Document:

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                                                             Exhibit 4.22
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                           PROMISSORY NOTE No 21102902
                                US$ 25,441,666.67

October 29/th/, 2001.

FOR VALUE RECEIVED, the undersigned, NEWARK FINANCIAL INC. (BVI), the
"BORROWER", a company incorporated in British Virgin Islands, with offices at
Vanterpoll Plaza, 2/nd/ Floor, Wickhams Cay I, Road Town, Tortola. - HEREBY
UNCONDITIONALLY PROMISES TO PAY to the order of BANCO ABC BRASIL S.A., CAYMAN
ISLANDS BRANCH ("LENDER"), with offices at P.O. Box 309, Ugland House, South
Church Street, George Town, Grand Cayman, Cayman Islands -, or to any transferee
on February 26, 2002, precisely the sum of US$ 25,441,666.67 (twenty five
million, four hundred forty one thousand, six hundred sixty six United States
Dollars and sixty seven cents), compound by the principal of US$ 25,000,000,00
(twenty five million United States Dollars), and interest of US$ 441,666.67
(four hundred forty one thousand, six hundred sixty six United States Dollars
and sixty seven cents).

The BORROWER unconditionally promises to pay to LENDER interest on the unpaid
principal amount hereof from the date hereof until such principal amount is paid
in full, at the rate a of 5,30% Per annum. Interest shall be payable together
with the principal on the maturity date of this Note; that is, on February 26,
2002.

If the principal amount of this Note is not paid in full when due, such unpaid
principal amount shall carry interest from the due date thereof up to the date
payment is received by LENDER or any transferee hereof (after as well as before
judgment) at a rate of 5,30% per annum.

The BORROWER hereby waives all requirements as to diligence, presentment,
demand of payment, protest and notice of any kind with respect to this Note.

1. PAYMENTS AND TRANSFERS

The BORROWER shall take or cause to be taken all necessary actions in order to
make each payment under this Note not later than 12:00 p.m. (New York City time)
on the date when it is due in lawful money of the United States of America (in
freely transferable United States dollars) in same day funds to LENDER at its
office or of any transferee of this Note hereafter selected and notified from
time to time to the BORROWER at its office stated above. All computations of
interest shall be made on the basis of a year of 360 days and the actual number
of days elapsed (including the first day but excluding the last day). If any
payment to be made hereunder is due on a Saturday, Sunday or on a day on which
banks are not open for business in New York, such payment shall be made on the
next succeeding business day, being a banking day in New York.

This Note and the rights of LENDER with respect thereto can be transferred at
any time without the BORROWER's consent. The BORROWER shall recognize any
transferee of this Note as having acquired against the BORROWER all rights
which the transferee in question would have had, if it had been the holder of
this Note, in an aggregate principal amount equal to the principal amount of
the relevant entry.

2. TAXES

All payments of principal and interest in respect of this Note shall be made
free and clear of, and without withholding or deduction for, any taxes, duties,
assessments or governmental charges of whatever nature imposed, levied,
collected, withheld or assessed by or within any country having power to tax,
unless such withholding or deduction is required by law. In that event, the
BORROWER shall pay such additional amounts as will result in receipt by LENDER
of such amounts as would have been received by it had no such withholding or
deduction been required.

3. REPRESENTATION AND WARRANTIES

The BORROWER hereby represents and warrants to LENDER that:

3.1. it is duly incorporated, validly existing and in good standing under the
laws of the jurisdiction of its incorporation;

3.2. the execution, delivery and performance by it of this Note are within its
corporate powers, have been duty authorized by all corporate actions and do not
contravene (i) its charter or by-laws, (ii) any law applicable to it, (iii) any
order or judgment or any court of other agency of government applicable to it or
any of its assets, or (iv) any contractual restriction binding on or affecting
such party or any of its assets;

3.3. so long as this Note remains outstanding the BORROWER will not, and will
procure that none of its Subsidiaries will, create or permit to subsist any
security upon the whole or any part of their respective undertaking or assets,
present or future (including any uncalled capital) to secure any of their
respective Indebtedness, as defined in clause 4.2. below, without at the same
time or prior thereto securing this Note equally and rateably therewith to the
satisfaction of LENDER or providing such other security for this Note equally
and rateably therewith to the satisfaction of LENDER or providing such other
security for this Note as LENDER in its absolute discretion shall deem to be
not materially less beneficial to it;

3.4. all government consents (if any) that are required to have obtained for the
due execution, delivery and performance of this Note by it have been obtained
and are in full force and effect;

3.5. this Note is the legal, valid and binding obligation of the BORROWER
enforceable against it in accordance with its terms;

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3.6. there is no pending or, to its knowledge, threatened action or proceeding
affecting it before any court, governmental agency or arbitrator which may
materially adversely affect its financial conditions or operations or its
ability to perform its obligations under this Note or which purports to affect
the legality, validity or enforceability of this Note;
3.7. there has been no material adverse change in the financial condition of
BORROWER or in BORROWER's ability to perform its obligations under this Note
since BORROWER's last financial statements.

4. EVENTS OF DEFAULT

4.1. Each of the following events is an Event of Default (hereinafter an "Event
of Default"):
4.1.1. the BORROWER shall fail to pay any amount payable hereunder when due;
4.1.2. any representation or warranty made by the BORROWER (or any of its
officers) under or in connection with this Note shall prove to have been
incorrect in any material respect when made;
4.1.3. the BORROWER (i) shall fail to pay when due any Indebtedness (as defined
below) in respect of which the BORROWER is liable contingently or otherwise as
obligor, guarantor or otherwise, which is outstanding in an amount of at least
US$ 500,000.00 (or its equivalent in another currency), or (ii) fail to perform
or observe any term, covenant or condition on its part to be performed or
observed under any agreement or instrument relating to any such indebtedness,
if the effect of such failure is to accelerate or permit the acceleration of,
the maturity of such indebtedness, or (iii) any such indebtedless shall
otherwise be declared to be due and payable, or required to be prepaid prior to
the stated maturity thereof;
4.1.4. any judgment or order for the payment of the money in excess of US$
500,000.00 (or its equivalent in another currency) shall be rendered against the
BORROWER and either (i) enforcement proceedings shall have been commenced by any
creditor upon such judgment or order or (ii) there shall be any period of 10
consecutive days during which a stay of enforcement of such judgment or order,
by reason of a pending appeal or otherwise, shall not be in effect;
4.1.5. the BORROWER shall generally not pay its debts as such debts become due,
shall admit in writing its inability to pay its debts generally or shall make a
general assignment for the benefit of creditors; or any proceeding shall be
instituted by or against the BORROWER seeking to adjudicate it bankrupt or
insolvent, of seeking liquidation, winding up, reorganization, arrangement,
adjustment, protection, relief or composition of it or its debts under any law
relating to bankruptcy, insolvency, reorganization or relief of debtors, or
seeking the entry of an order for the appointment of a receiver, trustee or
other similar official for it or for any substantial part of its property,
provided that in the case of any such proceeding instituted against it (but not
instituted by it), either such proceeding shall remain undismissed or unstayed
for a period of 15 days or any of the actions sought in such proceeding shall
occur, or the BORROWER shall take any corporate action to authorize any of the
actions set forth above in this subclause 4.1.5.;
4.1.6. judicial or administrative actions are taken to displace the management
of the BORROWER and substitute it by trustees or receivers and any such action
is not discharged within 15 days after notice thereof is given to the BORROWER,
4.2. "Indebtedness" means any indebtedness for moneys borrowed or raised which
is payable in any currency.
4.3. If any Event of Default shall occur and be continuing, then LENDER may,
by notice to the BORROWER, declare this Note and all other amounts payable
hereunder to be forthwith due and payable whereupon this Note and all such
amounts shall become and be forthwith due and payable without presentment,
demand, protest or further notice of any kind, all of which are expressly
waived by the BORROWER, provided, however, that if the Event of Default is one
of the events contemplated in subclause 4.1.5. above, the Note and all other
amounts payable hereunder shall automatically become and be due and payable.

5. COSTS AND EXPENSES

The BORROWER agrees to pay on demand all losses, costs and expenses, if any
(including reasonable legal fees and expenses), in connection with the
enforcement of this Note, including losses, costs and expenses sustained by
LENDER as a result of a default hereunder.

6. CONSENT TO JURISDICTION; WAIVER OF IMMUNITIES

6.1. The BORROWER hereby irrevocably submits to the jurisdiction of the courts
of the State of New York or Brazil, at the choice of LENDER, over any action
or proceeding arising out of or relating to this Note. The BORROWER hereby
irrevocably waives, to the fullest extent it may effectively do so, the
defense of an inconvenient forum to the maintenance of such action or
proceeding and waives its right to trial by jury in any such action or
proceeding. The BORROWER irrevocably consents to the service of any and all
process in any such action or proceeding by the mailing of copies of such
process to the BORROWER at its address at Alameda Santos, 1.357 - 6th floor -
Sao Paulo - Brasil, attention Mr. Miguel Longo. The BORROWER agrees that a
final judgment in any such action or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner
provided by law.
6.2. Nothing in this clause 6 shall affect the right of LENDER or its transferee
to serve legal process in any other manner permitted by law or affect the right
of the LENDER to bring any action or proceeding against the BORROWER or its
property in the courts of any other jurisdictions.
6.3. The BORROWER hereto irrevocably agrees that the courts of the State of
New York, United States of America, shall have jurisdiction to hear and
determine any suit, action or proceedings, and to settle any disputes, which
may arise out of or in connection with this Note (respectively, "PROCEEDINGS"
and "DISPUTES") and, for such purposes, irrevocably submits to the jurisdiction
of such courts.

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6.4. The BORROWER irrevocably waives any objection which might now or hereafter
have to the courts of the State of New York, United States of America, being
nominated as the forum to hear and determine any PROCEEDINGS and to settle any
DISPUTES and agrees not to claim that any such court is not a convenient or
appropriate forum.

6.5. The BORROWER agrees the process by which any PROCEEDINGS in the State of
New York, United States of America, are begun may be served on it by being
delivered to their registered offices for the time being. Nothing contained
herein shall affect the right to serve process in any other manner permitted by
law.

6.6. The submission to the jurisdiction of the courts of the Slate of New York,
United States of America, shall not (and shall not be construed so as to) limit
the right of LENDER to take PROCEEDINGS in any other court of competent
jurisdiction, nor shall the taking of PROCEEDINGS in any one or more
jurisdictions preclude taking of PROCEEDINGS in any other jurisdiction (whether
concurrently or not) if and to the extent permitted by applicable law.

6.7. To the extent that the parties may in any jurisdiction claim for
themselves or their assets immunity from suit, execution, attachment (whether
in aid of execution, before judgment or otherwise) or other legal process and
to the extent that in any such jurisdiction there may be attributed to
themselves or their assets such immunity (whether or not claimed), the parties
agree not to claim and irrevocably waive such immunity to the full extent
permitted by the laws of such jurisdiction.

6.8. It is hereby agreed, however, that the choice of the State of New York,
United States of America jurisdiction shall not adversely affect the right of
LENDER to collect or bring suit in Brazil, this Note. Therefore, BORROWER
expressly agrees that in such case suits may be brought before the Courts of
the City of Sao Paulo, State of Sao Paulo, Brazil. In such case, this Note
shall be governed and construed by the laws of the Federative Republic of
Brazil.

7. GOVERNING LAW

This Note shall be governed by and shall be construed in accordance with the
laws of the State of New York, United States of America, with due regard to the
provision of clause 6.

NEWARK FINANCIAL INC.

By:/s/ Raul Calfat                        By:/s/ Boris Gris
   ---------------                           ---------------
Name:  Raul Calfat                        Name:  Boris Gris
Title:                                    Title:

Witnesses:     ------------------              ------------------
               Name:                           Name:

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                                 PER AVAL

     For value received, the undersigned, BANCO ABC BRASIL S.A. (the
     "GUARANTOR") hereby irrevocably and unconditionally guarantees, as
     primary obligor and not merely as surety, the prompt payment in full
     when and as due of all amounts payable under this Promissory Note in
     accordance with its terms (whether upon maturity, acceleration or
     otherwise). The Guarantor hereby waives all requirements as to
     diligence, presentment, demand of payment, protest and notice of any
     kind with respect to this Promissory Note and any requirement that
     the holder exhausts any right or takes any action against the maker
     of this Promissory Note. The obligations of the Guarantor are
     continuing, absolute and unconditional, irrespective of the
     genuineness, validity, irregularity, enforceability or value of this
     Promissory Note or of any other circumstance which might otherwise
     constitute a legal or equitable discharge or defense of a surety or
     a guarantor all of which are hereby expressly waived. This guarantee
     shall be enforceable notwithstanding any legal limitation, disability,
     incapacity or other circumstance relating to the maker of this
     Promissory Note.

Per Aval:    _______________________        _______________________

                              BANCO ABC BRASIL S.A.

Witnesses:   _______________________        _______________________
             Name:                          Name:

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                                                                    Exhibit 4.23
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                                                                    Exhibit 4.23

                            Export Finance Agreement

     This Export Finance Agreement (the "Agreement"), made as of October 29,
2001, by and between VCP EXPORTADORA PARTICIPACOES S.A. (the "Exporter"), a
corporation organized and existing under the laws of Brazil, VOTORANTRADE N.V.
(the "Importer"), a Netherlands Antilles corporation, and S.A. INDUSTRIAS
VOTORANTIM, CITROVITA AGRO INDUSTRIAL LTDA., CIA. NITRO QUIMICA BRASILEIRA, CIA.
NIQUEL TOCANTINS, VOTORANTIM CELULOSE E PAPEL S.A.--VCP ("VCP"), VOTOCEL FILMES
FLEXIVEIS LTDA., VOTORANTIM MINERACAO E METALURGIA LTDA. and CIA. MINEIRA DE
METAIS, each, a company duly organized and validly existing under the laws of
Brazil (the "Guarantors").

                              W I T N E S S E T H:

     WHEREAS, the Exporter has entered into one or more Export Agreements with
the Importer, the performance of which shall be subject to the terms and
conditions of this Agreement (such agreements being referred to herein as the
"Export Agreements"), pursuant to which the Exporter will export frozen
concentrated orange juice, nitrocellulose, sulfuric acid, aluminum, cement,
orange by-products and/or other products (the "Products") from the Federative
Republic of Brazil ("Brazil") to the Importer; and the Importer will enter into
one or more sales agreements pursuant to which the Importer shall export the
Products to certain Eligible Buyers (as defined in the Credit Agreement referred
to below);

     WHEREAS, as a condition precedent to these export transactions, the
Exporter has requested that the Importer advance to it the aggregate amount of
ONE HUNDRED AND FIFTY MILLION United States Dollars (US$150,000,000) in up to
two drawdowns, such advances to constitute "anticipated payments of future
exports" in accordance with the regulations issued from time to time by Banco
Central do Brasil (such advances being referred to herein as the "Export
Advances");

     WHEREAS, the Exporter intends to repay the Export Advances by shipping
Products to the Importer in accordance with Section 2 of this Agreement; and

     WHEREAS, the Importer has entered into a Credit Agreement dated as of the
date hereof among the Importer, certain Banks, Citibank, N.A., as Administrative
Agent for said Banks and Citibank, N.A., as Collateral Agent (as from time to
time amended, the "Credit Agreement"), whereby the Banks have agreed to make, on
and subject to the terms and conditions thereof, certain Advances to the
Importer to finance the making by the Importer of Export Advances to the
Exporter in respect of exports by the Exporter to the Importer (unless otherwise
defined herein, terms defined in the Credit Agreement and used herein to have
the meanings given to them in the Credit Agreement);

                            EXPORT FINANCE AGREEMENT

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        NOW THEREFORE, in consideration of the premises set forth herein, the
Importer and the Exporter (referred to collectively herein as the "Parties")
hereby agree as follows:

        Section 1. The Export Advances. The Importer hereby agrees, subject to
the terms and conditions set forth in this Agreement, to disburse to the
Exporter the Export Advances on or before the date 10 days after the Drawdown
Date with respect to the Advances (the "Disbursement Termination Date"). The
Exporter hereby agrees (i) to export the Products under the Export Agreements in
several shipments, to take place within the period of time beginning with August
2003, and ending with and including September 2006, which Products shall be
exported by the Importer to the Eligible Buyers in accordance with the terms of
the Credit Agreement, with the Aggregate Purchase Price for such Products being
at least One Hundred and Fifty Million United States Dollars (US$150,000,000)
(the invoice price for any shipment of Products, as determined pursuant to
Section 2(a)(iii) below, being referred to herein as the "Purchase Price" for
that shipment, and the aggregate of those Purchase Prices being referred to
herein as the "Aggregate Purchase Price"), which obligations of the Exporter to
so export Products, notwithstanding anything herein or in the Intercompany Note
of the Exporter to the contrary, shall be satisfied only when (a) the Importer
shall have (x) exported such Products to the Eligible Buyers and (y) notified
the Eligible Buyers of its pledge to the Collateral Account for the benefit of
the Banks and the Agents of all of its rights in respect of the receivables
created from the export of such Products and (b) the Eligible Buyers shall have
made payment in full in Dollars for such Products into the Collection Account;
and (ii) to pay to the Importer for account of the Importer the full principal
amount of the Export Advances, and the Export Advances shall mature, in 37 equal
consecutive monthly installments, payable beginning on the date 24 months after
the date hereof and ending on the date five years after the date hereof.

        Section 2. Repayment of the Export Advances. (a) The Parties agree that
the principal mechanism for the repayment to the Importer of the Export Advances
shall be the delivery to the Importer of the shipments of Products to be made by
the Exporter pursuant to the Export Agreements. For purposes of this Agreement,
each shipment of Products which is made pursuant to an Export Agreement shall be
referred to as a "Covered Shipment". Accordingly, with respect to each such
Covered Shipment, the Parties shall proceed as follows:

          (i) At least ten days before making any shipment of Products under an
     Export Agreement, the Exporter shall notify the Importer that such shipment
     is to constitute a Covered Shipment hereunder, and shall provide to the
     Importer the estimated amount, quantity, and specification of Products to
     be shipped.

          (ii) Upon making any shipment of Products under an Export Agreement on
     the Date of Shipment (as defined below) which shall fall during the period
     beginning with July, 2003, and ending with and including August 2006, the
     Exporter shall notify the Importer that such shipment is to constitute a
     Covered

                            EXPORT FINANCE AGREEMENT

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     Shipment hereunder, and shall provide to the Importer the following
     information and documentation with respect to such shipment: (x) copies of
     the shipping documents and (y) any draft or other payment document to be
     executed by the Importer. For purposes of this Agreement, the term "Date of
     Shipment" of a Covered Shipment shall be the date of shipment which
     appears on the relevant shipping documents for such Covered Shipment.

          (iii) Upon the Importer's receipt of a Covered Shipment (x) credit
     against the Export Advances the amount of the Purchase Price for such
     Covered Shipment and (y) apply the documents related to such payment
     against the foreign exchange contract prepared in connection with the
     Export Advance.

          (b) The existence of the payment mechanism described in subparagraph
(a) above shall not in any way limit the ability of the Holder of the
Intercompany Notes of the Exporter to demand payment in Dollars under such
Intercompany Notes, except to the extent of the Purchase Price of one or more
Covered Shipments that, prior to the making of such demand, have actually been
received by the Importer as provided above.

          Section 3. Interest. In addition to its obligation to repay the
principal amount of the Export Advances as set forth in Sections 1 and 2 above,
the Exporter shall pay interest to the Importer on the unpaid principal amount
of the Export Advances as set forth in the Intercompany Notes.

          Section 4. Payments and Computations. All payments hereunder shall be
made in accordance with Paragraph 1 of the Intercompany Notes.

          Section 5. Conditions Precedent to each Export Advance. The obligation
of the Importer to make each Export Advance is subject to the condition
precedent that the corresponding Advances, as defined in the Credit Agreement,
shall have been made.

          Section 6. Guarantee. (A) Each Guarantor hereby jointly and severally,
irrevocably and unconditionally guarantees to the Importer, as primary obligor
and not merely as a surety, the due and punctual payment and performance of all
obligations of the Exporter arising under this Agreement, any Intercompany Note
and under any document delivered pursuant to the terms hereof, whether, at the
Importer's discretion, by each Guarantor (i) delivering to the Importer the
amounts due by the Exporter hereunder, (ii) making shipments of Products to the
Importer which shipments can be applied for the payment of the amounts due
hereunder and, for such purpose, the procedures set forth in Section 2 hereof in
respect of the Exporter shall be applicable to such Guarantor or (iii)
delivering Products to the Exporter for shipment to the Importer, which
shipments shall be applied to the payment of the amounts due hereunder.

          (B) The liability of each Guarantor under this Agreement and any
Intercompany Note shall not be discharged or released by reason of any
arrangement made between the Exporter and the Importer or by any forbearance,
extension, revision or modification agreed by the Importer in respect of
payment, time, performance or

                            EXPORT FINANCE AGREEMENT

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otherwise, or the substitution or release of any person primarily or secondarily
liable for any obligation hereunder or under the Intercompany Notes. Each
Guarantor hereby agrees that this guarantee is unconditional irrespective of any
event of circumstance whatsoever that might otherwise constitute a legal
equitable discharge of this guarantee and represents and warrants to the
Importer that this guarantee is duly authorized and constitutes such Guarantor's
legal, valid and binding obligation, enforceable in accordance with its terms.
Each Guarantor hereby expressly waives diligence, presentment, demand, protest,
notice of dishonor or other notice of any kind whatsoever, as well as any
requirement that any person exhaust any right or remedy or take any action
against the Exporter, waiving all benefits set forth in the following provisions
of Brazilian law: articles 1006, 1491, 1493, 1494, 1498, 1499, 1500, 1502, 1503
and 1504 of the Brazilian Civil Code, articles 261 and 262 of the Brazilian
Commercial Code and article 595 of the Brazilian Civil Procedure Code. Each
Guarantor agrees that its obligations hereunder shall not be released or
discharged, in whole or in part, or otherwise affected by any act or omission
which might in any manner or to any extent vary the risk of such Guarantor as
guarantor or otherwise operate as a release or discharge of such Guarantor all
of which may be done without notice to such Guarantor.

     (C) Until the payment and performance in full of all obligations of the
Exporter hereunder, no Guarantor will claim any set-off or counterclaim against
the Exporter in respect of any liability of any Guarantor to it; and each
Guarantor waives any benefit of and any right to participate in any collateral
or any other guarantee which may be held by the Importer. The payment of any
amounts due with respect to any indebtedness of the Exporter now or hereafter
held by any Guarantor is hereby subordinated to the prior payment in full of the
obligations under this Agreement and the Intercompany Notes. Each Guarantor
agrees that, unless required by law, after the occurrence of any default in the
payment or performance of such obligations, such Guarantor will not demand, sue
for or otherwise attempt to collect any such indebtedness of the Exporter to
such Guarantor until this Agreement and the Intercompany Notes shall have been
paid in full. If, notwithstanding the foregoing sentence, any Guarantor shall
collect, enforce or receive any amounts in respect of such indebtedness, such
amounts shall be collected, enforced and received by such Guarantor as trustee
for the Importer and be paid over to the Importer on account of the obligations
under this Agreement and the Intercompany Note without affecting in any manner
the liability of such Guarantor under the other provisions of this Agreement

     (D) Notwithstanding anything to the contrary herein, the Exporter and
Importer acknowledge that if (1) the Obligors have failed for 30 days or more to
pay when due any principal of or interest on the Advances, or the maturity of
the Advances has been accelerated pursuant to Section 10 of the Credit Agreement
and (2) the Exporter has failed for 30 days or more to perform any of its
obligations under Section 1 and Section 2 hereof and its payment obligations
under its Intercompany Note, any Bank may obtain an undertaking from its
Additional Guarantor, if any, to effect exports on behalf of the Exporter,
directly to an importer to be chosen by such Bank, having an aggregate sale
price equal to the aggregate outstanding principal amount of Advances made by
such Bank, to the extent of such Bank's pro rata share of the aggregate
outstanding principal.

                            EXPORT FINANCE AGREEMENT

<PAGE>

amount of the defaulted obligations of the Exporter, and instruct that the
proceeds of such exports by such Additional Guarantor shall, to the extent of
defaulted amounts under said Intercompany Note, be payable to such Bank for its
own account for application to the principal of and interest on its Advances;
provided that, prior to or simultaneously with the effective date of any such
undertaking, such Bank shall deliver a written notice to the Administrative
Agent and the Exporter (the "Additional Guarantee Notice") specifying (x) the
effective date of such undertaking, (y) the aggregate outstanding principal
amount due on such Bank's Advances as at such effective date and (z) the
aggregate sale price of all such exports to be undertaken by such Additional
Guarantor; provided further that, notwithstanding the terms of Sections 4.02 and
4.06(b), (x) no other Bank shall be entitled to share in said payments (without
prejudice to any other rights or remedies of the Banks or either Agent) and (y)
the aggregate amount of the Borrower's obligations to such Bank with respect of
the principal of its Advances shall be reduced automatically as at such
effective date by an amount equal to the aggregate sale price of the exports
undertaken to be made by such Additional Guarantor as set forth in the
Additional Guarantee Notice, provided that, in the event that the aggregate sale
price of the exports actually made by such Additional Guarantor is less (in no
event shall it be greater) than the sale price set forth in such Additional
Guarantee Notice, then, upon written notice to the Administrative Agent by such
Bank specifying the aggregate sale price of such exports actually made, the
aggregate amount of the Borrower's obligations to such Bank with respect of the
principal of its Advances shall be reduced automatically as at such effective
date by an amount equal to the aggregate sale price of the exports actually
made.

          Section 7. Amendments, Etc. No amendment or waiver of any provision of
this Agreement or any instrument delivered hereunder, and no consent to any
departure by the Exporter therefrom, shall in any event be effective unless the
same shall be in writing and signed by the Importer, and then such waiver or
consent shall be effective only in the specific instance and for the specific
purpose for which given.

         Section 8. Notices, Etc. All notices and other communications provided
for hereunder shall be in writing, and shall be sent via express mail,
reorganized expedited delivery courier service, or facsimile confirmed by
written instrument, as follows: If to the Exporter, at Rua Gomes de Carvalho
1356, 15 andar, Sao Paulo-SP, Brazil, Attention: Valdenir Soares de Oliveira; if
to the Importer, at Rua Gomes de Carvalho 1356, 15 andar, Sao Paulo-SP, Brazil,
Attention: Valdenir Soares de Oliveira; and if to any Guarantor, at Rua Amaury
255, 13 andar, Sao Paulo-SP, Brazil, Attention Marcus Olyntho de Camargo Arruda,
Esq. All such notices and communications shall be effective when received by the
address.

          Section 9. Binding Effect; Governing Law. This Agreement shall be
binding upon and inure to the benefit of the Exporter and the Importer and their
respective successors and assigns. Subject to the pledge by the Importer
referred to below, neither party may assign all or any part of, or any interest
in, its rights and benefits hereunder and under any instruments delivered
hereunder, without the prior written consent of the other party. The Exporter
and each Guarantor hereby acknowledge that,

                            EXPORT FINANCE AGREEMENT

<PAGE>

simultaneously with the execution of this Agreement and pursuant to the Security
Agreement, the Importer has pledged all of its rights hereunder to the
Collateral Agent for the benefit of the Banks and the Agents, and, accordingly,
each reference herein to the "Importer" shall be deemed to include the
Collateral Agent. This Agreement shall be governed by, construed and enforced in
accordance with, the law of the State of New York, United States of America. For
the purposes of Article 9 of Decree-Law No. 4657 dated September 4, 1942, the
transactions contemplated hereby have been proposed to the Exporter and the
Guarantors by the Importer.

        Section 10, Further Assurances. The Exporter agrees to execute and
deliver, at the request of the Importer, such additional documentation as may be
requested from time to time by the Importer to evidence their respective
obligations hereunder.

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed and delivered as of the day and year first above written.

                                VOTORANTRADE N.V.

                                By: /s/ [ILLEGIBLE]
                                   ---------------------------------
                                   Name:
                                   Title:

                                WITNESSES:

                                1.  /s/ [ILLEGIBLE]
                                   ---------------------------------

                                2.  /s/ [ILLEGIBLE]
                                   ---------------------------------

STATE OF NEW YORK     )
                      ) ss:
COUNTY OF NEW YORK    )

        On this 29th day of October, 2001, before me, the undersigned, a Notary
Public in and for the State of New York, duly commissioned and sworn, personally
appeared Gary James Hershberger, to me known who, being by me duly sworn, did
depose and say that he is an officer of Votorantrade N.V., the corporation
described in and that executed the foregoing instrument; and that he signed his
name thereto under authority of the board of directors of said corporation.

        WITNESS my hand and seal hereto affixed the day and year first above
written.

                                              /s/ KRISTINA HORN
                                              ------------------------
                                              NOTARY PUBLIC in and for
                                              The State of New York.
                                              My Commission expires: 2003
                                                                    ------

                                                    KRISTINA HORN
                                          Notary Public, State of New York
                                                   No. 01HO5080910
                                             Qualified in Kings County
                                        Certificate Filed in New York County
                                          Commission Expires June 23, 2003
                                                                     ------

                            Export Finance Agreement

<PAGE>

                                THE EXPORTER
                                ------------

                                VCP EXPORTADORA E PARTICIPACOES S.A.

                                By: /s/ Valdir Roque /s/ Luiz Carlos Ganzerli
                                   ------------------------------------------
                                   Name: Valdir Roque/ Luiz Carlos Ganzerli
                                   Title

                                WITNESSES:

                                1.  /s/ Sergio Esteves Filho
                                   ---------------------------------
                                   SERGIO ESTEVES FILHO

                                2.  /s/ Olga Matiko Inque
                                   ---------------------------------
                                   OLGA MATIKO INQUE

                            Export Finance Agreement

<PAGE>

                                THE GUARANTORS
                                --------------

                                S.A.INDUSTRIAS VOTORANTIM

                                By: /s/ Nelson Koichi Shimada /
                                    /s/ Marcus Olyntho de Camargo Arruda
                                   ------------------------------------------
                                   Name: Nelson Koichi Shimada /
                                         Marcus Olyntho de Camargo Arruda
                                   Title:

                                WITNESSES:

                                1.  /s/ Alfredo Chiarelli
                                   ---------------------------------
                                   ALFREDO CHIARELLI

                                2.  /s/ Olga Matiko Inque
                                   ---------------------------------
                                   OLGA MATIKO INQUE

                                CITROVITA AGRO INDUSTRIAL LTDA.

                                By: /s/ Valdenir Soares de Oliveira /
                                    /s/ Mario Bavaresco Jr.
                                   ------------------------------------------
                                   Name: Valdenir Soares de Oliveira /
                                         Mario Bavaresco Jr.
                                   Title:

                                WITNESSES:

                                1.  /s/ Sergio Esteves Filho
                                   ---------------------------------
                                   SERGIO ESTEVES FILHO

                                2.  /s/ Olga Matiko Inque
                                   ---------------------------------
                                   OLGA MATIKO INQUE

                                CIA. NITRO QUIMICA BRASILEIRA

                                By: /s/ Mario Bavaresco Jr. /
                                    /s/ Claudio Ermirio de Moraes
                                   ------------------------------------------
                                   Name: Mario Bavaresco Jr. /
                                         Claudio Ermirio de Moraes
                                   Title:

                                WITNESSES:

                                1.  /s/ Olga Matiko Inque
                                   ---------------------------------
                                   OLGA MATIKO INQUE

                                2.  /s/ Alfredo Chiarelli
                                   ---------------------------------
                                   ALFREDO CHIARELLI

                            Export Finance Agreement

<PAGE>

                                CIA. NIQUEL TOCANTINS

                                By: /s/ Nelson Koichi Shimada /
                                    /s/ Marcus Olyntho de Camargo Arruda
                                   ------------------------------------------
                                   Name: Nelson Koichi Shimada /
                                         Marcus Olyntho de Camargo Arruda
                                   Title:

                                WITNESSES:

                                1.  /s/ Olga Matiko Inque
                                   ---------------------------------
                                   OLGA MATIKO INQUE

                                2.  /s/ Alfredo Chiarelli
                                   ---------------------------------
                                   ALFREDO CHIARELLI

                                VOTORANTIM CELULOSE E PAPEL S.A. - VCP

                                By: /s/ Valdir Roque /s/ Luiz Carlos Ganzerli
                                   ------------------------------------------
                                   Name: Valdir Roque/ Luiz Carlos Ganzerli
                                   Title:

                                WITNESSES:

                                1.  /s/ Sergio Esteves Filho
                                   ---------------------------------
                                   SERGIO ESTEVES FILHO

                                2.  /s/ Olga Matiko Inque
                                   ---------------------------------
                                   OLGA MATIKO INQUE

                                VOTOCEL FILMES FLEXIVEIS LTDA.

                                By: /s/ Valdir Roque
                                    /s/ Jose Roberto Ermerio de Moraes
                                   ------------------------------------------
                                   Name: Valdir Roque /
                                         Jose Roberto Ermerio de Moraes
                                   Title

                                WITNESSES:

                                1.  /s/ Alfredo Chiarelli
                                   ---------------------------------
                                   ALFREDO CHIARELLI

                                2.  /s/ Olga Matiko Inque
                                   ---------------------------------
                                   OLGA MATIKO INQUE

                            Export Finance Agreement

<PAGE>

                                VOTORANTIM MINERACAO E METALURGIA LTDA.

                                By: /s/ Nelson Koichi Shimada /
                                    /s/ Marcus Olyntho de Camargo Arruda
                                   ------------------------------------------
                                   Name: Nelson Koichi Shimada /
                                         Marcus Olyntho de Camargo Arruda
                                   Title:

                                WITNESSES:

                                1.  /s/ Alfredo Chiarelli
                                   ---------------------------------
                                   ALFREDO CHIARELLI

                                2.  /s/ Olga Matiko Inque
                                   ---------------------------------
                                   OLGA MATIKO INQUE

                                CIA. MINEIRA DE METAIS

                                By: /s/ Nelson Koichi Shimada /
                                    /s/ Marcus Olyntho de Camargo Arruda
                                   ------------------------------------------
                                   Name: Nelson Koichi Shimada /
                                         Marcus Olyntho de Camargo Arruda
                                   Title:

                                WITNESSES:

                                1.  /s/ Sergio Esteves Filho
                                   ---------------------------------
                                   SERGIO ESTEVES FILHO

                                2.  /s/ Alfredo Chiarelli
                                   ---------------------------------
                                   ALFREDO CHIARELLI

                            Export Finance Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00039-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00039-of-00352.parquet"}]]