Document:

Fifth Amendment to Third Amended and Restated Credit Agreement

 Exhibit 10.2 
 FIFTH AMENDMENT TO THIRD AMENDED 
 AND RESTATED CREDIT AGREEMENT 
 This FIFTH AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT, dated as of June 20, 2007 (this “Amendment”), is by and
among SWITCH & DATA HOLDINGS, INC., a Delaware corporation (the “Borrower”), the financial institutions from time to time party to the Credit Agreement referred to below as Lenders, DEUTSCHE BANK AG NEW YORK
BRANCH, as administrative agent (hereinafter, in such capacity, the “Administrative Agent”) for itself and the Lenders, CANADIAN IMPERIAL BANK OF COMMERCE and ROYAL BANK OF CANADA, as co-documentation agents (the
“Co-Documentation Agents”), and CIT LENDING SERVICES CORPORATION and BNP PARIBAS, as co-syndication agents (the “Co-Syndication Agents”), amending certain provisions of the Third Amended and Restated
Credit Agreement, dated as of October 13, 2005 (as amended, restated, supplemented or otherwise modified and in effect from time to time, the “Credit Agreement”), among the Borrower, the financial institutions party thereto from
time to time as lenders (each individually a “Lender” and, collectively, the “Lenders”), the Administrative Agent, the Co-Syndication Agents and the Co-Documentation Agents. Terms used but not defined herein shall
have the meanings ascribed to such terms in the Credit Agreement. 
 RECITALS 
 WHEREAS, Borrower has requested, and the Administrative Agent and the Lenders have agreed, upon the terms and conditions set forth herein, to
grant the Borrower reduction of the interest rates applicable to Loan arising under the Credit Agreement; 
 WHEREAS, the
Administrative Agent and the Lenders are willing to amend the Credit Agreement as provided herein. 
 NOW THEREFORE, in consideration
of the mutual agreements contained in the Credit Agreement and herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 §1. Amendment to the Credit Agreement. Section 1.1 of the Credit Agreement shall be amended by deleting the definition of
“Applicable Margin” in its entirety and substituting therefor the following 
 “Applicable Margin”
for each Loan means, from and after June 20, 2007, and up to the date, if any, when an increase in the Applicable Margin shall occur as described in the next sentence, 3.00% per annum for Eurodollar Rate Loans and 2.00% for Base Rate
Loans. On the earlier to occur of (a) the date on which Borrower delivers to the Administrative Agent a Compliance Certificate which indicates that the Consolidated Leverage Ratio is equal to or greater than 2.0 to 1, and (b) if Borrower
fails to 

 
deliver a Compliance Certificate for any fiscal quarter of the Parent, forty-five (45) days from end of such fiscal quarter, the Applicable Margin shall
increase to 3.25% per annum for Eurodollar Rate Loans, and 2.25% for Base Rate Loans. Such increases shall remain in effect unless and until the Administrative Agent receives a Compliance Certificate which indicates that the Consolidated
Leverage Ration is less than 2.0 to 1, with any return to the 3.0% Applicable Margin for Eurodollar Loans and the 2.0% Applicable Margin for Base Rate Loans to take effect on the date of the Administrative Agent’s receipt of such Compliance
Certificate. Nothing in this paragraph is intended to limit or affect in any way the rights and remedies of the Administrative Agent and the Lenders (including, without limitation, the right to demand and receive default interest) upon the
occurrence of an Event of Default. 
 §2. Conditions Precedent. This Amendment shall become effective upon the
satisfaction of each of the following conditions precedent: 
 (a) Each of the Borrower, the Lenders and the Administrative Agent shall have
duly executed and delivered a counterpart signature page to this Amendment to the Administrative Agent; 
 (b) Each of the Guarantors shall
have duly executed and delivered a counterpart signature page to the Ratification of Guaranty attached to this Amendment to the Administrative Agent; and 
 (c) The Borrower shall have paid all unpaid fees and expenses of the Administrative Agent’s counsel, Bingham McCutchen LLP, to the extent that copies of invoices for such fees and expenses have been delivered to
the Borrower. 
 §3. Representations and Warranties. The Borrower hereby represents and warrants to the
Administrative Agent and the Lenders as follows: 
 (a) Representations and Warranties. The representations and warranties of the
Borrower contained in the Credit Agreement and the other Loan Documents were true and correct in all material respects as of the date when made and continue to be true and correct in all material respects on the date hereof, except to the extent of
changes resulting from transactions or events contemplated by the Credit Agreement and the other Loan Documents or to the extent that such representations and warranties relate expressly to an earlier date. 
 (b) Ratification, Etc. Except as expressly amended hereby, the Credit Agreement and the other Loan Documents, and all documents,
instruments and agreements related thereto, are hereby ratified and confirmed in all respects and shall continue in full force and effect. The Credit Agreement shall, together with this Amendment, be read and construed as a single agreement. All
references to the Credit Agreement in the Credit Agreement, the Loan Documents or any related agreement or instrument shall hereafter refer to the Credit Agreement as amended hereby. 
  

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 (c) Authority, Etc. The execution and delivery by the Borrower of this Amendment and the
performance by the Borrower of all of its agreements and obligations under the Credit Agreement as amended hereby and the other Loan Documents are within the corporate authority of the Borrower and have been duly authorized by all necessary
corporate action on the part of the Borrower. 
 (d) Enforceability of Obligations. This Amendment, the Credit Agreement as amended
hereby and the other Loan Documents constitute the legal, valid and binding obligations of the Borrower enforceable against the Borrower in accordance with their terms, except as enforceability is limited by bankruptcy, insolvency, reorganization,
moratorium or other laws relating to or affecting generally the enforcement of, creditors’ rights and except to the extent that availability of the remedy of specific performance or injunctive relief is subject to the discretion of the court
before which any proceeding therefor may be brought. 
 (e) No Default. No Potential Event of Default or Event of Default has occurred
and is continuing, and no Potential Event of Default or Event of Default will exist after execution and delivery of this Amendment. 
 §4. Ratification of Existing Agreements. The Borrower agrees that the Obligations are, except as otherwise expressly modified in this Amendment upon the terms set forth herein, ratified and confirmed in all respects.
In addition, by the execution of this Amendment, the Borrower represents and warrants that no counterclaim, right of set-off or defense of any kind exists or is outstanding with respect to such Obligations. 
 §5. No Other Amendments. Except as expressly provided in this Amendment, all of the terms and conditions of the Credit Agreement
and the other Loan Documents remain in full force and effect. Nothing contained in this Amendment shall (a) be construed to imply a willingness on the part of the Administrative Agent or the Lenders to grant any similar or other future
amendment of any of the terms and conditions of the Credit Agreement or the other Loan Documents or (b) in any way prejudice, impair or effect any rights or remedies of the Administrative Agent or the Lenders under the Credit Agreement or the
other Loan Documents. 
 §6. Release. In order to induce the Administrative Agent and the Lenders to enter into
this Amendment, the Borrower acknowledges and agrees that: (i) the Borrower does not have any claim or cause of action against the Administrative Agent or any Lender (or any of their respective directors, officers, employees or agent);
(ii) the Borrower does not have any offset right, counterclaim, right of recoupment or any defense of any kind against the Borrower’s obligations, indebtedness or liabilities to the Administrative Agent or any Lender; and (iii) each
of the Administrative Agent and the Lenders has heretofore properly performed and satisfied in a timely manner all of its obligations to the Borrower. The Borrower wishes to eliminate any possibility that any past conditions, acts, omissions,
events, circumstances or matters would impair or otherwise adversely affect any of the Administrative Agent’s and the Lenders’ rights, interests, contracts, collateral security or remedies. Therefore, the Borrower unconditionally releases,

  

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waives and forever discharges (A) any and all liabilities, obligations, duties, promises or indebtedness of any kind of the Administrative Agent or any
Lender to the Borrower, except the obligations to be performed by the Administrative Agent or any Lender on or after the date hereof as expressly stated in this Amendment, the Credit Agreement and the other Loan Documents, and (B) all claims,
offsets, causes of action, right of recoupment, suits or defenses of any kind whatsoever (if any), whether arising at law or in equity, whether known or unknown, which the Borrower might otherwise have against the Administrative Agent, any Lender or
any of their respective directors, officers, employees or agents, in either case (A) or (B), on account of any past or presently existing condition, act, omission, event, contract, liability, obligation, indebtedness, claim, cause of action,
defense, circumstance or matter of any kind. 
 §7. Execution in Counterparts. This Amendment may be executed in any
number of counterparts, each of which shall be deemed an original, but which together shall constitute one instrument. In proving this Amendment, it shall not be necessary to produce or account for more than one such counterpart signed by the party
against whom enforcement is sought. 
 §8. Expenses. Pursuant to §9.2 of the Credit Agreement, all costs and
expenses incurred or sustained by the Administrative Agent in connection with this Amendment, including the fees and disbursements of legal counsel for the Administrative Agent in producing, reproducing and negotiating the Amendment, will be for the
account of the Borrower whether or not the transactions contemplated by this Amendment are consummated. 
 §9. Governing Law;
Entire Agreement. THIS AMENDMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CHOICE OF LAWS AND CONFLICTS OF LAWS PRINCIPLES (OTHER THAN SECTION 5-1401
AND SECTION 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK). The captions in this Amendment are for convenience of reference only and shall not define or limit the provisions hereof. This Amendment shall be a “Loan
Document” under and as defined in the Credit Agreement. 
 §10. Consent to Jurisdiction and Service of
Process. All judicial proceedings brought against any party hereto arising out of or relating to this Amendment or any other Loan Document, or any obligations thereunder, may be brought in any state or federal court of competent jurisdiction
in the State, County and City of New York. By executing and delivering this Amendment, each party irrevocably: 
 (i) accepts
generally and unconditionally the nonexclusive jurisdiction and venue of such courts; 
 (ii) waives any defense of forum non
conveniens; 
 (iii) agrees that service of all process in any such proceeding in any such court may be made by registered or
certified mail, return receipt requested, to its address provided in accordance with Section 9.8 of the Credit Agreement or an Assignment Agreement; 
  

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 (iv) with respect to the Borrower, agrees that service as provided in clause
(iii) above is sufficient to confer personal jurisdiction over the Borrower in any such proceeding in any such court, and otherwise constitutes effective and binding service in every respect; 
 (v) with respect to the Borrower, agrees that Lenders retain the right to serve process in any other manner permitted by law or to bring
proceedings against the Borrower in the courts of any other jurisdiction; and 
 (vi) agrees that the provisions of this
Section 10 relating to jurisdiction and venue shall be binding and enforceable to the fullest extent permissible under New York General Obligations Law Section 5-1402 or otherwise. 
 §11. Waiver of Jury Trial. EACH OF THE PARTIES TO THIS AMENDMENT HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF
ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AMENDMENT OR ANY OF THE OTHER LOAN DOCUMENTS OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS LOAN TRANSACTION OR THE LENDER/BORROWER RELATIONSHIP THAT IS BEING
ESTABLISHED. The scope of this waiver is intended to be all-encompassing of any and all disputes that may be filed in any court and that relate to the subject matter of this transaction, including contract claims, tort claims, breach of duty claims
and all other common law and statutory claims. Each party hereto acknowledges that this waiver is a material inducement to enter into a business relationship, that each has already relied on this waiver in entering into this Amendment, and that each
will continue to rely on this waiver in their related future dealings. Each party hereto further warrants and represents that it has reviewed this waiver with its legal counsel and that it knowingly and voluntarily waives its jury trial rights
following consultation with legal counsel. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 12 AND EXECUTED BY EACH OF
THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AMENDMENT OR ANY OF THE OTHER LOAN DOCUMENTS OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THE LOANS MADE UNDER THE
CREDIT AGREEMENT. In the event of litigation, this Amendment may be filed as a written consent to a trial by the court. 
 [THE REMAINDER
OF THIS PAGE IS INTENTIONALLY LEFT BLANK] 
  

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 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as a document under seal as of
the date first above written. 
  

			
	 Borrower:

	
	 SWITCH & DATA HOLDINGS, INC.

		
	By:	 	 /s/ George Pollock, Jr.

	Name:	 	George Pollock, Jr.
	Title:	 	Treasurer

			
	 Administrative Agent and Lender:

	
	 DEUTSCHE BANK AG NEW YORK BRANCH

		
	By:	 	 /s/ Anca Trifan

	Name:	 	Anca Trifan
	Title:	 	Director
		
	By:	 	 /s/ Yvonne Tilden

	Name:	 	Yvonne Tilden
	Title:	 	Vice President

			
	 Co-Syndication Agent and Lender:

	
	 CIT LENDING SERVICES CORPORATION

		
	By:	 	 /s/ Joseph Junda

	Name:	 	Joseph Junda
	Title:	 	Vice President

			
	 Co-Syndication Agent and Lender:

	
	 BNP PARIBAS

		
	By:	 	 /s/ Ola Anderssen

	Name:	 	Ola Anderssen
	Title:	 	Director
		
	By:	 	 /s/ Gregg Bondardi

	Name:	 	Gregg Bonardi
	Title:	 	Director

			
	 Co-Documentation Agent and Lender:

	
	CANADIAN IMPERIAL BANK OF COMMERCE
		
	By:	 	 /s/ George Knight

	Name:	 	George Knight
	Title:	 	Authorized Signatory

			
	Co-Documentation Agent and Lender
	
	 ROYAL BANK OF CANADA

		
	By:	 	 /s/ D.W. Scott Johnson

	Name:	 	D.W. Scott Johnson
	Title:	 	Authorized Signatory

			
	Lenders:
	
	Deutsche Bank AG New York Branch
	 By:
	 	DB Services New Jersey, Inc.
		
	By:	 	 /s/ Edward Schaffer

	Name:	 	Edward Schaffer
	Title:	 	Vice President
		
	By:	 	 /s/ Deirdre Whorton

	Name:	 	Deirdre Whorton
	Title:	 	Assistant Vice President

					
	 Lenders:

	
	 BABSON CLO LTD. 2003-I

	 BABSON CLO LTD. 2004-I

	 BABSON CLO LTD. 2004-II

	 BABSON CLO LTD. 2005-I

	 BABSON CLO LTD. 2005-II

	 BABSON CLO LTD. 2005-III

	 BABSON CLO LTD. 2006-I

	By:	 	Babson Capital Management LLC as Collateral Manager
			
		 	By:	 	 /s/ Adrienne Butler

		 	Name:	 	Adrienne Butler
		 	Title:	 	Managing Director
	
	JEFFERIES FINANCE CP FUNDING LLC
		
	By:	 	 /s/ Andrew Connor

	Name:	 	Andrew Connor
	Title:	 	Director

					
	Lenders:
	
	A3 FUNDING LP
	By:	 	 A3 Fund Management LLC,
 Its General
Partner

			
		 	By:	 	 /s/ Alexander J. Ornstein

		 	Name:	 	Alexander J. Ornstein
		 	Title:	 	Vice President
	
	A4 FUNDING LP
	By:	 	 A4 Fund Management, Inc.,
 Its General
Partner

			
		 	By:	 	 /s/ Alexander J. Ornstein

		 	Name:	 	Alexander J. Ornstein
		 	Title:	 	Vice President
	
	ABELCO FINANCE LLC
		
	By:	 	 /s/ Alexander J. Ornstein

	Name:	 	Alexander J. Ornstein
	Title:	 	Senior Vice President

					
	Lenders:
	
	 FriedbergMilstein Private Capital Fund I

	By:	 	GSO Capital Partners LP as Subadviser to FriedbergMilstein LLC
			
		 	By:	 	 /s/ Lee M. Shaiman

		 	Name:	 	Lee M. Shaiman
		 	Title:	 	Authorized Signatory

					
	Lenders:
	
	FM Leveraged Capital Fund I
	By:	 	GSO Capital Partners LP as Subadviser to FriedbergMilstein LLC
		
	By:	 	 /s/ Lee M. Shaiman

	Name:	 	Lee M. Shaiman
	Title:	 	Authorized Signatory

			
	 Lenders:

	
	GSCP (NJ), L.P., on behalf of each of the following funds, in its capacity as Collateral Manager:
	
	 GSC PARTNERS CDO FUND IV, LIMITED

	 GSC PARTNERS CDO FUND VII, LIMITED

		
	By:	 	 /s/ Seth Katzenstein

	Name:	 	Seth Katzenstein
	Title:	 	Authorized Signatory

							
	Lenders:
	
	 TRS THEBE LLC

	By:	 	Deutsche Bank Trust Company Americas, Its Sole Member
		 	By:	 	DB Services New Jersey, Inc.
				
		 		 	By:	 	 /s/ Alice L. Wagner_

		 		 	Name:	 	Alice L. Wagner
		 		 	Title:	 	Vice President
				
		 		 	By:	 	 /s/ Angeline Quintana

		 		 	Name:	 	Angeline Quintana
		 		 	Title:	 	Assistant Vice President

 RATIFICATION OF GUARANTY 
 Each of the undersigned Guarantors hereby (a) acknowledges and consents to the foregoing Amendment and the Borrower’s execution thereof;
(b) ratifies and confirms all of their respective obligations and liabilities under the Loan Documents to which any of them is a party and ratifies and confirms that such obligations and liabilities extend to and continue in effect with respect
to, and continue to guarantee and secure, as applicable, the Obligations of the Borrower under the Credit Agreement; (c) acknowledge and confirm that the liens and security interests granted pursuant to the Loan Documents are and continue to be
valid and perfected first priority liens and security interests (subject only to Permitted Liens) that secure all of the Obligations on and after the date hereof; (d) acknowledges and agrees that such Guarantor does not have any claim or cause
of action against the Administrative Agent or any Lender (or any of its respective directors, officers, employees or agents); and (e) acknowledges, affirms and agrees that such Guarantor does not have any defense, claim, cause of action,
counterclaim, offset or right of recoupment of any kind or nature against any of their respective obligations, indebtedness or liabilities to the Administrative Agent or any Lender. 
  

			
	 Guarantors:

	
	SWITCH & DATA FACILITIES COMPANY, INC.
		
	By:	 	 /s/ George A. Pollock , Jr.

		 	George A. Pollock, Jr.
		 	Treasurer
	
	SWITCH AND DATA ENTERPRISES, INC.
	SWITCH AND DATA MANAGEMENT COMPANY LLC
	SWITCH AND DATA OPERATING COMPANY LLC
	SWITCH & DATA FACILITIES COMPANY LLC
	SWITCH AND DATA COMMUNICATIONS LLC
	SWITCH AND DATA FL SEVEN LLC
	SWITCH AND DATA IL FIVE LLC
	SDOC ACQUISITION, INC. (formerly known as Telx Acquisition, Inc.)
	SWITCH AND DATA, INC.
		
	By:	 	 /s/ George A. Pollock , Jr.

		 	George A. Pollock, Jr.
		 	Treasurer

			
	 Guarantors:

	
	 SWITCH & DATA AZ ONE LLC

	 SWITCH & DATA CA ONE LLC

	 SWITCH & DATA CA TWO LLC

	 SWITCH & DATA CO ONE LLC

	 SWITCH & DATA FL ONE LLC

	 SWITCH & DATA FL TWO LLC

	 SWITCH & DATA FL FOUR LLC

	 SWITCH & DATA GA ONE LLC

	 SWITCH & DATA IL ONE LLC

	 SWITCH & DATA IN ONE LLC

	 SWITCH & DATA LA ONE LLC

	 SWITCH & DATA MA ONE LLC

	 SWITCH & DATA MI ONE LLC

	 SWITCH & DATA MO ONE LLC

	 SWITCH & DATA MO TWO LLC

	 SWITCH & DATA NY ONE LLC

	 SWITCH & DATA OH ONE LLC

	 SWITCH & DATA PA TWO LLC

	 SWITCH & DATA TN TWO LLC

	 SWITCH & DATA TX ONE LLC

	 SWITCH & DATA VA ONE LLC

	 SWITCH & DATA VA TWO LLC

	 SWITCH & DATA WA ONE LLC

		
	By:	 	Switch & Data Facilities Company LLC, as Manager
		
	By:	 	 /s/ George A. Pollock, Jr.

		 	George A. Pollock, Jr.
		 	Treasurer
	
	SWITCH AND DATA TX FIVE LP
		
	By:	 	Switch and Data Dallas Holdings I LLC, as General Partner
		
	By:	 	Switch and Data Operating Company LLC, as Manager
		
	By:	 	 /s/ George A. Pollock, Jr.

		 	George A. Pollock, Jr.
		 	Treasurer

			
	 Guarantors:

	
	 SWITCH AND DATA CA NINE LLC

	 SWITCH AND DATA GA THREE LLC

	 SWITCH AND DATA IL FOUR LLC

	 SWITCH AND DATA NY FOUR LLC

	 SWITCH AND DATA NY FIVE LLC

	SWITCH & DATA/NY FACILITIES COMPANY LLC
	 SWITCH AND DATA PA THREE LLC

	 SWITCH AND DATA PA FOUR LLC

	SWITCH AND DATA DALLAS HOLDINGS I LLC
	SWITCH AND DATA DALLAS HOLDINGS II LLC
	 SWITCH AND DATA VA FOUR LLC

	 SWITCH AND DATA WA THREE LLC

		
	By:	 	Switch and Data Operating Company LLC, as Manager
		
	By:	 	 /s/ George A. Pollock, Jr.

		 	George A. Pollock, Jr.
		 	TreasurerCredit Agreement, dated as of November 28,2000, between BNDES and Maxitel

 Exhibit 4.35 
 CREDIT FACILITY AGREEMENT BY MEANS OF ONLENDING OF FUNDS ENTERED INTO WITH THE NATIONAL BANK FOR ECONOMIC AND SOCIAL DEVELOPMENT—BNDES FINEM TJLP/CM – 4000350-9 
 Name of the Financial Agents: 
 BANCO BRADESCO S.A., a financial institution headquartered in the city of Osasco, state of
São Paulo, at Cidade de Deus, with Corporate Taxpayer’s ID (CNPJ) 60.746.948/0001-12, hereby represented by its undersigned representative(s); 
 BANCO ITAÚ S.A., headquartered at Rua Boa Vista, 176, Centro, São Paulo, state of São Paulo, with Corporate Taxpayer’s ID (CNPJ) 60.701.190/0001-04, hereinafter represented by its undersigned representative(s);

 UNIBANCO – UNIÃO DE BANCOS BRASILEIROS S.A., headquartered in the city of São Paulo, state of São Paulo, at Av. Eusébio
Matoso, 891, with Corporate Taxpayer’s ID (CNPJ) 33.700.394/0001-40, hereinafter represented by its undersigned representative(s); 
 BANCO ALFA DE INVESTIMENTO S.A., headquartered in the city of São Paulo, state of São Paulo, at
Alameda Santos, 466, 4o andar, with Corporate Taxpayer’s ID (CNPJ) 60.770.336/0001-65, hereinafter represented
by its undersigned representative(s); 
 BANCO BBA CREDITANSTALT S.A., headquartered in the city of
São Paulo, state of São Paulo, at Avenida Paulista, 37, 20o floor, with Corporate Taxpayer’s ID
(CNPJ) 31.516.198/0001-94, hereinafter represented by its undersigned representative(s); 
 Collectively referred to as FINANCIAL AGENTS, and as a
result of the Syndicate Agreement entered into among the FINANCIAL AGENTS, on November 28, 2000, of which this instrument is an integral and inseparable part, it has been decided that BANCO BRADESCO S.A. shall be called the
Syndicate’s LEAD MANAGER and, hereinafter referred to as such, which may be replaced at any time by a decision of the BNDES – NATIONAL BANK FOR ECONOMIC AND SOCIAL DEVELOPMENT, hereinafter simply referred to as the BNDES.

 Name of the Beneficiary 
 MAXITEL S.A.,
headquartered at Avenida Raja Bagablia 1781, Luxemburgo, in the city of Belo Horizonte, state of Minas Gerais, with Corporate Taxpayer’s ID (CNPJ) number 01.009.686/0001-44, hereinafter referred to as the BENEFICIARY, hereby represented
by its undersigned representative(s); 
  

									
	1. Financing Data	  		  		  		  	
	 1.1 Date
 11.28.2000
	  	1.2. Amount of credit granted: sum of sub-credits A, B and C: R$370,373,000.00 (three hundred and seventy million, three hundred and seventy three thousand reais)	  	 1.3. Maturity date
 01/15/2008

		  	 1.2.1 Sub-credit “A”
  
 R$140,960,000.00
	  	 1.2.2 Sub-credit “B”
  
 R$54,567,000.00
	  	 1.2.3 Sub-credit “C”
  
 R$174,846,000.00
	  	
					
	1.4. Periods of usage	  		  	1.5. Grace period	  		  	 1.6. DIR Decision
 no. /
date
 554/2000, of 10/16/2000

	 1.4.1 Sub-credits
 “A” and
“B”
  
 Up to eighteen (18) months
 from the date of the
 agreement
	  	 1.4.2 Sub-credit “C”
  
 Up to three (3) months
 from the date of the
 agreement
	  	 1.5.1 Sub-credits
 “A” and
“B”
  
 Up to twenty four (24) months
	  	 1.5.2 Sub-credit “C”
  
 Up to nine (9) months
	  

  

					
			
	1.7. Interest Rate	 	1.8. FINANCIAL AGENTS’ Fee:	 	1.9. Credit reserve fee
	Four per cent (4.0%) a year, equivalent to 0.3274 month.	 	One and a half per cent (1.5%) a year, equivalent to 0.1241 a month, already included in the Interest Rate.	 	One tenth per cent (0.1%) a month.

 1.10. Allocation of the Financing 
 Transfer of funds to the BENEFICIARY, aimed at obtaining financial support for investments required for the project to introduce the mobile telecoms system (BAND B) in the states of Minas Gerais, Bahia and
Sergipe. 
 1.11. Guarantees 
 1.11.1. Guarantee provided
by TELECOM ITALIA S.p.a., as the joint and several debtor and main payer of the obligations arising under this Agreement, pursuant to subsection 18.1. 
 1.11.2. Portion of the revenues arising from mobile telephony services, as set forth in subsection 18.2. of this Agreement; 
 1.11.3. Five
(5) Promissory Notes issued by the BENEFICIARY in favor of the FINANCIAL AGENTS, due in cash, in the amount equivalent to one hundred and thirty per cent (130%) of the amount of credit granted by each of the FINANCIAL
AGENTS, pursuant to subsection 18.3 of this Agreement. 
 2. NATURE AND ORIGIN OF THE CREDIT 
 2.1. The credit currently granted, divided into three (3) Sub-credits, in the amounts mentioned in subsection 1.2, based on Credit Facility Agreement no.
91.2.149.6.1.013, entered into on July 19, 1991 between BNDES and the FINANCIAL AGENTS, shall be funded as follows: 
 2.1.1.
Sub-credits A” and “C”: with common funding from the BNDES, which, among other sources, consists of funding from the Workers’ Assistance Fund (FAT), from the Special Deposits of the FAT and the PIS/PASEP
Participation Fund, and provided that, as for its allocation, the legislation applicable to each of the mentioned sources, as well as the provisions of subsection 7.2, are respected. 
 2.1.2 Sub-credit “B”: taking into account the reference date of September 15, 2000, with funding raised by the BNDES, in foreign currency, transferred pursuant to Resolution no. 635/87, of
January 13, 1987, of the Executive Management of the BNDES, to the extent that the provisions of subsection 3.1 (below) are respected; 
 3.
ADJUSTMENTS TO THE AMOUNT OF SUB-CREDIT “B” 
 3.1. Said adjustments shall take place as from the reference date mentioned in subsection
2.1.2, based on the weighted average of foreign currency restatements incurring on funds raised by the BNDES, in foreign currency, without being subject to onlending under specific conditions, according to the terms of subsection 4.1 below,
incurring on the unused credit installment. 
 4. ADJUSTMENTS TO THE AMOUNT OF THE DEBT OF SUB-CREDIT “B” 
 4.1. The outstanding balance of the BENEFICIARY, which includes the principal, compensatory and default interest, expenses, fees and further charges, shall be
adjusted on a daily basis by the weighted average of foreign currency restatements incurring on funds raised by the BNDES, in foreign currency, without being subject to onlending under specific conditions, and shall be assessed according to
the following criteria: 
 I – the BNDES shall calculate, on a daily basis, its liabilities in foreign currency, without being subject to
onlending under specific conditions, in order to determine the weights applicable to foreign currency restatements; 
 II – based on the liabilities
calculated pursuant to clause I, the weighted average foreign currency restatements shall be calculated on a daily basis, taking into account the closing selling price of foreign currency published by the Brazilian Central Bank on the previous day.

 4.2. The weighted average referred to in subsection 4.1 above, shall be published on the Official Federal Gazette (Section 3) on the tenth (10th) and
the twenty-fifth (25th) of each month and the interest rate and Income Tax to which subsections 10.1 and 17.2 refer to shall be published on the same official newspaper on the twenty-fifth (25th) of January, April, July and October. Should
the Official Federal Gazette be not be published on the dates mentioned above, same weighted average shall be published on the first subsequent issue of said official newspaper. 
 5. CHANGE OF THE LEGAL REMUNERATION CRITERION OF FUNDS FROM THE PIS/PASEP FUND AND THE FAT 
 5.1 Should the legal
remuneration criterion of the funds transferred to the BNDES, originated from the PIS/PASEP Participation Fund and the Workers’ Assistance Fund (FAT), be substituted, the remuneration of said funds, provided for in section 9, may be
carried out, at the discretion of the BNDES, based on the new—or another—remuneration criterion, that may be defined by the BNDES, which, in addition to preserve the actual value of the operation, will remunerate it at the
same previous levels. In this case, the FINANCIAL AGENTS shall communicate in written said change to the BENEFICIARY. 

 6. PURPOSE 
 6.1. The
funds that are the object of this agreement shall be used by the BENEFICIARY in accordance with the purpose set forth in subsection 1.10 (Allocation of the Financing) of the introduction. 
 7. AVAILABILITY OF THE CREDIT 
 7.1. The funds shall be made available
to the BENEFICIARY in installments and according to the requirements for the execution of the project, provided it respects the BNDES’ financial schedule, which is subject to the definition of funds, for its use, by Brazilian
Monetary Council and to the availability of funds arising from the Credit Facility Agreement no. 91.2.149.6.1.013, which is referred to in subsection 2.1. above. 
 7.2. The amount of each installment of sub-credits “A” and “C” to be made available to the BENEFICIARY shall be calculated according to the criterion established by the law that defined the Long-term Income Tax
(TJLP) to calculate the outstanding balances of the financing agreements entered into through the BNDES System up to November 30, 1994. 
 7.3. The
funds shall be transferred by the FINANCIAL AGENTS to the BENEFICIARY, in the following proportions, pursuant to the Syndicate Agreement, which is part of this instrument: 
  

					
	 FINANCIAL AGENTS
	  	SHARE (R$)	  	Approximate percentage (%)
	 Banco Bradesco S.A.
	  	80,852,380.00	  	21.83
	 Banco Itaú S.A.
	  	80,852,380.00	  	21.83
	 Unibanco – Unão de Bancos Brasileiros S.A.
	  	80,852,380.00	  	21.83
	 Banco Alfa de Investimentos S.A.
	  	80,852,380.00	  	21.83
	 Banco BBA Creditanstalt S.A.
	  	46,963,480.00	  	12.68
	 TOTAL:
	  	370,373,000.00	  	100.00

 7.4. The funds shall be transferred by the FINANCIAL AGENTS to the BENEFICIARY, on the third
business day after the date of receipt of the funds of Sub-credits “A” and “C” and on the second business day after the date of receipt of the funds of Sub-credit “B”. 
 7.5. No release shall be made prior to the transfer by the BNDES to the FINANCIAL AGENTS of the amount corresponding to each of them, and no responsibility
shall be borne by the FINANCIAL AGENTS should the BNDES halt the disbursements or carry them out only on a partial basis or subject them to conditions that were not provided for in this Agreement or, still, cancel, fully or partially,
the credit granted to the FINANCIAL AGENTS, without these being responsible for this. 
 7.6. If, for any reason, the BNDES does not transfer
to the FINANCIAL AGENTS the amount required for the loan, or should it halt any release of funds to be transferred to the BENEFICIARY, this AGREEMENT shall be fully or partially terminated, for all legal purposes and regardless
of any judicial or extrajudicial notification. In that event, the BENEFICIARY shall have no right—to be demanded from the FINANCIAL AGENTS—, and, as a result, no claim to compensation or reimbursement of any emerging loss or
loss of profits arising from the failure to grant the credits might be made. In addition, should any disbursement have been carried out, all obligations assumed up to then pursuant to this Agreement shall remain in force up to their full settlement.

 8. PERIODS OF USAGE, GRACE PERIOD AND AMORTIZATION 
 8.1. The period for using the funds shall be defined in subsection 1.4.1 for Sub-credits “A” and “B”, and in subsection 1.4.2 for Sub-credit “C”. 
 8.2. The grace period shall be defined in subsection 1.5.1 for Sub-credits “A” and “B”, and in subsection 1.5.2 for Sub-credit “C”, and it shall be calculated as from the fifteenth
(15) day immediately subsequent to the date of execution of this Agreement. 
 8.3. The amount of the debt shall be paid by the BENEFICIARY to
the FINANCIAL AGENTS, in compliance with the terms and in the form set forth as follows: 
 a) Sub-credit “A”: in sixty
(60) months, with monthly and successive installments, and each of them in the amount of the maturing principal of the debt, divided by the number of installments not yet due, with the first installment maturing on January 15, 2003 and the
last one on December 15, 2007, to the extent that the provisions of subsection 13.1 (below) are respected; 
 b) Sub-credit “B”: in
sixty (60) months, with monthly and successive installments, and each of them in the amount of the maturing principal of the debt, divided by the number of installments not yet due, with the first installment maturing on February 15, 2003
and the last one on January 15, 2008, to the extent that the provisions of subsection 13.1 (below) are respected; 
 c) Sub-credit “C”:
in seventy five (75) months, with monthly and successive installments, and each of them in the amount of the maturing principal of the debt, divided by the number of installments not yet due, with the first installment maturing on
October 15, 2001 and the last one on December 15, 2007, to the extent that the provisions of subsection 13.1 (below) are respected; 

 9. INTEREST ACCRUED ON SUB-CREDITS “A” AND “C”: 
 9.1. Interest shall accrue on the principal of the BENEFICIARY’s debt at four per cent (4%) a year, the rate set forth in subsection 1.7, equivalent to
0.3274 per month, above the Long-term Interest Rate, hereinafter referred to as the TJLP, published by the Brazilian Central Bank, and the fee established in subsection 1.8 shall be included in it, provided that the following is respected:

 9.1.1. When the TJLP is higher than six per cent (6%) a year: 
 a) The amount corresponding to the portion of the TJLP that is higher than six per cent (6%) a year shall be capitalized on the fifteenth (15th) of each month that this Agreement is in force and on its
maturity or settlement, to the extent that the provisions of subsection 13.1 are respected. It will be obtained by applying the following compound term over the outstanding balance, including all financial events occurring in the period: 

 

			
	 TC =
	  	[(1 + TJLP)/1.06] n/360 - 1, where:
		
	TC -	  	compound term;
	TJLP -	  	Long-term Interest Rate, as published by the Brazilian Central Bank; and
	n -	  	the number of days between the date of the financial event and the date of capitalization, maturity or settlement of the
	obligation. A financial event is each and any event of financial nature, which results—or may result—in a change of the outstanding balance of this
Agreement.

 b) The annual percentage above the TJLP (spread) referred to in subsection 1.7, plus the non-capitalized portion
of the TJLP of six per cent (6%) a year, shall accrue on the outstanding balance, on the dates the interest mentioned in subsection 9.3 is due or on the date of maturity or settlement of this Agreement, to the extent that the provisions set
forth in item “a” of this subsection are respected, and taking into account, for the purposes of the daily calculation of interest, the number of days between the date of each financial event and the due dates mentioned above. 

9.1.2. When the TJLP is equal or lower than six per cent (6%) a year: 
 The annual percentage above the TJLP (spread) referred to in subsection 1.7, plus the TJLP, shall accrue on the outstanding balance, on the dates the interest mentioned in subsection 9.3 is due or on the date of
maturity or settlement of this Agreement, taking into account, for the purposes of the daily calculation of interest, the number of days between the date of each financial event and the due dates mentioned above. 
 9.2 The amount referred to in subsection 9.1.1, item “a”, that shall be capitalized, being included in the principal of the debt, shall be due pursuant to
items “a” and “c” of subsection 8.3. 
 9.3 The amount accrued pursuant to subsection 9.1.1, item “b”, or subsection 9.1.2
shall be due on a quarterly basis, during the grace period, on the 15th (fifteenth) of March, June, September and December of each year, in the period between December 15, 2000 and December 15, 2002 for Sub-credit “A” and in the
period between December 15, 2000 and September 15, 2001 for Sub-credit “C”, and on a monthly basis, during the amortization period, as from January 15, 2003, inclusive, for Sub-credit “A” and as from
October 15, 2001, inclusive, for Sub-credit “C”, together with the installments of the principal, and on the maturity or settlement of this Agreement, to the extent that the provisions set forth in subsection 13.1 are respected.

 9.4 The FINANCIAL AGENTS’ fee is included in the interest rate of subsection 1.7, and consists of a deduction mentioned in subsection 1.8,
being calculated and due according to the same criteria adopted for the payment of interest. 
 10. INTEREST ACCRUED ON SUB-CREDIT “B”

 10.1. For the use of this Sub-credit, the BENEFICIARY shall pay the interest set forth in subsection 1.7, above the variable rate, restated on a
quarterly basis on the 16th (sixteenth) of January, April, July and October, based on the weighted average cost of all taxes and expenses incurred by the BNDES in raising funds in foreign currency without being subject to onlending under specific
conditions, on the civil quarter immediately prior to the month of adjustment of the mentioned interest rate. The interest shall be calculated daily, on a pro rata basis, on the updated outstanding balance, and it shall be due on the 15th
(fifteenth) of January, April, July and October of each month, during the grace period, between December 15, 2000 and January 15, 2003, and, on a monthly basis, during the amortization period, as from February 15, 2003, inclusive,
together with the installments of the principal, and on the maturity or settlement of the debt, to the extent that the provisions of subsection 13.1 (below) are respected. 

 11. DEBT PROCESSING AND COLLECTION 
 11.1. The BENEFICIARY shall amortize or settle the debt currently assumed through debit(s) against the current accounts it maintains with each of the FINANCIAL AGENTS, to the extent that the proportions
mentioned in subsection 7.3 above are respected. 
 11.2. The amortization mentioned in subsection 11.1 above, may be carried out through a cashier’s
check, a payment slip (ficha de compensação) or an electronic bank transfer (DOC), provided it is previously authorized by the FINANCIAL AGENTS. 
 11.3. As from now, the FINANCIAL AGENTS are irrevocably and irreversibly authorized by the BENEFICIARY, on the due dates of the obligations, to debit against the latter’s current accounts, all
amounts due as a result of this Agreement, and the settlement of said amounts shall be subject to the effective availability of funds in the current accounts in which the respective debits will take place. The insufficiency of funds in the current
accounts shall constitute a payment default. 
 11.4. The BENEFICIARY shall check the balance in the “Future Entries” current account, which
shall include the charging of the principal and charges, five (5) days prior to the maturity, through which it shall inform the amount required for the settlement of the obligations on the maturity dates. 
 11.5. At the discretion of each FINANCIAL AGENT, the charging of the principal and charges shall be carried out through a Collection Notice, five (5) days
prior to the maturity, through which it shall inform the amount required for the settlement of the charges on the maturity dates. 
 11.6. Failure to receive
the Collection Notice shall not exempt the BENEFICIARY from the obligation of paying the installments of the principal and charges on the dates currently established. 
 11.7. Since the debt related to Sub-credit B is subject to the daily adjustment pursuant to section 4, the Collection Notice referred to in subsection 11.5 shall be issued by the FINANCIAL AGENTS with the
indication of a referential amount in the BNDES’ Monetary Unit (UMBND), the value of which shall be obtained with the Financial Management Department of the International and Financial Area (DEFIN/AF) of the BNDES, and the amount of payment,
due in legal tender, shall be calculated based on the respective price on the day of the effective payment. 
 12. CREDIT RESERVE FEE 
 12.1. The BENEFICIARY shall pay to the FINANCIAL AGENTS, in the proportion set forth in subsection 7.3, the Credit Reserve Fee, established in subsection
1.9, chargeable for a period of thirty (30) days, or a fraction of that, and incurring on: 
 a. the amount of credit, should the execution of this
Agreement take place after the expiration of the term established by the BNDES, including the period as from the day immediately following said expiration up to the date of said execution, and the respective payment for the initial use of the
credit, of which it shall be deductible, shall be due; 
 b. the amount of credit, as from the day immediately following its availability up to the date of
cancellation, carried out at the request of the BENEFICIARY, should the operation be cancelled after the prorogation, at the request of the BENEFICIARY, of the initial term set forth by the BNDES for the presentation of this
Agreement, including the period as from the day immediately following said initial term up to the date of the cancellation request made by the BENEFICIARY, or the cancellation carried out at the request of the BNDES and/or the
FINANCIAL AGENTS, and its payment shall be due in thirty (30) days, as from the date of the decision of the BNDES; 
 c. the unused
balance of each credit installment, as from the day immediately following its availability up to the date of its use, when its payment shall be due; and 
 d. the unused balance of the credit, as from the day immediately following its availability up to the date of cancellation, carried out at the request of the BENEFICIARY, or at the request of the FINANCIAL AGENTS and/or the
BNDES, and whose payment shall be due on the date of the request, or of the decision of the BNDES, as the case might be; 
 12.1.1. The
incurrence of the fee according to items “c” and “d” above, shall be dependent on the establishment of a framework of availability of funds by the BNDES. 
 13. MATURITY ON HOLIDAYS 
 13.1. The maturity of financial obligations taking place on Saturdays, Sundays or national
holidays, including bank holidays, shall be, for all ends and purposes, transferred to the first subsequent business day, and the charges shall be calculated up to that date, and the following regular period of accrual and calculation of charges of
the operation shall also begin as from that date. 
 14. SPECIAL OBLIGATIONS OF THE BENEFICIARY 
 14.1. Without prejudice to the remaining sections, the BENEFICIARY also commits itself to: 
 a. fulfill, as the case may be, the “Provisions Applicable to the Agreements of the BNDES”, hereinafter referred to as the “PROVISIONS”, approved by Resolution no. 665, of December 10,
1987, partially changed by Resolution no. 775, of December 16, 1991, by Resolution no. 863, of March 11, 1996, by Resolution no. 878, of September 4, 1996, by Resolution no. 894, of March 6, 1997, and by Resolution no. 927, of
April 1st, 

 
1998, all authorized by the Executive Management of the BNDES, published on the Official Federal Gazette (Section I), of December 29,
1987, December 27, 1991, April 8, 1996, September 24, 1996, March 19, 1997 and April 15, 1998, respectively; 
 b. indicate its own funds planned to be allocated for the execution of the project, in the amounts and terms defined in the Table of Uses and Sources, which is part of Exhibit I, as well as the full amount of funds necessary for
covering potential insufficiencies/shortages or additions to the project’s global budget; 
 c. communicate to the LEAD MANAGER any event that
results in a change of the Project or the Table of Uses and Sources, indicating the measures whose adoption it deems necessary; 
 d. apply the funds
received solely in the execution of the project that is the object of this Agreement, pursuant to the Table of Uses and Sources, which is part of Exhibit I; 
 e. offer a training program aimed at providing job opportunities in the region and/or a job replacement program for its employees in other companies, after having submitted to the FINANCIAL AGENTS, for their evaluation, a document
specifying and certifying the conclusion of the negotiations carried out with the competent representatives of the employees involved in the lay-off process, should, as a result of the financed project, a reduction of the workforce of the
BENEFICIARY occur during the period this Agreement is in force; 
 f. adopt, while this Agreement is in force, measures and initiatives aimed at
avoiding or addressing damages to the environment, and safety and occupational medicine issues, which may arise from the project currently financed; 
 g.
maintain in good standing its obligations with the environmental bodies for the duration of this Agreement; 
 h. maintain in good standing its obligations
with the ANATEL, the Brazilian National Telecoms Agency, during the period this Agreement is in force; 
 i. forward the correspondence to the Granting
Power, with copies to the FINANCIAL AGENTS and the BNDES, attaching a copy of this Agreement, requesting the inclusion in the processes related to potential compensation calculations the amount of its debt with the FINANCIAL
AGENTS and the BNDES, as well as to inform the FINANCIAL AGENTS and the BNDES of any event that may curb the fulfillment of any obligations arising under the present operation; 
 j. authorize the direct payment to the FINANCIAL AGENTS and the BNDES, by the Granting Power, of the compensation owed to the BENEFICIARY, as
provided for in the Concession Agreement, in an amount sufficient for the settlement of the debt assumed by the BENEFICIARY in this operation; 
 l.
pay directly to the FINANCIAL AGENTS and the BNDES the financial obligations aimed at settling in full the debt arising from this operation should the compensation be undue; 
 m. not to constitute guarantees for other long-term creditors without offering the same guarantees to the BNDES and the FINANCIAL AGENTS, except if
previously and expressly authorized by them; 
 n. issue securities, at any time and at the discretion of the BNDES and the FINANCIAL AGENTS,
during the period this agreement is in force, to be fully subscribed by the BNDES and/or by the FINANCIAL AGENTS, through the fully or partial usage of its outstanding balance, calculated on the same date of this issuance, maintaining
an average interest rate and a period equivalent to those of the operation initially contracted, as well as to agree with the subsequent placement in the market of the securities thus issued, in a public offering, being committed to carry out all
acts required for such placement; 
 o. maintain for the duration of this Agreement and up to its final maturity, at least five (5) of the following
indices: capitalization, current liquidity, financial result (EBITDA margin), coverage of debt, indebtedness limit and maximum term for paying the debt, assessed in the balance sheet or in the trial balance sheet audited by external auditors
registered in the Brazilian Securities and Exchange Commission (CVM): 
 1 - capitalization (SE/TA): equal to or higher than three per cent (3%) in 2001,
equal to or higher than five per cent (5%) in 2002, equal to or higher than ten per cent (10%) in 2003 and equal to or higher than twenty per cent (20%) as from 2004 and up to the end of the Agreement; 
 2 - current liquidity ratio (CA/CL): equal to or higher than one point zero (1.0) in 2001 and up to the end of the agreement; 
 3 - EBITDA margin (EBITDA/NOR): equal to or higher than twenty per cent (20%) in 2001, equal to or higher than thirty per cent (30%), in 2002, equal to or higher
than thirty five per cent (35%) as from 2003 and up to the end of the Agreement; 
 4 - coverage of the debt service (EBITDA – IT)/(interest +
amortization): equal to or higher than thirty per cent (30%) in 2001, equal to or higher than eighty per cent (80%), in 2002, and equal to or higher than one hundred per cent (100%) as from 2003 and up to the end of the Agreement;

 5 - indebtedness limit [total onerous debt /(total onerous debt + contributed capital)]: equal to or higher than sixty per cent (60%) in 2001 and up
to the end of the agreement; and 
 6 - maximum period for paying the debt [total onerous debt / (EBITDA – IT)]: equal to or lower than fourteen
(14) in 2001, equal to or lower than eight (8) in 2002, equal to or lower than six (6) in 2003, equal to or lower than four (4) in 2004 and equal to or lower than three (3) in 2005 up to the end of the agreement; 

Where: 
  

	 	•	 	 SE = Shareholders’ Equity and TA = Total Assets; 

	 	•	 	 CA = Current Assets, CL = Current Liabilities (including financings with terms equal to or lower than 12 months); 

  

	 	•	 	 NOR = Net Operating Revenues; 

  

	 	•	 	 EBITDA = Earnings before interest, taxes, depreciation and amortization; 

  

	 	•	 	 IT = Income Tax; 

  

	 	•	 	 Total onerous debt = debt with banks + debt with suppliers; and 

  

	 	•	 	 Contributed capital – paid-in capital 

 p.
operate in compliance with the Brazilian law related to the hiring of foreign consulting firms, and workforce; 
 q. maintain, in the project, the minimum
nationalization indices required by the Support Program for the Band B Mobile Telephony of the BNDES (Decision of the Executive Management of the BNDES Dir no. 655/98, of December 22, 1998) for the purchase of equipment, installation and
assembly services, related to the project to introduce the Band B mobile telephony system in the authorization area of the BENEFICIARY, as described in subsection 1.10, to be periodically proven for the FINAME; 
 r. bind the revenues, as from the execution of this Agreement, arising from the provision of mobile telephony services, to be deposited in a trustee bank, selected by
common agreement among the parties, so as to ensure the fulfillment of the financial obligations arising out of this operation, as regulated in the “Agreement on Collection, Deposit and Other Covenants”, hereinafter referred to as
Deposit Agreement. 
 s. not to assign, sell, bind, nor burden in favor of another creditor, without the previous agreement of the BNDES and of
the FINANCIAL AGENTS, the revenue restricted in the form of the Deposit Agreement mentioned in item “r”, of this subsection; 
 t.
summon and hold a shareholders’ meeting in order to provide for, via a capital increase in cash, the lack of funds required to meet and maintain the capitalization ratio provided for in item “o” of this subsection; 
 u. constitute secured guarantees, deemed to be sufficient by the BNDES and the FINANCIAL AGENTS, should the termination of the Concession Agreement
mentioned in item “j” of this subsection take place, within thirty (30) days, as from the notice sent by the LEAD MANAGER, under penalty of acceleration of this Agreement. 
 15. EARLY MATURITY 
 15.1. The parties might regard this Agreement as
automatically terminated and its respective obligations as accelerated, with the immediate suspension of any release, should any of the events regulated by the law occur, especially the non-compliance of any obligation currently entered into by the
BENEFICIARY, before any of the FINANCIAL AGENTS, or if any of the following takes place: 
 a. allocation of the loan funds for a different
purpose than the one provided for in subsection 1.10, without prejudice of the communication of the event by the FINANCIAL AGENTS to the Federal Department of Justice (Ministério Público Federal), for the purposes of Law
no. 7,492, of June 16, 1986; 
 b. the inclusion, in a shareholders’ agreement, the by-laws or articles of association of the BENEFICIARY,
or of its controlling companies, of a provision that results, at the discretion of the FINANCIAL AGENTS and the BNDES, which shall be previously consulted, in restrictions or the impairment of the capacity to pay the financial
obligations arising out of this operation; 
 c. the reduction of the workforce of the BENEFICIARY without fulfilling the provisions of item
“e” of subsection 14.1 above; 
 d. a corporate restructuring process (spin off, consolidation, merger, etc.), change of the main activity or
change of the effective, direct or indirect, control of the BENEFICIARY, after the execution of the operation, without the previous and express authorization of the BNDES and the FINANCIAL AGENTS, represented by the LEAD
MANAGER; 
 e. a legal process, with a final decision, which compromises the fulfillment of the obligations and/or the guarantees currently assumed and
constituted; 
 f. the lack of fulfillment, by the BENEFICIARY, in the due term and form, of the financial obligations entered into with the
FINANCIAL AGENTS, as a result of this instrument or of any other agreement entered into between the BENEFICIARY and the FINANCIAL AGENTS, or any other company belonging to its economic group; 
 g. in the event the BENEFICIARY files for chapter eleven or for a reorganization procedure; 
 h. failure to present, within thirty (30) days, as from the execution of this Agreement, to the FINANCIAL AGENTS and the BNDES the Letter of Guarantee mentioned in subsection 18.1 below, issued by
TELECOM ITALIA S.p.a., for the entire duration of this Agreement, in accordance with the template supplied by the BNDES, notarized and bearing a consular stamp, as the principal payer of all obligations arising under this Agreement,
with the express waiver to the benefits of articles 1,491, 1,499 and 1,503 of the Civil Code, and 261 and 262 of the Commercial Code, followed by an opinion prepared by legal counsel, on satisfactory terms, at the discretion of the FINANCIAL
AGENTS and the BNDES, through which the legality of the guarantor and of the guarantee provided are certified, and said opinion must contain, at least, the following items: 

 h.1. The counsel must declare that he/she has checked the legislation of the country of the guarantor and its articles of
incorporation and by-laws, in addition to any other acts that may have been required for the issuing of his/her opinion, as well as: 
 i) the legality of the
incorporation of the guarantor, as well as its capacity and compliance with legal and regulatory norms to assume the obligations set forth in the letter of guarantee; 
 ii) that the corporation, through its legal representatives, and based on the approval by its decision-making bodies, has powers to execute and fulfill the terms and conditions established in the letter of guarantee;

 iii) that the legal representatives of the guarantor that entered into the letter of guarantee have powers to bind and subject the guarantor to the terms
and conditions included in it; 
 iv) that the letter of guarantee constitutes a valid and binding instrument for the guarantor; 
 v) the fulfillment, by the guarantor, of all legal and administrative decisions demanded by the laws and regulations of the country of the guarantor, aimed at allowing
the signature, execution and fulfillment of the letter of guarantee; 
 vi) the implementation of all acts, records and authorizations of governmental
agencies, departments, bodies or authorities of the country of the guarantor, aimed at ensuring the signature, execution and fulfillment of the letter of guarantee by the guarantor, or which are necessary to its validity and efficacy. 
 h.2. should the opinion referred to in the caption of this item be prepared by a Brazilian legal counsel, said document must be issued in Portuguese; when the opinion is
issued by a legal counsel from the country of the headquarters of the guarantor, said document must be notarized and bear a consular stamp, and, when Portuguese is the official language of the country, it must be prepared in English. 
  

	i.	non-compliance of any clause or provision included in the Deposit Agreement. 

 16. FURTHER OBLIGATIONS FOR USING THE CREDIT 
 16.1. In addition to the fulfillment, as the case may be, of the
conditions provided for in the “PROVISIONS” previously mentioned and in the FOLLOW UP NORMS AND INSTRUCTIONS which are referred to in section 2 of same “PROVISIONS”, the use of the credit is also subject to the fulfillment, by
the BENEFICIARY, of the following: 
 I – For Using the First Credit Installment: 
 a. presentation of this Agreement and its attachments duly recorded at the authorized Notary Offices; 
 b. execution of a agreement related to the direct financing with the BNDES, for the present operation; 
 c. receipt
of the correspondence, which is mentioned in subsection 14.1, item “i”; 
 d. presentation of the “Agreement on Collection, Deposit and Other
Covenants”, duly executed and recorded, pursuant to the draft provided by the BNDES; 
 e. hiring of a specialized audit/consulting firm to
certify the fulfillment of the financial indices referred to in subsection 14.1, item “o”; 
 f. presentation to the FINANCIAL AGENTS of the
Letter of Guarantee, followed by the opinion prepared by the legal counsel, pursuant to which the legality of the guarantor and of the guarantee provided is certified, duly executed and accepted by the FINANCIAL AGENTS and the BNDES.

 II – For Using Each Credit Installment: 
 a. non-existence of an event of economic-financial nature which, at the discretion of the FINANCIAL AGENTS and/or of the BNDES, may compromise the execution of the project currently financed, in order to change it or make its
execution impossible, pursuant to the terms provided for in the project approved by the BNDES; 
 b. proof that the BENEFICIARY has applied in
the project the credit portion previously used and has contributed its corresponding funds, in the amounts set forth in the Table of Uses and Sources, which is part of Exhibit I; 
 c. presentation, by the BENEFICIARY to the LEAD MANAGER, of a Social Security Contributions Clearance Certificate (CND), issued by the National Social Security Institute (INSS), through the INTERNET, to
be obtained by the BENEFICIARY and checked by the LEAD MANAGER at the following address: www.mpas.gov.br; 
 d. issuance of a declaration
stating that the BENEFICIARY complies with the Brazilian legislation related to the hiring of foreign workforce and consulting firms. 
 17.
RESPONSIBILITY FOR THE CHARGES AND EXPENSES 
 17.1. All charges, taxes, contributions and expenses accrued on this Agreement and on the collection
and execution of the guarantees related to it—and that the FINANCIAL AGENTS may be forced to pay or support—provided they are duly proven, even in the event of the partial or entire cancellation of the credit opened, including the
expenses related to the records/legalization at the authorized Notary Offices, shall be incurred at the expense of the BENEFICIARY. 

 17.2. The BENEFICIARY is also obliged to pay to the FINANCIAL AGENTS, by way of reimbursement of expenses
with the Income Tax related to Sub-credit “B”, a percentage on the interest which is referred to in subsection 10.1, corresponding to the weighted average rate of the Income Tax due over the charges remitted by the BNDES to the
creditor of external funds without being subject to onlending under specific conditions, in the civil quarter prior to the month of adjustment of this percentage, to be accrued, adjusted and whose reimbursement is required on the same periods of the
interest referred to in the subsection 10.1 mentioned above. 
 18. CONDITIONS OF THE GUARANTEE 
 In order to ensure the payment of any obligations arising under this agreement, such as the principal of the debt, interest, fees, regular penalty and fine, the following
guarantees are given to the FINANCIAL AGENTS, being considered an indivisible and single unit in relation to the amount of the debt: 
 18.1. The
BENEFICIARY shall be obliged to deliver to the FINANCIAL AGENTS, prior to the release of the first installment of the credit, the joint and several guarantee of TELECOM ITALIA S.p.a., a corporation headquartered at Via Corso
D’Italia, 41, Rome, Italy, which shall be provided by a separate and specific instrument, referred to as Letter of Guarantee, which shall become an integral part of this Agreement, and which shall be issued in favor of the FINANCIAL
AGENTS, duly notarized and bearing a consular stamp, followed by an opinion prepared, on satisfactory terms, at the discretion of the FINANCIAL AGENTS and the BNDES, by the legal counsel appointed by the GUARANTOR and
accepted by the FINANCIAL AGENTS and the BNDES, pursuant to which the legality of the guarantor and of the guarantee provided is certified. 
 18.2. RESTRICTION OF THE REVENUES: The BENEFICIARY irrevocably and irreversibly pledges in guarantee, in favor of the FINANCIAL AGENTS, up to the final settlement of all obligations assumed in this Agreement, a portion
of its revenues arising from the provision of mobile telephony services, equivalent to at least one hundred and fifty per cent (150%) of the amount of the largest installment owed by the BENEFICIARY, including during the grace period, to
the extent that the provisions of subsection 18.2.3 below are respected. The funds deposited in said blocked account shall be used by the FINANCIAL AGENTS in the event of default of any obligation assumed by the BENEFICIARY in this
Agreement, as well as should the acceleration of this Agreement be declared. 
 18.2.1. The funds currently restricted are free and clear of any judicial or
extrajudicial burden or encumbrances, or restrictions of any sort, and they shall remain as such up to the entire fulfillment of the obligations hereby assumed by the BENEFICIARY, under penalty of acceleration of this Agreement. 

18.2.2. The LEAD MANAGER shall forward to the BENEFICIARY, after each release of funds and when the change of the compensation index of this Agreement
takes place, spreadsheets containing all values and maturity dates of the installments of the principal and the interest of the financial obligations owed to the FINANCIAL AGENTS, hereinafter simply referred to as SPREADSHEET.

 18.2.3. For the perfect execution of the guarantee hereby contracted, the BENEFICIARY commits itself to notify the Collecting Banks listed in
Exhibit II, in the form of the correspondence present in Exhibit III, so that they deposit on a daily basis the full amount of their collection, in the current account specified below of BANCO BRADESCO S.A., which, hereby, is
appointed the TRUSTEE BANK of these funds. In order to do so, on the same date, the BENEFICIARY and the TRUSTEE BANK, as the MANDATORY BANK, shall enter into the AGREEMENT referred to by item “r” of
subsection 14.1. Said AGREEMENT shall become an integral and complementary part of this Agreement as Exhibit IV, through which the MANDATORY BANK shall become responsible for the management and centralization of the funds
arising from the billing of mobile telephony to the CONSUMERS, collected through the network of branches of the Collecting Bank, crediting the amounts which are the object of the current collection, on the blocked account no. 14.800-8, Branch
3432-5/Rua Espírito Santo-BHTE-MG, opened in the name of the BENEFICIARY at the MANDATORY BANK, hereinafter simply referred to as the BLOCKED ACCOUNT. 
 18.2.4. The amounts arising from the payment by the CONSUMERS of mobile telephony service bills, credited on the BLOCKED ACCOUNT, shall be automatically transferred to the unblocked account of the
BENEFICIARY, except in the event of a default of the obligations assumed by same with the FINANCIAL AGENTS, pursuant to this Agreement. 
 18.2.5. As from now, in the event of a default of the BENEFICIARY, the LEAD MANAGER, as the MANDATORY BANK, is authorized by the BENEFICIARY to block and transfer, fully or partially, to the FINANCIAL
AGENTS, in the proportion of the credit of each of them, the funds deposited in the BLOCKED ACCOUNT, through Electronic Bank Transfers (DOC) of any type or nature, Money Orders or checks payable to the order of the FINANCIAL
AGENTS, and must necessarily use the amounts transferred by the MANDATORY BANK in the amortization or settlement of the quarterly or monthly amounts of the installments of the principal and charges, during the grace and amortization
periods, owed pursuant to this Agreement, plus the penalties set forth in Section 19 below, and the BENEFICIARY remains personally responsible for a potential remaining outstanding balance, should such amounts be insufficient to settle
the full amount of its debt. 

 18.2.6. In the event of lack of funds, the BENEFICIARY shall be obliged to complement or constitute new secured
guarantees, within 48 hours, and the FINANCIAL AGENTS have the right to refuse the new guarantees, under penalty of acceleration of this Agreement. 
 18.2.7. Up to the settlement of the debt, the BENEFICIARY shall maintain in force the AGREEMENT or any other executed contractual instruments, which are aimed at receiving the mobile telephony invoices/bills, in such a way as
to allow enough collection for the payment of the installments owed to the FINANCIAL AGENTS. The BENEFICIARY shall be obliged not to change its banking domicile, and it is also forbidden to use or bind in favor of any other creditor
the funds currently restricted. 
 18.3. PROMISSORY NOTES – five (5) Promissory Notes issued by the BENEFICIARY, subject to the terms
of the present Agreement in the amount equivalent to 130% of the credit amount for each of the FINANCIAL AGENTS, readily payable with a collection term of up to one year after termination of this AGREEMENT, and, therefore, the period of
presentation, which is dealt by article 34 of the Geneva Convention Providing a Uniform Law for Bills of Exchange and Promissory Notes (Uniform Law) and article 21 of Decree no. 2044, of December 31, 1908, is extended. 
 18.3.1. The BENEFICIARY shall be obliged to replace the promissory note given in guarantee to each FINANCIAL AGENT with another of an amount equivalent to
one hundred and thirty per cent (130%) of the outstanding balance then accrued, each time and whenever the amount of the latter is not equivalent to the percentage established above, within ten (10) days as from the request in written by
the LEAD MANAGER, under penalty of acceleration of this Agreement. 
 19. DELAY IN THE PAYMENT AND FINE 
 19.1. In the event of a delay or acceleration, the BENEFICIARY shall pay a default interest of twelve per cent (12%) a year plus a late payment surcharge
calculated at the market rate of the pay day, and the latter may not be lower than the highest rate of the charges charged during the period this Agreement is in force; 
 19.2. The market rate shall be the highest rate effectively practiced by the market with corporations in operations of credit, except for opening of credit in checking account; 
 19.3. In the event of a legal process, instead of the late payment surcharge, the BENEFICIARY authorizes the FINANCIAL AGENTS to opt for charging the
charge equivalent to the percentage of the change of the IGPM (General Price Index—Market), published by the FGV (Fundação Getúlio Vargas), or, should that not be available, of the IPC (Consumer Price Index), published by
the FIPE (Economic Research Institute); 
 19.4. The BENEFICIARY shall also pay a ten per cent (10%) fine plus collection expenses, including
costs and legal fees; 
 19.5. In the event of non-compliance with any obligation under the responsibility of the BENEFICIARY and/or the
INTERVENING PARTIES or the early maturity, the FINANCIAL AGENTS may: 
 19.5.1. use, for paying the debit, amounts that the BENEFICIARY
and/or the INTERVENING PARTIES maintain with the FINANCIAL AGENTS; 
 19.5.2. retain amounts belonging to them. 
 19.6. The receipt, by the FINANCIAL AGENTS, of the principal due hereunder shall not be considered as an acquittal of the charges provided for in this agreement.

 20. FINAL PROVISIONS 
 20.1. In the event of changes in
the regulating norms of the BNDES, which may in any way affect the agreement of this Agreement, the BENEFICIARY shall assume full responsibility for its fulfillment. 
 20.2. The occasional forbearance by the FINANCIAL AGENTS of the rights established by this Agreement shall not imply that said rights have been changed or waived, and same may be exercised at any time.

 20.3. The BENEFICIARY shall be obliged not to assign or transfer the rights and duties arising from this Agreement, or in any way to sell the
assets purchased pursuant to the project currently being financed, without the express authorization of the BNDES and/or of the FINANCIAL AGENTS, under penalty of rescission for all legal purposes of this Agreement, which shall result
in the maturity of all obligations assumed by it, making the total debt immediately due, including the principal and the accessories, without prejudice to other applicable measures and sanctions. 
 20.4. The BENEFICIARY states that, in order to contract the loan object of the current document, it obtained all corporate approvals required by the Law and by
its articles of association and that those signing it are fully entitled to execute the present agreement. 
 20.5. The FINANCIAL AGENTS are entitled
to mention in any disclosure they make on their activities, the financial cooperation granted by this Agreement. 
 20.6. The BENEFICIARY authorizes
the FINANCIAL AGENTS to transmit information on them and/or related to this operation to—and check same at—the Credit Risk Central maintained by the Brazilian Central Bank, pursuant to Resolution no. 2724, of May 31, 2000.

 20.7. The jurisdiction of the city of Osasco, in the state of São Paulo, was elected to clarify issues arising under this Agreement, and the party
filing the lawsuit may choose the jurisdiction of its domicile. 

 In witness whereof, the parties have caused the present agreement to be signed by their duly authorized representatives
in nine (9) copies of equal content and form, all of which original and valid, for a single purpose, in the presence of two (2) undersigned and identified witnesses. 
 Osasco, SP, November 28, 2000. 
 ----------------------------- (illegible name and signature) 
  

									
	BANCO BRADESCO S.A.	 	 	 	BANCO ITAÚ S.A.
	Financial Agent	 		 	Financial Agent
	Osmar Roncolato Pinho/Laerte Garcia Bueno (signed)	 		 	Luiz Alberto C. Troula/(illegible name and signature)
		 		 	CFP 845.325.848-72
		 		 	RG 5.394.811
			
	UNIBANCO – UNIÃO DE BANCOS BRASILEIROS S.A.	 		 	BANCO ALFA DE INVESTIMENTOS S.A.
	Financial Agent	 		 	Financial Agent
	(illegible name and signature/Luiz Fernando B. Souza)	 		 	(illegible names and signatures)
	                                       
                         (signed)	 		 	
			
	BANCO BBA CREDITANSTALT S.A.	 		 	MAXITEL S/A
	Financial Agent	 		 	Beneficiary
	(illegible signatures)	 		 	(illegible signatures)
			
	Witnesses:	 		 	
					
	1)	 	  
	 		 	2)	 	  

	Name: Nilton Alves Teixeira	 		 	Name: Rosa Rodrigues da Cruz Ferraz
	Individual Taxpayer Number (CPF):	 		 	Individual Taxpayer Number (CPF):
	123.904.768-13	 		 	694.155.448-72

 EXHIBIT I 
  

																					
	 Table of Uses and Sources
	  	R$ thousand
	 USES
	  	1997 to
May/98	 	 	Jun/98 to
Dec/99	  	2000	 	 	2001	  	Total	  	BNDES
	  	 	  	 	  	  	98/99	  	2000	  	2001	  	Total
	1) Financeable Investments	  	2,384	 	 	70,967	  	46,077	 	 	14,370	  	133,798	  	49,677	  	32,254	  	10,059	  	91,990
	 Constructions
	  	1,329	 	 	66,281	  	43,969	 	 	13,345	  	124,924	  	46,397	  	30,778	  	9,341	  	86,516
	 Furniture and Fixtures
	  	1,055	 	 	4,686	  	2,108	 	 	1,025	  	8,874	  	3,280	  	1,476	  	718	  	5,474
	2) Environmental Investments	  	0	 	 	0	  	0	 	 	0	  	0	  		  		  		  	
	3) Working Capital	  	(3,009	)	 	49,927	  	200	 	 	11,200	  	58,318	  		  		  		  	
	4) Import Machinery and Equipment	  	21,791	 	 	72,896	  	43,008	 	 	17,727	  	155,422	  	5,830	  	9,871	  	4,877	  	20,578
	 Base Stations
	  	0	 	 	11,791	  	833	 	 	273	  	12,897	  		  		  		  	
	 Switching Centers
	  	0	 	 	16,185	  	1,023	 	 	0	  	17,208	  		  		  		  	
	 Infrastructure
	  	2,043	 	 	5,830	  	9,871	 	 	4,877	  	22,621	  	5,830	  	9,871	  	4,877	  	20,578
	 Installation and Assembly of Equipment
	  	0	 	 	0	  	0	 	 	0	  	0	  		  		  		  	
	 Other Network-related Equipment
	  	0	 	 	9,838	  	3,986	 	 	1,441	  	15,265	  		  		  		  	
	 Network Software
	  	19,748	 	 	29,252	  	27,295	 	 	11,136	  	87,431	  		  		  		  	
	5) Domestic Machinery and Equipment	  	69,230	 	 	194,273	  	167,179	 	 	55,084	  	485,766	  	194,273	  	167,179	  	55,084	  	416,536
	 Base Stations
	  	26,637	 	 	72,020	  	47,806	 	 	20,251	  	166,984	  	72,020	  	47,806	  	20,521	  	140,347
	 Switching Centers
	  	5,484	 	 	5,987	  	34,988	 	 	16,355	  	62,814	  	5,987	  	34,988	  	16,355	  	57,330
	 Infrastructure
	  	10,317	 	 	35,198	  	40,529	 	 	11,520	  	97,564	  	35,198	  	40,529	  	11,520	  	87,247
	 Installation and Assembly of Equipment
	  	13,671	 	 	11,886	  	34,485	 	 	5,592	  	65,634	  	11,886	  	34,485	  	5,592	  	51,963
	 Other Network-related Equipment
	  	13,121	 	 	69,182	  	9,371	 	 	1,096	  	92,770	  	69,182	  	9,371	  	1,096	  	79,649
	 Network Software
	  	0	 	 	0	  	0	 	 	0	  	0	  	0	  	0	  	0	  	0
	6) Non-financeable Investments	  	9,279	 	 	45,042	  	34,455	 	 	12,545	  	101,321	  	*	  		  		  	
	 Land
	  	781	 	 	2,810	  	(3	)	 	0	  	3,588	  		  		  		  	
	 IT Equipment (Software and Hardware)
	  	8,498	 	 	42,232	  	34,458	 	 	12,545	  	97,733	  		  		  		  	
	7) Purchase of the License	  	770,000	 	 	0	  	0	 	 	0	  	770,000	  		  		  		  	
	 Capitalization of Interest
	  	27,706	 	 	332,257	  	(7,137	)	 	0	  	352,826	  		  		  		  	
	8) Deferred Taxes	  	0	 	 	117,079	  	215	 	 	0	  	117,294	  		  		  		  	
	TOTAL OF USES	  	897,381	 	 	882,441	  	283,997	 	 	110,926	  	2,174,745	  	249,780	  	209,304	  	70,020	  	529,104

  

																			
	 SOURCES
	  	1997 to
May/98	 	 	Jun/98 to
Dec/99	 	 	2000	 	 	2001	 	 	Total	  	 	  	 
		  			 			 			 			 		  	Direct Operation	  	158,731
	1) Shareholders’ Capital	  	-23,744	 	 	205,975	 	 	-102,618	 	 	95,300	 	 	174,913	  	Indirect Operation	  	370,373
	 Shareholders’ Capital
	  	53,400	 	 	486,280	 	 	196,900	 	 	0	 	 	736,580	  		  	
	 Accrued Losses
	  	(77,144	)	 	(280,305	)	 	(299,518	)	 	0	 	 	-656,967	  		  	
	 2) BNDES
	  	0	 	 	249,780	 	 	209,304	 	 	70,020	 	 	529,104	  		  	
	 3) Financing of Suppliers (Ericsson)
	  	0	 	 	710,911	 	 	21,528	 	 	0	 	 	732,439	  		  	
	 4) Others
	  	921,125	 	 	(284,225	)	 	155,783	 	 	(54,394	)	 	738,289	  		  	
	 TOTAL OF THE SOURCES
	  	897,381	 	 	882,441	 	 	283,997	 	 	110,926	 	 	2,174,745	  		  	

 Osasco, SP, November 28, 2000. 
  

					
	BANCO BRADESCO S.A.	 		 	BANCO ITAÚ S.A.
	Financial Agent	 		 	Financial Agent
	Osmar Roncolato Pinho/Laerte Garcia Bueno (signed)	 		 	Luiz Alberto C. Troula/(illegible name and signature)
		 		 	CFP 845.325.848-72
		 		 	RG 5.394.811
			
	UNIBANCO – UNIÃO DE BANCOS BRASILEIROS S.A.	 		 	BANCO ALFA DE INVESTIMENTOS S.A.
	Financial Agent	 		 	Financial Agent
	(illegible name and signature/Luiz Fernando B. Souza)	 		 	(illegible names and signatures)
	                                       
                     (signed)	 		 	
			
	BANCO BBA CREDITANSTALT S.A.	 		 	MAXITEL S/A
	Financial Agent	 		 	Beneficiary
	(illegible signatures)	 		 	(illegible signatures)

									
	Witnesses:	 		 		 	
					
	1)	 	  
	 		 	2)	 	  

	Name: Nilton Alves Teixeira	 		 	Name: Rosa Rodrigues da Cruz Ferraz
	Individual Taxpayer Number (CPF):	 		 	Individual Taxpayer Number (CPF):
	123.904.768-13	 		 	694.155.448-72

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