT (and such Finance Party shall promptly      provide an |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 13.6.2 | If      VAT is chargeable on any supply made by any Finance Party (the "Supplier")      to any other Finance Party (the "Recipient") under a Finance Document, and      any party to a Finance Document (the "Relevant Party") is required by the      terms of any Finance Document to pay an amount equal to the consideration      for such supply to the Supplier (rather than being required to reimburse      the Recipient in respect of that consideration), such Party shall also pay      to the Supplier (in addition to and at the same time as paying such      amount) an amount equal to the amount of such VAT. The Recipient will      promptly pay to the Relevant Party an amount equal to any credit or      repayment from the relevant tax authority which it reasonably determines      relates to the VAT chargeable on thatsupply. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 13.6.3 | Where      a Finance Document requires any party to a Finance Document to reimburse a      Finance Party for any costs or expenses, that party to a Finance Document      shall also at the same time pay and indemnify the Finance Party against      all VAT incurred by the Finance Party in respect of the costs or expenses      to the extent that the Finance Party reasonably determines that neither it      nor any other member of any group of which it is a member for VAT purposes      is entitled to credit or repayment from the relevant tax authority in      respect of the VAT. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.  | INCREASED COSTS |
|-----------|-----------------|

| 14.1  | Increased costs |
|------------|-----------------|

|  | 14.1.1 | Subject      to Clause 14.3 (Exceptions) the      Borrower shall, within three (3) Business Days of a demand by the Agent,      pay for the account of a Finance Party the amount of any Increased Costs      incurred by that Finance Party or any of its Affiliates as a result of (i)      the introduction of or any change in (or in the interpretation,      administration or application of) any law or regulation or (ii) compliance      with any law or regulation made or implemented after the date of this      Agreement. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 14.1.2 | In      this Agreement "Increased Costs"means: |
|--|--------|------------------------------------------------|

|  | (a)  | a      reduction in the rate of return from the Facility or on a Finance Party's      (or its Affiliate's) overallcapital; |
|--|-----------|----------------------------------------------------------------------------------------------------------------------------|

|  | (b)  | an      additional or increased cost; or |
|--|-----------|------------------------------------------|

|  | (c)  | a      reduction of any amount due and payable under any Finance      Document, |
|--|-----------|---------------------------------------------------------------------------------|

----

|  | 14.2.1 | A      Finance Party intending to make a claim pursuant to Clause 14.1 (Increased costs) shall      notify the Agent of the event giving rise to the claim, following which      the Agent shall promptly notify theBorrower. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 14.2.2 | Each      Finance Party shall, as soon as practicable after a demand by the Agent,      provide a certificate confirming the amount of its Increased Costs and      providing reasonable detail of the background and computation of that      claim. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.3  | Exceptions |
|------------|------------|

|  | 14.3.1 | Clause      14.1(Increased      costs) does not apply to the extent any Increased Cost      is: |
|--|--------|-------------------------------------------------------------------------------------------------|

|  | (a) | attributable      to a Tax Deduction required by law to be made by an    Obligor; |
|--|-----|-----------------------------------------------------------------------------------|

|  | (b) | compensated      for by Clause 13.3 (Tax      indemnity) (or would have been compensated for under Clause 13.3      (Tax indemnity)      but was not so compensated solely because any of the exclusions in      paragraph (b) of Clause 13.3 (Tax indemnity)      applied); |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | attributable      to the wilful breach by the relevant Finance Party or its Affiliates of      any law or regulation, or |
|--|-----|--------------------------------------------------------------------------------------------------------------------------|

|  | (d) | which      is attributable to the implementation or application of or compliance with      the "International Convergence of Capital Measurement and Capital      Standards, a Revised Framework" published by the Basel Committee on      Banking Supervision in June 2004 in the form existing on the date of this      Agreement ("Basel II") or any other law or regulation which implements      Basel II (whether such implementation, application or compliance is by a      government, regulator, Finance Party or any of its      affiliates). |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 14.3.2 | In      this Clause 14.3, a reference to a "Tax Deduction" has the same meaning      given to the term in Clause 13.1 (Definitions). |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------|

| 15.  | OTHER      INDEMNITIES |
|-----------|------------------------|

| 15.1  | Currency      indemnity |
|------------|-------------------------|

|  | 15.1.1 | If      any sum due from the Borrower under the Finance Documents (a "Sum"), or      any order, judgment or award given or made in relation to a Sum, has to be      converted from the currency (the "First Currency") in which that Sum is      payable into another currency (the "Second Currency") for the purpose      of: |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | making      or filing a claim or proof against theBorrower; |
|--|-----|-------------------------------------------------------------|

----

|  | (b) | obtaining      or enforcing an order, judgment or award in relation to any litigation or      arbitration proceedings, |
|--|-----|------------------------------------------------------------------------------------------------------------------------|

|  | 15.1.2 | The      Borrower waives any right it may have in any jurisdiction to pay any      amount under the Finance Documents in a currency or currency unit other      than that in which it is expressed to be  payable. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.2 | Other      indemnities |
|------|------------------------|

|  | 15.2.1 | the      occurrence of any Event ofDefault; |
|--|--------|---------------------------------------------|

|  | 15.2.2 | a      failure by an Obligor to pay any amount due under a Finance Document on      its due date, including without limitation, any cost, loss or liability      arising as a result of Clause 27 (Sharing among the Finance      Parties); |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 15.2.3 | funding,      or making arrangements to fund, its participation in a Loan requested by      the Borrower in a Utilisation Request but not made by reason of the      operation of any one or more of the provisions of this Agreement (other      than by reason of default or negligence by that Finance Party      alone); |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 15.2.4 | any      indemnity payment made by such Finance Party to the Agent (other than in      respect of any cost, loss or liability incurred as direct result of such      Finance Party's gross negligence or wilful misconduct);  or |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 15.2.5 | the      Loan (or part of the Loan) not being prepaid in accordance with a notice      of prepayment given by theBorrower. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------|

|  | 15.3.1  | investigating      any event which it reasonably believes is a Default;  or |
|--|--------------|-----------------------------------------------------------------------------|

|  | 15.3.2 | acting      or relying on any notice, request or instruction which it reasonably      believes to be genuine, correct and appropriately    authorised. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 16.1.1 | Each      Finance Party shall, in consultation with the Borrower, take all      reasonable steps to mitigate any circumstances which arise and which would      result in any amount becoming payable under or pursuant to, or cancelled      pursuant to, any of Clause 7.1 (Illegality), Clause 13      (Tax Gross Up and      Indemnities) or Clause 14 (Increased Costs)      including (but not limited to) transferring its rights and      obligations under the Finance Documents to another Affiliate or Facility      Office. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 16.1.2 | Paragraph      16.1.1 above does not in any way limit the obligations of any Obligor      under the Finance Documents. |
|--|--------|------------------------------------------------------------------------------------------------------------------------|

|  | 16.2.1 | The      Obligors jointly and severally shall within, three (3) Business Days of      demand, indemnify each Finance Party for all costs and expenses reasonably      incurred by that Finance Party as a result of steps taken by it under      Clause 16.1 (Mitigation). |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 16.2.2 | A      Finance Party is not obliged to take any steps under Clause 16.1 (Mitigation) if, in the      opinion of that Finance Party (acting reasonably), to do so might be      prejudicial to it. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 17.1.1 | this      Agreement and any other documents referred to in this Agreement;      and |
|--|--------|-------------------------------------------------------------------------------------|

|  | 17.1.2 | any      other Finance Documents executed after the date of this Agreement. |
|--|--------|-----------------------------------------------------------------------------|

----

|  | 18.1.1 | It      is a corporation, duly incorporated and validly existing under the law of      its jurisdiction ofincorporation. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------|

|  | 18.1.2 | It      has the power to own its assets and carry on its business as it is being      conducted. |
|--|--------|--------------------------------------------------------------------------------------------------|

|  | 18.2.1 | It      has the power to enter into, perform and deliver, and has taken all      necessary action to authorise its entry into, performance and delivery of,      the Finance Documents to which it is a party and the transactions      contemplated by those FinanceDocuments. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 18.2.2  | All      Authorisations required: |
|--|--------------|-----------------------------------|

|  | (a) | to      enable it lawfully to enter into, exercise its rights and comply with its      obligations in the Finance Documents to which it is a party;      and |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | to      make the Finance Documents to which it is a party admissible      in evidence in Brazil, |
|--|-----|-------------------------------------------------------------------------------------------------------|

|  | 18.2.3 | All      Telecommunications Licences required for the operation of the Network have      been obtained and are in full force andeffect. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------|

|  | 18.4.1 | any      law or regulation applicable to it; |
|--|--------|----------------------------------------------|

|  | 18.4.2 | its      constitutional documents; or |
|--|--------|---------------------------------------|

----

|  | 18.4.3 | any      material agreement or instrument binding upon it or any of its      Subsidiaries or any of its or any of its Subsidiaries'    assets. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 18.7.1 | Its      Original Financial Statements were prepared in accordance with GAAP      consistently applied. |
|--|--------|---------------------------------------------------------------------------------------------------------|

|  | 18.7.2 | Its      Original Financial Statements fairly represent its financial condition and      operations (consolidated in the case of the Guarantor) during the relevant      financial year. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 18.7.3 | There      has been no material adverse change in its business or financial condition      of any member of the Group (or the consolidated business or financial      condition the Group) since the date on which the latest audited financial      statements of such party or parties were  prepared. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 18.16.1 | The      choice of English law as the governing law of the Finance Documents will      be recognised and enforced inBrazil. |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------|

|  | 18.16.2 | Any      judgment obtained in England in relation to a Finance Document will be      recognised and enforced inBrazil. |
|--|---------|------------------------------------------------------------------------------------------------------------------------|

|  | 18.18.1 | No      Prohibited Payment has been made or provided, directly or indirectly, by      (or on behalf of) it, any of its Affiliates, its or its Affiliates'      officers, directors or any other person acting on its behalf to, or for      the benefit of, any Authority (or any official, officer, director, agent      or key employee of, |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 18.18.2 | None      of it, any of its Affiliates, its or its Affiliates' officers, directors      or any other person acting on its behalf has been held by the judgment of      a court, in a criminal or a civil matter, to have carried out a Prohibited      Payment. |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 18.19.1 | No      investments in shares in the Borrower and no payments made by the Borrower      in respect of Telecommunications Licences have been funded out of funds of      Illicit Origin, and none of the sources of funds to be used by the      Borrower in connection with the acquisition of the Telecommunications      Licences or its business are of IllicitOrigin. |
|--|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 18.19.2 | None      of the Loans will be used to finance equipment or sectors under embargo      decisions of the United Nations, the World Bank, the European Union or      Italy. |
|--|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 18.20.1 | It      has duly and punctually paid and discharged all Taxes imposed upon it or      its assets within the time period allowed without incurring penalties      (except to the extent that (i) payment is being contested in good faith,      (ii) it has maintained adequate reserves for those Taxes and (iii) payment      can be lawfully withheld). |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 18.20.2 | It      is not materially overdue in the filing of any Tax  returns. |
|--|---------|----------------------------------------------------------------------|

|  | 18.20.3 | No      claims are being or are reasonably likely to be asserted against it with      respect to Taxes. |
|--|---------|---------------------------------------------------------------------------------------------------------|

|  | 18.22.1 | The      Repeating Representations are deemed to be made by each Obligor (by      reference to the facts and circumstances then existing) on the date of      each Utilisation Request and on the first day of each Interest      Period. |
|--|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 18.22.2 | If      on any date of repetition of the representation and warranty set out in      Clause 18.7(Financial statements)      the audited financial statements of an Obligor (consolidated and      non-consolidated) for a period ending subsequent to the dates referred to      in the definition of "Original Financial Statements" have been published,      that Clause will be treated as referring to the latest such audited      financial statements (consolidated and non-consolidated) of that      Obligor. |
|--|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 18.22.3 | The      representations and warranties contained in Clause 18.6(No misleading information)      are deemed to be made in respect of information on the date such      information is delivered to any of the Finance  Parties. |
|--|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 19.1.1 | as      soon as the same become available, but in any event within one hundred and      eighty (180) days after the end of each of its financial years, its      audited financial statements (consolidated and non-consolidated) for that      financial year; and |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 19.1.2 | as      soon as the same become available, but in any event within forty-five (45)      days after the end of each half of each of its financial years, its      financial statements for that financial half  year. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 19.2.1 | The      Guarantor shall supply to the Agent and SACE, with each set of financial      statements delivered pursuant to paragraph 19.1.1 or 19.1.2 of Clause      19.1(Financial      statements), a Compliance Certificate setting out (in reasonable      detail) computations as to compliance with Clause 21 (Financial covenants)      as at the date at which those financial statements were drawn      up. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 19.2.2 | Each      Compliance Certificate shall be signed by two directors of the      Guarantor. |
|--|--------|------------------------------------------------------------------------------------------|

|  | 19.3.1 | Each      set of financial statements delivered by an Obligor pursuant to Clause      19.1(Financial      statements) shall be certified by a director of the relevant      company as fairly representing its financial condition as at the date at      which those financial statements were drawnup. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 19.3.2 | The      Obligors shall procure that each set of financial statements delivered      pursuant to Clause 19.1(Financial statements)      is prepared usingGAAP. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 19.3.3 | The      Guarantor shall procure that each set of financial statements of the      Guarantor delivered pursuant to Clause 19.1(Financial statements)      is prepared using GAAP and accounting practices and financial      reference periods consistent with those applied in the preparation of the      Original Financial Statements for the Guarantor unless, in relation to any      set of financial statements, it notifies the Agent that there has been a      change in GAAP or the accounting practices or reference periods, and its      auditors deliver to theAgent: |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (a) | a      description of any change necessary for those financial statements to      reflect the GAAP, accounting practices and reference periods upon which      the Guarantor's Original Financial Statements were prepared;      and |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | sufficient      information, in form and substance as may be reasonably required by the      Agent, to enable the Lenders to determine whether Clause 21 (Financial covenants)      has been complied with and make an accurate comparison between the      financial position indicated in those financial statements and the      Guarantor’s Original FinancialStatements. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 19.4.1 | supply      to the Agent no later than five (5) Business Days after receipt or      despatch of the same, copies of all correspondence with the Anatel or any      other Authority in Brazil relating to any current, potential or threatened      termination, suspension, breach or amendment of any Telecommunications      Licence; and |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 19.4.2  | notify      the Agent no later than three (3) Business Days after becoming aware of      the same of any suspension of the operations by the Borrower of all or      substantially all of the Network operated by the Borrower for a period in      excess of forty-eight (48)hours. |
|--|--------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 19.5.1 | all      documents despatched by the Borrower to its shareholders (or any class of      them) or its creditors generally at the same time as they are      dispatched; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 19.5.2 | promptly      upon becoming aware of them, the details of any litigation, arbitration or      administrative proceedings which are current, threatened in writing or      pending against any member of the Group (or against the directors of any      member of the Group), and which might, if adversely determined, have a      Material Adverse Effect; and |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 19.5.3 | promptly,      such further information regarding the financial condition, business and      operations of any member of the Group as any Finance Party (through the      Agent) may reasonablyrequest. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 19.6.1 | Each      Obligor shall notify the Agent of any Default (and the steps, if any,      being taken to remedy it) promptly upon becoming aware of its occurrence      (unless that Obligor is aware that a notification has already been      provided by another Obligor). |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 19.6.2 | Promptly      upon a request by the Agent, the Borrower shall each supply to the Agent a      certificate signed by two of its directors or senior officers on its      behalf certifying that no Default is continuing (or if a Default is      continuing, specifying the Default and the steps, if any, being taken to      remedy it). |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 19.7.1  | If: |
|--|--------------|-----|

|  | (a) | the      introduction of or any change in (or in the interpretation, administration      or application of) any law or regulation made after the date of this      Agreement; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | any      change in the status of an Obligor or the composition of the shareholders      of an Obligor after the date of this Agreement;  or |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | a      proposed assignment or transfer by a Lender of any of its rights and      obligations under this Agreement to a party that is not a Lender prior to      such assignment or transfer, |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 19.7.2 | Each      Lender shall promptly upon the request of the Agent supply, or procure the      supply of, such documentation and other evidence as is reasonably      requested by the Agent (for itself) in order for the Agent to carry out      and be satisfied it has complied with all necessary "know your customer"      or other similar checks under all applicable laws and regulations pursuant      to the transactions contemplated in the Finance  Documents. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 20.1.1 | conduct      its business in accordance with Best Industry Practice;  and |
|--|--------|---------------------------------------------------------------------------|

|  | 20.1.2 | ensure      that no substantial change is made to the general nature of its business      or of the business of the Group from that carried on at the date of this      Agreement. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 20.2.1 | obtain,      comply with and do all that is necessary to maintain in full force and      effect each Authorisation;and |
|--|--------|------------------------------------------------------------------------------------------------------------------------|

|  | 20.2.2 | upon      the reasonable request of the Agent, supply certified copies to the Agent      of each materialAuthorisation, |
|--|--------|-------------------------------------------------------------------------------------------------------------------------|

|  | 20.3.1 | do      all that is necessary to maintain in full force and effect (and, if      necessary, renew) each of the Telecommunications  Licences; |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------|

|  | 20.3.2 | in      all material respects, construct and operate the Network in accordance      with the Telecommunications Licences;and |
|--|--------|------------------------------------------------------------------------------------------------------------------------------|

|  | 20.3.3 | comply      will all material provisions of the Telecommunications      Licences. |
|--|--------|-----------------------------------------------------------------------------------|

|  | 20.5.1 | No      Obligor shall (and the Guarantor shall ensure that no other member of the      Group will) create or permit to subsist any Security over any of its      assets. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 20.5.2 | No      Obligor shall (and shall ensure that no other member of the Group      will): |
|--|--------|---------------------------------------------------------------------------------------|

----

|  | (a) | sell,      transfer or otherwise dispose of any of its assets on terms whereby they      are or may be leased to or re-acquired by an Obligor or any other member      of the Group; |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | sell,      transfer or otherwise dispose of any of its receivables on recourse      terms; |
|--|-----|--------------------------------------------------------------------------------------------|

|  | (c) | enter      into any arrangement under which money or the benefit of a bank or other      account may be applied, set-off or made subject to a combination of      accounts;or |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (d) | enter      into any other preferential arrangement having a similar      effect, |
|--|-----|----------------------------------------------------------------------------------|

|  | 20.5.3 | Paragraphs      20.5.1 and 20.5.2 above do not apply to a Permitted    Security. |
|--|--------|----------------------------------------------------------------------------------|

|  | 20.6.1 | No      Obligor shall (and the Guarantor shall ensure that no other member of the      Group will), enter into a single transaction or a series of transactions      (whether related or not) and whether voluntary or involuntary to sell,      lease, transfer or otherwise dispose of any  asset. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 20.6.2 | Paragraph      20.6.1 above does not apply to any sale, lease, transfer or other disposal      which is a PermittedDisposal. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------|

|  | 20.7.1 | No      Obligor shall (and the Guarantor shall ensure that no other member of the      Group will) enter into any amalgamation, demerger, merger or corporate      reconstruction. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 20.7.2 | Paragraph      20.7.1 above does not apply to any amalgamation, demerger, merger or      corporate reconstruction which is a Permitted Reorganisation for that      Obligor or that member of theGroup. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 20.10.1 | any      shares of capital stock, partnership interests, membership interests or      other equity ownership interests in a person which corporate purpose      involves activities other than activities related to the      telecommunications, media and office products businesses;    or |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 20.10.2 | any      warrants, options or other rights to acquire such shares or interests. |
|--|---------|---------------------------------------------------------------------------------|

----

|  | 21.1.1 | moneys      borrowed; |
|--|--------|-----------------------|

|  | 21.1.2 | debit      balances with financialinstitutions; |
|--|--------|-------------------------------------------------|

|  | 21.1.3 | any      amount raised by acceptance under any acceptance credit facility or      dematerialised      equivalent; |
|--|--------|-------------------------------------------------------------------------------------------------------------------|

|  | 21.1.4 | any      amount raised pursuant to any note purchase facility or the issue of      bonds, notes, debentures, loan stock or any similar      instrument; |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 21.1.5 | the      amount of any liability in respect of any lease or hire purchase contract      which would, in accordance with GAAP, be treated as a finance or capital      lease; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 21.1.6 | receivables      sold or discounted (other than any receivables to the extent they are sold      on a non-recourse basis); |
|--|--------|----------------------------------------------------------------------------------------------------------------------------|

|  | 21.1.7 | any      counter-indemnity obligation in respect of a guarantee, indemnity, bond,      standby or documentary letter of credit or any other instrument issued by      a bank or financial institution (excluding any given in respect of trade      credit arising in the ordinary course of  trading); |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 21.1.8 | any      amount raised by the issue of redeemable shares which are redeemable at      the option of the holder on or before the Final Repayment      Date; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 21.1.9 | any      amount of any liability under an advance or deferred purchase agreement if      one of the primary reasons behind the entry into this agreement is to      raise finance; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 21.1.10 | any      amount raised under any other transaction (including any forward sale or      purchase agreement) having the commercial effect of a borrowing;      and |
|--|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 21.1.11 | (without      double counting) the amount of any liability in respect of any guarantee      or indemnity for any of the items referred to in paragraphs 21.1.1 to      21.1.10 above. |
|--|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (a) | any      principal amounts falling due under any overdraft or revolving facility      and which were available for simultaneous redrawing according to the terms      of that facility; and |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | any      principal amounts which were simultaneously refinanced with no effect      (net) on the consolidated freely available cash and cash equivalents of      the Group. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | before      deducting any Consolidated Net FinanceCharges; |
|--|-----|------------------------------------------------------------|

|  | (b) | before      taking into account any items treated as exceptional or extraordinary      items; |
|--|-----|-----------------------------------------------------------------------------------------------|

|  | (c) | before      deducting the amount of any profit of any member of the Group which is      attributable to any company in which that member of the Group holds the      minority of the votingrights; |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (d) | before      deducting any amount attributable to the amortisation of intangible assets      or the depreciation of tangible assets;and |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------|

|  | (e) | after      deducting an amount equal to the Relevant Percentage of the profit of any      member of the Group (other than the Borrower) in which the Guarantor      (directly or indirectly) holds a minority economic interest but the      majority of the votingrights, |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | including,      in the case of finance leases, only the capitalised value      therefore; |
|--|-----|-------------------------------------------------------------------------------------------|

----

|  | (b) | deducting      an amount equal to the Relevant Percentage of such obligations of any      member of the Group (other than the Borrower) in which the Guarantor      holds, directly or indirectly, a minority economic interest but the      majority of the votingrights; |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | excluding      any such obligations to any member of the Group (but adding back the      Relevant Percentage of any such obligations owing to a member of the Group      (other than the Borrower) in which the Guarantor holds, directly or      indirectly, a minority economic interest but the majority of the voting      rights); and |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (d) | deducting      the aggregate amount of freely available Cash and Cash Equivalent      Investments held by any member of the Group at such time (but adding back      an amount equal to the Relevant Percentage of freely available Cash and      Cash Equivalent Investments held by any member of the Group (other than      the Borrower) in which the Guarantor holds, directly or indirectly, a      minority economic interest but the majority of the voting      rights), |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | excluding      the Relevant Percentage of any such obligations of any member of the Group      (other than the Borrower) in which the Guarantor holds, directly or      indirectly, a minority economic interest but the majority of the voting      rights; |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | excluding      any such obligations owing to any member of the Group (but adding back the      Relevant Percentage of any such obligations owing to a member of the Group      (other than the Borrower) in which the Guarantor holds, directly or      indirectly, a minority economic interest but the majority of the voting      rights); |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | including      the interest element of leasing and hire purchase payments (but excluding      the Relevant Percentage of any such interest element payable by any member      of the Group (other than the Borrower) in which the Guarantor holds,      directly or indirectly, a minority economic interest but the majority of      the voting rights); |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (d) | including      any accrued commission, fees, discounts and other finance payments payable      by any member of the Group under any interest rate hedging agreement (but      excluding the Relevant Percentage of any such finance charges payable by      any member of the Group (other than the Borrower) in which the Guarantor      holds, directly or indirectly, a minority economic interest but the      majority of the votingrights); |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (e) | deducting      any accrued commission, fees, discounts and other finance payments owing      to any member of the Group under any interest rate hedging instrument (but      adding back the Relevant Percentage of any such obligations owing to a      member of the Group (other than the Borrower) in which the Guarantor      holds, directly or indirectly, a minority economic interest but the      majority of the votingrights); |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (f) | deducting      any accrued interest owing to any member of the Group on any deposit or      bank account (but adding back an amount equal to the Relevant Percentage      of such accrued interest owing to any member of the Group (other than the      Borrower) in which the Guarantor holds, directly or indirectly, a minority      economic interest but the majority of the voting rights);      and |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (g) | adding      the amount of any cash dividends or distributions paid or made by the      Guarantor in respect of that RelevantPeriod. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (a) | the      Consolidated Net Debt to Consolidated EBITDA Ratio as at the end of that      Relevant Period: |
|--|-----|---------------------------------------------------------------------------------------------------------|

|   | (i) | if      such Relevant Period ends on or before the Existing Facility Termination      Date, does not exceed 2.00: 1.00;and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------|

|  | (ii) | if      such Relevant Period ends after the Existing Facility Termination Date and      the Existing Facility Actual Termination Date has occurred, does not      exceed 2.50: 1.00; and |
|--|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (iii) | if      such Relevant Period ends after the Existing Facility Termination Date but      the Existing Facility Agreement Actual Termination Date has not occurred,      does not exceed the lower of |
|--|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (A) | 2.50:      1.00; and |
|--|-----|----------------------|

|  | (B) | the      level required by the financial covenant (howsoever described) in the      Existing Facility Agreement for the Consolidated Net Debt to Consolidated      EBITDA Ratio (as defined in the Existing Facility    Agreement); |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b)  | the      Interest Cover Ratio is at least equal to 2.25 :1.00;  and |
|--|-----------|---------------------------------------------------------------------|

|  | (c)  | the      Debt Service Cover Ratio is at least equal to 1.30  :1.00. |
|--|-----------|---------------------------------------------------------------------|

----

| 22.3 | Other      obligations |
|------|------------------------|

|  | 22.3.1 | An      Obligor does not comply with any provision of the Finance Documents (other      than those referred to in Clause 22.1 (Non-payment) or in      Clause 21 (Financial      covenants)) or the SACE Reimbursement Agreement. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 22.3.2 | No      Event of Default under this Clause 22.3 will occur if the failure to      comply is capable of remedy and is remedied within 30 days of the Agent      giving notice to the relevant Obligor or the relevant Obligor becoming      aware of the failure to comply. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 22.4.1 | Any      representation or statement made or deemed to be made by an Obligor in the      Finance Documents or the SACE Reimbursement Agreement or any other      document delivered by or on behalf of any Obligor under or in connection      with any Finance Document is or proves to have been incorrect or      misleading in any material respect when made or deemed to be      made. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 22.4.2 | No      Event of Default under this Clause 22.4 will occur if events or      circumstances giving rise to such representation or statement having been      incorrect or misleading in any material respect when made or deemed to be      made is capable of remedy and is remedied within 30 days of the Agent      giving notice to the relevant Obligor or the relevant Obligor becoming      aware of such event orcircumstance. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 22.5.1 | Any      Financial Indebtedness of any member of the Group is not paid when due nor      within any originally applicable graceperiod. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------|

|  | 22.5.2 | Any      Financial Indebtedness of any member of the Group is declared to be or      otherwise becomes due and payable prior to its specified maturity as a      result of an event of default (however  described). |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 22.5.3 | Any      commitment for any Financial Indebtedness of any member of the Group is      cancelled or suspended by a creditor of any member of the Group as a      result of an event of default (however  described). |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 22.5.4 | Any      creditor of any member of the Group becomes entitled to declare any      Financial Indebtedness of any member of the Group due and payable prior to      its specified maturity as a result of an event of default (however      described). |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 22.5.5 | No      Event of Default will occur under this Clause 22.5 if the aggregate amount      of Financial Indebtedness or commitment for  Financial |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 22.6.1 | A      member of the Group is unable or admits inability to pay its debts as they      fall due, suspends making payments on any of its debts or, by reason of      actual or anticipated financial difficulties, commences negotiations with      one or more of its creditors with a view to rescheduling any of      its |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 22.6.2 | The      value of the assets of any member of the Group is less than its      liabilities (taking into account contingent and prospective      liabilities). |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 22.6.3 | A      moratorium is declared in respect of any indebtedness of any member of the      Group. |
|--|--------|-----------------------------------------------------------------------------------------------|

|  | 22.6.4  | A      member of the Group is insolvent for the purposes of Brazilian      law. |
|--|--------------|---------------------------------------------------------------------------------|

|  | 22.7.1 | Any      corporate action, legal proceedings or other procedure or step is taken in      relation to: |
|--|--------|-------------------------------------------------------------------------------------------------------|

|  | (a) | the      suspension of payments, a moratorium of any indebtedness, winding-up,      dissolution, administration or reorganisation (by way of voluntary      arrangement, scheme of arrangement or otherwise) of any member of the      Group (other than a PermittedReorganisation); |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | a      composition, compromise, assignment or arrangement with any creditor of      any member of the Group; |
|--|-----|--------------------------------------------------------------------------------------------------------------|

|  | (c) | the      appointment of a liquidator (other than in respect of a solvent      liquidation of a member of the Group which is not an Obligor), receiver,      administrative receiver, administrator, compulsory manager or other      similar officer in respect of any member of the Group or any of its      assets; or |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (d) | enforcement      of any Security over any assets of any member of the  Group, |
|--|-----|-------------------------------------------------------------------------------|

|  | 22.7.2 | No      Event of Default will occur under this Clause 22.7 in relation to any      action, proceeding or step which is frivolous or vexatious and is      discharged, stayed (but only for so long as it is stayed) or dismissed      within 60 (sixty) days ofcommencement. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 22.9.1  | any      Telecommunications Licence is not or ceases to be in full force and      effect; |
|--|--------------|-------------------------------------------------------------------------------------------|

|  | 22.9.2 | breach      by any party of any material term of any Telecommunications Licence (which      is not cured within any cure period provided for in such      Telecommunications Licence) the breach of which may give rise to the right      to terminate or suspend any such Telecommunications Licence, unless such      breach; or |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 22.9.3 | any      suspension, cancellation or unilateral amendment by Anatel or any other      Authority that adversely affects a material right of, or imposes an      additional material obligation on the Borrower under any Telecommunication      Licence. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 22.14.1 | cancel      the Total Commitments, at which time they shall immediately be      cancelled; |
|--|---------|--------------------------------------------------------------------------------------------|

|  | 22.14.2 | declare      that all or part of the Loans, together with accrued interest, and­      all other amounts accrued or outstanding under the Finance Documents be      immediately due and payable, at which time they shall become immediately      due and payable; and/or |
|--|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 22.14.3 | declare      that all or part of the Loans be payable on demand, at which time they      shall immediately become payable on demand by the Agent on the      instructions of the MajorityLenders. |
|--|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 23.1.1 | assign      any of its rights; or |
|--|--------|-----------------------------------|

|  | 23.1.2  | transfer      by novation any of its rights andobligations, |
|--|--------------|-------------------------------------------------------------|

|  | 23.2.1 | The      consent of the Guarantor is required for an assignment or transfer by an      Existing Lender, unless: |
|--|--------|-----------------------------------------------------------------------------------------------------------------|

|  | (a) | such      assignment or transfer is to another Lender or an Affiliate of a      Lender; |
|--|-----|-----------------------------------------------------------------------------------------|

|  | (b) | such      assignment or transfer is to SACE;or |
|--|-----|------------------------------------------------|

|  | (c) | at      the time of such assignment or transfer, an Event of Default has occurred      and is continuing. |
|--|-----|-----------------------------------------------------------------------------------------------------------|

|  | 23.2.2 | The      consent of the Guarantor to an assignment or transfer must not be      unreasonably withheld or delayed. The Guarantor will be deemed to have      given its consent five (5) Business Days after the Existing Lender has      requested it unless consent is expressly refused by the Guarantor within      that time. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 23.2.3  | Nothing      in this Agreement shall prejudice or otherwise  limit: |
|--|--------------|---------------------------------------------------------------------|

|  | (a) | the      right of any Lender to assign its rights, or transfer its rights and      obligations, under, or in connection with, any Finance Document to SACE;      or |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | the      right of SACE to be subrogated to any Lenders' rights under, or in      connection with, any FinanceDocument. |
|--|-----|------------------------------------------------------------------------------------------------------------------------|

|  | 23.2.4 | An      assignment will only be effectiveon: |
|--|--------|----------------------------------------------|

|  | (a)  | receipt      by the Agent of written confirmation from the New Lender (in form and      substance satisfactory to the Agent) that the New Lender will assume the      same obligations to the other Finance Parties as it would have been under      if it was the Original Lender;and |
|--|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (b) | performance      by the Agent of all necessary "know your customer" or other similar checks      under all applicable laws and regulations in relation to such assignment      to a New Lender. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 23.2.5 | A      transfer will only be effective if the procedure set out in Clause      23.5(Procedure      for transfer) is compliedwith. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------|

|  | 23.2.6  | If: |
|--|--------------|-----|

|  | (a) | a      Lender assigns or transfers any of its rights or obligations under the      Finance Documents or changes its Facility Office;  and |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | as      a result of circumstances existing at the date the assignment, transfer or      change occurs, an Obligor would be obliged to make a payment to the New      Lender or Lender acting through its new Facility Office under Clause 14      (Increased      Costs), |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 23.4.1 | Unless      expressly agreed to the contrary, an Existing Lender makes no      representation or warranty and assumes no responsibility to a New Lender      for: |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | the      legality, validity, effectiveness, adequacy or enforceability of the      Finance Documents, the SACE Guarantee or any other    documents; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | the      financial condition of any Obligor orSACE; |
|--|-----|-----------------------------------------------------|

|  | (c) | the      performance and observance by any Obligor or SACE of its obligations under      the Finance Documents, the SACE Guarantee or any other documents;      or |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (d) | the      accuracy of any statements (whether written or oral) made in or in      connection with any Finance Document, the SACE Guarantee or any other      document, |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 23.4.2 | Each      New Lender confirms to the Existing Lender and the other Finance Parties      that it: |
|--|--------|--------------------------------------------------------------------------------------------------|

|  | (a) | has      made (and shall continue to make) its own independent investigation and      assessment of the financial condition and affairs of each Obligor and its      related entities and SACE in connection with its participation in this      Agreement and has not relied exclusively on any information provided to it      by the Existing Lender in connection with any Finance Document;      and |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | will      continue to make its own independent appraisal of the creditworthiness of      each Obligor and its related entities and SACE whilst any amount is or may      be outstanding under the Finance Documents or any Commitment is in      force. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 23.4.3  | Nothing      in any Finance Document obliges an Existing Lender  to: |
|--|--------------|----------------------------------------------------------------------|

|  | (a) | accept      a re-transfer or a re-assignment from a New Lender of any of the rights      and obligations assigned or transferred under this Clause 23;      or |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | support      any losses directly or indirectly incurred by the New Lender by reason of      the non-performance by any Obligor of its obligations under the Finance      Documents or otherwise. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 23.5.1 | Subject      to the conditions set out in Clause 23.2 (Conditions of assignment or      transfer) a transfer is effected in accordance with paragraph (c)      below when the Agent executes an otherwise duly completed Transfer      Certificate delivered to it by the Existing Lender and the New Lender. The      Agent shall, subject to paragraph (b) below, as soon as reasonably      practicable after receipt by it of a duly completed Transfer Certificate      appearing on its face to comply with the terms of this Agreement and      delivered in accordance with the terms of this Agreement, execute that      Transfer Certificate. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 23.5.2 | The      Agent shall only be obliged to execute a Transfer Certificate delivered to      it by the Existing Lender and the New Lender once it is satisfied it has      complied with all necessary "know your customer" or other similar checks      under all applicable laws and regulations in relation to the transfer to      such New Lender. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 23.5.3 | On      the Transfer Date: |
|--|--------|----------------------------|

|  | (a) | to      the extent that in the Transfer Certificate the Existing Lender seeks to      transfer by novation its rights and obligations under the Finance      Documents each of the Obligors and the Existing Lender shall be released      from further obligations towards one another under the Finance Documents      and their respective rights against one another under the Finance      Documents shall be cancelled (being the "Discharged Rights and      Obligations"); |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (b) | each      of the Obligors and the New Lender shall assume obligations towards one      another and/or acquire rights against one another which differ from the      Discharged Rights and Obligations only insofar as that Obligor and the New      Lender have assumed and/or acquired the same in place of that Obligor and      the Existing Lender; |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | the      Agent, the Mandated Arranger, the New Lender and the other Lenders shall      acquire the same rights and assume the same obligations between themselves      as they would have acquired and assumed had the New Lender been the      Original Lender with the rights and/or obligations acquired or assumed by      it as a result of the transfer and to that extent the Agent, the Mandated      Arranger and the Existing Lender shall each be released from further      obligations to each other under the Finance Documents;  and |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (d)  | the      New Lender shall become a Party as a "Lender". |
|--|-----------|---------------------------------------------------------|

|  | 23.6.1 | any      of its Affiliates and/or any other Finance Party and/or to SACE; |
|--|--------|---------------------------------------------------------------------------|

|  | 23.6.2 | any      other person: |
|--|--------|------------------------|

|   | (a) | to      (or through) whom that Finance Party assigns or transfers (or may      potentially assign or transfer) all or any of its rights and obligations      under this Agreement; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | with      (or through) whom that Finance Party enters into (or may potentially enter      into) any sub-participation in relation to, or any other transaction under      which payments are to be made by reference to, this Agreement or any      Obligor; or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | to      whom, and to the extent that, information is required to be disclosed by      any applicable law or regulation; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------|

|  | 23.6.3  | to      a rating agency or its professional;and |
|--|--------------|-------------------------------------------------|

|  | 23.6.4 | if      requested or required to do so by any court, tribunal or judicial,      governmental, supervisory or regulatory body or the rules of any stock      exchange or required to do so under any applicable  law, |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 25. | ROLE      OF THE AGENT AND THE MANDATEDARRANGER |
|-----|-------------------------------------------------|

| 25.1 | Appointment      of the Agent |
|------|-------------------------------|

|  | 25.1.1  | Each      other Finance Party appoints the Agent to act as its agent under and in      connection with the FinanceDocuments. |
|--|--------------|------------------------------------------------------------------------------------------------------------------------------|

|  | 25.1.2  | Each      other Finance Party authorises the Agent to exercise the rights, powers,      authorities and discretions specifically given to the Agent under or in      connection with the Finance Documents together with any other incidental      rights, powers, authorities anddiscretions. |
|--|--------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25.2 | Duties      of the Agent |
|------|--------------------------|

|  | 25.2.1 | The      Agent shall promptly forward to a Party the original or a copy of any      document which is delivered to the Agent for that Party by any other      Party. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 25.2.2 | Except      where a Finance Document specifically provides otherwise, the Agent is not      obliged to review or check the adequacy, accuracy or completeness of any      document it forwards to anotherParty. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 25.2.3 | If      the Agent receives notice from a Party referring to this Agreement,      describing a Default and stating that the circumstance described is a      Default, it shall promptly notify the other Finance    Parties. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 25.2.4 | If      the Agent is aware of the non-payment of any principal, interest,      commitment fee or other fee payable to a Finance Party (other than the      Agent or the Mandated Arranger) under this Agreement it shall promptly      notify the other Finance Parties. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 25.2.5 | The      Agent's duties under the Finance Documents are solely mechanical and      administrative in nature. |
|--|--------|--------------------------------------------------------------------------------------------------------------|

| 25.3 | Role      of the Mandated Arranger |
|------|------------------------------------|

| 25.4 | No      fiduciary duties |
|------|--------------------------|

|  | 25.4.1 | Nothing      in this Agreement constitutes the Agent or the Mandated Arranger as a      trustee or fiduciary of any otherperson. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------|

|  | 25.4.2 | Neither      the Agent nor the Mandated Arranger shall be bound to account to any      Lender for any sum or the profit element of any sum received by it for its      own account. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 25.5 | Business      with the Group |
|------|------------------------------|

| 25.6 | Rights      and discretions of the Agent |
|------|------------------------------------------|

|  | 25.6.1 | The      Agent may rely on: |
|--|--------|-----------------------------|

|  | (a) | any      representation, notice or document believed by it to be genuine, correct      and appropriately authorised;and |
|--|-----|-------------------------------------------------------------------------------------------------------------------------|

|  | (b) | any      statement made by a director, authorised signatory or employee of any      person regarding any matters which may reasonably be assumed to be within      his knowledge or within his power toverify. |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 25.6.2 | The      Agent may assume (unless it has received notice to the contrary in its      capacity as agent for the Lenders)that: |
|--|--------|------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | no      Default has occurred (unless it has actual knowledge of a Default arising      under Clause 22.1 (Non-payment)); |
|--|-----|--------------------------------------------------------------------------------------------------------------------------|

|  | (b) | any      right, power, authority or discretion vested in any Party, SACE or the      Majority Lenders has not been exercised;and |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | any      notice or request made by the Borrower (other than a Utilisation Request)      is made with the consent and knowledge of all the  Obligors. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 25.6.3 | The      Agent may engage, pay for and rely on the advice or services of any      lawyers, accountants, surveyors or other  experts. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------|

|  | 25.6.4 | The      Agent may act in relation to the Finance Documents through its personnel      and agents. |
|--|--------|----------------------------------------------------------------------------------------------------|

|  | 25.6.5 | The      Agent may disclose to any other Party any information it reasonably      believes it has received as Agent under this  Agreement. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------|

|  | 25.6.6 | Notwithstanding      any other provision of any Finance Document to the contrary, neither the      Agent nor the Mandated Arranger is obliged to do or omit to do anything if      it would or might in its reasonable opinion constitute a breach of any law      or regulation or a breach of a fiduciary duty or duty of      confidentiality. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25.7 | Majority      Lenders' instructions |
|------|-------------------------------------|

|  | 25.7.1 | Unless      a contrary indication appears in a Finance Document or otherwise required,      or instructed by SACE, under the SACE Guarantee, the Agent shall (i)      exercise any right, power, authority or discretion vested in it as Agent      in accordance with any instructions given to it by the Majority Lenders      (or, if so instructed by the Majority Lenders, refrain from exercising any      right, power, |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 25.7.2 | Unless      a contrary indication appears in a Finance Document, any instructions      given by the Majority Lenders or SACE under the SACE Guarantee will be      binding on all the Finance Parties. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 25.7.3 | The      Agent may refrain from acting in accordance with the instructions of the      Majority Lenders (or, if appropriate, the Lenders) until it has received      such security as it may require for any cost, loss or liability (together      with any associated VAT) which it may incur in complying with the      instructions. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 25.7.4 | In      the absence of instructions from the Majority Lenders, (or, if      appropriate, the Lenders) the Agent may act (or refrain from taking      action) as it considers to be in the best interest of the      Lenders. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 25.7.5 | The      Agent is not authorised to act on behalf of a Lender (without first      obtaining that Lender's consent) in any legal or arbitration proceedings      relating to any Finance Document. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25.8 | Responsibility      for documentation |
|------|---------------------------------------|

|  | 25.8.1 | the      adequacy, accuracy and/or completeness of any information (whether oral or      written) provided by the Agent, the Mandated Arranger, an Obligor or any      other person given in or in connection with any Finance Document, the SACE      Guarantee or the transactions contemplated by the Finance Documents or the      SACE Guarantee; or |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 25.8.2 | the      legality, validity, effectiveness, adequacy or enforceability of any      Finance Document or the SACE Guarantee or any other agreement, arrangement      or document entered into, made or executed in anticipation of or in      connection with any Finance Document or the SACE  Guarantee. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25.9 | Exclusion      of liability |
|------|-----------------------------|

|  | 25.9.1 | Without      limiting paragraph 25.9.2 below, the Agent will not be liable (including,      without limitation, for negligence or any other category of liability      whatsoever) for any action taken by it under or in connection with any      Finance Document or the SACE Guarantee, unless directly caused by its      gross negligence or wilfulmisconduct. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 25.9.2 | No      Party (other than the Agent) may take any proceedings against any officer,      employee or agent of the Agent in respect of any claim it might have      against the Agent or in respect of any act or omission of any kind by that      officer, employee or agent in relation to any Finance Document or the SACE      Guarantee and any officer, employee or agent of the  Agent |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 25.9.3 | The      Agent will not be liable for any delay (or any related consequences) in      crediting an account with an amount required under the Finance Documents      to be paid by the Agent if the Agent has taken all necessary steps as soon      as reasonably practicable to comply with the regulations or operating      procedures of any recognised clearing or settlement system used by the      Agent for that purpose. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 25.9.4 | Nothing      in this Agreement shall oblige the Agent or the Mandated Arranger to carry      out any "know your customer" or other checks in relation to any person on      behalf of any Lender and each Lender confirms to the Agent and the      Mandated Arranger that it is solely responsible for any such checks it is      required to carry out and that it may not rely on any statement in      relation to such checks made by the Agent or the Mandated      Arranger. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25.10 | Lenders'      indemnity to the Agent |
|-------|--------------------------------------|

| 25.11 | Resignation      of the Agent |
|-------|-------------------------------|

|  | 25.11.1 | Subject      to the terms of the SACE Guarantee, the Agent may resign and appoint one      of its Affiliates as successor by giving notice to the other Finance      Parties and the Borrower. |
|--|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 25.11.2 | Subject      to the terms of the SACE Guarantee, alternatively the Agent may resign by      giving notice to the other Finance Parties and the Borrower, in which case      the Majority Lenders (after consultation with the Borrower) may appoint a      successor Agent. |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 25.11.3 | If      the Majority Lenders have not appointed a successor Agent in accordance      with paragraph 25.11.2 above within 30 days after notice of resignation      was given, the Agent (after consultation with the Borrower) may, subject      to the terms of the SACE Guarantee, appoint a successor    Agent. |
|--|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 25.11.4 | The      retiring Agent shall, at its own cost, make available to the successor      Agent such documents and records and provide such assistance as      the |
|--|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 25.11.5 | The      Agent's resignation notice shall only take effect upon the appointment of      a successor. |
|--|---------|------------------------------------------------------------------------------------------------------|

|  | 25.11.6 | Upon      the appointment of a successor, the retiring Agent shall be discharged      from any further obligation in respect of the Finance Documents but shall      remain entitled to the benefit of this Clause 25. Its      successor and each      of the other Parties shall have the same rights and obligations amongst      themselves as they would have had if such successor had been an original      Party. |
|--|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 25.11.7 | Subject      to the terms of the SACE Guarantee, after consultation with the Guarantor,      the Majority Lenders may, by notice to the Agent, require it to resign in      accordance with paragraph 25.11.2 above. In this event, the Agent shall      resign in accordance with paragraph 25.11.2  above. |
|--|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25.12 | Confidentiality |
|-------|-----------------|

|  | 25.12.1 | In      acting as agent for the Finance Parties, the Agent shall be regarded as      acting through its agency division which shall be treated as a separate      entity from any other of its divisions or  departments. |
|--|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 25.12.2 | If      information is received by another division or department of the Agent, it      may be treated as confidential to that division or department and the      Agent shall not be deemed to have notice ofit. |
|--|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25.13 | Relationship      with the Lenders |
|-------|------------------------------------|

| 25.14 | Credit      appraisal by the Lenders |
|-------|--------------------------------------|

|  | 25.14.1 | the      financial condition, creditworthiness, condition, affairs, status and      nature of each member of the Group andSACE; |
|--|---------|---------------------------------------------------------------------------------------------------------------------------------|

|  | 25.14.2 | the      legality, validity, effectiveness, adequacy or enforceability of any      Finance Document and the SACE Guarantee and any other agreement,      arrangement or document entered into, made or executed in anticipation of,      under or in connection with any Finance Document or the SACE      Guarantee; |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 25.14.3 | whether      that Lender has recourse, and the nature and extent of that recourse,      against any Party or any of its respective assets under or in connection      with any Finance Document or the SACE Guarantee, the transactions      contemplated by the Finance Documents, the SACE Guarantee or any other      agreement, arrangement or document entered into, made or executed in      anticipation of, under or in connection with any Finance Document or the      SACE Guarantee; and |
|--|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 25.14.4 | the      adequacy, accuracy and/or completeness of the any information      provided  by the Agent, any Party or by any other person under      or in connection with any Finance Document or the SACE Guarantee, the      transactions contemplated by the Finance Documents, the SACE Guarantee or      any other agreement, arrangement or document entered into, made or      executed in anticipation of, under or in connection with any Finance      Document or the SACE Guarantee, and      each Lender warrants to the Agent and the Mandated Arranger that it has      not relied on and will not at any time rely on the Agent or the Mandated      Arranger in respect of any of these  matters. |
|--|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25.15 | Deduction      from amounts payable by theAgent |
|-------|-------------------------------------------------|

| 26.  | CONDUCT      OF BUSINESS BY THE FINANCE PARTIES |
|-----------|-------------------------------------------------|

|  | 26.1.1 | interfere      with the right of any Finance Party to arrange its affairs (tax or      otherwise) in whatever manner it thinksfit; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------|

|  | 26.1.2 | oblige      any Finance Party to investigate or claim any credit, relief, remission or      repayment available to it or the extent, order and manner of any claim;      or |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 26.1.3 | oblige      any Finance Party to disclose any information relating to its affairs (tax      or otherwise) or any computations in respect of  Tax. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------|

| 27.  | SHARING AMONG THE FINANCE      PARTIES |
|-----------|----------------------------------------|

| 27.1  | Payments      to Finance Parties |
|------------|----------------------------------|

----

|  | 27.1.1 | the      Recovering Finance Party shall, within three Business Days, notify details      of the receipt or recovery, to theAgent; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------|

|  | 27.1.2 | the      Agent shall determine whether the receipt or recovery is in excess of the      amount the Recovering Finance Party would have been paid had the receipt      or recovery been received or made by the Agent and distributed in      accordance with Clause 28 (Payment Mechanics),      without taking account of any Tax which would be imposed on the      Agent in relation to the receipt, recovery or distribution;      and |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 27.1.3 | the      Recovering Finance Party shall, within three Business Days of demand by      the Agent, pay to the Agent an amount (the "Sharing Payment") equal to      such receipt or recovery less any amount which the Agent determines may be      retained by the Recovering Finance Party as its share of any payment to be      made, in accordance with Clause 28.5 (Partial      payments). |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 27.2  | Redistribution      of payments |
|------------|---------------------------------|

| 27.3 | Recovering      Finance Party's rights |
|------|----------------------------------------|

|  | 27.3.1 | On      a distribution by the Agent under Clause 27.2 (Redistribution of payments),      the Recovering Finance Party will be subrogated to the rights of      the Finance Parties which have shared in the    redistribution. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 27.3.2 | If      and to the extent that the Recovering Finance Party is not able to rely on      its rights under paragraph 27.3.1 above, the relevant Obligor shall be      liable to the Recovering Finance Party for a debt equal to the Sharing      Payment which is immediately due andpayable. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 27.4 | Reversal      of redistribution |
|------|---------------------------------|

|  | 27.4.1 | each      Finance Party which has received a share of the relevant Sharing Payment      pursuant to Clause 27.2(Redistribution of payments)      shall, upon request of the Agent, pay to the Agent for account of      that Recovering Finance Party an amount equal to the appropriate part of      its share of the Sharing Payment (together with an amount as is necessary      to reimburse that Recovering Finance Party for its proportion of any      interest on the Sharing Payment which that Recovering Finance Party is      required to pay); and |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 27.4.2 | that      Recovering Finance Party's rights of subrogation in respect of any      reimbursement shall be cancelled and the relevant Obligor will be liable      to the reimbursing Finance Party for the amount so    reimbursed. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 27.5 | Exceptions |
|------|------------|

|  | 27.5.1 | This      Clause 27 shall not apply to the extent that the Recovering Finance Party      would not, after making any payment pursuant to this Clause, have a valid      and enforceable claim against the relevant  Obligor. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 27.5.2 | A      Recovering Finance Party is not obliged to share with any other Finance      Party any amount which the Recovering Finance Party has received or      recovered as a result of taking legal or arbitration proceedings,      if: |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | it      notified that other Finance Party of the legal or arbitration proceedings;      and |
|--|-----|---------------------------------------------------------------------------------------------|

|  | (b) | that      other Finance Party had an opportunity to participate in those legal or      arbitration proceedings but did not do so as soon as reasonably      practicable having received notice and did not take separate legal or      arbitration proceedings. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 28. | PAYMENT      MECHANICS |
|-----|------------------------|

| 28.1 | Payments      to the Agent |
|------|----------------------------|

|  | 28.1.1 | On      each date on which an Obligor or a Lender is required to make a payment      under a Finance Document, that Obligor or Lender shall make the same      available to the Agent (unless a contrary indication appears in a Finance      Document) for value on the due date at the time and in such funds      specified by the Agent as being customary at the time for settlement of      transactions in the relevant currency in the place of    payment. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 28.1.2 | Payment      shall be made to such account in the principal financial centre of the      country of that currency with such bank as the Agent      specifies. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 28.2 | Distributions      by the Agent |
|------|---------------------------------|

| 28.3 | Distributions      to an Obligor |
|------|----------------------------------|

| 28.4 | Clawback |
|------|----------|

|  | 28.4.1 | Where      a sum is to be paid to the Agent under the Finance Documents for another      Party, the Agent is not obliged to pay that sum to that other Party (or to      enter into or perform any related exchange contract) until it has been      able to establish to its satisfaction that it has actually received that      sum. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 28.4.2 | If      the Agent pays an amount to another Party and it proves to be the case      that the Agent had not actually received that amount, then the Party to      whom that amount (or the proceeds of any related exchange contract) was      paid by the Agent shall on demand refund the same to the Agent together      with interest on that amount from the date of payment to the date of      receipt by the Agent, calculated by the Agent to reflect its cost of      funds. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 28.5 | Partial      payments |
|------|-----------------------|

|  | 28.5.1 | If      the Agent receives a payment that is insufficient to discharge all the      amounts then due and payable by an Obligor under the Finance Documents,      the Agent, subject to the terms of the SACE Guarantee, shall apply that      payment towards the obligations of that Obligor under the Finance      Documents in the followingorder: |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | first,      in or towards payment pro rata of any unpaid fees, costs and expenses of      the Agent and the Mandated Arranger under the Finance      Documents; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | secondly,      in or towards payment pro rata of any accrued interest, fee or commission      due but unpaid under thisAgreement; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | thirdly,      in or towards payment pro rata of any principal due but unpaid under this      Agreement; and |
|--|-----|-------------------------------------------------------------------------------------------------------------|

|  | (d) | fourthly,      in or towards payment pro rata of any other sum due but unpaid under the      Finance Documents. |
|--|-----|-----------------------------------------------------------------------------------------------------------------|

|  | 28.5.2 | The      Agent shall, if so directed by the Majority Lenders (and subject to the      terms of the SACE Guarantee), vary the order set out in paragraphs 28.5.1      (b) to (d) above. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 28.5.3 | Paragraphs      28.5.1 and 28.5.2 above will override any appropriation made by an      Obligor. |
|--|--------|--------------------------------------------------------------------------------------------------|

| 28.6 | No      set-off by Obligors |
|------|-----------------------------|

| 28.7 | Business      Days |
|------|--------------------|

|  | 28.7.1 | Any      payment which is due to be made on a day that is not a Business Day shall      be made on the next Business Day in the same calendar month (if there is      one) or the preceding Business Day (if there is  not). |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 28.7.2 | During      any extension of the due date for payment of any principal or Unpaid Sum      under this Agreement interest is payable on the principal or Unpaid Sum at      the rate payable on the original duedate. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 28.8 | Currency      of account |
|------|--------------------------|

|  | 28.8.1 | Subject      to paragraphs 28.8.2 and 28.8.3 below, dollars is the currency of account      and payment for any sum from an Obligor under any Finance      Document. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 28.8.2 | Each      payment in respect of costs, expenses or Taxes shall be made in the      currency in which the costs, expenses or Taxes are    incurred. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 28.8.3 | Any      amount expressed to be payable in a currency other than dollars shall be      paid in that other currency. |
|--|--------|---------------------------------------------------------------------------------------------------------------------|

| 29.  | SET-OFF |
|-----------|---------|

| 29.1 | Set-off |
|------|---------|

| 29.2 | Set-off      not Mandatory |
|------|----------------------------|

| 30.  | NOTICES |
|-----------|---------|

| 30.1 | Communications      in writing |
|------|--------------------------------|

| 30.2 | Addresses |
|------|-----------|

|  | 30.2.1 | in      the case of each Obligor, that identified with its name    below; |
|--|--------|---------------------------------------------------------------------------|

----

|  | 30.2.2 | in      the case of each Lender, that notified in writing to the Agent on or prior      to the date on which it becomes a Party;and |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------|

|  | 30.2.3 | in      the case of the Agent, that identified with its name  below, |
|--|--------|----------------------------------------------------------------------|

| 30.3 | Delivery |
|------|----------|

|  | 30.3.1 | Any      communication or document made or delivered by one person to another under      or in connection with the Finance Documents will only be      effective: |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | if      by way of fax, when received in legible form;or |
|--|-----|---------------------------------------------------------|

|  | (b) | if      by way of letter, when it has been left at the relevant address or five      Business Days after being deposited in the post postage prepaid in an      envelope addressed to it at thataddress, |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 30.3.2 | Any      communication or document to be made or delivered to the Agent will be      effective only when actually received by the Agent and then only if it is      expressly marked for the attention of the department or officer identified      with the Agent's signature below (or any substitute department or officer      as the Agent shall specify for thispurpose). |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 30.3.3  | All      notices from or to an Obligor shall be sent through the Agent. |
|--|--------------|-------------------------------------------------------------------------|

| 30.4 | Notification      of address and fax number |
|------|---------------------------------------------|

| 30.5 | Electronic      communication |
|------|-------------------------------|

|  | 30.5.1 | Any      communication to be made between the Agent and a Lender under or in      connection with the Finance Documents may be made by electronic mail or      other electronic means, if the Agent and the relevant    Lender: |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | agree      that, unless and until notified to the contrary, this is to be an accepted      form of communication; |
|--|-----|-------------------------------------------------------------------------------------------------------------------|

|  | (b) | notify      each other in writing of their electronic mail address and/or any other      information required to enable the sending and receipt of information by      that means; and |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (c) | notify      each other of any change to their address or any other such information      supplied by them. |
|--|-----|------------------------------------------------------------------------------------------------------------|

|  | 30.5.2 | Any      electronic communication made between the Agent and a Lender will be      effective only when actually received in readable form and in the case of      any electronic communication made by a Lender to the Agent only if it is      addressed in such a manner as the Agent shall specify for this      purpose. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 30.6 | English      language |
|------|-----------------------|

|  | 30.6.1 | Any      notice given under or in connection with any Finance Document must be in      English. |
|--|--------|-------------------------------------------------------------------------------------------------|

|  | 30.6.2 | All      other documents provided under or in connection with any Finance Document      must be: |
|--|--------|--------------------------------------------------------------------------------------------------|

|  | (a) | in      English; or |
|--|-----|---------------------|

|  | (b) | if      not in English, and if so required by the Agent, accompanied by a      certified English translation and, in this case, the English translation      will prevail unless the document is a constitutional, statutory or other      official document. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3      1.  | CALCULATIONS AND CERTIFICATES |
|-----------------|-------------------------------|

| 31.2  | Certificates      and determinations |
|------------|--------------------------------------|

| 31.3  | Day      count convention |
|------------|---------------------------|

| 32.  | PARTIAL      INVALIDITY |
|-----------|-------------------------|

----

| 33.  | REMEDIES      AND WAIVERS |
|-----------|---------------------------|

| 34. | AMENDMENTS      AND  WAIVERS |
|-----|----------------------------------------|

| 34.1 | Required      consents |
|------|------------------------|

|  | 34.1.1 | Subject      to Clause 34.2 (Exceptions) and save      as otherwise provided in the SACE Guarantee, any term of the Finance      Documents may be amended or waived only with the consent of the Majority      Lenders and the Obligors and any such amendment or waiver will be binding      on all Parties. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 34.1.2 | The      Agent may effect, on behalf of any Finance Party, any amendment or waiver      permitted by this Clause. |
|--|--------|-------------------------------------------------------------------------------------------------------------------|

| 34.2 | Exceptions |
|------|------------|

|  | 34.2.1 | An      amendment or waiver that has the effect of changing or which relates      to: |
|--|--------|---------------------------------------------------------------------------------------|

|  | (a) | the      definition of "Majority Lenders" in Clause 1.1 (Definitions); |
|--|-----|------------------------------------------------------------------------|

|  | (b) | an      extension to the date of payment of any amount under the Finance      Documents; |
|--|-----|------------------------------------------------------------------------------------------|

|  | (c) | a      reduction in the Margin or a reduction in the amount of any payment of      principal, interest, fees or commissionpayable; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------|

|  | (d) | an      increase in or an extension of anyCommitment; |
|--|-----|-------------------------------------------------------|

|  | (e) | a      change to the Borrower orGuarantors; |
|--|-----|---------------------------------------------|

|  | (f) | any      provision which expressly requires the consent of all the Lenders;      or |
|--|-----|-------------------------------------------------------------------------------------|

|  | (g) | Clause      2.2 (Finance Parties'      rights and obligations), Clause 23 (Changes to the Lenders)      or this Clause 34, |
|--|-----|----------------------------------------------------------------------------------------------------------------------------|

|  | 34.2.2 | An      amendment or waiver which relates to the rights or obligations of the      Agent or the Mandated Arranger may not be effected without the consent of      the Agent or the Mandated Arranger as the case may  be. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 35. | COUNTERPARTS |
|-----|--------------|

----

| 36.  | GOVERNING      LAW |
|-----------|--------------------|

| 37.  | ENFORCEMENT |
|-----------|-------------|

|  | 37.1.1 | The      courts of England have exclusive jurisdiction to settle any dispute      arising from or in connection with this Agreement (including a dispute      relating to non-contractual obligations arising from or in connection with      this Agreement, or a dispute regarding the existence, validity or      termination of this Agreement or the consequences of its nullity) (a      "Dispute"). |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 37.1.2 | The      Parties agree that the courts of England are the most appropriate and      convenient courts to settle Disputes and accordingly no Party will argue      to the contrary. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 37.1.3 | This      Clause 37.1 (Jurisdiction) is for      the benefit of the Finance Parties only. As a result, and notwithstanding      paragraph 37.1.1 of Clause 37.1, any Finance Party may take proceedings      relating to a Dispute in any other courts with jurisdiction. To the extent      allowed by law, the Finance Parties may take concurrent proceedings in any      number of jurisdictions. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 37.2 | Service      of process |
|------|-------------------------|

|  | 37.2.1 | irrevocably      appoints TI United Kingdom Limited of 100 New Bridge Street, London EC4V      6JA, England as its agent for service of process in relation to any      proceedings before the English courts in connection with any Finance      Document; and |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 37.2.2 | agrees      that failure by an agent for service of process to notify the relevant      Obligor of the process will not invalidate the proceedings      concerned. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 37.3 | Waiver      of immunity |
|------|-------------------------|

|  | 37.3.1  | the      bringing of any suit, action orproceeding; |
|--|--------------|-----------------------------------------------------|

|  | 37.3.2 | the      giving of any relief by way of injunction or order for specific      performance or for the recovery of assets or revenues;  and |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 37.3.3 | the      issue of any process against its assets or revenues for the enforcement of      a judgment or, in an action in rem, for the arrest, detention or sale of      any of its assets andrevenues. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 37.4 | Security      for costs |
|------|-------------------------|

----

| 1.  | Obligors |
|----------|----------|

|  | (a)  | A      copy of the constitutional documents(estatuto social) of      each Obligor. |
|--|-----------|------------------------------------------------------------------------------------|

|  | (b) | A      copy of a resolution of the board of directors or of the shareholders (as      appropriate) of each Obligor (i) approving the terms of, and the      transactions contemplated by, the Finance Documents to which it is a party      and resolving that it execute the Finance Documents to which it is a      party; and (ii) authorising a specified person or persons to execute the      Finance Documents to which it is a party on its behalf and to sign and/or      despatch all documents and notices (including, if relevant, any      Utilisation Request) to be signed and/or despatched by it under or in      connection with the Finance Documents to which it is a    party. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | A      copy of each power of attorney required for the signatories of the      Obligors to the FinanceDocuments. |
|--|-----|------------------------------------------------------------------------------------------------------------------|

|  | (d) | The      registration of the corporate acts undertaken by the Obligors in      connection with the execution and delivery of the Finance Documents with      the Junta Comercial      (Board of Commerce). |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (e) | A      specimen of the signature of each person authorised by the resolution      referred to in paragraph (b)above. |
|--|-----|----------------------------------------------------------------------------------------------------------------------|

|  | (f) | A      certificate of each Obligor confirming that borrowing or guaranteeing, as      appropriate, the Total Commitments would not cause any borrowing,      guaranteeing or similar limit binding on any Obligor to be      exceeded. |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (g) | A      certificate of an authorised signatory of the relevant Obligor certifying      that each copy document relating to it specified in this Schedule 1 is      correct, complete and in full force and effect as at a date no earlier      than the date of thisAgreement. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.  | Finance      Documents |
|----------|------------------------|

| 3.  | SACE      Conditions Precedent |
|----------|--------------------------------|

|  | (h)  | The      SACE Guarantee duly executed by the parties  thereto. |
|--|-----------|----------------------------------------------------------------|

|  | (i) | The      SACE Reimbursement Agreement duly executed by the parties      thereto. |
|--|-----|----------------------------------------------------------------------------------|

----

|  | (j) | Evidence      that the SACE Guarantee shall have become effective and      unconditional. |
|--|-----|-------------------------------------------------------------------------------------------|

|  | (k) | Evidence      that the SACE Upfront Guarantee Fee has been paid to  SACE. |
|--|-----|---------------------------------------------------------------------------|

| (b)  | Legal      opinions |
|-----------|---------------------|

|   | (a) | A      legal opinion of Clifford Chance Europe LLP, English legal advisers to the      Mandated Arranger and the Agent. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------|

|   | (b) | A      legal opinion of Machado, Meyer, Sendacz e Opice, Brazilian legal advisers      to the Mandated Arranger and theAgent. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------|

| (c)  | Telecommunications      Licences |
|-----------|----------------------------------|

| (d)  | Authorisations |
|-----------|----------------|

|   | (a) | Evidence      of the electronic registration of the relevant financial terms and      conditions of the Loans and the Guarantee with the Central Bank of Brazil      through the Module of Registration of Financial Transactions (Registro de Operações      Financeiras - ROF) of the Data System of the Central Bank of Brazil      (Sisbacen)      pursuant to the provisions of Circular No. 3,027 of February 22,      2001, of the Central Bank ofBrazil. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      registration of this Agreement and the Guarantee, together with a sworn      translation into Portuguese language, with the appropriate Registry of      Titles and Deeds (Registro de Títulos e      Documentos) in the City of São Paulo and the City of Rio de      Janeiro. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)  | Other      documents and evidence |
|-----------|-----------------------------------|

|   | (a) | Evidence      that any agent for service of process referred to in Clause 37.2 (Service of Process)      has accepted itsappointment. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      Original Financial Statements of eachObligor. |
|--------|-----|--------------------------------------------------------|

|   | (c) | Evidence      that the fees, costs and expenses then due from the Borrower pursuant to      Clause 12 (Fees)      and Clause 17 (Costs and Expenses)      have been paid or will be paid by the first Utilisation      Date. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | A      copy of any other Authorisation or other document, opinion or assurance      which the Agent considers to be necessary or desirable (if it has timely      notified the Borrower accordingly) in connection with the entry into and      performance of the transactions contemplated by any Finance Document or      for the validity and enforceability of any Finance    Document. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| From:  | TIM      Celular S.A. |
|--------|-----------------------|
|   |                  |
| To:    | [Agent]               |

| (f) | We      refer to the Agreement. This is a Utilisation Request. Terms defined in      the Agreement have the same meaning in this Utilisation Request unless      given a different meaning in this Utilisation  Request. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (g) | We      wish to borrow a Loan on the followingterms: |
|-----|------------------------------------------------------|

| Borrower:                       | TIM      Celular S.A.                                                      |
|---------------------------------|----------------------------------------------------------------------------|
|                            |                                                                       |
| Proposed      Utilisation Date: | [•]      (or, if that is not a Business Day, the next Business  Day) |
|                            |                                                                       |
| Currency      of Loan:          | [•]                                                                  |
|                            |                                                                       |
| Amount:                         | [0]      or, if less, the Available Facility                               |
|                            |                                                                       |
| Interest      Period:           | [•]                                                                  |

| (h) | We      confirm that each condition specified in Clause 4.2 (Further conditions precedent)      is satisfied on the date of this Utilisation    Request. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i) | The      proceeds of the Loan should be credited to [account]. |
|-----|----------------------------------------------------------------|

| (j) | This      Utilisation Request is irrevocable.  |
|-----|-----------------------------------------------------|

----

----

| From:  | TIM      Celular S.A. |
|--------|-----------------------|
|   |                  |
| To:    | [Agent]               |

| (k) | We      refer to the Agreement. This is a Conversion Request. Terms defined in the      Agreement have the same meaning in this Conversion Request unless given a      different meaning in this ConversionRequest. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| From:  | TIM      Celular S.A. |
|--------|-----------------------|
|   |                  |
| To:    | [Agent]               |

----

----

----

| To:    | [•]      as Agent                                                                                 |
|--------|---------------------------------------------------------------------------------------------------------|
|   |                                                                                                    |
| From:  | [The Existing Lender]      (the "Existing      Lender") and [The      New Lender] (the "New    Lender") |

| 2. | We      refer to the Agreement. This is a Transfer Certificate. Terms defined in      the Agreement have the same meaning in this Transfer Certificate unless      given a different meaning in this Transfer  Certificate. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | We      refer to Clause 23.5 (Procedure for      transfer): |
|----|-------------------------------------------------------------|

|  | (a) | The      Existing Lender and the New Lender agree to the Existing Lender      transferring to the New Lender by novation all or part of the Existing      Lender's Commitment, rights and obligations referred to in the Schedule      (together with the rights and obligations under the Guarantee relating      thereto) in accordance with Clause 23.5 (Procedure for      transfer). |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | The      proposed Transfer Date is[•]. |
|--|-----|----------------------------------------------|

|  | (c) | The      Facility Office and address, fax number and attention details for notices      of the New Lender for the purposes of Clause 30.2 (Addresses) are set out      in the Schedule. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| [Existing      Lender] | [New      Lender] |
|------------------------|-------------------|
|                   |              |
| By:                    | By:               |

----

| Name      of Obligor                  | Security                                  | On      Behalf  of | Beneficary               | Total      PrincipalAmount      of IndebtednessSecured | Final      repaymentdate      for principalsecured               |
|---------------------------------------|-------------------------------------------|------------------------------|--------------------------|--------------------------------------------------------|------------------------------------------------------------------|
| TIM      Celular S.A.                 | None                                      |                         |                     |                                                   |                                                             |
|                                  |                                      |                         |                     |                                                   |                                                             |
| TIM      Participações S.A. | 1)      Aval(financialguarantee)          | TIMCelular                   | BNDES                    | BRL1,025,850                                           | 13/08/2013                                                       |
|                                  |                                      |                         |                     |                                                   |                                                             |
|                                  | 2)      BankGuarantee(financialguarantee) | TIMCelular                   | BNDES                    | BRL39,026                                              | 13/08/2013                                                       |
|                                  |                                      |                         |                     |                                                   |                                                             |
|                                  | 3)      Aval(financialguarantee)          | TIMCelular                   | BNDES                    | BRL1,510,000                                           | 31/12/2018(*)                                                    |
|                                  |
|                                  |                                      |                         |                     |                                                   |                                                             |
|                                  | 4)      Aval(financialguarantee)          | TIMCelular                   | Syndicateof      lenders | BRL609,583                                             | 10/08/2009(as      to 50%) 05/08/2010      (as      to 50%) |

----

| Delivery      of a duly completed Utilisation            | U-4                                               |
|----------------------------------------------------------|---------------------------------------------------|
| Request      (Clause 5.1 (Delivery of      a Utilisation | 9.30am                                            |
| Request)                                                 |                                              |
| Agent      notifies the Lenders of the Loan in           | U-3                                               |
| accordance      with Clause 5.4 (Lenders'                | 3.00pm                                            |
|  participation)                                     |                                              |
| LIBOR      and Reference Bank Rate is fixed              | Quotation      Day as of 11:00 a.m. (London time) |

----

| To:    | [•]      as Agent                                            |
|--------|--------------------------------------------------------------------|
|   |                                                               |
|   | SACE      S.p.A. — Servizi Assicurativi del Commercio Estero |
|   |                                                               |
| From:  | TIM      Participações S A                               |

| 1. | We      refer to the Agreement. This is a Compliance Certificate. Terms defined in      the Agreement have the same meaning when used in this Compliance      Certificate unless given a different meaning in this Compliance      Certificate. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | We      refer to the [annual/semi annual] [audited] financial statements for the      Group for the Relevant Period ending [insert      date]. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | We      confirm that: |
|----|-----------------------|

|  | (a) | the      Consolidated Net Debt to Consolidated EBITDA Ratio as at the end of that      Relevant Period was [ ]:1.00; |
|--|-----|----------------------------------------------------------------------------------------------------------------------|

|  | (b) | the      Interest Cover Ratio for the Relevant Period was [  ]:1.00; |
|--|-----|----------------------------------------------------------------------|

|  | (c) | the      Debt Service Cover Ratio for the Relevant Period was [ ]:1.00;      and |
|--|-----|----------------------------------------------------------------------------------|

|  | (d) | [insert      details of calculation of financial covenants and whether the Company is      in compliance with thosecovenants] |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------|

| (1)  | [We      confirm that no Default iscontinuing.] |
|-----------|-------------------------------------------------|

| Signed:                               |                                  |
|---------------------------------------|---------------------------------------|
| Director                              | Director                              |
| of                                    | of                                    |
| TIM      Participações S.A. | TIM      Participações S.A. |

----

| OPERATOR               |   CONTRACT NUMBER                                                     |    DATE |    BAND | OBJECT and / or RF                  | EXPIRATION |
|------------------------|--------------------------------------------------------------------------------------|------------------------|------------------------|------------------------------------------|------------|
| SMP      Authorization |                                                                                 |                   |                   |                                     |       |
| TIM      NORDESTE      | PVCP/SPV      N°051/2004-ANATEL                                                 | 30/12/2004             | A                      | SMP      - "PersonalMobile      Service" | Undefined  |
| TIM      NORDESTE      | PVCP/SPV      N°052/2004-ANATEL                                                 | 30/12/2004             | A                      | SMP      - "PersonalMobile      Service" | Undefined  |
| TIM      NORDESTE      | PVCP/SPV      N°053/2004-ANATEL                                                 | 30/12/2004             | A                      | SMP      - "PersonalMobile      Service" | Undefined  |
| TIM      NORDESTE      | PVCP/SPV      N°054/2004-ANATEL                                                 | 30/12/2004             | A                      | SMP      - "PersonalMobile      Service" | Undefined  |
| TIM      NORDESTE      | PVCP/SPV      N°055/2004-ANATEL                                                 | 30/12/2004             | A                      | SMP      - "PersonalMobile      Service" | Undefined  |
| TIM      NORDESTE      | PVCP/SPV      N°011/2002-ANATEL                                                 | 10/12/2002             | A                      | SMP      - "PersonalMobile      Service" | Undefined  |
| TIM      NORDESTE      | PVCP/SPV      N°002/2002-ANATEL                                                 | 10/12/2002             | B                      | SMP      - "PersonalMobile      Service" | Undefined  |
| TIM      NORDESTE      | PVCP/SPV      N°003/2002-ANATEL                                                 | 10/12/2002             | B                      | SMP      - "PersonalMobile      Service" | Undefined  |
| TIM      CELULAR       | PVCP/SPV      N°006/2002-      extended byN°002/2006/PVCP/SPV-ANATEL       | 10/12/20021/6/2006     | A                      | SMP      - "PersonalMobile      Service" | Undefined  |
| TIM      CELULAR       | PVCP/SPV      N°049/2004-ANATELextended      by N°074/2008/PVCP/SPV-ANATEL | 30/12/200426/09/2008   | A                      | SMP      - "PersonalMobile      Service" | Undefined  |
| TIM      CELULAR       | PVCP/SPV      N°050/2004-ANATEL                                                 | 30/12/2004             | A                      | SMP      - "PersonalMobile      Service" | Undefined  |

----

| TIM      CELULAR  | PVCP/SPV      N°004/2001-ANATEL                                                 | 29/03/2001               | E      | SMP      - "PersonalMobile      Service"                                                                     | Undefined  |
|-------------------|--------------------------------------------------------------------------------------|--------------------------|--------|--------------------------------------------------------------------------------------------------------------|------------|
| TIM      CELULAR  | PVCP/SPV      N°002/2001-ANATEL                                                 | 12/03/2001               | D      | SMP      - "PersonalMobile      Service"                                                                     | Undefined  |
| TIM      CELULAR  | PVCP/SPV      N°003/2001-ANATEL                                                 | 12/03/2001               | D      | SMP      - "PersonalMobile      Service"                                                                     | Undefined  |
| 800      MHz SMP  |                                                                                 |                     |   |                                                                                                         |       |
| TIM      CELULAR  | PVCP/SPV      N°006/2002-ANATELextended      by N°002/2006/PVCP/SPV-ANATEL | 10/12/2002 1/6/2006 | A      |   824      to 835 MHz UL /869      to 880 MHz DL845      to 846,5 MHz UL /890      to 891,5 MHz DL | 03/09/2022 |
| TIM      CELULAR  | PVCP/SPV      N°049/2004-ANATELextended      by N°074/2008/PVCP/SPV-ANATEL | 30/12/200426/09/2008     | A      | 824      to 835 MHz UL /869      to 880 MHz DL845      to 846,5 MHz UL /890      to 891,5 MHz DL             | 30/09/2023 |
| TIM      CELULAR  | PVCP/SPV      N°050/2004-ANATEL                                                 | 30/12/2004               | A      | 824      to 835 MHz UL /869      to 880 MHz DL845 to 846,5 MHz UL      /890 to 891,5 MHzDL                   | 14/04/2009 |
| TIM      NORDESTE | PVCP/SPV      N°051/2004-ANATEL                                                 | 30/12/2004               | A      | 824      to 835 MHz UL /869      to 880 MHz DL845 to 846,5 MHz UL      /890 to 891,5 MHzDL                   | 31/12/2008 |
| TIM      NORDESTE | PVCP/SPV      N°052/2004-ANATEL                                                 | 30/12/2004               | A      | 824      to 835 MHz UL /869      to 880 MHz DL845 to 846,5 MHz UL      /890 to 891,5 MHzDL                   | 15/12/2008 |
| TIM      NORDESTE | PVCP/SPV      N°053/2004-ANATEL                                                 | 30/12/2004               | A      | 824      to 835 MHz UL /869      to 880 MHz DL845 to 846,5 MHz UL      /890 to 891,5 MHzDL                   | 28/11/2008 |
| TIM      NORDESTE | PVCP/SPV      N°054/2004-ANATEL                                                 | 30/12/2004               | A      | 824      to 835 MHz UL /869      to 880 MHz DL845      to 846,5 MHz UL /890      to 891,5 MHz DL             | 31/12/2008 |
| TIM      NORDESTE | PVCP/SPV      N°055/2004-ANATEL                                                 | 30/12/2004               | A      | 824      to 835 MHz UL /869      to 880 MHz DL845 to 846,5 MHz UL      /890      to 891,5 MHz DL             | 27/03/2009 |
| TIM      NORDESTE | PVCP/SPV      N°011/2002-ANATEL                                                 | 10/12/2002               | A      | 824      to 835 MHz UL /869      to 880 MHz DL845      to 846,5 MHz UL/                                      | 15/05/2009 |

----

|              |                                                                                              |                          |   | 890      to 891,5 MHz DL                                                                  |       |
|-------------------|---------------------------------------------------------------------------------------------------|-------------------------------|--------|-------------------------------------------------------------------------------------------|------------|
| TIM      NORDESTE | PVCP/SPV      N° 002/2002-ANATEL                                                             | 10/12/2002                    | B      | 835      to 845 MHz UL / 880 to 890 MHz DL 846,5 to 849 MHz UL / 891,5 to 894 MHz      DL | 08/04/2013 |
| TIM      NORDESTE | PVCP/SPV      N° 003/2002-ANATEL                                                             | 10/12/2002                    | B      | 835      to 845 MHz UL / 880 to 890 MHz DL 846,5 to 849 MHz UL / 891,5 to 894 MHz      DL | 07/08/2012 |
| 900      MHz SMP  |                                                                                              |                          |   |                                                                                      |       |
| TIM      NORDESTE | PVCP/SPV      N°036/2004      - ANATEL                                                       | 21/09/2004                    | A      | 907,5      to 910 MHz UL /952,5      to 955 MHz DL                                        | 31/12/2008 |
| TIM      NORDESTE | PVCP/SPV      N°038/2004      - ANATEL                                                       | 21/09/2004                    | A      | 907,5      to 910 MHz UL /952,5 to 955 MHzDL                                              | 15/12/2008 |
| TIM      NORDESTE | PVCP/SPV      N°034/2004      - ANATEL                                                       | 21/09/2004                    | A      | 907,5      to 910 MHz UL /952,5      to 955 MHz DL                                        | 28/11/2008 |
| TIM      NORDESTE | PVCP/SPV      N°037/2004      - ANATEL                                                       | 21/09/2004                    | A      | 907,5      to 910 MHz UL /952,5 to 955 MHzDL                                              | 31/12/2008 |
| TIM      NORDESTE | PVCP/SPV      N°035/2004      - ANATEL                                                       | 21/09/2004                    | A      | 907,5      to 910 MHz UL /952,5 to 955 MHzDL                                              | 27/03/2009 |
| TIM      NORDESTE | PVCP/SPV      N°033/2004      - ANATEL                                                       | 21/09/2004                    | A      | 907,5      to 910 MHz UL /952,5 to 955 MHzDL                                              | 15/05/2009 |
| TIM      NORDESTE | PVCP/SPV      N°039/2004      - ANATEL                                                       | 21/09/2004                    | B      | 898,5      to 901 MHz UL /943,5 to 946 MHzDL                                              | 07/04/2013 |
| TIM      NORDESTE | PVCP/SPV      N°035/2003      - ANATEL                                                       | 23/07/2003                    | B      | 898,5      to 901 MHz UL /943,5 to 946 MHzDL                                              | 06/08/2012 |
| TIM      CELULAR  | PVCP/SPV      N°036/2003      -ANATELextended      by N°002/2006/PVC      P/S PV-ANATEL | 23/7/20031/6/2006   | A      | 907,5      to 910 MHz UL /952,5      to 955 MHz DL                                        | 03/09/2022 |
| TIM      CELULAR  | PVCP/SPV      N°037/2003      -ANATELextended      by N°074/2008/PVCP/SPV-ANATEL        | 23/7/200326/09/2008      | A      | 907,5      to 910 MHz UL /952,5      to 955 MHz DL                                        | 30/09/2023 |

----

| TIM      CELULAR  | PVCP/SPV      N°038/2003      - ANATEL                                                 | 23/07/2003         | A      | 907,5      to 910 MHz UL /952,5      to 955 MHz DL     | 14/04/2009 |
|-------------------|---------------------------------------------------------------------------------------------|--------------------|--------|--------------------------------------------------------|------------|
| TIM      CELULAR  | PVCP/SPV      N°034/2003      - ANATEL                                                 | 23/07/2003         | E      | 912,5      to 915 MHz UL /957,5      to 960 MHz DL     | 29/03/2016 |
| TIM      CELULAR  | PVCP/SPV      N°032/2003      - ANATEL                                                 | 23/07/2003         | D      | 910      to 912,5 MHz UL /955      to 957,5 MHz DL     | 12/03/2016 |
| TIM      CELULAR  | PVCP/SPV      N°033/2003      - ANATEL                                                 | 23/07/2003         | D      | 910      to 912,5 MHz UL /955      to 957,5 MHz DL     | 12/03/2016 |
| 1800      MHz SMP |                                                                                        |               |   |                                                   |       |
| TIM      NORDESTE | PVCP/SPV      N020/2003      - ANATEL                                                       | 10/07/2003         | A      | 1730      to 1740 MHz UL/      1825 to 1835 MHzDL      | 31/12/2008 |
| TIM      NORDESTE | PVCP/SPV      N01017/2003      - ANATEL                                                     | 10/07/2003         | A      | 1730      to 1740 MHz UL/      1825 to 1835 MHzDL      | 15/12/2008 |
| TIM      NORDESTE | PVCP/SPV      N021/2003      - ANATEL                                                       | 10/07/2003         | A      | 1730      to 1740 MHz UL/      1825 to 1835 MHzDL      | 28/11/2008 |
| TIM      NORDESTE | PVCP/SPV      N01019/2003      - ANATEL                                                     | 10/07/2003         | A      | 1730      to 1740 MHz UL/      1825 to 1835 MHzDL      | 31/12/2008 |
| TIM      NORDESTE | PVCP/SPV      N022/2003      - ANATEL                                                       | 10/07/2003         | A      | 1730      to 1740 MHz UL/      1825 to 1835 MHzDL      | 27/03/2009 |
| TIM      NORDESTE | PVCP/SPV      N01018/2003      - ANATEL                                                     | 10/07/2003         | A      | 1730      to 1740 MHz UL/      1825 to 1835 MHzDL      | 15/05/2009 |
| TIM      NORDESTE | PVCP/SPV      N01015/2003      - ANATEL                                                     | 10/07/2003         | B      | 1730      to 1740 MHz UL/      1825 to 1835 MHzDL      | 07/04/2013 |
| TIM      NORDESTE | PVCP/SPV      N016/2003      - ANATEL                                                       | 10/07/2003         | B      | 1730      to 1740 MHz UL/      1825 to 1835 MHzDL      | 06/08/2012 |
| TIM      CELULAR  | PVCP/SPV      N°024/2003      - ANATELextended      by N°002/2006/PVCP/SPV-ANATEL | 10/7/20031/6/2006  | A      | 1725      to 1735 MHz UL/ 1820      to 1830 MHzDL | 03/09/2022 |
| TIM      CELULAR  | PVCP/SPV      N°023/2003      - ANATELextended      by N°074/2008/PVCP/SPV-       | 10/7/200326/9/2008 | A      | 1725      to 1735 MHz UL/      1820 to 1830 MHzDL      | 30/09/2023 |

----

|                       | ANATEL                                |       |   |                                              |       |
|----------------------------|---------------------------------------|------------|--------|---------------------------------------------------|------------|
| TIM      CELULAR           | PVCP/SPV      N025/2003      - ANATEL | 10/07/2003 | A      | 1725      to 1735 MHz UL/      1820 to 1830 MHzDL | 14/04/2009 |
| TIM      CELULAR           | PVCP/SPV      N004/2001      - ANATEL | 29/03/2001 | E      | 1740      to 1755 MHz UL/      1835 to 1850 MHzDL | 29/03/2016 |
| TIM      CELULAR           | PVCP/SPV      N002/2001      - ANATEL | 12/03/2001 | D      | 1710      to 1725 MHz UL/      1805 to 1820 MHzDL | 12/03/2016 |
| TIM      CELULAR           | PVCP/SPV      N003/2001      - ANATEL | 12/03/2001 | D      | 1710      to 1725 MHz UL/      1805 to 1820 MHzDL | 12/03/2016 |
| TIM      CELULAR           | PVCP/SPV      N029/2007      - ANATEL | 07/12/2007 | D      | 1725      to 1730 MHz UL/      1820 to 1825 MHzDL | 12/03/2016 |
| TIM      CELULAR           | PVCP/SPV      N030/2007      - ANATEL | 07/12/2007 | E      | 1735      to 1740 MHz UL/      1830 to 1935 MHzDL | 29/03/2016 |
| 1.9      GHz / 2,1 GHz(3G) |                                  |       |   |                                              |       |
| TIM      NORDESTE          | N°      44/2008/SPV-ANATEL       | 29/04/2008 | G      | 1935      to 1945 MHz UL/      2125 to 2135 MHzDL | 30/04/2023 |
| TIM      NORDESTE          | N°      45/2008/SPV-ANATEL       | 29/04/2008 | G      | 1935      to 1945 MHz UL/      2125 to 2135 MHzDL | 30/04/2023 |
| TIM      NORDESTE          | N°      46/2008/SPV-ANATEL       | 29/04/2008 | G      | 1935      to 1945 MHz UL/      2125 to 2135 MHzDL | 30/04/2023 |
| TIM      NORDESTE          | N°      47/2008/SPV-ANATEL       | 29/04/2008 | G      | 1935      to 1945 MHz UL/      2125 to 2135 MHzDL | 30/04/2023 |
| TIM      NORDESTE          | N°      48/2008/SPV-ANATEL       | 29/04/2008 | G      | 1935      to 1945 MHz UL/      2125 to 2135 MHzDL | 30/04/2023 |
| TIM      NORDESTE          | N°      49/2008/SPV-ANATEL       | 29/04/2008 | G      | 1935      to 1945 MHz UL/      2125 to 2135 MHzDL | 30/04/2023 |
| TIM      NORDESTE          | N°      50/2008/SPV-ANATEL       | 29/04/2008 | G      | 1935      to 1945 MHz UL/      2125 to 2135 MHzDL | 30/04/2023 |

----

| TIM      NORDESTE | N°      51/2008/SPV-ANATEL                      | 29/04/2008 | G            | 1935      to 1945 MHz UL/      2125 to 2135 MHzDL                                                                 | 30/04/2023 |
|-------------------|------------------------------------------------------|------------|--------------|-------------------------------------------------------------------------------------------------------------------|------------|
| TIM      CELULAR  | N°      52/2008/SPV-ANATEL                      | 29/04/2008 | G      and F | 1935      to 1945 MHz UL/      2125 to 2135 MHzDL      and 1920 to 1935MHz      UL/2110 to2125      MHz DL        | 30/04/2023 |
| TIM      CELULAR  | N°      53/2008/SPV-ANATEL                      | 29/04/2008 | I      and G | 1955      to 1965 MHz UL/      2145 to 2155 MHzDL      and 1935 to 1945MHz      UL / 2125 to2135      MHz DL | 30/04/2023 |
| TIM      CELULAR  | N°      54/2008/SPV-ANATEL                      | 29/04/2008 | I            | 1955      to 1965 MHz UL/      2145 to 2155 MHzDL                                                                 | 30/04/2023 |
| TIM      CELULAR  | N°      55/2008/SPV-ANATEL                      | 29/04/2008 | I            | 1955      to 1965 MHz UL/      2145 to 2155 MHzDL                                                                 | 30/04/2023 |
| TIM      CELULAR  | N°      56/2008/SPV-ANATEL                      | 29/04/2008 | F      and I | 1920      to 1935 MHz UL/      2110 to 2125 MHzDL      and 1955 to 1965MHz      UL/2145 to2155      MHz DL        | 30/04/2023 |
| TIM      CELULAR  | N°      58/2008/SPV-ANATEL                      | 29/04/2008 | I            | 1955      to 1965 MHz UL/      2145 to 2155 MHzDL                                                                 | 30/04/2023 |
| LDNAUTHORIZATION  |                                                 |       |         |                                                                                                              |       |
| TIM      CELULAR  | 237/2002/SPB      -ANATEL                            | 11/12/2002 |         | STFC      - LDN (NationalLong      Distance)                                                                      | Undefined  |
| LDIAUTHORIZATION  |                                                 |       |         |                                                                                                              |       |
| TIM      CELULAR  | 238/2002/SPB      -ANATEL                            | 11/12/2002 |         | STFC      - LDI(International      LongDistance)                                                                  | Undefined  |
| SCMAUTHORIZATION  |                                                 |       |         |                                                                                                              |       |
| TIM      CELULAR  | PVST      / SPV N.°087/2003      – ANATEL | 08/08/2003 |         | SCM      - (MultimidiaCommunicationService)                                                                       | Undefined  |

----

| FIXED      LOCAL AUTHORIZATION |                      |       |   |                           |      |
|--------------------------------|---------------------------|------------|--------|--------------------------------|-----------|
| TIM      CELULAR               | 437/2007/SPB      -ANATEL | 25/05/2007 |   | STFC      - Local (LocalFixed) | Undefined |

----

| By:        |   |   |
|------------|--------|--------|
| Address:   |   |   |
| Fax:       |   |   |
| Attention: |   |   |

| By:        |   |   |
|------------|--------|--------|
| Address:   |   |   |
| Fax:       |   |   |
| Attention: |   |   |

| By:        |   |   |
|------------|--------|--------|
| Address:   |   |   |
| Fax:       |   |   |
| Attention: |   |   |

----

| By:        |   |   |
|------------|--------|--------|
| Address:   |   |   |
| Fax:       |   |   |
| Attention: |   |   |

| By:        |   |   |
|------------|--------|--------|
| Address:   |   |   |
| Fax:       |   |   |
| Attention: |   |   |

----