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                                                                   EXHIBIT 10.15

                            EXCHANGE OPTION AGREEMENT

         This Exchange Option Agreement (this "Exchange Agreement") is entered
into as of November 13, 2001 by and among (i) Cinemark USA, Inc. ("Cinemark"),
(ii) NN Participacoes Ltda, a Brazilian corporation ("NN"), (iii) Venture II
Equity Holdings Corporation, Inc., a British Virgin Island corporation ("Venture
II") and (iv) Kristal Holdings Limited, a British Virgin Island corporation
("Kristal").

                                    RECITALS

         A. NN and Kristal have agreed to invest an additional US$11.0 million
into Cinemark Brasil S.A., a Brazilian corporation ("Cinemark Brasil") in
exchange for shares of common stock of Cinemark Brasil pursuant to a certain
Subscription Agreement dated June 29, 2001 (the "Subscription Agreement").

         B. It is a condition precedent to the obligations of NN and Kristal
under the Subscription Agreement that Cinemark, NN, Venture II and Kristal enter
into this Exchange Agreement.

                                   AGREEMENT:

         NOW, THEREFORE, in consideration of the mutual covenants herein
contained, and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the Parties hereto agree as
follows:

         Section 1. Definitions. As used herein, the following terms shall have
the following meanings:

         "Affiliate" of any Person or entity means any other person or entity
directly or indirectly controlling, controlled by, or under common control with,
such person or entity, whether through the ownership of voting securities, by
voting agreement or otherwise. For purposes of this definition, "control," as
applied to any Person, means the possession, directly or indirectly, of the
power to direct or cause the direction of the management and policies of such
Person, whether through the ownership of voting securities, by contract or
otherwise.

         "Approved Investment Bank" shall mean any of the following investment
banks, including affiliates and successors thereof: Lehman Brothers Inc.,
Goldman Sachs and Co., Morgan Stanley Incorporated, Bear Stearns & Co., Inc.,
J.P. Morgan, Credit Suisse First Boston Corporation, CITIGROUP and Deutsche
Bank.

         "Cinemark Brasil Appraised Value" shall have the meaning ascribed to
such term in Section 2(a).

         "Commission" shall have the meaning ascribed to such term in Section
2(a).

         "Exchange Closing Date" shall have the meaning ascribed to such term in
Section 2(b).

         "Exchange Notice Period" shall have the meaning ascribed to such term
in Section 2(a).

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         "Exchange Put Notice" shall have the meaning ascribed to such term in
Section 2(a).

         "Exchange Put Option" shall have the meaning ascribed to such term in
Section 2(a).

         "Exempt Transfer" - The following transactions shall constitute "Exempt
Transfers" for the purpose of Section 4: (i) a Transfer of Stock by an Investor
to Cinemark or (ii) a Transfer of Stock by an Investor to another Investor,
Rovato Financial Ltd., B.V.I., Edgar Gleich, Moises Pinsky, Riccardo Arduini,
Eduardo Alalou or Roberto Luiz Leme Klabin, or a company owned and controlled by
Edgar Gleich, Moises Pinsky, Riccardo Arduini, Eduardo Alalou or Roberto Luiz
Leme Klabin or (iii) a Transfer of Stock by an Investor to The Latin American
Enterprise Fund L.P. ("LAEF") or The Latin American Enterprise Fund II L.P.
("LAEF II") or to the original shareholders of LAEF or LAEF II or to any person
or entity appointed by such shareholders, which is an Affiliate of such
shareholders, upon the expiration of the term of LAEF or LAEF II, in accordance
with their respective Bylaws.

         "Existing Cinemark USA Shareholders" shall mean Lee Roy Mitchell (or
any Family Donee of Lee Roy Mitchell), CGI Equities, Inc., The Mitchell Special
Trust, The Mitchell Grandchildren Trust for Crystal Lee Roberts, The Mitchell
Grandchildren Trust for Cassie Ann Roberts, The Mitchell Grandchildren Trust for
Lasey Marie Lee, The Mitchell Grandchildren Trust for Ashley Ann Lee, The
Mitchell Grandchildren Trust for Skyler Kaye Mitchell, Cypress Merchant Banking
Partners L.P., and Cypress Pictures Ltd. For purposes of this definition,
"Family Donee" shall mean with respect to Lee Roy Mitchell, Lee Roy Mitchell's
spouse, siblings, descendants or parents or the estate of Lee Roy Mitchell or
any trust established by Lee Roy Mitchell or any trustee, custodian, fiduciary
or foundation which will hold common stock of Cinemark USA, Inc. for charitable
purposes or for the benefit of Lee Roy Mitchell or Lee Roy Mitchell's spouse,
siblings, descendants or parents or the estate of Lee Roy Mitchell.

         "First Offer" shall have the meaning ascribed to such term in Section
4(a).

         "Investors" shall mean NN, Venture II and Kristal.

         "IPO" shall have the meaning ascribed to such term in Section 2(a).

         "Issuer" shall have the meaning ascribed to such term in Section 2(a).

         "Issuer Appraised Value" shall have the meaning ascribed to such term
in Section 2(a).

         "Issuer Stock" shall have the meaning ascribed to such term in Section
2(a).

         "Notice Period" shall have the meaning ascribed to such term in Section
4(a).

         "Offered Securities" shall have the meaning ascribed to such term in
Section 4(a).

         "Party" or "Parties" means any or all of the signatories to this
Exchange Agreement.

         "Person" shall mean any individual, partnership, corporation,
association, joint stock company, trust, joint venture, unincorporated
organization or governmental entity or department, agency or political
subdivision thereof.

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         "Piggyback Registration Rights" shall have the meaning ascribed to such
term in Section 3.

         "Restated Shareholders Agreement" shall mean the Amended and Restated
Shareholders Agreement dated November 13, 2001 by and among (i) Cinemark
Empreendimentos e Participacoes Ltda, (ii) NN Participacoes Ltda, (iii) Venture
II Equity Holdings Corporation, Inc. and (iv) Kristal Holdings Limited.

         "Right of First Offer" shall have the meaning ascribed to such term in
Section 4(a)

         "Sales Period" shall have the meaning ascribed to such term in Section
4(c).

         "Securities Act" shall have the meaning ascribed to such term in
Section 2(a).

         "Seller" shall have the meaning ascribed to such term in Section 4(a).

         "Stock" shall mean (i) any issued and outstanding shares of the capital
stock of Issuer and (ii) any securities convertible into or exchangeable or
exercisable for any of the shares of capital stock of Issuer in either case, at
any time outstanding.

         "Third Party" shall have the meaning ascribed to such term in Section
4(a).

         "Transfer Notice" shall have the meaning ascribed to such term in
Section 4(a).

         "Transfer Offer" shall have the meaning ascribed to such term in
Section 4(a).

         "Transfer Offerees" shall have the meaning ascribed to such term in
Section 4(a).

         "Transfer Stock" shall have the meaning ascribed to such term in
Section 4(a).

         "U.S. Registrable Securities" means (a) the shares of common stock of
the Issuer now owned or hereafter acquired by any Investor, but with respect to
any share, only until such time as such share (i) has been effectively
registered under the Securities Act and disposed of in accordance with a
Piggyback Registration Statement covering it or (ii) has been sold to the public
pursuant to Rule 144 (or any similar provision then in force) under the
Securities Act and the legend referred to in Section 2(d) has been removed from
the certificate representing such share (at which time such share shall cease to
be U.S. Registrable Securities).

         Section 2. Exchange Put Option.

         (a) If at any time prior to December 31, 2007, Cinemark (or any
surviving company in a merger with Cinemark) (hereinafter collectively referred
to as the "Issuer") proposes to register any shares of the Issuer's common stock
in an initial public offering (the "IPO") with the Securities and Exchange
Commission (the "Commission") under the Securities Act of 1933, as amended (the
"Securities Act") (other than registrations on Form S-8 or any successor or
similar form), then all, but not less than all of, the Investors shall have the
right to cause an exchange (the "Exchange Put Option") of all but not less than
all of the Investors' shares of stock of Cinemark Brasil for shares of the class
of Stock of the Issuer being issued in the IPO (the "Issuer

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Stock"). The Issuer shall give written notice to the Investors at least ninety
(90) days prior to the anticipated effective date of the registration statement,
of its intention to effect such a registration, which notice shall specify the
kind and number of securities proposed to be registered (the "Registration
Notice"). If the Investors desire to exercise the Exchange Put Option, the
Investors shall provide the Issuer with an irrevocable written notice of
acceptance to the Issuer (the "Exchange Put Notice"). The Exchange Put Notice
must be delivered to the Issuer within thirty (30) days after the date the
Registration Notice is given (the "Exchange Notice Period"). If any of the
Investors fail to deliver an Exchange Put Notice prior to the expiration of the
Exchange Notice Period, the Exchange Put Option shall expire and be of no
further force or effect. If the Investors and the Issuer are unable to agree
upon the Issuer Appraised Value (as defined below) and the Cinemark Brasil
Appraised Value (as defined below), then within thirty (30) days after delivery
of the Exchange Put Notice, the appraised value per share of the issued and
outstanding common stock of the Issuer (the "Issuer Appraised Value") and the
appraised value per share of the issued and outstanding common stock of Cinemark
Brasil (the "Cinemark Brasil Appraised Value") shall be determined by two
Approved Investment Banks (one appointed by the Investors and one appointed by
the Issuer). The two Approved Investment Banks shall determine the per share
value of the issued and outstanding common stock of the Issuer and of Cinemark
Brasil without discount for minority interests, and without regard for any
restrictions, assuming that all outstanding shares of common stock would be sold
in a single transaction. The Issuer Appraised Value shall not reflect any
discount that may be required by, or associated with, the IPO. If the two
valuations of the common stock of (i) the Issuer are within ten percent (10%) of
each other, the Issuer Appraised Value shall be the average of the two
valuations or (ii) Cinemark Brasil are within the ten percent (10%) of each
other, the Company Appraised Value shall be the average of the two valuations.
However, if the valuations of the common stock of the Issuer or Cinemark Brasil,
as applicable, determined by the Approved Investment Banks differ by more than
ten percent (10%), then within five (5) days after delivery of such valuations,
the two Approved Investment Banks shall select a third Approved Investment Bank
that shall independently within fifteen (15) days after appointment, make a
determination of the Issuer Appraised Value or Cinemark Brasil Appraised Value,
as applicable, within the range of the previous two valuations, which Issuer
Appraised Value or Cinemark Brasil Appraised Value shall be binding on all
Parties. Any costs and expenses in connection with obtaining such third
appraisals shall be borne equally by the Issuer and the Investors.

         (b) If the Investors timely elect to exercise the Exchange Put Option,
then subject to Section 2(e) hereof, the Investors shall contribute to the
Issuer the common stock of Cinemark Brasil owned by the Investors in exchange
for the number of shares of Issuer Stock as determined below. On the Exchange
Closing Date (as hereinafter defined), Investors shall deliver to the Issuer the
share certificates representing the common stock of Cinemark Brasil so
contributed and shall execute the transfer terms in the Share Transfer Book of
Cinemark Brasil, and such transfer shall be recorded in the Stock Register Book
of Cinemark Brasil. If, subject to compliance with all applicable laws, (i) the
Issuer has received the officer's certificate described in (c) below and (ii)
the Investors have complied with the terms of this subsection (b), then the
Issuer shall issue to the Investors certificates representing the shares of the
Issuer Stock duly registered in the names of each Investor, as applicable,
within five (5) days after the effectiveness of the IPO (the "Exchange Closing
Date"). The number of shares of Issuer Stock to be issued to the Investors
pursuant to the Exchange Put Option shall be determined by multiplying the

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number of shares of common stock owned by each Investor by a fraction, the
numerator of which is the Cinemark Brasil Appraised Value and the denominator of
which is the Issuer Appraised Value. Any resulting fractional shares shall be
rounded to the nearest whole share of Issuer Stock. If the IPO is not
consummated for any reason, then whenever the Issuer subsequently proposes to
register any shares of its common stock in an IPO with the Commission under the
Securities Act (other than registrations on Form S-8 or any successor or similar
form), the Investors shall have the right to exercise the Exchange Put Option
for any subsequent IPO in accordance with the terms specified above.

         (c) On the Exchange Closing Date, each Investor shall execute and
deliver to the Issuer an officer's certificate duly executed by an authorized
officer of such Investor containing the following representations and
warranties:

                  (i) That all representations and warranties contained in
Section 6 are true and correct in all material respects on and as of the
Exchange Closing Date;

                  (ii) Each Investor is an "accredited investor" as such term is
defined by the Commission in Regulation D adopted pursuant to the Securities
Act. Each Investor has such knowledge and experience in financial and business
matters as to be capable of evaluating the merits and risks of the investments
contemplated herein.

                  (iii) Each Investor acknowledges that it must bear the
economic risk of its investment in the Issuer Stock for a period of time since
the Issuer Stock has not been registered under the Securities Act, nor any state
securities laws, and therefore cannot be sold unless it is subsequently
registered under the Securities Act and applicable state laws or an exemption
from registration is available. Each Investor acknowledges that no
representations have been made by the Issuer or its representatives regarding
any future value of the Issuer or the Issuer Stock.

                  (iv) Each Investor hereby represents and warrants to the
Issuer that it is acquiring the Issuer Stock for investment purposes only, for
its own account, and not as nominee or agent for any other person or entity, and
not with a view to, or for resale in connection with, any distribution thereof
within the meaning of the Securities Act. The Investor has not made any
agreement or other arrangement with any person or entity to sell, transfer or
pledge any part of the Issuer Stock, and such Investor has no plans to enter
into any such agreement or arrangement, except for Exempt Transfers.

                  (v) Each Investor certifies that it is not a U.S. person and
is not acquiring the Issuer Stock for the account or benefit of any U.S. person
or is a U.S. person who purchased the Issuer Stock in a transaction that did not
require registration under the Securities Act.

                  (vi) Each Investor acknowledges that all certificates for the
Issuer Stock shall contain a legend as set forth in Section 2(a) of the Exchange
Option Agreement dated November 13, 2001.

         (d) The certificates representing the Issuer Stock held by each of the
Investors after the exchange referred to above shall bear the following legend:

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         "THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933 OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT
BE SOLD OR TRANSFERRED UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT
COVERING SUCH SECURITIES OR SUCH SALE OR TRANSFER IS EXEMPT FROM THE
REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACT AND ANY SIMILAR
REQUIREMENTS OF ANY APPLICABLE STATE SECURITIES LAW. THE SECURITIES REPRESENTED
BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS SET FORTH IN AN EXCHANGE
OPTION AGREEMENT DATED AS OF NOVEMBER 13, 2001 A COPY OF WHICH IS AVAILABLE UPON
REQUEST FROM THE SECRETARY OF THE COMPANY."

         In connection with any transfer of shares of any Issuer Stock pursuant
to any public offering registered under the Securities Act or pursuant to Rule
144 (or any similar rule or rules then in effect promulgated under the
Securities Act) if such rule is available or if the holder of any shares of
Issuer Stock delivers to the Issuer an opinion of U.S. securities counsel
reasonably acceptable to the Issuer that no subsequent transfer of such shares
shall require registration under the Securities Act, the Issuer shall promptly
upon such transfer deliver new certificates for such shares which do not bear
the legend set forth in this Section 2(d).

         (e) Notwithstanding anything contained in this Section 2 to the
contrary, if the Investors timely exercise the Exchange Put Option in accordance
with Section 2(a) hereof, the Issuer or any Affiliate of the Issuer shall have
the right to purchase (the "Exchange Purchase Option") all but not less than all
of the shares of stock of Cinemark Brasil owned by the Investors for a purchase
price per share equal to the Cinemark Brasil Appraised Value as determined in
accordance with Section 2(a) hereof. The Issuer or any Affiliate of the Issuer
may exercise the Exchange Purchase Option by providing the Investors with an
irrevocable written notice of exercise (the "Exchange Purchase Option Exercise
Notice"). The Exchange Purchase Option Exercise Notice shall be binding on the
Issuer or any Affiliate of the Issuer, as applicable, within twenty (20) days
following the final determination of the Cinemark Brasil Appraised Value in
accordance with Section 2(a) hereof. The closing of the purchase of the shares
of stock of Cinemark Brasil pursuant to the Exchange Purchase Option (the
"Purchase Option Shares") shall take place at the principal office of Cinemark
Brasil within twenty (20) days after the effective date of the IPO (or as soon
thereafter as practicable, in the event any required governmental consents shall
not have been obtained within such period). At such closing, the Issuer or any
Affiliate of the Issuer, as applicable, shall deliver by wire transfer of
federal (or other immediately available) funds the appropriate amount to an
account designated by the Investors against execution by the Investors of the
transfer terms in the Share Transfer Book of Cinemark Brasil in regard to the
Purchase Option Shares so purchased by the Issuer or Affiliate of the Issuer, as
applicable, and the recordation of such transfer in the Stock Register Book of
Cinemark Brasil.

         3. Piggyback Registration Rights. Subject to the last sentence of this
Section 3, each time the Issuer proposes to register any shares of its common
stock with the Commission under the Securities Act (other than registrations on
Form S-4 or Form S-8 or any successor or similar form) and the registration form
to be used may be used for the registration of the U.S. Registrable Securities
(as defined below) (a "Piggyback Registration"), the Issuer will give written
notice to the Investors, at least 35 days prior to the anticipated filing date,
of its intention

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to effect such a registration, which notice will specify the proposed offering
price, the kind and number of securities proposed to be registered, the
distribution arrangements and such other information that at the time would be
appropriate to include in such notice, and will, subject to subsection 3(i)
below, include in such Piggyback Registration all U.S. Registrable Securities
with respect to which the Issuer has received written requests from the
Investors for inclusion therein within 15 business days after the receipt of the
Company's notice. Except as may otherwise be provided in this Section 3, U.S.
Registrable Securities with respect to which such request for registration has
been timely received will be registered by the Issuer and offered to the public
in a Piggyback Registration pursuant to this Section 3 on terms and conditions
at least as favorable as those applicable to the registration of shares of
common stock to be sold by the Issuer and by any other shareholder of the Issuer
selling under the registration statement relating to any Piggyback Registration.

                  (i) Priority on Piggyback Registrations. If the managing
underwriter or underwriters, if any, advise the holders of U.S. Registrable
Securities in writing that in its or their reasonable opinion or, in the case of
a Piggyback Registration not being underwritten, the Issuer shall reasonably
determine (and notify the holders of U.S. Registrable Securities of such
determination), after consultation with an investment banker of nationally
recognized standing in the U.S., that the number or kind of securities proposed
to be sold in such registration (including U.S. Registrable Securities to be
included pursuant to this Section 3) will materially and adversely affect the
success of such offering (including, without limitation, a material impact on
the selling price), the Issuer shall include in such registration the number of
securities, if any, which, in the opinion of such underwriter or underwriters,
or the Issuer, as the case may be, can be sold without a material impact on the
selling price of such stock, as follows: (A) if the registration is originally
instituted by the Issuer, (i) first, the shares of Stock the Issuer proposes to
sell and (ii) second, the U.S. Registrable Securities requested to be included
in such registration by the Investors and the shares of Stock of the Issuer
requested to be included in such registration by the other shareholders of the
Issuer, prorata among such shareholders and the Investors on the basis of their
respective holdings of common stock of the Issuer or (B) if the registration is
originally instituted pursuant to a demand registration right of a shareholder
of the Issuer, (i) first, the shares of Stock the Issuer proposes to sell, (ii)
second, the shares of Stock requested to be included in such registration by a
shareholder of the Issuer pursuant to a demand registration right and (iii)
third, the U.S. Registrable Securities requested to be included in such
registration by the Investors and the shares of Stock of the Issuer requested to
be included in such registration by the other shareholders of the Issuer,
prorata among such shareholders and the Investors on the basis of their
respective holdings of common stock of the Issuer.

                  (ii) Restrictions on Public Sale. To the extent not
inconsistent with applicable law, each Investor, if requested by the managing
underwriter or underwriters, if any, for any such Piggyback Registration, agrees
not to effect any public sale or distribution of common stock of the Issuer
owned by the Investor, including a sale pursuant to Rule 144 (or any similar
provision then in force) under the Securities Act, during the 15 business days
prior to, and during the lock up period (not to exceed the later of 90 days or
such longer lock up period as may be required by the underwriters) required by
the managing underwriter for the offering covered by such registration statement
beginning on the effective date of the applicable registration statement (except
as part of such Piggyback Registration).

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                  (iii) Additional Obligations of the Issuer. With respect to
any Piggyback Registration, the Issuer will, as expeditiously as practicable:

                           (a) prepare and file with the Commission such
         amendments and post-effective amendments to the registration statement
         (the "Registration Statement") relating to the applicable registration
         for the sale of U.S. Registrable Securities as may be necessary under
         the Securities Act to keep each Registration Statement effective for
         the applicable period, or such shorter period which (i) in an
         underwritten registration will terminate when all U.S. Registrable
         Securities covered by such Registration Statement have been sold or
         (ii) in a registration which is not underwritten, when all of the
         securities registered pursuant to a demand registration by shareholders
         of the Issuer covered by such Registration Statement have been sold;
         cause each prospectus related thereto (a "Prospectus") to be
         supplemented by any required Prospectus supplement, and as so
         supplemented to be filed pursuant to Rule 424 under the Securities Act;
         and comply with the provisions of the Securities Act with respect to
         the disposition of all securities covered by such Registration
         Statement during the applicable period in accordance with the intended
         method or methods of distribution by the sellers thereof set forth in
         such Registration Statement, the Prospectus or supplement to the
         Prospectus;

                           (b) deliver to each selling holder of U. S.
         Registrable Securities and the underwriters, if any, without charge, as
         many copies of the Registration Statement, the Prospectus (including
         each preliminary prospectus) and any amendment or supplement thereto as
         such selling holder of U. S. Registrable Securities and underwriters
         may reasonably request;

                           (c) notify the selling holders of U.S. Registrable
         Securities and the managing underwriters, if any, promptly, and (if
         requested by any such person or entity) confirm such advice in writing,
         (1) when the Prospectus or any Prospectus supplement or post-effective
         amendment has been filed, and, with respect to the Registration
         Statement or any post-effective amendment, when the same has become
         effective, (2) of any request by the Commission for amendments or
         supplements to the Registration Statement or the Prospectus or for
         additional information, (3) of the issuance by the Commission of any
         stop order suspending the effectiveness of the Registration Statement
         or the initiation of any proceedings for that purpose, (4) of the
         receipt by the Issuer of any notification with respect to the
         suspension of the qualification of the U.S. Registrable Securities for
         sale in any jurisdiction or the initiation or threatening of any
         proceeding for such purpose and (5) of the happening of any event which
         makes any statement made in the Registration Statement, the Prospectus,
         any supplements, any post-effective amendments or any document
         incorporated therein by reference untrue in any material respect or
         which requires the making of any changes in the Registration Statement,
         the Prospectus, any supplements, any post-effective amendments or any
         document incorporated therein by reference in order to make the
         statements or omissions therein not materially misleading;

                           (d) make reasonable efforts to obtain the withdrawal
         of any order suspending the effectiveness of the Registration Statement
         at the earliest possible date;

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                           (e) upon the occurrence of any event contemplated by
         subsection (c)(5) above, prepare a supplement or post-effective
         amendment to the Registration Statement or the related Prospectus or
         any document incorporated therein by reference or file any other
         required document so that, as thereafter delivered to the purchasers of
         the U.S. Registrable Securities, the Prospectus will not contain an
         untrue statement of a material fact or omit to state any material fact
         necessary to make the statements therein not misleading;

                           (f) cause all U.S. Registrable Securities covered by
         any Registration Statement to be listed on each securities exchange on
         which similar securities issued by the Issuer are then listed, or cause
         such U.S. Registrable Securities to be listed for trading on the New
         York Stock Exchange, Inc. or the American Stock Exchange, Inc., or be
         authorized for trading on the NASDAQ National Market System and to
         provide a transfer agent and registrar for U.S. Registrable Securities
         covered by such Registration Statement, no later than the effective
         date thereof, if requested by the holders of a majority of such U.S.
         Registrable Securities or the managing underwriters, if any;

                           (g) otherwise use its reasonable best efforts to
         comply with all applicable rules and regulations of the Commission, and
         make available to its security holders, as soon as reasonable
         practicable, an earnings statement covering a period of at least 12
         months, beginning with the first month after the effective date of the
         Registration Statement (as the term "effective date" is defined in Rule
         158 (c) under the Securities Act), which earnings statement shall
         satisfy the provision of Section 11(a) of the Securities Act and Rule
         158 thereunder; and

                           (h) provide a CUSIP number for all U. S. Registrable
         Securities, not later than the effective date of the applicable
         Registration Statement.

         The Issuer may require each seller of U.S. Registrable Securities as to
which any registration is being effected to furnish to the Issuer a properly
completed and executed selling shareholder questionnaire in form and substance
as may be requested by the Issuer and such information regarding the proposed
distribution of such securities as the Issuer may from time to time reasonably
request in writing.

         Each holder of U.S. Registrable Securities agrees by receipt of such
U.S. Registrable Securities that, upon receipt of any notice from the Issuer of
the happening of any event of the kind described in subsection (c)(5) of this
subsection (iii), such holder will forthwith discontinue disposition of U.S.
Registrable Securities pursuant to the Registration Statement until such
holder's receipt of copies of the supplemented or amended Prospectus as
contemplated by subsection (ix) of this subsection (c), or until it is advised
in writing by the Issuer that the use of the Prospectus may be resumed, and has
received copies of any additional or supplemental filings that are incorporated
by reference in the Prospectus, and, if so directed by the Issuer, such holder
will deliver to the Issuer all copies, other than permanent file copies then in
such holder's possession, of the Prospectus covering such U.S. Registrable
Securities current at the time of receipt of such notice.

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                  (iv) Registration Expenses. All expenses incident to the
Issuer's performance of or compliance with this Section 3 will be borne by the
Issuer, including without limitation, all registration and filing fees, the fees
and expenses of the counsel and accountants for the Issuer (including the
expenses of any "cold comfort" letters and special audits required by or
incident to the performance of such persons), all other costs and expenses of
the Issuer incident to the preparation, printing and filing under the Securities
Act of the registration statement (and all amendments and supplements thereto)
and furnishing copies thereof and of the prospectus or prospectus supplement
included therein, the costs and expenses incurred by the Issuer in connection
with the qualification of the U.S. Registrable Securities under the state
securities or "blue sky" laws of various jurisdictions, the costs and expenses
associated with filings required to be made with the NASD (including, if
applicable, the fees and expenses of any "qualified independent underwriter" and
its counsel as may be required by the rules and regulations of the NASD), the
costs and expenses of listing the U.S. Registrable Securities for trading on a
national securities exchange or authorizing them for trading on NASDAQ and all
other costs and expenses incurred by the Issuer in connection with any Piggyback
registration hereunder; provided, that each Investor shall bear the costs and
expenses of all SEC and blue sky registration and filing fees attributable to
the U.S. Registrable Securities of such Investor, any underwriters' commissions,
brokerage fees or transfer taxes relating to the U.S. Registrable Securities
sold by such Investor and the fees and expenses of any counsel, accountants or
other representative retained by the Investor.

                  (v) Indemnification by the Issuer. The Issuer agrees to
indemnify, and agrees to hold harmless, to the full extent permitted by law,
each holder of U.S. Registrable Securities and each of its officers, directors,
partners (general and limited, and the directors, officers and Affiliates
thereof) (within the meaning of the Securities Act and the Securities Exchange
Act of 1934, as amended (the "Exchange Act") (collectively, the "Indemnified
Parties"), against all losses, claims, damages, liabilities and expenses
(including any amounts paid in settlement effected with the Issuer's consent to
which such Indemnified Parties may become subject under the Securities Act,
state securities or blue sky laws, common law or otherwise), insofar as such
losses, claims, damages, liabilities or expenses arise out of or are based upon
(i) any untrue or alleged untrue statement of a material fact contained in any
Registration Statement (or any amendment or supplement thereto), Prospectus or
preliminary or summary Prospectus or any omission or alleged omission to state
therein a material fact necessary to make the statements therein, in light of
the circumstances under which they were made, not misleading, and the Issuer
will reimburse such Indemnified Party for any legal or other expenses reasonably
incurred by it in connection with investigating or defending any such loss,
claim, liability, action or proceeding, except insofar as the same arise out of
or is based upon any untrue statement or alleged untrue statement or omission or
alleged omission made in such Registration Statement, Prospectus or preliminary
or summary Prospectus in reliance on and in conformity with written information
with respect to such Shareholder furnished to the Issuer by such holder of U.S.
Registrable Securities or its representative expressly for use therein.

                  (vi) Indemnification by the Investors. In connection with any
Piggyback Registration in which an Investor is participating, each such Investor
will furnish to the Issuer in writing such information with respect to such
Investor as the Issuer reasonably requests for use in connection with any
registration statement or prospectus used for such Piggyback Registration and
agrees to indemnify, to the full extent permitted by law, the Issuer, the
directors and officers

                                       10

<PAGE>

of the Issuer and each person who controls the Issuer (within the meaning of the
Securities Act and the Securities Exchange Act of 1934, as amended) against any
losses, claims, damages, liabilities and expenses resulting from any untrue
statement of a material fact or any omission to state a material fact required
to be stated therein or necessary to make the statements in the registration
statement or prospectus or preliminary prospectus (in the case of the prospectus
or any preliminary prospectus, in light of the circumstances under which they
were made) not misleading, to the extent, but only to the extent, that such
untrue statement or omission is contained in any information with respect to
such Investor so furnished in writing by such Investor or its representative
specifically for inclusion therein. In no event shall the liability of any
Investor selling U.S. Registrable Securities hereunder be greater in amount than
the dollar amount of the proceeds received by such Investor upon the sale of the
U.S. Registrable Securities giving rise to such indemnification obligation. The
Issuer shall be entitled to receive indemnities from underwriters, selling
brokers, dealer managers and similar securities industry professionals
participating in the distribution, to the same extent as provided above with
respect to information with respect to such persons or entities so furnished in
writing by such persons or entities or their representatives specifically for
inclusion in any prospectus or registration statement.

                  (vii) Conduct of Indemnification Proceedings. Any person or
entity entitled to indemnification hereunder will (i) give prompt written notice
to the indemnifying party after the receipt by the indemnified party of a
written notice of the commencement of any action, suit, proceeding or
investigation or threat thereof made in writing for which such indemnified party
will claim indemnification or contribution pursuant to this Exchange Agreement;
provided, however, that the failure of any indemnified party to give notice as
provided herein shall not relieve the indemnifying party of its obligations
under Subsection 3(v) and (vi), except to the extent that the indemnifying party
is actually prejudiced by such failure to give notice and (ii) unless in such
indemnified party's reasonable judgment a conflict of interest may exist between
such indemnified and indemnifying parties with respect to such claim, permit
such indemnifying party to assume the defense of such claim with counsel
reasonably satisfactory to the indemnified party. Whether or not such defense is
assumed by the indemnifying party, the indemnifying party will not be subject to
any liability for any settlement made without its consent (but such consent will
not be unreasonably withheld). No indemnifying party will consent to the entry
of any judgment or enter into any settlement that does not include as an
unconditional term thereof the giving by the claimant or plaintiff to such
indemnified party of a release from all liability in respect of such claim or
litigation. An indemnifying party who is not entitled to, or elects not to,
assume the defense of a claim will not be obligated to pay the fees and expenses
of more than one counsel in any one jurisdiction for all parties indemnified by
such indemnifying party with respect to such claim, unless in the reasonable
judgment of any indemnified party a conflict of interest may exist between such
indemnified party and any other of such indemnified parties with respect to such
claim, in which event the indemnifying party shall be obligated to pay the fees
and expenses of such additional counsel or counsels.

                  (viii) Contribution. If for any reason the indemnification
provided for in the preceding clause (iv) above is unavailable as contemplated
by the preceding clause (iv), then the Investors in lieu of indemnification
shall contribute to the amount paid or payable by the Issuer as a result of such
loss, claim, damage, liability or expense in such proportion as is appropriate
to reflect not only the relative benefits received by the Issuer and the
Investor from the offering of the Registrable Securities (taking into account
the portion of the proceeds realized by each), but

                                       11

<PAGE>

also the relative fault of the Issuer and the Investor, as well as any other
relevant equitable considerations, provided that no Investor shall be required
to contribute in an amount greater than the difference between the net proceeds
received by such Investor with respect to the sale of any U.S. Registrable
Securities and all amounts already contributed by such Investor with respect to
such claims, including amounts paid for any legal or other fees or expenses
incurred by such Investor.

                  (ix) Participation in Underwritten Registrations. No Investor
may participate in any underwritten Piggyback Registration hereunder unless such
Investor (i) agrees to sell its U.S. Registrable Securities on the basis
provided in any underwriting arrangements approved by the Issuer and (ii)
accurately completes in a timely manner and executes all questionnaires, powers
of attorney, custody agreements (including delivery of U. S. Registrable
Securities pursuant thereto), underwriting agreements and other documents
provided to such Investor which are customarily required under the terms of such
underwriting arrangements.

         4. Right of First Offer.

         (a) If an Investor desires to Transfer any or all of the shares of
Stock then owned by such Investor to any Person other than pursuant to (i) an
Exempt Transfer or (ii) a sale to the public pursuant to an effective
registration statement under the Securities Act or pursuant to Rule 144 of the
Securities Act (such Shares subject to such proposed transfer shall herein be
referred to as the "Transfer Stock"), the proposed transferor ("Seller") shall
reduce to writing the terms pursuant to which such Seller desires to Transfer
the Transfer Stock (a "Transfer Offer"). The Transfer Offer shall identify the
Transfer Stock, the price of the Transfer Stock, the identity of any third party
offeror (the "Third Party"), if any, and all the other material terms and
conditions of such Transfer Offer. The Seller shall, as soon as reasonably
practicable, provide written notice (the "Transfer Notice") of such Transfer
Offer to the Issuer and the Existing Cinemark USA Shareholders (the "Transfer
Offerees"). The Transfer Notice shall contain an irrevocable offer (a "First
Offer") to sell the Transfer Stock to the Transfer Offerees at a price equal to
the price and upon substantially the same terms and conditions as the terms and
conditions contained in such Transfer Offer; provided, however, that in the
event the terms of the Transfer Offer entitle the Third Party to purchase the
Transfer Stock for securities of such Third Party (the "Offered Securities") or
other property, the Transfer Offerees shall be entitled to purchase the Transfer
Stock for an amount of cash equal to the fair market value, as determined by a
nationally recognized investment banking firm selected by the Seller of the
Transfer Stock, of the Offered Securities or such other property. Upon receipt
of the Transfer Notice, the Transfer Offerees shall have the irrevocable right
and option (the "Right of First Offer"), exercisable as provided below, to
accept the First Offer for all shares of the Transfer Stock (subject to the
provisions set forth below) at the price specified in the Transfer Notice. In
the event there is more than one Transfer Offeree, then the First Offer shall be
allocated among the Transfer Offerees in such proportion as the Transfer
Offerees shall determine, or if such Transfer Offerees are unable to determine
such allocation, the Transfer Stock shall be prorated among the Transfer
Offerees based upon their respective percentage ownership of Shares of the
Transfer Offerees electing to purchase Transfer Stock; provided that, unless the
Seller shall have consented to the purchase of less than all of the Transfer
Stock, the Transfer Offerees may not purchase any Transfer Stock unless all the
Transfer Stock is to be purchased. If the Transfer Offeree desires to exercise
such option with respect to a First Offer, the Transfer Offeree shall provide
the Seller with an

                                       12

<PAGE>

irrevocable written notice of acceptance which shall be binding on said Transfer
Offeree. The notice of acceptance must be provided to the Seller within thirty
(30) days after the date the Transfer Notice is given (the "Notice Period"), and
a copy of which notice of acceptance shall simultaneously be provided to the
Company.

         (b) The closing of the purchase of the Transfer Stock by the Transfer
Offeree which has exercised the options granted pursuant to this Section 4 shall
take place at the principal office of the Company within thirty (30) days after
the expiration of the Notice Period (or as soon thereafter as practicable, in
the event any required governmental consents shall not have been obtained within
such thirty (30) day period). At such closing, the Transfer Offeree shall
deliver by wire transfer of federal (or other immediately available funds) the
appropriate amount to an account designated by Seller against delivery of
certificates representing the Transfer Stock so purchased, duly endorsed in
blank by the person or persons in whose name a stock certificate is registered
or accompanied by a duly executed assignment separate from the certificate.

         (c) If the Transfer Offerees have not elected to purchase the Transfer
Stock within the specified Notice Period, the Investor shall have 90 days from
the end of the Notice Period (the "Sales Period") in which to Transfer any or
all of the Transfer Stock to any Third Party at a price not less than and on
terms no more favorable to such Third Party than were contained in the Transfer
Notice.

         (d) No Transfer may be made to any Third Party unless such transferee
executes and delivers a supplemental agreement agreeing to be bound by this
Section 4. Promptly after any sale pursuant to this Section 4, the Seller shall
notify the Company and the Existing Cinemark USA Shareholders of the
consummation thereof and shall furnish such evidence of the completion
(including time of completion) of such sale and of the terms thereof as the
Company may reasonably request. If, at the termination of the Sales Period, the
Seller has not completed the sale of all the Transfer Stock, such Seller shall
no longer be permitted to Transfer such Transfer Stock pursuant to this Section
4 without again fully complying with the provisions of this Section 4, and all
of the applicable restrictions on Transfer contained in this Agreement shall
again be in effect with respect to all such Seller's Transfer Stock.

         5. Drag Along. In the event of a transaction wherein Lee Roy Mitchell
can cause all but not less than all of the other Existing Cinemark USA
Shareholders to sell their shares of stock of Cinemark, Lee Roy Mitchell shall
give the Investors notice in writing at least thirty (30) days in advance of
such proposed sale specifying the sales price, the proposed purchaser and the
other terms of sale. The Investors shall be obligated to, and hereby agree, to
sell all of the shares of Stock owned by the Investors to such prospective
purchaser(s) for the same price per share and upon the same terms of sale as
shall be accepted by Lee Roy Mitchell and the other Existing Cinemark USA
Shareholders; provided that the price per share to be paid to the Investors is
not less than the greater of (A) the Issuer Appraised Value or (B) the average
of the closing prices during the period of the thirty (30) consecutive trading
days ending on the day immediately preceding the closing date for the sale
referred to in this Section 5 of a share of Issuer Stock as reported on the
principal national securities exchange on which the shares of Stock are listed
or admitted to trading, or, if the shares of Stock are not listed or admitted to
trading on any national securities exchange, on the National Association of
Securities Dealers Automated Quotation National Market (the "NASDAQ National
Market"), or, if the shares of Stock are not quoted on

                                       13

<PAGE>

the NASDAQ National Market, the average of the highest reported bid and the
lowest reported asked prices as furnished by the National Association of
Securities Dealers, Inc. (the "NASD") through NASDAQ, or, if not so reported
through NASDAQ, as reported through the National Quotation Bureau, Incorporated
("NQBI") or a similar organization if NASDAQ or NQBI are no longer reporting
such information.

         6. Representations and Warranties of NN, Venture II and Kristal. Each
of NN, Venture II and Kristal severally represent and warrant to Cinemark that:

                  (i) It is a corporation duly organized and validly existing
under the laws of its jurisdiction of incorporation, is in good standing in that
jurisdiction and is qualified to do business and is in good standing as a
foreign corporation in any other jurisdiction where the failure to be so
qualified or in good standing would have a material adverse effect on the
validity or enforceability of this Exchange Agreement or its ability to timely
perform its obligations hereunder;

                  (ii) It has the power and authority to enter into this
Exchange Agreement and will at all times have the corporate power and authority
to perform its obligations under this Exchange Agreement;

                  (iii) This Exchange Agreement has been duly authorized by all
requisite action on its part, has been executed and delivered by it, and this
Exchange Agreement constitutes its valid and binding obligation, enforceable in
accordance with the terms of this Exchange Agreement;

                  (iv) The execution, delivery and performance of this Exchange
Agreement by it (x) does not violate, nor to the best of its knowledge and
belief will it in the future violate, any law, regulation, order, injunction or
decree of any court or governmental authority of the country of its formation or
any other country in which it carries on business, or any political subdivision
of any of them, by, and (y) to the best of its knowledge and belief does not
require any consent from any persons or entities where the occurrence of such a
violation or the failure to obtain such consent would have a material adverse
effect on the business or financial condition of such Party or its ability to
timely perform its obligations under such agreements; and

                  (v) The execution, delivery and performance of this Exchange
Agreement by it (x) does not constitute, nor will it constitute, a breach of or
conflict with any contract to which it is a party or is bound, and (y) will not
subject the other Parties hereto to liability or damages with respect to any
contract with a third party to which it is a party or is bound.

         7. Representations and Warranties of Cinemark. Cinemark represents and
warrants to the Investors that:

                  (i) It is a corporation duly organized and validly existing
under the laws of its jurisdiction of incorporation, is in good standing in that
jurisdiction and is qualified to do business and is in good standing as a
foreign corporation in any other jurisdiction where the failure to be so
qualified or in good standing would have a material adverse effect on the
validity or enforceability of this Exchange Agreement or its ability to timely
perform its obligations hereunder;

                                       14

<PAGE>

                  (ii) It has the power and authority to enter into this
Exchange Agreement and will at all times have the corporate power and authority
to perform its obligations under this Exchange Agreement;

                  (iii) This Exchange Agreement has been duly authorized by all
requisite action on its part, has been executed and delivered by it, and this
Exchange Agreement constitutes its valid and binding obligation, enforceable in
accordance with the terms of this Exchange Agreement;

                  (iv) The execution, delivery and performance of this Exchange
Agreement by it (x) does not violate, nor to the best of its knowledge and
belief will it in the future violate, any law, regulation, order, injunction or
decree of any court or governmental authority of the country of its formation or
any other country in which it carries on business, or any political subdivision
of any of them, by, and (y) to the best of its knowledge and belief does not
require any consent from any persons or entities where the occurrence of such a
violation or the failure to obtain such consent would have a material adverse
effect on the business or financial condition of such Party or its ability to
timely perform its obligations under such agreements; and

                  (v) The execution, delivery and performance of this Exchange
Agreement by it (x) does not constitute, nor will it constitute, a breach of or
conflict with any contract to which it is a party or is bound, and (y) will not
subject the other Parties hereto to liability or damages with respect to any
contract with a third party to which it is a party or is bound.

         8. Termination.

         (a) The provisions of Sections 4 and 5 of this Exchange Agreement shall
terminate upon the earlier of (i) the consummation of an underwritten public
offering of common stock resulting in not less than 25% of the Issuer issued and
outstanding common stock being held by the public or (ii) the consummation of
any merger of the Issuer with and into a company whose common stock is publicly
traded on a national securities exchange or NASDAQ (each an "Exchange"), in
which at least 90% of the merger consideration is comprised of registered
securities listed on an Exchange and/or cash.

         (b) This Exchange Agreement shall terminate on the earlier to occur of
the following events:

                  (i) The written agreements of the Parties hereto; and

                  (ii) The Investors have exercised a Demand Registration (as.
defined in the Restated Shareholders' Agreement) in accordance with Section 5 of
the Restated Shareholders' Agreement; or

                  (iii) Cinemark Brasil registers with the Brazilian Securities
Commission under and in accordance with the provisions of the applicable
Brazilian securities legislation or law, the result of which is that thirty five
percent (35%) or more of the issued and outstanding capital stock of Cinemark
Brasil is held by the public.

                                       15

<PAGE>

         9. Miscellaneous.

         (a) Notices. Unless otherwise provided in this Exchange Agreement, all
notices, approvals, consents, or other communications purporting to affect the
rights of the Parties hereunder will be in writing and will be given personally
or by facsimile or express international courier to the Party entitled thereto
at the proper address as set forth below or at such other address as such Party
will notify to the other Parties to this Exchange Agreement.

           Cinemark:         Cinemark USA, Inc.
                             3900 Dallas Parkway, Suite 500
                             Plano, Texas 75093 U.S.A.

                             Attention:  Michael Cavalier, Vice President
                                         General Counsel
                             Facsimile Number:  (972) 665-1004

           NN:               Participacoes Ltda.
                             Rua Dr. Renato Paes de Barros, 714
                             Conjunto 64 - Sao Paulo - SP

                             Attention:  Edgar Gleich
                             Copy to:  Moises Pinsky
                             Facsimile Number: 011-5511-3849-5340

           Venture II:       VENTURE II EQUITY HOLDINGS CORPORATION
                             c/o Demarest e Almeida Advogados
                             Alameda Campinas, 1.070-7th Floor
                             Sao Paulo, SP 01401 000
                             Brazil

                             Attention:  Roberto Luz Portella
                             Facsimile Number:  55-11-888-1700

           Kristal:          KRISTAL HOLDINGS LIMITED
                             c/o Demarest e Almeida Advogados
                             Alameda Campinas, 1.070 7th Floor
                             Sao Paulo, SP 01401 000
                             Brazil

                             Attention:  Roberto Luz Portella
                             Facsimile Number: 55-11-888-1700

         Any such notice or communication (i) sent by express international
courier will be considered delivered three (3) calendar days after the date of
dispatch; (ii) sent by facsimile will be considered given on the date of such
delivery. By providing the other Party at least 30 (thirty) days' written notice
hereof, the Parties and their respective permitted successors and assigns shall
have the right from time to time and at any time during the term of this
Exchange Agreement to

                                       16

<PAGE>

change their respective addresses for notice and each shall have the right to
specify as its or his address for notices any other address.

         (b) Governing Law. EXCEPT AS OTHERWISE EXPLICITLY PROVIDED HEREIN, THIS
EXCHANGE AGREEMENT AND THE RIGHTS AND LIABILITIES OF THE PARTIES SHALL BE
GOVERNED BY, CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
TEXAS, UNITED STATES OF AMERICA, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS
RULES OR CHOICE OF LAWS RULES THEREOF. FOR PURPOSES OF DETERMINING THE GOVERNING
LAW, THE PARTIES HERETO ACKNOWLEDGE THAT CINEMARK IS THE PROPONENT OF THIS
EXCHANGE AGREEMENT AND OF THE BUSINESS TRANSACTION EMBODIED HEREIN. NN, VENTURE
II AND KRISTAL CONSENT TO THE PERSONAL JURISDICTION OF THE COURTS OF THE STATE
OF TEXAS (AND THE FEDERAL COURTS OF THE UNITED STATES), TO SERVICE OF PROCESS
BEING EFFECTED UPON IT BY REGISTERED POST SENT TO THE ADDRESS NOTED HEREIN,
UNLESS OTHERWISE REQUIRED BY THE CONFLICT OF LAWS RULES OF THE COUNTRY WHERE THE
DEFENDANT IS DOMICILED AND TO THE UNCONTESTED ENFORCEMENT OF ANY JUDGMENT OF ANY
SUCH COURT IN ANY OTHER JURISDICTION WHEREIN IT AND/OR ANY OF ITS ASSETS ARE
PRESENT. ANY LEGAL ACTION OR PROCEEDING WITH REGARD TO THIS EXCHANGE AGREEMENT
MAY BE BROUGHT IN A COURT OF COMPETENT JURISDICTION OF THE STATE OF TEXAS OR OF
THE UNITED STATES LOCATED IN DALLAS COUNTY, TEXAS, AND EACH PARTY HEREBY
CONSENTS AND AGREES TO BOTH PERSONAL JURISDICTION AND VENUE IN SUCH COURTS IN
ANY SUCH ACTION OR PROCEEDING AND WAIVES ANY ASSERTION OR CLAIM OF INCONVENIENCE
REGARDING PERSONAL JURISDICTION AND/OR VENUE THEREIN.

         (c) Terminology. The division of this Exchange Agreement into Sections
and other subdivisions, and the titles of such subdivisions are for convenience
only, and neither limit nor amplify the provisions of this Exchange Agreement
itself. The use herein and therein of the word "including", when following any
general statement, term or matter, shall not be construed to limit such
statement, term or matter to the specific items or matters set forth immediately
following such word or to similar items or matters, whether or not non limiting
language (such as "without limitation", or "but not limited to", or words of
similar import) is used with reference thereto, but rather shall be deemed to
refer to all other items or matters that could reasonably fall within the
broadest possible scope of such general statement, term or matter. The language
in this Exchange Agreement shall be construed as to its fair meaning and not
strictly for or against any Party.

         (d) Amendments and Waivers. The provisions of this Exchange Agreement,
including the provisions of this paragraph (d), may not be amended, modified or
supplemented, and waivers of or consents to departures from the provisions
hereof may not be given, except by a written instrument executed by the Parties
hereto. The waiver by any Party hereto of any provision of this Exchange
Agreement shall not operate or be construed as waiver of any other provision and
no failure by any party to exercise any right or privilege hereunder shall be
deemed a waiver of such party's rights or privileges hereunder or shall be
deemed a waiver of such Party's rights to exercise the same at any subsequent
time or times hereunder.

         (e) Transfers Void. Any Transfer of any security of the Issuer in
violation of this Exchange Agreement shall be null and void, and the Issuer
covenants and agrees that it will not register or otherwise recognize a Transfer
(whether for the purposes of shareholder voting or in

                                       17

<PAGE>

connection with the distribution of dividends or other corporate assets) of any
securities which it has reason to believe was effected in violation of this
Exchange Agreement.

         (f) Specific Performance. Each of the Parties hereto acknowledge that
remedies at law may be inadequate to protect the other Party and its successors
or permitted assigns against any actual or threatened breach of this Exchange
Agreement by a Party and without prejudice to the rights and remedies otherwise
available to a Party. Each Party agrees that they shall each be entitled to seek
equitable relief by way of injunction or specific performance if the other Party
breaches or threatens to breach any of the provisions of this Exchange
Agreement. Each Party agrees to waive any requirement for the securing or
posting of any bond in connection with such remedy. Such remedies shall not be
deemed to be exclusive remedies for a breach of this Exchange Agreement but
shall be in addition to all other remedies available at law or equity. The
Parties hereby acknowledge that the payment of damages by the defaulting party
to the non-defaulting party shall not be deemed appropriate indemnification for
the failure by a Party to comply with his obligations hereunder.

         (g) Counterparts. This Exchange Agreement may be executed in one or
more counterparts, by the original Parties hereto and any successor in interest,
each of which shall be deemed to be an original and all of which together shall
be deemed to constitute one and the same agreement.

         (h) Reformation and Severability. In the event that any provision of
this Exchange Agreement shall be held to be invalid or unenforceable, the same
shall not affect in any respect whatsoever the validity or enforceability of the
remainder of this Exchange Agreement. If a provision hereof is held to be
invalid or unenforceable, necessary modifications shall be implied or agreed to
by the Parties to achieve the economic effect intended by this Exchange
Agreement. The legality, validity and enforceability of the remaining provisions
of this Exchange Agreement shall not be affected or impaired thereby.

         (i) Further Assurances. Each Party agrees to do all acts and things and
to make, execute and deliver such further written instruments including any
actions reasonably necessary to fulfill, or to cause its Affiliates to fulfill,
its obligations under this Exchange Agreement, as may from time to time be
reasonably required to carry out the terms and provisions of this Exchange
Agreement.

         (j) Entire Agreement. This Exchange Agreement shall constitute the
entire agreement between the Parties with respect to the subject matter hereof.

                                       18

<PAGE>

                            EXCHANGE OPTION AGREEMENT

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

                                   CINEMARK USA, INC.

                                   By:  /s/ MICHAEL CAVALIER
                                      ------------------------------------------
                                   Name: Michael Cavalier
                                        ----------------------------------------
                                   Title: Vice President & General Counsel
                                         ---------------------------------------

                                      S-1

<PAGE>

                            EXCHANGE OPTION AGREEMENT

                                   NN PARTICIPACOES LTDA.

                                   By: /s/ EDGAR GLEICH
                                       -----------------------------------------
                                   Name: Edgar Gleich
                                         ---------------------------------------
                                   Title:
                                          --------------------------------------

                                   By: /s/ RICARDO ARDUINI
                                       -----------------------------------------
                                   Name: Ricardo Arduini
                                         ---------------------------------------
                                   Title:
                                          --------------------------------------

                                      S-2

<PAGE>

                            EXCHANGE OPTION AGREEMENT

                                   VENTURE II EQUITY HOLDINGS
                                   CORPORATION, INC.

                                   By: /s/ MARIA LUCIA DE ALEMEDA PRATT E SILVA
                                       -----------------------------------------
                                   Name: Maria Lucia de Alemeda Pratt E Silva
                                         ---------------------------------------
                                   Title: Attorney-In-Fact
                                          --------------------------------------

                                       S-3

<PAGE>

                            EXCHANGE OPTION AGREEMENT

                                   KRISTAL HOLDINGS LIMITED

                                   By: /s/ MARIA LUCIA DE ALEMEDA PRATT E SILVA
                                       -----------------------------------------
                                   Name: Maria Lucia de Alemeda Pratt E Silva
                                         ---------------------------------------
                                   Title: Attorney-In-Fact
                                          --------------------------------------

WITNESSES:

-------------------------------------
Name:
     --------------------------------

-------------------------------------
Name:
     --------------------------------

                                      S-4<PAGE>
                                                                    EXHIBIT 4.13

                                   ADVANCEPCS

                                WARRANT AGREEMENT

         This Warrant Agreement (this "Agreement") dated as of November 5, 2001
is entered into by and between AdvancePCS, a Delaware corporation (the
"Company") and Arkansas Blue Cross and Blue Shield ("Client").

                               TERMS OF AGREEMENT

         NOW THEREFORE, in consideration of the premises and the mutual
covenants herein contained, the Company and Client hereby agree as follows:

         Section 1. PHARMACEUTICAL SERVICE AGREEMENT. Reference is made to that
certain Managed Pharmacy Benefit Services Agreement dated October 22, 2001
entered into by and between the Company and Client (the "Service Agreement").
Capitalized terms not otherwise defined herein shall have the meanings given to
them in the Service Agreement.

         Section 2. GRANT OF THE RIGHT TO PURCHASE COMMON STOCK. The Company
hereby grants to Client the right, and Client shall be entitled, subject to the
terms and conditions hereinafter set forth, to purchase from the Company 14,500
shares of its common stock, par value $0.01 per share (the "Common Stock")(which
number is referred to herein as the "Total Exercise Number") at a per share
exercise price equal to $30.10 (the "Exercise Price"). The right to purchase
such shares shall be evidenced by five (5) warrant certificates each in the form
of Exhibit A hereto (collectively, the "Warrant Certificates" and each a
"Warrant Certificate"). Subject to Section 3 hereof, each Warrant Certificate
shall be delivered to the Client on the Vesting Date (as defined below) thereof.
The Total Exercise Number and Exercise Price of such shares are subject to
adjustment as provided in Section 4 hereof.

         Section 3. EXERCISE OF WARRANT CERTIFICATES. The purchase rights
granted hereunder will be exercisable as to twenty percent (20%) of the Total
Exercise Number on April 1, 2003 and the right to exercise with respect to an
additional twenty percent (20%) of the Total Exercise Number will accrue on each
of the next four anniversaries of such date (each a "Vesting Date") and will be
cumulative; provided, however, that if on any Vesting Date the Company no longer
serves as the exclusive vendor of integrated pharmacy benefit management
services for Client, or, if prior to any Vesting Date the Client exercises its
rights under Section 3(j) of the Service Agreement, then the scheduled vesting
for such date will be forfeited. Except as otherwise provided for herein, the
term of the Warrant Certificates and the right to purchase Common Stock as
described therein shall commence on the Vesting Date of such Warrant Certificate
and will end on the earlier of (i) the third month following termination of the
Service Agreement or (ii) April 1, 2008 (the "Exercise Period"). Shares of
Common Stock purchased upon exercise of each Warrant Certificate shall at the
time of purchase be paid for in full. To the extent that the right to purchase
shares has accrued hereunder, the Warrant Certificates may be exercised by
written notice to the Company in the form attached to the Warrant Certificates,
which specifies an exercise date (the "Date of Exercise"), accompanied by full
payment for the shares by wire

<PAGE>

transfer or certified or official bank check or the equivalent thereof
acceptable to Company. Upon the initial exercise of a Warrant Certificate,
Client and the Company shall execute and enter into the Stockholders Agreement
attached hereto as Exhibit B (the "Stockholders Agreement").

         At the time of delivery, the Company shall, without stock transfer tax
to the holder of the Warrant Certificate ("Holder"), deliver to the Holder (or
to such other person as the Holder directs) at the principal office of the
Company, or such other place as shall be mutually agreed upon, a certificate or
certificates for such shares, provided, however, that the time of delivery may
be postponed by the Company for such period as may be required for it with
reasonable diligence to comply with any requirements of law. The Company at the
time of exercise will require in addition that the registered owner of the
shares deliver an executed copy of the Stockholder Agreement, an investment
representation in form acceptable to the Company, and the Company will place a
legend on the certificate for such Common Stock restricting the transfer of
same. At no time shall the Company have any obligation or duty to register under
the Securities Act of 1933 (the "1933 Act") the Common Stock issuable upon
exercise of a Warrant Certificate.

         Section 4. ADJUSTMENTS TO EXERCISE PRICE AND NUMBER OF SHARES. The
Exercise Price and number of shares of Common Stock purchasable pursuant to the
exercise of the Warrant Certificates shall be subject to adjustment from time to
time as follows:

         (a) Adjustment for Combinations or Consolidations of Common Stock. In
the event the Company, at any time or from time to time after the date hereof,
effects a subdivision or capital reorganization of its outstanding Common Stock
for a greater or lesser number of shares, then and in each such event the Total
Exercise Number and the Exercise Price shall be adjusted proportionately such
that Client is entitled to purchase the same percentage of all shares of the
Company's outstanding capital stock then issued and issuable for the same
aggregate consideration as such Holder was entitled to purchase immediately
prior to such event.

         (b) Adjustment for Certain Dividends and Distributions. In the event
the Company at any time or from time to time after the date hereof shall pay a
dividend payable in Common Stock of the Company, or otherwise make a
distribution of Common Stock to its stockholders, then the Exercise Price shall
be adjusted, from and after the record date of such dividend or the date of such
distribution, to that price determined by multiplying the Exercise Price by a
fraction,

                  (i) the numerator of which shall be the total number of shares
                  of capital stock issued and outstanding or deemed to be issued
                  and outstanding immediately prior to the time of such issuance
                  or the close of business on such record date; and

                  (ii) the denominator of which shall be the number of shares of
                  capital stock issued and outstanding or deemed to be issued
                  and outstanding immediately prior to the time of such issuance
                  or the close of business on such record date plus the number
                  of shares of capital stock to be issued;

         provided, however, that if such record date shall have been fixed and
such dividend is not fully paid or if such distribution is not fully made on the
date fixed therefor, the Exercise Price shall be recomputed accordingly as of
the close of business on such record date and thereafter the Exercise Price
shall be adjusted pursuant to this Section 4(b) as of the time of actual payment
of

                                       2
<PAGE>

such dividend or distribution. Client shall thereafter be entitled to purchase,
at the Exercise Price resulting from such adjustment, the number of shares of
Common Stock (calculated to the nearest whole share) obtained by multiplying the
Exercise Price in effect immediately prior to such adjustment by the number of
shares of Common Stock issuable upon the exercise hereof immediately prior to
such adjustment and dividing the product thereof by the Exercise Price resulting
from such adjustment.

         (c) Number of Shares. Upon any adjustment of the Exercise Price
pursuant to Section 4(b) hereof, Client shall thereafter (until another such
adjustment) be entitled to purchase, at the new Exercise Price, the number of
shares, calculated to the nearest full share, obtained by multiplying the
Exercise Price in effect immediately prior to such adjustment by the number of
shares purchasable pursuant hereto immediately prior to such adjustment and
dividing the product thereof by the new Exercise Price resulting from such
adjustment.

         Section 5. RESERVATION AND AUTHORIZATION OF COMMON STOCK. The Company
shall at all times reserve and keep available, free from preemptive rights, out
of its authorized but unissued Common Stock, solely for the purposes of
effecting the exercise of all outstanding Warrant Certificates, the full number
of shares of Common Stock issuable upon the exercise of all outstanding Warrant
Certificates. For the purpose of this Section 5, the full number of shares of
Common Stock issuable upon the exercise of all outstanding Warrant Certificates
shall be computed as if at the time of computation of such number of shares of
Common Stock all outstanding Warrant Certificates were held by a single holder.
The Company shall from time to time, in accordance with applicable law, increase
the authorized amount of its Common Stock if at any time the authorized amount
of its Common Stock remaining unissued shall not be sufficient to permit the
exercise of all Warrant Certificates at the time outstanding.

         Section 6.        TRANSFERABILITY.

         (a) The Warrant Certificates are not transferable by Client except to
the Company or affiliates of Client. The foregoing notwithstanding, Client shall
not, without the prior written consent of the Company, transfer any Warrant
Certificate to any affiliate that is primarily engaged in the business of
pharmacy benefit management services, pharmacy network management, pharmacy
claims adjudication, mail service pharmacy, pharmacy clinical services, and/or
pharmacy outcomes management, or the manufacture of drugs, biotech products or
biologicals. Any permitted transfer of a Warrant Certificate shall be recorded
on the books of the Company upon receipt by the Company of a notice of transfer
in the form attached hereto as Exhibit B, at its principal offices and the
payment to the Company of all transfer taxes and other governmental charges
imposed on such transfer. The shares of Common Stock purchased by Client are not
transferable except as provided in the Stockholders Agreement.

         (b) Unless and until otherwise permitted by this Section and the
Stockholders Agreement, each certificate representing Common Stock initially
issued upon the exercise of each Warrant Certificate (a "Stock Certificate"),
and each certificate for Common Stock issued to any subsequent transferee of any
such certificate, shall be stamped or otherwise imprinted with a legend in
substantially the following form:

                                       3
<PAGE>

                  "THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN
                  REGISTERED UNDER THE SECURITIES ACT OF 1933 AND MAY BE
                  REOFFERED AND SOLD ONLY IF SO REGISTERED OR IF AN EXEMPTION
                  FROM SUCH REGISTRATION IS AVAILABLE. THE SECURITIES
                  REPRESENTED BY THIS CERTIFICATE ARE ALSO SUBJECT TO ADDITIONAL
                  RESTRICTIONS ON TRANSFER, CERTAIN REPURCHASE OPTIONS AND
                  CERTAIN OTHER AGREEMENTS SET FORTH IN A STOCKHOLDERS AGREEMENT
                  BETWEEN THE COMPANY AND ARKANSAS BLUE CROSS AND BLUE SHIELD,
                  DATED AS OF ______________, A COPY OF WHICH MAY BE OBTAINED BY
                  THE HOLDER HEREOF AT THE COMPANY'S PRINCIPAL PLACE OF BUSINESS
                  WITHOUT CHARGE."

                  Prior to any permitted transfer of a Warrant Certificate or
any Stock Certificate, the holder thereof shall furnish, at the expense of such
holder, to the Company an opinion of counsel, reasonably satisfactory in form
and substance to the Company, to the effect that such transfer is exempt from
registration under the Securities Act. Upon any exercise of any Warrant
Certificate for shares of Common Stock to be registered in the name of a person
other than Client, Client shall furnish, at the expense of Client, to the
Company an opinion of the General Counsel of Client, reasonably satisfactory in
form and substance to the Company, to the effect that the issuance of the shares
of Common Stock to such other person upon exercise of the Warrant is exempt from
registration under the Securities Act.

         Section 7. FRACTIONAL SHARES. The Company shall not be required to
issue a fractional share of stock upon any exercise of a Warrant Certificate. As
to any final fraction of a share that Client would otherwise be entitled to
purchase upon exercise of a Warrant Certificate, the Company shall, if it does
not issue a fractional share, pay a cash adjustment in respect of such final
fraction in an amount equal to the same fraction of the Exercise Price per share
of Common Stock.

         Section 8. EXCHANGE AND REPLACEMENT OF WARRANT CERTIFICATES. In the
event of loss, theft or destruction of a Warrant Certificate, the Company will
make and deliver a new Warrant Certificate of like tenor, in lieu of such
Warrant Certificate, upon receipt by the Company of evidence reasonably
satisfactory to it of such loss, theft, or destruction and indemnity or security
reasonably satisfactory to it, and reimbursement to the Company of all
reasonable expense incidental thereto. In the case of mutilation of a Warrant
Certificate and upon surrender and cancellation of such Warrant Certificate, the
Company will make and deliver a new Warrant Certificate of like tenor, in lieu
of such Warrant Certificate.

         Section 9. RIGHTS PRIOR TO EXERCISE OF WARRANT CERTIFICATES. Prior to
the exercise of a Warrant Certificate, Client shall not be entitled to any
rights of a stockholder of the Company with respect to the Common Stock for
which such Warrant Certificate may then be exercisable, including without
limitation the right to vote, to receive dividends or other distributions or to
exercise any preemptive rights and shall not be entitled to receive any notice
of any proceedings of the Company except as provided herein.

                                       4
<PAGE>

         Section 10. AUTHORIZATION AND ISSUANCE. The Company represents and
warrants to Client that it has the corporate power and authority to issue the
Warrant Certificates; this Warrant Agreement has been duly authorized, executed
and delivered and the Warrant Certificates, when delivered, will be duly and
validly issued, fully paid and nonassessable; the issuance of the Warrant
Certificates, and the shares of Common Stock issuable upon their exercise, are
not prohibited or restricted by the Certificate of Incorporation or Bylaws of
the Company or any material agreement to which the Company is a party; except
for those agreements for which the Company has received the requisite consents
or waivers; and the shares of Common Stock issuable upon exercise of the Warrant
Certificates, when issued upon exercise of the Warrant Certificates pursuant to
the terms hereof, will be duly and validly issued, fully paid and nonassessable.

         Section 11. REPRESENTATIONS AND COVENANTS OF CLIENT. This Warrant
Agreement has been entered into by the Company in reliance upon the following
representations and covenants of Client:

         (a) Investment Purpose. The right to acquire the Common Stock issuable
upon exercise of Client's rights contained herein will be acquired for
investment and not with a view to the sale or distribution of any part thereof,
and Client has no present intention of selling or engaging in any public
distribution of the same except pursuant to a registration or exemption.

         (b) Private Issue. Client understands (i) that the Common Stock
issuable upon exercise of the Warrant Certificates is not registered under the
1933 Act or qualified under applicable state securities laws on the ground that
the issuance contemplated by this Warrant Agreement will be exempt from the
registration and qualifications requirements thereof, and (ii) that the
Company's reliance on such exemption is predicated on the representations set
forth in this Section 11.

         (c) Financial Risk. Client has such knowledge and experience in
financial and business matters as to be capable of evaluating the merits and
risks of its investment, and has the ability to bear the economic risks of its
investment.

         (d) Risk of No Registration. Client understands that if the Company
does not register with the Securities and Exchange Commission pursuant to
Section 11 of the 1933 Act, or file reports pursuant to Section 15(d) of the
Securities Exchange Act of 1934 (the "1934 Act"), or if a registration statement
covering the securities under the 1933 Act is not in effect when it desires to
sell the Common Stock issuable upon exercise of the right to purchase, it may be
required to hold such securities for an indefinite period. Client also
understands that any sale of its rights to purchase Common Stock which might be
made by it in reliance upon Rule 144 under the 1933 Act may be made only in
accordance with the terms and conditions of that Rule.

         (e) Stockholders Agreement. Prior to the exercise of any Warrant
Certificate, Client agrees to, and to cause any permitted transferee to, enter
into, execute and perform the Stockholders Agreement.

                                       5
<PAGE>
         Section 12.       GENERAL.

         (a) Expenses. Each party shall bear and pay all costs and expenses
incurred by them respecting the transactions contemplated herein and all
investigations and proceedings in connection therewith, including, without
limitation, fees, commissions or expenses of their respective counsel,
accountants and financial advisors.

         (b) Notice. Any notice required to be given pursuant to the terms and
provisions of this Agreement shall be in writing and shall be sent by certified
mail, return receipt requested, or by overnight delivery service, or facsimile
transmission confirmed by telephone and followed by overnight delivery to the
parties at the addresses below or such other address as shall be specified by
the parties by like notice

                               to the Company at:

                                   AdvancePCS
                             Attn: Legal Department
                      5215 North O'Connor Blvd., Suite 1600
                               Irving, Texas 75039
                              Fax No.: 972/830-6199

                                and to Client at:

                       Arkansas Blue Cross and Blue Shield
                      Attn: Legal Department - Chet Roberts
                            320 W. Capitol, Suite 211
                              Little Rock, AR 72201
                             Fax No.: (501) 378-3366

                  Notice so given shall, in the case of notice so given by mail,
be deemed to be given and received on the fourth calendar day after posting, in
the case of notice so given by express delivery service, on the date of actual
delivery and, in the case of notice so given by facsimile transmission or
personal delivery, on the date of actual transmission or personal delivery, as
the case may be.

         (c) Binding Nature and Assignment. This Agreement shall be binding upon
and inure to the benefit of the parties hereto and their successors and assigns.
Neither party may assign this Agreement without the prior written consent of the
other; provided, however, that either party may transfer or assign its rights
and obligations under this Agreement, to any affiliate, and provided further
that no such assignment shall have the effect of releasing such party from any
of its obligations under this Agreement.

         (d) Headings and Interpretation. The headings of the various sections
of this Agreement are inserted for convenience only and do not, expressly or by
implication, limit, define or extend the specific terms of the section so
designated.

                                       6
<PAGE>

         (e) Governing Law. The validity, enforceability, and interpretation of
this Agreement shall be determined and governed by the internal laws of the
State of Texas (and not the law of conflicts).

         (f) Entire Agreement. This Agreement contains all the terms and
conditions agreed upon by the parties, and supersedes all prior understandings,
writings, proposals, representations, or communications, oral or written, of the
parties hereto.

         (g) Authority. Company and Client warrant that each has full power and
authority to enter into and perform this Agreement, and the person signing this
Agreement on behalf of each party certifies that such person has been properly
authorized and empowered to enter into this Agreement on behalf of such party.

         (h) Non-Waiver. The failure of either party to insist, in any one or
more instances, upon performance of any of the terms, covenants or conditions of
this Agreement shall not be construed as a waiver or a relinquishment of any
right or claim granted or arising hereunder or of the future performance of any
such term, covenant, or condition, and such failure shall in no way affect the
validity of this Agreement or the rights and obligations of the parties
hereunder.

         (i) Survival. Should any part, term or condition of this Agreement be
declared illegal or unenforceable or in conflict with any other laws, the
remaining provisions shall be valid and not affected thereby.

         (j) Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed an original and all of which taken
together shall constitute one and the same instrument.

         (k) Further Assurances. From time to time upon request and without
further consideration, the parties hereto shall, and shall cause their
subsidiaries and affiliates, to execute, deliver or acknowledge such documents
and do such further acts as the other party hereto may reasonably require to
effectuate its obligations contemplated by this Agreement.

         IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed and delivered by their proper and duly authorized officers on the date
first above written. By executing the Agreement, the undersigned individuals
hereby warrant and represent that they have read this Agreement in its entirety
and agree to all its terms.

                     ADVANCEPCS

                     By:
                         ---------------------------------------------------
                          David D. Halbert
                          Chairman of the Board and Chief Executive Officer

                                       7
<PAGE>

                     ARKANSAS BLUE CROSS AND BLUE SHIELD

                     By:
                         ---------------------------------------------------
                     Name:
                           -------------------------------------------------
                     Title:
                            ------------------------------------------------

                                       8
<PAGE>

                                    EXHIBITS

                           Exhibit A                 Warrant Certificate

                           Exhibit B                 Stockholders Agreement

                                       9
<PAGE>
                                    EXHIBIT A

THIS WARRANT AND THE UNDERLYING SHARES HEREOF HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933 AND MAY NOT BE SOLD OR TRANSFERRED UNLESS THERE IS AN
EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT COVERING SUCH SECURITIES OR THE
COMPANY RECEIVES AN OPINION OF COUNSEL (WHICH MAY BE COUNSEL FOR THE COMPANY)
STATING THAT SUCH SALE OR TRANSFER IS EXEMPT FROM THE REGISTRATION AND
PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACT.

                                  WARRANT NO. 1

                     For Purchase of Shares of Common Stock
                                       of
                                   AdvancePCS

                                  APRIL 1, 2003

         THIS CERTIFIES THAT Arkansas Blue Cross and Blue Shield ("Client"), or
registered transferees or assigns, is entitled, subject to the terms and
conditions set forth in this Warrant, to purchase from AdvancePCS, a Delaware
corporation (the "Company"), 2,900 (the "Exercise Number") fully paid and
nonassessable shares of Common Stock, $0.01 par value per share, of the Company
(the "Common Stock"), at any time during the Exercise Period upon payment in
full of the Exercise Price. The Total Exercise Number and Exercise Price shall
be subject to adjustment as set forth in the Warrant Agreement referred to
below. This Warrant is issued pursuant to a Warrant Agreement between Client and
the Company dated as of November 5, 2001 (the "Warrant Agreement"), and is
subject to all the terms thereof, including the limitations on transferability
set forth therein. Capitalized terms used herein as defined terms but not
otherwise defined shall have the meaning assigned to such term in the Warrant
Agreement.

         This Warrant may be exercised, by the holder hereof, for all shares of
Common Stock covered hereby, by the presentation and surrender of this Warrant
together with the duly executed Election to Purchase in the form attached as
hereto, at the principal office of the Company (or at such other address as the
Company may designate by notice in writing to the holder hereof at the address
of such holder appearing on the books of the Company), and upon payment to the
Company of the Exercise Price and execution of the Stockholders Agreement as set
forth in the Warrant Agreement.

         IN WITNESS WHEREOF, the Company has caused this Warrant to be duly
executed and delivered by its duly authorized officer as an instrument under
seal as of the date of first above written.
                                   AdvancePCS

                                   By:
                                       ----------------------------------------
                                          David D. Halbert
                                          Chairman of the Board and
                                          Chief Executive Officer

                                       10
<PAGE>

                              ELECTION TO PURCHASE

TO:  AdvancePCS (the "Company")

         The undersigned, owner of the accompanying Warrant hereby irrevocably
exercises the option to purchase ____ shares of Common Stock in accordance with
the terms of such Warrant, directs that the shares issuable and deliverable upon
such purchase (together with any check for a fractional interest) be issued in
the name of and delivered to the undersigned, and makes payment in full therefor
at the Exercise Price provided or referenced in such Warrant.

COMPLETE FOR REGISTRATION OF SHARES OF COMMON STOCK ON THE STOCK TRANSFER
RECORDS MAINTAINED BY THE COMPANY:

--------------------------------------------------------------------------------
Name of Warrant Holder

--------------------------------------------------------------------------------
Address

--------------------------------------------------------------------------------
Federal ID Tax Number or Social Security Number

--------------------------------------------------------------------------------
Date of Exercise (must be at least fifteen days after the date of this Notice)

                                      ------------------------------------------
                                      Signature

                                      ------------------------------------------
                                      Title

                                      ------------------------------------------
                                      Date

                                       11
<PAGE>

                                    EXHIBIT B
                              STOCKHOLDER AGREEMENT

         This Stockholder Agreement dated as of ___________, by and among
Arkansas Blue Cross and Blue Shield (the "STOCKHOLDER"), and AdvancePCS, a
Delaware corporation (the "COMPANY").

                             PRELIMINARY STATEMENTS

                  Pursuant to the terms and conditions of the Warrant Agreement,
dated as of November 5, 2001, by and between the Company and Stockholder, the
Company agreed to issue a warrant to acquire shares of the Company's common
stock, par value $.01 per share (the "COMMON STOCK"). Pursuant to the terms of
the Warrant Agreement, the Stockholder agreed to execute and enter into this
Agreement prior to the issuance of any shares of Common Stock thereunder.

         NOW THEREFORE, in consideration of the premises and the mutual
agreements contained herein and for other good, valuable and binding
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto, intending to be legally bound, hereby agree as follows:

                             STATEMENT OF AGREEMENT

1.       Restricted Stock.  The terms and conditions of this Agreement shall
apply to all shares of Common Stock issued to Stockholder pursuant to the
Warrant Agreement and any shares of Common Stock otherwise acquired by
Stockholder (collectively the "STOCK").

2.       Restrictions on Transfers.

         2.1      Transfers to Affiliate.

         (a) Transfers to Affiliates. Stockholder shall be entitled to transfer
the Stock held by it to entities that directly or indirectly control, are
controlled by, or are under common control with Stockholder (each, an
"AFFILIATE"), provided that any such Affiliates first deliver to the Company
their written acknowledgment of, and agreement to be bound by, the terms and
provisions contained in this Agreement; and the Stockholder delivers to the
Company an opinion of counsel, reasonably acceptable in form and substance to
the Company and its counsel, that registration under the Securities Act is not
required in connection with such transfer. The foregoing notwithstanding,
Stockholder shall not, without the prior written consent of the Company,
transfer any shares of Stock to any Affiliate, nor any officer, director,
employee or holder of debt or equity in any Affiliate that is primarily engaged
in the business of pharmacy benefit management services, pharmacy network
management, pharmacy claims adjudication, mail service pharmacy, pharmacy
clinical services, and/or pharmacy outcomes management, or the manufacture of
drugs, biotech products or biologicals.

                                       12
<PAGE>

         (b) Affiliates' Proxy. In the event that Stockholder transfers less
than all of its Stock pursuant to Section 2.1(a), Stockholder shall exercise all
of the rights inuring under this Agreement with respect to such transferred
Stock and the transferees shall grant Stockholder proxies to exercise such
rights. In the event that Stockholder transfers all of its Stock pursuant to
Section 2.1(a), one such transferee reasonably acceptable to the Company shall
be designated by Stockholder to exercise all rights inuring under this Agreement
with respect to such Stock and the other transferees shall grant such designated
transferee proxies to exercise such rights.

         2.2      Restrictions on Third Party Transfers of the Stock.

         (a) General. During the first two years following the date the Stock is
issued the ("ISSUANCE DATE"), Stockholder agrees that it will not sell, pledge
or otherwise transfer any interest in any shares of the Stock in a private sale
without the prior written consent of the Company. At any time after the second
anniversary of the Issuance Date, the Stockholder may sell, pledge or otherwise
transfer shares of the Stock to any third party. ("THIRD PARTY TRANSFER");
provided that such transfer is in accordance with this Section 2.2, and provided
further that the transferring Stockholder delivers to the Company an opinion of
counsel, reasonably acceptable in form and substance to the Company and its
counsel, that registration under the Securities Act is not required in
connection with such transfer. The foregoing notwithstanding, Stockholder agrees
that it shall not transfer any shares of Stock to any person or entity, nor any
officer, director, employee or holder of debt or equity in any entity that is
engaged in the business, or has an affiliate engaged in the business of pharmacy
benefit management services, pharmacy network management, pharmacy claims
adjudication, mail service pharmacy, pharmacy clinical services, and/or pharmacy
outcomes management, or the manufacture of drugs, biotech products or
biologicals.

         (b) Sale Notice. At least 30 days prior to making any Third Party
Transfer under Section 2.2(a), the transferring Stockholder will deliver a
written notice (the "SALE NOTICE") to the Company. The Sale Notice will disclose
in reasonable detail the identity of the prospective transferee(s) and the terms
and conditions of the proposed transfer. Stockholder agrees not to consummate
any such transfer until 30 days after the Sale Notice has been delivered to the
Company.

         (c) First Refusal Rights. The Company may elect to purchase some or all
of the Stock to be transferred upon the same terms and conditions as those set
forth in the Sale Notice by delivering a written notice of such election to
Stockholder within 30 days after the receipt of the Sale Notice by the Company.
If the Company elects to purchase any shares of Stock, the Company shall
consummate such purchase within 45 days of delivery of notice of intent to
purchase. If the Company has not elected to purchase all of the Stock specified
in the Sale Notice, Stockholder may transfer the Stock specified in the Sale
Notice at a price and on terms no more favorable to the transferee(s) thereof
than specified in the Sale Notice during the 60-day period immediately following
notice of the Company's election not to purchase such shares. Any shares of
Stock not transferred within such 60-day period will be subject to the
provisions of this Section 2.2(c) upon subsequent transfer.

         (d) Non-Cash Consideration. In the event the consideration for the
Stock as disclosed in the Sale Notice is other than cash, a promissory note or a
combination thereof, the price for the

                                       13
<PAGE>

Stock shall be the value of that consideration as agreed to by the transferring
Stockholder and the Company, or, if no agreement can be reached as to the
valuation of such consideration, the fair market value of such consideration as
determined by two appraisers (one appointed by the Stockholder and one appointed
by the Company). In the event the two appraisers are unable to agree on a fair
market value within 20 days after they are appointed, the fair market value of
the consideration shall be the average of the appraised values of the two
appraisers; provided, however, that if the appraised values of the two
appraisers differ by more than five percent (5%) of the higher of the two
appraised values, the two respective appointed appraisers shall select a third
appraiser who shall independently, within 20 days after this appointment, make a
determination of the value of the consideration and the average of the appraised
values of the three appraisers shall be the purchase price and shall be binding
on the parties hereto. The transferring Stockholder and the Company shall each
bear the cost of their respective appraisers and shall share the cost equally of
the third appraiser, if any. Notwithstanding anything herein to the contrary, if
an appraisal is used to determine the value of the consideration pursuant to
this Section 2.2(d), the time periods provided for in Sections 2.2(b) and 2.2(c)
shall be tolled from the time of the initial appointment of the two appraisers
until a final appraised value is determined pursuant to this Section 2.2(d).

         (e) Public Sale. Notwithstanding the foregoing, the Stockholder may
sell, pledge or otherwise transfer shares of the Stock to the public in a market
transaction in accordance with applicable securities laws without complying with
the restrictions set forth in Section 2.2(b), (c) and (d).

         2.3      Legend.   The certificates representing the Stock will bear
the following legend:

                  "THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN
                  REGISTERED UNDER THE SECURITIES ACT OF 1933 AND MAY BE
                  REOFFERED AND SOLD ONLY IF SO REGISTERED OR IF AN EXEMPTION
                  FROM SUCH REGISTRATION IS AVAILABLE. THE SECURITIES
                  REPRESENTED BY THIS CERTIFICATE ARE ALSO SUBJECT TO ADDITIONAL
                  RESTRICTIONS ON TRANSFER, CERTAIN REPURCHASE OPTIONS AND
                  CERTAIN OTHER AGREEMENTS SET FORTH IN A STOCKHOLDER AGREEMENT
                  BETWEEN THE COMPANY AND ARKANSAS BLUE CROSS AND BLUE SHIELD,
                  DATED AS OF ______________, A COPY OF WHICH MAY BE OBTAINED BY
                  THE HOLDER HEREOF AT THE COMPANY'S PRINCIPAL PLACE OF BUSINESS
                  WITHOUT CHARGE."

         Prior to any permitted transfer of the Stock, the Stockholder shall
furnish, at its expense, a written opinion of counsel, reasonably satisfactory
in form and substance to the Company, to the effect that such transfer is exempt
from registration. Upon receipt of such opinion, any legend endorsed on a
certificate pursuant to Section 2.3 hereof and the stop transfer instructions
and record notations with respect thereto shall be removed and the Company shall
issue a certificate without such legend to the Stockholder.

                                       14
<PAGE>

         2.4 Extraordinary Transaction. In the event of a merger of the Company
with a third party where the Company is not the surviving entity, sale of a
majority of the capital stock of the Company, or the sale of all or
substantially all of its assets ("EXTRAORDINARY TRANSACTION"), the Stock shall
be entitled to receive the same benefits as the holders of the Common Stock will
receive in the Extraordinary Transaction. Upon the request of the Board of
Directors of the Company, the Stockholder agrees to consent to, vote in favor of
and execute all required documents in connection with the Extraordinary
Transaction.

         2.5 Limitation on Stock Holdings. The Stockholder agrees that in no
event, shall it, either independently or together with its Affiliates, own
Common Stock or rights to acquire Common Stock, that represent, or if converted
to Common Stock would represent, more than ten percent (10%) of the Company's
issued and outstanding Common Stock, without the Company's prior written
consent.

3.       Notices.

         All notices and other communications hereunder shall be in writing and
shall be deemed to have been duly given if delivered personally, mailed by
certified mail (return receipt requested) or sent by express delivery service,
or facsimile transmission (confirmed by telephone conversation and followed by
overnight delivery) to the parties at the following addresses or at such other
addresses as shall be specified by the parties by like notice:

                           if to the Company:

                           AdvancePCS
                           Attn:  Legal Department
                           5215 North O'Connor Blvd.
                           Suite 1600
                           Irving, TX  75039
                           Fax No.:  (972) 830-6199

                           if to Stockholder:

                           Arkansas Blue Cross and Blue Shield
                           Attn: Legal Department - Chet Roberts
                           320 W. Capitol, Suite 211
                           Little Rock, AR  72201
                           Fax No.: (501) 378-3366

         Notice so given shall, in the case of notice so given by mail, be
deemed to be given and received on the fourth calendar day after posting, in the
case of notice so given by express delivery service, on the date of actual
delivery and, in the case of notice so given by facsimile transmission or
personal delivery, on the date of actual transmission or personal delivery, as
the case may be.

                                       15
<PAGE>
4.       Severability.

         If any provision of this Agreement shall be held to be illegal, invalid
or unenforceable under any applicable law, then such contravention or invalidity
shall not invalidate the entire Agreement. Such provision shall be deemed to be
modified to the extent necessary to render it legal, valid and enforceable, and
if no such modification shall render it legal, valid and enforceable, then this
Agreement shall be construed as if not containing the provision held to be
invalid, and the rights and obligations of the parties shall be construed and
enforced accordingly.

5.       Complete Agreement.

         This Agreement and those documents expressly referred to herein and of
even date herewith, embody the complete agreement and understanding among the
parties and supersede and preempt any prior understandings, agreements or
representations by or among the parties, written or oral, which may have related
to the subject matter hereof in any way.

6.       Counterparts.

         This Agreement may be executed in any number of counterparts and by
different parties hereto in separate counterparts, with the same effect as if
all parties had signed the same document. All such counterparts shall be deemed
an original, shall be construed together and shall constitute one and the same
instrument.

7.       Successors and Assigns.

         This Agreement is intended to bind and inure to the benefit of and be
enforceable by and against the Stockholder and the Company, and their respective
heirs, successors and assigns. Stockholder hereby agrees not to transfer or
assign, directly or indirectly, any of the Stock unless such transferee or
assignee agrees in writing (i) to be bound by the provisions of this Agreement
and (ii) not to make subsequent assignments or transfers other than in
accordance with this Agreement. Notwithstanding the foregoing, any holder of the
Stock (other than a holder who purchases the stock through a market sale) shall
be bound by the provisions of this Agreement even if such holder is not a party
hereto or otherwise agreed in writing to be bound by the provisions hereof.

8.       CHOICE OF LAW.

         THE INTERNAL LAW OF THE STATE OF TEXAS (AND NOT THE LAW OF CONFLICTS)
WILL GOVERN THE CONSTRUCTION, VALIDITY AND INTERPRETATION OF THIS AGREEMENT.

9.       Remedies.

         Each of the parties to this Agreement will be entitled to enforce its
rights under this Agreement specifically, to recover damages by reason of any
breach of any provision of this Agreement and to exercise all other rights
existing in its favor. The parties hereto agree and acknowledge that money
damages may not be an adequate remedy for any breach of the provisions of this
Agreement and that any party may in its sole discretion apply to any court of
law or equity of competent jurisdiction for specific performance and/or
injunctive relief in order to

                                       16
<PAGE>

enforce or prevent any violations of the provisions of this Agreement. In the
event a party hereto brings an action under this agreement, the prevailing party
in such dispute shall be entitled to recover from the losing party all fees,
costs and expenses of enforcing any right of such prevailing party under or with
respect to this Agreement, including without limitation such reasonable fees and
expenses of attorneys and accountants, which shall include, without limitation,
all fees, costs and expenses of appeals.

10.      Amendments and Waivers.

         Any provision of this Agreement may be amended or waived only with the
prior written consent of each of the parties hereto.

11.      Confidentiality.

         Each of the parties hereto agrees to hold in the strictest confidence
the existence of this Agreement and the terms and conditions hereof.
Specifically, but without limiting the generality of the foregoing, each of the
parties hereto agrees not to disclose the existence of this Agreement or any of
its terms to any third party without the prior written consent of every other
party hereto (unless such disclosure is required by law).

                            [Signature page follows]

                                       17
<PAGE>

         IN WITNESS WHEREOF, the parties have executed this Agreement on the day
and year first above written.

                               AdvancePCS

                               By:
                                  -----------------------------------------
                               Name:
                                    ---------------------------------------
                               Title:
                                     --------------------------------------

                               Arkansas Blue Cross and Blue Shield

                               By:
                                   ----------------------------------------
                               Name:
                                     --------------------------------------
                               Title:
                                      -------------------------------------

                                       18

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