Document:

EXHIBIT 4.16
                                                                EXECUTION COPY

                              VITRO, S.A. DE C.V.

                               U.S.$225,000,000
                            11.750% Notes Due 2013

                              Purchase Agreement

                                                              October 15, 2003

Citigroup Global Markets Inc.
Credit Suisse First Boston, LLC
As Representatives of the Initial Purchasers
388 Greenwich Street
New York, New York 10013

Ladies and Gentlemen:

          Vitro, S.A. de C.V., a corporation organized under the laws of
Mexico (the "Company"), proposes to issue and sell to the several parties
named in Schedule I hereto (the "Initial Purchasers"), for whom Citigroup
Global Markets Inc. and Credit Suisse First Boston, LLC (the
"Representatives") are acting as representatives, U.S.$225,000,000 principal
amount of its 11.750% Senior Notes Due 2013 (the "Securities"). The Securities
are to be issued under an indenture (the "Indenture"), to be dated as of the
Closing Date, between the Company and Wachovia Bank, National Association, as
trustee (the "Trustee"). The Securities will have the benefit of a
registration rights agreement (the "Registration Rights Agreement"), to be
dated as of the Closing Date, between the Company and the Initial Purchasers,
pursuant to which the Company will agree to register the Exchange Securities
(as defined below) under the Act (as defined below) subject to the terms and
conditions therein specified. To the extent there are no additional parties
listed on Schedule I other than the Representatives, the term Representatives
as used herein shall mean the Representatives in their capacity as the Initial
Purchasers. The use of the neuter in this Agreement shall include the feminine
and masculine wherever appropriate. Certain terms used herein are defined in
Section 23 hereof.

          The sale of the Securities to the Initial Purchasers will be made
without registration of the Securities under the Act in reliance upon
exemptions from the registration requirements of the Act. Pursuant to the
Registration Rights Agreement, the Company will agree to file with the
Securities and Exchange Commission (the "Commission") under the terms and
circumstances set forth therein, (i) a registration statement under the Act
relating to the Company's 11.750% Notes in a like aggregate principal amount
as issued by the Company under the Indenture, identical in all material
respects to the Securities and registered under the Act (the "Exchange
Securities"), to be offered in exchange for the Securities (such offer to
exchange being referred to as the "Exchange Offer") or (ii) in certain
circumstances, a shelf registration statement pursuant to Rule 415 under the
Act relating to the resale by certain holders of the Securities and to use its
reasonable best efforts to cause such registration statements to be

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declared effective and its best efforts to cause such registration statements
to remain effective and usable for the periods specified in the Registration
Rights Agreement and to consummate the Exchange Offer.

          In connection with the sale of the Securities, the Company has
prepared a preliminary offering memorandum, dated September 29, 2003 (as
amended or supplemented at the date thereof, including any and all exhibits
thereto, and any information incorporated by reference therein, the
"Preliminary Memorandum"), and a final offering memorandum, dated October 15,
2003 (as amended or supplemented at the Execution Time, including any and all
exhibits thereto and any information incorporated by reference therein, the
"Final Memorandum"). Each of the Preliminary Memorandum and the Final
Memorandum sets forth certain information concerning the Company and the
Securities. The Company hereby confirms that it has authorized the use of the
Preliminary Memorandum and the Final Memorandum, and any amendment or
supplement thereto, in connection with the offer and sale of the Securities by
the Initial Purchasers. Unless stated to the contrary, any references herein
to the terms "amend", "amendment" or "supplement" with respect to the Final
Memorandum shall be deemed to refer to and include any information filed under
the Exchange Act subsequent to the Execution Time that is incorporated by
reference therein.

          1. Representations and Warranties. The Company represents and
warrants to each Initial Purchaser as set forth below in this Section 1.

          (a) The Preliminary Memorandum, at the date thereof, did not contain
any untrue statement of a material fact or omit to state any material fact
necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading. At the Execution Time and on the
Closing Date, the Final Memorandum did not and will not (and any amendment or
supplement thereto, at the date thereof and at the Closing Date, will not)
contain any untrue statement of a material fact or omit to state any material
fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading; provided, however,
that the Company makes no representation or warranty as to the information
contained in or omitted from the Preliminary Memorandum or the Final
Memorandum, or any amendment or supplement thereto, in reliance upon and in
conformity with information furnished in writing to the Company by or on
behalf of the Initial Purchasers through the Representatives specifically for
inclusion therein.

          (b) None of the Company, its Affiliates, or any person acting on its
or their behalf (other than the Initial Purchasers, as to which the Company
makes no representation) has, directly or indirectly, made offers or sales of
any security, or solicited offers to buy, any security under circumstances
that would require the registration of the Securities under the Act.

          (c) None of the Company, its Affiliates, or any person acting on its
or their behalf (other than the Initial Purchasers, as to which the Company
makes no representation) has: (i) engaged in any form of general solicitation
or general advertising (within the meaning of Regulation D) in connection with
any offer or sale of the Securities or (ii) engaged in any directed selling
efforts (within the meaning of Regulation S) with respect to the Securities;
and each of the Company, its Affiliates and each person acting on its or their
behalf (other than the

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Initial Purchasers, as to which the Company makes no representation) has
complied with the offering restrictions requirement of Regulation S.

          (d) The Securities satisfy the eligibility requirements of Rule
144A(d)(3) under the Act.

          (e) The Company is a "foreign issuer" (as defined in Regulation S).

          (f) The Company has been advised by the NASD's PORTAL Market that
the Securities have been designated PORTAL-eligible securities in accordance
with the rules and regulations of the NASD.

          (g) No registration under the Act of the Securities is required for
the offer and sale of the Securities to or by the Initial Purchasers in the
manner contemplated herein and in the Final Memorandum.

          (h) The Company is not, and after giving effect to the offering and
sale of the Securities and the application of the proceeds thereof as
described in the Final Memorandum will not be, an "investment company" as
defined in the Investment Company Act, without taking account of any exemption
arising out of the number of holders of the Company's securities.

          (i) The Company is not and does not expect to become a "passive
foreign investment company" as defined in Section 1297 of the Internal Revenue
Code of 1986, as amended, and the regulations promulgated thereunder.

          (j) The Company is subject to and in full compliance with the
reporting requirements of Section 13 or Section 15(d) of the Exchange Act.

          (k) The Company has not paid or agreed to pay to any person any
compensation for soliciting another to purchase the Securities (except as
contemplated in this Agreement).

          (l) None of the Company, its Affiliates or any of its or their
respective directors, officers or controlling persons has taken, directly or
indirectly, any action designed to or that has constituted or that might
reasonably be expected to cause or result, under the Exchange Act or
otherwise, in stabilization or manipulation of the price of any security of
the Company to facilitate the sale or of the Securities to or by the Initial
Purchasers.

          (m) It is not necessary, in connection with the offer and issuance
of the Securities in the Exchange Offer in the manner contemplated by the
Final Memorandum and this Agreement to qualify the Indenture under the Trust
Indenture Act. On the Closing Date, the Indenture will conform in all material
respects to the requirements of the Trust Indenture Act, as amended, and the
rules and regulations of the Commission applicable to an indenture which is
qualified thereunder.

          (n) Each of the Company and its subsidiaries has been duly
incorporated, is validly existing as a corporation and, where applicable, is
in good standing under the laws of the jurisdiction in which it is chartered
or organized with full corporate power and authority to own or lease, as the
case may be, and to operate its properties and conduct its business as
described in

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the Final Memorandum, and is duly qualified to do business as a foreign
corporation and is in good standing under the laws of each jurisdiction that
requires such qualification, other than where the failure to be so qualified
or in good standing would not have a material adverse effect on the Company
and its subsidiaries, taken as a whole.

          (o) All the outstanding shares of capital stock of each subsidiary
of the Company have been duly authorized and validly issued and are fully paid
and nonassessable, and, except as otherwise set forth in the Final Memorandum,
all outstanding shares of capital stock of the subsidiaries of the Company are
owned by the Company either directly or through wholly owned subsidiaries free
and clear of any security interest, claim, lien or encumbrance.

          (p) The statements in the Final Memorandum under the headings
"Certain Income Tax Considerations", "Description of the Notes", "Business -
Legal or Arbitration Proceedings", and "Business - Environmental Matters"
fairly summarize the matters therein described.

          (q) This Agreement has been duly authorized, executed and delivered
by the Company; the Indenture has been duly authorized by the Company and,
assuming due authorization, execution and delivery thereof by the Trustee,
when executed and delivered by the Company, will constitute a legal, valid,
binding instrument enforceable against the Company in accordance with its
terms (subject, as to the enforcement of remedies, to applicable bankruptcy,
reorganization, insolvency, moratorium or other laws affecting creditors'
rights generally from time to time in effect and to general principles of
equity); the Securities have been duly authorized by the Company, and, when
executed and authenticated in accordance with the provisions of the Indenture
and delivered to and paid for by the Initial Purchasers, will have been duly
executed and delivered by the Company and will constitute the legal, valid and
binding obligations of the Company entitled to the benefits of the Indenture
(subject, as to the enforcement of remedies, to applicable bankruptcy,
reorganization, insolvency, moratorium or other laws affecting creditors'
rights generally from time to time in effect and to general principles of
equity); and the Registration Rights Agreement has been duly authorized by the
Company and, assuming due authorization, execution and delivery thereof by the
Representatives, when executed and delivered by the Company, will constitute
the legal, valid, binding and enforceable instrument of the Company (subject,
as to the enforcement of remedies, to applicable bankruptcy, reorganization,
insolvency, moratorium or other laws affecting creditors' rights generally
from time to time in effect and to general principles of equity), provided
that no representation is made with respect to Section 6 thereof.

          (r) On the Closing Date, the Exchange Securities will have been duly
authorized, and, when executed and authenticated in accordance with the
provisions of the Exchange Offer and the Indenture, the Exchange Securities
will constitute the legal, valid and binding obligations of the Company
entitled to the benefits of the Indenture (subject, as to the enforcement of
remedies, to applicable bankruptcy, reorganization, insolvency, moratorium or
other laws affecting creditors' rights generally from time to time in effect
and to general principles of equity).

          (s) The Company has all requisite corporate power and authority, and
has taken all requisite corporate or other actions necessary to execute,
deliver and perform its obligations under this Agreement, the Indenture and
the Securities. No consent, approval, authorization,

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filing with or order of any court or governmental agency or body is required
in connection with the transactions contemplated herein, in the Indenture or
in the Registration Rights Agreement, except such as may be required under (i)
the blue sky laws of any jurisdiction in which the Securities are offered and
sold, (ii) in the case of the Registration Rights Agreement, such as will be
obtained under the Act and the Trust Indenture Act, and (iii) the rules of the
Special Section of the National Securities Registry (Registro Nacional de
Valores) of the National Securities and Banking Commission (Comision Nacional
Bancaria y de Valores).

          (t) None of the execution and delivery of the Indenture, this
Agreement or the Registration Rights Agreement, the issuance and sale of the
Securities, or the consummation of any other of the transactions herein or
therein contemplated, or the fulfillment of the terms hereof or thereof will
conflict with, result in a breach or violation or imposition of any lien,
charge or encumbrance upon any property or assets of the Company or any of its
subsidiaries pursuant to, (i) the estatutos sociales or comparable
constituting documents of the Company or any of its subsidiaries; (ii) the
terms of any indenture, contract, lease, mortgage, deed of trust, note
agreement, loan agreement or other agreement, obligation, condition, covenant
or instrument to which the Company or any of its subsidiaries is a party or
bound or to which its or their property is subject; or (iii) any statute, law,
rule, regulation, judgment, order or decree of any court, regulatory body,
administrative agency, governmental body, arbitrator or other authority having
jurisdiction over the Company or any of its subsidiaries or any of its or
their properties.

          (u) The audited consolidated financial statements and schedules of
the Company and its consolidated subsidiaries included or incorporated by
reference in the Final Memorandum present fairly the financial condition,
results of operations and cash flows of the Company and its subsidiaries as of
the dates and for the periods indicated, comply as to form with the applicable
accounting requirements of Regulation S-X and have been prepared in conformity
with generally accepted accounting principles in Mexico applied on a
consistent basis throughout the periods involved (except as otherwise noted
therein); the selected financial data set forth under the caption "Selected
Historical Consolidated Financial Information" in the Final Memorandum fairly
present, on the basis stated in the Final Memorandum, the information included
or incorporated by reference therein.

          (v) No action, suit or proceeding by or before any court or
governmental agency, authority or body or any arbitrator involving the Company
or any of its subsidiaries or its or their property is pending or, to the best
knowledge of the Company, threatened that (i) could reasonably be expected to
have a material adverse effect on the performance of this Agreement, the
Indenture or the Registration Rights Agreement, or the consummation of any of
the transactions contemplated hereby or (ii) could reasonably be expected to
have a material adverse effect on the condition (financial or otherwise),
prospects, earnings, business or properties of the Company and its
subsidiaries, taken as a whole, whether or not arising from transactions in
the ordinary course of business (a "Material Adverse Effect"), except as set
forth in or contemplated in the Final Memorandum (exclusive of any amendment
or supplement thereto).

          (w) Each of the Company and its subsidiaries has good and marketable
title in fee simple to all real property and good and marketable title to all
personal property owned by them, in each case, free and clear of all liens,
encumbrances and defects except such as are described in the Final Memorandum,
or such as do not

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materially affect the value of such property and do not materially interfere
with the use made and proposed to be made of such property by the Company and
its subsidiaries. All assets held under lease by the Company and its
subsidiaries are held by them under valid and enforceable leases, with such
exceptions as are not material and do not interfere with the use made and
proposed to be made of such assets by the Company and its subsidiaries.

          (x) Neither the Company nor any of its subsidiaries is in violation
or default of (i) any provision of its estatutos sociales or comparable
constituting documents; (ii) the terms of any indenture, contract, lease,
mortgage, deed of trust, note agreement, loan agreement or other agreement,
obligation, condition, covenant or instrument to which it is a party or bound
or to which its property is subject; or (iii) any statute, law, rule,
regulation, judgment, order or decree applicable to the Company or any of its
subsidiaries of any court, regulatory body, administrative agency,
governmental body, arbitrator or other authority having jurisdiction over the
Company or such subsidiary or any of its properties, as applicable, other than
violations and defaults with respect to clauses (ii) and (iii) which
individually and in the aggregate are not material to the Company and its
subsidiaries, taken as a whole, or to the holders of the Securities.

          (y) Deloitte & Touche, who have certified certain financial
statements of the Company and its consolidated subsidiaries (other than
Empresas Comegua S.A., its direct and indirect subsidiaries and Vitro Flex,
S.A. de C.V.) and delivered their report with respect to the audited
consolidated financial statements and schedules included or incorporated by
reference in the Final Memorandum, are independent public accountants with
respect to the Company within the meaning of the Act.

          (z) There are no stamp or other issuance or transfer taxes or duties
or other similar fees or charges required to be paid in connection with the
execution and delivery of this Agreement or the issuance or sale by the
Company to the Initial Purchasers of the Securities, other than any paid by
the Company.

          (aa) Each of the Company and its subsidiaries has filed all foreign,
federal, state and local tax returns that are required to be filed or has
requested extensions thereof (except in any case in which the failure so to
file would not have a Material Adverse Effect and except as set forth in or
contemplated in the Final Memorandum (exclusive of any amendment or supplement
thereto)) and has paid all taxes required to be paid by it and any other
assessment, fine or penalty levied against it, to the extent that any of the
foregoing is due and payable, except for any such assessment, fine or penalty
that is currently being contested in good faith or as would not have a
Material Adverse Effect and except as set forth in or contemplated in the
Final Memorandum (exclusive of any amendment or supplement thereto).

          (bb) No labor problem or dispute with the employees of the Company
or any of its subsidiaries exists or, to the knowledge of the Company, is
threatened or imminent, and the Company is not aware of any existing or
imminent labor disturbance by the employees of any of its or its subsidiaries'
principal suppliers, contractors or customers, except as would not have a
Material Adverse Effect, and except as set forth in or contemplated in the
Final Memorandum (exclusive of any amendment or supplement thereto).

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<PAGE>

          (cc) The Company and each of its subsidiaries are insured by
insurers of recognized financial responsibility against such losses and risks
and in such amounts as are prudent and customary in the businesses in which
they are engaged; all policies of insurance and fidelity or surety bonds
insuring the Company or any of its subsidiaries or their respective
businesses, assets, employees, officers and directors are in full force and
effect; the Company and its subsidiaries are in compliance in all material
respects with the terms of such policies and instruments; there are no
material claims by the Company or any of its subsidiaries under any such
policy or instrument as to which any insurance company is denying liability or
defending under a reservation of rights clause; neither the Company nor any of
its subsidiaries has been refused any insurance coverage sought or applied
for; and neither the Company nor any of its subsidiaries has any reason to
believe that it will not be able to renew its existing insurance coverage as
and when such coverage expires or to obtain similar coverage from similar
insurers as may be necessary to continue its business at a cost that would not
have a Material Adverse Effect except as set forth in or contemplated in the
Final Memorandum (exclusive of any amendment or supplement thereto).

          (dd) No subsidiary of the Company is currently prohibited or
otherwise restricted, directly or indirectly, from paying any dividends to the
Company, from making any other distribution on such subsidiary's capital
stock, from repaying to the Company any loans or advances to such subsidiary
from the Company, from paying any fees or other amounts in account for
services or from transferring any of such subsidiary's property or assets to
the Company or any other subsidiary of the Company, except as described in or
contemplated in the Final Memorandum (exclusive of any amendment or supplement
thereto).

          (ee) The Company and its subsidiaries possess all licenses,
certificates, permits and other authorizations issued by the appropriate
federal, state or foreign regulatory authorities necessary to conduct their
respective businesses, other than such licenses, certificates, permits or
other authorization the failure of which to possess would not have a Material
Adverse Effect; neither the Company nor any of its subsidiaries has received
any notice of proceedings relating to the revocation or modification of any
such license, certificate, authorization or permit which, singly or in the
aggregate, if the subject of an unfavorable decision, ruling or finding, would
have a Material Adverse Effect, except as set forth in or contemplated in the
Final Memorandum (exclusive of any amendment or supplement thereto).

          (ff) The Company and each of its subsidiaries maintain a system of
internal accounting controls sufficient to provide reasonable assurance that
(i) transactions are executed in accordance with management's general or
specific authorizations; (ii) transactions are recorded as necessary to permit
preparation of financial statements in conformity with generally accepted
accounting principles in Mexico and to maintain asset accountability; (iii)
access to assets is permitted only in accordance with management's general or
specific authorization; and (iv) the recorded accountability for assets is
compared with the existing assets at reasonable intervals and appropriate
action is taken with respect to any differences.

          (gg) The Company has no reason to believe that the statistical and
market-related data included in the Final Memorandum are based on or derived
from sources that are not reliable and accurate in all material respects.

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          (hh) The Company and its subsidiaries are (i) in compliance with any
and all applicable Mexican and foreign state and local laws and regulations
relating to the protection of human health and safety, the environment or
hazardous or toxic substances or wastes, pollutants or contaminants
("Environmental Laws"); (ii) have received and are in compliance with all
permits, licenses or other approvals required of them under applicable
Environmental Laws to conduct their respective businesses; and (iii) have not
received notice of any actual or potential liability under any Environmental
Law, except, in the case of clauses (i) through (iii), where such
non-compliance with Environmental Laws, permits, licenses or other approvals,
failure to receive required permits, licenses or other approvals, or liability
would not, individually or in the aggregate, have a Material Adverse Effect,
except as set forth in or contemplated in the Final Memorandum (exclusive of
any amendment or supplement thereto). Except as set forth in the Final
Memorandum, neither the Company nor any of its subsidiaries has been named as
a "potentially responsible party" under the Comprehensive Environmental
Response, Compensation, and Liability Act of 1980, as amended.

          (ii) In the ordinary course of its business, the Company
periodically reviews the effect of Environmental Laws on the business,
operations and properties of the Company and its subsidiaries, in the course
of which it identifies and evaluates associated costs and liabilities
(including, without limitation, any capital or operating expenditures required
for clean-up, closure of properties or compliance with Environmental Laws, or
any permit, license or approval, any related constraints on operating
activities and any potential liabilities to third parties); on the basis of
such review, the Company has reasonably concluded that such associated costs
and liabilities would not, singly or in the aggregate, have a Material Adverse
Effect, except as set forth in or contemplated in the Final Memorandum
(exclusive of any amendment or supplement thereto).

          (jj) The subsidiaries listed on Annex A attached hereto are the only
"significant subsidiaries" of the Company (as defined in Rule l-02 of
Regulation S-X under the Act).

          (kk) None of the Company, its subsidiaries or, to the knowledge of
the Company, any director, officer, agent, employee or Affiliate of the
Company or any of its subsidiaries is aware of or has taken any action,
directly or indirectly, that would result in a violation by such persons of
the Foreign Corrupt Practices Act of 1977, as amended, and the rules and
regulations thereunder (the "FCPA"), including, without limitation, making use
of the mails or any means or instrumentality of interstate commerce corruptly
in furtherance of an offer, payment, promise to pay or authorization of the
payment of any money, or other property, gift, promise to give, or
authorization of the giving of anything of value to any "foreign official" (as
such term is defined in the FCPA) or any foreign political party or official
thereof or any candidate for foreign political office, in contravention of the
FCPA; and the Company, its subsidiaries and, to the knowledge of the Company,
its Affiliates have conducted their businesses in compliance with the FCPA and
have instituted and maintain policies and procedures designed to ensure, and
which are reasonably expected to continue to ensure, continued compliance
therewith.

          (ll) The Company and its subsidiaries possess, license or have other
rights to use, on reasonable terms, all patents, patent applications, trade
and service marks, trade and service mark registrations, trade names,
copyrights, licenses, inventions, trade secrets, technology,

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know-how and other intellectual property (collectively, the "Intellectual
Property") necessary for the conduct of the Company's business as now
conducted or as proposed in the Final Memorandum to be conducted, except where
the failure to own, possess, license or have other rights to use such
Intellectual Property would not have a Material Adverse Effect. There is no
pending or, to the Company's knowledge, threatened action, suit, proceeding or
claim by others challenging the validity or scope of any of the Intellectual
Property, and the Company is unaware of any facts that would form a reasonable
basis for any such claim. There is no pending or, to the Company's knowledge,
threatened action, suit, proceeding or claim by others that the Company
infringes or otherwise violates any patent, trademark, copyright, trade secret
or other proprietary rights of others, and the Company is unaware of any other
fact that would form a reasonable basis for any such claim.

          (mm) The operations of the Company and its subsidiaries are and have
been conducted at all times in compliance with applicable financial
recordkeeping and reporting requirements of the Currency and Foreign
Transactions Reporting Act of 1970, as amended, the money laundering statutes
of all jurisdictions, the rules and regulations thereunder and any related or
similar rules, regulations or guidelines, issued, administered or enforced by
any governmental agency (collectively, the "Money Laundering Laws") and no
action, suit or proceeding by or before any court or governmental agency,
authority or body or any arbitrator involving the Company or any of its
subsidiaries with respect to the Money Laundering Laws is pending or, to the
best knowledge of the Company, threatened.

          (nn) There is and has been no failure on the part of the Company and
any of the Company's directors or officers, in their capacities as such,
comply, within the periods prescribed therein, with any provision of the
Sarbanes Oxley Act of 2002 and the rules and regulations promulgated in
connection therewith (the "Sarbanes Oxley Act"), including Section 402 related
to loans and Sections 302 and 906 related to certifications.

          (oo) None of the Company, any of its subsidiaries or, to the
knowledge of the Company, any director, officer, agent, employee or Affiliate
of the Company or any of its subsidiaries is currently subject to any U.S.
sanctions administered by the Office of Foreign Assets Control of the U.S.
Department of the Treasury ("OFAC"); and the Company will not directly or
indirectly use the proceeds of the offering of the Securities hereunder, or
lend, contribute or otherwise make available such proceeds to any subsidiary,
joint venture partner or other person or entity, for the purpose of financing
the activities of any person currently subject to any U.S. sanctions
administered by OFAC.

Any certificate signed by any officer of the Company and delivered to the
Representatives or counsel for the Initial Purchasers in connection with the
offering of the Securities shall be deemed a representation and warranty by
the Company, as to matters covered thereby, to each Initial Purchaser.

          2. Purchase and Sale. Subject to the terms and conditions and in
reliance upon the representations and warranties herein set forth, the Company
agrees to sell to each Initial Purchaser, and each Initial Purchaser agrees,
severally and not jointly, to purchase from the Company, at a purchase price
of 96.556% of the principal amount thereof, plus accrued interest,

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if any, from October 15, 2003 to the Closing Date, the principal amount of
Securities set forth opposite such Initial Purchaser's name in Schedule I
hereto.

          3. Delivery and Payment. Delivery of and payment for the Securities
shall be made at 10:00 A.M., New York City time, on October 22, 2003, or at
such time on such later date not more than three Business Days after the
foregoing date as the Representatives shall designate, which date and time may
be postponed by agreement between the Representatives and the Company or as
provided in Section 9 hereof (such date and time of delivery and payment for
the Securities being herein called the "Closing Date"). Delivery of the
Securities shall be made to the Representatives for the respective accounts of
the several Initial Purchasers against payment by the several Initial
Purchasers through the Representatives of the purchase price thereof to or
upon the order of the Company by wire transfer payable in same-day funds to
the account specified by the Company. Delivery of the Securities shall be made
through the facilities of the Depository Trust Company unless the
Representatives shall otherwise instruct.

          4. Offering by Initial Purchasers. (a) Each Initial Purchaser
acknowledges that the Securities have not been and will not be registered
under the Act and may not be offered or sold within the United States or to,
or for the account or benefit of, U.S. persons, except pursuant to an
exemption from, or in a transaction not subject to, the registration
requirements of the Act.

          (b) Each Initial Purchaser, severally and not jointly, represents
and warrants to and agrees with the Company that:

               (i) it has not offered or sold, and will not offer or sell, any
          Securities within the United States or to, or for the account or
          benefit of, U.S. persons, (x) as part of their distribution at any
          time or (y) otherwise until 40 days after the later of the
          commencement of the offering and the date of closing of the offering
          except:

                    (A)  to those it reasonably believes to be "qualified
                         institutional buyers" (as defined in Rule 144A under
                         the Act) or

                    (B)  in accordance with Rule 903 of Regulation S;

               (ii) neither it nor any person acting on its behalf has made or
          will make offers or sales of the Securities in the United States by
          means of any form of general solicitation or general advertising
          (within the meaning of Regulation D) in the United States;

               (iii) in connection with each sale pursuant to Section
          4(b)(i)(A), it has taken or will take reasonable steps to ensure
          that the purchaser of such Securities is aware that such sale is
          being made in reliance on Rule 144A;

               (iv) neither it, nor any of its Affiliates nor any person
          acting on its or their behalf has engaged or will engage in any
          directed selling efforts (within the meaning of Regulation S) with
          respect to the Securities;

               (v) it has not entered and will not enter into any contractual
          arrangement with any distributor (within the meaning of Regulation
          S) with

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          respect to the distribution of the Securities, except with its
          Affiliates or with the prior written consent of the Company;

               (vi) it and its Affiliates have complied and will comply with
          the offering restrictions requirement of Regulation S;

               (vii) at or prior to the confirmation of sale of Securities
          (other than a sale of Securities pursuant to Section 4(b)(i)(A) of
          this Agreement), it shall have sent to each distributor, dealer or
          person receiving a selling concession, fee or other remuneration
          that purchases Securities from it during the distribution compliance
          period (within the meaning of Regulation S) a confirmation or notice
          to substantially the following effect:

          "The Securities covered hereby have not been registered under the
          U.S. Securities Act of 1933 (the "Act") and may not be offered or
          sold within the United States or to, or for the account or benefit
          of, U.S. persons (i) as part of their distribution at any time or
          (ii) otherwise until 40 days after the later of the commencement of
          the offering and the date of closing of the offering, except in
          either case in accordance with Regulation S or Rule 144A under the
          Act. Additional restrictions on the offer and sale of the Securities
          are described in the offering memorandum for the Securities. Terms
          used in this paragraph have the meanings given to them by Regulation
          S."

               (viii) it has not offered or sold and, prior to the date six
          months after the date of issuance of the Securities, will not offer
          or sell any Securities to persons in the United Kingdom except to
          persons whose ordinary activities involve them in acquiring,
          holding, managing or disposing of investments (as principal or as
          agent) for the purposes of their businesses or otherwise in
          circumstances which have not resulted and will not result in an
          offer to the public in the United Kingdom within the meaning of the
          Public Offers of Securities Regulations 1995;

               (ix) it has only communicated or caused to be communicated and
          will only communicate or cause to be communicated any invitation or
          inducement to engage in investment activity (within the meaning of
          section 21 of the Financial Services and Markets Act of 2000 (the
          "FSMA")) received by it in connection with the issue or sale of any
          Securities, in circumstances in which section 21(1) of the FSMA does
          not apply to the Company;

               (x) it is an "accredited investor" (as defined in Rule 501(a)
          of Regulation D); and

               (xi) it understands that (other than as set forth in
          Registration Rights Agreement) no action has been or will be taken
          by the Company that would permit a public offering or possession or
          distribution of the Preliminary Memorandum or the Final Memorandum
          or any other offering or publicity material relating to the
          Securities, in any country or jurisdiction where action for that
          purpose is required.

                                      11

<PAGE>

          5. Agreements. The Company agrees with each Initial Purchaser that:

          (a) The Company will furnish to each Initial Purchaser and to
counsel for the Initial Purchasers, without charge, during the period referred
to in paragraph (c) below, as many copies of the Final Memorandum and any
amendments and supplements thereto as they may reasonably request.

          (b) The Company will not amend or supplement the Final Memorandum,
other than by filing documents under the Exchange Act that are incorporated by
reference therein, without, prior to such amendment or supplement, furnishing
to the Representatives a copy of such proposed amendment or supplement for
review, and the Company will not distribute any such proposed amendment or
supplement to which the Representatives reasonably object provided, however,
that, prior to the completion of the distribution of the Securities by the
Initial Purchasers (as determined by the Initial Purchasers), the Company will
not file any document under the Exchange Act that is incorporated by reference
in the Final Memorandum unless, prior to such proposed filing, the Company has
furnished the Representatives with a copy of such document for their review
and the Representatives have not reasonably objected to the filing of such
document. The Company will promptly advise the Representatives when any
document filed under the Exchange Act that is incorporated by reference in the
Final Memorandum shall have been filed with the Commission.

          (c) If at any time prior to the completion of the sale of the
Securities by the Initial Purchasers (as determined by the Initial
Purchasers), any event occurs as a result of which the Final Memorandum, as
then amended or supplemented, would include any untrue statement of a material
fact or omit to state any material fact necessary to make the statements
therein, in the light of the circumstances under which they were made, not
misleading, or if it should be necessary to amend or supplement the Final
Memorandum to comply with applicable law, the Company will promptly (i) notify
the Representatives of any such event; (ii) subject to the requirements of
paragraph (b) of this Section 5, prepare an amendment or supplement that will
correct such statement or omission or effect such compliance; and (iii) supply
any supplemented or amended Final Memorandum to the several Initial Purchasers
and counsel for the Initial Purchasers without charge in such quantities as
they may reasonably request.

          (d) The Company will arrange, if necessary, for the qualification of
the Securities for sale by the Initial Purchasers under the laws of such
jurisdictions as the Representatives may designate (including Japan, the
Netherlands and certain provinces of Canada) and will maintain such
qualifications in effect so long as required for the distribution of the
Securities; provided that in no event shall the Company be obligated to
qualify to do business in any jurisdiction where it is not now so qualified or
to take any action that would subject it to service of process in suits, other
than those arising out of the offering or sale of the Securities, in any
jurisdiction where it is not now so subject. The Company will promptly advise
the Representatives of the receipt by the Company of any notification with
respect to the suspension of the qualification of the Securities for sale in
any jurisdiction or the initiation or threatening of any proceeding for such
purpose.

                                      12

<PAGE>

          (e) During the period of two years after the Closing Date, the
Company will not, and will not permit any of its Affiliates to, resell any
Securities that constitute "restricted securities" under Rule 144 of the Act
that have been acquired by any of them.

          (f) None of the Company, its Affiliates, or any person acting on its
or their behalf will, directly or indirectly, make offers or sales of any
security, or solicit offers to buy any security, under circumstances that
would require the registration of the Securities under the Act.

          (g) None of the Company, its Affiliates, or any person acting on its
or their behalf will engage in any form of general solicitation or general
advertising (within the meaning of Regulation D) in connection with any offer
or sale of the Securities in the United States.

          (h) So long as any of the Securities are "restricted securities"
within the meaning of Rule 144(a)(3) under the Act, the Company will, during
any period in which it is not subject to and in compliance with Section 13 or
15(d) of the Exchange Act or it is not exempt from such reporting requirements
pursuant to and in compliance with Rule 12g3-2(b) under the Exchange Act,
provide to each holder of such restricted securities and to each prospective
purchaser (as designated by such holder) of such restricted securities, upon
the request of such holder or prospective purchaser, any information required
to be provided by Rule 144A(d)(4) under the Act. This covenant is intended to
be for the benefit of the holders, and the prospective purchasers designated
by such holders, from time to time of such restricted securities.

          (i) None of the Company, its Affiliates, or any person acting on its
or their behalf will engage in any directed selling efforts with respect to
the Securities. Terms used in this paragraph have the meanings given to them
by Regulation S.

          (j) The Company will cooperate with the Representatives and use its
reasonable best efforts to permit the Securities to be eligible for clearance
and settlement through The Depository Trust Company.

          (k) The Company will not for a period of 180 days following the
Execution Time, without the prior written consent of Citigroup, offer, sell or
contract to sell, or otherwise dispose of (or enter into any transaction which
is designed to, or might reasonably be expected to, result in the disposition
(whether by actual disposition or effective economic disposition due to cash
settlement or otherwise) by the Company or any Affiliate of the Company or any
person in privity with the Company or any Affiliate of the Company), directly
or indirectly, or announce the offering of, any dollar-denominated, long-term
debt securities issued or guaranteed by the Company in the international
capital markets (other than the Securities).

          (l) Neither the Company nor any of its Affiliates, or its or their
officers, directors or controlling persons will take, directly or indirectly,
any action designed to or which has constituted or which might reasonably be
expected to cause or result, under the Exchange Act or otherwise, in
stabilization or manipulation of the price of any security of the Company to
facilitate the sale of the Securities to or by the Initial Purchasers.

          (m) The Company agrees to pay the costs and expenses relating to the
following matters: (i) the preparation of the Indenture and the Registration
Rights Agreement, the issuance of the Securities and the Exchange Securities
and the fees of the Trustee; (ii) the preparation,

                                      13

<PAGE>

printing or reproduction of the Preliminary Memorandum and the Final
Memorandum and each amendment or supplement to either of them; (iii) the
printing (or reproduction) and delivery (including postage, air freight
charges and charges for counting and packaging) of such copies of the
Preliminary Memorandum and the Final Memorandum, and all amendments or
supplements to either of them, as may, in each case, be reasonably requested
for use in connection with the offering and sale of the Securities; (iv) the
preparation, printing, authentication, issuance and delivery of certificates
for the Securities and the Exchange Securities; (v) any stamp or transfer
taxes in connection with the original issuance and sale of the Securities and
the Exchange Securities; (vi) the printing (or reproduction) and delivery of
this Agreement, any blue sky memorandum and all other agreements or documents
printed (or reproduced) and delivered in connection with the offering of the
Securities and the Exchange Securities; (vii) any registration or
qualification of the Securities and the Exchange Securities for offer and sale
under the securities or blue sky laws of the several states and any other
jurisdictions specified pursuant to Section 5(d) (including filing fees and
the reasonable fees and expenses of counsel for the Initial Purchasers
relating to such registration and qualification); (viii) admitting the
Securities for trading in the PORTAL Market; (ix) the transportation and other
expenses incurred by or on behalf of Company Representatives in connection
with presentations to prospective purchasers of the Securities; (x) the fees
and expenses of the Company's accountants and the fees and expenses of counsel
(including local and special counsel) for the Company; and (xi) all other
costs and expenses incident to the performance by the Company of its
obligations hereunder. The Company agrees to reimburse, upon request, the
Representatives, on behalf of the Initial Purchasers, for all their reasonable
and documented out-of-pocket expenses incurred in connection with the sale of
the Securities provided for herein (including, without limitation, fees,
disbursements and expenses of legal advisors for the Initial Purchasers.)

          (n) The Company will, for a period of twelve months following the
Execution Time, furnish to the Representatives (i) all reports or other
communications (financial or other) generally made available to stockholders,
and deliver such reports and communications to the Representatives as soon as
they are available, unless such documents are furnished to or filed with the
Commission or any securities exchange on which any class of securities of the
Company is listed and generally made available to the public and (ii) such
additional information concerning the business and financial condition of the
Company as the Representatives may from time to time reasonably request (such
statements to be on a consolidated basis to the extent the accounts of the
Company and its subsidiaries are consolidated in reports furnished to
stockholders).

          (o) The Company will comply with all applicable securities and other
laws, rules and regulations, within the period prescribed therein, including,
without limitation, the Sarbanes Oxley Act, and use its reasonable best
efforts to cause the Company's directors and officers, in their capacities as
such, to comply with such laws, rules and regulations, including, without
limitation, the provisions of the Sarbanes Oxley Act.

          (p) The Company will not take any action or omit to take any action
(such as issuing any press release relating to any Securities without an
appropriate legend) which may result in the loss by any of the Initial
Purchases of the ability to rely on any stabilization safe harbor provided by
the Financial Services Authority under the FSMA.

                                      14

<PAGE>

          (q) The Company will apply the aggregate net proceeds from the
offering of the Securities in the manner specified in the Final Memorandum
under the heading "Use of Proceeds".

          6. Conditions to the Obligations of the Initial Purchasers. The
obligations of the Initial Purchasers to purchase the Securities shall be
subject to the accuracy of the representations and warranties of the Company
contained herein at the Execution Time and the Closing Date, to the accuracy
of the statements of the Company made in any certificates pursuant to the
provisions hereof, to the performance by the Company of its obligations
hereunder required to be performed at or prior to the Closing Date and to the
following additional conditions:

          (a) The Company shall have requested and caused Francisco Romero
Ramos, Esq., the Company's in-house counsel, to furnish to the Representatives
his opinion, dated the Closing Date and addressed to the Representatives, in
substantially the form as set forth in Exhibit A-1 and Exhibit A-2 hereto.

          (b) The Company shall have requested and caused Cravath, Swaine &
Moore LLP, the Company's U.S. counsel, to furnish to the Representatives its
opinion, dated the Closing Date and addressed to the Representatives, in
substantially the form as set forth in Exhibit B-1 and Exhibit B-2 hereto.

          (c) The Representatives shall have received from Cleary, Gottlieb,
Steen & Hamilton and Haynes & Boone, S.C., counsel for the Initial Purchasers,
such opinion or opinions, dated the Closing Date and addressed to the
Representatives, with respect to the issuance and sale of the Securities, the
Indenture, the Registration Rights Agreement, the Final Memorandum (as amended
or supplemented at the Closing Date) and other related matters as the
Representatives may reasonably require, and the Company shall have furnished
to such counsel such documents as they request for the purpose of enabling
them to pass upon such matters.

          (d) The Company shall have furnished to the Representatives a
certificate of the Company, signed by (x) the Chairman of the Board, the Chief
Executive Officer or the President and (y) the principal financial or
accounting officer of the Company, dated the Closing Date, to the effect that
the signers of such certificate have carefully examined the Final Memorandum,
any amendment or supplement to the Final Memorandum and this Agreement and
that:

               (i) the representations and warranties of the Company in this
          Agreement are true and correct on and as of the Closing Date with
          the same effect as if made on the Closing Date, and the Company has
          complied with all the agreements and satisfied all the conditions on
          its part to be performed or satisfied hereunder at or prior to the
          Closing Date; and

               (ii) since the date of the most recent financial statements
          included or incorporated by reference in the Final Memorandum
          (exclusive of any amendment or supplement thereto), there has been
          no material adverse change in the condition (financial or
          otherwise), prospects, earnings, business or properties of the
          Company and its subsidiaries, taken as a whole, whether or not
          arising from

                                      15

<PAGE>

          transactions in the ordinary course of business, except as set forth
          in or contemplated in the Final Memorandum (exclusive of any
          amendment or supplement thereto).

          (e) At the Execution Time and at the Closing Date, the Company shall
have requested and caused Deloitte & Touche to furnish to the Representatives
letters, dated respectively as of the Execution Time and as of the Closing
Date, in form and substance satisfactory to the Representatives, confirming
that they are independent accountants within the meaning of the Exchange Act
and the applicable published rules and regulations thereunder and stating in
effect that:

               (i) in their opinion the audited financial statements and
          financial statement schedules included or incorporated by reference
          in the Final Memorandum and reported on by them comply as to form
          with the applicable accounting requirements of Regulation S-X;

               (ii) on the basis of a reading of the latest unaudited
          financial statements made available by the Company and its
          subsidiaries; their limited review in accordance with the standards
          established under Statement on Auditing Standards No. 100 of the
          unaudited interim financial information for the six-month periods
          ended June 30, 2002 and 2003, and as at June 30, 2002 and 2003
          carrying out certain specified procedures (but not an examination in
          accordance with generally accepted auditing standards) which would
          not necessarily reveal matters of significance with respect to the
          comments set forth in such letter; a reading of the minutes of the
          meetings of the stockholders, directors and audit committees of the
          Company and the subsidiaries; and inquiries of certain officials of
          the Company who have responsibility for financial and accounting
          matters of the Company and its subsidiaries as to transactions and
          events subsequent to December 31, 2002, nothing came to their
          attention which caused them to believe that:

                    (A)  any unaudited financial statements included or
                         incorporated by reference in the Final Memorandum are
                         not in conformity with generally accepted accounting
                         principles in Mexico applied on a basis substantially
                         consistent with that of the audited financial
                         statements included or incorporated by reference in
                         the Final Memorandum; or

                    (B)  with respect to the period subsequent to June 30,
                         2003, there were any changes, at a specified date not
                         more than five days prior to the date of the letter,
                         in the long-term or short-term debt of the Company
                         and its subsidiaries or capital stock of the Company
                         or decreases in the stockholders' equity of the
                         Company or changes in the working capital of the
                         Company and its subsidiaries as compared with the
                         amounts shown on the June 30, 2003 consolidated
                         balance sheet included or incorporated by

                                      16

<PAGE>

                         reference in the Final Memorandum, or for the period
                         from July 1, 2003 to such specified date there were
                         any decreases, as compared with the corresponding
                         period in the previous years in revenues, operating
                         income or income before income taxes or in total of
                         net income of the Company and its subsidiaries,
                         except in all instances for changes or decreases set
                         forth in such letter or set forth in the Final
                         Memorandum, in which case the letter shall be
                         accompanied by an explanation by the Company as to
                         the significance thereof unless said explanation is
                         not deemed necessary by the Representatives; or

                    (C)  the information included under the headings "Selected
                         Historical Financial Information" and "Ratio of
                         Earnings to Fixed Charges" is not in conformity with
                         the disclosure requirements of Regulation S-K; and

               (iii) they have performed certain other specified procedures as
          a result of which they determined that certain information of an
          accounting, financial or statistical nature (which is limited to
          accounting, financial or statistical information derived from the
          general accounting records of the Company and its subsidiaries) set
          forth in the Final Memorandum, including the information set forth
          under the captions "Summary" and "Selected Historical Financial
          Information" and the information included under the caption
          "Management's Discussion and Analysis of Financial Condition and
          Results of Operations" included in the Final Memorandum agrees with
          the accounting records of the Company and its subsidiaries,
          excluding any questions of legal interpretation.

          The Company shall have received from Deloitte & Touche (and
furnished to the Representatives) a report with respect to a review of
unaudited interim financial information of the Company in accordance with
Statement on Auditing Standards No. 100.

          All references in this Section 6(e) to the Final Memorandum include
any amendment or supplement thereto at the date of the applicable letter.

          (f) Subsequent to the Execution Time or, if earlier, the dates as of
which information is given in the Final Memorandum (exclusive of any amendment
or supplement thereto) but at or prior to the Closing Date, there shall not
have been (i) any change or decrease specified in the letter or letters
referred to in paragraph (e)(ii)(B) of this Section 6; or (ii) any change, or
any development involving a prospective change, in or affecting the condition
(financial or otherwise), prospects, earnings, business or properties of the
Company and its subsidiaries taken as a whole, whether or not arising from
transactions in the ordinary course of business, except as set forth in or
contemplated in the Final Memorandum (exclusive of any amendment or supplement
thereto), the effect of which, in any case referred to in clause (i) or (ii)
above, is, in the sole judgment of the Representatives, so material and
adverse as to make it impractical or inadvisable to proceed with the offering
or delivery of the Securities as contemplated in the Final Memorandum
(exclusive of any amendment or supplement thereto).

                                      17

<PAGE>

          (g) As of the Closing Date, the Securities shall have been
designated as PORTAL-eligible securities in accordance with the rules and
regulations of the NASD and the Securities shall be eligible for clearance and
settlement through The Depository Trust Company.

          (h) Subsequent to the Execution Time but at or prior to the Closing
Date, there shall not have been any decrease in the rating of any of the
Company's debt securities by any "nationally recognized statistical rating
organization" (as defined for purposes of Rule 436(g) under the Act) or any
notice given of any intended or potential decrease in any such rating or of a
possible change in any such rating that does not indicate the direction of the
possible change.

          (i) At or prior to the Closing Date, the Company shall have
furnished to the Representatives such further information, certificates and
documents as the Representatives may reasonably request.

          If any of the conditions specified in this Section 6 shall not have
been fulfilled when and as provided in this Agreement, or if any of the
opinions and certificates mentioned above or elsewhere in this Agreement shall
not be reasonably satisfactory in form and substance to the Representatives
and counsel for the Initial Purchasers, this Agreement and all obligations of
the Initial Purchasers hereunder may be cancelled at, or at any time prior to,
the Closing Date by the Representatives. Notice of such cancellation shall be
given to the Company in writing or by telephone or facsimile confirmed in
writing.

The documents required to be delivered by this Section 6 will be delivered at
the office of U.S. counsel for the Initial Purchasers, at One Liberty Plaza,
New York, NY 10006 on the Closing Date.

          7. Reimbursement of Expenses. If the sale of the Securities provided
for herein is not consummated because any condition to the obligations of the
Initial Purchasers set forth in Section 6 hereof is not satisfied, because of
any termination pursuant to Section 10 hereof or because of any refusal,
inability or failure on the part of the Company to perform any agreement
herein or comply with any provision hereof other than by reason of a default
by any of the Initial Purchasers, the Company will reimburse the Initial
Purchasers severally through Citigroup on demand for all reasonable and
documented out-of-pocket expenses (including reasonable fees and disbursements
of counsel) that shall have been incurred by them in connection with the
proposed purchase and sale of the Securities.

          8. Indemnification and Contribution. (a) The Company agrees to
indemnify and hold harmless each Initial Purchaser, the directors, officers,
employees, Affiliates and agents of each Initial Purchaser and each person who
controls any Initial Purchaser within the meaning of either the Act or the
Exchange Act against any and all losses, claims, damages or liabilities, joint
or several, to which they or any of them may become subject under the Act, the
Exchange Act or other U.S. federal or state statutory law or regulation, at
common law or otherwise, insofar as such losses, claims, damages or
liabilities (or actions in respect thereof) arise out of or are based upon any
untrue statement or alleged untrue statement of a material fact contained in
the Preliminary Memorandum, the Final Memorandum or in any amendment or
supplement thereto, or arise out of or are based upon the omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein, in the light of the

                                      18

<PAGE>

circumstances under which they were made, not misleading, and agrees to
reimburse each such indemnified party, as incurred, for any legal or other
expenses reasonably incurred by them in connection with investigating or
defending any such loss, claim, damage, liability or action; provided,
however, that the Company will not be liable in any such case to the extent
that any such loss, claim, damage or liability arises out of or is based upon
any such untrue statement or alleged untrue statement or omission or alleged
omission made in the Preliminary Memorandum, the Final Memorandum, or in any
amendment thereof or supplement thereto, in reliance upon and in conformity
with written information furnished to the Company by or on behalf of any
Initial Purchaser through the Representatives specifically for inclusion
therein. This indemnity agreement will be in addition to any liability that
the Company may otherwise have.

          (b) Each Initial Purchaser severally, and not jointly, agrees to
indemnify and hold harmless the Company, each of its directors, each of its
officers, and each person who controls the Company within the meaning of
either the Act or the Exchange Act, to the same extent as the foregoing
indemnity from the Company to each Initial Purchaser, but only with reference
to written information relating to such Initial Purchaser furnished to the
Company by or on behalf of such Initial Purchaser through the Representatives
specifically for inclusion in the Preliminary Memorandum, the Final Memorandum
or in any amendment or supplement thereto. This indemnity agreement will be in
addition to any liability that any Initial Purchaser may otherwise have. The
Company acknowledges that (i) the statements set forth in the last paragraph
of the cover page regarding delivery of the Securities and (ii), under the
heading "Plan of Distribution", (A) the first and third sentences of the third
paragraph related to the terms of the offering by the Initial Purchasers, (B)
the fifth sentence of the ninth paragraph related to market making by the
Initial Purchasers, and (C) the 10th paragraph related to over-allotment,
stabilization, and syndicate covering transactions in the Preliminary
Memorandum and the Final Memorandum constitute the only information furnished
in writing by or on behalf of the Initial Purchasers for inclusion in the
Preliminary Memorandum, the Final Memorandum or in any amendment or supplement
thereto.

          (c) Promptly after receipt by an indemnified party under this
Section 8 of notice of the commencement of any action, such indemnified party
will, if a claim in respect thereof is to be made against the indemnifying
party under this Section 8, notify the indemnifying party in writing of the
commencement thereof; but the failure so to notify the indemnifying party (i)
will not relieve it from liability under paragraph (a) or (b) above unless and
to the extent it did not otherwise learn of such action and such failure
results in the forfeiture by the indemnifying party of substantial rights and
defenses and (ii) will not, in any event, relieve the indemnifying party from
any obligations to any indemnified party other than the indemnification
obligation provided in paragraph (a) or (b) above. The indemnifying party
shall be entitled to appoint counsel (including local counsel) of the
indemnifying party's choice at the indemnifying party's expense to represent
the indemnified party in any action for which indemnification is sought (in
which case the indemnifying party shall not thereafter be responsible for the
fees and expenses of any separate counsel, other than local counsel if not
appointed by the indemnifying party, retained by the indemnified party or
parties except as set forth below); provided, however, that such counsel shall
be satisfactory to the indemnified party. Notwithstanding the indemnifying
party's election to appoint counsel (including local counsel) to represent the
indemnified party in an action, the indemnified party shall have the right to
employ separate counsel (including local counsel), and the indemnifying party
shall bear the reasonable fees, costs and expenses of such separate

                                      19

<PAGE>

counsel if (i) the use of counsel chosen by the indemnifying party to
represent the indemnified party would present such counsel with a conflict of
interest; (ii) the actual or potential defendants in, or targets of, any such
action include both the indemnified party and the indemnifying party and the
indemnified party shall have reasonably concluded that there may be legal
defenses available to it and/or other indemnified parties that are different
from or additional to those available to the indemnifying party; (iii) the
indemnifying party shall not have employed counsel satisfactory to the
indemnified party to represent the indemnified party within a reasonable time
after notice of the institution of such action; or (iv) the indemnifying party
shall authorize the indemnified party to employ separate counsel at the
expense of the indemnifying party. An indemnifying party will not, without the
prior written consent of the indemnified parties, settle or compromise or
consent to the entry of any judgment with respect to any pending or threatened
claim, action, suit or proceeding in respect of which indemnification or
contribution may be sought hereunder (whether or not the indemnified parties
are actual or potential parties to such claim or action) unless such
settlement, compromise or consent includes an unconditional release of each
indemnified party from all liability arising out of such claim, action, suit
or proceeding.

          (d) In the event that the indemnity provided in paragraph (a) or (b)
of this Section 8 is unavailable to or insufficient to hold harmless an
indemnified party for any reason, the Company and the Initial Purchasers
severally agree to contribute to the aggregate losses, claims, damages and
liabilities (including legal or other expenses reasonably incurred in
connection with investigating or defending any loss, claim, damage, liability
or action (collectively "Losses") to which the Company and one or more of the
Initial Purchasers may be subject in such proportion as is appropriate to
reflect the relative benefits received by the Company on the one hand and by
the Initial Purchasers on the other from the offering of the Securities;
provided, however, that in no case shall any Initial Purchaser be responsible
for any amount in excess of the purchase discount or commission applicable to
the Securities purchased by such Initial Purchaser hereunder. If the
allocation provided by the immediately preceding sentence is unavailable for
any reason, the Company and the Initial Purchasers severally shall contribute
in such proportion as is appropriate to reflect not only such relative
benefits but also the relative fault of the Company on the one hand and the
Initial Purchasers on the other in connection with the statements or omissions
that resulted in such Losses, as well as any other relevant equitable
considerations. Benefits received by the Company shall be deemed to be equal
to the total net proceeds from the offering (before deducting expenses)
received by it, and benefits received by the Initial Purchasers shall be
deemed to be equal to the total purchase discounts and commissions. Relative
fault shall be determined by reference to, among other things, whether any
untrue or alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information provided by
the Company on the one hand or the Initial Purchasers on the other, the intent
of the parties and their relative knowledge, access to information and
opportunity to correct or prevent such untrue statement or omission. The
Company and the Initial Purchasers agree that it would not be just and
equitable if contribution were determined by pro rata allocation or any other
method of allocation that does not take account of the equitable
considerations referred to above. Notwithstanding the provisions of this
paragraph (d), no person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Act) shall be entitled to contribution from
any person who was not guilty of such fraudulent misrepresentation. For
purposes of this Section 8, each person who controls an Initial Purchaser
within the meaning of either the Act or the Exchange Act and each director,
officer, employee, Affiliate and agent of an Initial Purchaser shall have the
same rights to contribution as

                                      20

<PAGE>

such Initial Purchaser, and each person who controls the Company within the
meaning of either the Act or the Exchange Act and each officer and director of
the Company shall have the same rights to contribution as the Company, subject
in each case to the applicable terms and conditions of this paragraph (d).

          9. Default by an Initial Purchaser. If any one or more Initial
Purchasers shall fail to purchase and pay for any of the Securities agreed to
be purchased by such Initial Purchaser hereunder and such failure to purchase
shall constitute a default in the performance of its or their obligations
under this Agreement, the remaining Initial Purchasers shall be obligated
severally to take up and pay for (in the respective proportions which the
principal amount of Securities set forth opposite their names in Schedule I
hereto bears to the aggregate principal amount of Securities set forth
opposite the names of all the remaining Initial Purchasers) the Securities
which the defaulting Initial Purchaser or Initial Purchasers agreed but failed
to purchase; provided, however, that in the event that the aggregate principal
amount of Securities which the defaulting Initial Purchaser or Initial
Purchasers agreed but failed to purchase shall exceed 10% of the aggregate
principal amount of Securities set forth in Schedule I hereto, the remaining
Initial Purchasers shall have the right to purchase all, but shall not be
under any obligation to purchase any, of the Securities, and if such
nondefaulting Initial Purchasers do not purchase all the Securities, this
Agreement will terminate without liability to any nondefaulting Initial
Purchaser or the Company. In the event of a default by any Initial Purchaser
as set forth in this Section 9, the Closing Date shall be postponed for such
period, not exceeding five Business Days, as the Representatives shall
determine in order that the required changes in the Final Memorandum or in any
other documents or arrangements may be effected. Nothing contained in this
Agreement shall relieve any defaulting Initial Purchaser of its liability, if
any, to the Company or any nondefaulting Initial Purchaser for damages
occasioned by its default hereunder.

          10. Termination. This Agreement shall be subject to termination in
the absolute discretion of the Representatives, by notice given to the Company
prior to delivery of and payment for the Securities, if at any time prior to
such time (i) trading in the Company's Common Stock shall have been suspended
by the Commission, the CNBV, the New York Stock Exchange or the Mexican Stock
Exchange or trading in securities generally on the New York Stock Exchange or
the Mexican Stock Exchange shall have been suspended or limited or minimum
prices shall have been established on either of such exchanges; (ii) a banking
moratorium shall have been declared either by U.S. federal or New York State
authorities; or (iii) there shall have occurred any outbreak or escalation of
hostilities, declaration by the United States of a national emergency or war
or other calamity or crisis the effect of which on financial markets is such
as to make it, in the sole judgment of the Representatives, impractical or
inadvisable to proceed with the offering or delivery of the Securities as
contemplated in the Final Memorandum (exclusive of any amendment or supplement
thereto).

          11. Representations and Indemnities to Survive. The respective
agreements, representations, warranties, indemnities and other statements of
the Company or its officers and of the Initial Purchasers set forth in or made
pursuant to this Agreement will remain in full force and effect, regardless of
any investigation made by or on behalf of the Initial Purchasers or the
Company or any of the indemnified persons referred to in Section 8 hereof, and
will survive

                                      21

<PAGE>

delivery of and payment for the Securities. The provisions of Sections 7 and 8
hereof shall survive the termination or cancellation of this Agreement.

          12. Notices. All communications hereunder will be in writing and
effective only on receipt, and, if sent to the Representatives, will be
mailed, delivered or telefaxed to the Citigroup General Counsel (fax no.:
(212) 816-7912) and confirmed to Citigroup at 388 Greenwich Street, New York,
New York 10013, Attention: General Counsel; or, if sent to the Company, will
be mailed, delivered or telefaxed to + 52 (818) 335-8319 and confirmed to it
at Av. Ricardo Margain 400, Col. Valle del Campestre, 66265 San Pedro Garza
Garcia, N.L. Mexico, attention of the Legal Department.

          13. Successors. This Agreement will inure to the benefit of and be
binding upon the parties hereto and their respective successors and the
indemnified persons referred to in Section 8 hereof and their respective
successor, and, except as expressly set forth in Section 5(h) hereof, no other
person will have any right or obligation hereunder.

          14. Jurisdiction. The Company and each of the Initial Purchasers
agrees that any suit, action or proceeding against any party hereto brought by
any other party hereto, the directors, officers, employees and agents of any
such other party hereto, or by any person who controls any such other party
hereto, arising out of or based upon this Agreement or the transactions
contemplated hereby may be instituted in any State or U.S. federal court in
The City of New York and County of New York, and waives any objection which it
may now or hereafter have to the laying of venue of any such proceeding, and
irrevocably submits to the jurisdiction of such courts in any suit, action or
proceeding. The Company hereby appoints CT Corporation System, located at 111
Eighth Avenue, New York, New York 10011 as its authorized agent (the
"Authorized Agent") upon whom process may be served in any suit, action or
proceeding arising out of or based upon this Agreement or the transactions
contemplated herein that may be instituted in any State or U.S. federal court
in The City of New York and County of New York, by any Initial Purchaser, the
directors, officers, employees, Affiliates and agents of any Initial
Purchaser, or by any person who controls any Initial Purchaser, and expressly
accepts the jurisdiction of any such court in respect of any such suit, action
or proceeding. The Company hereby represents and warrants that the Authorized
Agent has accepted such appointment and has agreed to act as said agent for
service of process, and the Company agrees to take any and all action,
including the filing of any and all documents that may be necessary to
continue such appointment in full force and effect as aforesaid. Service of
process upon the Authorized Agent shall be deemed, in every respect, effective
service of process upon the Company. Notwithstanding the foregoing, any action
arising out of or based upon this Agreement may be instituted by any Initial
Purchaser, the directors, officers, employees, Affiliates and agents of any
Initial Purchaser, or by any person who controls any Initial Purchaser, in any
court of competent jurisdiction in Mexico. The parties hereto each hereby
waive any right to trial by jury in any action, proceeding or counterclaim
arising out of or relating to this Agreement.

          15. Applicable Law. This Agreement will be governed by and construed
in accordance with the laws of the State of New York applicable to contracts
made and to be performed within the State of New York.

                                      22

<PAGE>

          16. Currency. Each reference in this Agreement to U.S. dollars (the
"relevant currency"), including by use of the symbol "$", is of the essence.
To the fullest extent permitted by law, the obligation of the Company in
respect of any amount due under this Agreement will, notwithstanding any
payment in any other currency (whether pursuant to a judgment or otherwise),
be discharged only to the extent of the amount in the relevant currency that
the party entitled to receive such payment may, in accordance with its normal
procedures, purchase with the sum paid in such other currency (after any
premium and costs of exchange) on the Business Day immediately following the
day on which such party receives such payment. If the amount in the relevant
currency that may be so purchased for any reason falls short of the amount
originally due, the Company will pay such additional amounts, in the relevant
currency, as may be necessary to compensate for the shortfall. Any obligation
of the Company not discharged by such payment will, to the fullest extent
permitted by applicable law, be due as a separate and independent obligation
and, until discharged as provided herein, will continue in full force and
effect.

          17. Taxes. All payments due under this letter are to be made in U.S.
dollars, free and clear of, and without deduction for, any set-off, claim or
applicable taxes (with appropriate gross-up for any such taxes deducted or
withheld). The Company will pay such additional amount as will result in the
Representatives receiving and retaining (after any such deduction or
withholding) an amount equal to the payment that would have been due if no
such deduction or withholding had been required or made. For this purpose,
"taxes" means all forms of taxation, duties (including stamp duty), levies,
imposts, charges and withholdings (including any related or incidental
penalty, fine, interest or surcharge), whenever created or imposed, and
whether required by the law of Mexico or required by the regulations of
Mexico, other than taxes imposed on a Representative by reason of any present
or former connection between the Representatives and Mexico, or any political
subdivision thereof or therein (other than as a result of entering into this
Agreement and receiving payments hereunder). Each Representative agrees to
cooperate with the Company and provide the Company with any documentation
reasonably requested by the Company in order to reduce or eliminate the amount
of taxes required to be paid on any amounts due under this Agreement.

          18. Waiver of Immunity. To the extent that the Company has or
hereafter may acquire any immunity (sovereign or otherwise) from any legal
action, suit or proceeding, from jurisdiction of any court or from set-off or
any legal process (whether service or notice, attachment in aid or otherwise)
with respect to itself or any of its property, the Company hereby irrevocably
waives and agrees not to plead or claim such immunity in respect of its
obligations under this Agreement.

          19. Waiver of Tax Confidentiality. Notwithstanding anything herein
to the contrary, purchasers of the Securities (and each employee,
representative or other agent of the Company) may disclose to any and all
persons, without limitation of any kind, the U.S. tax treatment and U.S. tax
structure of any transaction contemplated herein and all materials of any kind
(including opinions or other tax analyses) that are provided to the purchasers
of the Securities relating to such U.S. tax treatment and U.S tax structure,
other than any information for which nondisclosure is reasonably necessary in
order to comply with applicable securities laws.

                                      23

<PAGE>

          20. Entire Agreement. This Agreement constitutes the entire
agreement and supercedes all prior agreements and understandings, both written
and oral, among the parties with respect to the subject matter hereof.

          21. Counterparts. This Agreement may be signed in one or more
counterparts, each of which shall constitute an original and all of which
together shall constitute one and the same agreement.

          22. Headings. The section headings used herein are for convenience
only and shall not affect the construction hereof.

          23. Definitions. The terms that follow, when used in this Agreement,
shall have the meanings indicated.

          "Act" shall mean the U.S. Securities Act of 1933, as amended, and
the rules and regulations of the Commission promulgated thereunder.

          "Affiliate" shall have the meaning specified in Rule 501(b) of
Regulation D.

          "Business Day" shall mean any day other than a Saturday, a Sunday or
a legal holiday or a day on which banking institutions or trust companies are
authorized or obligated by law to close in The City of New York.

          "Citigroup" shall mean Citigroup Global Markets Inc.

          "CNBV" shall mean the Mexican National Securities and Banking
Commission.

          "Credit Suisse First Boston" shall mean Credit Suisse First Boston,
LLC.

          "Commission" shall mean the Securities and Exchange Commission.

          "Deloitte & Touche" shall mean Galaz, Gomez-Morfin, Chavero,
Yamazaki, S.C., a member firm of Deloitte & Touche International.

          "Exchange Act" shall mean the U.S. Securities Exchange Act of 1934,
as amended, and the rules and regulations of the Commission promulgated
thereunder.

          "Execution Time" shall mean the date and time that this Agreement is
executed and delivered by the parties hereto.

          "Investment Company Act" shall mean the U.S. Investment Company Act
of 1940, as amended, and the rules and regulations of the Commission
promulgated thereunder.

          "NASD" shall mean the National Association of Securities Dealers,
Inc.

          "PORTAL" shall mean the Private Offerings, Resales and Trading
through Automated Linkages system of the NASD.

          "Regulation D" shall mean Regulation D under the Act.

                                      24

<PAGE>

          "Regulation S" shall mean Regulation S under the Act.

          "Trust Indenture Act" shall mean the U.S. Trust Indenture Act of
1939, as amended, and the rules and regulations of the Commission promulgated
thereunder.

                                      25

<PAGE>

                  If the foregoing is in accordance with your understanding of
our agreement, please sign and return to us the enclosed duplicate hereof,
whereupon this letter and your acceptance shall represent a binding agreement
between the Company and the several Initial Purchasers.

                                           Very truly yours,

                                           Vitro, S.A. de C.V.

                                           By: /s/ Alvaro Rodriguez
                                              ---------------------------
                                                Name:  Alvaro Rodriguez
                                                Title: Chief Financial Officer

                                           Vitro, S.A. de C.V.

                                           By: /s/ Jose Domene
                                              ---------------------------
                                                Name:  Jose Domene
                                                Title: Chief Operating Officer

The foregoing Agreement is hereby
confirmed and accepted as of the
date first above written.

Citigroup Global Markets Inc.
Credit Suisse First Boston, LLC

By:  Citigroup Global Markets Inc.

By: /s/ John Hartzell
   --------------------------
     Name:  John Hartzell
     Title: Managing Director

By:  Credit Suisse First Boston, LLC

By:  /s/ Bryce Lee
   --------------------------
     Name:  Bryce Lee
     Title: Managing Director

                                      26

<PAGE>

                                            SCHEDULE I

                                                            Principal Amount of
                                                                 Securities
          Initial Purchasers                                  to be Purchased
          ------------------
Citigroup Global Markets Inc.......................         U.S.$146,250,000
Credit Suisse First Boston, LLC....................         U.S.$78,750,000

         Total.....................................         U.S.$225,000,000

                                      27

<PAGE>

                                    ANNEX A
                                    -------

                           Significant Subsidiaries

1. Vitro Envases Norteamerica, S.A. de C.V. 2. Compania Vidriera, S.A. de C.V.
3. Vitro Plan, S.A. de C.V.
4. Vitro Flex, S.A. de C.V.
5. Servicios y Operaciones Financieras Vitro, S.A. de C.V. (SOFIVSA)
6. Vitrocrisa Comercial, S. de R.L. de C.V.
7. Vitrocrisa Holding, S. de R.L. de C.V.
8. Vitrocrisa, S. de R.L. de C.V.

<PAGE>EXHIBIT 4.17
                                                                EXECUTION COPY

                              Vitro, S.A. de C.V.

                         11.75% SENIOR Notes due 2013

                         REGISTRATION RIGHTS AGREEMENT

                                                              October 22, 2003

Citigroup Global Markets Inc.
Credit Suisse First Boston, LLC
As Representatives of the Initial Purchasers
c/o Citigroup Global Markets Inc.
388 Greenwich Street
New York, New York 10013

Ladies and Gentlemen:

          Vitro, S.A. de C.V., a corporation organized under the laws of
Mexico (the "Company"), proposes to issue and sell to certain purchasers (the
"Initial Purchasers"), for whom you (the "Representatives") are acting as
representatives, its 11.75% Senior Notes due 2013 (the "Securities"), upon the
terms set forth in the Purchase Agreement between the Company and the
Representatives dated October 15, 2003 (the "Purchase Agreement") relating to
the initial placement (the "Initial Placement") of the Securities. To induce
the Initial Purchasers to enter into the Purchase Agreement and to satisfy a
condition to your obligations thereunder, the Company agrees with you for your
benefit and the benefit of the holders from time to time of the Securities
(including the Initial Purchasers) (each a "Holder" and, collectively, the
"Holders"), as follows:

          1. Definitions. Capitalized terms used herein without definition
shall have their respective meanings set forth in the Purchase Agreement. As
used in this Agreement, the following capitalized defined terms shall have the
following meanings:

          "Act" shall mean the Securities Act of 1933, as amended, and the
rules and regulations of the Commission promulgated thereunder.

          "Affiliate" shall have the meaning specified in Rule 405 under the
Act and the terms "controlling" and "controlled" shall have meanings
correlative thereto.

          "Broker-Dealer" shall mean any broker or dealer registered as such
under the Exchange Act.

          "Business Day" shall mean any day other than a Saturday, a Sunday or
a legal holiday or a day on which banking institutions or trust companies are
authorized or obligated by law to close in New York City.

          "Closing Date" shall mean the date of the first issuance of the
Securities.

<PAGE>

          "Commission" shall mean the Securities and Exchange Commission.

          "Deferral Period" shall have the meaning indicated in Section
4(k)(ii) hereof.

          "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended, and the rules and regulations of the Commission promulgated
thereunder.

          "Exchange Offer Registration Period" shall mean the one-year period
following the consummation of the Registered Exchange Offer, exclusive of any
period during which any stop order shall be in effect suspending the
effectiveness of the Exchange Offer Registration Statement.

          "Exchange Offer Registration Statement" shall mean a registration
statement of the Company on an appropriate form under the Act with respect to
the Registered Exchange Offer, all amendments and supplements to such
registration statement, including post-effective amendments thereto, in each
case including the Prospectus contained therein, all exhibits thereto and all
material incorporated by reference therein.

          "Exchanging Dealer" shall mean any Holder (which may include any
Initial Purchaser) that is a Broker-Dealer and elects to exchange for New
Securities any Securities that it acquired for its own account as a result of
market-making activities or other trading activities (but not directly from
the Company or any Affiliate of the Company) for New Securities.

          "Final Memorandum" shall mean the offering memorandum, dated October
15, 2003 relating to the Securities, including any and all exhibits thereto
and any information incorporated by reference therein as of such date.

          "Holder" shall have the meaning set forth in the preamble hereto.

          "Indenture" shall mean the Indenture relating to the Securities,
dated as of, October 22, 2003 between the Company and Wachovia Bank, National
Association, as trustee, as the same may be amended from time to time in
accordance with the terms thereof.

          "Initial Placement" shall have the meaning set forth in the preamble
hereto.

          "Initial Purchaser" shall have the meaning set forth in the preamble
hereto.

          "Losses" shall have the meaning set forth in Section 6(d) hereof.

          "Majority Holders" shall mean, on any date, Holders of a majority of
the aggregate principal amount of Securities registered under a Registration
Statement.

          "Managing Underwriters" shall mean the investment banker or
investment bankers and manager or managers that administer an underwritten
offering, if any, under a Registration Statement.

          "NASD Rules" shall mean the Conduct Rules and the By-Laws of the
National Association of Securities Dealers, Inc.

                                      2
<PAGE>

          "New Securities" shall mean debt securities of the Company identical
in all material respects to the Securities (except that the transfer
restrictions shall be modified or eliminated, as appropriate) to be issued
under the New Securities Indenture.

          "New Securities Indenture" shall mean an indenture between the
Company and the New Securities Trustee, identical in all material respects to
the Indenture (except that the transfer restrictions shall be modified or
eliminated, as appropriate), which may be the Indenture if in the terms
thereof appropriate provision is made for the New Securities.

          "New Securities Trustee" shall mean a bank or trust company
reasonably satisfactory to the Initial Purchasers, as trustee with respect to
the New Securities under the New Securities Indenture.

          "Prospectus" shall mean the prospectus included in any Registration
Statement (including, without limitation, a prospectus that discloses
information previously omitted from a prospectus filed as part of an effective
registration statement in reliance upon Rule 430A under the Act), as amended
or supplemented by any prospectus supplement, with respect to the terms of the
offering of any portion of the Securities or the New Securities covered by
such Registration Statement, and all amendments and supplements thereto,
including any and all exhibits thereto and any information incorporated by
reference therein.

          "Purchase Agreement" shall have the meaning set forth in the
preamble hereto.

          "Registered Exchange Offer" shall mean the proposed offer of the
Company to issue and deliver to the Holders of the Securities that are not
prohibited by any law or policy of the Commission from participating in such
offer, in exchange for the Securities, a like aggregate principal amount of
the New Securities.

          "Registrable Securities" shall mean (i) Securities other than those
that have been (A) registered under a Registration Statement and disposed of
in accordance therewith or (B) distributed to the public pursuant to Rule 144
under the Act or any successor rule or regulation thereto that may be adopted
by the Commission and (ii) any New Securities resale of which by the Holder
thereof requires compliance with the prospectus delivery requirements of the
Act.

          "Registration Default Damages" shall have the meaning set forth in
Section 8 hereof.

          "Registration Statement" shall mean any Exchange Offer Registration
Statement or Shelf Registration Statement that covers any of the Securities or
the New Securities pursuant to the provisions of this Agreement, any
amendments and supplements to such registration statement, including
post-effective amendments (in each case including the Prospectus contained
therein), all exhibits thereto and all material incorporated by reference
therein.

          "Securities" shall have the meaning set forth in the preamble
hereto.

          "Shelf Registration" shall mean a registration effected pursuant to
Section 3 hereof.

                                      3
<PAGE>

          "Shelf Registration Period" has the meaning set forth in Section
3(b) hereof.

          "Shelf Registration Statement" shall mean a "shelf" registration
statement of the Company pursuant to the provisions of Section 3 hereof which
covers some or all of the Securities or New Securities, as applicable, on an
appropriate form under Rule 415 under the Act, or any similar rule that may be
adopted by the Commission, amendments and supplements to such registration
statement, including post-effective amendments, in each case including the
Prospectus contained therein, all exhibits thereto and all material
incorporated by reference therein.

          "Trustee" shall mean the trustee with respect to the Securities
under the Indenture.

          "Trust Indenture Act" shall mean the Trust Indenture Act of 1939, as
amended, and the rules and regulations of the Commission promulgated
thereunder.

          "underwriter" shall mean any underwriter of Securities in connection
with an offering thereof under a Shelf Registration Statement.

          2. Registered Exchange Offer. (a) The Company shall prepare and file
with the Commission the Exchange Offer Registration Statement with respect to
the Registered Exchange Offer. The Company shall use its reasonable best
efforts to cause the Exchange Offer Registration Statement to become effective
under the Act within 210 days after the Closing Date, and to consummate the
Registered Exchange Offer within 240 days after the Closing Date.

          (b) Upon the effectiveness of the Exchange Offer Registration
Statement, the Company shall promptly commence the Registered Exchange Offer,
it being the objective of such Registered Exchange Offer to enable each Holder
electing to exchange Securities for New Securities (assuming that such Holder
is not an Affiliate of the Company, acquires the New Securities in the
ordinary course of such Holder's business, has no arrangements with any person
to participate in the distribution of the New Securities and is not prohibited
by any law or policy of the Commission from participating in the Registered
Exchange Offer) to trade such New Securities from and after their receipt
without any limitations or restrictions under the Act and without material
restrictions under the securities laws of a substantial proportion of the
several states of the United States.

          (c) In connection with the Registered Exchange Offer, the Company
shall:

          (i) mail to each Holder a copy of the Prospectus forming part of the
     Exchange Offer Registration Statement, together with an appropriate
     letter of transmittal and related documents;

          (ii) keep the Registered Exchange Offer open for not less than 20
     Business Days and not more than 30 Business Days after the date notice
     thereof is mailed to the Holders (or, in each case, longer if required by
     applicable law);

          (iii) use its best efforts to keep the Exchange Offer Registration
     Statement continuously effective under the Act, supplemented and amended
     as

                                      4
<PAGE>

     required, under the Act to ensure that it is available for sales of New
     Securities by Exchanging Dealers during the Exchange Offer Registration
     Period;

               (iv) utilize the services of a depositary for the Registered
          Exchange Offer with an address in the Borough of Manhattan in New
          York City, which may be the Trustee, the New Securities Trustee or
          an Affiliate of either of them;

               (v) permit Holders to withdraw tendered Securities at any time
          prior to the close of business, New York time, on the last Business
          Day on which the Registered Exchange Offer is open;

               (vi) prior to effectiveness of the Exchange Offer Registration
          Statement, provide a supplemental letter to the Commission (A)
          stating that the Company is conducting the Registered Exchange Offer
          in reliance on the position of the Commission in Exxon Capital
          Holdings Corporation (pub. avail. May 13, 1988), Morgan Stanley and
          Co., Inc. (pub. avail. June 5, 1991); and (B) including a
          representation that the Company has not entered into any arrangement
          or understanding with any person to distribute the New Securities to
          be received in the Registered Exchange Offer and that, to the best
          of the Company's information and belief, each Holder participating
          in the Registered Exchange Offer is acquiring the New Securities in
          the ordinary course of business and has no arrangement or
          understanding with any person to participate in the distribution of
          the New Securities; and

               (vii) comply in all respects with all applicable laws.

          (d) As soon as practicable after the close of the Registered
Exchange Offer, the Company shall:

                    (i) accept for exchange all Securities tendered and not
               validly withdrawn pursuant to the Registered Exchange Offer;

                    (ii) deliver to the Trustee for cancellation in accordance
               with Section 4(s) all Securities so accepted for exchange; and

                    (iii) cause the New Securities Trustee promptly to
               authenticate and deliver to each Holder of Securities a
               principal amount of New Securities equal to the principal
               amount of the Securities of such Holder so accepted for
               exchange.

          (e) Each Holder hereby acknowledges and agrees that any
Broker-Dealer and any such Holder using the Registered Exchange Offer to
participate in a distribution of the New Securities (x) could not under
Commission policy as in effect on the date of this Agreement rely on the
position of the Commission in Exxon Capital Holdings Corporation (pub. avail.
May 13, 1988) and Morgan Stanley and Co., Inc. (pub. avail. June 5, 1991), as
interpreted in the Commission's letter to Shearman & Sterling dated July 2,
1993 and similar no-action letters; and (y) must comply with the registration
and prospectus delivery requirements of the Act in connection with any
secondary resale transaction, which must be covered by an effective
registration statement containing the selling security holder information
required by Item 507 or

                                      5
<PAGE>

508, as applicable, of Regulation S-K under the Act if the resales are of New
Securities obtained by such Holder in exchange for Securities acquired by such
Holder directly from the Company or one of its Affiliates. Accordingly, each
Holder participating in the Registered Exchange Offer shall be required to
represent to the Company that, at the time of the consummation of the
Registered Exchange Offer:

                    (i) any New Securities received by such Holder will be
               acquired in the ordinary course of business;

                    (ii) such Holder will have no arrangement or understanding
               with any person to participate in the distribution of the
               Securities or the New Securities within the meaning of the Act;
               and

                    (iii) such Holder is not an Affiliate of the Company.

          (f) If any Initial Purchaser determines that it is not eligible to
participate in the Registered Exchange Offer with respect to the exchange of
Securities constituting any portion of an unsold allotment, at the request of
such Initial Purchaser, the Company shall issue and deliver to such Initial
Purchaser or the person purchasing New Securities registered under a Shelf
Registration Statement as contemplated by Section 3 hereof from such Initial
Purchaser, in exchange for such Securities, a like principal amount of New
Securities. The Company shall use its reasonable best efforts to cause the
CUSIP Service Bureau to issue the same CUSIP number for such New Securities as
for New Securities issued pursuant to the Registered Exchange Offer.

          3. Shelf Registration. (a) If (i) due to any change in law or
applicable interpretations thereof by the Commission's staff, the Company
determines upon advice of its outside counsel that it is not permitted to
effect the Registered Exchange Offer as contemplated by Section 2 hereof; (ii)
for any other reason the Registered Exchange Offer is not consummated within
240 days of the Closing Date; (iii) any Initial Purchaser so requests with
respect to Securities that are not eligible to be exchanged for New Securities
in the Registered Exchange Offer and that are held by it following
consummation of the Registered Exchange Offer; (iv) any Holder (other than an
Initial Purchaser) is not eligible to participate in the Registered Exchange
Offer; or (v) in the case of any Initial Purchaser that participates in the
Registered Exchange Offer or acquires New Securities pursuant to Section 2(f)
hereof, such Initial Purchaser does not receive freely tradeable New
Securities in exchange for Securities constituting any portion of an unsold
allotment (it being understood that (x) the requirement that an Initial
Purchaser deliver a Prospectus containing the information required by Item 507
or 508 of Regulation S-K under the Act in connection with sales of New
Securities acquired in exchange for such Securities shall result in such New
Securities being not "freely tradeable"; and (y) the requirement that an
Exchanging Dealer deliver a Prospectus in connection with sales of New
Securities acquired in the Registered Exchange Offer in exchange for
Securities acquired as a result of market-making activities or other trading
activities shall not result in such New Securities being not "freely
tradeable"), the Company shall effect a Shelf Registration Statement in
accordance with subsection (b) below.

          (b) (i) The Company shall as promptly as practicable (but in no
event more than 30 days after so required or requested pursuant to this
Section 3), file with the Commission and

                                      6
<PAGE>

shall use its reasonable best efforts to cause to be declared effective under
the Act within 90 days after so required or requested, a Shelf Registration
Statement relating to the offer and sale of the Securities or the New
Securities, as applicable, by the Holders thereof from time to time in
accordance with the methods of distribution elected by such Holders and set
forth in such Shelf Registration Statement; provided, however, that no Holder
(other than an Initial Purchaser) shall be entitled to have the Securities
held by it covered by such Shelf Registration Statement unless such Holder
agrees in writing to be bound by all of the provisions of this Agreement
applicable to such Holder; and provided further, that with respect to New
Securities received by an Initial Purchaser in exchange for Securities
constituting any portion of an unsold allotment, the Company may, if permitted
by current interpretations by the Commission's staff, file a post-effective
amendment to the Exchange Offer Registration Statement containing the
information required by Item 507 or 508 of Regulation S-K, as applicable, in
satisfaction of its obligations under this subsection with respect thereto,
and any such Exchange Offer Registration Statement, as so amended, shall be
referred to herein as, and governed by the provisions herein applicable to, a
Shelf Registration Statement.

                    (ii) The Company shall use its best efforts to keep the
               Shelf Registration Statement continuously effective,
               supplemented and amended as required by the Act, in order to
               permit the Prospectus forming part thereof to be usable by
               Holders for a period (the "Shelf Registration Period") from the
               date the Shelf Registration Statement is declared effective by
               the Commission until (A) the second anniversary thereof or (B)
               the date upon which all the Securities or New Securities, as
               applicable, covered by the Shelf Registration Statement have
               been sold pursuant to the Shelf Registration Statement. The
               Company shall be deemed not to have used its best efforts to
               keep the Shelf Registration Statement effective during the
               Shelf Registration Period if it voluntarily takes any action
               that would result in Holders of Securities covered thereby not
               being able to offer and sell such Securities at any time during
               the Shelf Registration Period, unless such action is (x)
               required by applicable law or otherwise undertaken by the
               Company in good faith and for valid business reasons (not
               including avoidance of the Company's obligations hereunder),
               including the acquisition or divestiture of assets, and (y)
               permitted pursuant to Section 4(k)(ii) hereof.

                    (iii) The Company shall cause the Shelf Registration
               Statement and the related Prospectus and any amendment or
               supplement thereto, as of the effective date of the Shelf
               Registration Statement or such amendment or supplement, (A) to
               comply in all material respects with the applicable
               requirements of the Act; and (B) not to contain any untrue
               statement of a material fact or omit to state a material fact
               required to be stated therein or necessary in order to make the
               statements therein (in the case of the Prospectus, in the light
               of the circumstances under which they were made) not
               misleading.

          4. Additional Registration Procedures. In connection with any Shelf
Registration Statement and, to the extent applicable, any Exchange Offer
Registration Statement, the following provisions shall apply.

                                      7
<PAGE>

          (a) The Company shall:

                    (i) furnish to each of the Representatives and to counsel
               for the Holders, not less than five Business Days prior to the
               filing thereof with the Commission, a copy of any Exchange
               Offer Registration Statement and any Shelf Registration
               Statement, and each amendment thereof and each amendment or
               supplement, if any, to the Prospectus included therein
               (including all documents incorporated by reference therein
               after the initial filing) and shall use its reasonable best
               efforts to reflect in each such document, when so filed with
               the Commission, such comments as the Representatives reasonably
               propose;

                    (ii) include the information set forth in Annex A hereto
               on the facing page of the Exchange Offer Registration
               Statement, in Annex B hereto in the forepart of the Exchange
               Offer Registration Statement in a section setting forth details
               of the Exchange Offer, in Annex C hereto in the underwriting or
               plan of distribution section of the Prospectus contained in the
               Exchange Offer Registration Statement, and in Annex D hereto in
               the letter of transmittal delivered pursuant to the Registered
               Exchange Offer;

                    (iii) if requested by an Initial Purchaser, include the
               information required by Item 507 or 508 of Regulation S-K, as
               applicable, in the Prospectus contained in the Exchange Offer
               Registration Statement; and

                    (iv) in the case of a Shelf Registration Statement,
               include the names of the Holders that propose to sell
               Securities pursuant to the Shelf Registration Statement as
               selling security holders.

          (b) The Company shall ensure that:

                    (i) any Registration Statement and any amendment thereto
               and any Prospectus forming part thereof and any amendment or
               supplement thereto complies in all material respects with the
               Act; and

                    (ii) any Registration Statement and any amendment thereto
               does not, when it becomes effective, contain an untrue
               statement of a material fact or omit to state a material fact
               required to be stated therein or necessary to make the
               statements therein (in the case of the Prospectus, in the light
               of the circumstances under which they were made) not
               misleading.

          (c) The Company shall advise the Representatives, the Holders of
Securities covered by any Shelf Registration Statement and any Exchanging
Dealer under any Exchange Offer Registration Statement that has provided in
writing to the Company a telephone or facsimile number and address for
notices, and, if requested by any Representative or any such Holder or
Exchanging Dealer, shall confirm such advice in writing (which notice pursuant
to clauses (ii)-(v) hereof shall be accompanied by an instruction to suspend
the use of the Prospectus until the Company shall have remedied the basis for
such suspension):

                                      8
<PAGE>

               (i) when a Registration Statement and any amendment thereto has
          been filed with the Commission and when the Registration Statement
          or any post-effective amendment thereto has become effective;

               (ii) of any request by the Commission for any amendment or
          supplement to the Registration Statement or the Prospectus or for
          additional information;

               (iii) of the issuance by the Commission of any stop order
          suspending the effectiveness of the Registration Statement or the
          institution or threatening of any proceeding for that purpose;

               (iv) of the receipt by the Company of any notification with
          respect to the suspension of the qualification of the securities
          included therein for sale in any jurisdiction or the institution or
          threatening of any proceeding for such purpose; and

               (v) of the happening of any event that requires any change in
          the Registration Statement or the Prospectus so that, as of such
          date, they (A) do not contain any untrue statement of a material
          fact and (B) do not omit to state a material fact required to be
          stated therein or necessary to make the statements therein (in the
          case of the Prospectus, in the light of the circumstances under
          which they were made) not misleading.

          (d) The Company shall use its best efforts to prevent the issuance
of any order suspending the effectiveness of any Registration Statement or the
qualification of the securities therein for sale in any jurisdiction and, if
issued, to obtain as soon as possible the withdrawal thereof.

          (e) The Company shall furnish to each Holder of Securities covered
by any Shelf Registration Statement, without charge, at least one copy of such
Shelf Registration Statement and any post-effective amendment thereto,
including all material incorporated therein by reference, and, if the Holder
so requests in writing, all exhibits thereto (including exhibits incorporated
by reference therein).

          (f) The Company shall, during the Shelf Registration Period, deliver
to each Holder of Securities covered by any Shelf Registration Statement,
without charge, as many copies of the Prospectus (including the Preliminary
Prospectus) included in such Shelf Registration Statement and any amendment or
supplement thereto as such Holder may reasonably request. The Company consents
to the use of the Prospectus or any amendment or supplement thereto by each of
the selling Holders of Securities in connection with the offering and sale of
the Securities covered by the Prospectus, or any amendment or supplement
thereto, included in the Shelf Registration Statement.

          (g) The Company shall furnish to each Exchanging Dealer which so
requests, without charge, at least one copy of the Exchange Offer Registration
Statement and any post-effective amendment thereto, including all material
incorporated by reference therein, and, if the

                                      9
<PAGE>

Exchanging Dealer so requests in writing, all exhibits thereto (including
exhibits incorporated by reference therein).

          (h) The Company shall promptly deliver to each Initial Purchaser,
each Exchanging Dealer and each other person required to deliver a Prospectus
during the Exchange Offer Registration Period, without charge, as many copies
of the Prospectus included in such Exchange Offer Registration Statement and
any amendment or supplement thereto as any such person may reasonably request.
The Company consents to the use of the Prospectus or any amendment or
supplement thereto by any Initial Purchaser, any Exchanging Dealer and any
such other person that may be required to deliver a Prospectus following the
Registered Exchange Offer in connection with the offering and sale of the New
Securities covered by the Prospectus, or any amendment or supplement thereto,
included in the Exchange Offer Registration Statement.

          (i) Prior to the Registered Exchange Offer or any other offering of
Securities pursuant to any Registration Statement, the Company shall arrange,
if necessary, for the qualification of the Securities or the New Securities
for sale under the laws of such jurisdictions as any Holder shall reasonably
request and shall maintain such qualification in effect so long as required;
provided that in no event shall the Company be obligated to qualify to do
business in any jurisdiction where it is not then so qualified or to take any
action that would subject it to service of process in suits, other than those
arising out of the Initial Placement, the Registered Exchange Offer or any
offering pursuant to a Shelf Registration Statement, in any such jurisdiction
where it is not then so subject.

          (j) The Company shall cooperate with the Holders of Securities to
facilitate the timely preparation and delivery of certificates representing
New Securities or Securities to be issued or sold pursuant to any Registration
Statement free of any restrictive legends and in such denominations and
registered in such names as Holders may request.

          (k) (i) Upon the occurrence of any event contemplated by subsections
(c)(ii) through (v) above, the Company shall promptly (or within the time
period provided for by clause (ii) hereof, if applicable) prepare a
post-effective amendment to the applicable Registration Statement or an
amendment or supplement to the related Prospectus or file any other required
document so that, as thereafter delivered to Initial Purchasers of the
securities included therein, the Prospectus will not include an untrue
statement of a material fact or omit to state any material fact required to be
stated therein or necessary to make the statements therein, in the light of
the circumstances under which they were made, not misleading. In such
circumstances, the period of effectiveness of the Exchange Offer Registration
Statement provided for in Section 2 shall be extended by the number of days
from and including the date of the giving of a notice of suspension pursuant
to Section 4(c) to and including the date when the Initial Purchasers, the
Holders of the Securities and any known Exchanging Dealer shall have received
such amended or supplemented Prospectus pursuant to this Section.

               (ii) Upon the occurrence or existence of any pending corporate
          development or any other material event that, in the reasonable
          judgment of the Company, makes it appropriate to suspend the
          availability of a Shelf Registration

                                      10
<PAGE>

          Statement and the related Prospectus, the Company shall give notice
          (without notice of the nature or details of such events) to the
          Holders that the availability of the Shelf Registration is suspended
          and, upon actual receipt of any such notice, each Holder agrees not
          to sell any Registrable Securities pursuant to the Shelf
          Registration until such Holder's receipt of copies of the
          supplemented or amended Prospectus provided for in Section 3(i)
          hereof, or until it is advised in writing by the Company that the
          Prospectus may be used, and has received copies of any additional or
          supplemental filings that are incorporated or deemed incorporated by
          reference in such Prospectus. The period during which the
          availability of the Shelf Registration Statement and any Prospectus
          is suspended (the "Deferral Period") shall not exceed 45 days in any
          three-month period or 90 days in any twelve-month period.

          (l) Not later than the effective date of any Registration Statement,
the Company shall provide a CUSIP number for the Securities or the New
Securities, as the case may be, registered under such Registration Statement
and provide the Trustee with printed certificates for such Securities or New
Securities, in a form eligible for deposit with The Depository Trust Company.

          (m) The Company shall comply with all applicable rules and
regulations of the Commission and shall make generally available to its
security holders an earnings statement satisfying the provisions of Section
11(a) of the Act as soon as practicable after the effective date of the
applicable Registration Statement and in any event no later than 45 days after
the end of a 12-month period (or 90 days, if such period is a fiscal year)
beginning with the first month of the Company's first fiscal quarter
commencing after the effective date of the applicable Registration Statement.

          (n) The Company shall cause the New Securities Indenture to be
qualified under the Trust Indenture Act in a timely manner.

          (o) The Company may require each Holder of securities to be sold
pursuant to any Shelf Registration Statement to furnish to the Company such
information regarding the Holder and the distribution of such securities as
the Company may from time to time reasonably require for inclusion in such
Registration Statement. The Company may exclude from such Shelf Registration
Statement the Securities of any Holder that unreasonably fails to furnish such
information within a reasonable time after receiving such request.

          (p) In the case of any Shelf Registration Statement, the Company
shall enter into customary agreements (including, if requested, an
underwriting agreement in customary form) and take all other appropriate
actions in order to expedite or facilitate the registration or the disposition
of the Securities, and in connection therewith, if an underwriting agreement
is entered into, cause the same to contain indemnification provisions and
procedures no less favorable than those set forth in Section 6 hereof.

          (q) In the case of any Shelf Registration Statement, the Company
shall:

                                      11
<PAGE>

               (i) make reasonably available for inspection by the Holders of
          Securities to be registered thereunder, any underwriter
          participating in any disposition pursuant to such Registration
          Statement, and any attorney, accountant or other agent retained by
          the Holders or any such underwriter all relevant financial and other
          records and pertinent corporate documents of the Company and its
          subsidiaries;

               (ii) cause the Company's officers, directors, employees,
          accountants and auditors to supply all relevant information
          reasonably requested by the Holders or any such underwriter,
          attorney, accountant or agent in connection with any such
          Registration Statement as is customary for similar due diligence
          examinations;

               (iii) make such representations and warranties to the Holders
          of Securities registered thereunder and the underwriters, if any, in
          form, substance and scope as are customarily made by issuers to
          underwriters in primary underwritten offerings and covering matters
          including, but not limited to, those set forth in the Purchase
          Agreement;

               (iv) obtain opinions of counsel to the Company and updates
          thereof (which counsel and opinions (in form, scope and substance)
          shall be reasonably satisfactory to the Managing Underwriters, if
          any) addressed to each selling Holder and the underwriters, if any,
          covering such matters as are customarily covered in opinions
          requested in underwritten offerings and such other matters as may be
          reasonably requested by such Holders and underwriters;

               (v) obtain "comfort" letters and updates thereof from the
          independent certified public accountants of the Company (and, if
          necessary, any other independent certified public accountants of any
          subsidiary of the Company or of any business acquired by the Company
          for which financial statements and financial data are, or are
          required to be, included in the Registration Statement), addressed
          to each selling Holder of Securities registered thereunder and the
          underwriters, if any, in customary form and covering matters of the
          type customarily covered in "comfort" letters in connection with
          primary underwritten offerings; and

               (vi) deliver such documents and certificates as may be
          reasonably requested by the Majority Holders or the Managing
          Underwriters, if any, including those to evidence compliance with
          Section 4(k) and with any customary conditions contained in the
          underwriting agreement or other agreement entered into by the
          Company.

The actions set forth in clauses (iii), (iv), (v) and (vi) of this paragraph
(q) shall be performed at (A) the effectiveness of such Registration Statement
and each post-effective amendment thereto; and (B) each closing under any
underwriting or similar agreement as and to the extent required thereunder.

                                      12
<PAGE>

          (r) In the case of any Exchange Offer Registration Statement, the
Company shall, if requested by an Initial Purchaser, or by a broker dealer
that holds Securities that were acquired as a result of market making or other
trading activities:

               (i) make reasonably available for inspection by the requesting
          party, and any attorney, accountant or other agent retained by the
          requesting party, all relevant financial and other records,
          pertinent corporate documents and properties of the Company and its
          subsidiaries;

               (ii) cause the Company's officers, directors, employees,
          accountants and auditors to supply all relevant information
          reasonably requested by the requesting party or any such attorney,
          accountant or agent in connection with any such Registration
          Statement as is customary for similar due diligence examinations;

               (iii) make such representations and warranties to the
          requesting party, in form, substance and scope as are customarily
          made by issuers to underwriters in primary underwritten offerings
          and covering matters including, but not limited to, those set forth
          in the Purchase Agreement;

               (iv) obtain opinions of counsel to the Company and updates
          thereof (which counsel and opinions (in form, scope and substance)
          shall be reasonably satisfactory to the requesting party and its
          counsel), addressed to the requesting party, covering such matters
          as are customarily covered in opinions requested in underwritten
          offerings and such other matters as may be reasonably requested by
          the requesting party or its counsel;

               (v) obtain "comfort" letters and updates thereof from the
          independent certified public accountants of the Company (and, if
          necessary, any other independent certified public accountants of any
          subsidiary of the Company or of any business acquired by the Company
          for which financial statements and financial data are, or are
          required to be, included in the Registration Statement), addressed
          to the requesting party, in customary form and covering matters of
          the type customarily covered in "comfort" letters in connection with
          primary underwritten offerings, or if requested by the requesting
          party or its counsel in lieu of a "comfort" letter, an agreed-upon
          procedures letter under Statement on Auditing Standards No. 35,
          covering matters requested by the requesting party or its counsel;
          and

               (vi) deliver such documents and certificates as may be
          reasonably requested by the requesting party or its counsel,
          including those to evidence compliance with Section 4(k) and with
          conditions customarily contained in underwriting agreements.

The foregoing actions set forth in clauses (iii), (iv), (v), and (vi) of this
Section shall be performed at the close of the Registered Exchange Offer and
the effective date of any post-effective amendment to the Exchange Offer
Registration Statement.

                                      13
<PAGE>

          (s) If a Registered Exchange Offer is to be consummated, upon
delivery of the Securities by Holders to the Company (or to such other person
as directed by the Company) in exchange for the New Securities, the Company
shall mark, or caused to be marked, on the Securities so exchanged that such
Securities are being cancelled in exchange for the New Securities. In no event
shall the Securities be marked as paid or otherwise satisfied.

          (t) The Company shall use its reasonable best efforts if the
Securities have been rated prior to the initial sale of such Securities, to
confirm such ratings will apply to the Securities or the New Securities, as
the case may be, covered by a Registration Statement.

          (u) In the event that any Broker-Dealer shall underwrite any
Securities or participate as a member of an underwriting syndicate or selling
group or "assist in the distribution" (within the meaning of the NASD Rules)
thereof, whether as a Holder of such Securities or as an underwriter, a
placement or sales agent or a broker or dealer in respect thereof, or
otherwise, the Company shall assist such Broker-Dealer in complying with the
NASD Rules.

          (v) The Company shall use its reasonable best efforts to take all
other steps necessary to effect the registration of the Securities or the New
Securities, as the case may be, covered by a Registration Statement.

          5. Registration Expenses. The Company shall bear all expenses
incurred in connection with the performance of its obligations under Sections
2, 3 and 4 hereof and, in the event of any Shelf Registration Statement, will
reimburse the Holders for the reasonable fees and disbursements of one firm or
counsel (which shall initially be Cleary, Gottlieb, Steen & Hamilton, but
which may be another nationally recognized law firm experienced in securities
matters designated by the Majority Holders) to act as counsel for the Holders
in connection therewith, and, in the case of any Exchange Offer Registration
Statement, will reimburse the Initial Purchasers for the reasonable fees and
disbursements of counsel acting in connection therewith.

          6. Indemnification and Contribution. (a) The Company agrees to
indemnify and hold harmless each Holder of Securities or New Securities, as
the case may be, covered by any Registration Statement, each Initial Purchaser
and, with respect to any Prospectus delivery as contemplated in Section 4(h)
hereof, each Exchanging Dealer, the directors, officers, employees, Affiliates
and agents of each such Holder, Initial Purchaser or Exchanging Dealer and
each person who controls any such Holder, Initial Purchaser or Exchanging
Dealer within the meaning of either the Act or the Exchange Act against any
and all losses, claims, damages or liabilities, joint or several, to which
they or any of them may become subject under the Act, the Exchange Act or
other federal or state statutory law or regulation, at common law or
otherwise, insofar as such losses, claims, damages or liabilities (or actions
in respect thereof) arise out of or are based upon any untrue statement or
alleged untrue statement of a material fact contained in the Registration
Statement as originally filed or in any amendment thereof, or in any
preliminary Prospectus or the Prospectus, or in any amendment thereof or
supplement thereto, or arise out of or are based upon the omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein (in the case of any preliminary
Prospectus or the Prospectus, in the light of the circumstances under which
they were made) not

                                      14
<PAGE>

misleading, and agrees to reimburse each such indemnified party, as incurred,
for any legal or other expenses reasonably incurred by it in connection with
investigating or defending any such loss, claim, damage, liability or action;
provided, however, that the Company will not be liable in any such case to the
extent that any such loss, claim, damage or liability arises out of or is
based upon any such untrue statement or alleged untrue statement or omission
or alleged omission made therein in reliance upon and in conformity with
written information furnished to the Company by or on behalf of the party
claiming indemnification specifically for inclusion therein. This indemnity
agreement shall be in addition to any liability that the Company may otherwise
have.

          The Company also agrees to indemnify as provided in this Section
6(a) or contribute as provided in Section 6(d) hereof to Losses of each
underwriter, if any, of Securities or New Securities, as the case may be,
registered under a Shelf Registration Statement, their directors, officers,
employees, Affiliates or agents and each person who controls such underwriter
on substantially the same basis as that of the indemnification of the Initial
Purchasers and the selling Holders provided in this Section 6(a) and shall, if
requested by any Holder, enter into an underwriting agreement reflecting such
agreement, as provided in Section 4(p) hereof.

          (b) Each Holder of securities covered by a Registration Statement
(including each Initial Purchaser that is a Holder, in such capacity)
severally and not jointly agrees to indemnify and hold harmless the Company,
each of its directors, each of its officers who signs such Registration
Statement and each person who controls the Company within the meaning of
either the Act or the Exchange Act, to the same extent as the foregoing
indemnity from the Company to each such Holder, but only with reference to
written information relating to such Holder furnished to the Company by or on
behalf of such Holder specifically for inclusion in the documents referred to
in the foregoing indemnity. This indemnity agreement will be in addition to
any liability that any such Holder may otherwise have.

          (c) Promptly after receipt by an indemnified party under this
Section 6 or notice of the commencement of any action, such indemnified party
will, if a claim in respect thereof is to be made against the indemnifying
party under this Section, notify the indemnifying party in writing of the
commencement thereof; but the failure so to notify the indemnifying party (i)
will not relieve it from liability under paragraph (a) or (b) above unless and
to the extent it did not otherwise learn of such action and such failure
results in the forfeiture by the indemnifying party of substantial rights and
defenses; and (ii) will not, in any event, relieve the indemnifying party from
any obligations to any indemnified party other than the indemnification
obligation provided in paragraph (a) or (b) above. The indemnifying party
shall be entitled to appoint counsel (including local counsel) of the
indemnifying party's choice at the indemnifying party's expense to represent
the indemnified party in any action for which indemnification is sought (in
which case the indemnifying party shall not thereafter be responsible for the
fees and expenses of any separate counsel, other than local counsel if not
appointed by the indemnifying party, retained by the indemnified party or
parties except as set forth below); provided, however, that such counsel shall
be satisfactory to the indemnified party. Notwithstanding the indemnifying
party's election to appoint counsel (including local counsel) to represent the
indemnified party in an action, the indemnified party shall have the right to
employ separate counsel (including local counsel), and the indemnifying party
shall bear the reasonable fees, costs and expenses of such separate counsel if
(i) the use of counsel chosen by the indemnifying party to represent the

                                      15
<PAGE>

indemnified party would present such counsel with a conflict of interest; (ii)
the actual or potential defendants in, or targets of, any such action include
both the indemnified party and the indemnifying party and the indemnified
party shall have reasonably concluded that there may be legal defenses
available to it and/or other indemnified parties that are different from or
additional to those available to the indemnifying party; (iii) the
indemnifying party shall not have employed counsel satisfactory to the
indemnified party to represent the indemnified party within a reasonable time
after notice of the institution of such action; or (iv) the indemnifying party
shall authorize the indemnified party to employ separate counsel at the
expense of the indemnifying party. An indemnifying party will not, without the
prior written consent of the indemnified parties, settle or compromise or
consent to the entry of any judgment with respect to any pending or threatened
claim, action, suit or proceeding in respect of which indemnification or
contribution may be sought hereunder (whether or not the indemnified parties
are actual or potential parties to such claim or action) unless such
settlement, compromise or consent includes an unconditional release of each
indemnified party from all liability arising out of such claim, action, suit
or proceeding.

          (d) In the event that the indemnity provided in paragraph (a) or (b)
of this Section is unavailable to or insufficient to hold harmless an
indemnified party for any reason, then each applicable indemnifying party
shall have a joint and several obligation to contribute to the aggregate
losses, claims, damages and liabilities (including legal or other expenses
reasonably incurred in connection with investigating or defending any loss,
claim, liability, damage or action) (collectively "Losses") to which such
indemnified party may be subject in such proportion as is appropriate to
reflect the relative benefits received by such indemnifying party, on the one
hand, and such indemnified party, on the other hand, from the Initial
Placement and the Registration Statement which resulted in such Losses;
provided, however, that in no case shall any Initial Purchaser be responsible,
in the aggregate, for any amount in excess of the purchase discount or
commission applicable to such Security, or in the case of a New Security,
applicable to the Security that was exchangeable into such New Security, as
set forth in the Final Memorandum, nor shall any underwriter be responsible
for any amount in excess of the underwriting discount or commission applicable
to the securities purchased by such underwriter under the Registration
Statement which resulted in such Losses. If the allocation provided by the
immediately preceding sentence is unavailable for any reason, the indemnifying
party and the indemnified party shall contribute in such proportion as is
appropriate to reflect not only such relative benefits but also the relative
fault of such indemnifying party, on the one hand, and such indemnified party,
on the other hand, in connection with the statements or omissions which
resulted in such Losses as well as any other relevant equitable
considerations. Benefits received by the Company shall be deemed to be equal
to the total net proceeds from the Initial Placement (before deducting
expenses) as set forth in the Final Memorandum. Benefits received by the
Initial Purchasers shall be deemed to be equal to the total purchase discounts
and commissions as set forth on the cover page of the Final Memorandum, and
benefits received by any other Holders shall be deemed to be equal to the
value of receiving Securities or New Securities, as applicable, registered
under the Act. Benefits received by any underwriter shall be deemed to be
equal to the total underwriting discounts and commissions, as set forth on the
cover page of the Prospectus forming a part of the Registration Statement
which resulted in such Losses. Relative fault shall be determined by reference
to, among other things, whether any untrue or any alleged untrue statement of
a material fact or omission or alleged omission to state a material fact
relates to information provided by the indemnifying party, on the one hand, or
by the indemnified party,

                                      16
<PAGE>

on the other hand, the intent of the parties and their relative knowledge,
access to information and opportunity to correct or prevent such untrue
statement or omission. The parties agree that it would not be just and
equitable if contribution were determined by pro rata allocation (even if the
Holders were treated as one entity for such purpose) or any other method of
allocation which does not take account of the equitable considerations
referred to above. Notwithstanding the provisions of this paragraph (d), no
person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Act) shall be entitled to contribution from any person who was
not guilty of such fraudulent misrepresentation. For purposes of this Section,
each person who controls a Holder within the meaning of either the Act or the
Exchange Act and each director, officer, employee and agent of such Holder
shall have the same rights to contribution as such Holder, and each person who
controls the Company within the meaning of either the Act or the Exchange Act,
each officer of the Company who shall have signed the Registration Statement
and each director of the Company shall have the same rights to contribution as
the Company, subject in each case to the applicable terms and conditions of
this paragraph (d).

          (e) The provisions of this Section will remain in full force and
effect, regardless of any investigation made by or on behalf of any Holder or
the Company or any of the indemnified persons referred to in this Section 6,
and will survive the sale by a Holder of securities covered by a Registration
Statement.

          7. Underwritten Registrations. (a) If any of the Securities or New
Securities, as the case may be, covered by any Shelf Registration Statement
are to be sold in an underwritten offering, the Managing Underwriters shall be
selected by the Majority Holders.

          (b) No person may participate in any underwritten offering pursuant
to any Shelf Registration Statement, unless such person (i) agrees to sell
such person's Securities or New Securities, as the case may be, on the basis
reasonably provided in any underwriting arrangements approved by the persons
entitled hereunder to approve such arrangements; and (ii) completes and
executes all questionnaires, powers of attorney, indemnities, underwriting
agreements and other documents reasonably required under the terms of such
underwriting arrangements.

          8. Registration Defaults. If any of the following events shall
occur, then the Company shall pay liquidated damages (the "Registration
Default Damages") to the Holders of Securities in respect of the Securities as
follows:

          (a) if any Registration Statement required by this Agreement is not
     filed with the Commission on or prior to the date specified for such
     filing in this Agreement, then Registration Default Damages shall accrue
     on the Registrable Securities from and including such date at a rate of
     .50% per annum until the date that is one year from the Closing Date and
     at a rate of 1.00% per annum thereafter; or

          (b) if any Registration Statement required by this Agreement is not
     declared effective by the Commission on or prior to the date by which
     reasonable best efforts are to be used to cause such effectiveness under
     this Agreement, then Registration Default Damages shall accrue on the
     Registrable Securities from and including such date at a rate

                                      17
<PAGE>

     of .50% per annum until the date that is one year from the Closing Date,
     and at a rate of 1.00% per annum thereafter; or

          (c) if the Registered Exchange Offer is not consummated on or prior
     to the date that is 240 days of the Closing Date, then Registration
     Default Damages shall accrue from and including such date on the
     Registrable Securities at a rate of 0.50% per annum until the date that
     is one year from the Closing Date and at a rate of 1.00% per annum
     thereafter; or

          (d) if any Registration Statement required by this Agreement has
     been declared effective but ceases to be effective at any time at which
     it is required to be effective under this Agreement, then commencing on
     the day the Registration Statement ceases to be effective, Registration
     Default Damages shall accrue from and including such date on which the
     Registration Statement ceases to be effective on the Registrable
     Securities at a rate of .50% per annum until the date that is one year
     from the Closing Date and at a rate of 1.00% per annum thereafter;

          provided, however, that (1) upon the filing of the Registration
     Statement (in the case of paragraph (a) above), (2) upon the
     effectiveness of the Registration Statement (in the case of paragraph (b)
     above), (3) upon the consummation of the Registered Exchange Offer (in
     the case of paragraph (c) above), or (4) upon the effectiveness of the
     Registration Statement which had ceased to remain effective (in the case
     of paragraph (d) above), Registration Default Damages shall cease to
     accrue.

          9. No Inconsistent Agreements. The Company has not entered into, and
agrees not to enter into, any agreement with respect to its securities that is
inconsistent with the rights granted to the Holders herein or that otherwise
conflicts with the provisions hereof.

          10. Amendments and Waivers. The provisions of this Agreement may not
be amended, qualified, modified or supplemented, and waivers or consents to
departures from the provisions hereof may not be given, unless the Company has
obtained the written consent of the Holders of a majority of the aggregate
principal amount of the Registrable Securities outstanding; provided that,
with respect to any matter that directly or indirectly affects the rights of
any Initial Purchaser hereunder, the Company shall obtain the written consent
of each such Initial Purchaser against which such amendment, qualification,
supplement, waiver or consent is to be effective; provided, further, that no
amendment, qualification, supplement, waiver or consent with respect to
Section 8 hereof shall be effective as against any Holder of Registered
Securities unless consented to in writing by such Holder; and provided,
further, that the provisions of this Article 10 may not be amended, qualified,
modified or supplemented, and waivers or consents to departures from the
provisions hereof may not be given, unless the Company has obtained the
written consent of the Initial Purchasers and each Holder. Notwithstanding the
foregoing (except the foregoing provisos), a waiver or consent to departure
from the provisions hereof with respect to a matter that relates exclusively
to the rights of Holders whose Securities or New Securities, as the case may
be, are being sold pursuant to a Registration Statement and that does not
directly or indirectly affect the rights of other Holders may be given by the
Majority Holders, determined on the basis of Securities or New Securities, as
the case may be, being sold rather than registered under such Registration
Statement.

                                      18
<PAGE>

          11. Notices. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand-delivery, first-class
mail, telex, telecopier or air courier guaranteeing overnight delivery:

          (a) if to a Holder, at the most current address given by such holder
to the Company in accordance with the provisions of this Section 11, which
address initially is, with respect to each Holder, the address of such Holder
maintained by the Registrar under the Indenture;

          (b) if to the Representatives, initially at the address or addresses
set forth in the Purchase Agreement; and

          (c) if to the Company, initially at its address set forth in the
Purchase Agreement.

          All such notices and communications shall be deemed to have been
duly given when received.

          The Initial Purchasers or the Company by notice to the other parties
may designate additional or different addresses for subsequent notices or
communications.

          12. Remedies. Each Holder, in addition to being entitled to exercise
all rights provided to it herein, in the Indenture or in the Purchase
Agreement or granted by law, including recovery of liquidated or other
damages, will be entitled to specific performance of its rights under this
Agreement. The Company agrees that monetary damages would not be adequate
compensation for any loss incurred by reason of a breach by it of the
provisions of this Agreement and hereby agrees to waive in any action for
specific performance the defense that a remedy at law would be adequate.

          13. Successors. This Agreement shall inure to the benefit of and be
binding upon the parties hereto, their respective successors and assigns,
including, without the need for an express assignment or any consent by the
Company thereto, subsequent Holders of Securities and the New Securities, and
the indemnified persons referred to in Section 6 hereof. The Company hereby
agrees to extend the benefits of this Agreement to any Holder of Securities
and the New Securities, and any such Holder may specifically enforce the
provisions of this Agreement as if an original party hereto.

          14. Jurisdiction. The Company and each of the Initial Purchasers
agrees that any suit, action or proceeding against any party hereto brought by
any other party hereto, the directors, officers, employees and agents of any
such other party hereto, or by any person who controls any such other party
hereto, arising out of or based upon this Agreement or the transactions
contemplated hereby may be instituted in any State or U.S. federal court in
The City of New York and County of New York, and waives any objection which it
may now or hereafter have to the laying of venue of any such proceeding, and
irrevocably submits to the jurisdiction of such courts in any suit, action or
proceeding. The Company hereby appoints CT Corporation System, located at 111
Eighth Avenue, New York, New York 10011 as its authorized agent (the
"Authorized Agent") upon whom process may be served in any suit, action or
proceeding arising out of or based upon this Agreement or the transactions
contemplated herein that may be

                                      19
<PAGE>

instituted in any State or U.S. federal court in The City of New York and
County of New York, by any Holder or Initial Purchaser, the directors,
officers, employees, Affiliates and agents of any Holder or Initial Purchaser,
or by any person who controls any Holder or Initial Purchaser, and expressly
accepts the jurisdiction of any such court in respect of any such suit, action
or proceeding. The Company hereby represents and warrants that the Authorized
Agent has accepted such appointment and has agreed to act as said agent for
service of process, and the Company agrees to take any and all action,
including the filing of any and all documents that may be necessary to
continue such appointment in full force and effect as aforesaid. Service of
process upon the Authorized Agent shall be deemed, in every respect, effective
service of process upon the Company. Notwithstanding the foregoing, any action
arising out of or based upon this Agreement may be instituted by any Holder or
Initial Purchaser, the directors, officers, employees, Affiliates and agents
of any Holder or Initial Purchaser, or by any person who controls any Holder
or Initial Purchaser, in any court of competent jurisdiction in Mexico. The
parties hereto each hereby waive any right to trial by jury in any action,
proceeding or counterclaim arising out of or relating to this Agreement.

          15. Currency. Each reference in this Agreement to U.S. dollars (the
"relevant currency") is of the essence. To the fullest extent permitted by
law, the obligation of the Company in respect of any amount due under this
Agreement will, notwithstanding any payment in any other currency (whether
pursuant to a judgment or otherwise), be discharged only to the extent of the
amount in the relevant currency that the party entitled to receive such
payment may, in accordance with its normal procedures, purchase with the sum
paid in such other currency (after any premium and costs of exchange) on the
Business Day immediately following the day on which such party receives such
payment. If the amount in the relevant currency that may be so purchased for
any reason falls short of the amount originally due, the Company will pay such
additional amounts, in the relevant currency, as may be necessary to
compensate for the shortfall. Any obligation of the Company not discharged by
such payment will, to the fullest extent permitted by applicable law, be due
as a separate and independent obligation and, until discharged as provided
herein, will continue in full force and effect.

          16. Waiver of Immunity. To the extent that the Company has or
hereafter may acquire any immunity (sovereign or otherwise) from any legal
action, suit or proceeding, from jurisdiction of any court or from set-off or
any legal process (whether service or notice, attachment in aid or otherwise)
with respect to itself or any of its property, the Company hereby irrevocably
waives and agrees not to plead or claim such immunity in respect of its
obligations under this Agreement.

          17. Counterparts. This Agreement may be signed in one or more
counterparts, each of which shall constitute an original and all of which
together shall constitute one and the same agreement.

          18. Headings. The section headings used herein are for convenience
only and shall not affect the construction hereof.

          19. Applicable Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York applicable to
contracts made and to be

                                      20
<PAGE>

performed in the State of New York. The parties hereto each hereby waive any
right to trial by jury in any action, proceeding or counterclaim arising out
of or relating to this Agreement.

          20. Severability. In the event that any one of more of the
provisions contained herein, or the application thereof in any circumstances,
is held invalid, illegal or unenforceable in any respect for any reason, the
validity, legality and enforceability of any such provision in every other
respect and of the remaining provisions hereof shall not be in any way
impaired or affected thereby, it being intended that all of the rights and
privileges of the parties shall be enforceable to the fullest extent permitted
by law.

          21. Securities Held by the Company, etc Whenever the consent or
approval of Holders of a specified percentage of principal amount of
Securities or New Securities is required hereunder, Securities or New
Securities, as applicable, held by the Company or its Affiliates (other than
subsequent Holders of Securities or New Securities if such subsequent Holders
are deemed to be Affiliates solely by reason of their holdings of such
Securities or New Securities) shall not be counted in determining whether such
consent or approval was given by the Holders of such required percentage.

          22. Entire Agreement. This Agreement constitutes the entire
agreement and supercedes all prior agreements and understandings, both written
and oral, among the parties with respect to the subject matter hereof.

                                      21
<PAGE>

          If the foregoing is in accordance with your understanding of our
agreement, please sign and return to us the enclosed duplicate hereof,
whereupon this letter and your acceptance shall represent a binding agreement
between the Company and the several Initial Purchasers.

                                             Very truly yours,

                                             Vitro, S.A de C.V.

                                             By: /s/ Alvaro Rodriguez
                                                 -----------------------------
                                                 Name:  Alvaro Rodriguez
                                                 Title: Chief Financial Officer

                                             By: /s/ Jose Domene
                                                 -----------------------------
                                                 Name:  Jose Domene
                                                 Title: Chief Operating Officer

The foregoing Agreement is hereby confirmed and
accepted as of the date first above written.

Citigroup Global Markets Inc.
Credit Suisse First Boston, LLC

By:  Citigroup Global Markets Inc.

By: /s/ John Hartzell
    -------------------------------
     Name:  John Hartzell
     Title: Managing Director

Credit Suisse First Boston, LLC

By: /s/ Bryce Lee
    -------------------------------
     Name:  Bryce Lee
     Title: Managing Director

                                      22
<PAGE>

                                    ANNEX A

          Each broker-dealer that receives new securities for its own account
pursuant to the Exchange Offer must acknowledge that it will deliver a
prospectus in connection with any resale of such new securities. The Letter of
Transmittal states that by so acknowledging and by delivering a prospectus, a
broker-dealer will not be deemed to admit that it is an "underwriter" within
the meaning of the Act. This prospectus, as it may be amended or supplemented
from time to time, may be used by a broker-dealer in connection with resales
of new securities received in exchange for securities where such securities
were acquired by such broker-dealer as a result of market-making activities or
other trading activities. The company has agreed that, starting on the
expiration date and ending on the close of business one year after the
expiration date, it will make this prospectus available to any broker-dealer
for use in connection with any such resale. See "Plan of Distribution".

                                     A-1

<PAGE>

                                    ANNEX B

          Each broker-dealer that receives new securities for its own account
in exchange for securities, where such securities were acquired by such
broker-dealer as a result of market-making activities or other trading
activities, must acknowledge that it will deliver a prospectus in connection
with any resale of such new securities. See "Plan of Distribution".

                                      B-1

<PAGE>

                                    ANNEX C

                             PLAN OF DISTRIBUTION

          Each broker-dealer that receives new securities for its own account
pursuant to the Exchange Offer must acknowledge that it will deliver a
prospectus in connection with any resale of such new securities. This
prospectus, as it may be amended or supplemented from time to time, may be
used by a broker-dealer in connection with resales of new securities received
in exchange for securities where such securities were acquired as a result of
market-making activities or other trading activities. The company has agreed
that, starting on the expiration date and ending on the close of business one
year after the expiration date, it will make this prospectus, as amended or
supplemented, available to any broker-dealer for use in connection with any
such resale. In addition, until __________, ______, all dealers effecting
transactions in the new securities may be required to deliver a prospectus.

          The company will not receive any proceeds from any sale of new
securities by brokers-dealers. New securities received by broker-dealers for
their own account pursuant to the Exchange Offer may be sold from time to time
in one or more transactions in the over-the-counter market, in negotiated
transactions, through the writing of options on the new securities or a
combination of such methods of resale, at market prices prevailing at the time
of resale, at prices related to such prevailing market prices or negotiated
prices. Any such resale may be made directly to purchasers or to or through
brokers or dealers who may receive compensation in the form of commissions or
concessions from any such broker-dealer and/or the purchasers of any such new
securities. Any broker-dealer that resales new securities that were received
by it for its own account pursuant to the Exchange Offer and any broker or
dealer that participates in a distribution of such new securities may be
deemed to be an "underwriter" within the meaning of the Act and any profit of
any such resale of new securities and any commissions or concessions received
by any such persons may be deemed to be underwriting compensation under the
Act. The Letter of Transmittal states that by acknowledging that it will
deliver and by delivering a prospectus, a broker-dealer will not be deemed to
admit that it is an "underwriter" within the meaning of the Act.

          For a period of one year after the expiration date, the company will
promptly send additional copies of this prospectus and any amendment or
supplement to this prospectus to any broker-dealer that requests such
documents in the Letter of Transmittal. The company has agreed to pay all
expenses incident to the Exchange Offer (including the expenses of one counsel
for the holder of the securities) other than commissions or concessions of any
brokers or dealers and will indemnify the holders of the securities (including
any broker-dealers) against certain liabilities, including liabilities under
the Act.

          If applicable, add information required by Regulation S-K Items 507
and/or 508.

                                      C-1

<PAGE>

                                    ANNEX D

Rider A

PLEASE FILL IN YOUR NAME AND ADDRESS BELOW IF YOU ARE A BROKER-DEALER AND WISH
TO RECEIVE 10 ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY
AMENDMENTS OR SUPPLEMENTS THERETO.

Name:       ___________________________________
Address:    ___________________________________
            ___________________________________

Rider B

If the undersigned is not a Broker-Dealer, the undersigned represents that it
acquired the New Securities in the ordinary course of its business, it is not
engaged in, and does not intend to engage in, a distribution of New Securities
and it has no arrangements or understandings with any person to participate in
a distribution of the New Securities. If the undersigned is a Broker-Dealer
that will receive New Securities for its own account in exchange for
Securities, it represents that the Securities to be exchange for New
Securities were acquired by it as a result of market-making activities or
other trading activities and acknowledges that it will deliver a prospectus in
connection with any resale of such New Securities; however, by so
acknowledging and by delivering a prospectus, the undersigned will not be
deemed to admit that it is an "underwriter" within the meaning of the Act.

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